TCRAP_Public/051007.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, October 7, 2005, Vol. 8, No. 199

                            Headlines

A U S T R A L I A

A.C.N. 105 948 016: Gregory Andrews Named Liquidator
AMRON PTY: Liquidator to Distribute Company Assets
ARAFURA CONNECT: Declares Dividend Today
ARDROSSAN HOLDINGS: Enters Liquidation
BABUSHKA INSTALLATIONS: Appoints Official Liquidator

BOB'S NEW: Schedules Final Meeting October 13
BROADHAMS INVESTMENTS: Members Resolve to Wind Up Business
COMPLETE CONSTRUCTION: Decides to Close Operations
EVANS & TATE: Traders Buoy Up Shares
FLIGHT CENTRE: Clinches Indian Acquisition

FORTESCUE METALS: Government Approves Stage A Application
HANCOCK INVESTMENTS: To Declare First, Final Dividend
HANMOR PTY: Winds Up Business
HIH INSURANCE: APRA Disqualifies Former Chairman
ILLAWARRA SKILLS: Members, Creditors to Review Wind Up Report

JAMES BARRIE: Court Orders Liquidation
MIDDENBURY PTY: Liquidator to Detail Winding Up Manner
NORMOUNT PTY: Members Pass Winding Up Resolution
PACIFIC ASSETS: Placed Under Voluntary Liquidation
QANTAS AIRWAYS: In Super Jet Talks with Boeing

RW LIGHTNING: Members, Creditors to Meet October 13
SAGE AIRCONDITIONING: Members Agree to Cease Operations
SANTOS LIMITED: Unit Signs Gas Transport Deal with Mosaic
SAPPHIRE H.R.: Court Releases Winding Up Order
SLATERS HAULAGE: Winding Up Process Initiated

TELSTRA CORPORATION: Deutsche Gets Into Retail in Time for Sale
TELSTRA CORPORATION: Brushes Off Job Cut Rumors
VICULUS LIMITED: Application for Winding Up Withdrawn
WALKER SITE: Intends to Declare Dividend


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: Mulls US$7.64-Bln IP0
DRANSFIELD HOLDINGS: Court Releases Winding Up Order
EXPRESSIONS OF INTEREST: Appoints Joint, Several Liquidators
GUANGDONG MEIYA: Forecasts Huge Loss This Year
HANWOOD LIMITED: Prepares to Wind Up Business

HON PO: Appoints New Executive Director
MAINFIT ENTERPRISES: Winding Up Hearing Set November 2
TECHNOLOGY LIMITED: Alvarez & Marsal Appointed as Liquidators
UDL HOLDINGS: FY/2005 Net Loss Widens to HK$27 Mln
WING LI: Winding Up Hearing Fixed October 26

ZHU KUAN GROUP: Issues Debt Claim Notice
ZHU KUAN (HONG KONG): Creditors to Prove Debts Until October 26


I N D I A

DAFFORDILS FINANCE: RBI Cancels Certificate of Registration
INDIAN OIL: Barauni Refinery Set for Closure February 2006
TRIMURTHI SECURITIES: Certificate of Registration Scrapped


I N D O N E S I A

ASIA PULP: Court Approves Restructuring of Hong Kong Unit
BANK MANDIRI: Asset Management Firm Won't Burden Government
PERTAMINA: Buys Over 1 Mln Barrels of Fuel for November Use


J A P A N

DAIEI INCORPORATED: Expects 1H/2005 JPY9-Bln Profit
IWASAKI MARBLE: Files for Bankruptcy
JAPAN AIRLINES: To Merge Two Units Next Year
SEIBU RAILWAY: Murakami Fund Threatens Lawsuit
SOJITZ CORPORATION: R&I Maintains B+ Rating

SONY CORPORATION: Expands Licensing Alliance With Lexar
YOSHINOYA D&C: Sees JPY500-Mln Net Loss in FY/2005


K O R E A

KBS: Maps Out Restructuring Plan
LG CARD: Potential Bidders Keen to Buy Firm


M A L A Y S I A

ANTAH HOLDING: Updates on Status of Default
AVENUE CAPITAL: SC Sets Condition on Restructuring's Approval
AYER HITAM: Hearing on Unit's Wind-up Petition Set for December
CYGAL BERHAD: Sees No Changes to Status of Plan
DUOPHARMA BIOTECH: Issues New Shares for Listing

DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares
GADANG HOLDINGS: Redeems Entire Nominal Value of RSLS
IBRACO BERHAD: Board OKs Islamic Corporate Guarantee
KEMAYAN CORPORATION: EGM to Push Through this Week
LION CORPORATION: SC OKs Offer, Proposed LPM Acquisition

LITYAN HOLDINGS: Court Grants 90-Day RO to Units
PELIKAN INTERNATIONAL: Bourse to List, Quote New Shares
PILECON ENGINEERING: Default Status Unchanged
POLYMATE HOLDINGS: Negotiates to Restructure Credit Facilities
SATERAS RESOURCES: Still No Changes to Default Status

SETEGAP BERHAD: Finalizes Scheme to Regularize Condition


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Earmarks Php1 Bln for Investments
CAMP JOHN: Court Stops BCDA from Taking Over Resort
COLLEGE ASSURANCE: DOJ Summons Firm, SEC Officials to Hearing
LEPANTO CONSOLIDATED: Provides Stock Rights Offering Prospectus
LMG CHEMICALS: SEC Asks Reps to Appear at Final Hearing

MANILA ELECTRIC: Ready to Start Refunds to Big Customers
NATIONAL FOOD: Secures Php8-Bln Loan to Curb Losses
PHILIPPINE AIRLINES: Gets Offer to Transfer to NAIA 3


S I N G A P O R E

ARMSTRONG TECHNOLOGY: Parent Liquidates Chinese Unit
CITIRAYA INDUSTRIES: Unit Seeks Judicial Management
DIGILAND INTERNATIONAL: Seeks to Hold AGM, EGM on the Same Date
HUA KOK: Seeks to Change Name at Upcoming EGM
NEOCORP INTERNATIONAL: Firm Seeks to Recover Judgment Debt

NEOCORP INTERNATIONAL: Merger Agreement Extended to Oct. 31
VENTURE INVESTMENT: Members to Discuss Wind Up at Final Meeting


T H A I L A N D

PACIFIC ASSETS: Clarifies Consolidated Financial Statement
THAI WAH: Denies Having Obligations to Siam Bank, BankThai
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

A.C.N. 105 948 016: Gregory Andrews Named Liquidator
----------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
A.C.N. 105 948 016 Pty Limited held on Aug. 31, 2005, it was
resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of 22 Drummond Street, Carlton 3503 be
appointed Liquidator for such purpose.

Dated this 1st day of December 2005

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


AMRON PTY: Liquidator to Distribute Company Assets
--------------------------------------------------
At a General Meeting of Amron Pty Limited held on Aug. 31, 2005,
the following Special Resolution was duly passed:

That the Company be wound up voluntarily, and that Richard James
Wishart, Chartered Accountant of Level 3, 27 Leigh Street,
Adelaide be appointed Liquidator for such winding up; and

After the satisfaction of all creditors' claims, costs of
winding up and Liquidator's fees, to sanction the distribution
of the Company assets by the Liquidator, in specie as between
the members and further, that such values and specific modes of
distribution to be all as determined by the Liquidator whose
decision shall be final and binding.

Dated this 1st day of September 2005

Richard J. Wishart
Liquidator
Level 3, 27 Leigh Street
Adelaide


ARAFURA CONNECT: Declares Dividend Today
----------------------------------------
Arafura Connect Pty Limited will declare a first and final
dividend today, Oct. 7, 2005.

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

Dated this 22nd day of August 2005

Robert W. Cowling
Liquidator
PKF Bob Cowling
Ground Floor, TEM House
5 Edmunds Street, Darwin NT 0800
Phone: 08 8941 9959


ARDROSSAN HOLDINGS: Enters Liquidation
--------------------------------------
At an Extraordinary General Meeting of Ardrossan Holdings Pty
Limited held on Aug. 31, 2005, members resolved to voluntarily
wind up the Company, 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


BABUSHKA INSTALLATIONS: Appoints Official Liquidator
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Babushka Installations Pty Limited held on Aug.
31, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held on the same day, it was resolved
that Alan Edward Lewis and James Alexander Shaw of Ferrier
Hodgson (Newcastle), Chartered Accountants, Level 3, 2 Market
Street, Newcastle NSW 2300 be appointed Liquidators for the
winding up.

Dated this 31st day of August 2005

Alan E. Lewis
James A. Shaw
Liquidators
Ferrier Hodgson (Newcastle)
Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


BOB'S NEW: Schedules Final Meeting October 13
---------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Bob's New & Used Pty Limited will be held on Oct.
13, 2005, 10:30 a.m. at the office of Nicholls & Co. Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, to
receive the Liquidator's account showing how the winding up was
conducted and the property of the Company disposed of, and to
hear any explanation which may be given by the Liquidator.

Dated this 25th day of August 2005

A. R. Nicholls
Liquidator
Nicholls & Co.
Suite 6, 459 Peel Street
Tamworth NSW 2340


BROADHAMS INVESTMENTS: Members Resolve to Wind Up Business
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Broadhams Investments Pty Limited duly convened and held on Aug.
30, 2005, members passed a Special Resolution to voluntarily
wind up the Company and appoint Murray Campbell Smith and S. C.
Davies as Joint & Several Liquidators.

Dated this 2nd day of September 2005

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


COMPLETE CONSTRUCTION: Decides to Close Operations
--------------------------------------------------
Notice is now given that at a meeting of the members and
creditors of Complete Construction Cleaning Pty Limited convened
and held on Aug. 31, 2005 creditors resolved that the Company be
wound up, and appointed R. A. Sutcliffe to be Liquidator for the
winding up.

Dated this 31st day of August 2005

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


EVANS & TATE: Traders Buoy Up Shares
------------------------------------
Evans & Tate's share price continue to soar despite Foster's
Group pouring cold water on the struggling wine group's
announcement of a supply and processing deal between the two
parties, The West Australian reports.

E&T shares have risen more than 60 percent since the winemaker
told the market of a deal with Foster's to provide grape supply
and contract processing services.

Traders see the deal as good news as E&T, which is being
restructured under the auspices of insolvency group KordaMentha,
tries to reduce its big wine inventories in a depressed wine
market.

But sources revealed that only part of Foster's deal was new.
According to a Foster's spokesman E&T has been contracted to
process 13,500 tonnes of Foster's fruit since 2002 and the only
new part of the arrangement was the supply and processing of
4500 tonnes of E&T's south-east Australian grapes each year for
five years.

E&T has refused to disclose the contract value because it was
deemed by chairman John Hopkins to be commercially sensitive
information.

CONTACT:

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


FLIGHT CENTRE: Clinches Indian Acquisition
------------------------------------------
Flight Centre has bought a majority stake in India-based
corporate travel business Friends Globe Travels Ltd. (FGTL), The
Age says.

The Australian firm has agreed to acquire 51 percent of FGTL
earlier this year and has now received regulatory approval from
the Indian authorities to complete the transaction.

More talks will be held for Flight Centre's possible acquisition
of the remaining 49 percent from FGTL managing director Rahul
Nath at a price that will be determined according to the
business' performance over the next five years.

Mr. Nath and his leadership team will continue to run the
business, which is part of Flight Centre's FCm Travel Solutions
corporate travel management network.

Embattled Flight Centre is currently working towards a
turnaround in 2005/06 by focusing on ongoing development of its
four main networks. It said it would look to improve returns in
2005/06 by focusing on continued business expansion in corporate
and leisure travel and better retail and online informational
and transactional capabilities.

CONTACT:

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


FORTESCUE METALS: Government Approves Stage A Application
---------------------------------------------------------
Fortescue Metals Group Limited advised that it has received
advice from the Minister for the Environment within the
Government of Western Australia of the key environmental
approval required by the Company - the infrastructure component
of it's Project.

This is described as the Stage A application and covers the port
facilities at Anderson Point and its north - south rail line
from Port Hedland to the Chichester Ranges.

Approval to implement Fortescue's proposed port and rail line as
described is provided pursuant to a set of conditions that the
Company will adhere to. These relate to operational and
management issues which are considered by Fortescue as entirely
consistent with its proposed method of operation. A complete
description of the various conditions is provided within the
formal Ministerial advice which will be available on the
Government's web site http://www.epa.wa.gov.auunder
Environmental Impact Assessment - environmental conditions
(Ministerial).

Environmental approval for Fortescue's other applications
including a rail spur and its mining areas, for which there are
multiple precedents in the Pilbara, are being advanced through
the normal processes.

Fortescue would like to thank all those involved in the approval
process. The final ministerial determination comes after an
extensive process of public review and consultation with a range
of stakeholders.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


HANCOCK INVESTMENTS: To Declare First, Final Dividend
-----------------------------------------------------
Hancock Investments Pty Limited will declare a first and final
dividend today, Oct. 7, 2005.

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

Dated this 29th day of August 2005

A. A. Gaffney
Liquidator
c/o RSM Bird Cameron
1st Floor, 8 St. George's Terrace
Perth WA 6000
Phone: 08 9261 9100


HANMOR PTY: Winds Up Business
-----------------------------
Notice is hereby given that at a meeting of members of Hanmor
(N.Q.) Pty Limited held on Sept. 5, 2005, it was resolved that
the Company be wound up voluntarily, and Nicholas Crouch of
Crouch Insolvency Chartered Accountants, Level 28, St. Martins
Tower, 31 Market Street, Sydney NSW 2000 was appointed
Liquidator for such purpose.

Dated this 5th day of September 2005

Nicholas Crouch
Crouch Insolvency
Chartered Accountants
Level 28, St. Martins Tower
31 Market Street, Sydney NSW 2000


HIH INSURANCE: APRA Disqualifies Former Chairman
------------------------------------------------
The Australian Prudential Regulation Authority (APRA) on
Thursday announced the disqualification of Mr. Geoffrey Cohen
from being or acting as a director or senior manager of a
general insurer under the Insurance Act 1973.

Mr. Cohen was a non-executive director of HIH Insurance Limited
(HIH) and Chairman of the HIH Board of Directors from 1992 to
2001. He was also chairman of Human Resources, Audit, Investment
and other due diligence committees during that time.

APRA found that, as Chairman, Mr. Cohen failed on a number of
occasions to ensure that all relevant matters and materials were
properly brought before the HIH Board, and that the audit
committee was independent. APRA also found that Mr. Cohen failed
to address and disclose conflicts of interest arising from his
consultancy arrangement with audit firm Andersens and his role
on the Audit Committee.

APRA's Deputy Chairman, Mr. Ross Jones, said that "APRA expects
directors of general insurers to ensure that a high standard of
corporate governance is maintained, boards are properly
informed, and conflicts of interest are appropriately managed."

Background

Mr. Cohen failed to ensure that the Board gave adequate time and
consideration to, and was fully informed on, a number of aspects
of proposals before the HIH Board with respect to the Allianz
joint venture, Pacific Eagles transaction and an investment of
AU$2m in Business Thinking Systems. He failed to ensure that the
Board was informed that Mr. Adler and Mr. Williams had interests
in these proposals. He also did not disclose the conflicts of
interest which arose in relation to the Business Thinking
Systems investment which he also knew or should have known was
an investment which would breach HIH's internal investment
guidelines.

CONTACT:

APRA
Media and industry
inquiries only: Ardele Blignault
Head of Public Affairs
Australian Prudential Regulation Authority
Telephone: 02 9210 3384
Mobile: 0438 124 524

All other inquiries: APRA Contact Centre
Telephone: 1300 131 060


ILLAWARRA SKILLS: Members, Creditors to Review Wind Up Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Illawarra Skills Development Limited will be held
on Oct. 13, 2005, 11:00 a.m. at the offices of Jirsch Sutherland
& Co - Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW to
have an account laid before them showing the manner of the
winding up and disposal of the property of the Company, and to
hear any explanations that may be given by Liquidator.

Dated this 13th day of September 2005

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


JAMES BARRIE: Court Orders Liquidation
--------------------------------------
On Sept. 1, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of James Barrie & Associates Pty
Limited, and appointed Steve Nicols to be Liquidator of the
Company.

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


MIDDENBURY PTY: Liquidator to Detail Winding Up Manner
------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Middenbury Pty Limited will be held on Oct. 13, 2005, 11:00 a.m.
at the office of Grant Thornton (Qld) Pty Ltd, Chartered
Accountants, Level 4, Grant Thornton House, 102 Adelaide Street,
Brisbane, to present the Liquidator's account showing the manner
of the winding up and disposal of the property of the Company,
and to give any explanation thereof.

Dated this 25th day of August 2005

Moira Catherine Sexton
Liquidator


NORMOUNT PTY: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Normount Pty Limited duly convened and held on Aug. 30, 2005,
members passed a Special Resolution to voluntarily wind up the
Company, and appointed S.C. Davies and Murray Campbell Smith, as
joint and several Liquidators.

Dated this 2nd day of September 2005

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


PACIFIC ASSETS: Placed Under Voluntary Liquidation
--------------------------------------------------
At an Extraordinary General Meeting of Pacific Assets Incentive
Share Scheme 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
Liquidators
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4000
Phone: 07 3243 3607


QANTAS AIRWAYS: In Super Jet Talks with Boeing
----------------------------------------------
Qantas Airways is reportedly conducting discussions with
aircraft manufacturing giant Boeing, The Advertiser says.

The talks center around Boeing's new generation 787 Dreamliner
wide bodied jet that can fly non-stop between Sydney and London.

The Australian flag carrier has yet to commit in buying the
plane, which Boeing says is more fuel efficient for its size and
capable of non-stop flying between Sydney and London.

Boeing Vice President Martin Bentrott said Qantas, which lifted
its surcharge five times since May 2004 due to soaring oil
prices, must chose planes that are more fuel efficient.

"Qantas is looking at their fleet requirements and we believe
the 787 would be a terrific plane for them," said Mr. Bentrott.

The 787 cost around US$120 million each and Mr. Bentrott said
Boeing would continue communicating with Qantas about the
possible purchase of the plane.

The first test flight for the 787 will be in 2007 ahead of the
scheduled start of deliveries in 2008. Qantas declined to
comment on the meeting with Boeing.

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


RW LIGHTNING: Members, Creditors to Meet October 13
---------------------------------------------------
Notice is given that a meeting of the members and creditors of
RW Lighting Concepts Pty Limited will be held on Oct. 13, 2005,
11:00 a.m. at the Conference Room, Worrells, Level 5, 15 Queen
Street, Melbourne Vic 3000 for the following purposes:

AGENDA

(1) To receive the final receipts and payments from the
Liquidator;

(2) To receive formal notice of the end of the administration;

(3) Any other business that may be considered with the
foregoing.

Dated this 2nd day of September 2005

Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000


SAGE AIRCONDITIONING: Members Agree to Cease Operations
-------------------------------------------------------
Notice is hereby given that on Sept. 1, 2005, the following
special resolution was passed:

That Sage Airconditioning Pty Limited be wound up voluntarily,
relating to a Creditors' Voluntary Winding Up, and that B. J.
Marchesi, Chartered Accountant of 332 St Kilda Road, Melbourne
be appointed Liquidator of the Company.

Dated this 1st day of September 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


SANTOS LIMITED: Unit Signs Gas Transport Deal with Mosaic
---------------------------------------------------------
Mosaic Oil and its 50% joint venture partner, Santos BOL Pty Ltd
(Operator) are to use the spare capacity within the Wallumbilla
LPG Plant to transport sales gas from the Alinta pipeline
(Wallumbilla to Gladstone pipeline) to the Roma to Brisbane
pipeline, starting later this month.

The agreement signed today with Santos QNT Pty Ltd covers the
receipt, transfer and redelivery of gas through the Wallumbilla
LPG Plant facilities.

"The Wallumbilla LPG Plant facilities provide flexibility for
the movement of gas around the Wallumbilla hub and in doing so,
add value to Mosaic' assets in the Surat-Bowen Basin," said
Mosaic's Chief Executive Officer, Mr. Lan Nguyen.

The initial contract runs for 18 months with a possible
extension for a further two years thereafter by mutual
agreement. Minimal capital costs will be recovered from cashflow
within 6 months.

CONTACT:

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


SAPPHIRE H.R.: Court Releases Winding Up Order
----------------------------------------------
On Sept. 9, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that Sapphire H.R. Consulting Pty Limited be
wound up, and appointed R. J. Porter to be Liquidator of the
Company.

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


SLATERS HAULAGE: Winding Up Process Initiated
---------------------------------------------
At an Extraordinary General Meeting of Slaters Haulage Pty
Limited held on Aug. 31, 2005, members resolved to wind up the
Company voluntarily, and to appoint Winifred Gibson and Paul
Andrew Fahey of NorthCorp Accountants, Chartered Accountants, 51
Cameron Street, Wauchope, NSW 2444 as Joint and Several
Liquidators for the winding up.

Dated this 31st day of August 2005

Paul A. Fahey
Winifred Gibson
Joint Liquidator


TELSTRA CORPORATION: Deutsche Gets Into Retail in Time for Sale
---------------------------------------------------------------
Deutsche Bank and investment group Wilson HTM have finally
completed a "strategic alliance" timed to help the bank's bid to
broker the final sale of Telstra Corporation, The Age reports.

The German has acquired 19.9 percent of Wilson HTM via a
combination of share subscriptions and share purchases. The
deal, which is subject to approval by Foreign Investment Review
Board, will see Deutsche Bank appointing two directors to the
Wilson HTM board.

The purchase has allayed concerns about the bank's ability to
broker the AU$30-billion sale of the Federal Government's
remaining 50-percent stake in Telstra, called T3. Small
investors looking for dividends are likely to snatch up T3
stock, so the lack of a strong retail presence could have hurt
the German bank's bid.

But Bell Potter Securities chief executive Colin Bell said the
deal would help the bank compete well after the T3 float.

Deutsche Bank spokeswoman Kate Abrahams said that while T3
loomed large in the minds of the entire brokerage community, it
would be irresponsible to instigate major structural change
without regard for life after T3.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne , Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


TELSTRA CORPORATION: Brushes Off Job Cut Rumors
-----------------------------------------------
Embattled telco Telstra Corporation has denied reports it will
undertake massive job cuts as part of a planned pre-sale
restructure, The Australian says.

The firm clarified it will not a axe 8000 jobs, saying no
decision have been taken by the company at this point about jobs
or anything.

A research note from investment bank Credit Suisse First Boston
(CSFB) forecast that Telstra could save AU$1 billion by cutting
8000 jobs from its 46,000-strong staff by moving to a next-
generation network (NGN).

CSFB believes NGN will be critical to offsetting the pressure on
the revenue side of the telecom's business.

A mid-November announcement by Telstra Chief Executive Sol
Trujillo is also predicted to include an NGN - sometimes
referred to an Internet Protocol (IP) network - which can run
voice, data and multimedia services. This would simplify
Telstra's physical network and supporting infrastructure, and
reduce its reliance on its staff of 20,000 technicians.

Telstra employs 3000 people just to manage the 160 different
billing systems it uses, according to CSFB.


VICULUS LIMITED: Application for Winding Up Withdrawn
-----------------------------------------------------
The Company has become aware that a Notification of Filing an
Application for a Winding Up Order was lodged with the Australia
Securities and Investment Commission (ASIC) on September 27,
2005.

As at this date, no documents had been served on the company's
registered office.

The company has investigated this matter and reports that it has
been fully resolved and the application is being withdrawn.

CONTACT:

Viculus Limited
PO Box 442
Flinders Lane Victoria


WALKER SITE: Intends to Declare Dividend
----------------------------------------
Walker Site Welding Pty Limited will declare a first and final
dividend today, Oct. 7, 2005.

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

Dated this 12th day of August 2005

Robyn Erskine
Peter Goodin
Joint Liquidators
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road
Hawthorn East Vic 3123
Phone: 03 9882 6666


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C H I N A  &  H O N G  K O N G
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CHINA CONSTRUCTION: Mulls US$7.64-Bln IP0
-----------------------------------------
China Construction Bank (CCB) will offer its initial public
offering (IPO) at a value as high as US$7.64 billion, or 1.59 to
1.90 times forward book value, according to Reuters.

The Beijing-based lender set an indicative IPO per share price
range between HK$1.80 and HK$2.25 ahead of a management
promotional tour due to kick off on Wednesday.

CCB is set to price the deal on October 19 ahead of a listing on
October 27.

The IPO, on track to be China's largest, is expected to generate
ample demand from investors wanting to buy into the first of
China's "Big Four" state-owned banks to go public.

CONTACT:

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


DRANSFIELD HOLDINGS: Court Releases Winding Up Order
----------------------------------------------------
Dransfield Holdings Limited whose place of business is located
at Unit 3611, 36th Floor, West Tower, Shun Tak Centre, 168-200
Connaught Road Central, Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on September 21, 2005.

Date of Presentation of Petition: July 27, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


EXPRESSIONS OF INTEREST: Appoints Joint, Several Liquidators
------------------------------------------------------------
Kelvin Flynn and Cosimo Borrelli of Alvarez & Marsal Asia
Limited were appointed joint and Several Liquidators of
Expressions of Interest Cyber Resources (In Creditors' Voluntary
Liquidation).

The Company owns 300,000 shares (par value at US$1.00) in Pao
Long Eastern Leisure Capital Inv. Pao Long is an overseas
company incorporated in the Cayman Islands on 3 October 1997.
Its principal business is indirect investment in the operation
of golf course, resort hotel ancillary to the golf course,
restaurants and related facilities.

Expressions of interest are now sought from parties interested
in purchasing all shares maintained by the Company by close of
business October 20, 2005.

CONTACT:

Aruni Weerasekera or Chui Chui Lee
Alvarez & Marsal Asia Limited
5th Floor, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Phone: (852) 3102 2613
Fax: (852) 2598 0060
E-mail: aruni.weerasekera@alvarezandmarsalasia.com/
cclee@alvarezandmarsalasia.com


GUANGDONG MEIYA: Forecasts Huge Loss This Year
----------------------------------------------
Guangdong Meiya Group Co., Ltd. (SZSE: 000529) estimates that it
will post a loss of CNY100 million to CNY110 million in the
first 9 months of 2005, Panorama Network reports.

The company was established in 1979, is the largest blanket
manufacturer in the world.

Guangdong Meiya have specialized experience in textiles products
as well as engaged in plastic, hotel service, real estate and
import and export trade.

CONTACT:

Guangdong Meiya Corp.
40 Renmin Xilu, Shaping Village
Heshan City 529700, China
Phone: 86 750 888 8888
Fax: 86 750 888 9673
Web site: http://www.meiya.com.cn


HANWOOD LIMITED: Prepares to Wind Up Business
---------------------------------------------
Hanwood Limited whose place of business is located at Room 2003,
20th Floor, CC Wu Building, 302-8 Hennessy Road, Wanchai, Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on September 21, 2005.

Date of Presentation of Petition: July 28, 2005

Dated this 30th day of September 2005

ET O'Connell
Official Receiver


HON PO: Appoints New Executive Director
---------------------------------------
The board of directors of Hon Po Group (Lobster King) Limited
announces that Mr. Tse Chick Sang has resigned as executive
director of the Company and Mr. Chui Kwong Kau has been
appointed as executive director both with effect from October 5,
2005.

RESIGNATION OF EXECUTIVE DIRECTOR

Mr. Tse resigned the office of executive director of the Company
but remains deputy general manager of the group's restaurant
business. He resigned of his own accord and confirmed with the
Board that his resignation is not due to any disagreement and he
is not aware of any matters relating to his resignation that
needs to be brought to the attention of the shareholders of the
Company.

The Board would like to express its sincere appreciation to Mr.
Tse for his invaluable contributions and recommendations made to
the Company during his tenure.

APPOINTMENT OF EXECUTIVE DIRECTOR

Mr. Chui, aged 38, joined the group in February 2004, is
currently the Chief Financial Officer of the group. He has
extensive experiences for over 15 years in accounting and
auditing fields including over 10 years' working experience in
other public listed companies.

Save as disclosed above, Mr. Chui does not hold any positions
with the Company or any subsidiary of the Company and is not
connected with any directors, senior management or substantial
or controlling shareholders of the Company.

As at the date of this announcement, Mr. Chui does not have any
interest or deemed interest in the shares or underlying shares
of the Company within the meaning of Part XV of the Securities
and Future Ordinance (Chapter 571 of the Laws of Hong Kong).

Mr. Chui has not entered into any service contract with the
Company and there is no fixed term of service. Mr. Chui will be
subject to retirement by rotation, and eligible for re-election
at the annual general meeting of the Company pursuant to the
articles of association of the Company. The amount of director's
compensation and other benefits in kind payable to Mr. Chui will
be determined by the remuneration committee of the Company with
reference to his duties and responsibilities in the Company and
the market benchmark and proposed by the Board for approval by
shareholders of the Company at the annual general meeting.

The Board would like to express its warm welcome to Mr. Chui on
his appointment.

Save as disclosed above, the Board confirms that there are no
other matters that need to be brought to the attention of the
Company's shareholders in relation to the resignation of Mr. Tse
and appointment of Mr. Chui.

As at the date of this announcement, the board of the Company
comprises Mr. Cheung To Sang, Mrs. Cheung Lim Mai Tak, Grace,
Mr. She Hing Chiu, Mr. Chan Shi Yung and Mr. Chui Kwong Kau as
executive directors, Mr. Chang Kin Man, Mr. Wu Tak Lung and Ms.
Lee Pui Hang, Pieann as independent non-executive directors.

By Order of the Board
LUK Chi Shing
Company Secretary
Hong Kong, October 5, 2005

CONTACT:

Hon Po Group (Lobster King) Limited
Units E&F, G/F, Phase 2
Kingsway Industrial Building
173-175 Wo Yi Hop Road
Kwai Chung, Hong Kong
Phone: 26102929
Fax: 26102622
Web site: http://www.honpo.com.hk


MAINFIT ENTERPRISES: Winding Up Hearing Set November 2
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Mainfit Enterprises Limited by the High Court of Hong Kong
Special Administrative Region was on September 6, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

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

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

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

Ford, Kwan & Company
Solicitors for the Petitioner
Sites 1505-1508, Chinachem Golden Plaza
77 Mody Road
Tsimshatsui, Hong Kong
Phone: 2366 0688
Fax: 2722 0736

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


TECHNOLOGY LIMITED: Alvarez & Marsal Appointed as Liquidators
-------------------------------------------------------------
Kelvin Flynn and Cosimo Borrelli of Alvarez & Marsal Asia
Limited were appointed joint and Several Liquidators of
Technology Limited (In Creditors' Voluntary Liquidation) on
November 22, 2005.

The Company owns 300,000 shares (par value at US$1.00) in Pao
Long Eastern Leisure Capital Inv. Pao Long is an overseas
company incorporated in the Cayman Islands on 3 October 1997.
Its principal business is indirect investment in the operation
of golf course, resort hotel ancillary to the golf course,
restaurants and related facilities.

Expressions of interest are now sought from parties interested
in purchasing all shares maintained by the Company by close of
business October 20, 2005.

Interested parties should contact:

Aruni Weerasekera or Chui Chui Lee
Alvarez & Marsal Asia Limited
5th Floor, Allied Kajima Building
138 Gloucester Road
Wanchai, Hong Kong
Phone: (852) 3102 2613
Fax: (852) 2598 0060
E-mail: aruni.weerasekera@alvarezandmarsalasia.com/
cclee@alvarezandmarsalasia.com


UDL HOLDINGS: FY/2005 Net Loss Widens to HK$27 Mln
--------------------------------------------------
UDL Holdings Limited incurred a net loss of HK$27.471 million
for the fiscal year ended July 31, versus a net loss of
HK$16.534 million a year earlier, Infocast News reports.

Loss per share was HK$0.03. No final dividend was declared.

The Group is principally engaged in the marine engineering. With
a fleet comprising various engineering vessels, the Group is
exploring all opportunities in the region and especially in
Mainland China to improve its core business and at the same time
to seek for possible diversification.

CONTACT:

UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong
Tel: 23312488
Fax: 27548974


WING LI: Winding Up Hearing Fixed October 26
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wing Li Holdings Limited, whose registered office is situated at
1/F., Wing Li Commercial Building, 168 Des Voeux Road Central,
Hong Kong, by the High Court of Hong Kong Special Administrative
Region was on the 29th day of August 2005 present to the said
Court by Lo Man Tuen of Flat B, 3/F., 65 Repulse Bay Road, Hong
Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on October 26, 2005.

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

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

MESSRS. GEORGE TUNG, JIMMY NG & VALENT TSE
Solicitors for the Petitioner
Units 05-06, 25/F., Vicwood Plaza
199 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention so to do.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of October 25, 2005.


ZHU KUAN GROUP: Issues Debt Claim Notice
----------------------------------------
Take notice that the undersigned Cosimo Borrelli and Kelvin
Edward Flynn, both of 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, Joint and Several
Liquidators of Zhu Kuan Group Company Limited (In Compulsory
Liquidation) have fixed October 26, 2005 as the final date on or
before which the creditors of the company are to prove their
debts or claims, and to establish any title they may have to
priority.

Proofs of debt should therefore be delivered to the Liquidators,
at the address aforementioned, before that date, in default of
which creditors will be excluded from the benefit of any
distribution made before such debts are proved, or such priority
is established or, are the case may be, from objecting to such
distribution.

Dated this 5th day of October 2005

COSIMO BORRELLI
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Zhu Kuan Group Company Limited


ZHU KUAN (HONG KONG): Creditors to Prove Debts Until October 26
---------------------------------------------------------------
Take notice that the undersigned Cosimo Borrelli and Kelvin
Edward Flynn, both of 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, Joint and Several
Liquidators of Zhu Kuan (Hong Kong) Company Limited (In
Compulsory Liquidation) have fixed October 26, 2005 as the final
date on or before which the creditors of the company are to
prove their debts or claims, and to establish any title they may
have to priority.

Proofs of debt should therefore be delivered to the Liquidators,
at the address aforementioned, before that date, in default of
which creditors will be excluded from the benefit of any
distribution made before such debts are proved, or such priority
is established or, are the case may be, from objecting to such
distribution.

Dated this 5th day of October 2005

COSIMO BORRELLI
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Zhu Kuan (Hong Kong) Company Limited


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

DAFFORDILS FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India, has on July 25, 2005 cancelled the
certificate of registration granted to Daffordils Finance
Limited, having its registered office at Jain Street, Seohara,
Bijnor District, Uttar Pradesh, for carrying on the business of
a non-banking financial institution.

Following cancellation of registration certificate, Daffordils
Finance Limited, cannot transact the business of a non-banking
financial institution. The company has also been prohibited from
acceptance of deposits and alienation of assets.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. Under Section 45-
MB (1) of this Act, the Reserve Bank can prohibit non-banking
financial company from accepting deposits and under Section 45-
MB (2) it can prohibit the company from alienating its assets.
The business of a non-banking financial institutions is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.


INDIAN OIL: Barauni Refinery Set for Closure February 2006
----------------------------------------------------------
State-run refiner Indian Oil Corp. Ltd. will shut its 120,000-
barrel-per-day Barauni refinery in the eastern state of Bihar
for 30 days annual maintenance in February 2006, Reuters
reports.

The shutdown was planned for October but was deferred it to
February to cope up with the current LPG (Liquefied Petroleum
Gas) shortfall.

The planned shut down at Barauni refinery will begin on February
1. All the key units at the plant would undergo the annual
revamping exercise.

CONTACT:

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


TRIMURTHI SECURITIES: Certificate of Registration Scrapped
----------------------------------------------------------
The Reserve Bank of India, has on September 22, 2005 cancelled
the certificate of registration issued to Trimurthi Securities
Limited having its registered office at 303, Doshi Chambers,
Basheerbagh, Hyderabad-500 029 (since shifted to) 4-7-364 to 367
Esamia Bazar, Hyderabad-500 027 for carrying on the business of
a non-banking financial institution.

Under powers conferred by Section 45-IA (6) 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.


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

ASIA PULP: Court Approves Restructuring of Hong Kong Unit
---------------------------------------------------------
Indonesian paper firm Asia Pulp and Paper (APP)'s Hong Kong unit
has been allowed by the court to restructure USD1.19 billion
(IDR11.96 trillion) in debt, after creditors agreed to take a
debt haircut of up to 90%, reports the South China Morning Post.

Insurer American Home Assurance had filed a winding up petition
against the Company in October 2003 for an outstanding USD3.43
million (IDR34.5 billion) and had not agreed to a restructuring
deal on concerns that certain important creditors who approved
the restructuring deal had common directors with APP.

But when the American insurance firm decided to withdraw its
opposition to the deal, Madam Justice Susan Kwan Shuk-hing of
the Hong Kong High Court allowed the restructuring to push
through. In the deal, creditors of APP (HK) would receive 10
cents to the dollar, or one new share for every dollar of debt,
or a combination of the two options.

APP, which is owned by the Indonesian Widjaja family, is close
to restructuring all of its USD14 billion (IDR140.7 trillion)
debt, four years after suffering a liquidity crunch that forced
the Company to halt its payments to creditors. A restructuring
program for the Company's USD5 billion (IDR50.25 trillion) debt
is now effective.

APP (HK), which was established in August 1997, is the
distribution arm of the APP Group. It proposed a restructuring
in 2003 after its debts were estimated to range from USD767.56
million (IDR7.7 trillion) and USD1.19 billion (IDR11.96
trillion).

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK MANDIRI: Asset Management Firm Won't Burden Government
-----------------------------------------------------------
State lender PT Bank Mandiri has put up an Asset Management
Company (AMC) to help settle its credit problems, but such firm
would not be a burden to the Indonesian government, Asia Pulse
reports.

According to the bank's corporate secretary Ekoputro Adijayanto,
the AMC's goal is to reduce Bank Mandiri's non-performing loans,
to enable the bank to lessen its provision of reserves.

The bank had sent its plan to the government and the House of
Representatives for approval, and has received a positive
response on the proposal thus far. Approval is slated to be
given this year, so that the AMC can start operwations next
year.

The first thing that the AMC must do is to reduce claissified
credits worth IDR3 trillion out of the bank's total IDR25
trillion non-performing loans, 51% of which still pay interest.
The AMC will not handle bad debts, however, as it would tackle
credits with not-so-optimal recovery.

Bank Mandiri's gross non-performing loans amount to 2.6% of its
total loans for the first quarter of 2005; the loans had risen
8.2% from the same period last year. Its net non-performing
loans comprise 15.4% of its total loans. With the establishment
of the AMC, Bank Mandiri hopes to reduce its gross non-
performing loans to less than 10%, and its net non-performing
loans to less than 5% by 2007.

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


PERTAMINA: Buys Over 1 Mln Barrels of Fuel for November Use
-----------------------------------------------------------
State-owned oil and gas firm PT Pertamina bought 480,000 barrels
of jet A-1 fuel and 600,000 barrels of dual-purpose kerosene for
loading in November, reports Dow Jones.

The Company was able to buy three cargoes (of 120,000 barrels
each) of jet A1 fuel at a 25% discount, and a fourth cargo at
30% discount.

For loading this month, Pertamina was able to buy jet fuel
cargoes at a discount of 50 cents/barrel, and two kerosene
cargoes at 71 cents/barrel and USD1.05/barrel. The Company was
seeking 600,000 barrels of fuel oil for November use, but did
not push through with its purchase due to a lack of offers from
the industry.


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

DAIEI INCORPORATED: Expects 1H/2005 JPY9-Bln Profit
---------------------------------------------------
Daiei Incorporated expects a group recurring profit of JPY9
billion (HK$79 million) for the six months ended August 31,
higher than its initial forecast of a JPY2 billion profit, the
Nihon Keizai business daily reports.

The improved results for the first half followed closures of
loss-making stores and sales of subsidiaries.

Inventory reductions and other cost-cutting measures also helped
the struggling retailer, which is being rehabilitated by a state
body.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi,, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


IWASAKI MARBLE: Files for Bankruptcy
------------------------------------
Iwasaki Marble Co. Ltd. whose place of business is located 6-12,
Tenma-cho, Nishi-ku, Hiroshima-shi, Hiroshima-ken 733-0022 Japan
has begun bankruptcy proceedings, says Teikoku Databank America.

For more information visit http://www.teikoku.com/or contact
office@teikoku.com or +1-212-421-9805.

CONTACT:

Iwasaki Marble Co.,Ltd.
President: Osamu Iwasaki
Phone: 082(293) 3221
Fax: 082(295) 0308


JAPAN AIRLINES: To Merge Two Units Next Year
--------------------------------------------
The JAL Group has decided on the timetable to integrate its
business operating companies, Japan Airlines International and
Japan Airlines Domestic, and passenger sales company, JAL Sales.

This corporate structure, now to be changed, was formed as the
result of the integration of Japan Airlines and Japan Air
System, which was finalized in April 2004.

Earlier this year in February, JAL announced its intention to
integrate the operating companies and in March the JAL Group
issued its 2005-2007 Medium-Term Business Plan, which confirmed
plans to integrate its holding company and business operating
companies by FY2006 at the earliest. The purpose of the
integration is to speed up decision-making and to streamline
management, emphasizing better communications between head
offices and service branches.

The JAL Group has decided to retain the operating company of
Japan Airlines International, which handles international
passenger operations and cargo operations, as it is, forming the
nucleus of the integration.

JAL Sales, the group travel product sales company will transfer
its air ticket sales activities to Japan Airlines International
on April 1, 2006, and Japan Airlines Domestic, the operating
subsidiary currently in charge of domestic passenger operations,
will be integrated with Japan Airlines International on October
1, 2006.

Japan Airlines Corporation, the Group holding company, will be
retained. This is to maintain flexibility and mobility in the
group's capital policies, and to facilitate the transfer of
aviation rights of international passenger operations.

However, the organization of the holding company will be slimmed
down as much as possible in order to speed up decision-making
and the transmission of information.

As a result of this unification, Japan Airlines International
and Japan Airlines Domestic will integrate their personnel and
wage systems, achieving greater work efficiency due to the
removal of intra-group trading, procedures and adjustments among
the integrated companies.

The integration itself will not generate any extra income or
affect costs, other than the objectives of the reforms set out
in our current medium term corporate plan announced on March 10,
2005. Already accounted for in the corporate plan, the
integration process of JAL Domestic with JAL International will
result in the elimination of 100 job duplications resulting in
cost savings of one billion yen. Costs of about JPY500 million
will be incurred due to IT systems' integration, taxes and legal
registration fees.

The JAL Group aims to simplify its operational structure and
further promote restructuring as quickly as possible.

This is a company press release.

CONTACT:

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


SEIBU RAILWAY: Murakami Fund Threatens Lawsuit
----------------------------------------------
An investment fund headed by financier Yoshiaki Murakami said it
would file a damages suit against the Seibu Railway Co. group if
the group proceeds to raise new capital of up to JPY160 billion
yen, Japan Today reports. The fund said it would file the suit
as a shareholder.

The fund said it has proposed acquiring Seibu Railway shares for
1,000 yen per share, compared with JPY600 per share under the
railway group's capital increase plan.

The Seibu group's plan will cause damage to the group, the fund
said, adding it will ask a court to issue an injunction against
the new capital plan and file a damages suit if necessary.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SOJITZ CORPORATION: R&I Maintains B+ Rating
-------------------------------------------
Rating and Investment Information, Inc. (R&I) has affirmed the
B+ rating of Sojitz Corporation.

The holding company Sojitz Holdings Corporation (Sojitz HD) and
Sojitz Corporation merged on October 1, 2005, and have created
new Sojitz Corporation. (The surviving entity is Sojitz
Holdings).

In anticipation of the merger, R&I have announced the Issuer
Rating of Sojitz at B+, and the domestic commercial paper at B+
on September 29, 2004. R&I have maintained these ratings
following the merger.

CONTACT:

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


SONY CORPORATION: Expands Licensing Alliance With Lexar
-------------------------------------------------------
Lexar Media, Inc. (Nasdaq:LEXR), a leading manufacturer and
marketer of high-performance digital media and accessories,
announced that it has expanded its licensing relationship with
Sony. Under the new agreement, Lexar has granted to Sony a
license to Lexar's patents for Sony products not covered by the
companies' existing cross-license agreement. This agreement
builds on the relationship that began in early 2000, when Lexar
and Sony signed a fundamental patent cross-license agreement
under which Lexar gained the right to manufacture and sell the
Memory Stick line of products.

"As one of the first companies ever to work with NAND flash
memory -- with a heritage dating back to 1994 -- Lexar has some
of the earliest patents on flash system design and performance,"
said Eric Whitaker, executive vice president and general
counsel, Lexar. "Our cross license with Sony has been very
successful for both companies, giving each design freedom and
allowing Lexar to participate in the enormous growth of the key
Memory Stick format. The expansion of our licensing agreement
with Sony further demonstrates the mutual respect and
cooperation between the companies. We are confident that
broadening our strategic partnership will benefit both Lexar and
Sony and allow us to better meet the needs of customers."

About Lexar Media, Inc.

Lexar is a leading marketer and manufacturer of flash memory
cards, USB flash drives, card readers and ATA controller
technology for the digital photography, consumer electronics,
industrial and communications markets. The company holds over 87
issued or allowed controller and system patents, and licenses
its technology to companies including Olympus, Samsung
Electronics, SanDisk and Sony. For more information, please call
1-800-789-9418 or visit www.lexar.com.

Lexar and the Lexar logo are trademarks of Lexar Media, Inc. All
other brand or product names are trademarks or registered
trademarks of their respective holders.

CONTACT:

Lexar Media, Inc.
Diane Carlini,
Phone: 510-580-5604 (Media)
E-mail: dcarlini@lexar.com

or

The Blueshirt Group
Jennifer Jarman,
Phone: 415-217-7722 (Investor Relations)
E-mail: jennifer@blueshirtgroup.com


YOSHINOYA D&C: Sees JPY500-Mln Net Loss in FY/2005
--------------------------------------------------
Restaurant chain operator Yoshinoya D&C Co. expects a net loss
of JPY500 million in the 2005 business year, due to sluggish
customer traffic and rising costs, Kyodo News reports.

The number would mark the second straight year Yoshinoya books a
group net loss. In the 2004 business year, it posted a net loss
for the first time in 24 years due to the prolonged ban on U.S.
beef imports.

Yoshinoya President Shuji Abe said many expect Japan will
authorize a restart of U.S. beef imports during the second half
of the current business year.

CONTACT:

Yoshinoya D&c Co., Ltd.
3-17 Shinjiku 4-Chome
H.K. Shinjuku Building
Shinjiku-Ku 160-8451,
Tokyo 160-8451
JAPAN
Phone: +81 3 5269 5111
Fax: +81 3 5269 5078
Web site:  http://www.yoshinoya-dc.com


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

KBS: Maps Out Restructuring Plan
--------------------------------
State-run television network KBS reported a KRW63.8 billion loss
last year made it a prey to criticism, The Korea Times revealed.

Rep. Choung Byoung-gug of the main opposition Grand National
Party attributes the loss to low labor productivity.

"In 2004, KBS' per capita labor productivity was at KRW190
million, much lower than SBS' KRW250 million and MBC's KRW200
million. In per capita labor income distribution ratio, KBS had
79.6 percent, inferior to MBC (45.37 percent) and SBS (35.37
percent)," Mr. Choung said.

From the ruling party Uri, Rep. Ahn Min-seok calls for the
abolition of the retirement grant at KBS.  The representative
said the grant is too costly because workers receive retirement
grants that are considerably larger than those given out by most
public companies.

The loss prompted lawmakers to launch a complete revamp of the
network and improvement in its management soundness.

KBS recently presented a restructuring plan to the board of
directors, but the members of the board demanded adjustments of
the scheme to make it more practical and concrete.

According to the plan, the public broadcaster proposed to cut
its workforce by 15 percent through limiting new recruitment to
less than 70 people per year as a decrease of 1,115 people are
expected in the next five years.

They were concerned about whether KBS intends to lay off
contract or non-regular workers.

"It is not a plan that the public understands," they reportedly
said in a meeting last week. "A measure suppressing new
recruitment may weaken the vitality of an organization."

The board cited that the plan doesn't answer the problems of
excessive production cost, while it includes a request for
KRW15.2 billion in subsidies.

The board demanded a map to guarantee the neutrality of the
company as a public entity. The directors said it is not
appropriate for KBS to establish and run a drama center and
sports center as a public broadcaster is not supposed to pursue
profits.

Another meeting is scheduled to take place Wednesday to discuss
the restructuring plan.


LG CARD: Potential Bidders Keen to Buy Firm
-------------------------------------------
Plans to sell LG Card Co. is expected to draw keen interest
among local lenders striving to boost their non-interest income
business, The Korea Herald reports.

According to analyst the acquisition of LG Card would help
domestic lenders diversify their revenue structure and weather
the worsening business environment given the company's enhanced
earnings, strong brand name and solid customer portfolio.

Competition between foreign lenders made local lenders expect
low profitability as the nation is experiencing slow loan
growth.

To fend off global financial giants such as Citigroup Inc. and
Standard Chartered Plc. off their local turf, local lenders have
also adopted more aggressive expansion strategies by seeking
strategic global partners or acquiring local financial
institutions than organic growth.

"For local lenders, it seems to be inevitable to acquire the
credit card to expand the market share and ensure the
profitability," said Cho Byung-jun, a banking analyst at
Shinyoung Securities Co.

LG Card names Woori Finance Holdings Co., Shinhan Financial
Group Ltd. and Hana Bank as potential bidders, which have
recently signed a contract to sell a 9.4 percent stake in Hana
Bank to Goldman Sachs Group Inc., industry sources say.

The card issuer's creditors prefer to sell the company to
domestic lenders rather than foreign financial institutions.

The Korea Development Bank has hinted that the card company may
be sold soon to enable creditors to recoup KRW4 trillion ($3.95
billion) of bailout funds. Yoo Ji-chang, the governor of the KDB
has said that the sale should be made by the end of March as LG
Group has allowed the company to keep its brand name until then.

CONTACT:

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


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


ANTAH HOLDING: Updates on Status of Default
-------------------------------------------
Further to the announcement on September 9, 2005, the Board of
Directors of Antah Holding Berhad (Antah) issued to Bursa
Malaysia Securities Berhad an update on the details of the
various credit facilities in default to the financial
institutions as at September 30, 2005, details of which are as
per attached.

Click to view details of various credit facilities
http://bankrupt.com/misc/AntahHoldings100305.xls

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


AVENUE CAPITAL: SC Sets Condition on Restructuring's Approval
-------------------------------------------------------------
Avenue Capital Resources Berhad (ACRB) issued to Bursa Malaysia
Securities Berhad details of the proposed reorganization
exercise of ACRB and its subsidiaries and associated company
(ACRB) involving:

(I) The proposed incorporation of a New Holding Company (NEWCO)
to facilitate the Proposed Reorganization.

(II) The proposed exchange of all the ordinary shares of MYR1.00
each in ACRB (ACRB Shares), Irredeemable Unsecured Convertible
Loan Stocks 2002/2007 of MYR1.00 nominal value each in ACRB
(ICULS) and warrants 2002/2007 in ACRB (WARRANTS) with new
ordinary shares of MYR1.00 each in NEWCO (NEWCO shares) to be
issued at par and credited as fully paid-up pursuant to a scheme
of arrangement of ACRB under section 176 of the Companies Act,
1965 (ACT) (Proposed Exchange).

(III) The proposed distribution of assets in specie by ACRB to
NEWCO comprising all the ordinary shares of MYR1.00 each in POS
Malaysia & Services Holdings Berhad (PSH) (PSH Shares) held by
ACRB and all the shareholdings of ACRB in its wholly owned
subsidiaries involved in the provision of financial services
pursuant to a reduction of capital of ACRB under Section 64 of
the Act.

(IV) The proposed distribution of assets in specie comprising
all the PSH shares held by NEWCO to its shareholders pursuant to
a reduction of capital of NEWCO under Section 64 of the act and
the proposed cancellation of Goodwill arising from the proposed
exchange pursuant to a reduction of capital of NEWCO under
Section 64 of the Act.

(V) The proposed consolidation of the NEWCO shares back to its
Par Value of MYR1.00 each.

(VI) The proposed transfer of the Listing Status of ACRB on the
main board of Bursa Malaysia Securities Berhad (Bursa
Securities) to NEWCO.

(collectively, the Proposed Reorganization)

The proposed establishment of an Employees' Share Option Scheme
(ESOS) by NEWCO.

The company refers to its announcement dated May 19, 2005.
Avenue Securities Sdn Bhd (Avenue), on behalf of ACRB, is
advised that the Securities Commission (SC) and the SC (on
behalf of the Foreign Investment Committee) had vide its letter
dated September 29, 2005 (which was received on October 3, 2005)
approved the Proposed Reorganization subject to, amongst others,
the following conditions:

(1) ACRB to disclose the justifications and benefits of the
Proposed Reorganization to the shareholders, Warrant holders and
ICULS holders of ACRB in its circular;

(2) ACRB to obtain the approval of Ministry of Finance (MOF) in
relation to the change of shareholding in Avenue Securities Sdn
Bhd, Avenue Asset Management Services Sdn Bhd, Avenue Options
and Futures Services Sdn Bhd, Avenue Invest Berhad (formerly
known as Avenue Unit Trust Management Berhad) and ACRB Capital
Sdn Bhd, where applicable;

(3) Bumiputera investors holding at least 30 percent of the
share capital upon listing of Newco to comply with the National
Development Policy (NDP) requirement to be approved/recognized
by MOF; and

(4) Avenue / ACRB to inform the SC on the status of compliance
with the NDP requirement upon completion of the Proposed
Reorganization.

This announcement is dated 4 October 2005.


AYER HITAM: Hearing on Unit's Wind-up Petition Set for December
---------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) issued to Bursa
Malaysia Securities Berhad details of the winding up petition
served on Pembinaan Aht Sdn Bhd, a 100 percent owned subsidiary
of Ahtin.

Further to the Company's announcement dated October 3, 2005, the
company advised that the above matter is now fixed for Hearing
on December 9, 2005.

This announcement is dated 4 October 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920


CYGAL BERHAD: Sees No Changes to Status of Plan
-----------------------------------------------
Bursa Malaysia Securities Berhad refers to Cygal Berhad's
announcement dated September 1, 2005 and the announcement by
Commerce International Merchant Bankers Bhd on behalf of the
Company dated September 16, 2005.

The Company announced that, other than previously announced,
there has been no further development on the status of its
restructuring plan.

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor,
Plaza Prima, 4 1/2 Mile,
Jalan Klang Lama,
Kuala Lumpur
Wilayah Persekutuan 58200
Telephone: 03-79839099
Fax: 03-79817629


DUOPHARMA BIOTECH: Issues New Shares for Listing
------------------------------------------------
Duopharma Biotech Bhd advised that its additional 145,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, 6 October 2005.


DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares
------------------------------------------------------
Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia
Securities Berhad details of the conditional mandatory offer by
Tekan Maju Sdn Berhad (TMSB), a wholly owned subsidiary of
Chemical company of Malaysia Berhad (CCM), to acquire up to
92,490,610 Duopharma Shares (Offer Shares) not already owned by
TMSB and persons acting in concert for a cash offer price of
MYR2.80 per offer share.

Pursuant to Section 36 of the Code, Duopharma advised the
Exchange on the dealing by a Director of Duopharma in the
Duopharma Shares. The detail of the dealing is set out in the
table below:

Date of       Name     Description     No. of     Transaction
transaction   of       of              Shares     price
              Party    Transaction     Disposed   per
                                       Or         Share
                                     Transferred

03/10/2005   Lee Siew  Acceptance of   26,400     MYR2.80
             Kuan      Conditional
                       Mandatory
                       Offer by
                       Offered by
                       Tekan Maju
                       Sdn Berhad


GADANG HOLDINGS: Redeems Entire Nominal Value of RSLS
-----------------------------------------------------
The Board of Directors of Gadang Holdings Berhad (Gadang)
advised Bursa Malaysia Securities Berhad that the Company has
fully redeemed its entire MYR23,770,000 Nominal Value 5-Year
Redeemable Secured Loan Stocks 2003/2008 (RSLS) on October 3,
2005 in accordance with the provisions of the Issuing Agreement
dated November 20, 2003 entered into between the Company (as the
issuer) and Danaharta Managers Sdn Bhd (as the holder).

The Redemption of the RSLS was funded by the Company's new
credit facilities and internally generated funds. The rationale
of the Redemption is to enable the Company to reschedule its
funding requirements.

The Redemption is not expected to have any material effect on
the share capital of the Company and net tangible assets of the
Gadang Group. However, the Redemption is expected to improve the
Company's earnings as a result of savings in interest cost.

None of the Directors and/or substantial shareholders of the
Company and/or persons connected with them, has any interest,
direct or indirect, in the Redemption. The Board of Directors of
the Company is of the opinion that the Redemption is in the best
interest of Gadang Group.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


IBRACO BERHAD: Board OKs Islamic Corporate Guarantee
----------------------------------------------------
Ibraco Berhad informed Bursa Malaysia Securities Berhad that the
Board has on October 3, 2005 approved an Islamic Corporate
Guarantee to be issued to a bank for credit facilities given to
the following wholly owned subsidiary:

Amount of Islamic Corporate Guarantee

Ibraco Shine Sdn. Bhd. MYR47,501,921.88

The Group does not expect the issue of the Islamic Corporate
Guarantee to have any material impact on the financial results
of the Group.

Dated this 3rd day of October 2005.


KEMAYAN CORPORATION: EGM to Push Through this Week
--------------------------------------------------
Further to the announcements dated September 1, 2005 and
September 7, 2005, Public Merchant Bank Berhad (PMBB), on behalf
of the Board of Directors of Kemayan Corporation Berhad (KCB),
advised Bursa Malaysia Securities Berhad that the Continuing
Vendors of Amber and the Vendors of CDM had via their respective
letters to Jawira dated September 6, 2005, agreed to further
extend the period for the fulfillment of the conditions
precedent set out in their respective conditional sale and
purchase agreements and the supplemental agreements, to October
15, 2005.

On September 6, 2005, the High Court of Malaya had granted
further extension of time to November 30, 2005 for the Scheme
Companies to hold the Court Convened Meetings for Scheme
Creditors and Shareholders, following the expiry of the previous
Court Order on September 3, 2005.

Subsequently, the Company had on September 10, 2005, issued and
dispatched the Explanatory Statement to Shareholders and Scheme
Creditors of KCB and Circular to Shareholders of KCB (Document),
in relation to the Proposed Restructuring Scheme of KCB.

Accordingly, KCB and its Scheme Subsidiary Companies will be
holding their respective CCMs pursuant to Section 177 of the Act
with their respective Scheme Creditors and the EGM on October 3,
4, 5 and 7, at the respective venues and times as specified in
the Document, to consider and if thought fit, passing the
respective resolutions, which will be tabled at the EGM.

Further developments in relation to the Proposed Restructuring
Scheme will be made to the Exchange in due course.

This announcement is dated 3 October 2005.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390
Fax: 07-2365307


LION CORPORATION: SC OKs Offer, Proposed LPM Acquisition
--------------------------------------------------------
Lion Corporation Berhad (LCB) furnished Bursa Malaysia
Securities Berhad an update to the following proposals:

(i) Proposed conditional take-over offer to acquire the
remaining 71,522,971 ordinary shares of MYR1.00 each in
Amalgamated Containers Berhad (ACB) representing approximately
95.73 percent of ACB's issued and paid-up share capital not
already owned by LCB and its wholly-owned subsidiary, Limpahjaya
Sdn Bhd (Limpahjaya), on the basis of two (2) new ordinary
shares of MYR1.00 each in LCB at an issue price of MYR1.31 for
every three (3) existing ordinary shares of MYR1.00 each in ACB
held (the Offer);

(ii) Proposed acquisition by LCB through LCB Venture Pte Ltd
(LCBV), a wholly owned subsidiary of LCB, of 148,750,644
ordinary shares of SGD0.10 each in Lion Asiapac Limited (LAP)
representing approximately 36.68% in the issued and paid-up
share capital of LAP together with 148,750,644 warrants in LAP
for a purchase consideration of SGD32,725,142 (equivalent to
approximately RM75,595,078) from AMB Venture Sdn Bhd, a
whollyowned subsidiary of Silverstone Corporation Berhad (the
Proposed LAP Acquisition); and

(iii) The proposed acquisition by LCB, through Lion General
Trading & Marketing (S) Pte Ltd, a wholly owned subsidiary of
LCB, of the entire issued and paid-up share capital of Lion
Plate Mills Sdn Bhd for a purchase consideration of
MYR70,000,000 to be satisfied via the issuance of 53,435,115
ordinary shares of MYR1.00 each in LCB at an issue price of
RM1.31 each (the Proposed LPM Acquisition).

(The Proposed LAP Acquisition and the Proposed LPM Acquisition
are collectively referred to as the Proposed Acquisitions and
the Offer and the Proposed Acquisitions are collectively
referred to as the Proposals).

Further to the announcements dated November 25, 2004, January
25, 2005, April 20, 2005 and July 8, 2005, K&N Kenanga Berhad
(Kenanga), on behalf of the Board of Directors of LCB, announced
that the Securities Commission (SC) had vide its letter dated
September 29, 2005 (Approval Letter), which was received by
Kenanga on October 4, 2005, given its approval for the Offer and
the Proposed LPM Acquisition, subject to the following
conditions:

(i) Kenanga/LCB to submit to the SC the audited financial
statements of LPM for FY November 30, 2005 for the purpose of
compliance with Paragraph 12.07(a)(i) of the Issues Guidelines
for the Proposed LPM Acquisition before implementing the
Proposed LPM Acquisition;

(ii) Directors of LCB to confirm that the gearing level of LCB
pursuant to the Offer and the Proposed LPM Acquisition could be
supported by its financial position;

(iii) LCB to discuss with Ministry of International Trade and
Industry with regard to the conditions imposed on its licensed
subsidiaries and inform SC of the status;

(iv) Kenanga/LCB should inform the SC of the completion of the
Offer and the Proposed LPM Acquisitions; and

(v) LCB should fully comply with the Issues Guidelines in
implementing the Offer and the Proposed LPM Acquisitions.

In the Approval Letter, the SC had also approved the Offer and
Proposed LPM Acquisition under the Foreign Investment
Committee's Guidelines on Acquisition, Mergers and Take-overs by
Local and Foreign Interests.

In respect of the Proposed LAP Acquisition, the SC was not able
to consider the proposal as the proposed disposal of LAP by AMB
Venture Sdn Bhd, a wholly owned subsidiary of Silverstone
Corporation Berhad was not approved.

This announcement is dated 4 October 2005.

CONTACT:

Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155
Fax:  +60 3 2162 3448


LITYAN HOLDINGS: Court Grants 90-Day RO to Units
------------------------------------------------
Following the announcement dated September 1, 2005, Lityan
Holdings Berhad informed Bursa Malaysia Securities Berhad that
the High Court of Malaya had granted a restraining order to the
Company's subsidiaries and associated company as listed in the
announcement dated September 20, 2005 for a period of ninety
(90) days effective from September 15, 2005 up to December 13,
2005 (both days inclusive).

The Company is also in the midst of submitting its Proposed
Restructuring Scheme to the relevant authorities for approval.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


PELIKAN INTERNATIONAL: Bourse to List, Quote New Shares
-------------------------------------------------------
Pelikan International Corporation Berhad advised that its
additional 35,298 new ordinary shares of MYR1.00 each arising
from the following Conversion:

(1) Conversion of MYR26,000 nominal value of 3 percent
Irredeemable Convertible Unsecured Loan Stocks 2005/2010 into
17,316 new ordinary shares.

(2) Conversion of MYR27,000 nominal value of 3 percent
Redeemable Convertible Unsecured Loan Stocks 2005/2010 into
17,982 new ordinary shares;

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Thursday, October
6, 2005.


PILECON ENGINEERING: Default Status Unchanged
---------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on September 2, 2005 with regards to the status of default in
payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB advised that there have
not been any changes to the status of default since then.

CONTACT:

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


POLYMATE HOLDINGS: Negotiates to Restructure Credit Facilities
--------------------------------------------------------------
Further to the announcement made on September 2, 2005, Polymate
Holdings Berhad (Polymate) advised Bursa Malaysia Securities
Berhad on the status of the various credit facilities in default
by its three (3) subsidiaries to the financial institutions as
at September 30, 2005, as detailed in Table A attached.

Click to view a full copy of Table A
http://bankrupt.com/misc/PolymateHoldings100405.xls

The Company is still in the process of negotiation with the
lending banks to restructure the Group's credit facilities and
is actively working on various schemes to regulate its financial
position.


SATERAS RESOURCES: Still No Changes to Default Status
-----------------------------------------------------
Further to the announcement made on September 1, 2005 pursuant
to paragraph 4.1b of the Practice Note 4/2001 of the listing
requirements, the Board of Directors of Sateras Resources Berhad
advised Bursa Malaysia Securities Berhad that there is no
further developments pursuant to 4.1b of the Practice Note
4/2001 of the listing requirements.

CONTACT:

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


SETEGAP BERHAD: Finalizes Scheme to Regularize Condition
--------------------------------------------------------
The Board of Directors of Setegap Berhad unveiled to Bursa
Malaysia Securities Berhad that there is no new development
since the date of the last announcement and, the Company is
still in the midst of finalizing the scheme to regularize its
financial condition.

This announcement is dated 3 October 2005.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


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

BACNOTAN CONSOLIDATED: Earmarks Php1 Bln for Investments
--------------------------------------------------------
The board of Bacnotan Consolidated Industries Inc. has approved
the appropriation of PHP1 billion for future investments.

The Philippine investment holding concern will source the funds
from its retained earnings.

Bacnotan recently sold its cement business and is looking to
diversify its portfolio to add the services sector, including
education, energy, financial services, affordable housing, and
the medical services business.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


CAMP JOHN: Court Stops BCDA from Taking Over Resort
---------------------------------------------------
A local court has barred Bases Conversion Development Authority
(BCDA) from taking over the operations of Camp John Hay and
terminating the lease agreement with the estate's operator and
developer, Camp John Hay Development Corp. (CJHDevCo).

According to The Manila Times, the Baguio City Regional Trial
Court has ordered BCDA to submit its longstanding dispute with
Camp John Hay developer CJHDevCo to arbitration proceedings.

CJHDevCo has filed the case against BCDA in June this year to
compel government to enter into arbitration in order to resolve
various disputes over the lease of Camp John Hay resulting from
the Supreme Court nullification of tax and financial incentives
in the John Hay Special Economic Zone. It also sought to enjoin
BCDA from taking over the leased areas of Camp John Hay.

Judge Ruben Ayson of the Baguio RTC granted the injunction
relief after CJHDevCo posted Php1 million injunction bond.

The court order also banned BCDA and its officers from
communicating directly with CJHDevCo sublocators,
concessionaires, sublessees, investors, buyers and other
clients; from soliciting and entertaining any new investors for
the lease and development of Camp John Hay; and from taking over
possession and operations of the leased premises.

CJHDevCo also said investors, sublocators and various business
groups also welcomes the court's decision.

CONTACT:

Camp John Hay Dev. Corp.
Loakan Road, Baguio City
Philippines 2600
Phone: (6374)442-7902 to 08
Fax:  (6374)442-5782
E-mail: cjhmanor@info.com.ph
Web site: http://www.campjohnhay.com/


COLLEGE ASSURANCE: DOJ Summons Firm, SEC Officials to Hearing
-------------------------------------------------------------
The directors of College Assurance Plans Phils. Inc. (CAP) were
subpoenaed by the Department of Justice (DOJ) to a hearing on
Oct. 11 to allow them to explain the charges filed against them
by the Securities and Exchange Commission (SEC), The Philippine
Star has learned.

The justice department also requested SEC officials to appear
before the DOJ.

The corporate watchdog last month filed a criminal complaint
before the DOJ against directors and officers of CAP for
unauthorized sale of pre-need plans in breach of the Securities
Regulation Code.

CAP branded the complaint as harassment since the pre-need firm
has been in faithful compliance with the rules governing the
sale of pre-need plans.

According to the SEC, CAP sold pre-need educational plans
despite the fact that it knew it had no more registered plans to
sell in violation of Section 16 of the SRC. CAP had used up all
its registered plans as early as June 2004.

The SEC claimed that proceeds from the sale of these
unregistered plans were co-mingled with the payments made by the
old planholders.

In its complaint, the SEC recommended criminal prosecution of
the pre-need firm's board of directors, including CAP chairman
Alejandro Roces, CAP president and chief executive officer
Enrique Sobrepe¤a Jr., CAP treasurer James Marsh Thomson and CAP
directors Coronado Munasque, Sen. Juan Flavier, Ernesto
Espaldon, Robert John Sobrepe¤a Jr., William Russell Sobrepe¤a,
Romulo Espaldon, Gillian Akiko Thomson, Eusebio Tanco, Rafael
Evangelista and Ma. Romela Bengzon.

The SEC also sought the issuance of a hold-departure order
against the respondents to prevent them from fleeing the country
and evading criminal liabilities.

CONTACT:

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


LEPANTO CONSOLIDATED: Provides Stock Rights Offering Prospectus
---------------------------------------------------------------
Further to Circular for Brokers No. 4025-2005 dated September 2,
2005, please be informed that a copy of the Stock Rights
Offering Prospectus of Lepanto Consolidated Mining Company shall
be made available for downloading free of charge at
http://bankrupt.com/misc/tcrap_lepantoconsolidated100605.pdf.

Please be remained that as previously disclosed, the offer
period shall start on Monday, October 10, 2005.

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


LMG CHEMICALS: SEC Asks Reps to Appear at Final Hearing
-------------------------------------------------------
The Securities and Exchange Commission acknowledged that
Chemical Industries of the Philippines Inc. and LMG Chemicals
Corporation have jointly filed October 8, 2004, November 17,
2004 and May 27, 2005 letters, explaining their position
regarding the alleged advanced holding of the 2004 Annual
Stockholders' meeting held last February 19, 2004 which the
Commission determined was attended by the following violations
for which the Commission assessed the corresponding penalties.

          Violation                Penalty
Rule 20 (3)(C)- (SEC Form 20-IS)   Php100,000.00
SRC Rules 17.1(1)(A) (iii)-(SEC
Form 17-C)                         Php 50,000.00

TOTAL                              Php150,000.00

The Commission maintains its position, as previously
communicated to the companies and emphasized during the hearing
held on the matter, that the arguments raised in the said
letters - explanation do not constitute satisfactory
justification for the Commission to set aside its standing
assessment.

In view thereof, a company's representative is hereby directed
to settle the said penalties or appear at a final hearing before
Atty. Janet Z. Tudela on October 13, 2005, Thursday, at 2:00
o'clock in the afternoon at the Corporation Finance Department,
6th Floor SEC Building, EDSA, Mandaluyong City, to explain why
the Commission should not proceed with the suspension of the
said companies' respective Registration of Securities and
Certificate of Permit to Sell to the Public, in accordance with
SRC Rule 13.1 for their failure to settle the respective
penalties assessed against them.

Failure of the companies to appear at the said scheduled hearing
shall be deemed a waiver on their part to be heard with respect
to the suspension of their Registration of Securities and
Certificate of Permit to Sell to the Public.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MANILA ELECTRIC: Ready to Start Refunds to Big Customers
--------------------------------------------------------
The Manila Electric Company (Meralco) said that the Bureau of
Internal Revenue (BIR) has already posted in its web site
Revenue Memorandum Order (RMO) No. 22-005 detailing the
implementation guidelines on the withholding tax for Phase IV
customers.

Leonardo Mabale, head of the Meralco Refund Management Task
Force, said, "We've begun realigning our preparations to suit
the requirements of the RMO. We will start sending out letters
to our customers covered by Phase IV by the middle of October.
We hope to be able to send out about half of all the letters
this month and the other half in November. These letters will
contain the refund options for the customers as well as the
documents needed to be able to process the refund."

For their refund option, customers can choose between post-dated
checks or credit-to-future bills with cash option. Depending on
their choice, customers will then be asked to submit the
documents required. One of the documents needed is the BIR
Certificate of Registration which indicates the customer's tax
identification number or TIN.

The RMO states that there shall be withheld a credible income
tax at the gross refund amount of customers under Phase IV - 25
percent for active customer and 32 percent for terminated
contracts. Phase IV covers more than 127,000 customers and
amounts to more than Php18 billion.

For customers claiming exemption from withholding tax, they
shall obtain and submit to Meralco a certified true copy of the
Certificate of Exemption (COE) or BIR ruling duly issued by the
BIR for this purpose. Exempt from such procedure are certain
entities like national government agencies and its
instrumentalities, government owned or controlled corporations
(GOCC) and foreign embassies and international organizations.
For national government agencies and its instrumentalities,
however, registered name per Meralco must be in the name of the
government agency/instrumentality, otherwise, it shall be
subjected to withholding tax.

Mabale reiterated that it is important that all the documents
submitted are in order so as not to delay the release of the
refund.

"We will then begin processing the refund for a customer as soon
as all the pre-requisites are met," Mabale said.

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 FOOD: Secures Php8-Bln Loan to Curb Losses
---------------------------------------------------
Struggling National Food Authority (NFA) expects to trim its
mounting losses through the Php8-billion loan it secured from
banks, BusinessWorld relates.

The state-owned firm said the long-term notes were recently
issued to help bankroll its ailing operations. The agency is
among the losing government-owned and -controlled operations as
it has always sold rice at subsidized rates.

Equitable-PCI Bank will extend Php4 billion while the Philippine
National Bank will provide about Php2 billion. Other lenders
such as the Development Bank of the Philippines and the
Philippine Veterans Bank will lend the remaining Php1.4 billion
and P600 million, respectively.

The seven-year loan was arranged by the Land Bank of the
Philippines with ONL Bank as co-arranger.

NFA is currently looking at options to curb its financial losses
given that one of its alternatives, the planned Php1 per
kilogram increase in the prices of regular and well-milled rice,
was stamped down by a presidential directive to maintain rice
prices at Php16 per kilogram.

It had recently discussed with the Department of Finance a tax
subsidy scheme on rice imports. The Department of Budget and
Management will pay for the rice import tariffs instead of the
NFA.

The grains agency said its annual losses on rice and corn
subsidies total Php6 billion to Php7 billion. It admitted that
interest expenses had been impeding its operations.

CONTACT:

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


PHILIPPINE AIRLINES: Gets Offer to Transfer to NAIA 3
-----------------------------------------------------
The Manila International Airport Authority (MIAA) has offered
"reasonable" rates to Philippine Airlines (PLA), if the national
flag carrier would transfer to the new Terminal 3 of the Ninoy
Aquino International Airport (NAIA), according to the Philippine
Daily Inquirer.

PAL at present has exclusive use of the NAIA 2 terminal, which
it uses for both domestic and international flights. All other
carriers use NAIA 1, Manila's oldest international air terminal.

PAL president Jaime Baustista said PAL will transfer to the new
terminal if price difference between NAIA 2 and NAIA 3 is not
very high.

Aside from the issue of fees, Bautista said transferring to the
new terminal would depend on MIAA's allowing it to integrate its
domestic and overseas operations at NAIA 3. Operating under one
roof is more efficient in terms of costs and operations, Mr.
Bautista noted.

NAIA 3 is supposed to be a dedicated terminal for international
operations. Its operations are not expected to be viable without
PAL's volume.

PAL, controlled by tobacco tycoon Lucio Tan, is in its sixth
year of a financial rehabilitation program under which its
creditors require it to meet operational and financial targets.

CONTACT:

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


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

ARMSTRONG TECHNOLOGY: Parent Liquidates Chinese Unit
----------------------------------------------------
Armstrong Industrial Corporation Limited announced that the
Company has begun liquidating its wholly owned Chinese unit,
Armstrong Technology (Shanghai) Co. Limited.

Shanghai LSC Management Consultants Co., Limited were appointed
Liquidator for the winding up.

Management has decided to liquidate Armstrong Shanghai and
consolidate its business operations into its newly incorporated
Suzhou plant for cost effectiveness. Announcement of the
incorporation of Suzhou subsidiary, Armstrong Technology
(Suzhou) Co., Ltd, was made on April 29, 2005.

By Order of the Board
Steven Koh Gim Hoe
Executive Director
Oct. 5, 2005

CONTACT:

Armstrong Technology (Shanghai) Co. Limited
C/o Armstrong Industrial Corporation Limited
531 Bukit Batok St 23, Singapore 659547
Phone: 65 6665 8588
Fax:   65 6665 8665
Email: aicl@armstrong.com.sg
Web site: http://www.armstrong.com.sg/


CITIRAYA INDUSTRIES: Unit Seeks Judicial Management
---------------------------------------------------
Citiraya Industries Limited announced that on Oct. 5, 2005,
wholly owned subsidiary Global Environmental Solutions Pte Ltd
(GES Global) filed a Petition to place itself under Judicial
Management.

The Company thinks that with the present circumstances of GES
Global, the interest of its stakeholders, including its
creditors and employees would be better served by placing GES
Global in Judicial Management. GES Global is experiencing a cash
flow crunch as a result of ongoing investigations being
conducted on the Company by the Commercial Affairs Department
(CAD) and the Corruption Prevetion Investigation Bureau (CPIB).

CONTACT:

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


DIGILAND INTERNATIONAL: Seeks to Hold AGM, EGM on the Same Date
---------------------------------------------------------------
Digiland International Limited announced that the Company has
obtained approval from the Accounting and Corporate Regulatory
Authority (ACRA) and a waiver from The Singapore Exchange
Securities Trading Limited (SGX-ST) for its audited accounts to
be more than 4 months but not more than 5 months old when laid
before its members at the Company's upcoming annual general
meeting (AGM).

The Company sought such an extension of time because it is
seeking to implement a scheme of arrangement dated June 28, 2005
and entered into between it and its scheme creditors. The
various transactions under or contemplated by the Scheme
require shareholders' approvals at an extraordinary general
meeting (EGM).

As the information to be presented to shareholders at the AGM
will also be relevant to the approvals to be sought from
shareholders at the EGM, the Company believes it would
facilitate shareholders' understanding and approval of the
transactions, as well as attendance, if both the AGM and the EGM
can be held on the same date, with the EGM immediately following
the conclusion of the AGM. This extension of time will allow the
Company to work towards holding both AGM and EGM on the same
date. This will also minimise inconvenience to shareholders in
having to receive two sets of documents at different times, and
to attend meetings on two separate dates in the space of two
months. Having the AGM and EGM on the same day and in sequence
will also save costs for Digiland in terms of the convening and
holding of the meetings.

Digiland International confirms that its audited accounts for
FY2005 will not be materially different from the FY2005 full
year results announced by Digiland via SGXNet on Aug. 30, 2005.

By Order of the Board
Lim Koon Hock
Company Secretary
Oct. 5, 2005

CONTACT:

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


HUA KOK: Seeks to Change Name at Upcoming EGM
---------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Hua Kok International Limited will be held on Oct. 28,
2005, 3:30 p.m. at 8 Shenton Way #31-02, Temasek Tower,
Singapore 068811 (after its Annual General Meeting to be held at
3:00 p.m. on the same date and the same venue) to consider and,
if thought fit, pass, with or without amendment, the following
Special Resolution to be proposed:

That the Company name be changed to "Abterra Limited," and that
the name "Abterra Ltd." be substituted for "Hua Kok
International Ltd" wherever the latter name appears in the
Company's Memorandum and Articles of Association.

BY ORDER OF THE BOARD

Phua Puay Heng
Company Secretary
Oct. 6, 2005

Notes:

1. A Depositor will not be regarded as a member entitled to
attend and vote at the Extraordinary General Meeting unless
his name appears on the Depository Register not less than 48
hours before the time of the Extraordinary General
Meeting.

2. A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint not more than two
proxies to attend and vote in his stead and any such proxy need
not be a member of the Company.

3. The instrument appointing a proxy must be lodged at the
Company's registered office at 8 Shenton Way, #31-02 Temasek
Tower, Singapore 068811 not later than 48 hours before the time
appointed for the EGM.

CONTACT:

Hua Kok International Limited
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Phone: 65 63625667
Fax:   65 63653862
Email: info@huakok.com.sg
Web site: http://www.huakok.com.sg


NEOCORP INTERNATIONAL: Firm Seeks to Recover Judgment Debt
----------------------------------------------------------
Neocorp International announced that in addition to a claim by
Hanson Building Materials (S) Pte Limited for SGD837,872.68 plus
accrued 1% monthly interest (from Oct. 23, 2004 to Sept. 5,
2005) and SGD5,000 in costs, Hanson Building also issued a
further garnishee order against the Company's wholly owned
subsidiary, Neocorp Innovations Pte Limited, to recover a
SGD882,690.34 judgment debt. The order is scheduled to be heard
on Oct. 10, 2005.

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


NEOCORP INTERNATIONAL: Merger Agreement Extended to Oct. 31
-----------------------------------------------------------
Neocorp International Limited announced that on Dec. 18, 2004,
the Company signed a merger agreement with Yoma Strategic
Investments Limited and Serge Pun & Associates (Myanmar)
Limited.

The agreement, which was scheduled to expire on Sept. 30, 2005,
was extended to Oct. 31, 2005, subject to the following
variations:

The issuance of 320,000,000 new Yoma shares at SGD0.025 for each
new Yoma Share, representing a total value of SGD8.0 million, to
the creditors and shareholders of Company, conditional upon the
following terms:

(a) for the creditors of the Company, the acceptance of new Yoma
shares shall be full and final settlement of the debts owing by
the Company. Upon completion of the shares issuance, the Company
will be debt free.

(b) All new Yoma shares shall be issued upon successful listing
of the Merged Group.

Yoma would also require reasonable evidence (to their sole
satisfaction) by Oct.31, 2005 that the major creditors and
shareholders will agree or have agreed to the abovementioned
proposal relating to their debts and shares respectively, and
that the variations to the Merger Agreement are binding on the
Company, before Yoma proceed to formally extend the Scheme
Expiry Date.


VENTURE INVESTMENT: Members to Discuss Wind Up at Final Meeting
---------------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Venture Investment Management II Pte Limited will be held on
Oct. 31, 2005, 9:30 a.m. at 138 Cecil Street, #15-00 Cecil
Court, Singapore 069538, 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 Liquidators, as well as to determine by resolution
the manner in which the books, accounts and documents of the
Company and of the Liquidators shall be disposed of.

Dated this 30th September 2005

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
C/o 138 Cecil Street
#15-00 Cecil Court
Singapore 069538

Note:

Pursuant to section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.


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

PACIFIC ASSETS: Clarifies Consolidated Financial Statement
----------------------------------------------------------
Pacific Assets Public Company Limited issued to the Stock
Exchange of Thailand (SET) information regarding the
consolidated financial statements of the Company as of June 30,
2005 as follows:

(1) Cash and Cash Equivalents

The Company's policy on Cash Management is to create the utmost
efficiency and benefits for both the Company and the
shareholders.  In strengthening its financial management, the
Company could reduce Administration Cost and Financial Expenses,
increase Interest Income and provide sufficient capital for
future business growth.

The Company will use the surplus liquidity for either short or
long term investments of high returns with careful consideration
of potential risks.  The short-term investment may include fixed
deposit, government bonds or promissory notes to generate the
best returns, and by all means, the Company takes the risks into
consideration.

For the long-term investment, the Company will also consider its
fundamental factors and business trend to ensure the profitable
returns. Moreover, an annual budget, consisting of investment
plans and expenses related to the Company's business which must
be corresponded with the Company's Income, will be prepared and
approved by the Board of Directors. The Board of Directors will
take all issues into consideration in accordance with the rules
and regulations of the Stock Exchange of Thailand (SET) and the
Securities and Exchange Commission.

The Company clarified the decrease of its Cash and Cash
Equivalents as at June 30, 2005 to THB57 million, compared with
the balance of THB790 million as at December 31, 2004, as
follows:

Million Baht

Balance as at December 31, 2004               790

(a) Outstanding Income Tax                        (407)

(b) Repayment of Loans (Principal)                (116)

(c) Interest Expense                               (25)

(d) Deposit on Property Investment                (200)

Add Cash Received from Operation of

The Group during January 1 - June 30, 2005          15

Balance as at June 30, 2005                         57

As a result, Total Assets of the Company as of June 30, 2005 was
THB4,430 million, Total Liabilities was THB1,835 million and
Total Shareholders' Equity was THB2,595 million.

Thus, the Debt to Equity Ratio of the Company improved from 0.89
for the year 2004 to 0.71 at present. Moreover, the signing of
the sale agreement with Lehman Brothers (Thailand) Co., Ltd. to
sell its assets at the total of THB3,220 million as disclosed to
the SET on September 29, 2005 will help strengthen the Company's
liquidity.

For the short term investment of THB50 million in a form of a
promissory note with a person who has no relation with the
Company according to the Stock Exchange of Thailand's Committee
Notification, Re: Disclosure and Procedures of Listed Companies
Regarding Connected Transaction 2003, the promissory note is on
call with the interest rate of 6.75 percent per annum which is
considered higher than the rate of fixed deposit or government
bonds.

The transaction is also considered as normal business practice
which corresponds with the Company's policy on Cash Management
with flexible liquidity. Currently, the Company receives the
repayment for such investment with the interest, totaling THB51
million.

(2) Leasehold Rights Awaiting Development

The Company previously disclosed to the SET that the Board of
Directors' Meeting No. 13/2004 held on November 30, 2004
resolved to approve Pacific Resort Hotel Group Co., Ltd. (PRHG
the Company's subsidiary) to enter into a lease agreement of a
land located Boh Phut, Amphue Koh Samui, Suratthani Province,
for 30 years from October 1, 2007 to September 30, 2037 with the
leasehold right of THB45 million on the signing date and the
rental of THB2 million per year.

The lessor, the Company and its subsidiaries have no relation
according to the Stock Exchange of Thailand's Committee
Notification Re: Disclosure and Procedures of Listed Companies
Regarding Connected Transaction 2003.

As the size of the transaction is less than 15 percent and no
security is issued for the acquisition of assets, the Board of
Directors is entitled to approve the transaction in accordance
with the Stock Exchange of Thailand's Committee Notification Re:
Disclosure and Procedures of Listed Companies Regarding
Acquisition or Disposal of Assets 2004.

After the payment of the leasehold right of THB45 million on the
signing date, PRHG as the lessee is entitled to start the
development and construction of a hotel on the land according to
the lease agreement which specifies that the lessor is agreed to
consider the period from the date of the lease agreement
(December 8, 2004) to the date before starting the lease term
(October 1, 2007) as the grace period and not included in the
lease term and to allow the lessee to develop and do any
construction on the leased land.

If the lessor or the lessee does not conform to the agreement,
the lessor or the lessee is entitled to order the other party to
conform to and terminate the agreement.

In addition, PRHG has a plan to develop the beach land on Koh
Samui which is one of the attractive destinations of Thailand to
be a 6 star hotel with 120 rooms and 40 villas for sale for
clients of upper classes and expatriates.  The project is now in
the process of designing and the construction is expected to be
completed within 2 years.

(3) Deposit for Purchasing Investment Rights

The company refers to the Board of Directors of the Company at
its meeting No. 5/2005 held on May 12, 2005 resolving to approve
the Company to acquire an investment interest in a hotel
development project in Bangkok from a group of companies in the
amount of THB250 million.

The Company is now during the process in order to comply with
the Board's resolution. In entering into a Sale and Assignment
of Joint Venture Interest Agreement for the investment in hotel
development, it will not only enhance the Company's hotel
business to the major tourist destinations in Thailand and
overseas, not limited to only in Bangkok, but also comply with
the investment policy and business plan of the Company.

It is most likely that the Company will invest in hotel
development projects with that group of company.  However, in
entering into such agreement, there is a condition that an
approval from the third party involved must be obtained.  When
the Company gets a conclusion on this matter, it will certainly
be disclosed.

(4) Progress on Purchased Assets (the Chedi Chiengmai Project)

The company refers to the resolution at the Extraordinary
General Meeting of the Company's Shareholders No. 1/2005 held on
August 18, 2005 on the offer to purchase land, construction,
fixture, furniture and assets related to the Chedi Chiengmai
Hotel from Natural Real Estate Company Limited and the common
shares of Deluxe Origin Company Limited, the owner of Chedi
Chiengmai Serviced Apartment (Purchased Assets).

After the Board of Directors of Natural Park Public Company
Limited (N-Park) at its meeting on August 22, 2005 resolved to
approve selling purchased assets at the book value of the assets
at the transaction date, the Company then appointed White & Case
(Thailand) Limited to conduct legal due diligence and M.R. &
Associates Limited to conduct financial due diligence.  For the
time being, the due diligence for both legal and financial is
completed.

For flooding situation in Chiengmai, the Company had been
notified by the Seller that the Purchased Assets had less impact
when comparing to the overall violence and had been covered by
the insurance which covered up to THB1,600 million including the
insurance on business interruption up to THB70 million.

Damages to Purchased Assets had been rectified and repaired to
be back to normal that the hotel could start its operation as
soon as possible.  The Company already stated in the conditions
for the assets' transfer that beneficial interest according to
the insurance will be transferred to the Company and/or will be
used for the repair of assets only at the Company's approval.

Moreover, the Executive Committee had been authorized by the
Board of Directors of the Company to negotiate with regard to
the details related to the Purchased Assets at which the prices
of the Purchased Assets will be adjusted to the book value at
the transaction date.  The transfer of assets and payment is
expected within October 2005.

Please be informed accordingly.

Sincerely yours,
Pacific Assets Public Company
Limited
Mr. Alex Te- Heng Ho
Vice Chairman

CONTACT:

Pacific Assets Public Company Limited
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok
Telephone: 0-2254-9900
Fax: 0-2254-9909, 0-2254-9287


THAI WAH: Denies Having Obligations to Siam Bank, BankThai
----------------------------------------------------------
Thai Wah Public Public Co. Ltd. refers to its letter dated
October 3, 2005 to the Stock of Exchange of Thailand (SET) in
relation to the cancellation of the guarantees given by Thai Wah
Pcl. for the loans of Thai Wah Plaza Ltd.

The company disclosed that it did not incur any expense or
obligations for such cancellation with Siam Commercial Bank Pcl.
and BankThai Pcl.

Please be informed accordingly.

Yours sincerely,
Mr. Kuan Chiet
Class A Director
Thai Wah Group Planner Co., Ltd.
as the Plan Administrator of Thai Wah Pcl.

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56
Fax: 0-2285-0269-70
Web site: http://www.thaiwah.com




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

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


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Sichuan Topsoft Investment     000583     (-45.54)    228.05
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

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

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

MALAYSIA
--------

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

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

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

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87





                          *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
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