TCRAP_Public/051020.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

           Thursday, October 20, 2005, Vol. 8, No. 208

                            Headlines

A U S T R A L I A

ADRIATIC IMPORTS: Creditors OK Liquidator's Appointment
AIR NEW ZEALAND: Share Price Disappoints Boss
AIR NEW ZEALAND: Unveils Resolutions Passed at ASM
AIV MANAGEMENT: Members, Creditors to Receive Wind Up Report
BLUE RIBBON: Appoints Official Liquidator

CLOUGH LIMITED: JV Inks Services Contact with Woodside
CONTINENTAL AUSTRALIAN: Final Meeting Fixed October 27
D&P PAINTING: Court Orders Winding Up
EBT CONSULTING: Set to Declare Dividend Today
EG GREEN: Watchdog Monitors Elders' Bid

ELITE LIMOUSINES: Decides to Close Operations
ENTEK ENERGY: Sells Cooper Basin for AU$1.5 Mln
FARMERS' FINANCIAL: Members Pass Winding Up Resolution
GIPPSLAND INTERMODEL: Final Meeting Slated for October 27
GORDON MARKUS: Winds Up Business

INSIBIT PTY: Members Resolve to Wind Up Firm
JAMES HARDIE: Federal Government Tackles Ruse
JC FOODS: Declares First, Final Dividend
M CUNNINGHAM: Enters Liquidation
MICROS-FIDELIO: Members Convene to Discuss Winding Up

MOBILE TRANSACTION: Resolves to Undertake Voluntary Liquidation
MYER LIMITED: Parent Assures Review is Underway
MYER LIMITED: Stores Attract More Suitors
MULTIPLEX: Analyst Bullish on Wembley Stint
PENRITH FURNITURE: Members Agree to Close Business

SLORACH AUTOS: Intends to Pay Dividend to Creditors
SUMMIT CLEANING: Murray Godfrey Named Liquidator
TELSTRA CORPORATION: New Team Formed to Carry Out CEO's Plan
WERKHOVEN CONSTRUCTIONS: Inability to Pay Debts Prompts Wind Up
WOOLLEX TRADING: Court Issues Winding Up Order


C H I N A  &  H O N G  K O N G

CHINASORT LIMITED: Winding Up Hearing Initiated
GUANGDONG KELON: To Resume Full Operations
L&M FOUNDATION: Winding Up Hearing Set September 21
RED FIRE: Court Issues Winding Up Order
SEGOS ELECTRONICS: Prepares to Shut Down Business

WALL TREE: Winding Up Hearing Set November 23
WILHEMINA SHOES: Court to Hear Winding Up Petition November 9
WINDBOND ENGINEERING: Set to Wind Up Business


I N D I A

REFCO SIFY: Parent's Bankruptcy Not to Hurt Ops


I N D O N E S I A

BANK MANDIRI: Fitch Ratings Predicts Weak Outlook
PERTAMINA: Government Asks for Special Fuel Price for Fishermen
PERTAMINA: Domestic Fuel Consumption Goes Down


J A P A N

FUJITSU LIMITED: Revises 1H05, FY2005 Financial Results
MITSUBISH MOTORS: Likely to Build Plant in Russia
MITSUBISHI MOTORS: Sees US$552.7-Mln Net Loss
MITSUBISHI MOTORS: Malaysia Unveils Three New L200 Variants
SEIBU RAILWAY: Cerberus, Nikko to Invest JPY160 Bln in Group

SOFTBANK CORPORATION: Clarifies China Business Interest Report
VICTOR COMPANY: R&I Places BBB Rating on Monitor


K O R E A

SAMYANG FOODS: Teachers' Credit Union Vies for Stake
* Labor Unions of Six Companies Seek to Acquire Company Stock


M A L A Y S I A

ANCOM BERHAD: Purchases New Shares  
BELL & ORDER: Proposes to Change Name
BELL & ORDER: Auditors Tender Resignation
GADANG HOLDINGS: Director Enters into SPA with Mandy Corp.
HAP SENG: Buys Back 8,500 Ordinary Shares

HUME INDUSTRIES: Liquidator Concludes Dissolution of Unit
MAGNUM CORPORATION: Issues Shares Buy Back Notice
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
MENTIGA CORPORATION: Unit Enters 3rd SPA with Purchasers
METACORP BERHAD: Names New Chairman  

TANJONG PUBLIC: Incorporates New Subsidiary
TELEKOM MALAYSIA: Bourse to List, Quote New Shares
UNITED CHEMICAL: Receives Court Sanction


P H I L I P P I N E S

COLLEGE ASSURANCE: Director Hits SEC for 'Baseless' Suit
COLLEGE ASSURANCE: Watchdog Pushes for Liquidation
COLLEGE ASSURANCE: Clients File Petition to Junk Rehab
LEPANTO CONSOLIDATED: Appoints New Officer
MARIWASA MANUFACTURING: Special Stockholders Meeting Set Nov. 16

NATIONAL BANK: Leads in Dollar Remittances of OFWs
NATIONAL FOOD: To File Charges Against Rice Retailers
NATIONAL POWER: Solon Calls for Immediate Privatization
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

B.K.B. ENGINEERING: Schedules Creditors' Meeting on Oct. 26
BRIGHTON LAUNDRY: Receiving Claims Until Next Month
DIGILAND INTERNATIONAL: Appoints Chief Operating Officer
GES GLOBAL: Seeks Judicial Management Order
STATS CHIPPAC: Launches New Product

W7 PTE: Appoints Official Liquidators
YU THONG: Set to Pay Dividend to Creditors


T H A I L A N D

DAIDOMON GROUP: Submission of Rehab Plan Set for Next Month
NAKORNTHAI STRIP: Issues Rehab Plan Progress Report
PICNIC CORPORATION: SET Seeks Clarification of SSP Transaction
PRASIT PATANA: Releases Progress Report of Rehab Plan
THAI DURABLE: Clarifies Issuance of New Shares

     -  -  -  -  -  -  -  -

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

ADRIATIC IMPORTS: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Adriatic Imports & Security Management Pty Limited duly convened
and held on Sept. 20, 2005, members passed a Special Resolution
to voluntarily wind up the Company, and M. F. Cooper was
appointed Liquidator for such purpose.

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

Dated this 20th day of September 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


AIR NEW ZEALAND: Share Price Disappoints Boss
---------------------------------------------
Air New Zealand's chairman told shareholders at the airline's
annual general meeting that its share price performance was
disappointing, according to the Sydney Morning Herald.

John Palmer said the share price, which is trading around 30
percent below its tangible assets per share, is a reflection of
the overall health of airline industry.

The industry's poor health and the rise in fuel costs are
expected to reduce Air NZ's 2006 profit before unusuals and tax
to around NZ$100 million.

Mr. Palmer says Air NZ expects to report earnings before tax and
unusual items of around NZ$100 million (AU$92.7 million) in the
current financial year. In 2004/05, Air NZ posted a profit
before tax and unusual items of NZ$235 million, up eight percent
on the previous year.

While it was hopeful of recovering about NZ$200 million
(AU$185.39 million) through ticket surcharges, the airline was
sensitive to the fact that surcharges could negatively impact on
demand.

However, Mr. Palmer gave assurance Air NZ was still in a strong
financial position, given its lower debt levels and strong
liquidity.

Meanwhile, Air NZ has announced plans to outsource heavy
maintenance on its long haul aircraft and engines to a yet to be
named specialist, large scale maintenance centre in Asia or
Europe.

Under the proposal around 600 jobs could be lost, mostly in
Auckland.

The airline's engineering services operation currently employs a
total of 2,100 staff in Auckland and Christchurch.

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/


AIR NEW ZEALAND: Unveils Resolutions Passed at ASM
--------------------------------------------------
Air New Zealand Limited is pleased to advise that the following
resolutions were passed at its Annual Meeting of Shareholders
(ASM) held Wednesday, October 19, 2005 in Auckland.

Resolution 1: Re-election of Mr. Ken Douglas as a director

Resolution 2: Re-election of Mr. Roger France as a director

Resolution 3: Re-election of Mr. John Palmer as a director

The Board of Air New Zealand Limited has also determined in
accordance with NZSX Listing Rule 3.3.1A that the following
directors are independent directors:

- Mr. John Palmer
- Mr. Roger France
- Ms. Jane Freeman
- Mr. John McDonald
- Mr. Warren Larsen
- Mr. Ken Douglas
- Sir Ron Carter


AIV MANAGEMENT: Members, Creditors to Receive Wind Up Report
------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of AIV Management Services Pty Limited will be held on
Oct. 27, 2005, 10:00 a.m. at the office of
PricewaterhouseCoopers at Level 19, 2 Southbank Boulevard,
Southbank, Melbourne, for the following purposes:

AGENDA

To present the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
to give any explanation of the accounts.

Dated this 12th day of September 2005

David L. McEvoy
Liquidator
c/o PricewaterhouseCoopers
2 Southbank Boulevard, Southbank
Melbourne Vic 3006


BLUE RIBBON: Appoints Official Liquidator
-----------------------------------------
Notice is given that at a general meeting of the members of Blue
Ribbon Meats 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


CLOUGH LIMITED: JV Inks Services Contact with Woodside
------------------------------------------------------
Clough Limited and joint venture partner, AMEC plc, have signed
an Engineering Services Contract (ESC) with Woodside Energy
Limited of Australia.

In July 2005, Clough AMEC was provisionally selected by Woodside
and has now completed the final stage of the selection process
by formalizing the agreement. Under the agreement, Clough AMEC
will perform a three-year contract with an option for Woodside
to extend the project for a further five years. Work will
commence immediately with activity projected to increase to
approximately AU$25 million of revenue per annum by January
2006.

The ESC will encompass all of Woodside's Australian oil assets
including the Wanaea Cossack Lambert Hermes, Enfield, Legendre
and Laminaria-Corallina fields. Future growth opportunities
under this contract may flow from additional Woodside
facilities.

Simon High, CEO of Clough's Services Business Unit said, "We are
extremely pleased with the award of this contract, as it
dovetails with the overall Group strategic direction, which is
to generate 50% of our activity from engineering services and
alliance style contracts. This long-term contract for Woodside
is a significant step for the growing Services Business Unit."

"This is yet another opportunity for us to demonstrate our best-
in-class service provision, this time to Australia's leading oil
and gas company, Woodside Energy, " said Neil Bruce, Managing
Director of AMEC's Oil and Gas business.

"We look forward to delivering value and innovation across their
Australian assets, applying our global capability in a way that
meets their specific local needs."

The ESC involves supply of project management, engineering
services, operational maintenance & planning, process
modification and supply chain integration services to Woodside.

Clough AMEC is a 50/50 joint venture between Clough Limited and
AMEC plc of the U.K. Clough is one of the largest Australian-
based engineering and construction companies focusing on the oil
and gas sector. AMEC plc is an international project management
and services company that designs, delivers and supports
infrastructure assets for customers worldwide. Together, the
Clough AMEC Joint Venture forms a strong team with complementary
capabilities.

Clough is one of Australia's largest multi-disciplinary
engineering, construction and asset management groups. The
Company operates globally in industry sectors including onshore
and offshore oil and gas, petrochemicals, minerals,
infrastructure and property. Clough has significant capability
in project management, engineering services, construction,
installation, commissioning, operations and maintenance.

AMEC plc is an international project management and service
company that designs, delivers and supports infrastructure
assets for customers worldwide across the public and private
sectors. AMEC employs around 45,000 people in some 40 countries,
generating annual revenues of around 5 billion. AMEC shares are
traded on the London Stock Exchange where the company is listed
in the Support Services sector.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


CONTINENTAL AUSTRALIAN: Final Meeting Fixed October 27
------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Continental Australian Broadcasting Pty Limited will be held on
Oct. 27, 2005, 12:00 p.m. at the office of PKF Chartered
Accountants, Level 10, 1 Margaret Street, Sydney.

AGENDA:

To lay before the Meeting the Liquidator's Account showing the
manner of the winding up and the disposal of the property of the
Company, and to give any explanation thereof.

Proxies intended for use at the meeting should be lodged at the
Liquidator's office not later than 4:00 p.m. of Oct. 26, 2005,
the business day prior to the meeting.

Dated this 13th day of September 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


D&P PAINTING: Court Orders Winding Up
-------------------------------------
On Sept. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of D&P Painting Pty Limited, and
appointed Steven Nicols to be Company Liquidator.

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


EBT CONSULTING: Set to Declare Dividend Today
---------------------------------------------
EBT Consulting Pty Limited will declare a final dividend today,
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 20th day of September 2005

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


EG GREEN: Watchdog Monitors Elders' Bid
---------------------------------------
The Australian Competition and Consumer Commission (ACCC) is
checking on Elders' bid to take over West Australia's biggest
beef producer and exporter, EG Green and Sons, reports The Wets
Australian.

The ACCC is acting on concerns of producers and agriculture
consultants over the impact on markets if the livestock giant
Elders will win control of the ailing meat processor.

Several producers fear they would have to sell livestock to
Elders if they wanted them processed at EG Green's abattoirs.

Elders meat and livestock General Manager John McKillop
confirmed the company had been contacted by the ACCC and was co-
operating with investigations.

Elders is considered the frontrunner for EG Green and Sons,
having bought out the company's AU$20 million debt from National
Australia Bank. Other outstanding debts total about AU$25
million.

The livestock giant is believed to be partnering with South
Australian meat processor T. and R. Pastoral.

Other parties invited to lodge final bids are believed to
include Tasman Group Services, Australia's fourth biggest meat
producer, the Harmony Group, which includes producers and
creditors, and a syndicate involving the Green family.

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


ELITE LIMOUSINES: Decides to Close Operations
---------------------------------------------
Notice is hereby given that at a general meeting of members of
Elite Limousines Pty Limited held on Sept. 15, 2005, it was
resolved that the Company be wound up voluntarily, and that
Scott Cameron Turner, Chartered Accountant of Level 27, 363
George Street, Sydney, NSW 2000 be appointed Liquidator for such
purpose.

Dated this 19th day of September 2005

Scott C. Turner
Liquidator
363 George Street, Sydney NSW 2000


ENTEK ENERGY: Sells Cooper Basin for AU$1.5 Mln
-----------------------------------------------
Entek Energy has divested almost all of its Copper Basin
interests for AU$1.5 million, The Advertiser relates.

The embattled company has sold its 12.5 percent interest in six
Basin exploration licenses to Perth's Impress Ventures.

Under an agreement, which is still subject to approval by Entek
shareholders, Impress will pay Entek AU$1.5 million in cash,
allocate it 35 million shares and issue it with five million
options, exercisable into ordinary shares at 8 cents after two
years.

Entek, which lost AU3.39 million last year, was run until August
by Giuseppe Mercorella who stepped down after the Australian
Securities and Investments Commission began court proceedings
against him relating to allegedly illegal investment schemes.

The firm's lone remaining oil exploration asset is a 28.15
percent interest in the Queensland sector of the Cooper Basin,
Coolum-1.

CONTACT:

Entek Energy Limited
45 Ventnor Ave, West Perth,
AUSTRALIA, 6005  
Telephone: (08) 9429 8862  
Fax: (08) 9429 8800  


FARMERS' FINANCIAL: Members Pass Winding Up Resolution
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Farmers' Financial Services Pty Limited held on Sept. 14,
2005, members passed a Special Resolution that the Company be
wound up voluntarily, and Nick Orfanos was appointed Liquidator
for the winding up.

Dated this 15th day of September 2005

Nick Orfanos
Liquidator
Nicholas Orfanos
Level 1, 147 Frome Street
Adelaide SA 5000
Phone: 08 8224 0440
Fax:   08 8224 0470
E-mail: nick.orfanos@adelaide.on.net


GIPPSLAND INTERMODEL: Final Meeting Slated for October 27
---------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Gippsland Intermodel Freight Terminal Pty Limited
will be held on Oct. 27, 2005, 10:00 a.m. at the offices of
SimsPartners, Level 2, 446 Collins Street, Melbourne, Vic 3000.

AGENDA

(1) To detail the manner of the winding up and the disposal of
the property of the Company; and

(2) To review the Liquidators' final report to creditors;

(3) To hear any further explanations that may be given by the
Liquidator.

Dated this 15th day of September 2005

Ken Sellers
Liquidator
SimsPartners
Level 2, 446 Collins Street
Melbourne Vic 3000

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to the Melbourne Office of
SimsPartners before the commencement of the meeting. Proof of
debt and proxy forms are available from SimsPartners.


GORDON MARKUS: Winds Up Business
--------------------------------
Notice is hereby given that at a General Meeting of Members of
Gordon Markus Pty Limited held on Sept. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that
Peter Gordon of 20 Latimer Road, Bellevue Hill be appointed
Liquidator for such winding up.

Dated this 14th day of September 2005

Peter Gordon
Liquidator
20 Latimer Road, Bellevue Hill


INSIBIT PTY: Members Resolve to Wind Up Firm
--------------------------------------------
At a meeting of members of Insibit Pty Limited held on Sept. 15,
2005, it was unanimously resolved that the Company be wound up,
and Stephen Gower Baker was 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


JAMES HARDIE: Federal Government Tackles Ruse
---------------------------------------------
The Federal Government plans to introduce a 10-year jail term
for company restructures aimed at avoiding personal injury
compensation, Sydney Morning Herald reports.

The proposal was mapped out in response to the infamous James
Hardie Industries asbestos scandal.

Parliamentary Secretary to the Treasurer Chris Pearce said the
new offence would not only apply to directors and executives but
would also catch advisers under the definition "any person
knowingly involved in such contravention".

Mr. Pearce sent a letter to the Federal Government's external
corporate law adviser, the Companies and Markets Advisory
Committee, saying "where an intention to avoid payment to
personal injury claimants is shown, the provisions would provide
means to secure compensation not just from directors or other
companies in a group, but from any person who is party to the
transaction or arrangement".

Last year's special commission of inquiry into James Hardie
found there was little opportunity under current laws for
sufferers of asbestos diseases to pursue compensation after a
2001 corporate restructure left two former asbestos-producing
subsidiaries of the wealthy parent company close to insolvency.

In his September 2004 final report, David Jackson, QC, said
James Hardie's conduct had highlighted "significant deficiencies
in Australian corporate law".

James Hardie has since made a commitment to meet the estimated
AU$1.7 billion compensation shortfall regardless of legal
liability, but is yet to put a binding proposal to shareholders.

An Australian Securities and Investments Commission
investigation is also under way.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


JC FOODS: Declares First, Final Dividend
----------------------------------------
JC Foods Pty Limited will declare a first and final dividend
today, 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 5th day of September 2005

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


M CUNNINGHAM: Enters Liquidation
--------------------------------
Notice is hereby given that at a general meeting of members of M
Cunningham & Sons Pty Limited held on Sept. 16, 2005, it was
resolved that the Company be wound up voluntarily, and that
Kenneth Michael Whittingham of BDO Chartered Accountants &
Advisers, 2 Market Street, Sydney be appointed Liquidator.

Dated this 23rd day of September 2005

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


MICROS-FIDELIO: Members Convene to Discuss Winding Up
-----------------------------------------------------
Notice is given that the final meetings of the members of
Micros-Fidelio Australia (Wholesale) Pty Limited will be held on
Oct. 27, 2005, 10:00 a.m. at Level 15, 201 Sussex Street,
Sydney, NSW, 1171, to present the Liquidator's account on how
the winding up was conducted and the property of the Company
disposed of, and to give any explanations as required.

Dated this 15th day of September 2005

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


MOBILE TRANSACTION: Resolves to Undertake Voluntary Liquidation
---------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Mobile Transaction Services Pty Limited held on Sept. 14,
2005, it was resolved that the Company be wound up voluntarily,
and that David H. Scott, Chartered Accountant of Jones Condon
Chartered Accountants, 77 Station Street, Malvern Vic 3144 be
nominated to act as Liquidator for the winding up.

Dated this 14th day of September 2005

David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144


MYER LIMITED: Parent Assures Review is Underway
-----------------------------------------------
Retail giant Coles Myer Limited has not set a deadline to
complete the review of Myer Limited's department stores, but
gave assurance that the process is underway, the Sydney Morning
Herald reports.

"For the directors to make a fully informed decision we have
been consulting internally and externally and, although we have
no pre-determined timetable, the process is now well underway,"
Coles Myer Chairman Rick Allert said.

Coles Myer first said it would review the future of Myer and
divest its underperforming Megamart stores in August.

Myer's parent is considering what is the best shareholder
outcome for the department store chain: retention, de-merger or
trade sale.

Chief executive John Fletcher said the group's non-food group
namely Target, Kmart, Myer and Officeworks performed well in
2004/05, despite tightening retail conditions.

The group is also keen on further expanding both the Kmart and
Kmart Tyre and Auto Service centers this year, after opening 16
new Kmart Tyre and Auto Service centers last year.

CONTACT:

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


MYER LIMITED: Stores Attract More Suitors
-----------------------------------------
The number of parties interested to acquire the 105-year-old
Myer Limited department store chain has doubled, The Age has
learned. Up to 20 firms are now expected to sign formal
expressions of interest.

Since parent group Coles Myer's results last month, seven new
bidders are believed to have joined the battle.

The new potential buyers reportedly include one of South
Africa's leading fashion retailers, Truworths, which has more
than 250 outlets, along with private equity firms Castle Harlan
Australian Mezzanine Partners (Champs), the Carlyle Group,
JPMorgan Capital and US giant Kohlberg Kravis Roberts. A
spokeswoman for Champs said it was company policy not to
speculate on deals. Last night, the other interested parties
were either unavailable for comment or could not be contacted.

However, industry sources doubt if all of these 20 potential
buyers are realistic bidders.

Last week, Coles Myer adviser Carnegie Wylie wrote to all
potential buyers asking them to outline how they would finance
the deal and to provide relevant retail experience in a formal
expression of interest. The deadline for responses is next week.


MULTIPLEX: Analyst Bullish on Wembley Stint
-------------------------------------------
Multiplex Holdings has been meeting analysts in London to
discuss progress at Wembley Stadium, according to the Sydney
Morning Herald.

Merril Lynch's property arm told clients last week, saying the
analysts had met Multiplex management in London recently and had
provided the broker with confidence that the Wembley project was
on track for handover by March 2006.

The broker's analysts felt that if the development division
could "fire on all cylinders", valuation of Multiplex securities
could rise to AU$3.93, up from the recent average valuation of
AU$3.30.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


PENRITH FURNITURE: Members Agree to Close Business
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Penrith Furniture Plus Pty Limited held on Sept.
15, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
it was resolved that Geoffrey Trent Hancock of Horwath Sydney
Partnership, Level 10, 1 Market Street, Sydney NSW 2000 be
appointed Liquidator for such purpose.

Dated this 16th day of September 2005

Geoffrey T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000


SLORACH AUTOS: Intends to Pay Dividend to Creditors
---------------------------------------------------
Slorach Autos Pty Limited will declare a dividend 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 15th day of September 2005

G. P. Meredith
Official Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


SUMMIT CLEANING: Murray Godfrey Named Liquidator
------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Summit Cleaning Services 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 of the Company.

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: New Team Formed to Carry Out CEO's Plan
------------------------------------------------------------
More appointments were made to Telstra Corporation's division
tasked to implement the strategic blueprint that Chief Executive
Sol Trujillo plans to unveil next month, according to the Sydney
Morning Herald.

Telstra's new chief operating officer, Greg Winn, said a former
Accenture partner, Dan Burns, would head the network and
technology division and report to him, as would a number of
other new staff members.

Mr. Winn's group is expected to revamp the telco's core
operations - from its networks to its marketing, billing and
other operational systems - to streamline the company and make
it more customer-focused.

Mr. Winn said that the senior team will now focus on the next
steps in the reorganization process, namely identifying the
roles, functions and skills required at every level for the new
and integrated business areas.  He added the telco is removing
duplication and eliminating bureaucratic behaviors such as
"checkers checking the checkers" while removing complexities
that hinder our business unnecessarily.

These changes prompted analyst estimated that the telco could
offload as many as 9000 employees, mostly from technical
operations, to streamline its operations.

Earlier this month, Credit Suisse First Boston estimated Telstra
could comfortably reduce its labor costs alone by AU$1 billion -
slashing 8000 jobs from its workforce of 46,000 - by following
the lead of its overseas peers and investing in a next-
generation network (NGN).

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/


WERKHOVEN CONSTRUCTIONS: Inability to Pay Debts Prompts Wind Up
---------------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Werkhoven Constructions Pty Limited held on Sept. 16, 2005,
the following Special Resolution was passed:

That as it will not be able to pay its debts within 12 Months,
the Company be wound up by a Creditors' Voluntary Winding Up.

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

Dated this 21st day of September 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


WOOLLEX TRADING: Court Issues Winding Up Order
----------------------------------------------
On Sept. 23, 2005, the Federal Court of Australia, New South
Wales District Registry ordered that Woollex Trading Pty Limited
be wound up, and appointed Stephen James Parbery to be
Liquidator for such purpose.

Dated this 26th day of September 2005

Stephen J. Parbery
Liquidator
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


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

CHINASORT LIMITED: Winding Up Hearing Initiated
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chinasort Limited by the High Court of Hong Kong Special
Administrative Region was on August 25, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

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

W. I. CHEUNG & CO
Solicitors for the Petitioner
Rooms 2505-10, Wing On House
71 Des Voeux Road Central
Central, Hong Kong
Phone: 2845 1122   
Fax: 2810 4923

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


GUANGDONG KELON: To Resume Full Operations
------------------------------------------
Guangdong Kelon Electrical Holdings Company has recommenced full
production and secured RMB3.6 billion worth of orders, Kyodo
News reports, citing the company's newly appointed President
Tang Yeguo.

The appliance maker aims to sell 4.5 million units of
refrigerators and 3 million units of air-conditioners in 2006,
the highest sales figures for the company ever.

Earlier this year, police began investigating its Chairman, Gu
Chujun, and four other executives over alleged "economic
crimes."

Hong Kong media said he was suspected of embezzlement. The
company later sacked Mr. Gu.

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


L&M FOUNDATION: Winding Up Hearing Set September 21
---------------------------------------------------
Notice is hereby given that a Petition for the winding up of L&M
Foundation Specialist Limited by the High Court of Hong Kong
Special Administrative Region was on August 3, 2005 presented to
the said Court by Kin Wah J F Construction & Engineering Company
Limited whose registered office is situate at Flat E, 1/F., Hing
Lee Commercial Building, 12-14 Shanghai Street, Yau Ma Tei,
Kowloon, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on September 21, 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.

C. L. CHOW & MACKSION CHAN
Solicitors for the Petitioner
Rooms 501-3, 5th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong
Phone: 2877 3318   
Fax: 2877 2620

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


RED FIRE: Court Issues Winding Up Order
---------------------------------------
Red Fire Dot International Gourmet Limited whose place of
business is situated at G/F, Nos. 60-62, Yee Wo Street, Causeway
Bay, 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 5, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


SEGOS ELECTRONICS: Prepares to Shut Down Business
-------------------------------------------------
Segos Electronics (Hong Kong) Limited whose place of business is
located at Unit C, 8/F, Wah Wai Industrial Building, 1 Wo Heung
Street, Fo Tan, Shatin, New Territories was issued a winding up
order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on October 5,
2005.

Date of Presentation of Petition: August 4, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


WALL TREE: Winding Up Hearing Set November 23
---------------------------------------------
Notice is hereby given notice that a Petition for the Winding up
of Wall Tree Development Limited by the High Court of Hong Kong
Special Administrative Region was on September 29, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.  

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

GALLANT Y. T. HO & CO
Solicitors for the Petitioner
5th Floor, Jardine House
No. 1 Connaught Place
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 22, 2005.


WILHEMINA SHOES: Court to Hear Winding Up Petition November 9
-------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wilhemina Shoes Factory (China) Limited by the High Court of
Hong Kong Special Administrative Region was on September 9, 2005
presented to the said Court by Standard Leather International
Limited whose registered office is situate at Room 602, 6/F.,
Vogue Centre, 696 Castle Peak Road, Kowloon, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 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.

LU, LAI & LI
Solicitors for the Petitioner
20th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong
Phone: 2810 8082   
Fax: 2845 9103

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


WINDBOND ENGINEERING: Set to Wind Up Business
---------------------------------------------
Windbond Engineering Limited whose place of business is located
at Suite D. 29/F, Admiralty Tower 1, Queensway 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 5, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


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

REFCO SIFY: Parent's Bankruptcy Not to Hurt Ops
-----------------------------------------------
The Indian unit of U.S.-based Refco Inc., Refco Sify Securities
India Pvt Ltd, said the collapse of its parent won't have an
immediate effect on its domestic operations, The Indian Express
reports. Refco Inc. recently filed for bankruptcy and decided to
sell its futures units.

Refco Sify Managing Director Vineet Bhatnagar gave assured that
any regulated units within the Refco Group will continue to
operate as usual.

Meanwhile, Refco Inc has said it had filed for bankruptcy
protection, a week after it put its chief executive on leave
amid accounting problems.

At the same time, an investor group led by J. Christopher
Flowers, a former Goldman Sachs partner who runs a private
equity fund, signed an initial agreement to buy the firm's
futures brokerage business, including Refco Llc, Refco Overseas
and Refco Singapore for US$768 million. The deal gives Refco the
option to retain up to 20 per cent of the equity value of the
entities being sold.

Meanwhile, Refco Sify stressed its business was "segregated"
from the parent's U.S. operations, and the Indian unit's board
has declared that "no funds will be remitted" to any of its
overseas units.


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

BANK MANDIRI: Fitch Ratings Predicts Weak Outlook
-------------------------------------------------
Fitch Ratings said ON Oct. 19, 2005 that Indonesian banks saw
continued strong profitability during the first half of 2005,
with balance sheet strength generally remaining good, except
in the case of state-owned PT Bank Mandiri Tbk.

Bank Mandiri saw a sharp increase in its nonperforming loans
(NPLs) on the back of more stringent classification criteria
laid down for all banks by the regulator.

In a just-published report titled "Indonesian Banks; Ownership
Developments, 1H05 Results and Outlook", the agency comments on
the bank's financial results for the first half of financial
year 2005, and discusses the sector's outlook. Fitch says the
outlook for the bank has become much more clouded following the
weakening of the rupiah in August/September, and the consequent
need for a hike in interest rates (with further rises likely),
and the dampening effects this will have on economic growth
going forward.

CONTACT:

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


PERTAMINA: Government Asks for Special Fuel Price for Fishermen
---------------------------------------------------------------
Indonesia's Marine & Fishery Ministry asked state-owned oil and
gas firm PT Pertamina to set a special fuel price for fishermen,
siche the recent price increase has forced several fishermen to
suspend operations, reports Antara News.

The Ministry is seeking a 25-kiloliter fuel distribution quota
with a special price for each fishing boat, according to the
Ministry's Data & Information Center Head Aji Sularso.

The current regulation on fuel prices for fishing vessels has
set a price of IDR4,300 per liter for vessels not more than 30
gross-tons, and IDR6,000 per liter for vessels over 30 gross-
tons. Last August, the government set a subsidized fuel price
for fishing vessels over 30 gross-tons that use less than 25
kiloliters of diesel oil, but the subsidy was scrapped when the
Oct. 1 price hike took effect.

Pertamina fuel division chief Achmad Faisal said that the
Ministry of Energy & Mineral Resources oil/gas director and the
Marine & Fishery minister are slated to meet so as to decide
whether a special fuel price can be set, as the Company cannot
decide whether to increase/lower prices, being under government
control.

CONTACT:

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


PERTAMINA: Domestic Fuel Consumption Goes Down
----------------------------------------------
State oil and gas firm PT Pertamina said that the local
consumption of oil-based fuels such as premium gasoline has
decreased since the 126% price hike set by the government, the
Jakarta Post reports.

Daily consumption levels for premiun gasoline averaged 53,000
kiloliters before the price hike; but since Oct. 1, they have
gone down to 33,700 kiloliters. The total offtake as of Oct. 17,
2005 for diesel, kerosene and premium gasoline amounted to
140,000 kiloliters, a far cry from the pre-price hike's 190,000-
kiloliter level.

Due to the decrease in demand, the Company has rescheduled some
of its imported premium gasoline shipments for October to next
month, as they want to maintain a safe level of national fuel
reserves. As of Oct. 18, 2005, fuel stocks stood at a normal
22.4-day level.


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

FUJITSU LIMITED: Revises 1H05, FY2005 Financial Results
-------------------------------------------------------
Fujitsu Limited on Tuesday announced that it has revised its
forecast consolidated and unconsolidated financial results for
the first half and full year of fiscal 2005 (the periods from
April 1 to September 30, 2005 and from April 1, 2005 to March
31, 2006, respectively) from its previous forecasts announced on
July 27, 2005. Details are as follows.

1. Revised FY 2005 Consolidated Financial Results Forecasts

                                           
(1) First Half FY 2005 (April 1, 2005 to September 30, 2005)
                                  (Billion yen)

         Net Sales  Operating Income  Net Income
                              (Loss)  (Loss)  

Previous Forecast (A)  
          2,200.0         30.0          (15.0)  

Revised Forecast (B)  
          2,192.0         47.0            7.0  

Increase or Decrease (B-A)  
            - 8.0         17.0           22.0  

Percentage of Increase or Decrease  
            - 0.4%        56.7%        146.7%  

FY 2004 First-Half Results
            2,220.0       33.2          (8.1)  
(For half year ended September 30, 2004)  
     

2) Full Year FY 2005 (April 1, 2005 to March 31, 2006)
                                        (Billion yen)
Net Sales  Operating Income Net Income
                      (Loss)   (Loss)  
Previous Forecast (A)
   4,850.0      175.0           50.0  

Revised Forecast (B)  
    4,800.0      175.0         50.0

Increase or Decrease (B-A)  
    - 50.0       --             --  

Percentage of Increase or Decrease  
       --        --              --  

FY 2004 Full-Year Results
     4,762.7     160.1          31.9  
(For full year ended March 31, 2005)  

3) Explanation of Revisions to Financial Results Forecasts
First Half

The changes reflect improved profitability in such areas as
solutions/systems integration, infrastructure services, and
electronic components, as well as the impact of higher demand
for mobile phone base station systems and optical transmission
systems, and progress in cost reductions and greater efficiency
in expenses.

Full Year

In light of the company's traditional business structure-in
which sales and profits tend to be concentrated in the fourth
quarter-and with the domestic IT market still on the slow road
to recovery, operating income for the full-year period is
expected to remain in line with the previous forecast. In spite
of an expected increase of 10.0 billion yen in other income
(expenses) resulting from a reduction in amortization of
unrecognized obligation for retirement benefits owing to changes
in the pension system, due to fluctuations in corporate income
tax and other factors, the full-year net income forecast has
been left unchanged.

2. Revised FY 2005 Unconsolidated Financial Results Forecast

(1) First Half FY 2005 (April 1, 2005 to September 30, 2005)
                                             (Billion yen)
        Net Sales  Operating Income Net Income
                           (Loss)  (Loss)  

Previous Forecast (A)  
           1,265.0      (20.0)        15.0  

Revised Forecast (B)  
           1,308.0      (13.0)        15.0

Increase or Decrease (B-A)  
              43.0        7.0         --  

Percentage of Increase or Decrease  
               3.4%      35.0%        --  

FY 2004 First-Half Results
            1,295.7     (23.6)      (12.1)  
(For half year ended September 30, 2004)  

(2) Full Year FY 2005 (April 1, 2005 to March 31, 2006)
                                       (Billion yen)
Net Sales  Operating Income Net Income
                        (Loss)  (Loss)   

Previous Forecast (A)  
     2,830.0      45.0         30.0

Revised Forecast (B)  
     2,830.0      45.0         30.0

Increase or Decrease (B-A)  
         --       --            --  

Percentage of Increase or Decrease  
         --       --            --  

FY 2004 Full-Year Results
        2,846.2    30.6       (39.8)  
(For full year ended March 31, 2005)  

3) Explanation of Revisions to Financial Results Forecasts
First Half

Net sales are expected to exceed the previous projection due to
organizational realignment within the Group. In regard to
profits, as with the consolidated first-half earnings forecast,
higher demand and improved profitability for certain products
and services, together with greater efficiency with respect to
expenses are expected to lead to better than previously forecast
operating income and, because of factors including higher
dividends from subsidiary companies, other income (expenses) is
expected to improve by 14.0 billion yen. However, as a result of
a 17.0 billion yen loss on investments in affiliated companies,
net income is expected to remain in line with the previous
forecast.

Full Year

For similar reasons mentioned above with respect to the full-
year consolidated earnings forecast, full-year unconsolidated
operating income is expected to remain in line with the previous
forecast. Likewise, despite an increase of 25.0 billion yen in
other income (expenses) relating to the impact of pension system
revisions and the increase in dividends from subsidiary
companies, because of such factors as a loss on investments in
affiliated companies, full-year net income is expected to be in
line with the previous forecast.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of 4.7 trillion yen
(US$44.5 billion) for the fiscal year ended March 31, 2005.
For more information, please see: www.fujitsu.com

CONTACT:'

FUJITSU LIMITED
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan
105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783


MITSUBISH MOTORS: Likely to Build Plant in Russia
-------------------------------------------------
Mitsubishi Motors Corporation plans to manufacture vehicles
locally in Russia, including building a plant in the country
where it has been enjoying increasing sales, Kyodo News reports,
citing Company President Osamu Masuko.

The carmaker expects a surge in its Russian sales for fiscal
2005 to some 55,000 units, up from 37,000 units it sold in
fiscal 2004.

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


MITSUBISHI MOTORS: Sees US$552.7-Mln Net Loss
---------------------------------------------
Mitsubishi Motors Corporation (MMC) expects a net loss of JPY64
billion (US$552.7 million) and an operating loss of JPY14
billion for the current financial year through March 2006,
according to Reuters.

MMC Chief Executive Osamu Masuko said sales in North America
have been stalling since the end of September and looked set to
stay weak this month.

But he said sales were robust in Europe, Southeast Asia, the
Middle East and Latin America.

Mr. Masuko acknowledged that raw material prices had raised more
than initially expected, but added that Mitsubishi Motors was
working on a three-year cost-cutting programme that seeks to
reduce the number of components in a car.

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


MITSUBISHI MOTORS: Malaysia Unveils Three New L200 Variants
-----------------------------------------------------------
Mitsubishi Motors Malaysia Sdn Bhd, the exclusive distributor of
Mitsubishi Motors passenger vehicles in Malaysia, has unveiled
three new L200 variants, The Star Online reports.

The new models were the 4x4 2.8-litre automatic with turbo
intercooler, the 4x2 manual single cab and the 4x2 manual double
cab.

The price of Mitsubishi L200 will range from RM56,500 for the
4x2 single cab to RM93,800 for the 4x4 automatic.

The new models were available at its 24 authorized dealers
nationwide, which are operated by EON Auto Mart Sdn Bhd.

Mitsubishi Motors is a joint venture between Mitsubishi
Corporation and Edaran Otomobil Nasional Bhd.


SEIBU RAILWAY: Cerberus, Nikko to Invest JPY160 Bln in Group
------------------------------------------------------------
Cerberus Capital Management LP and Nikko Principal Investments
Japan Ltd. will invest JPY160 billion (US$1.4 billion) in the
Seibu Railway group, Bloomberg News reports.

Cerberus and Nikko will take stakes in Seibu businesses
including Seibu Railway Co. and its parent Kokudo Corporation
but did not disclose how much each would invest or what size
stakes they will hold.

Cerberus will be the biggest single investor, with Nikko
Principal taking a stake, Goto said, adding that Seibu is asking
30 business partners to also invest.

Seibu has appointed JPMorgan Chase & Co.'s brokerage unit to
advise on selling some of its 82 hotels, 39 golf courses and 38
ski resorts as it seeks to pay off about $12 billion of debt.

CONTACT:

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


SOFTBANK CORPORATION: Clarifies China Business Interest Report
--------------------------------------------------------------
Softbank Corporation announced a partial revision of the press
release on August 11,2005, 'Announcement of Strategic
Partnership for Internet Business in China', in which the
company stated it has reached a basic agreement to form a
strategic partnership with Alibaba.com Corporation (affiliated
of the company, head office: Hong Kong, China, representative
Jack Ma, 'Alibaba') and Yahoo! Inc. (head office: California,
U.S.A., representative: Jerry Yang, 'Yahoo') for the promotion
of Internet businesses in the Chinese market.

This revision addresses the change in the timing for selling off
its shares held in Tao Bao Holding Limited (consolidated
subsidiary of the company, head office: Hong Kong, China;
representative: Jack Ma, 'Tao Bao') reorganization caused by the
alliance. The company revises part of '2. Effects on
consolidated financial results' in the August 11 press release
to read as follows.

1. Change

Original Statement: In the 2nd quarter for the fiscal year
ending March 31, 2006, the company will sell off a part of its
shares held in Tao Bao for US$360 million...

Revised Statement: In the 3rd quarter for the fiscal year ending
March 31, 2006, the company will sell off a part of its shares
held in Tao Bao for US$360 million...

* The changed part is underlined.

2. Details of Change

There is no change in the company's plan to form a strategic
partnership with Alibaba and Yahoo to promote Internet business
in the Chinese market, but the company has decided to change the
timing for selling off a part of its shares held in Tao Bao from
the second quarter of fiscal 2005 to the third quarter for the
fiscal year ending March 31, 2006 for clerical reasons. This has
prompted the company to revise part of its August 11 press
release. In line with the change in the timing for selling off
the shares, the company expects to delay the timing for booking
a special income from sale of investment securities until the
third quarter for the fiscal year ending March 31, 2006 or
later. The company will disclose information on the amount of
income from the sale when it is finalized.

CONTACT:

Softbank Corporation
1-9-1 Higashi Shinbashi, Minato-ku
Tokyo 105-7303, Japan  
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431


VICTOR COMPANY: R&I Places BBB Rating on Monitor
------------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
BBB rating of Victor Company of Japan Ltd. on the rating monitor
with a view to downgrading.

On October 14, the company announced a downward revision on its
consolidated business forecasts for the year ending in March
2006. The net loss is estimated to drop to JPY11.5 billion from
its previous estimation of JPY7 billion as a result of the
introduction of early retirement scheme for 700 workers as well
as poor sales of DVD recorders and display products. For the
past 10 years, Victor has been repeating a restructuring that
only last for a short while and falling into deficit.

Although it may be possible to improve its profitability
temporarily through reduction of personnel and reorganization of
plants, however, such efforts in restructurings and reduction in
inventories will not lead to a sustainable growth in earnings
capacity. Sales prices of audios and videos are falling
dramatically, and R&I considers that products that does not have
the prime position in their markets in general will see a
significant decline in profits.

In consideration to such factors, R&I has placed the rating of
Victor on the Rating Monitor with a view to downgrading. R&I
will announce a new rating after making a thorough research on
the sales of new products such as hard disk camcoder,
improvement in profitability of DVD recorders and displays and
the effect of the structural reform.

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


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

SAMYANG FOODS: Teachers' Credit Union Vies for Stake
----------------------------------------------------
A local teachers' credit union is set to sign a deal with
Samyang Foods Co. to acquire a stake in the instant noodle
producer, Asia Pulse reports, citing Yonhap News.

The union will acquire Shinhan Bank's 16.04 percent stake in
Samyang as well as Shinhan Capital Co.'s 11.62 percent holding.  
The purchase will be completed by the end of next week.  
However, the price for the stake was not disclosed.

Shinhan acquired the stake in June 2003 through a debt-for-
equity swap. Shinhan units owned KRW21.3 billion worth of
Samyang debts, repayment of which was completed during
composition proceedings, it said.

Samyang has been posting a sharp improvement in its sales after
ending seven-year composition proceedings in March. It targets
revenue of KRW330 billion (US$314 million) this year, up from
KRW275 billion in 2004.

Samyang was placed under a creditor-initiated restructuring
program due to mounting debts in September 1998.


* Labor Unions of Six Companies Seek to Acquire Company Stock
-------------------------------------------------------------
The labor unions of six firms that became insolvent as an effect
of the Asian financial crisis have joined forces to acquire
company shares through an employee stock ownership association.

The six companies are Hyundai Engineering and Construction,
Ssangyong Engineering and Construction, Daewoo Engineering and
Construction, Daewoo Shipbuilding and Marine Engineering, The
Korea Express, and LG Card.

The companies affected by the said crisis show improvement in
their performance with the aid of the government through
financial assistance.   Most of them are now up for sale.

The unions reportedly want to acquire the stock because of
concerns that employment will become unstable due to post sale
restructuring.

The move which is the first taken by the labor unions
collectively hampered the sale of the said companies. Although
labor unions from Daewoo Shipbuilding and Marine Engineering has
revealed its intentions to repurchase stocks on a company basis.

On October 18 there was a confirmation to the meetings held by
the six labor unions once a week from early last month at the
office of Bridge Securities at Jung-gu, Seoul to discuss the
plan.

Labor groups from Hynix Semiconductor, Korea Exchange Bank and
KEB Credit Card are also considering the idea.

Chairman Jung Chang-doo of Daewoo Engineering and Construction's
labor union stated, "Meetings are being held to pursue our goal
of securing the association's participation in the stock
acquisition. To the government and creditors, we will jointly
demand a clear statement that a consortium must be formed with
the association as a condition for selling shares and that
speculative capital be excluded with thorough investigation
regarding the origin of the acquisition fund."

The labor unions will announce the facts at a press conference
on October 27.  

Chairman Hwang Won-sup of LG Card's union insisted, "ESOP is to
boost the employees' loyalty to the company and prevent a
hostile M&A. It is not to acquire management rights or intervene
in management decisions."

The unions' action is expected to spark much controversy as it
is in direct conflict with the government and creditors'
approach as they seek to sell the companies together after
adding a premium for management rights.

A Korea Asset Management Corporation official is concerned that
if the companies are not sold as a lump with a management right
premium, it could be difficult to recover the public fund or the
amount recovered could significantly decrease.


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

ANCOM BERHAD: Purchases New Shares  
----------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
   
Date of buy back: October 18, 2005

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

Total number of shares purchased (units): 122,600

Minimum price paid for each share purchased (MYR): 0.675

Maximum price paid for each share purchased (MYR): 0.690

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 122,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 15,334,000

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

CONTACT:

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


BELL & ORDER: Proposes to Change Name
-------------------------------------
The Board of Directors of Bell & Order Berhad (B&O) informed
Bursa Malaysia Securities Berhad (Bursa Securities) that the
Company is proposing to change its name from Bell & Order Berhad
to Scomi Engineering Bhd.

The rationale for the proposed change of name is to reflect the
new corporate identity of the Company.

The proposed change of name is subject to:

(a) The approval from Companies Commission of Malaysia (CCM) for
the use of the proposed name;

(b) The passing of the Ordinary and Special Resolutions at the
forthcoming Extraordinary General Meeting in relation to the
Proposals and the Composite Scheme of Arrangement between B&O
and its creditors as announced by the Company on January 7, 2005
and May 24, 2005 respectively; and

(c) The approval from the shareholders of B&O at the forthcoming
Extraordinary General Meeting.

The proposed change of name shall be effective from the date of
the issuance of the Certificate of Incorporation on Change of
Name by the CCM.

This announcement is dated 18 October 2005

CONTACT:

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


BELL & ORDER: Auditors Tender Resignation
-----------------------------------------
Bell & Order Berhad (B&O) advised Bursa Malaysia Securities
Berhad (Bursa Securities) that it has received a notice in
writing from Messrs. Leou & Associates, the current Auditors of
the Company indicating their desire to resign as the Auditors
for the financial year ending December 31, 2005.

In addition, a notice of nomination has been received by the
Company for the nomination of Messrs. PricewaterhouseCoopers as
Auditors of the Company in place thereof.

The abovesaid proposed resignation and appointment of Auditors
are subject to the approval of the shareholders of B&O at the
forthcoming Extraordinary General Meeting to be convened.

This announcement is dated 18 October 2005


GADANG HOLDINGS: Director Enters into SPA with Mandy Corp.
----------------------------------------------------------
Gadang Holdings Berhad issued to Bursa Malaysia Securities
Berhad details of the Related Party Transaction.

(1.0) Introduction

Pursuant to Paragraph 10.08(1) of the Listing Requirements of
Bursa Malaysia Securities Berhad, Gadang Holdings Berhad
(Gadang) informed the Exchange that Mr. Chan Ah Kam @ Chan Ah
Thoong, a director of the Company had entered into a Sale and
Purchase Agreement with Mandy Corporation Sdn Bhd, a wholly
owned subsidiary of Gadang, to purchase one (1) residential
property in Mandy Court, Segambut, Mukim of Batu, Daerah Kuala
Lumpur, Negeri Wilayah Persekutuan (Related Party Transaction).

The details of the Related Party Transaction are set out in
Table A.

Table A

Nature           Selling   Related          Nature and
of               Price     Party            Extent of
Transaction      (MYR)                      Related Party's
                                            Interest

Sale of one (1)   99,988   Chan Ah Kam      Chah Ah Kam
unit of                     and             and
apartment in               Chan Ah Thoong   Chan Ah Thoong
Mandy Court                                 (being director
                                            of Gadang
                                            and full time
                                            employee of
                                            the Group)
(2.0) Rationale

Mandy Corporation Sdn Bhd is principally involved in property
development. The sale of this residential property is in the
ordinary course of business of the Group.

(3.0) Financial Effects of the Related Party Transaction

The Related Party Transaction will not have any material effect
on the net tangible assets and earnings per share of Gadang
Group for the financial year ending May 31, 2006.

(4.0) Directors ' and Major Shareholders' Interest

Save as disclosed in Table A, none of the other directors or
substantial shareholders of Gadang or persons connected to them,
has interest, direct or indirect, in the above transaction.

(5.0) Directors' Statement

The Board, except for Mr. Chan Ah Kam @ Chan Ah Thoong, having
considered all aspects of the sale, is of the opinion that the
transaction is in the normal course of business of Gadang Group.
The waiver of the MYR5,000-00 renovation package is in line with
the Company's policy on staff benefits given to eligible staff
and directors.

CONTACT:

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


HAP SENG: Buys Back 8,500 Ordinary Shares
-----------------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: October 18, 2005

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

Total number of shares purchased (units): 8,500

Minimum price paid for each share purchased (MYR): 2.110

Maximum price paid for each share purchased (MYR): 2.180

Total consideration paid (MYR): 18,490.44

Number of shares purchased retained in treasury (units): 8,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,553,500

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

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


HUME INDUSTRIES: Liquidator Concludes Dissolution of Unit
---------------------------------------------------------
Further to Hume Industries (Malaysia) Berhad's (HIMB)
announcement dated June 19, 2002 in connection with the Member's
Voluntary Liquidation of Hume Poly Products Sdn Bhd (H Poly), a
wholly owned subsidiary, HIMB now informed the Exchange that the
Liquidator of H Poly had convened a Final Meeting to conclude
the Member's Voluntary Liquidation of H Poly.

A Return by Liquidator Relating to Final Meeting was lodged on
October 18, 2005 with the Companies Commission of Malaysia and
the Official Receiver, and on the expiration of 3 months after
the said lodgment date, H Poly will be dissolved.

This announcement is dated 18 October 2005.

CONTACT:

Hume Industries (Malaysia) Berhad
18 Jalan Perak
Level 8, Wisma Hong Leong
Kuala Lumpur 50450
Malaysia  
Telephone: +60 3 2164 2631
Fax: +60 3 2164 2514  


MAGNUM CORPORATION: Issues Shares Buy Back Notice
-------------------------------------------------
Magnum Corporation Berhad provided Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back: October 18, 2005

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

Total number of shares purchased (units): 160,000

Minimum price paid for each share purchased (MYR): 2.000

Maximum price paid for each share purchased (MYR): 2.020

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 160,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 67,485,000

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

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033/ +60 3 2698 9885
   

MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad advised that its additional 264,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, October 20, 2005.

CONTACT:

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


MENTIGA CORPORATION: Unit Enters 3rd SPA with Purchasers
--------------------------------------------------------
Mentiga Corporation Berhad (Mentiga) furnished Bursa Malaysia
Securities Berhad an update to the proposed disposal by Selat
Bersatu Sdn Bhd (SBSB), a 56 percent-owned subsidiary of
Mentiga, of 18,900 ordinary shares of Indonesian Rupiah
1,000,000 each in PT Rebinmas Jaya (PTRJ), representing its
entire 90 percent equity interest in PTRJ to Delloyd Plantation
Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash consideration of
MYR61,200,000.

The company refers to the announcements dated January 19, 2005,
May 3, 2005 and July 18, 2005 in respect of the Sale and
Purchase Agreement (SPA), Supplemental Agreement (First SA) and
Second Supplemental Agreement (Second SA) entered into between
SBSB and Karli Boenjamin (collectively referred to as Vendors)
and Delloyd Plantation Sdn Bhd (DPSB) and Taipan Hectares Sdn
Bhd (collectively referred to as Purchasers) for the Proposed
Disposal.

On behalf of Mentiga, Commerce International Merchant Bankers
Berhad disclosed that the Vendors and Purchasers have on October
18, 2005 entered into a Third Supplemental Agreement (Third SA)
to supplement the SPA and Second SA in respect of the following:

(i) Extension of Time

The Vendors and Purchasers have agreed to extend the last date
for the conditions precedent in the SPA to be fulfilled from
October 17, 2005 to January 17, 2006 (Further Extension of
Time); and

(ii) Stakeholder Sum

In consideration for the Further Extension of Time, the Vendors
have, under the Third SA, agreed to release to DPSB a further
amount of MYR500,000 (Further Released Sum) from the MYR2.8
million (after deducting the MYR500,000 (Released Sum) released
earlier to DPSB under the Second SA) currently held by the
Vendors' solicitors as stakeholder (Stakeholder Sum) for
continued rehabilitation of the oil palm plantations belonging
to PTRJ.

The Further Released Sum will be repaid to SBSB together with
the Released Sum and the balance consideration for the Proposed
Disposal in accordance with the SPA.

Other than the above, all other terms and conditions of the SPA,
First SA and Second SA as announced on January 19, 2005, May 9,
2005 and July 18, 2005 shall continue to be valid and binding.

This announcement is dated 18 October 2005

CONTACT:

Mentiga Corporation Berhad
Peramu Jaya
26607 Pekan, Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411
Fax: +60 443 1233


METACORP BERHAD: Names New Chairman  
-----------------------------------
Metacorp Berhad informed Bursa Malaysia Securities Berhad that
Dato' Ir. A. Rashid bin Omar has been appointed as Chairman and
member of the Nomination Committee of Metacorp and member of the
Remuneration Committee of Metacorp with effect from October 18,
2005.

In view thereof, the Nomination Committee and Remuneration
Committee of Metacorp shall constitute the following persons:

Nomination Committee

Name                      Designation      Directorship

Dato' Ir. A. Rashid bin:  Omar Chairman  Independent Non-
                                         Executive Director

Dato' Yu Wen Chieh: Member               Senior Independent Non-
                                         Executive Director

Adibah Khairiah binti Ismail @ Daud: Member    Independent Non-
                                             Executive Director

Remuneration Committee

Name                 Designation                 Directorship

Dato' Yu Wen Chieh: Chairman                Senior Independent
                                            Non-Executive  
                                            Director

Dato' Dr. Nik Hussain bin Abdul Rahman:  Member
                                                Non-Independent
                                             Executive Director

Adibah Khairiah binti Ismail @ Daud: Member    Independent Non-
                                             Executive Director

Dato' Ir. A. Rashid bin Omar: Member            Independent Non-
                                              Executive Director

This announcement is dated 18 October 2005.

CONTACT:

Metacorp Bhd   
22 Jalan 2/6,
Dataran Templer,
Bandar Baru Selayang
Batu Caves Selangor 68000
Malaysia
Telephone: 03-61201118   
Fax: 03-61205558


TANJONG PUBLIC: Incorporates New Subsidiary
-------------------------------------------
The Board of Directors of Tanjong Public Limited Company
(Tanjong) advised Bursa Malaysia Securities Berhad that Tanjong
has incorporated a new company known as Kuasa Nusajaya (L) Ltd
(KNL) under the Labuan Offshore Companies Act, 1990 on October
17, 2005.

KNL is wholly owned by Tanjong Energy Holdings Sdn Bhd, which in
turn is wholly owned by Tanjong Power Holdings Sdn Bhd (Tanjong
Power). Tanjong Power is in turn a wholly owned subsidiary of
Tanjong.

The authorized share capital of KNL is USD10,000 divided into
10,000 ordinary shares of USD1.00 each while the issued share
capital is USD1.00 comprising 1 ordinary share.

The above incorporation is not expected to have a material
effect on the earnings or net tangible assets of the Tanjong
Group for the year ending January 31, 2006.

KNL is intended for future use by Tanjong Group.

CONTACT:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


TELEKOM MALAYSIA: Bourse to List, Quote New Shares
--------------------------------------------------
Telekom Malaysia Berhad advised that its additional 88,000 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:

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


UNITED CHEMICAL: Receives Court Sanction
----------------------------------------
Further to our announcement dated September 8, 2005, Alliance
Merchant Bank Berhad, for and on behalf of the Board of
Directors of United Chemical Industries Berhad (UCI), disclosed
to Bursa Malaysia Securities Berhad that on October 17, 2005,
UCI had obtained from the High Court of Malaya in Ipoh its
sanction for the Proposed Scheme of Arrangement pursuant to
Section 176 of the Companies Act, 1965.

This announcement is dated 18 October 2005.

CONTACT:

United Chemical Industries Berhad   
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488   
Fax: 03-40448711
Web site: http://www.uci.com.my


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

COLLEGE ASSURANCE: Director Hits SEC for 'Baseless' Suit
--------------------------------------------------------
A former solicitor general and now an independent director of
College Assurance Plans (Phils.) Inc. (CAP) has criticized the
corporate regulator for filing a "baseless" complaint against
the pre-need firm's directors, The Philippine Star reports.

Raul Goco said the Securities and Exchange Commission (SEC)
should have carefully studied the accusations it hurled against
CAP, as these allegations have tarnished the reputations of  
CAP's directors.

Mr. Goco said CAP, since its founding, has had outstanding
personalities in its board among them a former Philippine
President, senators, ambassadors, Cabinet members, and
distinguished lay persons. The incumbent chairman of the board
was a former Secretary of Education and now a National Artist.
He stressed these CAP directors now have the right and a valid
cause to sue the SEC for the malicious criminal case to redress
and vindicate their names.

Mr. Goco said the board did not authorize unauthorized sale of
educational plans and there was even the presence of the SEC's
Oversight Board during CAP's board meetings who could have known
and reported this. He also said that under the Corporation Code,
directors to be held liable must willingly and knowingly vote or
assent to a patently unlawful act and are guilty of gross
negligence or bad faith.

The CAP director also pushed for the immediate passage of the
Pre-need Code to "to rehabilitate, reform and regulate the pre-
need educational programs that worked so well in the past as a
major vehicle for youth educational entitlement".

Moreover, Mr. Goco said the present predicament of CAP could be
attributed to the imposition of certain regulations in 2002
which were implemented without providing CAP and other pre-need
companies enough opportunity to be heard or to air their side.

He said that while rules are needed for organizations dealing
with the public, these rules should be crafted to channel the
best ideas rather than hinder creativity.

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


COLLEGE ASSURANCE: Watchdog Pushes for Liquidation
--------------------------------------------------
The Securities and Exchange Commission (SEC) wants to see
College Assurance Plans (Phils.) Inc. (CAP) liquidated rather
than rehabilitated, according to BusinessWorld.

The regulator backed the position of SEC-appointed actuarial
Isagani de Castro, who earlier asked a local court to rule for
CAP's liquidation.

In a 52-page document submitted to the Makati Regional Trial
Court, SEC said CAP should not be allowed to continue its
business, given its "irreparable financial reverses since 2003
and irreversible insolvency".

The regulator, likewise, noted that CAP itself admitted that it
is insolvent, with a capital deficiency of Php12.8 billion in
its audited financial statement.

As the regulatory arm of the State for pre-need firms like CAP,
the SEC said it was left with no choice but to oppose the
petition for rehabilitation in order to protect the best
interests of CAP's 722,708 planholders.

An SEC source said the recovery of CAP is impossible, due to its
dire financial straits. "We do not know how it could recover, so
we want it liquidated for the plan holders to be paid first.
Rehabilitation would only dissipate the company's remaining
assets, part of which would be used to pay the company's board
and receiver," said the source.


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


MARIWASA MANUFACTURING: Special Stockholders Meeting Set Nov. 16
----------------------------------------------------------------
Further to Circular for Brokers No. 4288-2005 dated September
22, 2005, Mariwasa Manufacturing Inc. (MMI) furnished the
Philippine Stock Exchange (PSE) a copy of its SEC Form 20-IS
(Definitive Information Statement) in connection with its
Special Stockholders' Meeting which will be held on November 16,
2005, at 10:30 a.m. at the Balagtas Room of The Peninsula Manila
Hotel, Ayala Avenue cor. Makati Avenue, Makati City.

As previously announced, "(t)he record date for the
determination of the stockholders entitled to notice of, and to
vote, at said meeting is fixed at the close of business hours on
October 17, 2005."

A copy of the Notice of Special Stockholders' meeting is
available free of charge at
http://bankrupt.com/misc/tcrap_mariwasanoticeofmeeting101905.pdf

A copy of MMI's Definitive Information Statement is also
avialble free of charge at
http://bankrupt.com/misc/tcrap_mariwasadefinitivestatement101905
.pdf.

CONTACT:

Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone:  628-1986 to 89; 628-3871 to 80
Fax:  625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address:  hotline@mariwasa.com
Web site: http://www.mariwasa.com


NATIONAL BANK: Leads in Dollar Remittances of OFWs
--------------------------------------------------
Philippine National Bank (PNB) remains to be the leader in
handling dollar remittances of overseas Filipino workers, The
Manila Bulletin reports.

In a disclosure to the Philippine Stock Exchange (PSE), PNB
reported it handled total incoming foreign remittances of
US$1.438 billion for the first six months of the year, up by 4.0
percent US$1.389 billion in the same period last year.

This good performance contributed to the overall performance of
the bank, which yielded a Php315- million net income for the
first semester of 2005, sustaining its good performance by more
than six-fold and nearly surpassing its Php353-million income in
the full year of 2004.

Meanwhile, PNB management also told PSE that the Philippine
Deposit Insurance Corporation (PDIC) continue to hold some 9.48
percent interest in the bank, representing a total shareholdings
of 54.357 million preferred shares.

On the other hand, PNB said the Philippine government owns 3.044
percent or equivalent to 17.454 million common shares. Both, the
state and PDIC, have lower ownership in PNB following the sale
of last August.

PDIC and the government are expected to draw up the guidelines
for the sale of additional shares in the market through small
investors program as required by the authorities.

PNB informed the PSE that the bank's income would have been
higher except from its Php1.31 billion provisioning for probable
losses, in compliance to the regulations of the Bangko Sentral
ng Pilipinas.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL FOOD: To File Charges Against Rice Retailers
-----------------------------------------------------
The National Food Authority (NFA) is set to file administrative
charges against 16 rice businessmen who were found violating the
rice retailing rules set under the Philippine Grains
Standardization Program (PGSP).

The violations were discovered during monitoring activities
conducted by the NFA under its Palengke Watch Program. These
violations range from diversion through unreasonable depletion
of NFA stocks, refusal to sell NFA rice, non-display of NFA
license, overpricing of NFA rice, no NFA sign board, no NFA rice
boxes, improper display of NFA rice, non-display of NFA rice, no
price tag, mixing of NFA rice with commercial rice and no fixed
partition between NFA and commercial rice.

For having been caught with any of these offenses, the
retailers, operating in Metro Manila and Cavite, may face
administrative charges such as cancellation of their license to
operate and payment of corresponding penalties. Among them are:
Narciso Quilala, Angelito Mercado, Ivy Dullon, Severiano Leyza,
Ronel Aguilar, Michelle Barcelona, Antonio Ramos, Rodel Bayani,
Diana Joy Agapito, Conchita Gura, Glenda Ramos, Leonora
Pagaduan, Larry Lacorte, Nimfa Javelona, Lorenzo Rosario and
Leoncia Untalan.

The NFA continues to check the availability and price of rice in
the market through its monitoring teams composed of NFA
personnel and members of the Philippine National Police (PNP).
The police provide security and implement the law during
Palengke Watch operations.

As of October 14, the NFA has monitored a total of 48 markets in
Metro Manila or 485 rice retail outlets, including Bigasan ni
Gloria sa Pelengke (BGP), accredited individual retailers and
commercial outlets.

CONTACT:

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


NATIONAL POWER: Solon Calls for Immediate Privatization
-------------------------------------------------------
A Philippine senator has called for the immediate privatization
of National Power Corporation (Napocor), saying further delays
would discourage potential overseas investors, The Manila
Bulletin reports.

Putting himself in the place of investors, Sen. Sergio Osmena
said, "I will not be able to sell power at real cost because
I'll be competing with Napocor who has a great godfather in the
Philippine government that keeps subsidizing it.

The privatization of Napocor's generation assets has met a
string of delays due to several reasons. Sen. Osmena pointed out
that inefficient Napocor officials contributed to the snail-
paced privatization of the state- owned power firm.

He also warned of a power shortage in Luzon by 2010 if Napocor
remained in the hands of government.

Wendell Ballesteros, general manager of Philippine Rural
Electric Cooperatives Association, Inc. (Philrea), said electric
cooperatives are complaining over Napocor continuing to be a
state-owned and subsidized operation.

Napocor's privatization is expected to help the country meet
future power demand and at the same time the investments in the
power sector would boost the embattled economy.

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: 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
=================

B.K.B. ENGINEERING: Schedules Creditors' Meeting on Oct. 26
-----------------------------------------------------------
Notice is given that a meeting of creditors of B.K.B.
Engineering Constructions Pte Limited will be held on Oct. 26,
2005, 9:00 a.m. at 20 Raffles Place, 24th Floor, Ocean Towers,
Singapore 048620.

Company creditors who have not yet submitted their claims to the
Judicial Managers in the prescribed form should contact the
representatives of the Judicial Managers at the address below.  
The invitation or submissions of any claim should not be
construed as an admission of any claim or liability by the
Company, nor is it intended to give rise to any legal obligation
whatsoever on the part of the Company.

Creditors who have previously submitted their claims to the
Company's  Judicial Managers, but have not previously lodged a
proxy, must lodge the said proxy form with the Judicial Managers
not later than 5:00 p.m. of Oct. 24, 2005, if they wish to
attend this meeting of creditors and be entitled to vote.

Creditors who require a copy of the proxy form should contact
the representatives of the Judicial Managers at the address
below.

Dated this 18th day of October 2005

CONTACT:
B.K.B. Engineering Constructions Pte Ltd Judicial Managers
c/o Ernst & Young
10 Collyer Quay #21-01
Ocean Building
Singapore 049315
Contact Persons:
Ms. Lee Hui Hsien
Phone: 65 6428 6107
Mr. Chee Kum Tin
(Telephone No. 6428 6872)


BRIGHTON LAUNDRY: Receiving Claims Until Next Month
---------------------------------------------------
Notice is hereby given that the creditors of Brighton Laundry &
Dry Cleaning Limited, which is being wound up voluntarily, are
required on or before Nov. 14, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
Liquidators.

If so required by notice in writing by the said Liquidators, hey
are to come in by their solicitors or personally and prove their
debts or claims at such time and place as shall be specified in
such notice.

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

Dated this 14th day of October 2005

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


DIGILAND INTERNATIONAL: Appoints Chief Operating Officer
--------------------------------------------------------
Digiland International Limited announced that the Company has
appointed Mr. Hubert Lai Wai Fun as its Chief Operating Officer
(COO), effective Oct. 19, 2005.

Mr. Lai has more than 20 years of working experience in the
Electronics Industry. He held a position as President / CEO of
Imptec Electronics Sdn Bhd, and he was also the Executive
Director of Seksun Electronics Sdn Bhd.

BY ORDER OF THE BOARD

Lim Koon Hock
Company Secretary
Oct. 19, 2005

CONTACT:

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


GES GLOBAL: Seeks Judicial Management Order
-------------------------------------------
Notice is hereby given that GES Global Environmental Solutions
Pte Limited presented a petition for judicial management to the
Singapore High Court on Oct. 5, 2005.

The Petition is directed to be heard before the Court on Nov. 4,
2005, 10:00 a.m., and Mr. Nicky Tan Ng Kuang and Mr. Dan Yock
Hian of nTan Corporate Advisory Pte Limited were nominated as
the Judicial Managers of the Company.

Any person who intends to oppose the making of an order under
section 227 (B) (5) (b) or the nomination of Judicial Managers
under section 227 (B) (3) (c) may appear at the time of the
hearing by himself or his Counsel for that purpose.

A copy of the said Petition will be furnished to any creditor or
member of the said Company requiring it by the undersigned on
payment of the regulated charge.

The Petitioner's address is 65 Tech Park Crescent, Singapore
637787.

The Petitioner's Solicitors are Drew & Napier LLC of 20 Raffles
Place, #17-00 Ocean Towers, Singapore 048620.

Dated this 14th day of October 2005

Drew & Napier LLC
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Drew &
Napier LLC, notice in writing of his intention to do so. The
notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted, must be sent by post in sufficient time
to reach the solicitors not later than 12:00 p.m. of Nov. 2,
2005, (the working day before the day appointed for the hearing
of the Petition).


STATS CHIPPAC: Launches New Product
-----------------------------------
On Oct. 18, 2005, STATS ChipPAC Ltd., a leading independent
semiconductor test and advanced packaging service provider,
announced it has added a new family of extremely thin packaging
solutions with profile heights of less than 0.50mm to its
packaging portfolio.

Space constrained portable electronics such as cell phones, mini
disk drives, and miniaturized consumer electronics are driving
the need for smaller and thinner packaging solutions to support
low vertical profiles. While bare die solutions have typically
been utilized for extremely thin profile requirements, STATS
ChipPAC now provides semiconductor companies the option of using
a substrate based molded package for the same applications.
Unlike other extra thin package offerings, terminals can be
arrayed across the bottom surface of the package, delivering
higher input/output (I/O) in smaller form factors. These extra
thin packages are able to accommodate die shrinks without
changing the package footprint as well as integrate more than
one device within the package, allowing for a very flexible
packaging solution.

In order to achieve a maximum profile height of less than
0.50mm, STATS ChipPAC uses a 0.13mm two metal layer laminate
substrate, wafer thinning down to 75 microns, advanced molding
technology, and an optimized bill of materials to minimize
warpage of the assembled package. The Company's extra thin
design allows a full array of solder balls or lands on the
substrate to deliver greater flexibility in (I/O), layout and
density in a given package size. STATS ChipPAC's Extremely Thin
Fine Ball Grid Array (XFBGA) package features a maximum height
of 0.50mm while the Extremely Fine Land Grid Array (XFLGA)
package achieves a maximum height of 0.45mm. The technology to
support larger ball sizes for XFBGA and two die stack for XFLGA
is also available.

"We have taken our deep knowledge base in die stacking and
applied key enabling technologies to develop an extra thin
package offering for customers," said Scott Jewler, STATS
ChipPAC Chief Strategy Officer. "By combining conventional wire
bond equipment and processes with advanced wafer thinning
technologies, we are able to offer customers a leading edge
solution that still satisfies the cost sensitive demands of
consumer applications."

XFBGA and XFLGA packages are available in single or multiple die
solutions utilizing lead free material sets (including low alpha
materials), with or without eutectic or lead free solder balls.
STATS ChipPAC has currently qualified up to two die in a side-
by-side configuration. Additional die configurations are
possible based on the application requirements.

CONTACT:

STATS ChipPAC Limited
10 Ang Mo Kio Street 65
#05-17/20 Techpoint
Singapore 569059
Phone: 65 6824 7777
Fax:   65 6720 7823
Web site: http://www.statschippac.com/


W7 PTE: Appoints Official Liquidators
-------------------------------------
At an Extraordinary General Meeting of W7 Pte Limited duly
convened and held on Oct. 12, 2005,  the following resolutions
were passed:

SPECIAL RESOLUTION
(a) That the Company be wound up voluntarily.

ORDINARY RESOLUTIONS

(b) That Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. Aw Eng Hai
of Foo Kon Tan Grant Thornton be and are hereby appointed Joint
& Several Liquidators for the winding up.

(c) That the Liquidators be remunerated for the winding up of
the Company on their normal scale of professional fees.

SPECIAL RESOLUTION

(d) That the Liquidators be empowered to exercise any of the
powers given by sub-sections of (1) and (2) of section 272 of
the Companies Act, Cap. 50 and to distribute to members in
specie any part of the assets of the Company.

CONTACT:

Aw Eng Hai
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
Foo Kon Tan Grant Thornton
47 Hill Street, #05-01
Chinese Chamber of Commerce
& Industry Building
Singapore 179365
Phone: 65 6336 3355
Fax:   65 6337 2197
E-mail: fkt@grantthornton.com.sg


YU THONG: Set to Pay Dividend to Creditors
------------------------------------------
Yu Thong Pte Limited, formerly of 803 King George's Avenue, #02-
152, Singapore 200803, posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Yu Thong Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 91 of 1999
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

Moey Weng Foo
Assistant Official Receiver


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

DAIDOMON GROUP: Submission of Rehab Plan Set for Next Month
-----------------------------------------------------------
On September 30, 2005, the Central Bankruptcy Court issued an
order for the business rehabilitation of Daidomon Group Public
Company Limited.

The Court appointed the Company as planner to prepare business
rehabilitation plan (the Planner).  The Company expects to
submit a business rehabilitation plan to the Central Bankruptcy
Court by November 2005.

Please be informed accordingly.

With kind regards,
Mr. Chanin Yensudchai
The Planer
Daidomon Group Public Company Limited

CONTACT:

Daidomon Group Public Company Limited   
144 Soi Thong-Lo, Sukhumvit 55,
North Klongton, Wattana Bangkok    
Telephone: 0-2381-5529-31,0-2381-6876-9   
Fax: 0-2381-1931   
Web site: http://www.daidomon.co.th
  

NAKORNTHAI STRIP: Issues Rehab Plan Progress Report
---------------------------------------------------  
Nakornthai Strip Mill Public Co. Ltd. provided the Stock
Exchange of Thailand (SET) with an update of its Rehabilitation
Plan in compliance with the SET's order.

The SET requires all companies listed in the Rehabco Sector to
issue the report in order to determine the progress of the
company and how it solves its financial problem.  The report
would also enable SET to know the progress of the business
rehabilitation.

Whereas Nakornthai Strip, has currently been resumed from the
course of delisting from SET since the Company has completely
implemented its business plan in accordance with the rules and
regulations of SET and that the securities of the Company
resumed trading in the main board of SET in the Property and
Construction group under Construction Materials sector since May
20, 2005.

Although the Company has already been resumed from the course of
delisting from SET and its securities are now trading in the
main board as mentioned above, the Company also has the duty to
submit a progress report under the Business Reorganization Plan
(Plan) since the Company is still under the Plan, which Maharaj
Planner Company Limited, as the Plan Administrator (the Plan
Administrator), submitted the latest report pursuant to the
letter dated April 18, 2005.

At present, it has been six months from the last report for
submitting a progress report to the SET. The Plan Administrator
therefore hereby submits the report on the progress of the
implementation of the Plan of the Company as follows:

Identification of Beneficiary Noteholder Creditors for
Delivery of Shares Issued in connection with Debt-To-Equity
Conversion

The Central Bankruptcy Court (the Court) ordered a permission
for the Plan Administrator to proceed with the blocking of notes
in the system and fix certain procedures to identify the true
holders of the notes so that the Plan Administrator will be able
to deliver the converted shares of the Company to the true
holders of the notes. The progress is as follows:

(1) The noteholders who have blocked their notes into the system
representing 95.89% of the total noteholders.

(2) The noteholders as mentioned in 1.1 above have provided
relevant support documents representing 95.20 percent of the
total noteholders. The Plan Administrator has already delivered
the converted shares of the Company representing 95.17 percent
of the total noteholders whereas is in the process of delivery
of the shares representing 0.03 percent of the total
noteholders.

Pleased be informed accordingly and distribute the information
to the general public.

Sincerely yours
Mr. Sawasdi Horrungruang
Director
Maharaj Planner Company Limited
In its capacity as Plan Administrator
Nakornthai Strip Mill Public Company Limited

CONTACT:

Nakornthai Strip Mill Public Company Limited   
U.M. Tower, Floor 19,
9 Ramkhamhaeng Road,
Suan Luang, Bangkok    
Telephone: 0-2719-9800-9, 0-2719-9830-2   
Fax: 0-2719-9828


PICNIC CORPORATION: SET Seeks Clarification of SSP Transaction
--------------------------------------------------------------
Picnic Corporation Public Company Limited (PICNI) has clarified
the information to the Stock Exchange of Thailand (SET) on
October 18, 2005 concerning the investment in Summit Surma
Petroleum Co. Ltd. (SSP) which is an LPG distributor in
Bangladesh.

The SSP operated in January 22, 2003 and reported a sale for the
year 2003-2005 of approximately THB27, THB96 and THB74 million.

The company had a consecutive net loss except for the year 2005
but SSP realized revenue from renting vacant land for about
THB69 million.  If that revenue does not occur, SSP's operations
will also experiences losses.

PICNI has issued to the SET a clarification on October 13, 2005
regarding the three-year revenue projection of the Company of
approximately THB1,300 million with IRR approximately 15 percent
from the investment in SSP.

(Details following the news on SETSMART of October 13 and 18,
2005)

Therefore, the SET required PICNI to clarify the assumption and
the possibility of the projection. PICNI must a clarification to
the information by October 20, 2005 through the SET disclosure
system.

CONTACT:

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


PRASIT PATANA: Releases Progress Report of Rehab Plan
-----------------------------------------------------
With reference to the previous report pertaining to a period
from October 1, 2004 to March 31, 2005, Prasit Patana Plc.
issued to the Stock Exchange of Thailand (SET) an update to the
implementation of the stipulations concerning the rehabilitation
process from April 1, 2005 to September 30, 2005 period as per
the following details:

The company informed the Stock Exchange of Thailand (SET) on the
progress of its performance for the purpose of transferring from
REHABCO sector to a normal sector:

(1) The company has successfully decreased the registered and
paid-up capital and change of par value:

(1.1) Decrease the registered capital from THB4,330,118,800
(Four Billion Three Hundred Thirty Million One Hundred Eighteen
Thousand Eight Hundred Baht) to THB1,732,047,520 (One Billion
Seven Hundred Thirty Two Million Forty Seven Thousand Five
Hundred Twenty Baht) by reducing the par value from THB10 per
share to THB4 per share, equivalent to a reduction of capital by
THB2,598,071,280 and utilized the reduced capital amount to
offset the accumulated loss of THB2,777,802,227 as at December
31, 2004.

The remaining accumulated loss after the offset was
THB179,730,947.

(1.2) Decrease the par value from THB4 to THB1 by splitting one
share to four new shares for the readiness in normal trading
transactions in normal industrial sector and as a result the
shares will become more liquid.

The company has successfully registered the decrease of its
registered and paid-up capital and change in its par value to
the Department of Business Development Ministry of Commerce on
September 1, 2005.

(2) The company has successfully decreased the registered and
paid-up capital of its subsidiaries at Phyathai 2 Hospital
Company Limited (Phyathai 2) and Phyathai 3 Hospital Company
Limited (Phyathai 3) to offset the accumulated loss and as a
result enabling both Phyathai 2 and Phyathai 3 to pay dividends
to their shareholders sooner than expected.

(3) Shareholders Equity as at June 30, 2005 showed an
accumulated loss greater than shareholder's equity of THB948
million, a reduction of THB179 million when compared to the
figure of THB1,127 million as at December 31, 2004.

(4) One of the Associated Companies successfully negotiated the
debt reduction scheme with the financial institution for the
third quarter of 2005 and the company is expected to realize the
profit via the equity method from the decreased debt in the
amount of THB47 Million (not inclusive with the normal
performance figures of this associated company)

(5) The company is in the process of studying the procedures and
mechanisms for a share swap with a financial advisor and a legal
advisor and will present the proposal to the Board of Directors
in due course.

For your kind acknowledgement,

Respectfully Yours,
Mr. Kraivin Srikraivin
Director

CONTACT:

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


THAI DURABLE: Clarifies Issuance of New Shares
----------------------------------------------
Thai Durable Group Plc. (TDT) informed the Stock Exchange of
Thailand (SET) on the resolution of the Board of Director's
Meeting on October 14, 2005 about the issuance of 141.905
million ordinary shares (26.25% of paid-up capital after capital
increase) to the following three investors;

(1) Miss Lalit Denduangrudee       36 Million Shares

(2) Mr.Chanchai Denduangrudee      50 Million Shares

(3) Miss Yan Wai Man           55.905 Million Shares

The offer price is THB0.88 per share, which is below the market
price, and the offering period is October 14-20, 2005.

The SET considered that the transaction might be the connected
transaction according to the SET's regulation.

Since the SET has not received the details about the above
transaction, therefore, the SET has posted the SP (Suspension)
sign against the securities of TDT since October 17, 2005.

Presently, the SET has still not received the information of the
above transaction. However with the information that the SET has
been primarily reviewed, there is the list of major shareholders
as of April 8, 2005, the most updated share register book of
TDT, revealed that the Denduangrudee family has the total of
48,246,937 shares or 12.11 percent of the current paid-up
capital (THB2,830 Million).

Therefore with the above information, the issuance of the
ordinary share according to the resolution of TDT's Board of
Directors might be the connected transaction. Thus TDT have to
ask for the approval from the shareholder meeting before
entering into the transaction.

The SET has required TDT to clarify the details of the
transaction within October 19, 2005.

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





                            *********


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.

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