TCRAP_Public/051012.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

             Wednesday, October 12, 2005, Vol. 8, No. 202

                            Headlines


A U S T R A L I A

A.C.N. 002 936 914: Creditors Asked to Submit Debt Claims
A.C.N. 100 210 437: Members Opt for Voluntary Liquidation
A-GRADE POWDER: Set to Declare Dividend This Week
B.&H. MOBBS: Enters Liquidation
CARINYA PTY: Appoints Official Liquidator

DARCA CLEANING: Liquidator to Detail Wind Up Manner
DORRI-WOOD SALES: Members Pass Winding Up Resolution
EASTRAD MEDICAL: Members Agree to Wind Up Firm
E.N. CASEY: Schedules Final Meeting October 19
F.G. & G.E.: Liquidation Process Initiated

GEOFF THIESS: Resolves to Close Down Business
HOCKNEY PTY: Members Meeting Fixed October 19
LIHIR GOLD: Search for Missing Workers Continue
MAYNE GROUP: Earmarks AU$85 Mln to Carve Up Ops
MAYNE GROUP: Moody's Affirms Ba1 Ratings with Stable Outlook

MINDEN PTY: Placed Under Voluntary Liquidation
MOAMA INDUSTRIAL: Decides to Cease Operations
MYER LIMITED: Loses Lingerie Deal to Parent's Rival
OREHEK GROUP: Owner Faces Court after AU$20-Mln Scheme Fails
PANTHER PETROLEUM: Members, Creditors Discuss Winding Up

PGR AUSTRALIA: Creditors Name Paul Vartelas Liquidator
PRIMARY INSURANCE: Declares First, Final Dividend
QANTAS AIRWAYS: Singapore Snubs Merger
RW NADER: Members Opt for Voluntary Winding Up
SONS OF GWALIA: Zinifex in Tantalum Tie-up

TELSTRA CORPORATION: Axe Hovers Above Sensis
TELSTRA CORPORATION: Added to CSFB's Focus List
TRUESDALE NOMINEES: Members, Creditors Decide to Liquidate Biz
WILSMON PTY: To Pay Dividend to Priority Creditors
* Alixpartners Establishes Cross-border Affiliations


C H I N A  &  H O N G  K O N G

BANK OF CHINA: ADB to Pour in US$75-Mln Investment
CWAP LIMITED: Winding Up Hearing Set October 26
DAN FORM: Assets to Liabilities Ratio Remains at 18%
ETERNAL CHINA: Prepares to Wind Up Business
JOYCA DEVELOPMENT: Court to Consider Appointment of Liquidators

MEDICROSS LIMITED: High Court Orders Winding Up
SHARP LIGHT: Set to Wind Up Business
SWINK INSURANCE: Petition for Winding Up Granted
UNIBO TRADING: Court to Hear Winding Up Petition Next Month
YIM HOI: Enters Bankruptcy Proceedings

YUEN CHAK: Court to Hear Receiver's Application


I N D I A

BHARAT PETROLEUM: Sees Rise in Refining Margins
BHARAT PETROLEUM: Forms Gas Task Force with KRL
DELPHI AUTOMOTIVE: Says Unaffected by Parent's Bankruptcy


I N D O N E S I A

BANK MANDIRI: Former Directors on Trial for Graft
PERTAMINA: Seeks Financing Source to Operate Cepu Oil Block


J A P A N

HITACHI LIMITED: Toyota Buys Hybrid Parts
HITACHI LIMITED: Targets JPY100 Bln in Biometric Device Sales
MITSUBISHI MOTORS: Australian 380 Sedan Up for Sale
SANYO ELECTRIC: Shares Down 2.4% After CFO's Departure
TOMEN CORPORATION: Updates Financial Position


K O R E A

DAEWOO SHIPBUILDING: Wins KRW490.1-Bln Building Project
HANARO TELECOM: Issues Notice of Small-Scale Merger


M A L A Y S I A

BELL & ORDER: Sees No Changes to Status of Payment Default
BOUSTEAD HOLDINGS: Issues New Shares for Listing, Quotation
CONSOLIDATED FARMS: Extends Period to Fulfill Conditions
DATUK KERAMAT: Reasons Out Delay of Financial Statement
DFZ CAPITAL: Awaits Completion of BTSB Disposal

DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares
FARLIM GROUP: SC Rejects Proposed Rights Issue
HABIB CORPORATION: Concludes Share Purchase Agreement
MAXIS COMMUNICATIONS: Bourse to List, Quote Shares
MEDIA PRIMA: New Shares Listed Monday

NALURI CORPORATION: Awaits Completion of BTSB Acquisition
OILCORP BERHAD: Receives Offer to Lead Fisheries Project
OILCORP BERHAD: Explains Unusual Market Activity
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
PATIMAS COMPUTERS: Bourse to List, Quote Shares Today


P H I L I P P I N E S

COLLEGE ASSURANCE: Must Apply for Voluntary Insolvency
LEPANTO CONSOLIDATED: Rights Offer Drive Shares Plunge
NATIONAL POWER: Further Delay Seen for Privatization
PHILIPPINE LONG: Fitch Affirms Ratings on Dividend Hike News
UNIOIL RESOURCES: Mulls Asset Sale, Unit Spin-off


S I N G A P O R E

ARIES HOLDINGS: Creditors Asked to Submit Proof of Claims
BOON CHANG: Court Issues Winding Up Order
CHARTERED SEMICONDUCTOR: Expects SGD109-Mln Quarterly Loss
CITIRAYA INDUSTRIES: Works to Form Review Committee
CITIRAYA INDUSTRIES: New Investors Seek to Invest in Firm

FUTURISTIC HOLDINGS: Liquidator Sets Deadline to Submit Claims
HENLEY MANAGEMENT: Prepares to Distribute Dividend
SHIP ANALYTICS: Creditors Must Submit Debt Claims Next Month


T H A I L A N D

JASMINE INTERNATIONAL: Disposes of Shares in Siam Teltech
PHUKET AIRLINES: Impounded Jet Finally Returns Home
PRASIT PATANA: Director Steps Down from Post
THAI HEAT: SET Allows Trading of Securities

     -  -  -  -  -  -  -  -

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

A.C.N. 002 936 914: Creditors Asked to Submit Debt Claims
---------------------------------------------------------
Notice is given that creditors of A.C.N. 002 936 914 Pty
Limited, whose debts or claims have not already been admitted,
are required on or before Oct. 15, 2005 to prove their debts or
claims and to establish any title they may have to priority by
delivery or posting to the Liquidator's office formal proof of
debt or claim in accordance with Form 535 or 536, containing
their respective debts or claims.

If they do not, they will be excluded from:

(a) The benefit of any distribution made before the debts or
claims are proved or their priority is established; and

(b) Objecting to the distribution.

Dated this 1st day of September 2005

Gary B. Holbrook
Liquidator
PKF
Level 3, Suite 301, 304-318 Kingsway
Caringbah NSW 2229


A.C.N. 100 210 437: Members Opt for Voluntary Liquidation
---------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of A.C.N. 100 210 437 Pty Limited held on Sept. 9,
2005, it was resolved that the Company be wound up voluntarily.

At a creditors' meeting held on the same day, it was resolved
that Peter Hillig of Smith Hancock Chartered Accountants, Level
4, 88 Phillip Street, Parramatta NSW 2150 be appointed
Liquidator for the winding up.

Dated this 9th day of September 2005

Peter Hillig
Liquidator
Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


A-GRADE POWDER: Set to Declare Dividend This Week
-------------------------------------------------
A-Grade Powder Coating Services Pty Limited will declare a first
and final dividend on Oct. 14, 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


B.&H. MOBBS: Enters Liquidation
-------------------------------
At a meeting of the members of B.&H. Mobbs Transport Pty Limited
held on Sept. 6, 2005, it was unanimously resolved that the
Company be wound up, and that Stephen Gower Baker be appointed
Liquidator for such purpose.

Stepehn Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110
Phone: 9817 6427
Fax:   9879 0964


CARINYA PTY: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given that at a general meeting of members of
Carinya Pty Limited held on Sept. 12, 2005, it was resolved that
the Company be wound up voluntarily, and that John William
Woods, Chartered Accountant of 30 Davey Street, Hobart, Tasmania
7000 be appointed liquidator for such purpose.

Dated this 13th day of September 2005

John W. Woods
Liquidator
Wilson Woods & Partners
Chartered Accountant
30 Davey Street, Hobart Tas 7000
Phone: 03 6223 4343


DARCA CLEANING: Liquidator to Detail Wind Up Manner
---------------------------------------------------
Notice is given that a meeting of the members and creditors of
Darca Cleaning Pty Limited will be held on Oct. 19, 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


DORRI-WOOD SALES: Members Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Dorri-Wood Sales Pty Limited duly convened and held on Sept.
5, 2005, the following Special Resolution was passed:

That the Company be wound up voluntarily, and that Geoffrey
McDonald be appointed Liquidator for such winding up.

Geoffrey McDonald
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


EASTRAD MEDICAL: Members Agree to Wind Up Firm
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Eastrad Medical Imaging Pty Limited held on Sept. 1, 2005, it
was resolved that the Company be wound up voluntarily, and that
Richard Herbert Judson of Members Voluntarys Pty Ltd be
appointed liquidator.

Dated this 7th day of September 2005

Richard H. Judson
Liquidator
Members Voluntarys Pty. Ltd.
PO Box 819, Moorabbin Vic 3189


E.N. CASEY: Schedules Final Meeting October 19
----------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of E.N. Casey Pty Limited will be held on Oct. 19,
2005, 10:00 a.m. at the office of SV Partners, Level 16, 120
Edward Street, Brisbane, Queensland.

AGENDA:

(1) To receive an account by the Liquidators.

(2) To discuss general business.

Dated this 9th day of September 2005

Paul Sweeney
Terry van der Velde
Joint Liquidators
C/o SV Partners
Level 16, 120 Edward Street
Brisbane, Queensland


F.G. & G.E.: Liquidation Process Initiated
------------------------------------------
Notice is hereby given that at a general meeting of members of
F.G. & G.E. Stones Pty Limited held on Sept. 6, 2005, it was
resolved that the Company be wound up voluntarily, and that
Kenneth Michael Whittingham of BDO Chartered Accountants &
Advisers, 2 Market Street, Sydney be appointed liquidator of the
Company.

Dated this 6th day of September 2005

Kenneth M. Whittingham
Liquidator
BDO Chartered Accountants & Advisers
Level 19, 2 Market Street
Sydney NSW 2000


GEOFF THIESS: Resolves to Close Down Business
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Geoff Thiess (Developments) Pty Limited held on Sept. 12, 2005,
it was resolved that the Company be wound up voluntarily, and
that Michael Owen, Chartered Accountant of BDO Kendalls, Level
18, 300 Queen Street, Brisbane Qld 4000 be appointed Liquidator
for the winding up.

Dated this 13th day of September 2005

Michael Owen
Liquidator
BDO Kendalls
Level 18, 300 Queen Street
Brisbane Old 4000


HOCKNEY PTY: Members Meeting Fixed October 19
---------------------------------------------
Notice is given that a meeting of the members of Hockney Pty
Limited will be held on Oct. 19, 2005, 10:00 a.m. at Level 15,
201 Sussex Street, Sydney, NSW 1171 for the following purposes:

AGENDA

(i) To present the Liquidator's account before the members,
showing how the winding up was conducted and the property of the
Company disposed of, and to give any explanations as required;

(ii) Any other business.

Dated this 7th day of September 2005

David C. Pratt
Simon John Cathro
Liquidator
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney NSW 1171


LIHIR GOLD: Search for Missing Workers Continue
-----------------------------------------------
Lihir Gold is continuing a search and rescue mission for two
workers missing after a landslide at its Papua New Guinea mine,
which occurred Sunday morning, Asia Pulse reports.

One worker was in the direct path of the landslide while the
second was in a tugboat in Louise Harbour, which capsized due to
a resulting tidal surge.

Lihir Gold was forced to halt its operations last week after the
landslide cut water supply to its processing plant.

Brokerage UBS, meanwhile, has downgraded its rating on Lihir
because of a drop in its share price but said it still remained
positive on the stock. UBS estimated every week of lost
production would mean 22,500 ounces of lost gold production or
US$10.6 million in lost revenue.

Goldman Sachs JBWere, on the other hand, said the landslide
highlighted the risk of single mine operating companies but has
maintained its buy recommendation. It said the time to re-
establish the water connection will determine if Lihir achieves
700,000 ounces for calendar year 2005 or not. It added that the
miner was unlikely to meet its target if the delay would exceed
one week.

Credit Suisse First Boston also believed the natural occurrence
confirmed the risk associated with Lihir.

CONTACT:

Lihir Gold Limited
Papua New Guinea
Head Office
Level 7, Pacific Place
Cnr. Champion Parade & Musgrave Street
Port Moresby
Phone:  (+675) 321 7711
Fax:  (+675) 321 4705

Australia
Level 14, 12 Creek Street
Brisbane
Queensland 4000
Phone: (+617) 3229 5483
Fax: (+617) 3229 5950
E-mail: Joe.Dowling@lihir.com.pg
Web site: http://www.lihir.com.pg


MAYNE GROUP: Earmarks AU$85 Mln to Carve Up Ops
-----------------------------------------------
Mayne Group will spend AU$85 million to separate its global
pharmaceutical business from its domestic operations, The Age
reveals. Investors will vote on the plan next month.

The health-care company on Monday released a 332-page document
explaining the reasons for separating Mayne Pharma from its
local business, which will be rebranded Symbion Health.

While Mayne has consistently claimed the demerger will increase
shareholder value, the market will have to wait to hear from
incoming chief executives - Mayne Pharma's Thierry Soursac and
Symbion Health's Robert Cooke - for guidance on earnings.

The forecast for Mayne Pharma has been maintained at 15-20
percent long-term annual growth, while steady growth is tipped
for Symbion Health.

Mayne Group Managing Director Stuart James said the group's
directors planned to vote in favor of the demerger at the
November 16 meeting.

CONTACT:

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


MAYNE GROUP: Moody's Affirms Ba1 Ratings with Stable Outlook
------------------------------------------------------------
Moody's Investors Service on Monday affirmed Mayne Group
Limited's (Mayne) senior unsecured rating of Ba1. At the same
time, Moody's revised the rating outlook to stable from
negative.

The change in outlook follows the announcement today that the
company will proceed with the demerger of its international
pharmaceutical business (Mayne Pharma). However, the process is
contingent on shareholders accepting or rejecting the proposal
at the scheme meeting on November 16, 2005. Moody's noted that
the outlook will be stable irrespective of whether shareholders
accepted the proposal or not.

The domestic business entity would retain the four key business
segments of pathology, diagnostic imaging, pharmacy services and
consumer brands, while the global pharmaceuticals division would
be spun off as a separately listed entity called Mayne Pharma
Limited. The new name of the domestic business would be Symbion
Health Limited (Symbion Health).

A decision by shareholders to accept the demerger proposal would
see the rating remain as stable. Moody's considers that the
pharmaceuticals business entails a higher level of operational
risk, including a substantial level of funds required to develop
a pipeline of products and the corresponding risk associated
with managing this pipeline in a highly competitive environment.

If this business segment demerged, Symbion Health would have a
narrower business profile and would be focused on lower risk
essential healthcare services within the domestic economy.
Symbion Health would be expected to retain almost all the debt
of Mayne Group, materially increasing leverage. As a result, the
stability of Symbion Health 's prospective operating risk
profile would be equally offset by the reduction in business
diversity and higher debt levels.

However, should shareholders reject the proposal to demerge,
then the rating outlook is expected to remain as stable,
reflecting the diversity of operations within Mayne's profile
and its solid margins.

Moody's would not be rating Mayne Pharma Limited should the
demerger proceed.

Mayne Group's current rating reflects the following strengths:
1) significant portion of revenues are provided from government-
based Medicare funding, 2) relatively stable revenue streams
from essential health services, 3) high barriers to entry,
including capital costs and accreditation requirements, and 4)
diversified operations across four primary healthcare sectors

At the same time, the rating reflects the following credit
challenges: 1) evolving corporate strategy characterized by
history of major asset sales, 2) high leverage, incorporating
operating leases, pharmacy loan guarantees and securitisation
facility, and 3) threat of deregulation in the pharmacy sector.

Symbion Health would have a stable operating profile, reflective
of the constant demand and revenue profiles exhibited by the
core divisions of pathology and diagnostic imaging. Moody's
considers that the relatively high level of government-funded
Medicare payments support demand, while the essential nature of
the healthcare services provided entails a high level of
predictability in the group's revenue streams.

In the core areas of pathology and diagnostics, significant
barriers to entry support the group's credit profile. These
barriers include the level of capital required to obtain the
necessary equipment and economies of scale to actively compete
in the market. The accreditation requirements and shortage of
skilled personal also provide significant barriers to new
entrants.

If the demerger proceeds, Mayne's asset base is expected to fall
by approximately 40%, while revenues are expected to drop by
14%, leading EBIT to decline by approximately 36%. In addition,
the demerger would result in almost all existing debt remaining
at Symbion Health resulting in a substantial increase in
anticipated leverage. Consequently, the risk is that the company
would be less well positioned to weather any downturn in
operating margins.

Moody's notes that should the demerger proceed, the US$291
million of bonds due in February 2006 would be refinanced
through committed bank facilities. The US$200 million 144a bonds
due in 2011 will be optionally redeemed prior to the demerger
due to the inability to satisfy all the covenants contained in
the bond indenture as a result of the demerger. As a result,
Symbion Health would likely be financed by bank debt after
February 2006.

Assuming the demerger proceeds, the rating may come under upward
pressure should the new management team establish a track record
of running the company in a stable and effective manner coupled
with an expectation that adjusted debt to EBITDAR falls below
4.0x on a sustainable basis.

Alternatively, negative rating pressure may emerge if operations
suffer declining revenues or margins; free cash flow becomes
negative; or adjusted debt to EBITDAR is likely to increase
beyond 5.0x on a sustainable basis. The disposal of a major
asset -- without an appropriate reduction in debt -- would also
negatively impact the rating. Adverse changes to the level of
government-based Medicare funding for the core areas of
pathology, diagnostic imaging and prescription medicines may
also exert negative pressure on the group's rating.

Mayne Group Limited, headquartered in Melbourne, Australia, is a
provider of healthcare services, including pathology and
diagnostic imaging services, consumer brands, pharmacy
distribution services and the development, manufacturing and
distribution of pharmaceutical products.

CONTACT:

Sydney
Peter Fullerton
Analyst
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100


MINDEN PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a general meeting of Minden Pty
Limited held on Sept. 1, 2005, members resolved to voluntarily
wind up the Company, and to appoint Richard Herbert Judson of
Members Voluntarys Pty Limited to be Liquidator.

Dated this 7th day of September 2005

Richard H. Judson
Liquidator
Members Voluntarys Pty Limited
PO Box 819, Moorabbin Vic 3189


MOAMA INDUSTRIAL: Decides to Cease Operations
---------------------------------------------
Notice is hereby given that at a Meeting of Members of Moama
Industrial Solvents Pty Limited held on Sept. 7, 2005, it was
resolved that the Company be wound up voluntarily and at a
creditors' meeting held on the same day, it was resolved that
Barry Keith Taylor of B.K. Taylor & Co., 8th Floor, 608 St.
Kilda Road, Melbourne be appointed Liquidator for such winding
up.

Dated this 8th day of September 2005

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


MYER LIMITED: Loses Lingerie Deal to Parent's Rival
---------------------------------------------------
Coles Myer's rival David Jones has clinched an exclusive deal
with a French lingerie firm in its bid to acquire stores
operated by Myer Limited, The West Australian reports.

Under the five-year agreement, iconic underwear label Simone
Perele will exit Myer to pave the way for a high-profile launch
early next year through David Jones' network of 34 stores.

Analysts believe the deal is a move by David Jones to capitalize
on Myer's troubles, amid speculation the upmarket department
store will cut a deal with a private equity group in a bid to
bolster its network through the addition of some key Myer
stores.

Coles Myer is finalizing an information memorandum for potential
buyers of its troubled department store unit Myer Limited and it
is expected to release financial information on the 61-store
chain later this month to interested parties.

The list of potential suitors ranges from private equity firms
to retailers such as David Jones and former Coles Myer Chairman
Solomon Lew.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au


OREHEK GROUP: Owner Faces Court after AU$20-Mln Scheme Fails
------------------------------------------------------------
Mr. Robert John Orehek, 43, of Castle Hill, New South Wales,
appeared in the Downing Centre Local Court in Sydney on Tuesday,
pleading not guilty to 31 criminal charges brought by the
Australian Securities and Investments Commission (ASIC).

Mr. Orehek was charged with four counts of fraudulent
misappropriation and 27 counts of illegally issuing securities.

ASIC alleges that, between February 2000 and November 2002, Mr.
Orehek raised, through a group of seven private companies owned
and controlled by him, over AU$20 million from 200 investors.
Many of the investors were associated with the Hillsong Church
in Castle Hill, NSW, and most investors have lost their money.
The fraudulent misappropriation charges amount to AU$253,912
while charges regarding the illegal issuing of securities amount
to AU$2.592 million.

Mr. Orehek raised the funds for prime residential property
developments in the Sydney suburbs of Balmoral, Northbridge,
Wahroonga, Mosman, Rose Bay, Fairlight, Cherrybrook and
Glenhaven. The funds were raised by issuing `Deeds of Loan' to
the investors. The loans were unsecured.

It is alleged that Mr. Orehek was offering returns to investors
of up to 40 percent per annum and in some cases as much as 120
per cent per annum.

None of the proposed property developments were ever completed
and all of the companies in the Orehek group are in liquidation.
These companies include Marriott Properties Pty Ltd, Platinum
Finance Group Pty Ltd, Vogue Property Group Pty Ltd, Viscorp
Investments Pty Ltd, Lane Properties Pty Ltd, Meridian Property
Group Pty Ltd and Norton Investments Pty Ltd.

In November 2003 ASIC obtained orders in the Supreme Court of
New South Wales banning Mr. Orehek from managing corporations
for eight years.

Mr. Orehek was released on bail on condition that he reside at
his current address and notify ASIC within 48 hours of any
change of address, that he surrender his passport to ASIC within
48 hours of it being returned to him by his trustee in
bankruptcy and not to approach points of overseas departure.

Mr. Orehek will reappear in the Downing Centre Local Court on 6
December 2005.


PANTHER PETROLEUM: Members, Creditors Discuss Winding Up
--------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Panther Petroleum will be held on Oct. 19, 2005,
11:00 a.m. at the offices of GHK Green Krejci, to have an
account laid before them showing the manner in which the winding
up was conducted and the property of the Company disposed of,
and to hear any explanation that may be given by the Liquidator.

Dated this 13th day of September 2005

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


PGR AUSTRALIA: Creditors Name Paul Vartelas Liquidator
------------------------------------------------------
Notice is hereby given that at a Meeting of Members of PGR
Australia Pty Limited held on Sept. 6, 2005 it was resolved that
the Company be wound up voluntarily, and Paul Vartelas of B.K.
Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was
appointed Liquidator of the Company at a creditors' meeting held
later the next day.

Dated this 8th day of September 2005

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


PRIMARY INSURANCE: Declares First, Final Dividend
-------------------------------------------------
Primary Insurance Brokers of Australia Pty Limited will declare
a first and final dividend to its ordinary unsecured creditors
on Oct. 12, 2005.

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

Dated this 23rd day of August 2005

M. J. M. SMITH
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


QANTAS AIRWAYS: Singapore Snubs Merger
--------------------------------------
Singapore Airlines (SIA) has rejected a possible merger with
Qantas Airways as a means of securing access to the Pacific
route to Australia, The Advertiser relates.

SIA Chief Executive Chew Choon Seng said yesterday that the
cabinet committee reviewing aviation policy must base its
decision on Singapore's bid for access to the Pacific route on
the merits of the arguments SIA and Qantas have put.

Australian Prime Minister John Howard brushed off rumors of a
merger earlier this year following an announcement that the
Government was considering relaxing the foreign ownership
restrictions of Qantas.

Mr. Chew was in Australia to launch an agreement with Tourism
Australia to invest AU$2 million a year promoting Australia in
Britain, Germany, France, Japan, Singapore, China, India and
Korea.

Mr. Chew said the fund was not a ploy to attract support for the
bid for the Pacific route, and was in addition to the $8 million
a year that SIA spends promoting Australia in its normal
marketing campaigns.

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 NADER: Members Opt for Voluntary Winding Up
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of RW Nader Pharmacies held on Sept. 9, 2005, it was resolved
that the Company be wound up voluntarily, and that Stephen
Brennan and Ezio Marco Senatore of Senatore Brennan Rashid,
Level 7, 28 University Avenue, Canberra ACT 2601 be nominated to
act as Joint and Several Liquidators for the winding up.

Dated this 12th day of September 2005

Stephen Brennan
Ezio Marco Senatore
Joint Liquidators
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601


SONS OF GWALIA: Zinifex in Tantalum Tie-up
------------------------------------------
Cashed up Zinifex has teamed with two firms as part of a plan to
acquire Sons of Gwalia 's tantalum business, Sydney Morning
Herald reports.

A strategic alliance has been created between Zinifex,
Haddington and Mitsubishi ahead of making a possible AU$400
million offer for the tantalum operations of the collapsed
miner.

Because it could be some time before a float or trade sale
decision is made by the administrator of Sons of Gwalia on the
tantalum business, the initial focus of the Zinifex alliance
will be to explore for new deposits of the high-tech material.

The main game for the alliance is to position itself in the
queue as a bidder should the administrator decide on a trade
sale of the business in preference to a float.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


TELSTRA CORPORATION: Axe Hovers Above Sensis
--------------------------------------------
Telstra Corporation's advertising and directories arm Sensis is
laying-off around 235 staff, The Australian Financial Review
says.

The redundancies are part of Telstra's effort to address Sensis'
missed revenue targets and pressure to cut expenses.

A letter to the Community & Public Services Union by Sensis
national employee manager Ray Harris last month revealed the
layoffs are being made in more than 10 departments.

Sensis was unavailable for comment. But a spokeswoman said last
week the job cuts weren't relates to the intensive strategic
review being conducted by new Telstra Chief Executive Officer
Solomon Trujillo.

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: Added to CSFB's Focus List
-----------------------------------------------
Credit Suisse First Boston (CSFB) has revised its focus list,
according to Australian Investment Review.

The list includes stocks its research department has identified
as having the potential risk-adjusted upside or downside.

The change made by the broker has been to add Telstra to its
list of long ideas, the broker having recently lifted its
earnings forecasts on the stock in the expectation it can
deliver cost savings sufficient to bring its cost to revenue
ratio closer to that of its competitors.

Other stocks in CSFB's list include Harvey Norman, Orica,
Macquarie Infrastructure Group, James Hardie, Promina, Macquarie
Bank and QBE Insurance.


TRUESDALE NOMINEES: Members, Creditors Decide to Liquidate Biz
--------------------------------------------------------------
Notice is now given that at a meeting of the members and
creditors of Truesdale Nominees Pty Limited held on Sept. 8,
2005, creditors resolved that the Company be wound up, and R. A.
Sutcliffe was appointed Company liquidator.

Dated this 8th day of September 2005

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


WILSMON PTY: To Pay Dividend to Priority Creditors
--------------------------------------------------
Wilsmon Pty Limited will declare a first and final dividend to
its priority creditors on Oct. 12, 2005.

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

Dated this 6th day of September 2005

A. H. Douglas-Brown
Liquidator
Bentleys MRI Perth Chartered Accountants
1st Floor, 10 Kings Park Road
West Perth WA 6005
Phone: 08 9480 2000


* Alixpartners Establishes Cross-border Affiliations
----------------------------------------------------
AlixPartners, the international corporate turnaround,
performance improvement, and financial advisory firm, announced
its affiliation with two leading corporate turnaround firms:
Galeazzi & Associados of Brazil and KordaMentha of Australia.
The purpose of the affiliations is to support the needs of each
firm's growing roster of multi-national clients and to expand
market-leading relationships within the professional services
and corporate communities of each firm.

Combined, the firms field a team of more than 660 professionals
operating in 19 offices around the world.

"Our firms are well-matched.  We share a set of values that puts
bottom line results for our clients as a first principle," said
Bob Dangremond Vice Chairman of AlixPartners. "We've built our
firm one person at a time, ensuring that each professional meets
the highest standards of experience, credentials and
performance.  Our mission is to become the pre-eminent one stop
global business serving under performing, distressed and
troubled companies."

"We are pleased to be affiliated with AlixPartners," said
Claudio Galeazzi, a founding partner of Galeazzi & Associados.
"Our relationship is a natural fit and part of a winning
strategy to provide professional services to our clients
regardless of where those needs are.  We can now offer access to
expanded capabilities, professional resources and the strong
relationships that are at the heart of successful corporate
restructurings."

Mark Korda, a founding partner of KordaMentha, said, "The
affiliation is a natural fit and part of our strategy to
continue to provide professional services to our clients that
are at the cutting edge of global trends.  KordaMentha will also
be able to provide access to global markets and develop business
models and strategies that will ensure we can improve our
service offering for our Australian and international clients."

Each firm will retain its existing ownership structure.

About AlixPartners

AlixPartners, LLC is a founding firm of the corporate turnaround
industry, established in 1981.  It has 450 employees
specializing in a range of services focused on helping corporate
clients solve complex business issues, including operational
performance improvement, financial restructuring, interim
management, corporate investigations and Sarbanes-Oxley
compliance, IT performance improvement, electronic data
discovery, commercial dispute resolution, and claims and estate
management.  AlixPartners has offices in New York, Los Angeles,
San Francisco, Chicago, Dallas, Detroit, London, Munich,
Dsseldorf, Milan and Tokyo.

About Galeazzi & Associados

Galeazzi & Associados has been a pioneer in providing corporate
management services in Brazil since 1990.  The firm offers full
range of management consulting services, including performance
improvement, creditor and investor services, turnaround and
restructuring, crisis management, interim management and
corporate governance.

About KordaMentha

KordaMentha was established in 2002 and has over 170 employees
in offices in Melbourne, Sydney, Brisbane, Perth, Adelaide,
Townsville and the Gold Coast.  Its services include operational
turnarounds, out-of-court restructurings, bankruptcy
reorganizations and real estate advisory.


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

BANK OF CHINA: ADB to Pour in US$75-Mln Investment
--------------------------------------------------
Bank of China Limited and Asian Development Bank (ADB) announced
that, following negotiations and discussions by the two
entities, ADB will make a US$75 million equity investment in
Bank of China, which is subject to a lock-up period of three
years. This transaction is pending relevant government
approvals.

Along with other investment agreements already signed by RBS,
Temasek affiliate Asia Financial Holdings and UBS, the agreement
signed between Bank of China and ADB represents a major
milestone in the reform of Bank of China through the
introduction of foreign strategic investors.

As a strategic investor, ADB will cooperate with Bank of China
to improve its corporate governance, provide technical
assistance in formulating policies and procedures on internal
control, anti-money laundering and environmental protection, and
promote sustainable development of China's economy.

About Bank of China

Bank of China is the most international commercial bank in
China, with the longest history and strongest capital base.  The
bank is ranked 18th among the world's largest 1,000 banks, and
ranked first in Asia and mainland China, in terms of core
capital by The Banker magazine.  Bank of China's network covers
27 countries and regions around the world, as well as 31
provinces, municipalities and autonomous zones and over 300
cities in mainland China.  In Hong Kong and Macao, Bank of China
is one of the local note-issuing banks. As at the end of
December 2004, Bank of China had 11,307 domestic branches, 603
overseas branches and subsidiaries, and a total of 240,000
employees.

About ADB

ADB is a multilateral development finance institution dedicated
to reducing poverty in Asia and the Pacific. Established in
1966, ADB are now owned by 63 members, mostly from the region.
Headquartered in Manila, ADB have 26 other offices around the
world with more than 2,000 staff from over 50 countries.

This is a company press release.

CONTACT:

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


CWAP LIMITED: Winding Up Hearing Set October 26
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
CWAP (HK) Limited by the High Court of Hong Kong Special
Administrative Region was on August 29, 2005 presented to the
said Court by Chik Chi Wai Kenneth of Suite 106, 1st Floor,
Crocodile House 1, No. 50, Connaught Road Central, Central, 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. ANTHONY HO & COMPANY
Solicitors for the Petitioner
Room 1305, 13th Floor, Nan Fung Tower
No. 173 Des Voeux Road Central
Central, Hong Kong
Phone: 2851 2288
Fax: 2851 1817

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


DAN FORM: Assets to Liabilities Ratio Remains at 18%
----------------------------------------------------
The Directors of Dan Form Holdings Company Limited disclosed the
Interim Report and the condensed accounts of the Company and its
subsidiaries for the six months ended June 30, 2005.

The consolidated income statement, the consolidated cash flow
statement and the consolidated statement of changes in equity
for the six months ended June 30, 2005 and the consolidated
balance sheet as at June 30, 2005 of the Group which are all
unaudited and condensed, as follows:

CONSOLIDATED INCOME STATEMENT (UNAUDITED) FOR THE SIX MONTHS
ENDED 30TH JUNE 2005

                                                   Restated
                                           2005     2004
                                  Note    HK$'000   HK$'000

Turnover                          (3)     16,610    19,940
Cost of sales                             (5,164)   (6,024)
Gross profit                               11,446   13,916
Other income                               180       1,346
Administrative expenses                    (8,947)  (10,393)
Other operating expenses                   (3,471)    -
Write back of provision for properties
held for sale                              5,259      4,529

Write back of provision for properties held
under development                           -         5,453
Provision for litigation                    -        (3,097)
Operating profit                  (4)      4,467     11,754
Finance costs                     (5)     (3,202)   (12,693)
Share of profit of associates              1,783      2,786
Profit before taxation                     3,048      1,847
Income tax expenses               (6)      (33)       (247)
Profit for the period                      3,015     1,600
Earnings per share                (7)     0.27 cents 0.14 cents

The total liabilities of the Group decreased from HK$332,482,000
at December 31, 2004 to HK$330,590,000 at 30th June 2005. The
Group had cash at banks and in hand of HK$15,918,000 at June 30,
2005 (2004: HK$17,154,000). The ratio of total liabilities to
total assets was approximately 18% (2004: 18%).

At June 30, 2005, the aggregate amount of bank loans and bank
overdrafts was HK$89,725,000 (2004: HK$98,935,000) and the total
equity was HK$1,520,190,000 (2004: HK$1,495,387,000), and
therefore the capital gearing ratio was 6% (2004: 7%). As from
September 1, 2005, the bank overdraft facility has reduced from
HK$60,000,000 to HK$45,000,000 (2004: HK$60,000,000) of which
HK$39,820,000 (2004: HK$49,030,000) has been utilized as at June
30, 2005.

All the total borrowings, that is, the sum of HK$89,725,000 is
repayable on demand. As at June 30, 2005, the Group's current
assets, amounting to HK$504,911,000 (2004: HK$505,555,000),
exceeded its current liabilities by HK$213,563,000 (2004:
HK$212,281,000).

Given that Dan Yao has applied for liquidation as mentioned
above and no major payments will be made by Dan Yao, the other
operations of the Group can generate sufficient cash flows to
enable the Group to settle its remaining liabilities as and when
they fall due.

For the six months ended June 30, 2005, the Group has no
exposure to fluctuations in exchange rates and related hedges
and there were no contingent liabilities.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrao_danform101105.pdf

CONTACT:

Dan Form Holdings Company Limited
Room 901-903, Harbour Centre
25 Harbour Road, Wanchai
Hong Kong
Phone: 28280288
Fax: 28014975
Web site: http://www.danform.com.hk


ETERNAL CHINA: Prepares to Wind Up Business
-------------------------------------------
Eternal China Development Limited whose place of business is
located at Shop No. E & R On G/F, 1/F and 2/F, Kai Tak
Commercial Building, Nos 317-319 Des Voeux 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 28, 2005.

Date of Presentation of Petition: July 27, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


JOYCA DEVELOPMENT: Court to Consider Appointment of Liquidators
---------------------------------------------------------------
Notice is hereby given, Master S. Kwang of the High Court has
fixed a date, time and place for considering the determination
in making an order for the appointment of liquidators of Joyca
Development Limited (In Compulsory Liquidation).

Date and Time of Hearing: 20th October 2005 (Thursday) at 9:30
a.m.

Place of Hearing: High Court, High Court Building, No. 38
Queensway, Hong Kong.

All creditor and contributories have a right to attend and speak
at the above hearing.

Dated this 7th day of October 2005

ANTHONY NEDDERMAN
Joint and Several Provisional Liquidator


MEDICROSS LIMITED: High Court Orders Winding Up
-----------------------------------------------
Medicross Limited whose place of business is located at 28/F
Tesbury Centre, 28 Queen's Road East Wan Chai, 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 28, 2005.

Date of Presentation of Petition: July 29, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


SHARP LIGHT: Set to Wind Up Business
------------------------------------
Sharp Light Investments Limited whose place of business is
located at 8/F Asia Standard Tower, 59-65 Queen's 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 28, 2005.

Date of Presentation of Petition: July 28, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


SWINK INSURANCE: Petition for Winding Up Granted
------------------------------------------------
Swink Insurance Services Limited whose place of business is
located at Rm 1906-7, Ing Tower, 308 Des Voeux 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 28, 2005.

Date of Presentation of Petition: July 27, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


UNIBO TRADING: Court to Hear Winding Up Petition Next Month
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Unibo Trading Limited by the High Court of Hong Kong Special
Administrative Region was on September 17, 2005 presented to the
said Court by Cool Tech Laundry Limited formerly known as
Calmfield Trading Company Limited and previously known as
Cacharel Limited whose registered office is situated at 9th
Floor, Leitz Industrial Building, Nos. 55-57 Wang Lung Street,
Tsuen Wan, New Territories, Hong Kong.

The said Petition is to be heard before the Court at 9:30 am on
the 16th day of November 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. DOMINIC Y. K. LAI & CO.
Solicitors for the Petitioner
Unit B, 24th Floor
Wing Hang Finance Centre
No. 60 Gloucester Road
Wanchai, Hong Kong
(DL-1685-2005)

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 15, 2005.


YIM HOI: Enters Bankruptcy Proceedings
--------------------------------------
Notice is hereby given that Bankruptcy Orders against Yim Hoi
Man trading as Man Wah Electrical Engineering Company was made
on September 26, 2005. All debts due to the estate should be
paid to me.

Dated this 7th day of October 2005

E T O'CONNELL
Official Receiver


YUEN CHAK: Court to Hear Receiver's Application
-----------------------------------------------
Yuen Chak Construction Company Limited hereby given notice that
an application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court in Chambers for consideration of the resolutions and
determination (if any) of the first meeting of creditors held on
April 14, 2005 and the adjourned first meeting of contributories
held on April 28, 2005 deciding the differences (if any) and
making such order of appointments as the court may think fit.

Date and Time of Hearing: October 24, 2005 (Monday) at 9:30 a.m.

Place of Hearing: High Court, High Court Building, No. 38
Queensway, Hong Kong

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 7th day of October 2005
E.T. O'Connell
Official Receiver & Provisional
Liquidator


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

BHARAT PETROLEUM: Sees Rise in Refining Margins
-----------------------------------------------
Embattled Bharat Petroleum Corporation Limited (BPCL) projects a
significant rise in its gross refining margins in the second
half of the current fiscal year, Business Line reports.

BPCL has just completed the expansion and techno-economic
upgradation programme of its Mumbai refinery at Mumbai to refine
higher percentage of high sulphur cheaper crude.

The INR2,100-crore, three-million-tonne capacity has been
successfully completed  except for a INR370-crore component of
adding lubrication base oil facility, which is scheduled for
completion by late this year.

The company expects a rise in heavy crude component from 40-50
percent on an enhanced capacity of 12 million tonnes during the
second half of 2005-06.

The gross refining margins will receive a further boost once the
company expands its pipeline for carrying petro-products up to
Delhi by the end of 2006 or early 2007.

Currently, BPCL has petroleum product pipeline from Mahul to
Mangalia Terminal near Indore from where the refined products
are sent to the North Indian market by road.

BPCL is currently working to reverse its losses resulting from
sale of liquefied petroleum gas (LPG) at lower, subsidized
prices.

CONTACT:

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/


BHARAT PETROLEUM: Forms Gas Task Force with KRL
-----------------------------------------------
Public sector oil companies Bharat Petroleum Corporation Ltd.
(BPCL) and Kochi Refineries Ltd. (KRL) have formed a Gas Task
Force (GTF) for marketing natural gas in and around Kerala. The
GTF has been formed in the wake of the LNG (liquefied natural
gas) project being set up in Kochi.

BPCL General Manager M.J. Mohan, who heads the GTF, said at a
press conference here on Friday that studies pertaining to
marketing of natural gas were under way. The main role of the
GTF will be to supply natural gas to industrial customers in and
around Kerala, set up auto CNG (compressed natural gas) stations
and supply domestic piped gas to cities like Kochi.

LNG is expected to play an increasingly important role in the
global energy market. The combination of higher crude oil price,
lower natural gas price and rising gas import demand have set
the stage for increased global natural gas trade. The
commissioning of the LNG regasification plant in Kochi will
benefit major industrial customers such as NTPC, Kayamkulam;
Excel Glasses, Alappuzaha; Malabar Cements, Walayar; Nallalam
Power Plant, Kozhikode; HOC, Ambalamugal; apart from industries
located in Palakkad and Coimbatore.

Petronet LNG Limited (PLL) is setting up a 2.5 MMTPA
regasification plant in Kochi. Its capacity is likely to be
increased to 5 MMTPA. The LNG brought to this plant by ship will
be converted into CNG and PNG (piped natural gas). A review
meeting on the LNG project is to be convened in Kochi on October
15.

Though India is primarily dependent on petroleum products for
its energy needs, the domestic availability is only 32 per cent.

A large chunk of the country's revenue is consumed by crude oil
import. The international price of crude oil has breached the
$70 a barrel barrier. As a result, the prices of petroleum
products have increased tremendously. Natural gas, with plenty
of reserves worldwide, comes in the picture as a cheaper fuel
alternative. Natural gas is approximately 50 per cent cheaper
than petroleum products considering the prevalent market rates


DELPHI AUTOMOTIVE: Says Unaffected by Parent's Bankruptcy
---------------------------------------------------------
Delphi Automotive Systems Private Limited (Delphi India), a
wholly owned unit of failed U.S. auto-parts maker Delphi
Corporation, claimed its parent's filing for bankruptcy in the
United States did not hurt its operations.

Delphi India Vice President for Sales and Marketing Prashant
Shah told Asia Pulse that Delphi's non-U.S. subsidiaries are not
part of the bankruptcy proceedings. He gave assurance that the
Asia-Pacific region, including India, are insulated from the
happenings in the U.S.

Meanwhile, Delphi India said it will develop its technology
center in Bangalore with an investment of US$10 million so there
would be no job cuts in the Indian operations. Around 360
workers man the facility.

U.S.-based Delphi has a total of 1,700 employees in India and
operates four manufacturing facilities in Bangalore, Noida,
Gurgaon and Manesar. Delphi India had a turnover of about US$110
million in 2004 and this year the company is expecting about
US$125 million in revenue from Indian operations.

The auto component major had filed for bankruptcy proceedings
under Chapter 11 in the U.S. last week after posting heavy
losses in successive quarters.

CONTACT:

Delphi Automotive Systems Private Limited
Technical Center India
5th Floor,Innovator Building,International Tech Park,
Whitefield Road, Bangalore 560066
INDIA
Phone: (91)80 2841 2015
Fax: (91)80 2841 0799
Web site: http://www.naukri.com/gpw/delphi/

Delphi Corporation

Asia Pacific Regional Headquarters
Shinjuku Nomura Bldg. 31F
Mail Box 3015
1-26-2 Nishi-Shinjuku
Shinjuku-ku, Tokyo 163-0569
Japan
Phone: [81] 42.549.7200
Fax: [81] 42.542.3018

World and North American Headquarters
5725 Delphi Drive
Troy, Michigan 48098-2815
USA
Phone: [1] 248.813.2000
Fax: [1] 248.813.2670

Web site: http://www.delphi.com


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

BANK MANDIRI: Former Directors on Trial for Graft
-------------------------------------------------
State lender PT Bank Mandiri's former CEO, E. C. W. Neloe and
Directors I Wayan Pugeg and Soleh Tasripan went on trial early
this week for their alleged involvement in a lending scandal
that resulted in USD18.5 million (IDR187.78 billion) in state
losses, reports the Jakarta Post.

The three suspects have been detained since May, after an
investigation into certain problematic loans from the bank to a
number of `ineligible' private firms. They face life
imprisonment if convicted.

According to South Jakarta District Court Chief Prosecutor
Baringin Sianturi, the three accused "violated the law when they
enriched themselves/others/other firms by extending an imprudent
loan worth IDR160 billion to a small Sumatra-based firm, PT
Cipta Graha Nusantara (CGN).

The suspects' lawyer, L. M. Samosir said that the case should be
dismissed as his clients did not commit a crime. The
disbursement to CGN was a civil action, and could not be
classified as a criminal act.

Investors are closely follwoing the high-profile case to see if
the government holds true to its president's promise to crack
down on graft and corruption in the country.

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: Seeks Financing Source to Operate Cepu Oil Block
-----------------------------------------------------------
State-owned oil and gas firm PT Pertamina said that it is
looking for a cheap financing source in order to fund the
management of an oil block in Cepu, Associated Press reports.

The following firms are among the local and foreign financial
institutions seeking to finance the block: Bank Mandiri, Bank
Negara Indonesia, Citigroup, Goldman Sachs, JP Morgan, HSNBC,
UBS and JBIC.

According to Pertamina President Widya Purnama, they need USD500
million (IDR5.08 trillion) in the first stage alone, which
includes land development, drillings, survey and pipeline
installation.

The Company, which plans to pay off the loan by way of its
production output, hopes to come up with a Joint Operation
Agreement (JOA) with partner ExxonMobil Corp. and a government
team this month.

The next step is to create a Development Plan & Work & Program
Budget, to be reviewed for approval by the Upstream Oil & Gas
Regulatory Agency (BP Migas). Once the budget has been approved,
Pertamina can start drilling the Cepu block in December this
year or early next year.

CONTACT:

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


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

HITACHI LIMITED: Toyota Buys Hybrid Parts
-----------------------------------------
Toyota Motor Corporation has begun purchasing electric motors
for hybrid cars from Hitachi Limited to help meet surging demand
for fuel-efficient vehicles.

According to Reuters, Hitachi will supply rear motors for
Toyota's Harrier Hybrid and Kluger Hybrid four-wheel-drive
vehicles, which launched in 2005.

Toyota's purchasing contract with Hitachi is the automaker's
first procurement of a key hybrid car component from a non-group
firm, and also marks Toyota's first large-scale business dealing
with Hitachi.

Toyota and Hitachi officials have not commented on the
partnership.

In a company statement, Hitachi recorded income before income
taxes and minority interests of JPY4.8 billion, down 89 percent
year on year. After income taxes of JPY17.6 billion, Hitachi
posted a loss before minority interests of JPY12.8 billion.
Hitachi also posted a net loss of JPY24.0 billion, compared with
net income of JPY16 billion in the first quarter of fiscal 2004.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com


HITACHI LIMITED: Targets JPY100 Bln in Biometric Device Sales
-------------------------------------------------------------
Hitachi Limited is aiming for JPY100 billion (US$875 million) in
sales of its finger vein authentication systems over the three
years ending fiscal 2008, Bloomberg reports.

The finger vein authentication systems, which read the pattern
of veins by casting light on a finger, can act as gatekeepers at
automated teller machines, PCs and office buildings.

Hitachi, which expects JPY9.25 trillion in revenue this year, is
trying to make the devices smaller to expand their use to
consumer electronics products. It competes with Fujitsu Limited,
which expects global sales of its palm-vein security devices to
reach JPY80 billion over the next three years.


MITSUBISHI MOTORS: Australian 380 Sedan Up for Sale
---------------------------------------------------
Mitsubishi Motors Australia unveiled that the pricing of its 380
large sedan ranges from AU$34,490 to AU$47,990, The Advertiser
reports.

The price range consistently comes in under that of its Holden,
Ford and Toyota competitors.

The 380 entry price covers climate control air-conditioning,
front side airbags and all-doors power windows - features that
the major players in the large car market only provide as
standard equipment in higher-priced models.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 Australia
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


SANYO ELECTRIC: Shares Down 2.4% After CFO's Departure
------------------------------------------------------
Shares of Sanyo Electric Co. Ltd. fell 2.4 percent after Chief
Financial Officer Yoichiro Furuse resigned on Friday, according
to Reuters.

Sanyo announced late on Friday that Mr. Furuse had quit due to
"differing views over management policies", implicitly stating
that he was at odds with Chief Executive Nonaka and Sanyo
President Toshimasa Iue over a restructuring plan first unveiled
in July and updated last month.

The electronics maker unveiled a three-year restructuring plan
in July under which it said it will slash 14,000 jobs, close
plants and halve its JPY1.2 trillion (US$10.51 billion) debt.

The company announced last month that it would accelerate the
job cuts, exit the DVD player business and boost its net loss
forecast for the year to next March to JPY140 billion from JPY92
billion.

CONTACT:

Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086


TOMEN CORPORATION: Updates Financial Position
---------------------------------------------
Tomen Corporation announced that consolidated total assets at
the end of the fiscal year ended March 31, 2005 declined JPY35.3
billion, or 4.6 percent, to JPY733.8 billion (US$6,833 million),
reflecting measures to improve funding efficiency through such
means as asset liquidations. Interest-bearing debt decreased
JPY45.4 billion, or 9.4%, to JPY438.8 billion.

These figures show that Tomen achieved the final-year targets of
the "Tomen Group Medium-term Management Plan" of JPY735 billion
in total assets and JPY463 billion in interest-bearing debt
ahead of schedule.

The process of exiting and downsizing unprofitable and
inefficient businesses continued during the year under review.
In addition, Tomen worked to stabilize liquidity by refinancing
loans with financial institutions, shifting from short-term
borrowings to long-term borrowings.

For more information, go to
http://bankrupt.com/misc/tcrap_tomen101105.pdf

This is a company press release.

CONTACT:

Tomen Corporation
8-1, Marunouchi 3-chome
Chiyoda-ku, Tokyo
100-8320, Japan
Phone: 81-3-5288-2111
Fax: 81-3-5288-9100


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

DAEWOO SHIPBUILDING: Wins KRW490.1-Bln Building Project
-------------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. won a contract to
build two semi-submersible drilling vessels for a Singaporean
company valued at KRW490.1 billion, reports Dow Jones.

The value of the two vessels is equivalent to 10.3 percent of
Daewoo Shipbuilding's total revenue in 2004, which was KRW4.76
trillion.

The contract states that Daewoo Shipbuilding should deliver the
vessels to Singapore's Frigstad Offshore Drilling Ltd. by the
end of June 2009.

A Frigstad official said this is the first time they have tapped
Daewoo for a project.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
140, Da-dong, Jung-Gu, Seoul
100-180 Korea
Telephone: 82 2 2129
Fax: 82 2 756 4390


HANARO TELECOM: Issues Notice of Small-Scale Merger
---------------------------------------------------
Hanaro Telecom incorporated advised in a company press release
that it entered into the merger agreement with Korea Thrunet,
Co. Ltd. on September 22, 2005, and pursuant to Article 527-3 of
the Commercial Act of Korea, the details of the merger are as
follows;

(1) Method of merger: Merger between Hanaro (surviving company)
and Thrunet (merged company)

(2) Merger ratio: 1: 0.3570308

(3) Overview of the company to be dissolved

(A) Company name: Korea Thrunet Co. Ltd.

(B) Address of the principal office: 1338-5 Seocho-dong, Seocho-
gu, Seoul, Korea

(4) Date of merger: January 1, 2006

(A) Small-scale merger under Article 527-3 of the Commercial Act
(The merger to be approved by the BOD in lieu of a general
meeting of shareholders, no exercise of appraisal rights of
shareholders)

(5) Expression of disapproval

(A) Process: Shareholder (reference date: October 6, 2005) who
are against the BOD resolution regarding the small-scale merger
may fill out the notification forms (Notice of Disapproval on
BOD Resolution) and send them to Deutsche Bank Trust Company
America.

(B) Period: October 6-19, 2005

(C) Procedure & Venue:

Submit the form to Deutsche Bank Trust Company Americas on or
before October 19, 2005 (Eastern Time):

Deutsche Bank Trust Company Americas
Attn: Heidy Kashef (Tel: 1-212 250-1605)
27th Floor, 60 Wall Street, New York, NY 10005, USA

(D) Appraisal rights of shareholders: Not applicable under the
Article 527-3 of the Commercial Act of Korea

(E) Pursuant to Article 527-3 of the Commercial Act of Korea,
should shareholders who hold more than 20/100 of the total
outstanding shares express the opposition to the small-scale
merger, Hanaro then must acquire approval from a shareholders
meeting.

October 6, 2005
David Yeung
Representative Director
hanarotelecom incorporated

To view a full copy of the notice, click
http://bankrupt.com/misc/HanaroTelecomNotice100605.pdf

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


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

BELL & ORDER: Sees No Changes to Status of Payment Default
----------------------------------------------------------
The Board of Directors of Bell & Order Berhad (B&O) informed
Bursa Malaysia Securities Berhad that there is no change in the
status of the default payments of the interest and repayment of
principal to financial institutions in respect of various credit
facilities granted to B&O.

This announcement is dated 10 October 2005.

CONTACT:

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


BOUSTEAD HOLDINGS: Issues New Shares for Listing, Quotation
-----------------------------------------------------------
Boustead Holdings Berhad advised that its additional 151,000 new
ordinary shares of MYR0.50 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., Tuesday, October 11, 2005.

CONTACT:

Boustead Holdings Berhad
18th Floor, Menara Boustead,
69 Jalan Raja Chulan,
50200 Kuala Lumpur
Telephone: 03-2141 9044
Fax: 03-21430075
Web site: http://www.boustead.com.my


CONSOLIDATED FARMS: Extends Period to Fulfill Conditions
--------------------------------------------------------
Consolidated Farms Berhad (Consfarm) issued to Bursa Malaysia
Securities Berhad details of the following proposals:

- Proposed acquisition of Bun Seng Group;

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Debt Settlement;

- Proposed Special Issue;


- Proposed Distribution by the Major Shareholders;

- Proposed Restricted Issue;


- Proposed Offer for Sale;

- Proposed Transfer of Listing Status; and

- Proposed Disposal of Consfarm

(Collectively, the proposed restructuring scheme)

Further to the announcement dated March 31, 2005, Avenue
Securities Sdn Bhd (Avenue), on behalf of ConsFarm, advised that
ConsFarm together with Wong Kian Teck, Wong Kin Sang, Yap Yee
Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun
Hian, had vide an exchange of letter dated October 10, 2005,
agreed to extend the period for the fulfillment of the
conditions precedent as set out in clause 4.1(a) to clause
4.1(i) of the Heads of Agreement dated October 11, 2004 (as
amended and supplemented by the Re-stated Heads of Agreement
dated December 31, 2004 and the Supplemental Heads of Agreement
dated March 30, 2005) from October 10, 2005 to April 10, 2006 or
such later date(s) as the parties may mutually agree in writing.

As a consequence of the extension, the cut-off date for the
fulfillment of the conditions precedent as set out in following
agreements are also extended from October 10 to April 10, 2006
or such later date(s) as the parties may mutually agree in
writing:

(1) The Share Sale Agreement dated December 31, 2004 (as amended
and supplemented by the Re-Stated Share Sale Agreement dated
March 30, 2005) made between AimReach Holdings Sdn Bhd
(AimReach) and Wong Kian Teck, Wong Kin Sang, Yap Yee Huat, Wong
Kian Wah, Tay Chun Yong, Tang Kam Har and Yap Sun Hian in
respect of the proposed acquisition of Bun Seng Hardware Sdn Bhd
and Wahseng Hardware Sdn Bhd;

(2) The Share Sale Agreement dated December 31, 2004 (as amended
and supplemented by the Re-Stated Share Sale Agreement dated
March 30, 2005) made between AimReach and Wong Kian Wah for the
proposed acquisition of 70 percent equity interest in Riseng
Hardware Sdn Bhd; and

(3) The Sale of Shares Agreement dated March 30, 2005 made
between AimReach and Meridian Esteem Sdn Bhd in respect of the
proposed disposal of the entire issued and paid-up share capital
of ConsFarm to Meridian Esteem Sdn Bhd.

This announcement is dated 10 October 2005.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199
Fax: 03-23002299


DATUK KERAMAT: Reasons Out Delay of Financial Statement
-------------------------------------------------------
Datuk Keramat Holdings Berhad advised Bursa Malaysia Securities
Berhad that pursuant to the requirement of paragraph 9.26(3)(b)
of the Bursa Securities LR, the Company has not issued the
Annual Audited Accounts for financial period ended December 31,
2004 by the due date of April 30, 2005, First Quarterly Report
ended March 31, 2005 by the due date of May 31, 2005, Annual
Report for financial period ended December 31, 2004 by the due
date of June 30, 2005 and Second Quarterly Report ended June 30,
2005 by the due date of August 31, 2005 pursuant to Paragraph
9.22 and 9.23 of the Bursa Securities LR (collectively Financial
Statements).

The delay in the issuance of the Financial Statements was due to
the fact that the Company is still in the midst of working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected date to submit the abovementioned Financial
Statements will depend on the outcome of the said proposed
restructuring scheme.

The consequences of non-compliance of the requirements under
paragraph 9.22 and 9.23 of the Bursa Securities LR may result in
the Company being suspended and/or delisted by Bursa Malaysia
Securities Berhad pursuant to Paragraph 16.02 and 16.09 of the
Bursa Securities LR respectively.

CONTACT:

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


DFZ CAPITAL: Awaits Completion of BTSB Disposal
-----------------------------------------------
DFZ Capital Berhad (formerly known as Sriwani Holdings Berhad)
(DFZ) issued to Bursa Malaysia Securities Berhad details of the
Proposed Disposal by Orchard Boulevard Sdn Bhd, a wholly owned
subsidiary of DFZ, of 4,000,000 ordinary shares of MYR1.00 each
in Blossom Time Sdn Bhd (BTSB) representing the entire issued
and paid-up share capital of BTSB to Naluri Corporation Berhad
(formerly known as Naluri Berhad) for a total cash consideration
of MYR150,000 (Proposed BTSB Disposal).

The company refers to its earlier announcement dated August 3,
2005 in relation to the Proposed BTSB Disposal.

Our Board of Directors disclosed that the Foreign Investment
Committee had, through a letter dated September 30, 2005 which
was received on October 10, 2005, approved the Proposed BTSB
Disposal. The Proposed BTSB Disposal is now unconditional and
pending completion.

This announcement is dated 10 October 2005.


DUOPHARMA BIOTECH: Unveils Directors Dealing in Shares
------------------------------------------------------
Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia
Securities Berhad an update to the conditional Mandatory Offer
by Tekan Maju Sdn Bhd (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 bourse
on the dealing by a Director of Duopharma in the Duopharma
Shares. The details of the dealing is set out in the table
below:

Date of            Name of       Description
transaction        party         of
                                 Transaction

October 10, 2005   Valliyappan   Disposal
                   A/L S.
                   Thevarayan

Company/Counter    No. of shares disposed    Transaction Price
per share

Duopharma          20,000                    MYR2.77


FARLIM GROUP: SC Rejects Proposed Rights Issue
----------------------------------------------
Farlim Group (Malaysia) Bhd (Farlim) issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

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

- Proposed debt settlement through:

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

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

(iii) Conversion to Term Loans (Term Loans); and

(iv) Issuance of Irredeemable Convertible Unsecured Loan Stocks
(ICULS)

(Proposed Debt Settlement);

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

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

The company refers to the announcements dated and May 12 and 13,
2005 in relation to the Proposals.

On behalf of Farlim, Commerce International Merchant Bankers
Berhad disclosed that the Securities Commission, via its letter
dated October 10, 2005 did not approve the Proposals as the
Proposed Rights Issue, which involves a second call of MYR0.60
per Farlim Share and to be capitalized from the share premium
reserves and revaluation reserves, will result in an issue of
securities that are not backed by assets.

This is due to the fact that as at December 31, 2004, Farlim's
share premium reserves and revaluation reserves of MYR29.6
million and MYR5.8 million respectively, are deemed exhausted
based on the shareholders' funds of MYR109.9 million compared to
the issued and paid-up share capital of Farlim of MYR120.0
million, as a result of accumulated losses of MYR66.2 million.

The Board of Directors of Farlim will deliberate to determine
the next course of action and shall make the necessary
announcement in due course.

This announcement is dated 10 October 2005.

CONTACT:

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


HABIB CORPORATION: Concludes Share Purchase Agreement
-----------------------------------------------------
Scomi Marine Bhd (SMB) (formerly known as Habib Corporation
Berhad) issued the following announcements to Bursa Malaysia
Securities Berhad.

(I) Acquisitions of the Marine Logistics and Offshore Businesses
of Chuan Hup Holdings Limited for a total purchase price of
SGD570,621,190 satisfied via a cash payment of SGD485,621,190
and the issuance of 170,000,000 new ordinary shares of MYR1.00
each in SMB (SMB share) at an issue price of MYR1.15 each
(Acquisitions);

(II) Fund Raising Comprising:

(A) Restricted issue of 173,913,043 new SMB shares to Scomi
Group Bhd (SCOMI) at an issue price of MYR1.15 EACH (Restricted
Issue);

(B) Renounceable rights issue of 74,000,000 new SMB shares on
the basis of one (1) new share for each existing SMB share held
at an issue price of MYR1.15 each (Rights Issue);

(C) Placement of 96,000,000 new SMB shares to Institutional
Investors at an issue price of MYR1.55 each (placement);

(D) Issuance of 160,000,000 new Redeemable Convertible
Cumulative Preference Shares of MYR0.01 each in SMB (SMB RCCPS)
to SCOMI at an issue price of MYR1.00 each (RCCPS subscription);

(III) Increase in the authorized share capital of SMB from
MYR100,000,000 comprising 100,000,000 SMB shares to
MYR802,000,000 comprising 800,000,000 SMB shares and 200,000,000
SMB RCCPS; and

(IV) Amendments to the Memorandum and Articles of Association of
SMB

(Collectively known as the proposals)

Further to the above, on behalf of SMB, Commerce International
Merchant Bankers advised that the Acquisitions pursuant to the
Sale and Purchase Agreement dated February 14, 2005 (as
supplemented by the first and second supplemental agreements
dated April 6, 2005 and July 25, 2005, respectively), the
Restricted Issue pursuant to the Share Subscription Agreement
dated February 14, 2005 (as supplemented by the first and second
letters of variation dated July 26, 2005 and September 21, 2005,
respectively), and the RCCPS Issue were completed on September
30, 2005.

The new SMB Shares issued pursuant to the Acquisitions,
Restricted Issue and Rights Issue have been listed on the Main
Board of Bursa Malaysia Securities Berhad with effect from
today.

This announcement is dated 7 October 2005.

CONTACT:

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


MAXIS COMMUNICATIONS: Bourse to List, Quote Shares
--------------------------------------------------
Maxis Communications Berhad advised Bursa Malaysia Securities
Berhad that its additional 240,000 new ordinary shares of
MYR0.10 each issued pursuant to the Employee Share Option Scheme
will be granted listing and quotation with effect from 9:00
a.m., Tuesday, October 11, 2005.

CONTACT:

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


MEDIA PRIMA: New Shares Listed Monday
-------------------------------------
Media Prima Berhad informed that its additional 688,000 new
ordinary shares of MYR1.00 each arising from the conversion of
1,032,000 Irredeemable Convertible Unsecured Loan Stocks
2003/2008 into 688,000 New Ordinary Shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Monday, October 10, 2005.

CONTACT:

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


NALURI CORPORATION: Awaits Completion of BTSB Acquisition
---------------------------------------------------------
Naluri Corporation Berhad (formerly known as Naluri Berhad)
(Naluri) issued to Bursa Malaysia Securities Berhad an update to
the proposed acquisition by Naluri of the entire issued and
paid-up share capital of Blossom Time Sdn Berhad for a total
cash consideration of MYR150,000 from Orchard Boulevard Sdn
Berhad, a wholly owned subsidiary of DFZ Capital Berhad
(formerly known as Sriwani Holdings Berhad) (DFZ) (Proposed BTSB
Acquisition).

The company refers to our earlier announcement dated August 3,
2005 in relation to the Proposed BTSB Acquisition.

The Board of Directors advised that the Foreign Investment
Committee had, through a letter dated September 30, 2005 which
was received on October 10, 2005, approved the Proposed BTSB
Acquisition. The Proposed BTSB Acquisition is now unconditional
and pending completion.

This announcement is dated 10 October 2005.

CONTACT:

Naluri Berhad
161B Jalan Ampang
50450 Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Fax: +60 3 2162 0676


OILCORP BERHAD: Receives Offer to Lead Fisheries Project
--------------------------------------------------------
The Board of Directors of OilCorp Berhad (Oilcorp) disclosed
that the Company had on October 8, 2005 received a letter from
the Ministry of Agriculture and Agro-Based Industry (MOA) dated
October 4, 2005, which offers Oilcorp as a lead consortium
member to spearhead the national fisheries project (the
Project).

The Project shall be undertaken via Konsortium Perikanan
Nasional Berhad (KPNB) with Oilcorp as the major shareholder and
the remaining shares shall be held by four (4) other consortium
members.

The Government of Malaysia will participate in the Project via a
golden share in KPNB.

The offer by MOA is conditional on the following:

(1) Preparation of the business plan by Oilcorp and its
consortium members;

(2) Concurrence on the terms and conditions of a shareholders'
agreement to be entered into, and the proposed implementation
plan of KPNB by Oilcorp and its consortium members; and

(3) Concurrence on any conditions to be determined and imposed
by MOA from time to time.

Brief information on the Malaysian fishing industry is as
follows:

The fisheries sector serves as a key component in the Malaysian
economy. It provided employment to 89,433 fishermen and 21,114
fish culturists, and contributed 1.37 percent to the Gross
Domestic Product (GDP) of Malaysia in 2003.

Malaysia is ranked the 19th leading fishing nation in the world
in 2001, as reported in the Fishing News International in
November 2003.

It was reported in the Annual Fisheries Statistic 2003, Volume
1, that in 2003 the fisheries activities involving inland
activities with production from marine capture fisheries and
marine (deep-sea and coastal) contributed 1,283,256 tonnes or
86.48 percent of Malaysia's fish production with a total value
of approximately MYR4.01 billion. Besides this, there were
89,433 fishermen working on 35,458 licensed fishing vessels in
Malaysia in 2003. As for licensed deep-sea fishing vessels in
Malaysia, there were only 813 units in 2003.

Background information of the Project is set out below:

KPNB upon inception shall undertake the national project of
managing, operating and overseeing the integrated activities of
deep-sea fishing, marketing and distribution, and fish
processing.

The implementation of the Project is in line with the Government
of Malaysia's intention to modernize the fisheries industry and
reduce foreign exchange outflow for fish imports by becoming a
net exporter, as well as achieve the following objectives:-

(1) Promote the development of new products and viable business
enterprises with a strong "Made-in-Malaysia" branding for the
fisheries industry;

(2) Replace foreign chartered vessels with Malaysian-flagged
vessels;

(3) Create new employment opportunities coupled with upgrading
of local skills and technology for the Malaysian fisheries
industry;

(4) Develop and upgrade fishing port facilities to support the
Malaysian fisheries operations, encompassing logistics and
infrastructure;

(5) Improve the GDP of Malaysia particularly in the fishing
segment; and

(6) Facilitate the achievement of the Third National Agriculture
Policy (1998-2010).

Oilcorp believes that the Project in the long term will be
synergistic to the existing operations of the Company. Oilcorp's
well-equipped fabrication yard in Pulau Indah, Port Klang,
enables the construction of amongst others, trawlers and purse
seiners, and the provision of other related services locally.

The Project would not have an immediate effect on the bottom
line of Oilcorp for financial year ending 2005. Nevertheless,
the Project is expected to contribute positively to the long-
term prospects of Oilcorp by providing a steady steam of
recurring income.

This announcement is dated 10 October 2005.

CONTACT:

Oilcorp Berhad (553069-T)
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my


OILCORP BERHAD: Explains Unusual Market Activity
------------------------------------------------
Bursa Malaysia Securities Berhad has on October 7, 2005 issued
an Unusual Market Activity (UMA) query on the trading of Oilcorp
Berhad's securities.

In this respect, investors are advised to take note of the
Company's reply to the above UMA query which will be posted at
Bursa Malaysia's website under the company announcements.

To view a full copy of the UMA content, click
http://bankrupt.com/misc/OilcorpBerhad100905.pdf


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad informed that its additional 1,836,700
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Wednesday, October 12,
2005.

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528


PATIMAS COMPUTERS: Bourse to List, Quote Shares Today
-----------------------------------------------------
Patimas Computers Berhad informed that its additional 20,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR76,000 Nominal Value of 6 percent Irredeemable Convertible
Unsecured Loan Stocks 2001/2006 into 20,000 Ordinary Shares of
MYR1.00 Each will be granted listing and quotation with effect
from 9:00 a.m., Wednesday, October 12, 2005.

CONTACT:

Patimas Computers Bhd
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818
Fax: 03-89941188


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

COLLEGE ASSURANCE: Must Apply for Voluntary Insolvency
------------------------------------------------------
Troubled pre-need firm College Assurance Plan Philippines Inc.
must apply for voluntary insolvency instead of seeking
rehabilitation, BusinessWorld reports, citing an actuarial
consultant of the Securities and Exchange Commission (SEC).

Consultant Isagani de Castro is not amenable to CAP's
rehabilitation petition, as the pre-need firm no longer has
enough assets to pay its debts. It also does not meet the
requisites of a petition for suspension of payments, Mr. de
Castro added.

Mr. de Castro's statement supports moves to block CAP's
rehabilitation. The SEC, which filed earlier criminal charges
against company officials and directors for overselling
securities in 2004, is yet to submit its formal comment on the
company's petition.

The actuarial consultant said suspension of payments requires
that the petitioner foresees the impossibility of meeting its
debts when they fall due. CAP, he said, still does not accept
the impossibility of meeting its maturing obligations even as it
already acknowledged that it has huge liabilities.

Mr. de Castro urged CAP to pay planholders' benefits even if a
Makati court granted its petition for suspension of payments,
saying payments of benefits and claims are part of the company's
ordinary course of business.

CAP blamed its woes on SEC's policies, particularly the
implementation of the Pre-Need Uniform Chart of Accounts (PNUCA)
and the rules on the valuation of trust funds invested in real
property.

But Mr. de Castro said the SEC acted merely based on regulatory
standards for pre-need firms.

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: Rights Offer Drive Shares Plunge
------------------------------------------------------
Shares of Lepanto Consolidated Mining Company continue to
dwindle as the mining firm proceeds with its stock rights
offering, The Philippine Daily Inquirer says.

Lepanto's A shares, limited to Filipinos, were down Php0.005 or
2.33 percent at 0.21 on volume of 7.9 million shares. The B
shares, open to foreign investors, dipped to Php0.01 or 4.08
percent to 0.2350 on 9.2 million share.

Shareholders on record as of Sept. 21 are entitled to
participate in the stock rights offer, which began on Oct. 10
and will end on Oct. 20. Those who own five shares can subscribe
to one share at an offer price of Php0.20 apiece.

Lepanto, which is selling its shares at below market price,
expects to reap Php849.1 million from the rights offer. The
proceeds will be used to pay suppliers, local creditors and
shareholders.

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


NATIONAL POWER: Further Delay Seen for Privatization
----------------------------------------------------
The privatization of state-owned National Power Corporation
(Napocor) is facing another postponement pending regulator's
issuance of the maximum allowable revenue for the firm, Dow
Jones Newswires reports.

The maximum allowable revenue is the basis used for computing
the transmission rates to be charged to electricity users.

National Transmission Corporation's (TransCo) strategic planning
manager Edgrado Orencia said the Energy Regulatory Commission
(ERC) might only be able to issue the firm's maximum allowable
revenue by August 2006. TransCo was spun off from Napocor to
handle the power firm's transmission assets.

Mr. Orencia said there will be a delay in the issuance of the
maximum allowable revenue after Transco was only able to submit
its asset revaluation report to the commission last month,
instead of end-2004. The report will be used as a basis for
Transco's maximum allowable revenue for 2006-2010.

Investors are not expected to get interested in the Napocor
tender without the maximum allowable revenue to provide an
outlook on the utility's future revenues.

The national government had originally scheduled the sale of 70
percent of Napocor's generating capacity by the end of the year,
but recently decided to extend this target to end-March 2006
after political problems dampened investor interest.

Finance officials recently said credit rating agencies are
concerned over the delay in the sale of Napocor, which has been
considered the biggest drain on government finances.

CONTACT:

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


PHILIPPINE LONG: Fitch Affirms Ratings on Dividend Hike News
------------------------------------------------------------
Fitch Ratings has on Monday affirmed Philippine Long Distance
Telephone Company's (PLDT) ratings as stated below following the
company's decision to raise its dividend payout ratios over the
next three years.

- Long-term foreign currency rating at 'BB'; Outlook Negative
- Long-term local currency rating at 'BB+'; Outlook Stable
- Global bonds at 'BB'
- Senior notes at 'BB'
- Convertible preferred stock at 'B+'

"While higher dividend payments will reduce PLDT's ability to
further de-leverage in future, Fitch notes that PLDT generates
solid free cash flow and will still maintain a good amount of
debt reduction through to the end of 2006. In this regard, Fitch
takes comfort in the fact that PLDT remains committed to further
de-leveraging and to it targeting a leverage ratio of below 1.5x
by 2006 year-end," said Jonathan Cornish, Fitch's head of TMT in
Asia-Pacific.

PLDT has approached bondholders of its 11.375% notes due 2012
and 10.625% notes due 2007 to seek their consent to alter
certain covenants under those securities so that the company can
increase its ability to make dividend payments. Apart from some
financial compensation for consent to alter the covenants, PLDT
will tighten its maximum leverage (total debt to EBITDA)
covenant to 3.5x from 4.5x.

Fitch notes PLDT reported sound results in 1H05 and remains on
track to achieve its stated debt reduction target this year of
USD600 million. PLDT is the incumbent and leading fully
diversified and integrated telecom operator in the Philippines.

The Outlook on the Long-term foreign currency rating reflects
the Outlook of the Republic of the Philippines' 'BB' Long-term
foreign currency rating.

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


UNIOIL RESOURCES: Mulls Asset Sale, Unit Spin-off
-------------------------------------------------
Unioil Resources & Holdings Inc. is looking to dispose of some
of its assets and spin off a subsidiary in order to generate
much-needed cash, according to BusinessWorld.

In a bid to raise money to settle obligations, the company is
reportedly planning to convert or sell its interest and
profitable units. It was also moving to liquidate nonperforming
assets and companies, including the Westmont Investment Corp.
(Wincorp), through a spin-off.

Unioil has been considering the spinning off Wincorp since
August 2003 to clean up its books, but the plan has yet to be
implemented.

Wincorp, which was earlier charged of lecing around Php7 billion
of Westmont Bank depositors' money to 20 ailing firms, no longer
operates as it used to.

One of Unioil's four subsidiaries, Winbank, still operates
though it is in the red. Another unit, B.U. Properties,
continues normal operations. The remaining three subsidiaries
are non-operating.

The company said Winbank continues to suffer losses but its
management is considering ways to improve its financial
standing, among which is the increase in capitalization through
the call of subscriptions and sale of acquired assets.

CONTACT:

Unioil Resources & Holdings Company Inc.
6/F, Saguittarius Building
H.V. dela Costa St.
Salcedo Village, Makati City
Phone:  893-5718
Fax:  893-5718


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

ARIES HOLDINGS: Creditors Asked to Submit Proof of Claims
---------------------------------------------------------
Notice is hereby given that the creditors of Aries Holdings
(Private) Limited, whose debts or claims have not already been
admitted, are required on or before Nov. 3, 2005 to submit
particulars of their debts or claims and any security held
by them to the Liquidator.

This should be done by delivering or sending through the post to
the liquidator's office a formal Proof of Debt in accordance
with Form 77 containing their respective debts or claims.

In default of complying with this notice, creditors will be
excluded from the benefit of any distribution made before their
debts or claims are proved or their priority is established and
from objecting to the distribution.

Dated this 3rd day of October 2005

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


BOON CHANG: Court Issues Winding Up Order
-----------------------------------------
In the matter if Boon Chang Engineering & Construction Pte
Limited, the Singapore High Court issued a windsing up order
against the Company on Sept. 23, 2005, with the following
details:

Name and address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Dated the 23rd day of September 2005

Messrs Lee Bon Leong & Co.
Solicitors for the Petitioner


CHARTERED SEMICONDUCTOR: Expects SGD109-Mln Quarterly Loss
----------------------------------------------------------
As a result of overnight losses on U.S. Wall Street, chipmaker
Chartered Semiconductor Manufacturing Limited's shares dropped
to a five-month low, reports Dow Jones.

As of 12:00 p.m. on Oct. 11, 2005, the Company's shares fell
5.4% to SGD1.05/share. U.S. chip designer Xilinx had previously
warned thatfiscal second-quarter sales would be lower than
expected due to lower demand in the Asia-Pacific region, and the
news adversely affected chip stocks in Singapore, as this season
is supposed to be a "busy" period.

Chartered Semiconductor had earlier reported that it expected a
loss of as high as USD65 million (SGD109.7 million) for the
third quarter this year, due to higher interest expenses in the
Company's refinancing for the July-September period. Aside from
an expected USD13 million (SGD21.94 million) interest rate
costs, the Company estimated its losses to range from USD42
million (SGD70.88 million) to USD52 million (SGD87.76 million).

CONTACT:

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


CITIRAYA INDUSTRIES: Works to Form Review Committee
---------------------------------------------------
Citiraya Industries Limited announced that it has taken certain
steps to pursue negotiations with its creditors with a view to
arriving at a consensual resolution of the liabilities of the
Company.

On Sept. 19, 2005, the Company entered into an investment
agreement with investors Heshe Holdings Limited and Chip Lian
Investments Pte Limited. As a precondition to the completion of
the investment, the Company's liabilities and subsidiaries must
be restructured.

Citiraya Industries sent letters to certain Company creditors
(based on its books), inviting them to form a creditor committee
(the Creditors' Committee). The Company and the Investors can
then pursue discussions and negotiations with the Creditors'
Committee in order to resolve  its liablities. These terms will
form the basis of a Scheme of Arrangement to be offered to the
general body of creditors. The creditors who have been invited
to form the Creditors' Committee have been drawn from a cross
section of the creditors of the Company, including financial
institutions, suppliers and service providers. When the
Creditors Committee has been formed, the Company will make a
further announcement.

Citiraya Industries has also agreed on the terms of engagement
of PricewaterhouseCoopers (PWC) accounting firm to assist the
Creditors' Committee in reviewing the Company's financial
position, and advise on the reasonableness of any offer made to
the Creditors Committee by the Company and/or the Investors. The
Company will provide reasonable access to its relevant financial
books and records to PWC so that it may effectively assist the
Creditors Committee. The engagement of PWC is subject to the
approval of the Court.

The Company wants to move forward quickly in engaging its
creditors with a view to arriving at a reasonable and equitable
resolution of the Company's liabilities in a consensual and
expeditious manner.

By Order of the Board

Tan San-Ju
Company Secretary
Date d: Oct. 10, 2005

CONTACT:

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


CITIRAYA INDUSTRIES: New Investors Seek to Invest in Firm
---------------------------------------------------------
Aside from troubled recycler Citiraya Industries Limited's
current investors, new investors have come forward with
investment offers for the Company, Channel NewsAsia reports.

The Company's present investors are Heshe Holdings Limited and
businessman Oei Hong Leong. According to Heshe Holdings CEO
Eddie Chng, they are negotiating with new investors on how they
can arrange a rescue plan for Citiraya Industries.

If the deal pushes through, Mr. Chng will take over managing the
Company. Mr. Chng also added that the new investors are
experienced in the international recycling business, though he
declined to be specific as talks are still under way.

On Sept. 19, Heshe Holdings and Mr. Oei Hong Leong came forward
to help the Company avoid bankruptcy. Since then, Citiraya has
been approached by other interested investors, who were told to
talk to the two "white knights," who had an exclusivity
arrangement with the Company.

Heshe Holdings and Mr. Oei's firm, Chip Lian Investments Pte
Limited will inject a total of SGD40 million into the Company,
in exchange for 949 million shares.

Mr. Chng is optimistic about the Company's turnaround, saying
that there will be enough working capital necessary to rescue
Citiraya, and if need be, they would raise more money. He plans
to keep Citiraya Industries listed on the stock exchange so that
small investors could monitor the Company's turnaround. He also
expects that they would draw up a scheme of arrangement for the
Company's restructuring in the next few weeks.


FUTURISTIC HOLDINGS: Liquidator Sets Deadline to Submit Claims
--------------------------------------------------------------
Notice is hereby given that the creditors of Futuristic Holdings
Pte Limited, which is being wound up voluntarily, are required
on or before Nov. 5, 2005 to send in their names and addresses
and particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
liquidators.

If so required by notice in writing by the said Liquidator, they
are to come in by their solicitors or personally and prove their
debts or claims at such time and place as shall be specified in
such notice. Failure to do so would exclude them from the
benefit of any distribution made before such debts are proved.

Dated this 5th day of October 2005

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


HENLEY MANAGEMENT: Prepares to Distribute Dividend
--------------------------------------------------
Henley Management Education (Asia Pacific) Pte Limited posted a
notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Henley Management Education (Asia Pacific) Pte
Limited
Last day for receiving proofs: Oct. 21, 2005
Name  & address of Liquidators: Shirley Lim Guat Hua and Tan Leh
Kuan
11 Collyer Quay
#10-04 The Arcade
Singapore 049317


SHIP ANALYTICS: Creditors Must Submit Debt Claims Next Month
------------------------------------------------------------
Notice is hereby given that the creditors of Ship Analytics
(Systems) International Pte Limited, whose debts or claims have
not already been admitted, are required to submit particulars of
their debts or claims and any security held by them to the
Liquidator on or before Nov. 3, 2005.

This should be done by delivering or sending through the post
(to the Liquidator's office) a formal Proof of Debt in
accordance with Form 77 containing their respective debts or
claims.

In default of complying with this notice, they will be excluded
from the benefit of any distribution made before their debts or
claims are proved or their priority is established and from
objecting to the distribution.

Dated this 3rd day of October 2005

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


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

JASMINE INTERNATIONAL: Disposes of Shares in Siam Teltech
---------------------------------------------------------
Chaengwatana Planner Company Limited (the Plan Administrator) as
the Plan Administrator of Jasmine International Public Company
Limited (JAS) informed the Stock Exchange of Thailand (SET) that
the board of directors' meeting of the Plan Administrator No.
14/2005 held on October 10, 2005 passed the resolution to
dispose all of the common shares held by JAS in Siam Teltech
Computer Company Limited (STCC) (a subsidiary in which JAS holds
96.07 percent of the available shares).

Furthermore, the extraordinary general meeting of shareholder of
Jasmine Telecom Systems Public Company Limited (JTS) (a
subsidiary in which JAS holds 76.19 percent of the available
shares) No. 2/2005 held on October 10, 2005 passed the
resolution to acquire the common shares of STCC from JAS.

Details of this transaction are as follows:

(1) The date on which the transaction occurred:

- The resolution of board of directors' meeting of the Plan
Administrator No. 14/2005 held on October 10, 2005.

- The resolution of the extra-ordinary general meeting of
shareholder of JTS No. 2/2005 held on October 10, 2005.

(2) The parties involved:

Name: Relationship with listed company

Buyer: JTS a subsidiary in which JAS holds 76.19% of the
available shares.

Seller: JAS Listed company

(3) The general characteristics of the transaction:

- Transaction class: The disposal of asset

- Transaction volume: 1.24 percent

- The basis used to consider the volume: Net Tangible Asset and
Net Profit basis

The transaction size does not fall under the criteria,
procedures and disclosure concerning acquisition/disposal of
listed company's assets according to the announcement of the
Stock Exchange of Thailand.

(4) The details of assets disposed of:

- Securities: The 528,365 common shares of STCC held by JAS.
(Par value THB100 apiece)

- The nature of its business: STCC provides computer system
integration services, develops software and distributes
computer products.

- Registered capital: THB55 million

- Paid-up capital: THB55 million

- Selling price per share (unit): THB155.87

- Proportion of securities holding before: 96.07 percent

- Proportion of securities holding after: No direct holding but
JAS will hold STCC through JTS at 73.19 percent

(5) The total value of the consideration: THB82,356,252.55

(6) The value of the assets disposed of: THB82,356,252.55

(7) The basis used to determine the value: The latest book value
price of STCC as at June 30, 2005 of consideration which
reviewed by auditor and adjusted by financial statement impacted
to book value of STCC occurring between 30 June 2005 to selling
date.

The mentioned price is fair value of STCC common shares
appraised by book value method by the independent financial
advisor company.

(8) The reason for the disposal of the assets: To restructure
group's business for better efficiency in business management.

(9) The proposed utilization of the proceeds received: To be
working capital.

Please be informed accordingly.

Yours sincerely,
Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co., Ltd.
The Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi
Telephone: 0-2502-3000-7
Fax: 0-2502-3150-2
Web site: http://www.jasmine.co.th


PHUKET AIRLINES: Impounded Jet Finally Returns Home
---------------------------------------------------
The jumbo jet owned by Phuket Airlines has finally returned to
Bangkok after being impounded for two months at Incheon airport
in South Korea, reveals Bangkok Post.

The Boeing 747-300 was impounded due to legal dispute.  It
arrived at the Don Muang airport and underwent a technical
inspection before it was put back into service.

The legal dispute arose when TV Club Travel, had sued Phuket
Airlines for US$1.2 million for losses resulting from the
airline's decision to suspend chartered flights between Incheon
and Bangkok in July.

The lawsuit followed an earlier case that had led to the
impounding of the plane by Korean authorities. Earlier it was
banned from taking off from Incheon as International Airport
Corp, which runs the airport, insisted that it pay US$230,000 in
aircraft support and service fees including fuel and catering
bills owed by TV Club Travel.

After reportedly paying the bill, Phuket Airlines was about to
take off on August 19 when it was blocked by a court order.

Phuket Airlines has been involved in a series of controversies
that has affected its image, thus questions on its safety
standards have been raised.

A recent incident ignited another cause of concern on its safety
on September 11 when its YS-11 twin turbo-prop aircraft skidded
off the runway on landing at Mae Sot airport in heavy rain. All
28 passengers and crew aboard the 64-seat aircraft emerged
unhurt.

CONTACT:

Phuket Airlines Co. Ltd.
1168/7 25th Floor
Lumpini Tower Rama 4 Road
Thungmahamek Sathorn Bangkok 10120
Telephone: 662-6798238 662-6798239
Fax: 662-2856408


PRASIT PATANA: Director Steps Down from Post
--------------------------------------------
Prasit Patana Public Company Limited notified the Stock Exchange
of Thailand (SET) that Mr. Sitthichai Sukcharoenmitr has
resigned from the directorship of the company with effect date
from October 10, 2005.

For your kind acknowledgement,

Respectfully Yours,
Mr. Kraivin Srikraivin
Director

CONTACT:

Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Web site: http://www.pyathai.com


THAI HEAT: SET Allows Trading of Securities
-------------------------------------------
Starting October 12, 2005 the Stock Exchange of Thailand
(SET) allowed the securities of Thai Heat Exchange Public
Company Limited (THECO) to be traded on the SET after finishing
capital increase procedures.

Name: THECO

Issued and Paid up Capital

Old: THB123,971,600

Number of common Shares: 123,971,600 shares

New: THB124,680,500

Number of common Shares: 124,680,500 shares

Par value: THB1

Allocate to: Existing shareholders warrants 708,900 units
exercise to 708,900 common shares

Ratio: 1:1

Exercise Price: THB1

Exercise Date: September 30, 2005

CONTACT:

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







                          *********


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

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