TCRAP_Public/051019.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 19, 2005, Vol. 8, No. 207

                            Headlines



A U S T R A L I A

ADELAIDE BRAGG: Members Resolve to Wind Up Firm
AIR NEW ZEALAND: Inks New Agreements with GE Energy
AUSTRALIAN GAS: Says Results Ahead of Expectations
AUSTRALIS MINING: ASIC Seeks Provisional Liquidation
BLACSTON PTY: Liquidator to Detail Wind Up Manner

BRIDGLEE PTY: Winding Up Process Initiated
BYTHEBY PTY: Appoints Official Liquidator
DETAN PTY: Prepares to Declare Dividend
FELTEX CARPETS: Snubs Godfrey Hirst Merger Proposal
FRESONE FILMS: Members Pass Winding Up Resolution

GAMIS ELECTRICAL: Creditors Confirm Liquidators' Appointment
GEOFORM PTY: Members, Creditors Convene to Discuss Winding Up
GLEASON CONSTRUCTION: To Declare First, Final Dividend
GLENCORP INVESTMENT: Court Orders Winding Up
HERITAGE GREENS:  Enters Liquidation

HOTELBANK ASIA-PACIFIC: Schedules Final Meeting on Oct. 27
INTERNATIONAL PROPERTY: Federal Court Issues Winding Up Order
MONDI AUSTRALIA: Members to Receive Wind Up Report
MURRAY COURT: Liquidator to Distribute Company Assets
NATIONAL AUSTRALIA: Senior Official Retires After 34 Years

PARK AVENUE: Appoints Official Liquidator
POWERSERVE PTY: Declares Dividend Today
QANTAS AIRWAYS: Passes Baton to Jetstar
SOUTH EAST: Winds Up Business
TELSTRA CORPORATION: Works Mobile Deal with Boss' Friend

TELSTRA CORPORATION: Puts an End to Print Ad Stint
T.T.S. PROPERTY: Court Releases Winding Up Order
WYADUP BROOK: Creditors Asked to Submit Debt Claims


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Sells 21.85% Stake to Investors
BEIJING MEDIA: VPs Face Bribery Allegations
FAR EAST PHARMACEUTICAL: Enters Third Stage of Delisting
FONG CHING: Begins Winding Up Process
GUANGDONG KELON: To Set up Remuneration, Evaluation Committee

GUANGDONG KELON: Sees Sharp Drop in 2005 Sales
HI-Q PROPERTIES: Winding Up Process Initiated
HI-Q TELECOM: Prepares to Wind Up Business
H.K. FULLSON: Winding Up Hearing Fixed October 26
JOINWELL INTERNATIONAL: Court to Hear Petition November 9

MING KONG: Winding Up Hearing Set November 23
NETEL TECHNOLOGY: Net Loss Narrows to HK$2.257 Mln
RICO STONE: Prepares to Shut Down Business
SATERI INTERNATIONAL: S&P Assigns 'B+' Rating
WIN CHANCE: Official Liquidators Named

* Fitch Upgrades Chinese Banks' Ratings After Sovereign Upgrade


I N D I A

DUNCANS INDUSTRIES: Foreign Investor Offloads Stake
ESSEL PROPACK: Crisil Lowers Outlook
GRASIM INDUSTRIES: Asks State to Help Resolve Labor Row
INDIAN OIL: Sees Turnaround in Second Quarter
INDIAN OIL: Seals LPG Contracts to Offset Crisis

REFCO INDIA: Asked to Limit Commodity Exposure


I N D O N E S I A

DIRGANTARA INDONESIA: Receives Plane Orders from Global Firms
LEIGHTON FINANCE: Gets BB Currency Rating from Standard & Poor's
PERUSAHAAN LISTRIK: Government Unsure of 2006 Price Hike
PERUSAHAAN LISTRIK: Seeks to Reduce Fuel Consumption


J A P A N

MITSUBISHI MOTORS: Eyes Further Asian Expansion
SEIYU LIMITED: To Sell Singaporean Unit
SOJITZ CORPORATION: To Set Up Joint Content Provider in New York
TOSHIBA CORPORATION: Responds to U.S. Lawsuit
VICTOR COMPANY: To Axe 700 Employees by Year-end

* Corporate Bankruptcies Down 4.8% in First Half


K O R E A

KOREA EXPRESS: Shares Up on Merger Speculations
LG CARD: Potential Buyers Gear Up for Upcoming Sale


M A L A Y S I A

ANTAH HOLDING: Explains Failure to Submit AAA
BUKIT KATIL: Enters into SPA to Facilitate Acquisition of NewCo
DUOPHARMA BIOTECH: New Shares up for Listing, Quotation
FARLIM GROUP: Details Financial Assistance Rendered
ICAPITAL.BIZ BERHAD: Securities Admitted to Main Board

KEMAYAN CORPORATION: Unit Disposes Of Property
NAM FATT: ICULS B Holders OKs Resolution Set Out in Notice
PACIFIC & ORIENT: Issues New Shares for Listing
PANTAI HOLDINGS: Bourse to List, Quote New Shares
PSC INDUSTRIES: Posts no Changes to Payment Default Status

TELEKOM MALAYSIA: Unveils Officers Dealing in Securities
TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
WAH SEONG: Concludes Purchase of Kanssen Shares
WCT ENGINEERING: Files Notice of Discontinuance


P H I L I P P I N E S

COLLEGE ASSURANCE: Clients File Petition to Junk Rehab
LEPANTO CONSOLIDATED: Appoints New Officer
NATIONAL POWER: Masinloc Sale Hits Snag
NATIONAL POWER: To Cut Share of Oil-based Plants in Power Mix
PRIME ORION: Annual Stockholders Meeting Fixed November 14

UNIOIL RESOURCES: Resolves to Settle Obligations with SEC


S I N G A P O R E

EVERGREAT CONSTRUCTION: Creditor Seeks Winding Up
GREATER CHINA: Receiving Creditor Claims Until Oct. 28
HOCK INVESTMENTS: Schedules Final Meeting Next Month
LSL CONSTRUCTION: Pays Dividend to Creditors
NEOCORP INTERNATIONAL: Seeks Judicial Management


T H A I L A N D

CENTRAL PAPER: Updates Debt Restructuring Plan
PREMIER ENGINEERING: To Undergo Capital Increase Procedures
THAI DURABLE: SET Suspends Trading of Securities
THAI PETROCHEMICAL: Issues Progress Report of Reorganization


    - - - - - - - -


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

ADELAIDE BRAGG: Members Resolve to Wind Up Firm
-----------------------------------------------
Notice is hereby given that at a Meeting of Members of Adelaide
Bragg Pty Limited held on Sept. 20, 2005, it was resolved that
the Company be wound up voluntarily, and Barry Keith Taylor of
B. K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was
appointed Liquidator at a creditors' meeting held the same day.

Dated this 21st day of September 2005

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


AIR NEW ZEALAND: Inks New Agreements with GE Energy
---------------------------------------------------
Air New Zealand has signed new agreements with the General
Electric Company's Energy division (GE Energy), which are
designed to secure a longer-term future for the Auckland-based
Marine and Industrial Engine Operation.

The new agreements are effective from 30 October, and include a
new five year subcontract agreement under which ANZES will carry
out work for GE Energy on LM2500 and LM5000 aero-derivative
engines. In addition, the shop will be approved to carry out
work for third parties.

This new arrangement with GE builds on a long-standing and
successful commercial relationship between the two parties and
will enable the Engine Shop to also independently seek and carry
out work on GE industrial and marine engines, including work for
the Australian and New Zealand Navies.

General Manager of GE Energy's Aero Energy Services, Dan
Werrell, said: "GE is pleased to complete the renewal of Air New
Zealand license to service LM engines, further extending our
long-term association with ANZES as a key strategic member of
GE's service team.

"We are keenly focused on providing superior services support
for our LM customers and we look for our enhanced relationship
with Air New Zealand to help provide that level of support to
industrial and marine customers."

The relationship between Air New Zealand and GE could be further
extended under a recently submitted proposal to support the
Royal Australian Air Force.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


AUSTRALIAN GAS: Says Results Ahead of Expectations
--------------------------------------------------
The Australian Gas Light Company Limited's (AGL) first quarter
performance is ahead of expectations, according to the Sydney
Morning Herald.

AGL chairman Mark Johnson disclosed at the company's annual
general meeting that the energy company had a good start to the
financial year.

He also reiterated AGL's guidance to at least maintain the
current ordinary dividend of 63 cents per share in 2005/06.

The energy retailer reported a net profit of AU$848.3 million
for 2004/05, compared to AU$349.5 million in the previous year.

Mr. Johnson noted that some shareholders and analysts believed
AGL to be under-geared and said the company was continuing to
examine the gearing of its balance sheet.

Managing director Greg Martin said the company's capital
structure was a key priority, along with organic growth and
greenfield expansion.

AGL also continues to push for regulatory changes to form a
national energy market.

In the meantime, it is awaiting the final decision on its
pricing in Victoria, which is due today.

A copy of the firm's 2005 AGM Chairman's Address is available at
http://bankrupt.com/misc/tcrap_australiangas101805.pdf.

72 Christie Street
St. Leonards
New South Wales 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552


AUSTRALIS MINING: ASIC Seeks Provisional Liquidation
----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
applied to the Supreme Court of New South Wales for orders
seeking the winding up in insolvency of Australis Mining
Corporation Limited and Australis Mining Operations Qld Pty
Limited.

ASIC is concerned that both companies appear to be trading while
insolvent. In order to protect the public and creditors, ASIC
has made an application in relation to both companies for the
appointment of a provisional liquidator or in lieu thereof the
appointment of a receiver. Alternatively, ASIC is seeking
orders, as the court considers appropriate, with respect to
preserving the assets of both companies.

ASIC is seeking these orders as part of its investigation into
the companies and or its directors.

Australis Mining Corporation Limited has been voluntarily
suspended from trading on the Australian Stock Exchange since 4
October 2005.

The application has been stood over before the Supreme Court of
NSW for a hearing on Monday 24 October 2005.

CONTACT:

Australis Mining Corporation
Level 35, Suite 3504 100 Miller Street
North Sydney
NSW 2062
Australia
Telephone: +612 8908 5988
Facsimile: +612 8908 5977
E-mail : mail@australismining.com.au
Web site: http://www.australismining.com.au


BLACSTON PTY: Liquidator to Detail Wind Up Manner
-------------------------------------------------
Notice is hereby given that a final meeting of the members of
Blacston Pty Limited will be held on Oct. 27, 2005, 2:30 p.m. at
KordaMentha (SA & NT), Level 4, 70 Pirie Street, Adelaide.

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

Dated this 22nd day of September 2005

Nicholas D. Gyss
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street
Adelaide SA 5000


BRIDGLEE PTY: Winding Up Process Initiated
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Bridglee Pty Limited held on Sept. 14, 2005, it
was resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, it was resolved
that Robert Molesworth Hobill Cole of Cole Downey & Co.
Chartered Accountants, Unit 2, 6 Moorabool Street, Geelong Vic
3220 be appointed Liquidator for the winding up.

Dated this 20th day of September 2005

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


BYTHEBY PTY: Appoints Official Liquidator
-----------------------------------------
At a meeting of members of Bytheby Pty Limited held on Sept. 15,
2005, it was unanimously resolved that the Company be wound up,
and that Stephen Gower Baker be appointed Liquidator for such
purpose.

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


DETAN PTY: Prepares to Declare Dividend
---------------------------------------
Detan Pty Limited will declare a first and final dividend on
Oct. 20, 2005.

Creditors whose debts or claims have not already been admitted
are required to formally to prove their debts or claims on or
before Oct. 20, 2005. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 5th day of September 2005

Paul H. Jeffery
Liquidator
c/o Crispin & Jeffery
Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay


FELTEX CARPETS: Snubs Godfrey Hirst Merger Proposal
---------------------------------------------------
Feltex Carpets advised Godfrey Hirst that the Board could not
support their proposal in its present form. In reaching this
conclusion, the Board of Feltex considered advice received from
Cameron and Co, their financial advisor.

The Board of Feltex advised Godfrey Hirst that it remained open
to receiving alternative proposals to effect a combination of
the businesses.

Further, both parties have committed to continuing discussions
to explore opportunities to rationalize parts of their
operations.

Feltex will continue with its internal operational review to
identify cost savings and efficiencies in its operations, in
parallel with the discussions with Godfrey Hirst.

CONTACT:

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


FRESONE FILMS: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Fresone Films Pty Limited duly convened and held on Sept. 12,
2005, it was resolved that the Company be wound up voluntarily,
and creditors resolved to appoint Katherine Elizabeth Barnet and
William John Fletcher of Bentleys MRI Chartered Accountants,
Level 26, AMP Place, 10 Eagle Street, Brisbane as joint and
several liquidators of the Company at a creditors' meeting held
on the same day.

Dated this 14th day of September 2005

Katherine E. Barnet
William J. Fletcher
Liquidators
c/o Bentleys MRI
Chartered Accountants
Level 26, AMP Place
10 Eagle Street, Brisbane Qld 4000


GAMIS ELECTRICAL: Creditors Confirm Liquidators' Appointment
------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Gamis Electrical Pty Limited duly convened and held on Sept. 14,
2005, members passed a special resolution to voluntarily wind up
the Company, and P. Ngan and G. Parker were appointed Joint and
Several Liquidators for such wind up. Creditors confirmed the
liquidators' appointments at a creditors' meeting held that same
day.

Dated this 22nd day of September 2005

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


GEOFORM PTY: Members, Creditors Convene to Discuss Winding Up
-------------------------------------------------------------
Notice is given that a meeting of members and creditors of
Geoform Pty Limited will be held on Oct. 26, 2005, 10:00 a.m. at
the Liquidator's office, c/o Moore Stephens Chartered
Accountants, Level 6, 460 Church Street, Parramatta NSW, to
present the Liquidator's account showing the manner of the
winding up and the disposal of the property of the Company, as
well as to any explanations that may be given by the
Liquidator and to determine how the books, accounts and
documents of the Company and of the Liquidator thereof shall be
disposed of.

Dated this 27th day of September 2005

R. J. Porter
Liquidator
Level 6, 460 Church Street
Parramatta NSW 2150


GLEASON CONSTRUCTION: To Declare First, Final Dividend
------------------------------------------------------
Gleason Construction Equipment Pty Limited will declare a first
and final dividend for its priority creditors on Oct. 20, 2005.

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

Dated this 22nd day of August 2005

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


GLENCORP INVESTMENT: Court Orders Winding Up
--------------------------------------------
On Sept. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Glencorp Investment Holdings
Pty Limited, and appointed Steven Nicols to be Liquidator of the
Company.

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


HERITAGE GREENS:  Enters Liquidation
------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Heritage Greens Property Maintenance Pty Limited
held on Sept. 14, 2005, it was resolved that the Company be
wound up voluntarily, and creditors resolved to appoint Daniel
I. Cvitanovic of Daniel I. Cvitanovic Chartered Accountant,
Level 1, 121-123 Crown Street, Wollongong NSW 2500 as the
Company liquidator.

Dated this 14th day of September 2005

Daniel I. Cvitanovic
Liquidator
Daniel I. Cvitanovic
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500


HOTELBANK ASIA-PACIFIC: Schedules Final Meeting on Oct. 27
----------------------------------------------------------
Notice is given that the final meeting of the members of
Hotelbank Asia-Pacific Pty Limited will be held on Oct. 27,
2005, 10:00 a.m. at Level 15, 201 Sussex Street, Sydney NSW 1171
for the following purposes:

AGENDA

(i) To lay the Liquidator's accounts 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 15th day of September 2005

Timothy J. Cuming
David C. Pratt
Liquidators
Liquidator
PricewaterhouseCoopers
Level 15, 201 Sussex Street
Sydney NSW 1171


INTERNATIONAL PROPERTY: Federal Court Issues Winding Up Order
-------------------------------------------------------------
Notice is hereby given that on Sept. 12, 2005, the Federal Court
of Australia ordered that International Property Development Pty
Limited be wound up, and Gregory Stuart Andrews of 22 Drummond
Street, Carlton 3053 was appointed Official Liquidator for such
winding up.

Dated this 13th day of September 2005

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


MONDI AUSTRALIA: Members to Receive Wind Up Report
--------------------------------------------------
Notice is hereby given that the final meeting of members of
Mondi Australia Pty Limited will be held on Oct. 26, 2005, 10:30
a.m. at 4/123 Clarence Street, Sydney, New South Wales, to lay
before the meeting the liquidators' final account and report,
and to give any explanation thereof.

Dated this 14th day of September 2005

J. Bamfield
Liquidator
Bamfield & Company
4/123 Clarence Street
Sydney NSW 2000


MURRAY COURT: Liquidator to Distribute Company Assets
-----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Murray Court Pty Limited held on Sept. 15, 2005,
the following Special Resolution was passed:

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

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

Dated this 15th day of September 2005

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


NATIONAL AUSTRALIA: Senior Official Retires After 34 Years
----------------------------------------------------------
National Australia Bank Group (NAB) Chief Information Officer
Ian MacDonald has decided to retire in 2006 after a 34-year
career with the Group.

Ian was appointed Group Chief Information Officer in August
2004.  Prior to this he was Executive General Manager, Financial
Services Australia.

Ian also held key roles for the National in the United Kingdom.
During his time in the United Kingdom Ian was Head of Retail
Services with Clydesdale Bank and was Chief Operating Officer
for Yorkshire Bank.

National Australia Bank Managing Director and Group Chief
Executive Officer, John Stewart said: "I would like to thank Ian
for the leadership he has shown throughout his career with the
National.  I wish him the very best for the future."

CONTACT:

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


PARK AVENUE: Appoints Official Liquidator
-----------------------------------------
Notice is given that at a general meeting of the members of Park
Avenue The Hub Pty Limited held on Sept. 14, 2005, it was
resolved that Hugh Martin of Bernardi Martin, Level 1, 195
Victoria Square, Adelaide be appointed Liquidator for the
winding up of the Company.

Dated this 14th day of September 2005

Hugh Martin
Liquidator
Bernardi Martin
Level 1, 195 Victoria Square
Adelaide


POWERSERVE PTY: Declares Dividend Today
---------------------------------------
Powerserve Pty Limited will declare a first and final dividend
today, Oct. 19, 2005.

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

Dated this 1st day of September 2005

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


QANTAS AIRWAYS: Passes Baton to Jetstar
---------------------------------------
National flag carrier Qantas Airways's efforts to hive off a
large portion of its international operations to its low-cost
Jetstar Airways franchise has taken another step forward, Sydney
Morning Herald reports.

Qantas is planning to lease longer-range aircraft for the budget
carrier as part of preparations to launch Jetstar flights from
Australia to South-East Asia, China and possibly Japan in the
second half of next year.

The launch will form a major plank of Qantas' five-year plan to
slash AU$3 billion from its cost base.

Aside from attacking Qantas's cost base, the new Jetstar is also
aiming to stem the growing incursion of carriers such as
Emirates and Singapore Airlines on air traffic into Australia.
Qantas's share of the international market into Australia fell
from 30.4 to 28.3 percent in the year to June.

Qantas' board is expected to sign off plans for Jetstar
International in early December. Jetstar international is
expected to be run separately from Jetstar, which itself will
launch international flights to New Zealand on December 1.

The Qantas board is also expected to approve what could be the
airline's largest fleet order. Qantas is looking at purchasing -
and leasing - up to 100 new medium- and long-range aircraft. It
is speculated a sizeable chunk of the order will be destined for
Jetstar. Within Qantas ranks there is talk of the new airline
even having a larger fleet than the domestic Jetstar, which will
have a fleet of 23 jets by May next year.

Qantas's plans to boost the profile of Jetstar internationally
could meet stiff resistance from pilots. A list of so-called
"reform candidates" recently won control of the Australian and
International Pilots Association. Their campaign for control of
the union was spearheaded by opposition to Jetstar launching
international flights.

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


SOUTH EAST: Winds Up Business
-----------------------------
Notice is hereby given that at a meeting of the members and
creditors of South East Bricklaying Pty Limited held on Sept.
16, 2005, the following special and ordinary resolutions were
passed:

That the Company be wound up voluntarily, and that
Murray Godfrey be appointed Liquidator for the winding up.

Dated this 22nd day of September 2005

Murray Godfrey
Liquidator
RMG Partners Chartered Accountants
Suite 67, Level 14, 88 Pitt Street
Sydney NSW 2000.
Phone: 02 9231 0889


TELSTRA CORPORATION: Works Mobile Deal with Boss' Friend
--------------------------------------------------------
Telstra Corporation has decided to procure its mobile phones
exclusively through a Miami-based company whose owner has
business connections with Telstra chief executive Sol Trujillo,
The Australian says. The move is part of efforts to save at
least AU$50 million each year.

Telstra will outsource the procurement of up to 2 million mobile
phones to the recently formed local subsidiary of Brightstar
Corporation, in the first stage of major rationalization of its
mobiles supply chain.

Consumer and marketing chief David Moffatt confirmed the deal
did not go to tender.

But the deal has already raised eyebrows due to the business
relationship between Mr. Trujillo and Brightstar's chairman and
chief executive, Marcelo Claure. Both invested in a US$4.5
million funding-round for Chinese telco Silk Road
Telecommunications this year. Telstra's chief operations
officer, Greg Winn, a driving force behind the Brightstar deal,
also invested in Silk Road in the same round.

Telstra defended the investments were made before Mr. Trujillo
and Mr. Winn joined the company.

Mr. Claure visited Australia last month to meet Mr. Trujillo to
finalize the deal.

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: Puts an End to Print Ad Stint
--------------------------------------------------
Telstra Corporation has closed its Sydney-based property
publication Just Listed after just one year, The Australian
reports.

The telco's Sensis directories business will now focus its
energies on the online property market, where Just Listed is
ranked fourth.

Sensis said the use of its network online sites grew by more
than 50 percent last financial year to 5.3 million users. Since
then, usage has further accelerated to almost 6.5 million unique
users at the end of September 2005.

Telstra acquired the real estate justlisted.com.au web site
along with the Trading Post's 22 classified advertising
newspapers and magazines from Amsterdam-based Trader Classified
Media for AU$636 million in March 2004.

Last month, the web site drew more than 150,000 users and was
ranked the fourth-most popular real estate site in Australia.


T.T.S. PROPERTY: Court Releases Winding Up Order
------------------------------------------------
On Sept. 15, 2005, the Federal Court of Australia at Melbourne
Registry, Victorian District ordered the winding up of T.T.S.
Property Group Pty Limited, and appointed Stephen James Parbery
to be Liquidator for such purpose.

Dated this 21st day of September 2005

Stephen J. Parbery
c/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


WYADUP BROOK: Creditors Asked to Submit Debt Claims
---------------------------------------------------
Creditors of Wyad Brook Pty Limited, whose debts or claims have
not already been admitted, are required on or before Oct. 20,
2005 to prove their debts or claims, and to establish any title
they may have to priority by delivering or posting to the
Liquidator a formal proof of debt or claim (in ccordance 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 their debts or
claims are proved or their priority is established; and

(b) objecting to the distribution.

Dated this 21st day of September 2005

M. H. Lyford
Liquidator
Lyfords
Ogilvie House, 12 Kintail Road
Applecross WA 6153


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

BANK OF CHINA: Sells 21.85% Stake to Investors
----------------------------------------------
Bank of China Ltd. has sold a total 21.85 percent stake to four
foreign investors for US$6.775 billion as of October 6, AFX News
reports.

The four foreign strategic investors are Royal Bank of Scotland
(RBS), Temasek affiliate Asia Financial Holdings, UBS and the
Asian Development Bank (ADB).

The deals have been previously announced separately.

The company's alliance with RBS will mainly focus on the banking
business and management sector, while that with Temasek will
focus on corporate governance.

ADB also agreed to provide training to Bank of China on internal
control and risks control.

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


BEIJING MEDIA: VPs Face Bribery Allegations
--------------------------------------------
Reference is made to the announcements of Beijing Media
Corporation Limited (BYDM) dated October 3, 2005 and October 12,
2005 in relation to the detention of 6 employees of BYDM by the
Prosecution Office of the Beijing Dongcheng District and the
Second Prosecution Branch Office of the Beijing City, the
People's Republic of China (the PRC Authorities).

The board of directors of BYDM announced that it received notice
from the PRC Authorities on October 14, 2005 that formal
allegations of bribery and corruption have been made against Mr.
Zheng Yijun (Vice-President) and Mr. Niu Ming (Vice-President),
respectively.

According to the notice, these allegations were made against Mr.
Zheng and Mr. Niu on 24 June 2005 and 15 September 2005,
respectively, and concern Mr. Zheng's conduct while he was
acting as the General Manager of Beijing Gehua Sunshine
Advertising Co., Ltd. and Mr. Niu's conduct while he was acting
as the Chairman and General Manager of Beijing Beiqing
Advertising Limited.

Beijing Gehua Sunshine Advertising Co., Ltd and Beijing Beiqing
Advertising Limited are subsidiaries of the parent company of
BYDM, Beijing Youth Daily News Agency. Beijing Gehua Sunshine
Advertising Co., Ltd. and Beijing Beiqing Advertising Limited
are two out of many agents of BYDM to and through which
BYDM sells advertising spaces. BYDM understands that Mr. Zheng
was an employee of Beijing Gehua Sunshine Advertising Co., Ltd
prior to his joining of BYDM and Mr. Niu has executive positions
at Beijing Beiqing Advertising Limited at the time of his
detention.

The independent directors of BYDM are in the process of
selecting the appropriate candidate to act as the independent
advisers to conduct an investigation on the incident and
finalizing the scope of such appointment. BYDM will announce the
findings of the investigation referred to in the Announcements
as soon as the report of the independent advisers on the
incident becomes available and is approved by the Board.

As disclosed in the Announcements, measures have been
implemented to ensure minimal disruption of the operation of
BYDM and the Board does not anticipate any significant
disruption to its daily operations. BYDM is not in a position to
assess the amount of financial impact, if any, at this moment
but expects that the independent advisers will report to the
board of directors on any historical financial impact inflicted
on BYDM as a result of the incident.

This announcement is made pursuant to Rule 13.09(1) of the Rules
Governing the Listing of Securities on The Stock Exchange of
Hong Kong Limited.

By Order of the Board
Zhang Yanping
Chairman
Beijing, PRC, 17 October 2005

CONTACT:

Beijing Media Corporation Limited
24/F, Prince's Building
Central, Hong Kong


FAR EAST PHARMACEUTICAL: Enters Third Stage of Delisting
--------------------------------------------------------
The Stock Exchange of Hong Kong Limited announced that Far East
Pharmaceutical Technology Company Limited (Provisional
Liquidators Appointed) will be placed into the third stage of
the delisting procedures in accordance with Practice Note 17 to
the Listing Rules (Delisting Procedures).  Practice Note 17
formalizes the procedures to be adopted in dealing with long
suspended companies.

Dealing in the shares of the Company has been suspended since
June 17, 2004.  At the end of the second stage of the Delisting
Procedures, the Company has not submitted valid resumption
proposal.

A valid resumption proposal, among other things, would enable
the Company to demonstrate that it complies with Listing Rule
13.24.  Under Listing Rule 13.24, the Company is required to
carry out, directly or indirectly, a sufficient level of
operations or have tangible assets of sufficient value and/or
intangible assets for which a sufficient potential value can be
demonstrated to the Exchange to warrant the continued listing of
the Company's shares on the Exchange.  Besides, given the
circumstances of this case, the Company is required to (a)
address to the Exchange's satisfaction concerns about the
circumstances leading to the unusual price and volume movement
in the Company's shares on 17 June 2004; (b) clarify the
financial position and operations of the Group; (c) address the
various allegations against the Company, its directors and
controlling shareholder already highlighted by the Exchange to
the Company; and (d) take steps to rectify deficiencies in its
internal control system to ensure compliance with the disclosure
and financial reporting obligations.

In view of the absence of valid resumption proposal and the
Company's continued failure to demonstrate its compliance with
the requirements stipulated under Listing Rule 13.24, the
Company would now be placed in the third stage of the Delisting
Procedures. The Company will have a final six months for the
submission of a valid resumption proposal.  If the Company does
not submit a valid resumption proposal by 16 April 2006, the
Exchange intends to cancel the listing of the Company.

The Exchange will make a further announcement in due course if
the delisting takes place.

CONTACT:

Far East Pharmaceutical Technology Company Limited
23 Harbour Road, Wanchai
Kowloon, Kowloon
Hong Kong
Phone: +852 2519 3098
Fax: +852 2519 6629


FONG CHING: Begins Winding Up Process
-------------------------------------
Fong Ching Company Limited whose place of business is located at
Rm 1605, Chung Kiu Commercial Building, No. 47 Shan Tung Street,
Mongkok, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on October 5, 2005.

Date of Presentation of Petition: August 4, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


GUANGDONG KELON: To Set up Remuneration, Evaluation Committee
-------------------------------------------------------------
The board of directors of Guangdong Kelon Electrical Holdings
Company Limited held a board meeting on October 15, 2005 at the
Company's headquarters, and notice of the Board Meeting was
despatched to all directors of the Company by fax, by telephone
and by mail on 5 October 2005. Out of the nine Directors, six
Directors attended the Board Meeting in person, while
independent non-executive Director Mr. Chan Pei Cheong, Andy
attended the Board Meeting by telephone.

The Board Meeting was convened in accordance with the Company
Law of the People's Republic of China and the articles of
association of the Company.

It was resolved at the Board Meeting that the Company
established a remuneration and evaluation committee, appointing
Mr. Liu Cong Meng, Mr. Li Zhen Hua, Mr. Xu Xiao Lu, Mr. Li Kung
Man and Mr. Chan Pei Cheong, Andy as members of the Company's
remuneration and evaluation committee, and Mr. Li Kung Man as
the chairman of the Company's remuneration and evaluation
committee.

There were six votes in favor of the above resolution with nil
vote against or abstain. At the request of the Company, trading
in H Shares of the Company was suspended with effect from 10:00
a.m. on 16 June 2005 pending the release of an announcement in
relation to price sensitive information. Subject to the
publication of a further announcement in relation to, amongst
others, the financial, production and trading position of the
Group, trading in H shares of the Company will remain suspended
until further notice.

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd,
Wanchai, Hong Kong
Phone: 25110363
Fax: 28023434
Web site: http://www.kelon.com


GUANGDONG KELON: Sees Sharp Drop in 2005 Sales
----------------------------------------------
Guangdong Kelon Electrical Holdings Limited said that recent
financial scandals will seriously reduce sales and earnings this
fiscal year, reports the South China Morning Post.

This year's sales would be down 20 percent from 2004, when
revenue totaled CNY8.44 billion, due to financial probe
centering on the firm's former Chairman Gu Chujun.

Kelon's investigation by the China Securities Regulatory
Commission earlier this year led to the dismissal of Mr. Chujun
in August and his arrest in September on suspicion of economic
crimes.


HI-Q PROPERTIES: Winding Up Process Initiated
---------------------------------------------
Hi-Q Properties Company Limited whose place of business is
located at 2202, 22nd Floor, Mongkok Commercial Centre, 16
Argyle Street, Mongkok, Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on October 5, 2005.

Date of Presentation of Petition: August 3, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


HI-Q TELECOM: Prepares to Wind Up Business
------------------------------------------
Hi-Q Telecom Company Limited whose place of business is located
at 2202, 22nd Floor, Mongkok Commercial Center, 16 Argyle
Street, Mongkok, Kowloon was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on October 5, 2005.

Date of Presentation of Petition: August 3, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


H.K. FULLSON: Winding Up Hearing Fixed October 26
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
H.K. Fullson Company Limited by the High Court of Hong Kong
Special Administrative Region was on August 29, 2005 presented
to the said Court by First Well Chemical Limited whose
registered office is situate at Room 1105, 11th Floor, 410 Kwun
Tong Road, Kwun Tong, Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
the High Court Building, No. 38 Queensway, Hong Kong at 9:30 am
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.

CHAN, WONG & LAM
Solicitors for the Petitioner
Suites 2012-13, 20th Floor
Two Pacific Place
No. 88 Queensway
Hong Kong

Note: Any person who intends to appear on 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.


JOINWELL INTERNATIONAL: Court to Hear Petition November 9
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Joinwell (H.K.) International Limited by the High Court of Hong
Kong Special Administrative Region was on July 22, 2005
presented to the said Court by Suen Pik Lin of House No. 8
Evergreen Villa, Ngau Keng Tsuen, Kam Tin, Yuen Long, New
Territories, Hong Kong.

The said Petition is directed to be heard before the Court at 10
a.m. on November 9, 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.

PAUL W. TSE.
Solicitors for the Petitioner
Rooms 1308-9, 13th Floor
Kwong Wah Plaza
11 Tai Tong Road, Yuen Long
New Territories, Hong Kong

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


MING KONG: Winding Up Hearing Set November 23
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ming Kong International Trading Company Limited by the High
Court of Hong Kong was on September 30, 2005 presented to the
said Court by Director of Legal aid of 27th Floor, Queensway
Government Offices, No. 66 Queensway, Hong Kong.

The said petition is directed to be heard before the Court at
9:30 a.m. on November 23, 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.

(THOMAS E KWONG)
For Director of Legal Aid
27th Floor, Queensway Government Office
66 Queensway
Hong Kong

Note: Any person who intends to appear on 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 22, 2005.


NETEL TECHNOLOGY: Net Loss Narrows to HK$2.257 Mln
--------------------------------------------------
Netel Technology (Holdings) Limited (8256) incurred a net loss
of HK$257 million for the first fiscal quarter ended August 31,
versus a net loss of HK$3.163 million a year earlier, Infocast
News reports.

Loss per share (LPS) was 0.58 cent. No dividend was declared.

The Group is principally engaged in the provision of long
distance call services through an integrated network
infrastructure, comprising both the packet-switched system (IP
based) and the circuit-based system (conventional phone based).

CONTACT:

Netel Technology (Holdings) Limited
Room 4102, 41/F
Manulife Plaza
The Lee Gardens
33 Hysan Avenue
Causeway Bay
Hong Kong
Phone: 25768826
Fax: 25760730
Web site: http://www.neteltech.com.hk


RICO STONE: Prepares to Shut Down Business
------------------------------------------
Rico Stone Company Limited whose place of business is located at
Rm 1005, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region
Court of First Instance on October 5, 2005.

Date of Presentation of Petition: August 3, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


SATERI INTERNATIONAL: S&P Assigns 'B+' Rating
---------------------------------------------
Standard & Poor's Ratings Services (S&P) had assigned its 'B+'
corporate credit rating on Sateri International Co. Ltd.
(Sateri). The outlook is stable.

At the same time, Standard & Poor's assigned its 'B+' rating on
Sateri's proposed senior unsecured notes of approximately $300
million, with a maturity of at least five years.

"The ratings reflect the start-up risks associated with a
planned brownfield expansion of its dissolving pulp (DP) plant;
limited cash flow generation and liquidity during the
construction of this new project; market volatility for its main
products; and financial, political, and regulatory risks in
Brazil and China," said Standard & Poor's credit analyst Bei Fu.
These weaknesses are partly offset by the company's low costs,
its vertically integrated business model, and some geographical
diversity.

Sateri plans to use the proceeds from its proposed bond issue to
expand its DP capacity at Bahia Pulp SA (Bahia Pulp) in Brazil
from 115,000 tonnes at present to 365,000 tonnes of standard
grade DP equivalent in the second half of 2007.  This would
upgrade the company's facilities and enable it to produce high-
grade DP, which is a higher-margin product.

Sateri is privately owned by the Tanoto family, which also
controls the Asia-Pacific conglomerate RGM International Group.
Sateri's main business units are Bahia Pulp in Brazil, Sateri Oy
in Finland, and Sateri (Jiangxi) Chemical Fiber Co. Ltd. (Sateri
Jiangxi) in China. The Finnish and Chinese units each have an
annual capacity of 60,000 tonnes of viscose staple fiber. Bahia
Pulp is the single-largest cash flow contributor to Sateri's
overall business, having accounted for the majority of total
EBITDA in 2004.

In 2004, Sateri's total revenue was $228 million and EBITDA was
$43.5 million. Credit protection measures are expected to weaken
over the next couple of years as the company undertakes its new
expansion. Total capex is estimated at more than $300 million
between 2005 and 2008. During this expansion phase, Standard &
Poor's expects the company's EBITDA interest cover ratio to
decline to 2.0x, while its ratio of funds from operations to
total debt could fall below 10%. If the company is able to
successfully commission its new plant, Sateri's financial ratios
are expected to improve significantly.


WIN CHANCE: Official Liquidators Named
--------------------------------------
Mr. Lai Kar Yan Derek and Mr. Mark Chapman of 26th Floor, Wing
On Centre, 111 Connaught Road Central, Hong Kong and Wickhams
Cay 1, P. O. Box 3083, Road Town, Tortola, British Virgin
Islands respectively, have been appointed as the liquidators of
Win Chance Limited on September 30, 2005.

Its appointment as liquidators was approved at a subsequent
meeting of the creditors of the Company held on October 14,
2005.

Dated this 17th day of October, 2005

LAI KAR YAN DEREK
MARK CHAPMAN
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


* Fitch Upgrades Chinese Banks' Ratings After Sovereign Upgrade
---------------------------------------------------------------
Fitch Ratings on Monday upgraded China's "Big Four" state-owned
commercial banks and its largest policy bank following the
upgrade of the China sovereign's Long-term foreign currency
("LTFC") rating to 'A' (Outlook Stable), from 'A-' (A minus).
The rating actions taken on the banks are as follows:
- China Development Bank ("CDB"): LTFC rating upgraded to 'A',
from 'A-' (A minus), Short-term foreign currency ("STFC") rating
upgraded to 'F1' from 'F2', Support rating affirmed at '1'; all
the senior debt issues by CDB have been similarly upgraded to
'A', from 'A-' (A minus);

- Agricultural Bank of China ("ABC"): Support upgraded to '1';
Individual rating affirmed at 'E';

- Bank of China ("BOC"): LTFC rating upgraded to 'A-' (A minus),
STFC rating affirmed at 'F2', Individual rating affirmed at
'D/E', Support rating upgraded to '1';

- China Construction Bank ("CCB"): Individual rating affirmed at
'D/E'; Support rating upgraded to '1';

- Industrial and Commercial Bank of China ("ICBC"): LTFC rating
upgraded to 'A-' (A minus), Individual rating affirmed at 'D/E',
Support rating upgraded to '1';

The Outlook for all the ratings is Stable.

CDB's LTFC rating is on par with the sovereign's, reflecting its
policy bank status. It's STFC rating was also upgraded in
accordance with Fitch's rating methodology.

The Support ratings of the four state-owned commercial banks,
namely ABC, BOC, CCB, and ICBC, were upgraded in view of the
stronger macro-economic strength of China, which enhances the
ability of the state to support them. Fitch further notes the
state has shown significant support to the systemically
important state-owned commercial banks, including the USD60
billion recapitalisation of three of them (BOC, CCB and ICBC)
since end-2003. Fitch continues to view the support towards the
"Big Four" as strong despite the forthcoming listing plans of
BOC, CCB and ICBC, as the government will remain the largest
shareholder and these banks remain systemically important with a
dominant market share in the banking system.

In accordance with our rating methodology, the LTFC ratings of
BOC and ICBC (for which we have previously assigned these
ratings) were upgraded to 'A-' (A minus) based on the new
Support ratings of '1'.


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

DUNCANS INDUSTRIES: Foreign Investor Offloads Stake
---------------------------------------------------
The lone foreign institutional investor (FII) in embattled
Duncans Industries has let go of its interest in the company,
according to The Telegraph.

Angsana (Mauritius) Investment Limited, a subsidiary of the
Singapore government's investment arm Temasek Holdings (Pte)
limited, held a 9.39-percent stake in Duncans.

In October 1996, Duncans had allotted 50 lakh shares of INR10
each at a premium of INR54.08 each to Angsana (Mauritius)
Investment.

Brokers feel the FII's decision has been prompted by the
reopening of Duncans' fertilizer unit. There was an upswing in
the stocks of the company after the unit was reopened.

Duncans had a debt burden of INR900 crore, which will be repaid
over 12 years under a corporate debt-restructuring package
worked out by banks.

An analyst said the FII must have thought, "this was the right
time to divest rather than wait for a few more years".

Meanwhile, Duncans-Goenka Group chairman GP Goenka is
considering reducing his stake in flagship company Duncans
Industries to meet the requirements of the Securities and
Exchange Board of India (Sebi).

Mr. Goenka however said he is still not certain when he would
dilute his stake, saying it would be done at an appropriate
time. Mr. Goenka owns 68-percent of Duncans.

CONTACT:

Duncans Industries Limited
97, Park Street,
KOLKATA 700016
India
Phone: 91 33 220 2185
Fax: 91 33 248 6021


ESSEL PROPACK: Crisil Lowers Outlook
------------------------------------
Credit rating agency Crisil on Monday cut its outlook on Essel
Propack, The Telegraph reports.

The downgrade came after concerns that the aggressive and
substantially debt-funded expansion plans of the laminated tube
manufacturer would increase its financial risk. The credit
rating of Essel Propack has been revised from stable to
negative.

Crisil noted that while the company's expansion plan was in line
with its objective to attain 50 per cent share of the global
laminated tubes industry, funding the same by sizeable debts
could weaken its financial protection following a bunching of
debt repayments over the medium term.

"On the other hand, the incremental cash accruals due to
capacity additions will occur with a time lag as it will take
time to stabilize operations in the new facilities. Further,
Essel Propack faces risks from its large financial exposure to
related parties in the form of inter-corporate deposits," the
rating agency added.

As a result, there is a strong likelihood of coverage indicators
coming under pressure over the medium term, leading to
deterioration in the financial risk profile of Essel Propack.


GRASIM INDUSTRIES: Asks State to Help Resolve Labor Row
-------------------------------------------------------
Grasim Industries Ltd. has informed the Exchange that the
workers of one of the Grasim's Viscose Staple Fibre (VSF) Plant
at Harihar in Karnataka (called Grasilene Division) have gone on
unjustified and illegal strike from October 17, 2005.

Consequently, manufacturing activities at the above Plant have
come to a stand still.

The Company is seeking the intervention of the State Government
and the Labour Department as per the due process of law.
Grasim's other VSF Plants at Nagda in Madhya Pradesh and Kharach
in Gujarat are operating normally.

The turnover of Grasilene Division, Harihar constitutes about
15% of the Pulp & Fibre business and 4.75% of total turnover of
Grasim.

CONTACT:

Grasim Industries Limited
Corporate Finance Division,
Aditya Birla Centre,
'A' Wing, 2nd Floor,
S K Ahire Marg, Worli,
Mumbai - 400025
Telephone: 022-56525000/24995000
Fax: 56525114/24995114
E-mail: ashokmalu@grasim.com
Web site: http://www.adityabirla.com/companies/index.html


INDIAN OIL: Sees Turnaround in Second Quarter
---------------------------------------------
Loss-making Indian Oil Corporation (IOC) expects to return to
profitability in the second quarter of the current fiscal year,
according to Asia Pulse.

IOC said the increase in petrol and diesel prices will help pull
up its revenues. The oil firm posted a net loss of about INR540
million in the first quarter.

But despite the positive forecast, IOC revealed its subsidiary
IBP Limited is likely to book a net loss of about INR4 billion
(US$89.3 million) in July-September quarter.

IBP, which posted a net loss of INR2.34 billion in first
quarter, will end the second quarter with a net loss of about
INR4 billion as it does not have refining margins to offset
losses on sale of petrol, diesel, LPG and kerosene.

IOC Chairman'S Behuria said, "The company was underselling
petrol by INR4.46 per litre and diesel by INR5 per litre. LPG
was being sold at a loss of INR125 per cylinder and kerosene at
a loss of 14 per litre."

CONTACT:

Indian Oil Company
G, Indian Oil Bhavan, 9, Ali Yavar Jung Marg,
Bandra E, Mumbai
400051 Maharashtra
Phone: 26427363
Fax: 26443880


INDIAN OIL: Seals LPG Contracts to Offset Crisis
------------------------------------------------
Indian Oil Corporation (IOC) has contracted 15 out of the 27
additional liquefied petroleum gas (LPG) cargoes it needs to
impost to meet the fuel growing demand in the country, The
Financial Express reveals.

IOC earlier estimated an import requirement of 46 cargoes during
January-December 2005, but the shutdown at Jamnagar refinery of
Reliance beginning October 4 necessitated an additional 27
cargoes.

Lower LPG production by the refineries and a 45-day shutdown at
the Reliance Jamnagar refinery had necessitated an additional
import of 3.51 lakh tonnes of LPG in October-December. Of this,
he said that two lakh tonne has already been contracted and the
remainder is on the verge of being tied up.

Petroleum minister Mani Shankar Aiyar said the government would
overcome the problem of LPG shortage in the country by Diwali,
even as the situation in the national capital was brought under
control.

He pointed out that despite efforts by the government, there was
a shortage in some regions as LPG meant for domestic use is
being diverted for commercial purposes by some distributors.


REFCO INDIA: Asked to Limit Commodity Exposure
----------------------------------------------
The Forward Markets Commission (FMC) and the futures commodity
exchanges have asked Refco (India) Pvt to limit its commodities
exposure at the current level in the wake of its parent's
financial problems in the U.S., the head of the company said on
Monday.

"We are still under the advice of all the exchanges to limit our
exposure at the current levels," Vineet Bhatnagar, managing
director, Refco (India), said after a meeting with the FMC
officials.

Last week, the New York-based Refco's business fell into
financial mess when its management revealed that it had fudged
bad debts.

In India, officials at the company's securities and commodities
operations said they would be untouched by their parent's
troubles.

Mr. Bhatnagar said he had briefed the FMC officials on the
overseas developments in the Refco group and on the steps the
company had taken in India to safeguard the interests of its
clients.

"We briefed the regulator on our safeguards in the interest of
our business continuity both from the point of view of liquidity
and also corporate ring-fencing," he said.

Mr. Bhatnagar said that the board of Refco-Sify Securities India
Pvt. Ltd, the Indian securities entity of Refco Inc, has decided
it will "insulate" the company from any "adverse impact" in the
Refco group.

For its part, the FMC is watching the developments in Refco and
has advised the exchanges to be careful against any possible
financial irregularity arising out of Refco's overseas woes.
"Refco has very comfortable deposits on the exchanges," said
Anupam Mishra, director at FMC. "Their exposure on the two major
commodity exchanges is well within their deposit level."

Mishra said Refco has a deposit of around Rs 230 million at the
National Commodity and Derivatives Exchange and around Rs 150
million on the Multi Commodity Exchange of India (MCX).

A senior MCX official said the exchange wasn't worried about
Refco's trading on it.

"The exchange's systems are designed for all kinds of
eventualities," said Joseph Massey, deputy managing director of
MCX.

"While there is a concern about the big global player's problem
overseas, there is no cause of worry here."


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

DIRGANTARA INDONESIA: Receives Plane Orders from Global Firms
-------------------------------------------------------------
Despite its financial and labor problems, troubled state
aircraft maker PT Dirgantara Indonesia (DI) has been able to
secure deals with global defense companies, reports the Jakarta
Post.

According to DI acting president Nuril Fuad, the Company seems
to be improving, after undergoing a restructuring last year and
accepting several orders from firms such as BAE System &
European Aeronautic Defense & Space Company (EADS).

DI is set to produce parts for an Airbus A380 aircraft owned by
British BAE for an estimated IDR500 billion, as well as spare
parts for the Cassa C295 aircraft for EADS, and a partnership
with EADS to constrcut a Cassa 212-400 plane.

DI is also slated to sell eight CN-235 airplanes to Thailand,
which had offered to pay in terms of rice instead of cash for
the aircraft.

Dirgantara Indonesia's current problem concerns human resources:
up to 1,162 Company engineers had left DI to work for foreign
firms such as Boeing, since it could not provide better salaries
and incentives due to its lack of finances. The Company proposed
to lay off thousands of employees last year under its
restructuring program so as to avoid bankruptcy, since the
burdended Indonesian government could not provide financial aid
for the troubled state-owned firm.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


LEIGHTON FINANCE: Gets BB Currency Rating from Standard & Poor's
----------------------------------------------------------------
On  Oct. 17, 2005, Standard & Poor's Ratings Services assigned a
'BB-/Stable/--' foreign currency and 'BB/Stable/--' local
currency corporate credit ratings to Leighton Finance
International Ltd. (LFI). The ratings reflect the credit quality
of the unrated joint guarantors, PT Thiess Contractors Indonesia
(TCI) and PT Leighton Contractors Indonesia (LCI), and a degree
of implied support provided by its Australia-based parent
Leighton Holdings Ltd. (Leighton; BBB+/Negative/-). LFI is a
100%-owned subsidiary of Leighton, whose sole purpose is to
raise finance to support TCI and LCI activities.

TCI and LCI's activities comprise contract mining and civil
construction in Indonesia, which are integral to Leighton's core
operations. Indonesia offers Leighton significant long-term
growth opportunities (with margins that reflect the risk of
operating in Indonesia) and acts as a source of earnings and
contracting diversification. Indeed, already TCI and LCI made a
significant contribution to the Leighton group's profit before
tax, both in fiscal 2005 and for the five-year period leading up
to fiscal 2005.

"Although Leighton does not guarantee the debt obligations at
LFI, Standard & Poor's has incorporated a level of implied
support in the rating, reflecting the strategic importance of
TCI and LCI to the group. The stand-alone credit quality of TCI
and LCI would be marginally weaker than the 'BB' corporate
credit rating assigned to LFI," said Craig Parker, credit
analyst, Corporate & Infrastructure Finance Ratings group.

TCI and LCI have aggressive financial profiles. At June 30,
2005, the combined debt to capital of TCI and LCI was about 85%
and this is likely to remain at about this level over the medium
term. TCI is the larger entity by asset size, at US$417 million,
and generated EBITDA of USD137 million at June 30, 2005.
This is much larger than LCI's assets of USD101 million and
EBITDA of USD19 million.

The stable outlook on LFI reflects the expectation that TCI and
LCI will continue to win profitable contracts with margins that
reflect the risk of operating in Indonesia; further diversify
their counterparty and contract exposure; and continue to
benefit from the technical and financial support provided by
Leighton, while maintaining an aggressive financial profile.

CONTACT:

Leighton Finance International Limited
C/o PT Leighton Contractors Indonesia
Ratu Prabu Building, 9th Floor
JI. T.B. Simatupang KAV. 20
Cilandak Timur Jakarta 12560 Indonesia
Phone: 6221 7884 9611
Fax:   6221 7884 9622/23


PERUSAHAAN LISTRIK: Government Unsure of 2006 Price Hike
--------------------------------------------------------
The Indonesian government has confirmed that the power
generation expenses of state-owned power firm PT Perusahaan
Listrik Negara (PLN) will increase next year, but it has not
said whether power rates would also increase as a result, the
Jakarta Post reports.

According to the Ministry of Energy & Mineral Resources director
general Yogo Pratomo, infrastructure for gas plants had yet to
be completed, which meant that the Company would not be using a
huge amount of gas to run its plants next year. He added that
they are still calculating the cost increase with the higher
prices for oil-based fuels to be used by PLN.

PLN primary power generation director Ali Herman Ibrahim said
that a new policy where the Company must pay market prices for
oil-based fuel would result to a 50% increase in the Company's
fuel costs, from IDR30 trillion to IDR45 trillion in 2006.

As the goernment has yet to receive the official announcement
concerning PLN's subsidy, Minister of Energy & Mineral Resources
Purnomo Yusgiantoro said that they are not in the position to
confirm whether a power hike next year is imminent.

CONTACT:

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


PERUSAHAAN LISTRIK: Seeks to Reduce Fuel Consumption
----------------------------------------------------
State-owned power firm PT Perusahaan Listrik Negara (PLN) said
that it plans to reduce its usage of oil-based fuel in its power
plants from 30% to 5% within three years, reports Business
Times.

According to Company president Eddie Widiono, PLN would use 8.82
million kiloliters (kl) of diesel oil, 2.57 million kl of marine
fuel oil and 0.05 million kl of industrial diesel oil this year.
This is due to the fact that the Company must pay market prices
for fuel starting this month, increasing power generation costs.

Even as the Company plans to use laternative sources (such as
gas) to run its power plants, it is still expected to generate
losses this year, with the nonstop increase in global fuel
prices.

However, the Company was able to post an operational income
worth IDR2.56 trillion this year, compared to a IDR2.02 trillion
net loss last year.


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

MITSUBISHI MOTORS: Eyes Further Asian Expansion
-----------------------------------------------
Mitsubishi Motors Corporation plans to expand its business in
Thailand and other Asian countries, AFX News reports, citing
company President Osamu Masuko.

In Thailand, the carmaker aims to boost its market share by 0.5
percentage points to 7.0 percent in the year to March 2006,
partly with the help of its new Triton pick-up, released in
August.

The firm has said it has sales targets for the ASEAN region of
180,000 vehicles for the year to March 2008 and of 220,000 for
the year to March 2011.

Mitsubishi Motors will also focus its efforts on Brazil, Russia,
India and China, it said.

CONTACT:

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


SEIYU LIMITED: To Sell Singaporean Unit
---------------------------------------
Seiyu Limited will sell its Singaporean unit Seiyu (Singapore)
Private Ltd for SG$21 million (US$1.4 billion) on December 1,
Japan Today reports.

The Japanese retailer has decided to sell its entire stocks to
Capitaland Retail Investments (SY) Pte Ltd. to make its
management more closely attached to the region.

CONTACT:

Seiyu Ltd
1-1 Akabane 2-Chome
Sunshine 60 Building
Kita-Ku 115-0045, Tokyo 170-6071
JAPAN
Phone: +81 3 3598 7639
Fax: +81 3 3598 7763
Web site: http://www.seiyu.co.jp


SOJITZ CORPORATION: To Set Up Joint Content Provider in New York
----------------------------------------------------------------
Index Corporation and Sojitz Corporation will establish Index
Global Rights Management Corporation (IGR) in the United States
(New York) in late October.

The company will specialize in Wireless & New Media (WNM)
business such as mobile phones and the Internet, acquire
international copyrights to highly valued content and distribute
the rights all over the world.

In a press release, IGR will begin with $2.19 million in
capital: 65% contributed by Index Corporation, 35% by Sojitz
Corporation. IGR will obtain international distribution rights
to content that includes video, music and sports from content
holders around the world and offer them on a global scale. The
global market size of WNM content is now valued at $15 billion
and it is expected to grow to $45 billion by 2008, three times
its current size. These favorable market conditions of rapid
expansion will aid IGR towards a possible IPO in the future.

Index Corporation's international mobile content delivery
business operates primarily through 11 affiliated companies
based mainly in Japan, China, Europe and the United States.
Index Corporation has forged global connections with content
holders, and accumulated WNM know-how and business plans which
amount to the world's leading network for mobile content
delivery.

Sojitz Corporation is dedicated to the production and export of
content, which includes Japanese animation, and conducts
business with more than 150 companies within the overseas
copyright business. Sojitz Corporation's acquisition and
distribution of international copyrights continues to grow and
is diversifying into animation for children, documentaries and
Japanese film, in addition to projects geared for teenagers.

Capitalizing on the know-how and networks of the two companies,
IGR will provide content holders around the world with an open
door to WNM business that reaches mobile, Internet, television,
video and DVD industries. IGR will be acquiring high quality
audio and video content, which will complement the existing
content held by Index and Sojitz, and actively deliver them to
overseas providers. IGR has already succeeded in acquiring the
Internet distribution rights for BBC Radio, provided by BBC
Worldwide Ltd., and begun distribution to WOWOW, a Japan based
premium satellite broadcaster.

Market background

Worldwide mobile business growth has the potential to reach an
annual rate of 15-40 percent. The worldwide IP content market is
also experiencing rapid growth and promises potential annual
growth of 25-40 percent. Although the rights business, which is
a key to content, requires regional negotiations, considerable
cost and a great deal of effort, internet distributors and Video
on Demand (VOD) companies throughout Japan, Europe, North
America and beyond are increasingly in need of comprehensive
international copyrights.

Index Global Rights Management Corporation: Corporate Profile

Company Name: Index Global Rights Management Corporation
Head Office: 1211 Avenue of the Americas, New York, NY 10036,
USA
Tokyo Office: Carrot Tower, Taishido 4-1-1, Setagaya-ku, Tokyo,
Japan
Established: October 2005
President & CEO: Daihei Shiohama
Capitalization: $2.19 million
Shareholders: Index Corporation (65%), Sojitz Corporation (35%)
Business Lines: International License Business. IGR will obtain
international distribution rights to content from around the
world and offer them to mobile/internet providers globally.

Index Corporation: Corporate Profile

Company Name: Index Corporation (JASDAQ: 4835)
Head Office: Carrot Tower, Taishido 4-1-1, Setagaya-ku, Tokyo,
Japan
Established: September 1995
Capitalization: 24,901 million yen As of August 31, 2005j
President & CEO: Yoshimi Ogawa
Business Lines: Focusing on media service expansion through the
delivery of content and solutions linked with mobile and a
variety of media.
URL: www.indexweb.co.jp

Sojitz Corporation: Corporate Profile

Company Name: Sojitz Corporation
(Tokyo Stock Exchange, Osaka Securities Exchange: 2768)
Head Office: 1-20, Akasaka 6-chome, Minato-ku, Tokyo 107-8655@
Established: April 2003
Capitalization: 130,049 million yen (As of September 30, 2005)
President & CEO: Akio Dobashi
Business Lines: Sojitz Corporation was established in April 2004
as a result of the merger between two influential trading
companies, Nichimen Corporation and Nissho Iwai Corporation. The
company leverages experience in a variety of fields that include
machinery, energy, chemical, plastics and others. Its new
business development group focuses on IT, digital content,
biomedical, and environmental projects in order to create
innovative business models throughout its worldwide network.

CONTACT:

Public Relations Dept.
E-mail: press@indexweb.co.jp)
Phone: +81 (0) 3-5779-5705
Fax: +81 (0) 3-5779-5081
Web site: http://www.indexweb.co.jp

Sojitz Corporation
Public Relations Dept.:
Phone: +81 (0)3-5520-3188
Fax: +81 (0)3-5520-2125
Web site: http://www.sojitz.com


TOSHIBA CORPORATION: Responds to U.S. Lawsuit
---------------------------------------------
Toshiba Corporation (Toshiba) and its subsidiary, Toshiba
America Electronic Components, Inc. (TAEC), have announced their
response to the Judgment entered on October 17 by the Superior
Court of the State of California, the trial court (court of
first instance), in the total amount of $465.368 million against
Toshiba and TAEC, in the lawsuit with Lexar over claimed NAND
Flash-related trade secret misappropriation.

The Entry of Judgment is a procedural step in a trial that comes
after a jury verdict and before the filing of certain post-trial
motions.  The procedures at the trial court are ongoing, and as
this litigation moves to its conclusion, we will continue to
pursue all legal avenues available to us to correct what we
believe to be an erroneous jury verdict in this case, including
filing post-trial motions or applicable appeals.

At this time, Toshiba does not plan to revise projections for
fiscal 2005 business performance due to this matter.

Toshiba invented NAND Flash memory technology and has been a
pioneer throughout its development. Flash memory remains a
strategic product for Toshiba and one in which Toshiba owns
original technologies.

CONTACT:

Corporate Communications Office
Toshiba Corporation
(03)-3457-2105

Media Relations
Toshiba America Electronic Components, Inc.
(949) 623-2561

Agency Contact:
Jan Johnson
MultiPath Communications
Phone: (714) 633-4008
E-mail: jan@multipathcom.com


VICTOR COMPANY: To Axe 700 Employees by Year-end
------------------------------------------------
Victor Company of Japan plans to cut 700 jobs by the end of this
year through voluntary resignations and close one or two
factories in Japan to tackle severe business conditions, Kyodo
News reports.

The company expects its workforce to be 6,700 by the end of
March 2006, speeding up its medium-term business plan announced
in January last year.

JVC expects a net loss of JPY11.5 billion in the year, a
turnaround from the previous estimate of a profit of JPY7
billion, for the second straight yearly loss for the Japanese
electrical appliance company.

CONTACT:

Victor Company of Japan
12, Moriya-cho, 3-chome, Kanagawa-ku
Yokohama 221-8528, Japan
Phone: +81-45-450-1445
Fax: +81-45-450-1425


* Corporate Bankruptcies Down 4.8% in First Half
------------------------------------------------
Japanese corporate bankruptcies fell 4.8 percent in the first
half of the year ended September, supported by improved earnings
especially among large companies, Tokyo Shoko Research said on
Monday.

Bankruptcy cases totaled 6,388 in the six-month period, posting
a year-on-year decrease in the April-September period for a
third straight year and falling below 6,500 in the first half
for the first time in 14 years, the research firm said.

Despite a fall in the bankruptcy cases in the six months to
September, Tokyo Shoko warned that the positive trend applies
mainly to large companies, and that smaller ones are still
struggling.

"The economy's recovery phase has continued for 44 months, and
if this goes on, we expect corporate bankruptcies to shift to a
rise due to a lack of capital and failed investment," Tokyo
Shoko said.

The total debt of firms that went bankrupt fell 8.2 percent from
a year earlier to JPY2.9 trillion (US$25 billion) in April-
September.


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

KOREA EXPRESS: Shares Up on Merger Speculations
-----------------------------------------------
Speculations that Kumho Asiana Group and other companies will
compete to takeover The Korea Express Co. Ltd. boosted the
latter's shares, The Korea Times revealed.

On Monday Korea Express shares closed up KRW5,400 or 8.3 percent
at KRW70,400.

The stock rose after Kumho Asiana secured a 14.71 percent stake
in Korea Express.  The stock has risen since at the end of last
year when it hovered around KRW25,350 on acquisition
speculation.

Kumho Industrial bought 550,000 shares of Korea Express,
equivalent to 4.97 percent of the courier company's outstanding
shares, for KRW70,000 per share. Kumho Life Insurance and Kumho
Merchant Bank hold 2.85 percent and 0.19 percent stakes,
respectively, in Korea Express.

Other firms interested to buy into Korea Express are Lotte
Group, GS Group and CJ.

According to Korea Express it will cost about KRW1 trillion for
a 51 percent stake in the company.  Still, it is unlikely that
Korea Express will be put up for auction in the first half of
next year.

Korea Express saddled with KRW780 billion in debt, tumbled in
2000 when it warranted the bonds issued by its now-defunct
parent firm Dong Ah Construction and Industrial.

CONTACT:

The Korea Express Co., Ltd.
58-12 Seosomun-dong Chung-gu Seoul, Korea -< Seoul 100-110
Korea
Phone: 02-3782-0114
Fax: 02-3782-0786
Web site: http://www.korex.co.kr


LG CARD: Potential Buyers Gear Up for Upcoming Sale
---------------------------------------------------
A number of interested bidders are getting ready ahead of the
scheduled auction of LG Card Co., reports The Korea Times.

Union Bank of Switzerland AG was chosen as the lead manager to
prepare the bidding, while Woori Financial Group is consulting
with Credit Suisse First Boston, an investment bank, and Woori
Investment and Securities.

Since the declaration of CEO Hong Sung-kyun of his intentions to
buy the card issuer last month, Shinhan Financial Group has been
gathering information for the sale.

"We are conducting feasibility studies for the takeover and are
taking the final steps to get ready for the purchase," a Shinhan
official said.

Also Woori Financial Group chairman Hwang Young-key expressed
interest to buy LG Card during a National Assembly inspection
session last month.

According to analysts, LG Card's price may exceed KRW5 trillion
and Banks would most likely set up a consortium with partners to
share the financial burden.

The President of Korea Asset Management, Choi Jang-bong, which
holds 78 percent of Woori shares, recently gave the green light
for the bidding. Mr. Choi said he would let Woori Management
decide whatever it is that needs to be done.

Hana Financial Group also has interest in the race, but its
appetite for the Korea Exchange Bank (KEB) may make it difficult
for Hana to dig in.

"We have given top priority to expanding the banking business by
taking over KEB," a Hana official said.

"But LG Card is still an attractive target for us. We can turn
to the card firm any time, depending on the situation."

The details of the sale will be announced next month following a
consultation with other creditor banks, Korea Development Bank,
the largest shareholder of 22.93 percent said.

Other major shareholders include the National Agricultural
Cooperative Federation, Kookmin Bank, Woori Bank, the Industrial
Bank of Korea and Hana Bank. KDB officials said the winner will
be selected by next March.

CONTACT:

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


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

ANTAH HOLDING: Explains Failure to Submit AAA
---------------------------------------------
On September 29, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) made amendments to the Bursa Securities Listing
Requirements (LR) which give effect to a new policy for
enforcement in relation to delays in issuance of financial
statements which is incorporated under paragraph 9.26 of the
Bursa Securities LR.

Antah Holding Berhad advised that the Company has not submitted
its annual audited accounts (AAA) for the financial year ended
June 30, 2004 as at the date of this announcement, i.e. October
17, 2005.

In compliance with the paragraph 9.26 (3)(b) of the Bursa
Securities LR, the Company makes this announcement on the
aforesaid failure to submit its AAA for the financial year ended
June 30, 2004.

The failure is because the Company's Auditors, Messrs. BDO
Binder is seeking confirmation on additional queries, to which
the Company is currently addressing.

The tentative timeline in respect of the steps taken or proposed
to be taken to achieve the issuance of the AAA for the financial
year ended June 30, 2004 is as follows:

Description                  Timeline             Status

(1) Resolution of
    audit queries        Mid November 2005       On going

(2) Finalizing and
    signing of AAA       End November 2005      To be achieved

(3) Issuance of
    notice of Annual
    General Meeting
    (including AAA)      Early December 2005     To be achieved

As a consequence of the non-compliance with the Bursa Securities
LR under paragraph 9.23, the Company's shares have been
suspended effective from February 2, 2005.

This announcement is dated 17 October 2005.

CONTACT:

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


BUKIT KATIL: Enters into SPA to Facilitate Acquisition of NewCo
---------------------------------------------------------------
Bukit Katil Resources Berhad (BKRB) issued to Bursa Malaysia
Securities Berhad a requisite announcement pursuant to Practice
Note 4/2001 of the Listing Requirements of Bursa Malaysia
Securities Berhad (PN4).

- Proposed Acquisition of Seribu Emas Berhad Group;

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Scheme of Arrangement with Creditors;

- Proposed Private Placement;

- Proposed Offer for Sale; and

- Proposed Transfer of Listing Status

(collectively, the Proposed Restructuring Scheme)

(1) Introduction

On October 13, 2005, Avenue Securities Sdn Bhd (Avenue) on
behalf of BKRB, announced that BKRB had on even date entered
into a conditional restructuring agreement (Restructuring
Agreement) wherein BKRB and Foremost View Sdn Bhd, Kang Kim Poh,
Low Teck Sin, Kang Kim Sin and Heng Lai Yoong (collectively, the
Vendors) have agreed in principle to undertake the Proposed
Restructuring Scheme with the intention of restoring BKRB onto
stronger financial footing via inter-alia, the injection of new
viable businesses, a capital restructuring exercise and a debt
restructuring exercise.

Avenue on behalf of BKRB advised that Mutual Ideas Sdn Bhd
(NewCo), (a new company incorporated to facilitate the
implementation of the Proposed Restructuring Scheme) and the
Vendors have entered into a conditional share purchase agreement
on October 17, 2005 (Share Purchase Agreement) to facilitate the
proposed acquisition by NewCo of Seribu Emas Berhad (SEB) and
its subsidiaries (SEB Group).

(2) Details of the Proposed Restructuring Scheme

The details of the Proposed Restructuring Scheme are as follows:

(2.1) Proposed Acquisition of Seribu Emas Berhad Group

NewCo will acquire the entire equity interest in SEB together
with all its subsidiaries from the Vendors for a total purchase
consideration of MYR120,000,000 (SEB Group Purchase
Consideration) to be satisfied by the allotment and issuance of
120,000,000 new ordinary shares of MYR1.00 each in NewCo (NewCo
Shares) at par (Proposed Acquisition of SEB Group).

The purchase consideration of MYR120,000,000 (SEB Group Purchase
Consideration) was arrived at on a willing-buyer willing-seller
basis after taking into consideration inter-alia, the following:

(i) The potential future earnings of SEB Group; and

(ii) The historical performance of SEB Group.

The issue price of the NewCo Shares of MYR1.00 each pursuant to
the Proposed Acquisition of SEB Group (Consideration Shares) was
arrived at after taking into consideration the following:
(i) The Proposed Restructuring Scheme;

(ii) The future earnings of SEB Group; and

(iii) The par value of the NewCo Shares of RM1.00 per share.

All the Consideration Shares to be issued shall rank pari passu
in all respects with the existing NewCo Shares except that they
will not be entitled to any rights, dividends, allotment and/or
other distributions that may be declared, made or paid prior to
the date of allotment of the Consideration Shares.

(2.1.1) Information on SEB

SEB was incorporated in Malaysia as a company limited by shares
on June 7, 1988. The authorized share capital of SEB is
MYR50,000,000 comprising 50,000,000 ordinary shares of MYR1.00
each. As at September 30, 2005, the issued and paid-up share
capital of SEB is MYR30,215,000 comprising 30,215,000 ordinary
shares of MYR1.00 each.

The principal activities of SEB are manufacturing and sale of
packaging of boxes and printing of publication materials,
magazines, technical manuals, labels, point of sale materials
and investment holding.

As at September 30, 2005, SEB has two wholly owned subsidiaries
namely, Paduan Harum Sdn Bhd (PH) and GK Plastics (M) Sdn Bhd
(GKP). SEB does not have any associate companies.

The consolidated financial records of SEB Group are shown in
Table 1.

(2.1.2) Information on PH

PH was incorporated in Malaysia as a company limited by shares
on September 13, 2001. As at September 30, 2005 the authorized
share capital of PH is MYR1,000,000 comprising 1,000,000
ordinary shares of MYR1.00 each which have been fully issued and
paid-up.

The principal activities of PH are manufacturing and sale of
furniture and related products. PH does not have any subsidiary
or associate companies.

(2.1.3) Information on GKP

GKP was incorporated in Malaysia as a company limited by shares
on May 15, 1999. As at September 30, 2005, the authorized share
capital of GKP is MYR1,000,000 comprising 1,000,000 ordinary
shares of MYR1.00 each which have been fully issued and paid-up.

The principal activity of GKP is in precision plastic injection
moulding. GKP does not have any subsidiary or associate
companies.

(2.1.4) Information on the Corporate Vendor of SEB Group

Foremost View Sdn Bhd (FVSB) was incorporated in Malaysia as a
company limited by shares on February 5, 2002. As at September
30, 2005, the issued and paid-up share capital of FVSB is
MYR10,000 comprising 10,000 ordinary shares of MYR1.00 each
which have been fully issued and paid-up. The principal activity
of FVSB is as an investment holding company.

The directors and substantial shareholders of FVSB are Low Teck
Sin and Heng Lai Yoong.

(2.1.5) Original Dates and Cost of Investments

The original dates and cost of investments of the Vendors in SEB
are shown in Table 2.

(2.1.6) Liabilities to be Assumed

NewCo will not directly assume any liabilities of the SEB Group
under the Proposed Acquisition of SEB Group.

(2.2) Proposed Scheme of Arrangement with Shareholders

BKRB proposes to undertake the following:

(i) Proposed reduction of the existing issued and paid-up share
capital of BKRB of MYR66,150,000 comprising 66,150,000 ordinary
shares of MYR1.00 each (BKRB Shares) held by the existing
shareholders of BKRB to MYR3,307,500 comprising 66,150,000
ordinary shares of MYR0.05 each in BKRB (BKRB Reduced Shares)
(Proposed Capital Reduction).

The Proposed Capital Reduction will result in a credit of
MYR62,842,500 which will be utilized to reduce the accumulated
losses of BKRB; and

(ii) Proposed share exchange of the entire issued and paid-up
share capital in BKRB of 66,150,000 BKRB Reduced Shares for
3,307,500 new NewCo Shares at par on the basis of one (1) NewCo
Share for approximately every twenty (20) BKRB Reduced Shares.

(collectively, the Proposed Scheme of Arrangement with
Shareholders)

The Proposed Scheme of Arrangement with Shareholders will be
effected pursuant to Sections 64 and 176 of the Companies Act,
1965 (Act). The 3,307,500 new NewCo Shares to be issued pursuant
to the Proposed Scheme of Arrangement with Shareholders shall
rank pari passu in all respects with the existing NewCo Shares
except that they will not be entitled to any dividends, rights,
allotments or other forms of distribution that may be declared,
made or paid prior to the date of allotment and issue of the new
NewCo Shares.

(2.3) Proposed Scheme of Arrangement with Creditors

BKRB proposes to undertake a scheme of arrangement and
compromise with its secured and unsecured creditors (Scheme
Creditors) on the liabilities (including liabilities that are
actual and contingent) owing by BKRB to the Scheme Creditors in
the following manner:

(i) The settlement of debts owing to the Scheme Creditors
amounting to approximately MYR123.97 million as at September 30,
2005 (Scheme Liabilities) to be implemented by way of a scheme
of arrangement pursuant to Section 176 of the Act;

(ii) The waiver by the Scheme Creditors of all interest,
penalties, costs, fees and other charges accrued after September
30, 2005;

(iii) The release of the contingent liabilities under the
corporate guarantees and other security arrangements provided by
BKRB and its subsidiaries (BKRB Group) (if any);

(iv) The repayment of the debts owing to the secured Scheme
Creditors (after taking into account paragraphs (i) and (ii)
above) from the proceeds of the disposal of certain assets of
BKRB without recourse to any of the Vendors or NewCo; and

(v) The issuance by NewCo of not more than 10,000,000 new NewCo
Shares to the Scheme Creditors or such persons as they may each
nominate, as full and final settlement of the debts owing to
them (after taking into account paragraphs (i) to (iv) above).
(Proposed Scheme of Arrangement with Creditors)

The new NewCo Shares arising from the Proposed Scheme of
Arrangement with Creditors shall upon allotment and issue, rank
pari passu in all respects with the then existing NewCo Shares
except that they will not be entitled to any dividends, rights,
allotments or other forms of distribution that may be declared,
made or paid prior to the date of allotment and issue of the new
NewCo Shares.

BKRB has commenced discussions with certain Scheme Creditors. To
date, BKRB has procured the agreement-in-principle for the
Proposed Scheme of Arrangement with Creditors from certain
Scheme Creditors whose aggregate liabilities represent a
majority of the total Scheme Liabilities.

(2.4) Proposed Private Placement

It is proposed for NewCo to implement a private placement of
20,000,000 new NewCo Shares to the existing shareholders of BKRB
and/or eligible investors to be identified at an indicative
minimum issue price of MYR1.00 per share (Proposed Private
Placement) to meet the public spread requirement as stipulated
under the Listing Requirements of Bursa Malaysia Securities
Berhad (Bursa Securities) (Listing Requirements).

The Proposed Private Placement will raise minimum gross proceeds
of MYR20,000,000 which will be utilized for the working capital
requirements of NewCo and its proposed subsidiaries after the
Proposed Restructuring Scheme as well as defray the expenses
relating to the Proposed Restructuring Scheme.

The new NewCo Shares arising from the Proposed Private Placement
shall upon allotment and issue, rank pari passu in all respects
with the then existing NewCo Shares except that they will not be
entitled to any dividends, rights, allotments or other forms of
distribution that may be declared, made or paid prior to the
date of allotment and issue of the new NewCo Shares.

(2.5) Proposed Offer for Sale

The Vendors will undertake an offer for sale of up to 20,000,000
NewCo Shares to the existing shareholders of BKRB and/or
eligible investors to be identified at an indicative offer price
of MYR1.00 per share (Proposed Offer for Sale) in order to meet
the public spread requirement as stipulated under the Listing
Requirements.

(2.6) Proposed Transfer of Listing Status

It is proposed that the entire issued and paid-up capital of
BKRB be de-listed from the Official List of the Main Board of
Bursa Securities and that the entire issued and paid-up capital
of NewCo be admitted to the Official List of the Main Board of
Bursa Securities in its place (Proposed Transfer of Listing
Status).

The Proposed Acquisition of SEB Group, Proposed Scheme of
Arrangement with Shareholders, Proposed Scheme of Arrangement
with Creditors, Proposed Private Placement, Proposed Offer for
Sale and Proposed Transfer of Listing Status are inter-
conditional.

(3) Salient Terms of the Agreements

(3.1) Restructuring Agreement

The salient terms of the Restructuring Agreement are set out in
the announcement made by Avenue on behalf of BKRB on October 13,
2005.

(3.2) Share Purchase Agreement

(i) The Proposed Acquisition of SEB Group shall be conditional
upon the following conditions precedent being fulfilled on or
before the date falling one (1) year from the date of the
Restructuring Agreement or by such later date(s) as the parties
thereto may mutually agree in writing:

(a) The Proposed Restructuring Scheme having become
unconditional in accordance with the terms contained in the
Restructuring Agreement; and

(b) NewCo being satisfied with the due diligence review of the
SEB Group.

(ii) The parties agree that the SEB Group Purchase Consideration
(and the number of NewCo Shares to be issued in satisfaction
thereof) shall be adjusted accordingly to reflect the purchase
consideration as may be approved by the Securities Commission
(SC) (Approved Purchase Consideration) PROVIDED ALWAYS that the
Approved Purchase Consideration shall not be varied by more than
10% from the SEB Group Purchase Consideration.

Should the Approved Purchase Consideration be varied by more
than 10%, the parties thereto shall be allowed to renegotiate
the terms and conditions of the Share Purchase Agreement and
mutually agree on a new purchase consideration in respect of the
Proposed Acquisition of SEB Group.

In the event that the parties thereto are unable to agree on a
new purchase consideration within 14 days of the determination
by the SC being notified to BKRB or its adviser, any of the
parties thereto may terminate Share Purchase Agreement by giving
14 days notice in writing to the other parties.

(4) Rationale for the Proposed Restructuring Scheme

Presently, BKRB is an affected listed issuer as defined under
PN4 of the Listing Requirements. As an affected listed issuer
under the Listing Requirements, BKRB is required to comply with
certain obligations, which includes, inter-alia, the obligation
to undertake a corporate proposal which will enable the Company
to regularize its financial position and continue trading and/or
listing on Bursa Securities.

On August 18, 2005, BKRB announced that the Company on even date
entered into a Memorandum of Understanding (MoU) with a white
knight, in which the latter expressed his interest to
participate in the proposed restructuring scheme of BKRB, aimed
to regularise the financial condition of the Company.

Pursuant to the MoU, BKRB and the white knight agreed to
negotiate exclusively with each other with the intention to
enter into definitive agreements on or before the expiry of 60
days from the date of the MoU. Subsequently, on October 7, 2005,
the Company announced that Bursa Securities vide its letter
dated October 6, 2005, granted an extension of time for the de-
listing of the securities of the Company from the Official List
of Bursa Securities on the following conditions:

(i) BKRB to make the Requisite Announcement (RA) within 60 days
from the date of signing of the MoU i.e. by October 17, 2005;
and

(ii) BKRB to submit its regularization plans (as per the MoU) to
the relevant authorities within 2 months from the date of the
RA.

On October 2005, the Company announced that the MoU was mutually
terminated by the parties thereto. In substitution thereof, on
October 13, 2005, Avenue announced on behalf of BKRB, the
latter's intention to undertake the Proposed Restructuring
Scheme in order to regularize its financial position and
continue trading and/or listing on Bursa Securities and
ultimately to protect the interest of its shareholders. The ,
Proposed Restructuring Scheme is intended to restore BKRB onto
stronger financial footing via inter-alia, the injection of new
viable businesses, a capital restructuring exercise and a debt ,
restructuring exercise. Consequently, on October 2005, NewCo
entered into the Share Purchase Agreement with the Vendors for
the purpose of facilitating the Proposed Acquisition of SEB
Group, which forms a vital component of the Proposed
Restructuring Scheme.

The Proposed Acquisition of SEB Group and Proposed Scheme of
Arrangement with Shareholders will provide an opportunity for
the existing shareholders of BKRB to participate in a new profit
generating businesses via the SEB Group. The new businesses are
expected to provide the existing shareholders of BKRB with a
return that is otherwise, not available from the existing
businesses of the BKRB Group.

The Proposed Scheme of Arrangement with Creditors will allow the
Scheme Creditors to recover part of their debts otherwise not
recoverable from the current position of BKRB.

(5) Prospects of the SEB Group

Please refer to Section 5 of the announcement dated October 13,
2005 for the prospects of the SEB Group.

(6) Risk Factors

Please refer to Section 6 of the announcement dated 13 October
2005 for the risk factors involved in the Proposed Restructuring
Scheme.

(7) Effects of the Proposed Restructuring Scheme

(7.1) Share Capital

The effects of the Proposed Restructuring Scheme on the issued
and paid up share capital of BKRB and NewCo are shown in Table
3.

(7.2) Net Tangible Assets (NTA) or Net Liabilities (NL) and
Gearing

The proforma effects of the Proposed Restructuring Scheme on the
consolidated NTA/NL and gearing of BKRB and NewCo based on the
unaudited accounts of BKRB as at June 30, 2005 and SEB as at May
31, 2005 are shown in Table 4.

(7.3) Earnings

The Proposed Restructuring Scheme is expected to contribute
positively to the future earnings of the BKRB Group due to the
earnings contribution expected from the SEB Group.

(7.4) Substantial Shareholdings

The proforma effects of the Proposed Restructuring Scheme on the
shareholdings of the substantial shareholders of BKRB and NewCo
are shown in Table 5.

(8) Conditions of the Proposed Restructuring Scheme

The Proposed Restructuring Scheme is subject to and conditional
upon approvals from, amongst others, the following:

(i) The SC;

(ii) The SC (on behalf of the Foreign Investment Committee);

(iii) The Ministry of International Trade and Industry (if
required);

(iv) Bursa Securities, for the admission of NewCo to the
Official List, the listing of and quotation for the entire
enlarged issued and paid-up share capital of NewCo on the Main
Board of Bursa Securities and the delisting of BKRB;

(v) The shareholders of BKRB at general meeting(s) to be
convened for the Proposed Restructuring Scheme;

(vi) The sanction and confirmation of the High Court of Malaya;

(vii) The Scheme Creditors; and

(viii) Other relevant authorities, if required.

(9) Directors' and Substantial Shareholders' Interest

Save for their respective entitlements under the Proposed Scheme
of Arrangement with Shareholders (if any) to which all
shareholders of BKRB are entitled to, none of the Directors and
substantial shareholders of BKRB and persons connected with them
have any interest, direct or indirect, in the Proposed
Restructuring Scheme.

(10) Adviser

Avenue has been appointed as adviser for the Proposed
Restructuring Scheme.

(11) Compliance with the SC Guidelines

There are no departure from the SC's Policies and Guidelines on
Issue/Offer of Securities in respect of the Proposed
Restructuring Scheme.

(12) Statement by Directors

The Board of Directors of BKRB, having taken into consideration
all aspects of the Proposed Restructuring Scheme, is of the
opinion that the Proposed Restructuring Scheme is in the best
interest of the Company given the current circumstances of the
Company. Accordingly, the successful implementation of the
Proposed Restructuring Scheme is critical for the revival of
BKRB, via NewCo.

(13) Other Matters

Barring any unforeseen circumstances, the Proposed Restructuring
Scheme is expected to be completed within 12 months from the
date of this announcement. The application to the SC in relation
to the Proposed Restructuring Scheme is expected to be made
within 2 months from the date of this announcement.

(14) Documents for Inspection

The Restructuring Agreement and Share Purchase Agreement may be
inspected at the registered office of BKRB at 312, 3rd Floor,
Blok C, Kelana Square, 17, Jalan SS 7/26, 47301 Petaling Jaya,
Selangor Darul Ehsan during normal business hours from Mondays
to Fridays (except public holidays) for a period of 3 months
from the date of this announcement.

For more information, click
http://bankrupt.com/misc/BukitKatilBerhad101705.doc

This announcement is dated 17 October 2005.

CONTACT:

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


DUOPHARMA BIOTECH: New Shares up for Listing, Quotation
-------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 20,000 new
ordinary shares of RM0.50 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.,
Thursday, October 20, 2005.


FARLIM GROUP: Details Financial Assistance Rendered
---------------------------------------------------
Farlim Group (Malaysia) Bhd. (Farlim) issued to Bursa Malaysia
Securities Berhad details of the Provision of Financial
Assistance rendered or made on October 17, 2005 as set out in
the annexure.

Click to view details of the Provision of Financial Assistance
http://bankrupt.com/misc/FarlimGroupBerhad101705.xls

This announcement is dated October 17, 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


ICAPITAL.BIZ BERHAD: Securities Admitted to Main Board
------------------------------------------------------
Kindly be advised that Icapital.Biz Berhad's (ICAP) entire
issued and paid-up share capital of 140,000,000 ordinary shares
of MYR1.00 each will be admitted to the Official List of the
Securities Exchange and the listing of and quotation for these
shares on the Main Board under the Closed End Fund sector will
be granted with effect from 9:00 a.m., Wednesday, October 19,
2005, on a Ready basis pursuant to the Rules of the Securities
Exchange.

The Stock Short Name, Stock Code and ISIN Code of ICAP is ICAP,
5108 and MYL5108OO005 respectively.

Members are advised that the shares of ICAP are prescribed
securities. Dealings in ICAP shares should be carried out in
accordance with the Securities Industry (Central Depositories)
Act, 1991 and the Rules of Bursa Malaysia Depository Sdn Bhd.

CONTACT:

Capital Dynamics Sdn Bhd
Lot 3.01A, 3rd Floor
Plaza Warisan
Jalan Tun H.S Lee
50000 Kuala Lumpur
Telephone:(03) 2070 2104/05, 2070 1654/75
Fax:(03) 2070 2103
E- mail: cdsb@icapital.biz
Web site: http://www.icapital.biz


KEMAYAN CORPORATION: Unit Disposes Of Property
----------------------------------------------
Kemayan Corporation Bhd issued to Bursa Malaysia Securities
Berhad details of the proposed disposal of a charged land and
building by Alrosa Sdn Bhd, a subsidiary of Kemayan.

(1) Introduction

The Board of Directors of Kemayan Corporation Berhad (KCB)
informed the bourse that Alrosa Sdn Bhd (ASB), a subsidiary of
KCB had on October 12, 2005 entered into a Sale and Purchase
Agreement (SPA) with Hwa Sen Holdings Bhd (the Purchaser or HSH)
for a proposed disposal of a parcel of land described as Country
Lease No. 015091835 together with two partially completed steel
structured sheds one with three (3) bays and the other with one
(1) bay, situated at Jalan Tuaran, District of Kota Kinabalu,
Sabah (the Property) measuring approximately 14.43 acres for a
total purchase consideration of MYR6,600,000.00 (the Purchase
Price) (the Proposed Disposal).

(2) Details of the Proposed Disposal

(2.1) Information on the Property

The Property is described as Country Lease No. 015091835 having
an area of approximately 14.43 acres of which 0.909 acres have
been acquired by the State Government of Sabah for the Flood
Mitigation Scheme - Drainage Reserve at Sungei Inanam and
situated in the locality of Jalan Tuaran, District of Kota
Kinabalu, Sabah (the Country Lease Land). There are two
partially completed steel structured sheds one with three (3)
bays and the other with one (1) bay erected on the Country Lease
Land.

ASB acquired the Country Lease Land based on the Memorandum of
Transfer pursuant to the Schedule XIII, Section 104 of the Land
Ordinance Cap. State of Sabah, Malaysia dated July 21, 1997 with
an original cost of investment of MYR11,600,000.00. Subsequently
ASB incurred MYR920,650.00 for the two partially completed steel
structured. As at May 31, 2005, the Property's Net Book Value
stood at MYR11,233,650.00.

The Property is presently charged to Standard Chartered Bank
Malaysia Berhad (SCB or the Chargee) and had been included as
part of the Proposed Restructuring Scheme of KCB and its scheme
subsidiary companies.

(2.2) Information on the Purchaser

HSH was incorporated in Malaysia on December 31, 1974 as a
public limited company under the Companies Act, 1965. To date,
HSH has an authorized share capital of MYR50,000,000.00 divided
into 50,000,000 ordinary shares of MYR1.00 each and its issued
and paid-up share capital is MYR32,206,243.00 divided into
32,206,243 ordinary shares of MYR1.00 each.

HSH's principal activities are management, land development and
investment holding.

(3) Salient terms of the SPA

(3.1) Liabilities assumed by the Purchaser

The Property will be sold to the Purchaser free from all charges
and encumbrances and with possession but subject to any
restrictions in interest and conditions expressed or implied on
the issue document of title and upon term and conditions as
stipulated in the SPA.

(3.2) Basis of the Purchase Price

The Purchase Price of MYR6,600,000.00 was arrived at on a
willing-buyer willing-seller basis after taking into
consideration the valuation undertaken by Messrs. Henry Butcher
Lim & Long (Sabah) Sdn Bhd, being appointed independent valuer,
based on observed market prices of similar properties as
indicated by Messrs. Henry Butcher Lim & Long (Sabah) Sdn Bhd,
in its valuation report dated August 8, 2003.

(3.3) Terms of Payment

The Purchase Price shall be paid by the Purchaser in the
following manner:

(a) Initial Deposit of MYR132,000.00 which has been paid by the
Purchaser directly to the Chargee;

(b) Upon execution of the SPA, a sum of MYR528,000.00 shall be
paid to the Chargee as Stakeholder; and

(c) Within three (3) months from the fulfillment of the last of
the Conditions Precedent, the Purchaser shall pay to the Chargee
as Stakeholder the balance of MYR5,940,000.00 (the Balance
Purchase Price) less the retention sum, if any for real property
gain tax purposes.

In the event the Purchaser fails to pay the Balance Purchase
Price within the time stipulated in 3.3(c), ASB shall grant an
extension of thirty (30) days to the Purchaser PROVIDED ALWAYS
that the Purchaser shall pay ASB an interest at the rate of 1.5%
per annum above Malayan Banking Berhad's prevailing base lending
rate on the Balance Purchase Price calculated on a daily basis
from the expiry of an extension of thirty (30) days till the
date the Balance Purchase Price is fully paid to ASB.

(3.4) Real Property Gains Tax (RPGT)

ASB consents to the retention of the sum of MYR330,000.00 from
the Balance Purchase Price for payment of RPGT, if any.

(4) Rationale for the Proposed Disposal of Property

The Proposed Disposal of the charged said Property would allow
SCB to partially recover its debts from ASB in addition to the
new Ordinary shares of MYR1.00 each in Jawira Holdings Berhad
and the Irredeemable Convertible Unsecured Loan Stocks to be
issued to SCB under the proposed debt settlement, which formed
part of the Proposed Restructuring Scheme undertaken by KCB and
its scheme subsidiary companies.

(5) Effect of the Proposed Disposal of Property

(5.1) Issued and paid-up share capital and shareholding of
substantial shareholders

The Proposed Disposal will be settled via cash and thus it will
not have any effect on the issued and paid-up share capital and
shareholdings of the substantial shareholders of KCB. As per
Register Shareholders of the Company, there is no substantial
shareholder recorded.

(5.2) Earnings

KCB Group is expected to realize a capital loss of approximately
MYR4,633,650.00 (before deduction of any expenses to be incurred
to complete the transaction) from the Proposed Disposal of
Property for the financial year ending May 31, 2006.

(5.3) Net Tangible Assets (NTA)

The Proposed Disposal is not expected to have any material
effects on the proforma NTA of KCB Group for the financial year
ending May 31, 2006.

(6) Approvals Required

The Proposed Disposal is subject to the followings:

(i) The approvals of the directors and shareholders of the
Purchaser;

(ii) The approvals of the directors and shareholders of KCB, if
necessary;

(iii) The approvals of the directors and shareholders of ASB;

(iv) The approvals of the Securities Commission, if required;

(v) A Court order, if applicable, approving the sale and
purchase pursuant to Section 176 of the Companies Act, 1965;

(vi) Written undertaking from the Chargee that upon full payment
of the Purchaser Price, the Chargee will discharge any and all
its interests, claims and demand in the said Land and any other
claims and demands against ASB in relation to the difference in
the amount of the force sale value of the said Land of
MYR7,700,000.00 and the Purchase Price; and

(vii) Any other approval from relevant authorities (if
required).

The above approvals must be satisfied within six (6) months from
the date of SPA, with an automatic extension of another one (1)
month or such other extended period as may be mutually agreed in
writing, by the parties involved.

(7) Directors' and Major Shareholders Interests

None of the Directors and/or major shareholders of KCB or
persons connected to them have any interest in the Proposed
Disposal.

(8) Directors' Recommendation

The Board of Directors of KCB, having considered all aspects of
the Proposed Disposal believes that the Proposed Disposal is in
the best interest of the Company.

(9) Estimated Timeframe for Completion

The Proposed Disposal is expected to be completed by June 2006.

(10) Departure from the Securities Commission's Policies and
Guidelines on Issue/of Securities (SC Guidelines).

There is no departure from SC Guidelines in respect of the
Proposed Disposal.

(11) Documents Available for Inspection

The SPA and the valuation report by Messrs. Henry Butcher Lim &
Long (Sabah) Sdn Bhd are available for inspection at KCB's
office at 10th Floor, Menara Kemayan, 160, Jalan Ampang, 50450
Kuala Lumpur.

CONTACT:

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


NAM FATT: ICULS B Holders OKs Resolution Set Out in Notice
----------------------------------------------------------
On behalf of the Board of Directors of Nam Fatt Corporation
Berhad (Nam Fatt), Hwang-DBS Securities Berhad advised Bursa
Malaysia Securities Berhad that, at the adjourned ICULS B
holders' meeting of Nam Fatt, the ICULS B holders have approved
the special resolution as set out in the notice dated October 7,
2005.

This announcement is dated 17 October 2005.

CONTACT:

Nam Fatt Corporation Berhad
No. 40, Persiaran Sultan Ibrahim,
Klang Selangor 41300 Malaysia
Telephone: 03-33420767
Fax: 03-33427830


PACIFIC & ORIENT: Issues New Shares for Listing
-----------------------------------------------
Pacific & Orient Berhad advised that its additional 7,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Thursday, October 20, 2005.

CONTACT:

Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional 212,400 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR212,400 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 212,400 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, October 19, 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


PSC INDUSTRIES: Posts no Changes to Payment Default Status
----------------------------------------------------------
Pursuant to Practice Note 1/2001 in relation to the default in
payment of loans by PSC Industries Berhad and certain of its
subsidiaries, the board of Directors of the Company informed
Bursa Malaysia Securities Berhad that there is no change to the
status of the default in payments set out in the table below
since our last announcement on August 30, 2005.

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

CONTACT:

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


TELEKOM MALAYSIA: Unveils Officers Dealing in Securities
--------------------------------------------------------
Telekom Malaysia Berhad (TM) notified Bursa Securities, pursuant
to Paragraph 14.09 of the Listing Requirement, on the dealing of
its officer in the securities of the Company as set out below:

Officer    Date of   No. of shares   Percentage of the   Remarks
           Disposal  disposed        company's issued
                                     and paid up capital

Gazali
bin Haji
Harun     October 14,
            2005        5,000         Negligible        Sold in
                                                    open market.
CONTACT:

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


TRU-TECH HOLDINGS: Defaults on Monthly Sinking Fund Deposit
-----------------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) provided Bursa Malaysia
Securities Berhad with a monthly announcement under Practice
Note 1/2001 on the status of default of coupon payment on
MYR55,000,000 nominal amount of Redeemable Unsecured Loan Stock
(RULS) and default of monthly deposit of MYR1,500,000 into the
Sinking Fund Account (Default).

On behalf of Tru-Tech, Avenue Securities Sdn Bhd (Avenue)
advised that the Company will not be able to make the monthly
deposit of MYR1,500,000 due on October 17, 2005 into the sinking
fund account maintained for the purposes of redemption of the
RULS, due to Tru-Tech's current tight cash flow position
(Deposit Default).

In relation to the above and further to the announcement dated
October 15, 2004, Avenue, on behalf of the Company, disclosed
that MYR15,000,000 nominal amount of the RULS and the coupon of
MYR1,470,000 are due for redemption and payment, respectively on
October 18, 2005 pursuant to the Trust Deed dated October 18,
1996 as amended by the 2nd Supplemental Trust Deed dated
September 10, 2003. The Company will not be able to make the
said redemption and interest payments aggregating MYR16,470,000
due on October 18, 2005 due to Tru-Tech's current tight cashflow
position.

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 15, 2004.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at September 30, 2005 is set
out in Table 1 of the Appendix to this announcement.

This announcement is dated 17 October 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


WAH SEONG: Concludes Purchase of Kanssen Shares
-----------------------------------------------
Wah Seong Corporation Berhad (WSC) furnished Bursa Malaysia
Securities Berhad with the details of the Put and Call Option
arrangement between PPSC (HK) Limited (PPSCHK), PPSC Industrial
Holdings Sdn Bhd (PPSCIH) and Investright Limited (Investright)
for the option to acquire up to a maximum of 612,993 ordinary
shares of US$1.00 each (Kanssen Shares) representing
approximately 21.87 percent of the total issued and paid up
share capital of Kanssen (Yadong) Pipe Coating Services Limited
(Kanssen) at the option price of approximately HK$149.84
(equivalent to approximately MYR72.22) per Kanssen Share, which
shall be satisfied in cash.

(1) Introduction

Further to the announcements made by Hwang-DBS Securities Berhad
(Hwang-DBS) for and on behalf of the Company on April 12, 2005,
June 16, 2005 and August 16, 2005, the Board of Directors of WSC
informed the exchange that PPSCHK, a wholly owned subsidiary of
PPSCIH, which in turn is a 64.48 percent subsidiary of WSC, had
on October 17, 2005, pursuant to Investright's First Put Option
Notice to PPSCHK on August 12, 2005 in respect of the Put/Call
Option Deed dated June 16, 2005 (the Deed), completed its
purchase of 435,432 Kanssen Shares from Investright,
representing 15.53 percent equity interest in Kanssen for a
purchase consideration of HKD65,246,919.78 (equivalent to
MYR30,920,515.28 based on the exchange rate of HKD1.00 to
MYR0.4739 as at 14 October 2005, being a date prior to this
announcement) (First Put Option).

The Board also advised that further purchase of 177,561 Kanssen
Shares from Investright, representing 6.34 percent equity
interest in Kanssen pursuant to Investright's Second Put Option
Notice served to PPSCHK on October 17, 2005 in respect of the
Deed, for a purchase consideration of HKD26,606,469.77
(equivalent to MYR12,608,806.02 based on the exchange rate of
HKD1.00 to MYR0.4739 as at October 14, 2005, being a date prior
to this announcement) (Acquisition).

(2) Details of the Acquisition

The salient details of the Acquisition are as follows:

(i) The total purchase consideration of HKD26,606,469.77 shall
be fully settled by PPSCHK in cash from its internally generated
funds, shareholders' advances and/or bank borrowings and payable
on/by October 19, 2005; and

(ii) The Acquisition is expected to be fully settled and
completed by October 19, 2005.

Further information on Kanssen has been set out in the Circular
to Shareholders dated June 1, 2005.

(3) Effects

(3.1) Share Capital and Shareholdings of Substantial
Shareholders

The Acquisition will not have any effect on the share capital
and shareholdings of substantial shareholders of WSC as it will
be satisfied entirely in cash.

Upon the completion of the First Put Option and Acquisition, the
effective interest of WSC in Kanssen, through PPSCHK, will be
increased from 34.26 percent to 48.36 percent equity interest.

(3.2) Net tangible assets (NTA) and NTA per share

The effect of the Acquisition on the consolidated NTA of WSC for
the financial year ended December 31, 2004 is set out in Table
1.

Click to view a full copy of Table 1
http://bankrupt.com/misc/WahSeongBerhad101705.doc

(3.3) Earnings

The Acquisition is expected to further enhance Kanssen's
contribution towards the earnings of the WSC group.

This announcement is dated 17 October 2005.

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


WCT ENGINEERING: Files Notice of Discontinuance
-----------------------------------------------
Further to WCT Engineering Berhad's announcements in relation to
the legal suits filed by Maju Holdings Sdn. Bhd. (Maju) against
the wholly owned subsidiary, WCT Construction Sdn. Bhd. (WCTC),
the Board of Directors advised the following to Bursa Malaysia
Securities Berhad:

(1) Maju Holdings Sdn. Bhd. versus WCT Construction Sdn Bhd
Originating Summons (Kuala Lumpur High Court Suit No. S4-24-559-
2005).

(2) Maju Holdings Sdn. Bhd. versus WCT Construction Sdn Bhd
Writ of Summons (Kuala Lumpur High Court Suit No. S5-22-333-05)

The Notice of Discontinuance has been filed in respect of the
above suits without liberty to file afresh by Maju and with
costs to be taxed and paid by Maju to WCTC.

This announcement is dated 17 October 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

COLLEGE ASSURANCE: Clients File Petition to Junk Rehab
------------------------------------------------------
College Assurance Plans Inc. (CAP) planholders on Monday
requested a local court to dismiss the pre-need firm's
application for creditor-protection, The Manila Times reports.

Lawyer Maricel Lopez asked Branch 61 of the Makati Regional
Trial Court to exclude her clients, the planhoders, from the
court's stay order which prevented CAP from disposing of its
assets to pay its tuition obligations.

The planholder claimed CAP filed for rehabilitation only to
evade paying its obligations to then and to prevent the
Securities and Exchange Commission (SEC) from imposing its rules
against fraud.

In the 44-page petition, the planholders said the rehabilitation
will only prevent SEC from implementing its rules against the
massive fraud CAP has committed against the 780,603 plan
holders.

CAP counsel Gilbert Reyes, meanwhile, said the pre-need firm has
yet to receive a copy of the plan holders' petition, but would
respond formally to all the opposition filed against the
company's rehabilitation request in time for the hearing on
October 26.

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: Appoints New Officer
------------------------------------------
Lepanto Consolidated Mining Co. advised that at the regular
meeting of the Board of Directors held October 17, 2005, the
Board appointed the Vice President - Treasurer, Ms. Ma. Lourdes
B. Tuason as Compliance Officer - Good Governance, replacing Mr.
Virgilio G. Medina who has retired.

Lepanto Consolidated Mining Company (LC) was incorporated
primarily to be involved in exploration and mining of gold,
silver, copper, lead, zinc and all kinds of ores, metals,
minerals, oil, gas and coal and their related by-products. The
Company was incorporated in 1936 and until 1997 was operating an
enargite copper mine. It shifted to gold bullion production in
the same year through its Victoria Project. LC operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.
Lepanto sells its gold bullion production to Johnson Matthey of
London.

LC is one of the oldest mining companies in the Philippines. It
is one of the country's top producers of gold and its by-
products, copper and silver. The Company also has investments in
other areas through its subsidiaries such as: hauling business,
diamond drilling business, insurance business, manufacturing of
industrial diamond tools for mining exploration, marble cutting
and the construction industry.

The Company has just emerged from a long-standing dispute
between its management and the labor union, which has caused the
mining firm to incur substantial losses due to disrupted
operations. It is now working to revive its struggling
operations.

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: Masinloc Sale Hits Snag
---------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
is likely to have a hard time securing the approval of a major
multilateral agency for the consummation of the sale of National
Power Corporation's (Napocor) Masinloc power plant due to a
provision that will tie debt obligations until the year 2024.

BusinessWorld reported that the Japan Bank of International
Cooperation (JBIC) is imposing stringent measures for it to
release the 600-megawatt coal-fired Batangas power plant to YNN
Pacific consortium, the winning bidder.

A source at JBIC said that the government should be able to
guarantee that the bank will be first paid for loans extending
to the construction of the 600-megawatt Masinloc coal-fired
power facility.

JBIC proposed a uniform condition for all Napocor generation
assets from which it has outstanding loans until 2024. One of
the contentious issues pointed out by analysts are obligations
that would expire in, say, 2014 or earlier that have different
terms or conditions.

PSALM, the agency tasked to dispose of the generating assets,
has to present a counterproposal until December, the deadline
for acquiring the creditors' consent for the release of the
Masinloc plant. The government has 270 days from the bid award
and effectivity of the sale agreement to obtain the consent.

YNN won the bidding for the plant on Dec. 3, 2004, and was
formally awarded the sale contract in March 2005.

CONTACT:

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


NATIONAL POWER: To Cut Share of Oil-based Plants in Power Mix
-------------------------------------------------------------
State-owned National Power Corporation (Napocor) wants to cut
power generated from oil-based plants to 4.9 percent of total in
2006 or the equivalent of 2,980 gigawatthours (gwh), The
Philippine Star has learned.

The move is part of the government's measures to minimize the
utilization of oil-fired power plants to protect the consuming
public from the impact of the continued spike in crude oil
prices in the world market.

Last year, natural gas generated 22.1 percent (12,384 gwh) of
the overall generation mix.

The share of coal-fired power facilities, on the other hand,
will go down slightly in 2006 to 25.3 percent (15,307.80 gwh)
from 26 percent (15,307 gwh) in 2005 while the utilization of
geothermal plants in the generation mix will go up to 19.8
percent (11,972 gwh) from the projected 17.4 percent (10,237
gwh) this year.

Hydropower will also go down slightly next year to 13.4 percent
(8,142 gwh) from 13.7 percent (8,095 gwh) this year. Hydropower
accounted for 15.4 percent of total (8,592 gwh) in 2004.

For Napocor alone, it has set its most ambitious target for
reducing the utilization of oil-based plants on a per grid
basis.

In the Luzon grid, Napocor expects to bring down the share of
oil-based power plants to 1.23 percent from 10.26 percent in
2004.

The share of oil-based plants in the Visayas grid is also
expected to go down from 11.3 percent to 4.37 percent, year-on-
year.

The only exception to this over-all thrust would be the Mindanao
grid, where Napocor is expecting the share of oil-fired plants
to go up slightly.


PRIME ORION: Annual Stockholders Meeting Fixed November 14
----------------------------------------------------------
Notice is hereby given that the annual meeting of the
stockholders of Prime Orion Philippines Inc. will be held on
Monday, November 14, 2005 at 2:30 p.m. at the Penthouse, 21/F
BA-Lepanto Building, 8747 Paseo de Roxas, makati City.

The agenda for the meeting will be as follows:

1. Call to Order
2. Proof of Due Notice of the Meeting and Determination of
Quorum
3. Approval of Previous Minutes - Annual Stockholders' Meeting
of December 14, 2004
4. Annual Report for Fiscal Year 2004-2005
5. Amendment of By-laws to include provision on Independent
Director(s)
6. Grant of Authority to the Board of Directors to set Per Diems
and Directors' Fees pursuant to the Corporation's By-laws
7. Ratification of all Acts, Decisions and Proceedings of the
Board of Directors and Management since the last Annual Meeting
8. Election of Directors
9. Other Matters
10.Adjournment

For the purpose of the meeting, only stockholders of record at
the close of business on October 11, 2005 shall be entitled to
vote thereat.

Stockholders who cannot attend the meeting in person are
requested to accomplish the attached proxy and return the same
to the office of the Corporation not later than November 9,
2005. If the stockholder is a corporation, a Secretary's
Certificate quoting the board resolution authorizing the
corporate officer to execute the proxy should also be submitted.

Validation of the proxies will be held on November 9, 2005 at
2:00 p.m. at the office of the Corporation, 20/F LKG Tower, 6801
Ayala Avenue, Makati City.

CONTACT:

Prime Orion Philippines Inc.
20/F LKG Twr., 6801 Ayala Ave.,
Makati City , Philippines
Phone: 63 2 884 1106
Fax: 63 2 884 1409


UNIOIL RESOURCES: Resolves to Settle Obligations with SEC
---------------------------------------------------------
At the Special Meeting of the Board of Directors of Unioil
Resources & Holdings Company Inc. held on 14 October 2005 at
4:00 P.M., at the Green Room, Manila Golf and Country Club,
Inc., Makati City, at which meeting a quorum was present and
acting throughout, the following matters were resolved:

1. The company will look for sources of funds to settle the
obligations with The Securities and Exchange Commission (SEC).

2. The Board authorizes the Corporate Secretary and General
Manager to represent the company in a hearing scheduled on
October 27, 2005 at 2:00 PM at Corporate Finance Department, 6th
Floor SEC Building, EDSA, Mandaluyong City to explain why the
Commission should not proceed with the suspension of the
company's Registration of Securities Certificate of Permit to
Sell to the Public, in accordance with SRC Rule 13.1 for their
failure to settle the penalties assessed against it.

IMPACT OF THE REPORTED FACTS ON THE REGISTRANT'S CURRENT OR
FUTURE OPERATIONS, ITS FINANCIAL POSITION OR RESULTS OF
OPERATIONS

The matters taken up and approved at the aforementioned meeting
shall ensure timely and full compliance with the
reportorial/disclosure requirements of both the Securities and
Exchange Commission (SEC) and the Philippine Stock Exchange
(PSE).

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
=================

EVERGREAT CONSTRUCTION: Creditor Seeks Winding Up
-------------------------------------------------
Notice is hereby given that Presscrete Engineering Pte Limited,
a judgment creditor of Evergreat Construction Co Pte Limited,
presented a winding up petition against the Company to the
Singapore High Court on Oct. 11, 2005.

Thepetition is directed to be heard before the Court sitting at
the Singapore High Court on Nov. 4, 2005, 10:00 a.m.

Any Company creditor or contributory desiring 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 31 Changi South Avenue 2,
Singapore 486478.

The Petitioners' Solicitors are Messrs. Asia Law Corporation of
No. 490 Toa Payoh Lorong 6, HDB Hub #03-17, Singapore 310490.

Messrs Asia Law Corporation
Solicitors for the Petitioners

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or sent by post to Solicitors Messrs. Asia Law
Corporation, notice in writing of his intention so to do. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm and must be signed by the
person or firm, or his or their Solicitors (if any) and must be
served, or, if posted must be sent by post in sufficient time
reach the solicitors not later than 12:00 p.m. of Nov. 3, 2005
(one day before the scheduled hearing of the petition).

CONTACT:

Evergreat Construction Co Pte Limited
15 Scotts Road #08-08
Thong Teck Building
Singapore 228218


GREATER CHINA: Receiving Creditor Claims Until Oct. 28
------------------------------------------------------
Notice is hereby given that the creditors of Greater China
Travel Industry (Singapore) 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 Oct. 28, 2005.

This should be done by delivering or sending through the post to
the Liquidator 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 14th day of October 2005

Andrew Grimmett
Liquidator
c/o 8 Temasek Boulevard
#31-02 Suntec City Tower Three
Singapore 038988


HOCK INVESTMENTS: Schedules Final Meeting Next Month
----------------------------------------------------
Notice is hereby given that the final meeting of the members of
Hock Investments (Pte) Limited will be held on Nov. 14, 2005,
9:30 a.m. at 10 Jalan Besar, #10-03 Sim Lim Tower, Singapore
208787, for the purposes set out in sections 308 and 320 (3) of
the Companies Act, Cap. 50

Dated: Oct. 14, 2005

Akber Ali s/o Thajudeen
Liquidator
Phone: 65 6392 0021


LSL CONSTRUCTION: Pays Dividend to Creditors
--------------------------------------------
LSL Construction Pte Limited, formerly of 1 Maritime Square,
#10-31 World Trade Centre, Singapore 099253, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: LSL Construction Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 126 of 1998
Last day for receiving proofs: Oct. 28, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Oct. 14, 2005
Sunari Bin Kateni
Assistant Official Receiver


NEOCORP INTERNATIONAL: Seeks Judicial Management
------------------------------------------------
Notice is hereby given that Neocorp International Limited
presented a petition to place the Company under judicial
management to the Singapore High Court on Oct. 5, 2005.

The petition is directed to be heard before the Court on Oct.
28, 2005, 10:00 a.m., and Mr. Kon Yin Tong and Mr. Wong Kian
Kok of Messrs. Foo Kon Tan Grant Thornton have been nominated as
judicial managers of the Company.

Any person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of the judicial managers
under section 227B (3) (c) 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 Company creditor
or member of requiring it by the undersigned on payment of the
regulated charge.

The Petitioner's address is 31 Changi South Avenue 2, Singapore
486478.

The address for service of the Petitioner is care of PK Wong &
Associates LLC, 9 Temasek Boulevard, #26-03 Suntec City Tower
Two, Singapore 038989.

PK Wong & Associates LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to solicitors PK Wong & Associates
LLC, 9 Temasek Boulevard, #26-03 Suntec City Tower Two,
Singapore 038989, a written notice of his intention to do so.
The notice must state the name and address of the person, or, if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or, if posted must be sent by post in sufficient time
to reach the Petitioner's solicitors not later
than 12:00 p.m. of Oct. 27, 2005 (the day appointed for the
hearing of the Petition).


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

CENTRAL PAPER: Updates Debt Restructuring Plan
----------------------------------------------
Central Paper Industry Public Co. Ltd. provided the Stock
Exchange of Thailand (SET) with updates of its Debt
Restructuring Plan.

The company informed the SET that it has been paying interest
and principal amount to Thai Asset Management Corporation (TAMC)
at the minimum rate in accordance to the Proposed Restructuring
Plan to be approved.

It has also reduced the registered capital according to the
Restructuring Plan by reducing the par value from THB10.00 to
THB0.01 and the amount of common shares reduced from
THB600,054,000.00 to THB600,054.00.

The company is in the process of adjusting the par value from
THB0.01 to THB10.00 by reducing the amount of common shares from
60,005,400 shares to 60,005 shares.

Yours Sincerely,

Mr. Kriangkrai Suttiwerawat
Rehabilitative Plan Administrator of
Central Paper Industry Public Company Limited

CONTACT:

Central Paper Industry Public Company Limited
40 Moo 13 Sukhaphiban 6 Road,
Phra Pra Daeng Samut Prakarn
Telephone: 0-2383-0257-70
Fax: 0-2383-0208-9


PREMIER ENGINEERING: To Undergo Capital Increase Procedures
-----------------------------------------------------------
Premier Engineering and Technology Public Company Limited
informed the Stock Exchange of Thailand (SET) on the progress of
resolving the operation for the Rehabilitation and the Company's
business improvement in order to have clarity and strengthen the
financial status in accordance with the regulation of the SET
for the period up to September 30, 2005 as follows:

(1) The balance of debt as of September 30, 2005 is THB161.26
million, which term of repayment is within 10 calendar years.

The Company repaid the debt during the period of March 1, 2005
to September 30, 2005, as follows:

Repay the principle: THB3.77 Million

Payment of interest: THB1.90 Million

Total: THB5.67 Million

(2) The Company has improved the business structure in order to
gain the benefit from the operation by focusing on carrying out
IT business, which operation result has good performance, makes
profit and has growth potential.

The Company will sell the investment and assets not being used
in IT business to the person connected to the Company. The
Company is in the process of calling the Extraordinary General
Meeting of shareholders for approval of the company to enter
into said transaction of selling investment and assets.

In addition, the Company will sell the remaining capital
increased share of 15.54 million shares within end of 2005. The
Company expects that the value of shareholder's equity will be
positive once such remaining capital increased shares have been
entirely subscribed.

Please be informed accordingly. Your kind support is expected.

You're faithfully,
Mrs. Duangthip Earmrungroj
Director
Premier Engineering and Technology Public Company Limited

CONTACT:

Premier Engineering & Technology PCL
1/10 Moo 4, Bangchan Industrial Estate,
Khan Na Yao Bangkok
Telephone: 0-2517-1276-8, 0-2517-7520-8
Fax: 0-2518-1473


THAI DURABLE: SET Suspends Trading of Securities
------------------------------------------------
The Stock Exchange of Thailand (SET) has temporarily ordered the
halt of Thai Durable Group Pcl. (TDT) from the morning session
of October 17, 2005 pending receipt of significant information
on the allocation of the new ordinary shares; amounting 141.905
Million shares to the shareholders' group who might be connected
persons.

Besides, the offer price of THB0.88 which is below the market
price. The said information might be a connected transaction by
the SET's rules and regulation.

However, the SET has not yet been officially informed about
those information. Thus, the SET has posted an SP (Suspension)
sign to suspend trading of the Company's securities effective
from the afternoon session of October 17, 2005 onwards.

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821


THAI PETROCHEMICAL: Issues Progress Report of Reorganization
------------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. issued to the Stock
Exchange of Thailand (SET) a Progress Report of the Business
Reorganization Plan for the April 1, 2005 to September 30, 2005
period.

(A) Capital Restructuring

According to the Central Bankruptcy Court's approval of the
amendment of the Business Reorganization Plan of Thai
Petrochemical Industry Pcl. (TPI) and its 6 subsidiaries on
November 10, 2004. TPI has made the following progressive
performance concerning the capital restructuring:

(1) On March 31, 2005 TPI officially registered a decrease of
its capital from 8,100,000,000 shares of common stock to
7,848,911,211 shares and on April 1, 2005 it registered a
decrease in its par value of THB10 to THB1 per share.

Thus, the registered and the fully paid up capital was decreased
from THB78,489,112,110 to THB7,848,911,211.

(2) On April 4, 2005 TPI officially registered an increase in
its capital from 7,848,911,211 shares of common stock to
19,500,000,000 shares with par value of THB1 per share. The net
increase of 11,651,088,789 shares remained unissued. Thus, the
registered capital was THB19,500,000,000 where as the
fully paid up capital is THB7,848,911,211.

(3) On April 29, 2005 The Ministry of Finance (MOF), with the
sole right to procure strategic investors and allocate the
capital stock of TPI, made the following capital stock allotment
to the strategic investors:

PTT Pcl.                                         31.5%

Government Saving Bank                           10.0%

Government Pension Fund                          10.0%

Vayupak Fund-One or Other funds approved by MOF  10.0%

Existing Shareholders
(Except Shareholders of Existing Equity) 1       20.0%

Scheme Creditors                                  8.5%

The consortium of investors signed the TPI shares purchase
agreement with Plan Administrator on June 1, 2005 at the price
of the THB3.30 per share. The payment and the transfer of shares
will be made no later than November 4, 2005.

(4) On July 8, 2005 TPI officially registered an increase its
capital once again from 19,500,000,000 shares of common stock to
20,475,000,000 shares with par value of THB1 per share whereas
the 7,848,911,211 fully paid shares remained unchanged.

The new increase of 975,000,000 shares was for the Employee
Stock Option Program (ESOP). Thus, the registered capital is
THB20,475,000,000 where as the fully paid up capital is
THB7,848,911,211.

(B) The Operating Performance

(1) Production

Under the water shortage constraint, TPI has been able to
maintain it average crude run at 180,000 barrels per day. To
solve the long time water shortage problem that somehow hampered
the productivity of the oil refinery, TPI has managed to dig its
own additional reservoir of long term usage.

(2) Finance

(2.1) On June 29, 2005 The Plan Administrator had managed to
sell the 249,007,294 shares of TPI Polene Pcl. held by TPI and
the proceed from sale would be applied to repay the creditors in
accordance with the terms and conditions of the Plan.

The sale of such shares would be made through private placement
by E-auction on August 8, 2005. However, the company had to
cancel the sale because no bidder participated in the auction.

On September 22, 2005 the Plan Administrator had arranged the
second round of sale of TPI Polene Pcl. through a sealed bid.

There were two bidders that participated in the auction. Only
one bidder offered the highest price of THB17 per share which
would make the total receipt from sale below USD250 million.

According to the Business Rehabilitation Plan, the bid price
is subject to "Right of First Refusal from creditors".

Therefore, the Plan Administrator submitted the result to the
COC for consideration if they wish to exercise the Right of
First Refusal. COC will inform their decision on October 21,
2005.

(2.2) TPI has been granted a US$50 million additional credit
line from Krung Thai Bank Pcl. and is looking forward to receive
another US$30 million credit line from Standard Chartered Bank
(Thai) Pcl. in the near future.

While the price of crude oil keep on rising, the additional
credit line will enable TPI to maintain the regular crude oil
import to secure stability of production.

(C) Outstanding Litigation

Outstanding litigation under the current Plan Administrator
between April 1, 2005 and September 30, 2005 are as follows:

(1) Cases related to the habilitation of TPI and its
subsidiaries could be divided into:

(1.1) Seventeen cases related to the company rehabilitation plan
that filed after the court issued the order placing TPI and its
subsidiaries into the business rehabilitation process.

(1.2) Fourteen debt under claim cases which the creditors filed
their claims under the rehabilitation process.

(2) Eighty ordinary course of business cases, including
commercial contract default cases, trade agreement cases, cheque
cases and labor cases.

CONTACT:

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***