TCRAP_Public/051024.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

             Monday, October 24, 2005, Vol. 8, No. 210

                            Headlines

A U S T R A L I A

ABU LINDA: Joseph Sleiman Named Company Liquidator
AGENIX LIMITED: Completes AU$10.3 Mln Capital Raising
ARISTOCRAT LEISURE: Welcomes Ruling in Shareholder Class Action
ARNCROSS PTY: Members, Creditors Convene to Discuss Winding Up
CAKIRGOZ PTY: Creditors Confirm Liquidator's Appointment

DACHSY PTY: Members Agree to Wind Up Firm
DARREN BAYLEY: Set to Declare Dividend
DOOLAN & DOWSE: Liquidator to Distribute Company Assets
EARTH SOFTWARE: Placed Under Voluntary Liquidation
ELM FINANCIAL: ASIC Acts Against Five Execs

EMPEROR MINES: Annual General Meeting Set November 18
FELTEX CARPETS: John Hagen Joins Board
FINE GRADE: Members Pass Winding Up Resolution
GOLD CORPORATION: Earnings Lose Luster on Costs Blowout
HOMESAFE EQUITIES: Director Faces Guilty Verdict

IANDO INVESTMENTS: Liquidator to Present Winding Up Report
KARAHASAN PTY: Winding Up Process Initiated
MAHER CARPET: Court Orders Winding Up
MONEY FOR LIVING: ASIC Lodges Case with Federal Court
MYTEK PTY: Final Meeting Fixed October 31

NEWFAM PTY: Appoints Official Liquidator
NORODS AUSTRALIA: Prepares to Pay Dividend to Creditors
OPL MANAGEMENT: Winds Up Business
PACIFIC POLYTECH: Court Issues Winding Up Order
PEVELY HOLDINGS: Inability to Pay Debt Prompts Wind Up

QANTAS AIRWAYS: Threatens to Export 3000 Jobs
VOGELS' CAKES: Declares First, Final Dividend
WILKINSON CANDALEPAS: Liquidator Details Winding Up Manner
WOODVILLE INVESTMENTS: Members Opt for Voluntary Liquidation
* ASIC Bans Sydney Builder


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: Operating Profit Balloons to CNY31.6 Bln
CAREER SERVICES: Releases Final Dividend
CHINA CONSTRUCTION: IPO Draws More Than US$80-Bln Subscription
CHINA CONSTRUCTION: Temasek Ups Stake for HK$15.6 Bln
CIL HOLDINGS: Winding Up Hearing Slated for November 2

GUANGDONG KELON: Clarifies FY/2005 Net Loss Forecast
HON PO: Updates Acquisition Transaction
MAGICIAN HOLDINGS: Appoints New Directors
MINWELL PROPERTIES: Court to Hear Winding Up Petition December 7
SUN'S GROUP: Reschedules Winding Up Hearing to February 7

VASTHEME INTERNATIONAL: Official Liquidators Named
WILLEX TRADING: Winding Up Hearing Fixed November 31
YUEN SUNG: Winding Up Slated for November 30
*Fitch Upgrades State-owned Banks' Ratings


I N D I A

AXIS-IT&T LIMITED: To Delist from Delhi Stock Exchange
ESSEL PROPACK: Chairman Ups Shareholding
INDIAN OIL: Merger with Unit Gets Nod


I N D O N E S I A

PERTAMINA: To Reschedule October Petrol Products Import
PERUSAHAAN LISTRIK: Mulls Shut Down of Several Plants


J A P A N

DAIEI INCORPORATED: Ties up With Marui in Clothing Operations
JAPAN AIRLINES: To Reduce Japan-Indonesia Flights
MITSUBISHI MOTORS: Threatens Importers With Legal Action
TOSHIBA CORPORATION: Revises Business Forecasts For 1H/FY2005
TOSHIBA CORPORATION: Says to Boost 05/06 Chip Capex by 33%


K O R E A

HANARO TELECOM: Union to Vote on Planned Walk Out
SSANGYONG FIRE: Broker Acquires 15.4% Stake


M A L A Y S I A

AMSTEEL CORPORATION: Unit Issues Offer Letter to Public Mutual
ANCOM BERHAD: Purchases 160,200 Shares
ASIAN PAC: Issues New Shares for Listing, Quotation
DENKO INDUSTRIAL: Bourse to List, Quote Shares
FOREMOST HOLDINGS: Sets Out Reason of Payment Default

HAP SENG: Buys Back New Shares
FURQAN BUSINESS: Updates Eastern Biscuit Transaction
GADANG HOLDINGS: Unit Acquires Shares in Splendid Pavillion
MAGNUM CORPORATION: Purchases New Ordinary Shares
METROPLEX BERHAD: Court Adjourns Hearing of Wind Up Petition

MTD CAPITAL: Enters Alliance with Guangxi Communication
PAN MALAYSIA: Issues Notice of Shares Buy Back
PANTAI HOLDINGS: Bourse to List, Quote New Shares
PATIMAS COMPUTERS: New Shares up for Listing, Quotation
PILECON ENGINEERING: Court Extends Period of Restraining Order

POLY GLASS: Unveils Director's Dealing in Securities
SUREMAX GROUP: Unit Urged to Pay Dues to Avoid Winding Up
UNITED CHEMICAL: Unveils Investigative Audit Findings


P H I L I P P I N E S

LEPANTO CONSOLIDATED: In Talks with South African Firm
MARIWASA MANUFACTURING: Amends Quarterly Report
MONTEMAR BEACH: Regulator Suspends Securities
NATIONAL POWER: PEPOA Bucks Plan to Scale Down Privatization
* Watchdog Mulls Mass Cancellation of Registration


S I N G A P O R E

ADVENTURE TOURS: Receiving Claims Until Next Month
CHARTERED SEMICONDUCTOR: Q3 Results Lower than Expected
CHINA AVIATION: Confirms Temasek is Sole Investor
CITIRAYA INDUSTRIES: Employees to Plead Guilty in Bribery Case
MYANMAR GROWTH: Creditors Asked to Submit Debt Claims

PRINCESET INTERNATIONAL: Intends to Pay Dividend


T H A I L A N D

POWER-P: Issues Progress Report of Operations
SIAM-AGRO: Operations Continues Despite Rehabilitation
TUNTEX THAILAND: Issues Progress Report of Business Rehab Plan

     -  -  -  -  -  -  -  -

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

ABU LINDA: Joseph Sleiman Named Company Liquidator
--------------------------------------------------
Notice is hereby given that at a general meeting of members of
Abu Linda Pty Limited held on Sept. 22, 2005, it was resolved
that the Company be wound up voluntarily, and that Joseph
Sleiman, Certified Practicing Accountant of Sleiman & Co., Level
8, 65 York Street Sydney, be appointed Liquidator for such
purpose.

Dated this 22nd day of September 2005

Joseph Sleiman
Liquidator
Sleiman & Co.
Level 8, 65 York Street
Sydney


AGENIX LIMITED: Completes AU$10.3 Mln Capital Raising
-----------------------------------------------------
Agenix Limited announced the successful completion of an AU$10.3
million capital raising to fund the manufacturing scale up and
supply of its ThromboView product required for phase III
clinical trials and the first year's sales after obtaining
registration.

Following the close on Monday, October 17, 2005 of the non-
renounceable 1:4 entitlements offer at AU$0.25, plus over-
subscription facility, Agenix notifies the Australian Stock
Exchange (ASX), pursuant to Listing Rule 7, that:

- Shareholders exercising thier rights applied for 20,739,412
shares at AU$0.25 each to raise AU$5,184,853.00.

- Under an over-subscription facility for a maximum aggregate of
2,000,000 shares, shareholders applied for 6,833,444 shares
amounting to AU$1,708,361.00.

- The Underwriter, Intersuisse Limited, has placed the shortfall
under the issue of 18,652,479 shares at AU$0.25 amounting to
AU$4,663,119.75, to institutional, sophisticated and other
investors pursuant to s708 of Corporations Act.

- The Underwriter has secured participation from a major
international institutional investor for 8,000,000 shares.

The new shares will be allotted on October 25, 2005.

CONTACT:

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


ARISTOCRAT LEISURE: Welcomes Ruling in Shareholder Class Action
---------------------------------------------------------------
Aristocrat Leisure Limited announced Thursday that the Federal
Court of Australia has held that the shareholder class action
proceedings against Aristocrat Leisure cannot continue as
representative proceedings in their current form.

Justice Stone found that the class definition used in the
proceedings contained a "fatal law" because it required
shareholders to instruct Maurice Blackburn Cashman as their
lawyers in order to be represented in the proceedings. Justice
Stone said that such an arrangement constituted "an abuse of the
Court's processes" and was "repugnant to the policy of the
(Federal Court) Act".

Her Honor also said it was "inappropriate and not in the
interests of justice to permit a proceeding to continue ... in
circumstances where the clear legislative intention is
subverted...".

Her Honor held that, in the circumstances, it was not
appropriate for the proceedings to continue as a representative
class action while shareholders are obliged to retain Maurice
Blackburn Cashman in order to be members of the class.

Justice Stone has allowed the applicant in the proceedings
(Dorajay Pty Ltd) a week period in which to consider how it will
respond to the decision.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


ARNCROSS PTY: Members, Creditors Convene to Discuss Winding Up
--------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Arncross Pty Limited will be held on Oct. 31, 2005,
9:00 a.m. at the office of Nicholls & Co. Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, New South Wales, to receive the Liquidator's account
showing the manner of the winding up and the disposal of the
property of the Company, and to hear any explanation which may
be given by the Liquidator.

Dated this 14th day of September 2005

Stephen Jay
Liquidator
c/o Nicholls & Co.
Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


CAKIRGOZ PTY: Creditors Confirm Liquidator's Appointment
--------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Cakirgoz Pty Limited held on Sept. 20, 2005, it was resolved
that the Company be wound up voluntarily, and that Danny Vrkic
of Jirsch Sutherland & Co. Wollongong Chartered Accountants be
appointed Liquidator for the winding up.

A meeting of creditors held later that day confirmed such
appointment.

Dated this 4th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520


DACHSY PTY: Members Agree to Wind Up Firm
-----------------------------------------
Notice is hereby given that at a Meeting of Members of Dachsy
Pty Limited held on Sept. 19, 2005, it was resolved that the
Company be wound up voluntarily, and that Anthony Robert Cant of
Romanis Cant Chartered Accountants, 106 Hardware Street,
Melbourne be appointed Liquidator for such purpose.

Dated this 19th day of September 2005

Anthony R. Cant
Liquidator
Romanis Cant Chartered Accountants
106 Hardware Street, Melbourne


DARREN BAYLEY: Set to Declare Dividend
--------------------------------------
Darren Bayley Transport Pty Limited will declare a first and
final dividend on Oct. 25, 2005.

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

Dated this 13th day of September 2005

Nick Combis
Liquidator
Vincents Chartered Accountants
Level 27, 239 George Street
Brisbane Qld 4000
Phone: 07 3854 4555
Fax:   07 3236 2452
Email: ncombis@vincents.com.au


DOOLAN & DOWSE: Liquidator to Distribute Company Assets
-------------------------------------------------------
At a general meeting of the members of Doolan & Dowse Strata
Maintenance Pty Limited duly convened and held on Sept. 16,
2005, the following special resolution was passed:

That on the winding up of the Company (subject to the payment of
its, debts, liabilities and liquidation costs), its assets be
distributed among the members in specie (in whole or in part)
according to their rights and interest in the Company or in
accordance with a special resolution of the members; and

That the Company be wound up voluntarily; and

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

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


EARTH SOFTWARE: Placed Under Voluntary Liquidation
-------------------------------------------------
At a General Meeting of Earth Software Pty Limited held on Sept.
23, 2005, the following Special Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie should the Liquidator so
desire.

Dated this 23rd day of September 2005

Leslie Allan Stein
Liquidator
39 Etham Avenue, Darling Point NSW 2027


ELM FINANCIAL: ASIC Acts Against Five Execs
-------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
been successful in obtaining orders in the Supreme Court of New
South Wales against five men associated with the failed Elm
Financial Services Group (Elm).

ASIC took action against Mr. Dennis Howell Terracini, Mr. Grant
McCartney, Mr. Andrew Dennis Terracini, Mr. Howard Young and Mr.
Robert John Kay, and alleged that each of the five were involved
in illegal fundraising, misleading and deceptive conduct and
contraventions of directors' duties.

The Court ordered a permanent ban on former Elm director, Mr.
Dennis Howell Terracini, of Chapman in the ACT, and ordered him
to pay AU$150,000 compensation to creditors and court costs of
AU$50,000.

Mr. Dennis Terracini, who was the Managing Director of Elm
Financial Services and a series of other companies in the Elm
Group, gave Enforceable Undertakings to ASIC which prevent him
from any future involvement in the financial services industry.

Mr. Grant McCartney, of Surry Hills in NSW, was banned for five
years from managing corporations and ordered to pay $50,000
costs. Mr. McCartney was a Director of Elm Financial Services.

The disqualifications of Messrs Terracini and McCartney follow
banning orders also made by the Court against three other
officers in the Elm Group.

Mr. Andrew Dennis Terracini, of Chisholm in the ACT, was banned
for seven years, and gave undertakings not to operate in the
financial services industry for seven years. Mr. Andrew
Terracini was a director of Elm Financial Services, Chairman of
Elm's Compliance Committee, and is the son of Mr. Dennis
Terracini.

Mr. Howard Young, of Coogee in NSW, and Mr. Robert John Kay, of
Bulli in NSW, have both been banned from managing companies for
five years. They have both given undertakings which preclude
them from operating in the financial services industry for five
years. Mr. Young was Elm's National Practice Manager, and Mr.
Kay was a Senior Executive in the Elm Group.

"The public rely on advisers to help them and they are entitled
to receive fair and impartial advice," ASIC's Executive
Director, Enforcement, Ms Jan Redfern said.

"Industry players who deliberately target less experienced or
knowledgeable investors with sophisticated and risky strategies
should consider this a warning. ASIC will pursue those who set
out to prey on the community."

"Furthermore, individuals and organizations that create a
culture where compliance with the law is neglected or undermined
will not be tolerated, and we will continue to pursue such
offenders," Ms. Redfern said.

Background

Elm Financial Services operated as a financial services licensee
with offices in NSW, ACT, Queensland and Victoria.

In April 2004, ASIC commenced proceedings in the Supreme Court
in relation to six risky investment schemes, primarily unsecured
debentures which Elm had promoted to its client investors.

In four instances the debentures were issued by companies
controlled by Mr. Dennis Terracini and or Mr. Robert Kay and or
Mr. Grant McCartney.

The schemes promised attractive fixed rates of interest and were
promoted to retirees, many of whom were based in Orange, New
South Wales and surrounding areas. Elm client advisers persuaded
many inexperienced investors to roll over their existing
superannuation into self-managed superannuation funds, which
would then be invested in these schemes.

The particular investments were styled as exempt offers
restricted to experienced investors. Disclosure documents were
not lodged with ASIC. In practice, the schemes were routinely
offered to inexperienced investors who were unable to properly
assess the risks involved.

In one of the schemes promoted in 2001 and 2002, Elm raised
AU$1.88 million from 58 investors for Port Heritage Debentures
issued by Elm Nominee Securities Pty Ltd. These funds were
supposedly lent to the developer of the Port Heritage Resort in
Port Douglas, Queensland. It transpired that none of the funds
were paid to the developer. Elm Nominees had spent the funds on
other purposes.

When the Port Heritage debentures fell due for redemption,
investors were told that the developer 'had done a runner'. They
were told that to recover their funds, they would need to 'roll
over' their investment into another investment known as the Elm
Nominees Notes. Approximately 50 investors agreed to roll over
their investments. These funds form part of investor losses of
AU$10.36 million in the Elm Nominees Note.

Another related company, Elm Property Developments Pty Ltd
raised AU$5.4 million from Elm clients supposedly to finance
property developments. These funds were in fact channeled to Elm
Management Services Pty Ltd, Elm's service company where they
were used in part to pay the day-to-day expenses of the group.

A Deed of Company Arrangement is now in place for six companies
in the Elm Group.


EMPEROR MINES: Annual General Meeting Set November 18
-----------------------------------------------------
Notice is hereby given that the Annual General Meeting of the
shareholders of Emperor Mines Limited will be held at:

The Menzies Hotel
14 Carrington Street
Sydney, NSW, Australia

on Friday, November 18, 2005, at 10:30 a.m.

The business to be considered at the Annual General Meeting is
set out below.

Financial Statement and Reports

To receive and consider the Financial Statements of the Company
for the year ended June 30, 2005 together with the reports of
the Directors and Auditors thereon.

Resolution 1 - Re-election of Director - Michael Marriott

To consider and, if thought fir, pass the following Resolution:

"That Mr. Michael Marriott, a Director having been appointed
since the last Annual General Meeting, retiring in accordance
with the Constitution of the Company, and being eligible, be re-
elected as a Director of the Company."

Resolution 2 - Re-election of Director - David Ballhausen

To consider and, if thought fit, pass the following Resolution:

"That Mr. David Ballhausen, a Director retiring in accordance
with the Constitution of the Company, and being eligible, be re-
elected as a Director of the Company."

Resolution 3 - Advisory/Non-binding Vote on Remuneration Report

TO consider and, if thought fit, pass the following Resolution:

"That the Remuneration Report in the Company's Annual Report be
adopted."

VOTING BY PROXY

A member entitled to vote at the Annual General Meeting is
entitled to appoint not more than two proxies who need not be
members of the Company, to attend, speak, vote and join in a
demand for a poll in his or her stead. A member who is entitled
to cast two or more votes at the meeting may appoint two proxies
and may specify the proportion or number of votes each proxy is
entitled to exercise. Where a member appoints two proxies and
the appointment does not specify the proportion or number of
votes each proxy may exercise, each proxy may exercise half the
votes (disregarding any fractions).

Proxy forms or, as the case may be, powers of attorney or other
authority (if any) under which proxy forms are signed or a copy
of that power or authority certified as a true copy by statutory
declaration, or in each case a facsimile copy thereof, must be
lodged or received by facsimile at Level 1 WBM Building, 490
Upper Edward Street, Spring Hill QLD 4004, Australia or
facsimile number +61 07 3007-8080 at least 48 hours before the
meeting time, that is by 10:30 a.m. on Wednesday, November 16,
2005.

CONTACT:

Emperor Mines Limited
Suite 303, Level 3
50 Margaret Street,
Sydney NSW 2000
Australia
Phone: +61 2 9299 7422
Fax: +61 2 9299 7433
E-mail: emperor@emperor.com.au
Web site: http://emperor.com.au


FELTEX CARPETS: John Hagen Joins Board
--------------------------------------
Feltex Carpets has appointed John Hagen as a director of Feltex.

"We are very pleased John has agreed to join the Board and I am
confident he will make a significant contribution", said
Chairman Tim Saunders.

Mr. Hagen recently retired from his position as Chairman of the
New Zealand practice of Deloitte, after a 24-year career with
the firm and 10 years as Chairman. At Deloitte, John was a
partner in the Corporate Finance area.

He has been President of the Institute of Chartered Accountants
and was the inaugural Chairman of the Accounting Standards
Review Board. Other directorships include Datacom, and Trustee
Executors and formerly Gough Gough and Hamer.

"I have had extensive commercial experience and look forward to
working with the existing Directors in continuing to restore
value to shareholders", said Mr. Hagen.

Mr. Hagen has an MBA majoring in finance from the University of
British Columbia and a Master of Commerce with first class
honours from the University of Auckland. He is a Fellow of the
New Zealand Institute of Chartered Accountants, a Fellow of the
Institute of Directors and a Fellow of the Arbitrators and
Mediators Institute of New Zealand.

He is a Distinguished Alumni of the University of Auckland.

Mr. Hagen fills a vacancy left by Ms Joan Withers who resigned
when she was appointed CEO of Fairfax New Zealand Ltd. The Board
will seek confirmation of Mr. Hagen's appointment at the Annual
General Meeting on 1 December.

JOHN HAGEN - BIOGRAPHICAL NOTES

Qualifications
Mr. Hagen has an MBA majoring in finance from the University of
British Columbia and a Master of Commerce with first class
honours from the University of Auckland. He is a Fellow of the
New Zealand Institute of Chartered Accountants, a Fellow of the
Institute of Directors and a Fellow of the Arbitrators and
Mediators Institute of New Zealand.

He is a Distinguished Alumni of the University of Auckland.

Professional Career
Mr. Hagen had his early commercial career in the private sector
before joining Deloitte as a partner in 1981 in the Corporate
Finance area. He has specialized in financially based
investigation services. John has strong business valuation
skills and has applied these and his general commercial and
legal knowledge in the provision of expert witness testimony in
Courts and other tribunals on numerous occasions. John retired
as Chairman of Deloitte in August 2005 after ten years in that
role.

He has had a strong professional involvement with NZICA serving
on technical committees prior to becoming President in 1994. He
has had extensive input into the accounting standard setting
process in New Zealand since 1978 and was the inaugural Chairman
of the government appointed Accounting Standards Review Board
from 1993 until he retired from that position in 2003.

Mr. Hagen holds a number of directorships including:

Chairman of New Zealand Debt Management Office Advisory Board
(10 years)
Board Member - Datacom Group Limited (15 years)
Board Member - Hughes & Cossar Limited (5 years)
Board Member - Auckland Regional Chamber of Commerce (6 years)
Board Member - Trustees Executors Limited.(2 years)

He has also previously been a director of Gough Gough & Hammer,
Americas Cup Village, Ramset (NZ) Limited, the Auckland City
Mission and Deloitte Consulting Global.

These appointments have given John genuine exposure to issues of
governance, organizational culture and the need for strong
values and ethical standards. He has a deep knowledge in the
role of audit committees, what sits behind financial statements
and is skilled in negotiation of commercial matters.

CONTACT:

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


FINE GRADE: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Fine Grade Pty Limited held on Sept. 16, 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 the winding up.

Dated this 19th day of September 2005

Scott C. Turner
Liquidator
Level 27, 363 George Street
Sydney NSW 2000


GOLD CORPORATION: Earnings Lose Luster on Costs Blowout
-------------------------------------------------------
Restructuring costs at its joint ventures last financial year,
hurt profits of state-owned gold refiner Gold Corporation, The
West Australian reveals.

Gold Corp's annual earnings plummeted to AU$827,000 from AU$3.5
million in the previous year due to one-off charges on its 40
percent-owned AGR Matthey partnership. AGR Matthey is Gold
Corp's gold refining and jewelry business.

AGR Mattkey's contribution to Gold Corp crashed from an AU$3-
million profit a year earlier to an AU$775,000 loss on the back
of rationalization costs, write-offs and provisions.

Gold Corp Chief Financial Officer Richard Hayes said the merger
of several jewelry businesses had resulted in high one-off
charges while Kodak's decision to close its manufacturing
operations in Australia forced the closure and write-off of AGR
Matthey's silver nitrate plant. And the unit wrote off its
investment in a PNG refinery after a significant deterioration
in performance.

Also, Gold Corp's share of losses at its Poongsan Perth Mint
joint venture, which makes coin blanks, blew out to AU$496,000,
from AU$279,000 for the last five months of 2003-04.

The Poongsan joint venture was not expected to turn a profit for
several years, but Mr. Hayes said this year's loss was bigger
than expected due to demand for a new products resulting in
higher costs during development.

Mr. Hayes said the underlying Gold Corp business remained sound,
describing the problems at AGR Matthey and Poongsan Perth Mint
as one-offs, which should not be replicated in 2005-06.


HOMESAFE EQUITIES: Director Faces Guilty Verdict
------------------------------------------------
Mr. Geoffrey Wade, of Castlemaine, Victoria, on Friday pleaded
guilty in the Melbourne Magistrates Court to one charge of
carrying on a financial services business service without
holding an Australian financial services license (AFSL).

Mr. Wade, a director of Homesafe Equities Pty Ltd (Homesafe)
appeared before the Court on the charge following an
investigation by the Australian Securities and Investments
Commission (ASIC) in relation to the provision and distribution
of builders warranty insurance by Homesafe in Victoria between 1
July 2003 and 14 February 2004.

Magistrate John Dugdale, in consideration of Mr. Wade's
undertaking to co-operate with ASIC and the Commonwealth
Director of Public Prosecutions, under the Crimes Act 1914,
sentenced Mr. Wade to a non conviction bond under the Crimes Act
1914 (Cth) (the Act) in the amount of AU$2,000 to be of good
behaviors for 24 months subject to a condition that he pay
AU$2,000 to the Court fund and costs.

The Commonwealth Director of Public Prosecutions prosecuted the
matter.

Background

Builders in Victoria are required, under the State Building Act
1993 (the Act), to be covered by an insurance policy that
complies with the Act and a related Ministerial Order. For
domestic building contracts, the required insurance covers
property owners against non-completion of work and structural
defects for a specified period, where the builder dies,
disappears or becomes insolvent.

ASIC conducted an investigation into the activities of Homesafe,
Home & Renovators Group Pty Ltd (HRG) and Builders Owners Pty
Ltd (B&O) and alleges that between June 2003 and February 2004,
Homesafe issued approximately 790 builder's warranty and
financial guarantee bonds to builders in Victoria. B&O
distributed a large number of the bonds as agent for Homesafe.

ASIC obtained orders in the Supreme Court of Victoria in August
2004 appointing Mr. Gess Rambaldi as liquidator to Homesafe and
HRG. In his report to the court, Mr. Rambaldi found that both
companies were insolvent.

Mr. James Alexander Scott, of Mentone, Victoria, was charged
with 231 offences, including providing a financial service
without holding an Australian financial services licence, making
misleading statements in relation to financial products and
engaging in dishonest conduct in relation to financial products
between 1 July 2003 and 25 March 2004. His father, Mr Anthony
John Scott, of Blackburn, Victoria, faces 15 similar charges.

Messrs James Scott and Anthony Scott were directors of Homesafe,
and will both appear again in the Melbourne Magistrates Court
for a committal hearing on 4 November 2005.

Further, ASIC permanently banned Mr. James Scott from providing
any financial services, and banned Mr. Anthony Scott from
providing any financial services for five years. ASIC has also
banned Mr. Mepstead from providing any financial services for
three years. Mr. James Scott has appealed ASIC's decision to the
Administrative Appeals Tribunal.

Friday's hearing follows the earlier sentencing of Mr. Gary
Mepstead of Patterson Lakes in July this year. Mr. Mepstead
pleaded guilty to one charge of providing a financial service
without holding an Australian financial services license between
1 July 2003 and 15 February 2004 under the Corporations Act.
Magistrate Lisa Hannon sentenced Mr. Mepstead to a non
conviction bond under the Crimes Act 1914 (Cth) in the amount of
AU$2,000 to be of good behavior for a period of 12 months
subject to a condition that he pay AU$1,500 to the Court Fund
and costs.


IANDO INVESTMENTS: Liquidator to Present Winding Up Report
----------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Iando Investments Pty Limited will be held on Oct. 31, 2005,
10:00 a.m. at 23 Woodhouse Crescent, Wattle Park SA 5066.

BUSINESS:

The purpose of the meeting is to consider the following
resolution(s):

(1) To receive and adopt the report of the liquidator's act and
dealings during the winding up.

(2) To receive and adopt Australian Securities and
Investments Commission Form 524 Accounts and Statement by a
Liquidator.

(3) To transact any other business which may be properly be
brought forward at the meeting.

Dated this 19th day of September 2005

Fay Lietzke
Liquidator
23 Woodhouse Crescent
Wattle Park SA 5066


KARAHASAN PTY: Winding Up Process Initiated
-------------------------------------------
Notice is hereby given that at a general meeting of members of
Karahasan Pty Limited held on Sept. 20, 2005, it was resolved
that the Company be wound up voluntarily, and that Danny Vrkic
of Jirsch Sutherland & Co. Wollongong Chartered Accountants be
appointed Liquidator. Creditors confirmed the Liquidator's
appointment at a creditors' meeting held that same day.

Dated this 4th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. Wollongong
Chartered Accountants
PO Box 573, Wollongong NSW 2520


MAHER CARPET: Court Orders Winding Up
-------------------------------------
On Sept. 20, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Maher Carpet Laying Pty
Limited, and appointed Christopher J. Palmer to be Liquidator of
the Company.

Dated this 4th day of October 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


MONEY FOR LIVING: ASIC Lodges Case with Federal Court
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
filed Federal Court proceedings seeking declarations that false
and misleading representations were made by Money For Living
(Aust) Pty Ltd (administrators appointed), MFL Property Holdings
Pty Ltd (administrators appointed), Mr. Stephen O'Neill, Mr.
Gary O'Neill and Ms Jolanta Olszewski (Money For Living Group).

In the Federal Court Friday, ASIC took action alleging that
false and misleading representations were made by the Money For
Living Group. ASIC considered these representations were serious
contraventions of the ASIC Act and the Corporations Act that had
a significant impact on the vendors who sold their houses under
what the Money For Living Group described as a system to access
equity in their homes.

ASIC has also asked the Court to consider an application for
orders to ensure that Mr. Stephen O'Neill remains in Australia
while ASIC continues its investigation into the Money For Living
Group.

This matter has been listed before Justice Finkelstein along
with a related proceeding.

These matters will return to Court on Friday 28 October 2005.


MYTEK PTY: Final Meeting Fixed October 31
-----------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Mytek Pty Limited will be held on Oct. 31, 2005,
10:00 a.m. at the offices of Bentleys MRI, Level 8, 50
Carrington Street, Sydney, to present the Liquidator's account
showing the manner in which the winding up was conducted, and to
hear any explanations that may be given by the Liquidator.

Dated this 27th day of September 2005

David Watson
Liquidator
Bentleys MRI
Level 8, 50 Carrington Street
Sydney NSW 2000


NEWFAM PTY: Appoints Official Liquidator
----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Newfam Pty Limited duly convened on Sept. 16, 2005, the
following resolutions were passed:

That the Company be wound up voluntarily;

That Lane Damien Newton be appointed as Liquidator for such
winding up.

Lane D. Newton
Liquidator
c/o Wynn & Bennett
Chartered Accountants
Level 10, 5 Elizabeth Street
Sydney NSW 2000


NORODS AUSTRALIA: Prepares to Pay Dividend to Creditors
-------------------------------------------------------
Norods Australia Pty Limited will declare a first and final
dividend on Oct. 24, 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

C. M. Williamson
Liquidator
SimsPartners
Level 12, Dwyer Durack House
40 St. George's Terrace, Perth WA 6000


OPL MANAGEMENT: Winds Up Business
---------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of OPL Management Pty Limited held on Sept. 16, 2005, it was
resolved that the Company be wound up voluntarily, and that
Clifford Stuart Rocke and Andrew John Birch of PPB Chartered
Accountants, Level 1, 5 Mill Street, Perth, Western Australia,
6000 be appointed as Joint and Several Liquidators for such
purpose.

Dated this 20th day of September 2005

Andrew J. Birch
Clifford S. Rocke
Joint Liquidators
PPB Chartered Accountants
Level 1, 5 Mill Street
Perth WA 6000


PACIFIC POLYTECH: Court Issues Winding Up Order
-----------------------------------------------
On Sept. 20, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Pacific Polytech Pty Limited,
and appointed Christopher J. Palmer to be Official Liquidator of
the Company.

Dated this 4th day of October 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


PEVELY HOLDINGS: Inability to Pay Debt Prompts Wind Up
------------------------------------------------------
Notice is hereby given that at a reconvened general meeting of
Pevely Holdings Pty Limited held on Sept. 16, 2005, the
following special resolution was passed:

That by reason of its deficiency in assets to meet its
liabilities, the Company be wound up voluntarily.

G. G. Woodgate
Liquidator
c/o Woodgate & Co.
Phone: 9233 6088


QANTAS AIRWAYS: Threatens to Export 3000 Jobs
---------------------------------------------
Qantas Airways warned it may be forced to outsource more than
3000 highly skilled maintenance jobs unless changes are made to
work practices, The Australian reports.

The national flag carrier is expected to decide by early next
year on whether to send maintenance jobs of its 125-widebody
aircraft fleet overseas.

The move would affect operations in Sydney, Melbourne, Brisbane
and Avalon, near Geelong, in Victoria.

Qantas said it needed to shift 3250 of its 6900 engineering and
maintenance jobs offshore as part of efforts to cut costs.

About 1000 members of the Qantas' three major maintenance unions
were told jobs would go offshore unless there was a major change
to work practices. It is understood Qantas wants new
"greenfields" agreements to keep the work in Australia.

The unions were told Qantas was hamstrung by a lack of
flexibility and outmoded work practices at a time when the MRO
facilities in Asia and elsewhere were offering record low prices
and competitive turnaround times.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339


VOGELS' CAKES: Declares First, Final Dividend
---------------------------------------------
Vogels' Cakes & Caf‚ Pty Limited will declare a first and final
dividend on Oct. 23, 2005.

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

Dated this 23rd day of August 2005

Toyn Jonsson
Liquidator
c/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870


WILKINSON CANDALEPAS: Liquidator Details Winding Up Manner
----------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Wilkinson Candalepas Architects Pty Limited will be
held on Oct. 31, 2005, 10:00 a.m. at the Liquidator's office, to
have an account laid before them showing the manner of the
winding up and disposal of the property of the Company, and to
hear any explanations that may be given by the
Liquidator.

Proxies to be used at the meeting must be lodged with the
Liquidator.

Dated this 27th day of September 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000
Phone: 02 9232 3322
Fax:   02 9232 3388


WOODVILLE INVESTMENTS: Members Opt for Voluntary Liquidation
------------------------------------------------------------
Notice is given that at an extraordinary general meeting of
Woodville Investments Pty Limited held on Sept. 23, 2005, it was
resolved that the Company be wound up voluntarily, and that
Robert James Harper, Chartered Accountant of 2a Hope Street,
Pymble 2073 be appointed liquidator for that purpose.

Dated this 23rd day of September 2005

Robert J. Harper
Liquidator
2a Hope Street, Pymble 2073


* ASIC Bans Sydney Builder
--------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. Harry Zizikas, of Croydon, New South Wales, from
managing corporations for five years.

ASIC banned Mr. Zizikas following an investigation into his
involvement in four failed companies, Harris Transport (NSW) Pty
Limited, Harris Civil Engineering Pty Limited, Harris Excavation
and Demolition Pty Ltd, and Harris Contracting (NSW) Pty
Limited.

The companies were involved in the construction industry,
providing a variety of services in transport, demolition and
excavation.

ASIC found that Mr. Zizikas, who was banned for the maximum
period under this section of the law, had breached the
Corporations Act by:

- managing the corporations in such a way that they incurred
substantial debts and were unable to pay creditors more than 50
cents in the dollar;

- failing to pay statutory debts to the Australian Taxation
Office and failed to pay workers compensation premiums;

- engaging in the concealment, removal and ultimately disposal
of property of the company with intent to defeat the claims of
it's creditors;

- failing to comply with the requirement to keep adequate
financial records; and

- failing to comply with the requirement to provide assistance
to a liquidator, including the provision of information relating
to the financial circumstances of a failed company.

ASIC noted that Mr. Zizikas' actions amounted to serious
misconduct and that it was in the interests of public protection
that Mr. Zizikas be banned for five years.

"People who become officeholders without understanding their
role and responsibilities risk regulatory action if they fail to
conduct their duties properly," ASIC's Director of National
Assessment and Action, Mr. Adrian Borchok said.

"ASIC also monitors those people it bans to ensure they abide by
their disqualification, and we will prosecute those who
disregard their banned status," Mr. Borchok added.

Mr. Zizikas has the right to appeal to the Administrative
Appeals Tribunal for a review of ASIC's decision.

Background

The Corporations Act provides that ASIC may disqualify a person
from managing a corporation for up to five years if a person has
been the director of two or more failed corporations within
seven years that have been wound up and their liquidator has
lodged a report with ASIC about the corporations inability to
pay its' debts. Since 1 July 2005, ASIC has banned seven company
officers under this provision for a total of 24 years.


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

AGRICULTURAL BANK: Operating Profit Balloons to CNY31.6 Bln
-----------------------------------------------------------
The Agricultural Bank of China posted an operating profit of
CNY31.6 billion (HK$30.31 billion) in the year to September,
versus an operating profit of CNY24.5 billion in a same period a
year earlier, The Standard reports.

The Chinese lender, considered the weakest financially of the
mainland's four main state-owned bank, said it wrote off CNY29.2
billion of bad loans in the first nine months, though it didn't
disclose its bad-loan ratio. Its nonperforming loan ratio stood
at 26.7 percent at the end of 2004, down 3.9 percentage points
from 2003.

Agricultural Bank, which has the worst asset quality and the
largest workforce of the Big Four banks, lags its bigger rivals
- Industrial and Commercial Bank of China, Bank of China and
China Construction Bank - in writing off bad debts and
restructuring its operations. The rivals have all received
government bailout funds to boost their capital adequacy ratios.

CONTACTS:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com
Web Site: http://www.abchina.com


CAREER SERVICES: Releases Final Dividend
----------------------------------------
Career Services Limited issued a notice of intended first and
final dividend in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on October 21,
2005.

Liquidators' Name and Address: Stephen Liu Yiu Keung and Yeo
Boon Ann of 18th Floor, Two International Finance Centre, 8
Finance Street Central, Hong Kong.

Last Date for Receiving Proofs: 10th November 2005

Dated this 21st day of October 2005

STEPHEN LIU YIU KEUNG
YEO BOON ANN
Joint and Several Liquidators


CHINA CONSTRUCTION: IPO Draws More Than US$80-Bln Subscription
--------------------------------------------------------------
The initial public offering (IPO) of China Construction Bank
(CCB) has aroused strong market response in Hong Kong, with the
retail tranche more than 42 times covered and its institutional
tranche oversubscribed, AFX News reports.

The Hong Kong public offer attracted more than US$15 billion of
demand and as a result, the clawback will be triggered, and the
shares allotted to retail investors will increase to 7.5 percent
of the total offering of 26.49 billion shares, from 5.0 percent.

The bank will publish the results of the subscription levels on
October 26, ahead of its listing on the Stock Exchange of Hong
Kong the following day.

The Chinese lender has priced its offering at HK$2.35 a share,
raising for the bank US$8.0 billion, the largest IPO in Hong
Kong in four years and the biggest globally since 1980.

CCB's IPO underwriters are Morgan Stanley, China International
Capital Corp, and Credit Suisse First Boston Corporation.

CONTACT:

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


CHINA CONSTRUCTION: Temasek Ups Stake for HK$15.6 Bln
-----------------------------------------------------
Temasek Holdings, the Singapore state investment company, plans
to buy almost HK$15.6 billion worth of China Construction Bank
(CCB) shares as part of the 62.4 bln raised by the bank in an
initial public offering in Hong Kong, The Standard reports.

Temasek, which already has a 5.1 percent stake in the bank and
has agreed to buy HK$7.8 billion in shares at the time of the
IPO, got the go-ahead from the Stock Exchange's listing
committee Thursday to buy the additional shares, the report
said.

CCB priced its shares at HK$2.35 each, near the top end of the
revised indicative range of HK$1.90 to HK$2.40 per share.


CIL HOLDINGS: Winding Up Hearing Slated for November 2
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of CIL
Holdings Limited by the High Court of Hong Kong Special
Administrative Region was on September 7, 2005 presented to the
said Court by CSI Investment Management Limited whose registered
office is situate at Room 909, 9th Floor, Nan Fung Tower, 173
Des Voeux Road Central, Hong Kong.

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

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

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

EDDIE LEE & COMPANY
Solicitors for the Petitioner
Rooms 1710-11, 17th Floor
Nan Fung Tower
173 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention 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.


GUANGDONG KELON: Clarifies FY/2005 Net Loss Forecast
---------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited would like
to clarify certain statements relating to the Company contained
in (i) various press articles published in Hong Kong on October
18, 2005 (collectively, the Hong Kong Articles); and (ii) a
press article published in the People's Republic of China (the
PRC) on October 20, 2005.

Hong Kong Articles

The Company noted that the Hong Kong Articles contain certain
statements relating to the Company, which were made at a
ceremony of the Company held with the press in Foshan, the PRC
on October 17, 2005. The Company would like to clarify certain
statements contained in the Hong Kong Articles as follow:

1. The Company confirms that it never stated that the Company
will suffer a loss for the financial year 2005 and will earn a
profit for the financial year 2006. It is however the intention
of the senior management of the Company to make the Company
profitable for the

2. The Company confirms that it has entered into a memorandum of
understanding with an international household appliances company
on 17 October 2005 under which such household appliances company
intends to place US$75 million worth of orders with the Company
in 2006.

3. The Company confirms that it never stated that the proposed
acquisition by Qingdao Hisense Air-Conditioner Company Limited
from Guangdong Greencool Enterprise Development Company Limited
of approximately 26.43% of the total issued share capital of the
Company will be completed before the end of 2005. It is however
the Company's intention to apply to The Stock Exchange of Hong
Kong Limited for the resumption of trading in accordance with
The Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited (the Listing Rules).

PRC Article

The Company would like to clarify certain statements relating to
the Company contained in the PRC Article.

The Company confirms that it received an Advance Notice of
Administrative Penalty from the China Securities Regulatory
Commission (the CSRC) on October 17,
2005 in relation to the Company, the existing directors and
certain existing members of the senior management of the Company
(being those members of the senior management of the Company
appointed before September 16, 2005), certain members of the
second, third and fourth session of the board of directors of
the Company and certain other former members of the senior
management of the Company. However, the Company confirms that it
has not received any official document from the CSRC in this
regard.

The Company will publish further announcement in relation to the
above in accordance with, among others, the requirements of the
Listing Rules when the above matter is officially confirmed.

Suspension of Trading of H Shares

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on June 16,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, among others, the financial,
production and trading position of the Group, trading in H
shares of the Company will remain suspended until further
notice.

By order of the Board of
Guangdong Kelon Electrical Holdings
Company Limited
Liu Cong Meng
Vice Chairman

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


HON PO: Updates Acquisition Transaction
---------------------------------------
Reference was made to the announcement made by Hon Po Group
(Lobster King) Limited dated September 5, 2005 regarding the
proposed very substantial acquisition (the Transaction).

The Company has performed some preliminary due diligence works
on the subject matter of the Transaction and obtained certain
initial advice from the Company's lawyer in the People's
Republic of China (the PRC) in relation to, inter alia, the
regulatory requirements for the mining industry in the PRC and
particular requirements for the Transaction. Due to the national
golden week holidays in the PRC, this process was further
prolonged. Further announcement will be published to inform the
shareholders of the Company for details of the Transaction when
appropriate.

Trading in the securities of the Company has been suspended
since 2:30 p.m. on August 29, 2005 and will remain suspended
pending the publication of the announcement relating to the
Transaction.

CONTACT:

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


MAGICIAN HOLDINGS: Appoints New Directors
-----------------------------------------
The board of directors of Magician Industries (Holdings)
Limited, together with its subsidiaries, announces the
followings:

RE-DESIGNATION OF DIRECTORS

With effect from October 13, 2005, Mr. Cheung Tak Ming, Paul,
independent non-executive director, has been re-designated as
executive director of the Company. Mr. Cheung, aged 44,
graduated from Hong Kong Polytechnic University. He has over 15
years of experience in finance, administration and management.
He is currently a financial consultant of a food manufacturing
company and director of two companies. Mr. Cheung did not hold
any other directorship in any public listed companies in the
last three years.

There is no fixed term for Mr. Cheung's appointment, which is
subject to retirement by rotation and re-election at the next
annual general meeting of the Company. There is no service
contract between Mr. Cheung and the Company. Mr. Cheung's
emolument will be determined by the Board with reference to his
duties and responsibilities with the Company. Mr. Cheung does
not have any relationship with any directors, senior management
or substantial or controlling shareholder of the Company.

He has also been appointed as director of various subsidiaries
of the Company. As at the date of this announcement, Mr. Cheung
does not have any interests in the securities of the Company
within the meaning of Part XV of the Securities
and Futures Ordinance.

With effect from October 13, 2005, Mr. Kong Yick Ming, chairman
and executive director, ceased to act as chairman of the Company
and has been re-designated as non-executive director of the
Company. Mr. Kong, aged 54, has over 30 years' experience in the
manufacturing and sale of plastic and metal general houseware,
kitchenware, gift items, bathroom accessories and related
household accessories. Mr. Kong was granted Young Industrialist
Awards of Hong Kong in 1996 and was the honorary secretary of
the Hong Kong Young Industrialist Council Limited for 1997-1999
and 2003-2004. He was the president of the Rotary Club of Tsuen
Wan for 1995-1996 and the part time vice president of the Xian
Industries & Commerce Association for 2001-2003.

Mr. Kong has been awarded Associateship by the Professional
validation Council of Hong Kong Industries in 2002. He is a
foundation member of China Charity Federation and an honorary
consultant of Hong Kong Youths Unified Association. Mr. Kong is
also a member of the Third Plenary Committee of Jiedong County
Guangdong Province of the Chinese People's Political
Consultative Conference and a committee member of the Fifth
Plenary Committee of Guangdong Overseas friendship Association.
Mr. Kong did not hold any directorship in any other public
listed companies in the last three years.

There is no fixed term for Mr. Kong's appointment, which is
subject to retirement by rotation and re-election at the next
annual general meeting of the Company. There is no service
contract between Mr. Kong and the Company. Mr. Kong is not
entitled to any remuneration or emolument of any kind. Mr. Kong
is deemed to have a beneficial interest in 143,492,000 shares
(constituting 16.5% of the total issued share capital) of the
Company which are owned through Concept Developments
Limited, whose entire issued share capital is beneficially owned
by Mr. Kong.

Save as aforesaid, Mr. Kong does not have any relationship with
any directors, senior management or substantial or controlling
shareholder of the Company and he does not have any other
interests in the securities of the Company within the meaning of
Part XV of the Securities and Futures Ordinance. Mr. Kong is a
director of various subsidiaries of the Company.

Ms Chan Ying Gi, Dorice, executive director, has been elected as
chairman of the Company with effect from 19 October 2005 and has
been appointed as Chief Executive Officer of the Company with
effect from 30 September 2005. Ms. Chan, aged 54, is a private
investor. She has over 30 years' experience in jewelry and
apparel trading. She also has over 30 years' experience in
property and securities investment. Ms. Chan did not hold any
other directorship in any public listed companies in the last
three years.

There is currently no service contract between Ms Chan and the
Company. Ms Chan's emolument will be determined by the Board
with reference to her duties and responsibilities with the
Company. Ms. Chan is deemed to have a beneficial
interest in 150,195,198 shares (constituting 17.28% of the total
issued share capital) of the Company, of which 117,491,777
shares are owned through Primewell Investment Limited, the
entire issued share capital of which is beneficially owned by
Ms. Chan, and 32,703,421 shares are owned by her personally. Ms
Chan has also been appointed as director of various subsidiaries
of the Company. Save as the aforesaid, Ms. Chan does not have
any relationship with any directors, senior management or
substantial or controlling shareholder of the Company, nor does
she hold any other position with the Company or any of its
subsidiaries, and she does not have any other interests in the
securities of the Company within the meaning of Part XV of the
Securities and Futures Ordinance.

APPOINTMENT OF DIRECTORS

With effect from October 13, 2005, Mr. Milton Kwan Leung has
been appointed as independent non-executive director and member
of the audit committee of the Company. Mr. Leung, aged 43,
graduated from the University of California, Berkeley with a
Bachelor of Arts degree in History. He obtained a Master in
Business Administration from the Chinese University of Hong
Kong. Mr. Leung started his banking career with Citibank in New
York in 1985. In 1993 he joined Standard Chartered Bank and is
currently its Chief Learning Director of the Bank's Learning &
Development Programmes in Risk Management, Wholesale Banking and
related Financial Services. Mr. Leung did not hold any other
directorship in any public listed companies in the last three
years.

Mr. Leung's appointment is for a term of two years, subject to
retirement by rotation and re-election at the next annual
general meeting of the Company. There is no service contract
between Mr. Leung and the Company. Mr. Leung's emolument
will be determined by the Board with reference to his duties and
responsibilities with the Company. Mr. Leung does not have any
relationship with any directors, senior management or
substantial or controlling shareholder of the Company, nor
does he hold any other position with the Company or any of its
subsidiaries. As at the date of this announcement, Mr. Leung
does not have any interests in the securities of the Company
within the meaning of Part XV of the Securities and
Futures Ordinance.

With effect from October 19, 2005, Mr. Chan Shu Wah has been
appointed as non-executive director of the Company. Mr. Chan,
aged 57, has over 25 years in the banking industry. He joined
Nanyang Commercial Bank in 1979 and retired in
2004. His last position with the Bank was Deputy Manager. Mr.
Chan did not hold any other directorship in any public listed
companies in the last three years.

Mr. Chan's appointment is for a term of two years, subject to
retirement by rotation and re-election at the next annual
general meeting of the Company. There is no service contract
between Mr. Chan and the Company. Mr. Chan's emolument
will be determined by the Board with reference to his duties and
responsibilities with the Company. Mr. Chan does not have any
relationship with any directors, senior management or
substantial or controlling shareholder of the Company, nor
does he hold any other position with the Company or any of its
subsidiaries. As at the date of this announcement, Mr. Chan does
not have any interests in the securities of the Company within
the meaning of Part XV of the Securities and
Futures Ordinance.

RESIGNATION OF DIRECTOR

With effect from October 19, 2005, Ms. Lai Yik Yee, Andona,
resigned as non-executive director of the Company due to
personal reason. Ms Lai has confirmed that she has no
disagreement with the Board and there is no matter that need to
be brought to the attention of the shareholders of the Company.

Magician Industries posted a net loss of HK$175.95 million in
the year ended March 31, 2005, versus a net profit of HK$1.31
million a year earlier in the same period a year earlier, Chong
Hing Securities Ltd reports.

The Group is engaged in the manufacturing & trading of plastic
and metal household products & plastic packaging materials &
related products.

CONTACT:

Magician Industries (Holdings) Limited
Flat E-H, 24/F Phase II
Superluck Industrial Centre
57 Sha Tsui Road
Tsuen Wan, Hong Kong
Phone: 24117878
Fax: 24117808
Web site: http://www.magician.com.hk


MINWELL PROPERTIES: Court to Hear Winding Up Petition December 7
----------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Minwell Properties Limited by the High Court of Hong Kong
Special Administrative Region was on October 5, 2005 presented
to the said Court by Minwell Properties Limited whose registered
office is situate at Room 1906, Empress Plaza, 17-19 Chatham
Road South, Tsim Sha Tsui, Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 7, 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.

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

TSANG, CHAN & WOO
Solicitors for the Petitioner
12th Floor, Grand Building
15-18 Connaught Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention 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 December 6, 2005.


SUN'S GROUP: Reschedules Winding Up Hearing to February 7
---------------------------------------------------------
Further the resumed hearing on October 10, 2005 of the winding-
up Petitions referred to in the announcement of The Sun's Group
Limited dated July 27, 2005 by the High Court of the Hong Kong
SAR (the Court), the Court ordered that the hearing be further
adjourned to February 6, 2006 to allow time for negotiation and
implementation of the Restructuring Proposal.

The Company will keep the public informed by making further
announcements as appropriate.

Please note that this announcement is only released on the AMS/3
Trading Terminal and the website of The Stock Exchange of Hong
Kong Limited without publishing on the newspapers as required by
the Listing Rules due to the liquidity problem of the Company.

As at the date of this announcement, the Board of Directors of
the Company consists of two directors, namely Mr. Pang Ho Chuen,
Lawrence and Mr. Chan Wai Hung (as Executive Directors).

Trading in the shares of the Company has been suspended since
April 24, 2003 and will remain suspended until further notice.

For and on behalf of The Sun's Group Limited
(Provisional Liquidators Appointed)
Joseph K.C. Lo
Joint and Several Provisional Liquidator

CONTACT:

The Sun's Group Limited
29th & 30th Fls.
The Sun's Group Centre
200 Gloucester Rd., Wa
Hong Kong
Phone: +852-2121-0988
Fax: +852-2537-7981


VASTHEME INTERNATIONAL: Official Liquidators Named
--------------------------------------------------
Mr. Gabriel Chi Kok Tam and Ms. Jacky Chung Wing Muk, both of
KPMG, 8th Floor, Prince's Building, 10 Chater Road, Central,
Hong Kong, were appointed as the Joint and Several Liquidators
of Vastheme International Company Limited by a Special
Resolution of the company on October 13, 2005 and by resolution
of the creditors at a meeting of creditors held on October 13,
2005.

Dated this 21st day of October, 2005

GABRIEL CK TAM
JACKY CHUNG WING MUK
Joint and Several Liquidators


WILLEX TRADING: Winding Up Hearing Fixed November 31
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Willex Trading 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 directed to be heard before the Court at
9:30 a.m. on November 31, 2005.

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

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

MESSRS. LIU, CHAN AND LAM
Solicitors for the Petitioner
Rooms 1710-18, Hutchison House
10 Harcourt Road
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 29, 2005.


YUEN SUNG: Winding Up Slated for November 30
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Yuen Sung Paper Factory 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 directed to be heard before the Court at
9:30 a.m. on November 30, 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 and a copy of the petition will be
furnished to any creditor or contributory of the said company
requiring the same by the undersigned on payment of the
regulated charge for the same.

TONG & TSOI
Solicitors for the Petitioner
Rooms 3402, 34th Floor
Bank of America Tower
12 Harcourt Road
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 29, 2005.


*Fitch Upgrades State-owned Banks' Ratings
------------------------------------------
Fitch Ratings on October 17 upgraded China's "Big Four" state-
owned commercial banks and its largest policy bank following the
upgrade of the China sovereign's Long-term foreign currency
(LTFC) rating to 'A' (Outlook Stable), from 'A-' (A minus). The
rating actions taken on the banks are as follows:

1) China Development Bank (CDB): LTFC rating upgraded to 'A',
from 'A-' (A minus), Short-term foreign currency ("STFC") rating
upgraded to 'F1' from 'F2', Support rating affirmed at '1'; all
the senior debt issues by CDB have been similarly upgraded to
'A', from 'A-' (A minus);

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

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

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

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

The Outlook for all the ratings is Stable.

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

The Support ratings of the four state-owned commercial banks,
namely ABC, BOC, CCB, and ICBC, were upgraded in view of the
stronger macro-economic strength of China, which enhances the
ability of the state to support them.

Fitch further notes the state has shown significant support to
the systemically important state-owned commercial banks,
including the USD60 billion recapitalisation of three of them
(BOC, CCB and ICBC) since end-2003. Fitch continues to view the
support towards the "Big Four" as strong despite the forthcoming
listing plans of BOC, CCB and ICBC, as the government will
remain the largest shareholder and these banks remain
systemically important with a dominant market share in the
banking system.

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

Contact: David Marshall, Peter Tebbutt, Kate Lin, Hong Kong,
+852 2263 9963; Lydia Lin, Beijing, +8610 8809 3388.

Media Relations: Ching-Yuen Lock, Singapore, Tel: +65 6238 7301.


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

AXIS-IT&T LIMITED: To Delist from Delhi Stock Exchange
------------------------------------------------------
Axis-IT&T Limited has informed the Exchange that it has been
decided vide the Special resolution passed by the members at the
Annual General Meeting of the company dated September 30, 2005
to get the securities of the company delisted from the Delhi
Stock exchange.

CONTACT:

Axis-IT&T Limited
325, South Ex Plaza - II,
209, Masjid Moth,
NDSE - II,
New Delhi - 110049
Telephone 0120-26322621
Fax 26322623
Web site: http://www.ittindia.com


ESSEL PROPACK: Chairman Ups Shareholding
----------------------------------------
Essel Propack Ltd. has informed the Exchange that Shri Subhash
Chandra, Promoter and Chairman of the Company through self and
through entities directly or indirectly controlled by him has on
October 19, 2005 and October 20, 2005 acquired 3,431,661 equity
shares constituting 10.96% of the paid up share capital of the
Company from Arfen Hsu Limited, through an off market route
under the terms of the share purchase agreement.

The details of the acquisition is as follows:

(1) Lazarus Investments Limited, Mauritius (acquirer) has
acquired 3,414,000 shares aggregating 10.90% of the share
capital of the Essel Propack Ltd.on October 19, 2005.
(2)Shri. Subhash Chandra (acquirer) has acquired 17,661 shares
aggregating to 0.06% of the total share capital of the Essel
Propack Ltd.on October 20,2005.

CONTACT:

Essel Propack Limited
Continental Building,
135, Dr. A.B. Road,
Worli,
Mumbai - 400018
Telephone: 022-4933280, 4931930
Fax: 4963137
E-mail raju@ep.esselgroup.com
Web site: http://www.esselpropack.com


INDIAN OIL: Merger with Unit Gets Nod
-------------------------------------
The government on Thursday approved the merger of the Indian Oil
Corporation and its subsidiary IBP Limited, according to Kerala
News.

Information and Broadcasting Minister S. Jaipal Reddy, however,
did not disclose details of the approval.

CONTACT:

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


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

PERTAMINA: To Reschedule October Petrol Products Import
-------------------------------------------------------
Sluggish domestic market demand has prompted state oil and gas
firm PT Pertamina to reschedule import of petroleum products,
Dow Jones Newswires reports.

Pertamina Chief Executive Officer Widya Purnama confirmed the
oil firm's stockpile is enough to cover 22.4-day consumption
since fuel demand this month has dipped 26 percent.

The Company earlier said it would take delivery of around 15
million kiloliters of petroleum products this month.

The government more than doubled domestic petroleum product
prices earlier this month. The policy, along with a crackdown on
fuel smuggling out of the country, also might have been
discouraging demand.

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


PERUSAHAAN LISTRIK: Mulls Shut Down of Several Plants
-----------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) is looking
to temporarily cease operations of some of its major power
facilities for five days, according to The Jakarta Post.

The five-day shut down is aimed at trimming power supply by some
4,000 megawatts (MW), in accordance with lower demand during the
Idul Fitri holidays.

Three 600 MW coal-fired Suralaya plants in West Java, one PLN
Paiton plant and another Paiton Energy Company plant, both in
East Java, will be shut down between Nov. 2 and Nov. 6. Several
Muara Karang plants in Jakarta may also be shut down, depending
on demand.

However, the power plants will be ready to be fired-up in the
event of a power shortage.

CONTACT:

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


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

DAIEI INCORPORATED: Ties up With Marui in Clothing Operations
-------------------------------------------------------------
Daiei Incorporated said it will strengthen its clothing sales
operations by obtaining support from department store operator
Marui Co., Japan Today reports.

Marui, know for its strength in clothing sales, will dispatch
two of its sales experts to a Daiei store in Ichikawa, Chiba
Prefecture, to advise Daiei staff on product display and other
key points.

Daiei plans to shut down about 50 unprofitable stores nationwide
by February 2006 and open 100 new stores focused on food by
February 2010.

CONTACT:

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


JAPAN AIRLINES: To Reduce Japan-Indonesia Flights
-------------------------------------------------
Japan Airlines Corporation (JAL) has decided to reduce flight
frequency and change routings on its Japan-Indonesia flights
from October 30th, following a significant decrease in passenger
demand from Japan resulting from the terrorist bombing on Bali
Island on October 1, 2005. The changes are temporary and start
on October 30 and will be in effect until December 22.

JAL currently provides three daily direct services between Japan
and Indonesia: Tokyo (Narita) - Denpasa (Bali); Osaka (Kansai) -
Denpasar and Tokyo (Narita) - Jakarta.

In a press release, JAL will continue to serve Denpasar and
Jakarta from Tokyo on a daily basis by consolidating the flights
to a Narita-Jakarta-Denpasar-Narita routing in place of
separate, direct flights. At the same time, JAL will reduce its
Osaka-Denpasar service from seven to three flights per week.

The changes are subject to approval by the Japanese Ministry of
Land Infrastructure and Transport (MLIT).


MITSUBISHI MOTORS: Threatens Importers With Legal Action
--------------------------------------------------------
Mitsubishi Motors Corporation is taking legal action to stop
independent dealers of Mitsubishi vehicles from outside the
European Union and selling them at discounted prices, Motor
Trader reports.

Non-franchised dealers in the United Kingdom have received legal
letters from the Japanese brand telling them to stop selling new
and used Mitsubishi models. The brand is invoking the EU
trademark rules which prohibits the sale of branded goods
sourced from outside the EU without the trademark owner's
agreement.

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


TOSHIBA CORPORATION: Revises Business Forecasts For 1H/FY2005
-------------------------------------------------------------
Toshiba Corporation recently issued revised consolidated and
non-consolidated business forecasts for the first half of fiscal
year to March 31, 2006. The announcement revises the forecast
that Toshiba issued with the announcement of its results for the
first quarter of FY2005, on July 28, 2005. The key points are as
in the table below.

1. Consolidated forecast
1st Half FY2005 (Apr. 1, 2005 through Sept. 30, 2005)
(JPYbillion)

                       Revised   Forecast as of
                       Forecast  July 28, 2005    (A)-(B)
1/H/FY2004
                       (A)         (B)

Net Sales              2,900.1    2,880.0   20.1   2,781.8


Operating Income Loss  54.4       20.0      31.4   50.7

Income (Loss)Before
Income Taxes and
Minority Interest      42.1        10.0     32.1   21.6

Net Income (Loss)      14.6         0.0     14.6    8.4

(Note)  From FY2005, income (loss) before income taxes and
minority interest includes equity in earnings of affiliates,
which was not included until FY2004. The impact of this change
of presentation is plus 0.1 billion yen for the first half of
FY2004 and plus 6.5 billion yen for the first half of FY2005.
The above comparison with the year-earlier period is based on
the new accounting presentation.

2. Non-consolidated forecast   (JPY billion)

1st Half FY2005 (Apr. 1, 2005 through Sept. 30, 2005)


                       Revised   Forecast as of
                       Forecast  July 28, 2005    (A)-(B)
1/H/FY2004
                       (A)         (B)
Net Sales            1,448.3   1,430.0          18.3    1,332.0
Recurring Profit (Loss) 36.8       0.0          36.8       15.2
Net Income (Loss)        3.5     -10.0          13.5        2.3

3. Reasons for revision

The Electronic Devices segment including the semiconductor
business, and the Social Infrastructure segment, including the
industrial and power systems & services and medical systems
businesses, are moving forward more strongly than originally
anticipated. As a result, Toshiba Corporation will see higher
consolidated and non-consolidated figures over the previous
forecast.

Interim dividend for FY2005 is expected to remain at 3.00
Japanese yen per share, as announced on September 16, 2005.

Toshiba Corporation
Keisuke Ohmori,
Phone: +81-3-3457-2105
Web site: http://www.toshiba.co.jp/contact/media.htm


TOSHIBA CORPORATION: Says to Boost 05/06 Chip Capex by 33%
----------------------------------------------------------
Toshiba Corporation had raised its capital-spending budget for
semiconductors in the current business year by one-third to
JPY225 billion ($1.95 billion), reflecting strong demand for
flash memory chips, according to Reuters.

The chipmaker competes with industry leader Samsung Electronics
Co. Ltd. in the fast-growing market for NAND flash memories,
widely used in digital cameras, camera phones and portable music
players.

Toshiba had said earlier this month that it would look to boost
chip spending above its forecast for JPY169 billion yen in
2005/06 due to strong demand for NAND chips. It invested JPY203
billion in the previous financial year.


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

HANARO TELECOM: Union to Vote on Planned Walk Out
-------------------------------------------------
Workers of Hanaro Telecom Inc. are set to cast their votes
Monday whether to stage a strike or not on the planned cut of
one fourth of its workforce, Yonhap News Agency reveals.

The 1,500 workers were informed of the slash in workforce
through a voluntary redundancy program.

The management offered a severance payment equivalent to 12
months of basic salary for each of the 375 employees who agree
to leave, Choi Ki-wook, a union official said.

Hanaro management and the union have met five times to discuss
the downsizing plan, Mr. Choi added.

"The talks aren't proceeding very well at this point" Mr. Choi
said. "Our union leaders are holding all-night vigils every
night."  He accused the management and the U.S. shareholders of
planning to slash the workforce without trying to make any other
efforts with their employees to reduce costs.

"We think the downsizing is studiously motivated by the foreign
shareholders who want to raise Hanaro's stock price prior to
selling the company," Mr. Choi said.

But a Hanaro spokesman did not comment on the allegations, as
well as the head of Newbridge's Korean unit.

Since the departure of Hanaro's Chief Executive Officer Yoon
Chang-bun, the downsizing of the workforce has been widely
anticipated. The abrupt departure of Mr. Yoon was reportedly a
result of a dispute with AIG and Newbridge over the job cut
plan.

Hanaro claimed that Mr. Yoon's resignation was for personal
reasons.  Following the resignation of the CEO, Hanaro slashed
50 percent of its executives by offering an early retirement
program.

The firm's deficit estimated to total KRW860 billion prompted it
to downsize its workforce, and the union's demand to back down
on the plans is unacceptable during these times.

Not only are the Hanaro employees affected by the slash, Thrunet
which was currently acquired by Hanaro early this year, had
placed its employees under pressure to quit by Hanaro's
management.  Hanaro acquired Thrunet to better compete with the
dominant market player KT Corp.


SSANGYONG FIRE: Broker Acquires 15.4% Stake
-------------------------------------------
Leading Investment $ Securities Co. has bought two million bonds
convertible into shares of Ssangyong Fire and Marine Insurance
Co., Asia Pulse revealed.

The brokerage house said it purchased the bonds, which is
equivalent to about 15.4 percent stake just for investment, but
it would exercise its control over Ssangyong if the Financial
Supervisory Commission would allow it.

The major shareholders of Ssangyong announced in August of its
plan to sell off their combined 49 percent stake to a Hawaii-
based investment fund.  But the deal fell through which made it
decide to sell the stake to a possible investor.

Ssangyong Fire and Marine Insurance was a subsidiary of the now-
defunct Ssangyong Group.  It faced financial difficulties after
it was separated from the group in April 2003.

CONTACT:

Ssangyong Fire & Marine Insurance Co. Ltd.
60 Toryom-dong
Chongno-gu Seoul, Seoul 110-051
South Korea
Telephone: +82 2 724 9000
Fax: +82 2 739 4251


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

AMSTEEL CORPORATION: Unit Issues Offer Letter to Public Mutual
--------------------------------------------------------------
Amsteel Corporation Berhad issued to Bursa Malaysia Securities
Berhad details of the proposed disposal of a piece of Freehold
Land by Lion Plaza Sdn Bhd, a wholly owned subsidiary of
Akurjaya Sdn Bhd, which is in turn wholly owned by Amsteel
Corporation Berhad (Amsteel) to Public Mutual Berhad or its
nominees for a total cash consideration of MYR58.997 million.

(1) Introduction

The Board of Directors of Amsteel (Board) advised that Lion
Plaza Sdn Bhd (Lion Plaza or the Vendor), a wholly owned
subsidiary of Akurjaya Sdn Bhd, which is in turn wholly owned by
Amsteel, had issued a letter of offer dated October 17, 2005 (LO
or the Offer) to Public Mutual Berhad (Public Mutual), whereby
Public Mutual had on October 20, 2005 accepted the Offer for the
purchase by Public Mutual or its nominees (Purchaser) of a piece
of freehold land held under Geran 652, Lot 59, Seksyen 57,
Bandar Dan Daerah Kuala Lumpur, Negeri Wilayah Persekutuan
measuring approximately 6,540.518 square meters (approximately
1.616 acres or 70,402 sq foot) (the said Land) for a total cash
consideration of MYR58.997 million (Proposed Disposal).

(2) Information on the Said Land

The said Land is located along Jalan Raja Chulan, within the
prime commercial centre of Kuala Lumpur and is in between The
Weld shopping mall and office tower and Menara Affin and has
dual frontages facing Jalan Raja Chulan and Jalan Tengah other
notable landmarks in the vicinity include Bangunan Arab-
Malaysia, Wisma MPL, Kompleks Kewangan, Menara Aetna-Universal,
Wisma Boustead and Wisma Goldhill.

The said Land is currently vacant (undeveloped) and is presently
used as a temporary car park. Basement retaining walls along
three sides of the lot boundaries of the said Land was
previously constructed by Lion Plaza in 1997 for a proposed
commercial development on the said Land but the project was
subsequently discontinued due to the regional financial crisis.

In connection with the previous development proposal,
approximately 1,145 square meters of the said Land was required
to be surrendered under the development approvals issued by the
relevant authorities and application for such surrender was
submitted by Lion Plaza and was endorsed on the document of
title to the said Land.

The said Land is presently charged to RHB Sakura Merchant
Bankers Berhad (RHB Sakura) as security trustee and is earmarked
for divestment under the Amsteel Group's corporate and debt
restructuring scheme.

(3) Information on the Purchaser

The Purchaser, Public Mutual Berhad is a subsidiary of Public
Bank Berhad and is the largest private unit trust company in
Malaysia.

(4) Basis for Determining the Disposal Price

The disposal consideration for the Proposed Disposal of
MYR58.997 million (Disposal Price) was arrived at on a willing
buyer-willing seller basis after taking into consideration the
market value of the said Land of RM56.320 million as appraised
by Messrs CH Williams Talhar & Wong Sdn Bhd (Valuer) a firm of
independent professional valuers as set out in their Valuation
Report dated October 11, 2005.

The said Land was valued using the Comparison Method and counter
checked by the Residual Method. The valuation has not taken into
consideration the partially constructed basement retaining walls
as these structures were constructed pursuant to an earlier
development approval from the authorities, which has since
lapsed.

The Disposal Price on an "as-is-where-is" basis (with existing
basement retaining walls as described in section 2 above) based
on the original land area of the said Land as stated in the
document of title free from all encumbrances but subject to all
conditions of title, whether express or implied and to any
restrictions in interests including the land surrender
endorsement together with vacant possession is for MYR58.997
million.

The Disposal Price represents a premium of MYR2.677 million or
4.75 percent (or premium of MYR38.00 per square foot) above the
market value as ascertained by the Valuer.

(5) Salient Terms and Conditions of the Offer

The salient terms and conditions of the LO are set out in Table
1 below. A formal sale and purchase agreement (SPA) shall be
signed within 14 days after acceptance of the LO.

(6) Details of the Payment Terms for the Proposed Disposal

The payment terms of the Proposed Disposal are set out in Table
2 below.

The Earnest Money and Balance of Deposit shall be released to
the Vendor or RHB Sakura within 3 working days from the
Unconditional Date after the Purchaser's receipt of the
redemption statement issued by the present chargee and the
fulfillment of the conditions precedent.

(7) Rationale for the Proposed Disposal

The Proposed Disposal is in line with the Amsteel Group's
corporate and debt restructuring scheme which is to rationalize
the Amsteel Group's financial position and to further streamline
its operation by divesting its non-core and peripheral assets
and businesses.

For illustration purposes, the Proposed Disposal will result in
an estimated net cash inflow to the Amsteel Group of
approximately MYR53.626 million (after taxation and incidental
costs), which will be utilized for the repayment to the lenders
under the Amsteel Group's debt restructuring scheme. Based on
the rate applicable to the bonds to be repaid of 6 percent per
annum, the Amsteel Group is expected to have a savings of
approximately MYR3.218 million per annum upon completion of the
Proposed Disposal.

In addition, the Proposed Disposal will result in an estimated
net gain of approximately MYR17.486 million (after taxation and
other incidental costs) to complete the Proposed Disposal and
the book value of the said Land, as at June 30, 2005 is
MYR36.140 million.

(8) Financial Effects

(i) Share Capital

The Proposed Disposal will not have any effect on the issued and
paid-up share capital of Amsteel, as the Proposed Disposal does
not involve any issuance of shares.

(ii) Shareholding Structure

The Proposed Disposal will not have any effect on the
substantial shareholders' shareholding as the Proposed Disposal
does not involve any issuance of shares.

(iii) Earnings

The Proposed Disposal upon completion is expected to result in
an estimated net gain of approximately MYR17.486 million to the
Amsteel Group for the financial year ending June 30, 2006.

(iv) Net Tangible Assets (NTA)

On a proforma basis, the Proposed Disposal is expected to
increase the NTA per share of the Amsteel Group by 1.3 sen based
on the audited consolidated balance sheet as at June 30, 2005.

(9) Approvals Required

The Proposed Disposal is subject to the approval of the
following:

(i) FIC;

(ii) The shareholders of the Vendor and its ultimate holding
company, Amsteel;

(iii) The shareholders of the Purchaser; and
(iv) Any other relevant authorities, if required.

(10) Directors' and Major Shareholders' Interests

To the best knowledge of the Board, none of the Directors and
major shareholders of the Company or persons connected with them
has any interest, direct or indirect, in the Proposed Disposal.

(11) Directors' Recommendation

The Board of Amsteel, having taken into consideration all
aspects of the Proposed Disposal, is of the opinion that the
Proposed Disposal is fair and reasonable, and is in the best
interest of Amsteel and its shareholders.

(12) Documents for Inspection

The LO in respect of the Proposed Disposal and the Valuation
Report from Messrs CH Williams Talhar and Wong Sdn Bhd will be
made available for inspection during normal office hours of the
Company on any weekday (except public holidays) at the
registered address of the Company at Level 46, Menara Citibank,
165, Jalan Ampang, 50450, Kuala Lumpur for a period of three (3)
months from the date of this announcement.

To view a full copy of Table 1 and Table 2, click
http://bankrupt.com/misc/AmsteelCorpBerhad102005.pdf

CONTACT:

Amsteel Corporation Bhd
Malaysia
Phone: 60 3 2162 2155
Fax: 60 3 2164 1036
Web site: http://www.lion.com.my


ANCOM BERHAD: Purchases 160,200 Shares
--------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:

Date of buy back: October 20, 2005

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

Total number of shares purchased (units): 160,200

Minimum price paid for each share purchased (MYR): 0.665

Maximum price paid for each share purchased (MYR): 0.680

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 160,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 15,515,700

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
Website: http://www.ancom.com.my


ASIAN PAC: Issues New Shares for Listing, Quotation
---------------------------------------------------
Asian Pac Holdings Berhad advised that its additional 4,000,000
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR5,000,000 Irredeemable Convertible Unsecured
Loan Stocks 2000/2005 into 4,000,000 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, October 24, 2005.

CONTACT:

Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195


DENKO INDUSTRIAL: Bourse to List, Quote Shares
----------------------------------------------
Denko Industrial Corporation Berhad advised that its additional
1,374,759 new ordinary shares of MYR1.00 each arising from the
following conversions:

- conversion of MYR350,242 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks 2004/2007 (Conversion of
ICULS)

- conversion of 1,024,517 Irredeemable Convertible Preference
Shares (Conversion of ICPS);

will be granted listing and quotation with effect from 9.00
a.m., Monday, October 24, 2005.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


FOREMOST HOLDINGS: Sets Out Reason of Payment Default
-----------------------------------------------------
Pursuant to Practice Note 1/2001, the Foremost Holdings advised
Bursa Malaysia Securities Berhad that its subsidiary, Yaku Shin
(Malaysia) Sdn Bhd (YKS) had on October 17, 2005 received a
default notice for the payment of principal and/or interest in
respect of banking facilities granted by Bumiputra-Commerce Bank
Berhad (BCBB).

The details are set out in Table A below.

Reason for the default in payment

Cash Flow

YKS has been facing tight cash flow since 2003 when the company
incurred a loss before tax of MYR26 million. For the year ended
December 31, 2003, YKS recorded a turnover of MYR235 million as
compared to MYR193 million in the preceding year ended December
31, 2002.

The sharp increase in sales was due to unusually large customer
orders for selected models of audio speakers. For the same year,
YKS recorded a loss before taxation of MYR26 million. The loss
was for the most part due to (a) soaring costs associated to
added manpower hired to cope with the spike in sales, and (b)
the complexity of the designs of the speaker models which
triggered the following:

- High material yield loss

- High production rejects

- High subcontractor costs due to insufficient in-house capacity

- Excessive manpower requirement and overtime

- High freight costs (including air freight charges) incurred in
order to meet delivery schedules and replacement of rejected
speakers

Increased Competition and Declining Sales

Following 2003, over and above the onset of keen competition
from global competitors, the local speaker industry has been
inundated with industry-wide spates of raw material shortage and
escalating material costs that was triggered by the onset of
rising oil and selected commodity prices such as steel and
copper.

The resultant effect for YKS was

(a) Declining sales since 2003 (2003: MYR235 million; 2004:
MYR137 million; 2005 (Jan - Aug): RM39 million) and

(b) Continued operational losses in spite of improvements
achieved in the efficiency of its production process, raw
material sourcing, supplier risk management, and reduction of
manpower.

Steps taken or proposed to be taken to address the default in
payments

Steps Taken

The Company and its subsidiary, YKS are currently in discussion
with the lender to address and seek an expeditious resolution to
the default status, with the view of reaching a workable debt
settlement programme.

Steps Proposed To Be Taken

The Company is also (a) looking for parties interested in the
industry to undertake a capital injection for YKS via an
issuance of new shares in YKS, and/or (b) considering a probable
disposal of its equity stake in YKS where possible.

Financial and Legal implications

The Default in Payment (both principal and/or interest) as per
the default notice, and the subject matter of this announcement
amounted to MYR5,048,466.53.

The credit facilities of YKS are secured against a charge over
its fixed and floating assets and a corporate guarantee by
FORMOST. The aggregate net book value of YKS' fixed and floating
assets at the date of its latest audited financial statement
(December 31, 2004) is MYR52 million.

In the event the default is in respect of secured loan stocks or
bonds, the lines of action available to the guarantors or
security holders against the listed issuer

Not Applicable

In the event the default is in respect of payments under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or receiver and manager

Not Applicable

Default in payment constitutes an event of default under a
different agreement for indebtedness (cross default)

Not Applicable

To view a full copy of Table A, click
http://bankrupt.com/misc/ForemostHoldingsBerhad102005.pdf

This announcement is dated 20 October 2005.


HAP SENG: Buys Back New 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 20, 2005

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

Total number of shares purchased (units): 28,900

Minimum price paid for each share purchased (MYR): 2.100

Maximum price paid for each share purchased (MYR): 2.150

Total consideration paid (MYR): 62,137.75

Number of shares purchased retained in treasury (units): 28,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,582,400

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


FURQAN BUSINESS: Updates Eastern Biscuit Transaction
----------------------------------------------------
Furqan Business Organisation Berhad (FBO) issued to Bursa
Malaysia Securities Berhad an update to the profit guarantee by
the vendors of Eastern Biscuit Factory Sdn Bhd.

Further to the Company's announcement on August 23, 2005 and the
last Board of Directors' Meeting of the Company held on August
29, 2005, the Board of Directors clarified to the exchange that
the letter dated March 14, 2005 to the Guarantors/Vendors (the
Vendors) of Eastern Biscuit Factory Sdn. Bhd., pursuant to the
profit guarantee, was merely a follow up to the numerous
discussions held between the management of FBO and the Vendors.

Further in view of the terms of the Guarantee Agreement dated
November 13, 2002 and the Supplemental Agreement dated July 4,
2003 which clearly provides that enforceability for any profit
shortfall can only occur after the audited accounts of each
corresponding financial year, this letter of March 14, 2005
should not be construed as an action for recovery.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GADANG HOLDINGS: Unit Acquires Shares in Splendid Pavillion
-----------------------------------------------------------
The Board of Directors of Gadang Holdings Berhad (Gadang)
disclosed to Bursa Malaysia Securities Berhad that Gadang Land
Sdn Bhd, a wholly owned subsidiary of Gadang, had on October 19,
2005 acquired two (2) ordinary shares of MYR1.00 each
representing 100 percent of the issued and paid-up share capital
of Splendid Pavilion Sdn Bhd (Splendid Pavilion) for a total
consideration of MYR2.00.

Splendid Pavilion was incorporated on August 1, 2005 and has an
authorized share capital of MYR100,000 of which 2 shares of
MYR1.00 each have been issued and fully paid-up. The intended
principal activity of Splendid Pavilion shall be property
development.

None of the Directors and/or substantial shareholders of the
Company or persons connected to them, has any interest, direct
or indirect, in the above acquisition.

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


MAGNUM CORPORATION: Purchases New Ordinary Shares
-------------------------------------------------
Magnum Corporation Berhad provided Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: October 20, 2005

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

Total number of shares purchased (units): 589,900

Minimum price paid for each share purchased (MYR): 1.970

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

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 589,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 68,324,900

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


METROPLEX BERHAD: Court Adjourns Hearing of Wind Up Petition
------------------------------------------------------------
Metroplex Berhad (MB) refers to its announcements made to Bursa
Malaysia Securities Berhad dated August 24, 2005 and October 11,
2005 in relation to the winding up petition served on MB by
Morgan Stanley Emerging Markets, Inc. (MSEMI).

The Company informed the exchange that the Kuala Lumpur High
Court has:

(i) On October 19, 2005 adjourned the hearing on the following
applications to November 14, 2005:

(a) MSEMI's application for the appointment of a Provisional
Liquidator for MB; and

(b) MB's application to strike out MSEMI's winding-up petition.

(ii) On October 20, 2005 adjourned the hearing on MSEMI's
winding-up petition against MB to November 24, 2005.

This announcement is dated 20 October 2005.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


MTD CAPITAL: Enters Alliance with Guangxi Communication
-------------------------------------------------------
MTD Capital Bhd issued to Bursa Malaysia Securities Berhad
details of the joint venture framework agreement in relation to
the participation of MTD Capital Bhd in the proposed
construction, operation, management and maintenance of the
Yangshuo-Luzhai Expressway Project in Guangxi Zhuang Autonomous
Region, People's Republic of China.

(1.0) Introduction

MTD Capital Bhd disclosed to the Exchange that it had on October
20, 2005 entered into a Joint Venture Framework Agreement
(Agreement) with Guangxi Communication Department, Guangxi
Zhuang Autonomous Region, People's Republic of China (Guangxi
Communication Department) to jointly participate in the proposed
construction, operation, management and maintenance of the
Yangshuo-Luzhai Expressway Project in the Guangxi Zhuang
Autonomous Region, People's Republic of China (the Project or
Expressway) under the concept of built, operate and transfer
(BOT Contract) with concession rights for the Yangshuo-Luzhai
Expressway (Concession).

(2.0) Details of the Agreement

(2.1) Information on Guangxi Communication Department

(2.1.1) Guangxi Communication Department is a government body
duly vested with the authority for the development, planning and
construction of the entire road and river network and
administration of transportation industry and granted exclusive
concession rights in relation to the Yangshuo-Luzhai Expressway
under the Guangxi Zhuang Autonomous Region, People's Republic of
China.

(2.2) Salient Terms of the Agreement

The following are the salient terms of the Agreement:

(2.2.1) Upon approval of the Feasibility Study Report on the
Project by the Supervisory National Government Department in
China (Relevant Authority), both the Company and Guangxi
Communication Department (collectively Parties) or their
respective designated nominee shall execute a Joint Venture
Agreement for the Project and thereafter jointly establish a
joint venture company (Project Company) to be responsible for
the implementation of the Project.

(2.2.2) The proposed BOT Contract shall be with concession
rights for toll collection, operation and maintenance of the
Expressway of an estimated total length of 83 km based on four
(4) lane dual carriageways.

(2.2.3) The construction of the Project is expected to commence
in 2006 and the construction period shall tentatively be 3 years
(subject to final approval) and the concession period shall
tentatively be 29 years.

(2.2.4) The registered capital of the Project Company shall not
be less than Chinese Renminbi (RMB) 100 million.

(2.2.5) The shareholding of the respective party in the Project
Company shall be based on the proportion of the actual
contribution of the shareholders' funds to finance the Project,
which shall be mutually determined upon approval of the
Feasibility Study Report.

(2.2.6) The total investment for the Project shall be RMB3.2
billion and the equity portion of the Project shall not be less
than 35% of the total cost (of approximately RMB1.12 billion),
and shall be contributed by the Parties in proportion to their
shareholding. The balance of the cost (65 percent, approximately
RMB2.08 billion) shall be obtained from financial institution.

(2.2.7) The duration of the joint venture in the Project Company
shall be from the date of the incorporation of Project Company
up to the expiry date of the concession period.

(3.0) Rationale

(3.1) The rationale of the Agreement is to set out the framework
for the Parties to work together towards the realization of the
Project.

(3.2) The proposed Expressway has the potential of being a
viable investment in view of its location which is in popular
tourist region and served as an artery road for the western
region to the more developed southern region of China.

(3.3) The proposed participation of the Company in the Project
is in line with its vision and mission to be a major
international player in toll roads and opportunity to enhance
the Company's construction order book.

(4.0) Effects

The joint venture will not have any effect on the share capital
and substantial shareholders' shareholding of the Company and is
not expected to have any effect on the earnings and net tangible
assets per share for the financial year ending 2006.

(5.0) Directors' and Substantial Shareholders' Interest

None of the Directors, substantial shareholders of the Company
and/or persons connected to them have any interest, direct or
indirect in the Agreement.

(6.0) Directors' Statement

The Board of Directors of the Company is of the opinion that the
joint venture is in the best interest of the MTD Group.

(7.0) Documents for Inspection

The Agreement will be available for inspection at the registered
office of the Company 14 days from the date of this
announcement.

This Announcement is dated 20 October 2005.

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022/ +60 3 6187 7898
Web site: http://www.mtdcap.com/


PAN MALAYSIA: Issues Notice of Shares Buy Back
----------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: October 20, 2005

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

Total number of shares purchased (units): 82,000

Minimum price paid for each share purchased (MYR): 0.485

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

Total consideration paid (MYR): 40,458.35

Number of shares purchased retained in treasury (units): 82,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 53,371,500

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

CONTACT:

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


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad informed that its additional 1,597,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, October 24, 2005.

CONTACT:

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


PATIMAS COMPUTERS: New Shares up for Listing, Quotation
-------------------------------------------------------
Patimas Computers Berhad informed that its additional 80,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR304,000 Nominal Value of 6 percent Irredeemable Convertible
Unsecured Loan Stocks 2001/2006 into 80,000 Ordinary Shares of
MYR1.00 Each will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Monday,
October 24, 2005.

CONTACT:

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


PILECON ENGINEERING: Court Extends Period of Restraining Order
--------------------------------------------------------------
Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon Engineering Berhad, advised Bursa Malaysia
Securities Berhad that the High Court of Malaya at Kuala Lumpur
has, on October 20, 2005, further extended the restraining order
dated August 22, 2005 pursuant to Section 176(10) of the
Companies Act, 1965 restraining all further proceedings in any
action or proceeding against Pilecon including winding up,
execution and arbitration proceedings as well as any intended or
future proceedings until December 31, 2005.

This announcement is dated 20 October 2005.

CONTACT:

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


POLY GLASS: Unveils Director's Dealing in Securities
----------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, this is to notify that Poly Glass
Fibre (M) Berhad has on October 20, 2005 received a notification
dated October 20, 2005 from Mr. Fong Wah Kai, the Executive
Director of the Company in relation to his indirect acquisition
of 46,000 ordinary shares of MYR1.00 each in the Company as per
the information below:

Date of Dealing: October 19, 2005

Consideration for the dealing: MYR0.13 per ordinary share

Amount of Securities acquired: 46,000 ordinary shares of MYR1.00
each

Percentage of Securities acquired: 0.03 percent

Total number of Securities and percentage held after
acquisition:

Direct: 5,611,500 (3.51 percent)

Indirect: 51,965,700 (32.48 percent)

Dated this 20th day of October 2005.

CONTACT:

Poly Glass Fibre (M) Bhd
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460
Fax: 04-3996197


SUREMAX GROUP: Unit Urged to Pay Dues to Avoid Winding Up
---------------------------------------------------------
The Board of Directors of Suremax Group Bhd. (Suremax) advised
Bursa Malaysia Securities Berhad that two (2) Notices pursuant
to Section 218 of the Companies Act, 1965 (Notices), dated
October 17, 2005 have been received by Suremax's wholly owned
subsidiary, Suremax Builders Sdn. Bhd. (SBSB) on October 20,
2005.

The Notices were issued by Messrs. KF Hua & Partners on behalf
of Success Earthworks & Construction Sdn. Bhd. (SEC) demanding
the following payments:

(a) A sum of MYR31,565.00 being the outstanding sum for rental
of machineries and equipment; and

(b) A sum of MYR41,524.34 being the outstanding payment for
infrastructure works and road works carried out under a few
projects i.e. Pinggiran Senawang Phase RT5, Seri Mambau Phase
A1, Seri Mambau Phase A3, Seri Mambau Phase D1 and Seri Mambau
Main infrastructure works.

Pursuant to the Notices, in the event that SBSB fails to make
payment for the aforesaid debts within twenty-one (21) days from
the date of service of the Notices, SBSB shall be deemed to be
unable to pay the aforesaid debts and appropriate action will be
taken for the winding-up of SBSB.

SBSB will seek legal advice from its Solicitors on the next
course of action.

This announcement is dated 20 October 2005.

CONTACT:

Suremax Group Bhd
No. 7-1, Faber Imperial Court,
Sheraton Imperial Hotel,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-76606080
Fax: 03-76606090


UNITED CHEMICAL: Unveils Investigative Audit Findings
-----------------------------------------------------
United Chemical Industries Berhad (UCI) refers to its
announcements made to Bursa Malaysia Securities Berhad dated
November 24, 2004 and October 18, 2005.

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of UCI, disclosed the findings of the investigative
audit performed by Messrs. AljeffriDean & Co. in connection with
the past losses suffered by UCI Group.

The audit findings are to be announced after the Proposed
Restructuring has been approved by the creditors and
shareholders of UCI and the Proposed Scheme of Arrangement has
been sanctioned by the High Court of Malaya. The Proposed
Restructuring was approved on September 8, 2005 and the Proposed
Scheme of Arrangement was sanctioned on October 17, 2005.

The summary of the investigative audit findings is attached
herewith below.

This announcement is dated 20 October 2005.


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

LEPANTO CONSOLIDATED: In Talks with South African Firm
------------------------------------------------------
South African firm Anglo American Plc is reportedly in talks
with Lepanto Consolidated Mining Company to explore next to its
Boyongan copper deposit in the southern Philippines, Reuters
reports.

Anglo American already holds a joint venture with local firm
Philex Mining Corp. to develop the Boyongan lode, located in
Surigao del Norte province.

Geologists estimate Boyongan contains up to 219 million tonnes
of copper ore, but Anglo American said it may be possible to
develop a bigger area holding more than twice that amount.

The Boyongan project is one of the 24 mining ventures identified
by the Philippine government and estimated to cost a total of
US$6.5 billion to bring it into commercial production.

The Philippines, which the government said is sitting on top of
US$1 trillion worth of unexplored mining reserves, is trying to
attract foreign investors to help it dig up its mineral
deposits.

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: Amends Quarterly Report
-----------------------------------------------
Mariwasa Manufacturing Inc. (MMI) furnished the Philippine Stock
Exchange (PSE) a copy of its Amended Quarterly Report, using SEC
Form 17-Q, for the quarter ended June 30, 2005.

A copy of MMI's Amended Quarterly Report is available free of
charge at
http://bankrupt.com/misc/tcrap_mariwasamanufacturing102105.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


MONTEMAR BEACH: Regulator Suspends Securities
---------------------------------------------
The corporate watchdog has suspended the registration of
securities of Montemar Beach Club Inc., The Philippine Star has
learned.

The Securities and Exchange Commission (SEC) has suspended the
firm's securities for failing to meet reportorial requirements
and settle a Php2.01-million penalty.

The suspension of Montemar's permit to sell securities is
effective for a period of 60 days or until such time that the
company is able to file the required reports and settle the
assessed penalties, whichever comes first.

The SEC suspended Montemar's permit to sell securities after the
company failed to show up at the hearing called by the
Corporation Finance Department last Sept. 20. The meeting was
intended to give the leisure firm the opportunity to explain why
its license to sell securities should not be revoked.

The SEC said Montemar's failure to file the required reports and
pay the penalty shall lead to the revocation of the registration
of its securities without need for further notice and hearing in
accordance with the provisions of the SRC.

CONTACT:

Montemar Beach Club Inc.
Pacific Star Building,
Sen. Gil Puyat Ave.
Makati City
Phone: 843 1380


NATIONAL POWER: PEPOA Bucks Plan to Scale Down Privatization
------------------------------------------------------------
Power industry players oppose a legislative proposal to reduce
from 70 percent to 50 percent the assets that need to be sold by
National Power Corporation (Napocor) before the start of the
open access era, The Philippine Star reports.

Philippine Electric Plant Owners Association (PEPOA) said the
rationale for reducing the number of Napocor assets to be
privatized is to level the playing field.

PEPOA executive director Ranulfo Ocampo explained the 70 percent
threshold will ensure that no generator will be above the market
cap of 30 percent of the installed capacity within a grid.
Otherwise, Napocor will remain a dominant player that can
exercise unilateral market power to the great harm of the
consumers and the industry.

Under the Electric Power Industry Reform Act (EPIRA), the Power
Sector Assets and Liabilities Management Corp. (PSALM) should
privatize 70 percent of Napocor's assets in Luzon and Visayas.
But PSALM has so for sold only 14 percent of the power
generating assets of the state-owned power firm.

Under Senate Bill 1929, Sen. Juan Ponce Enrile is proposing to
limit the sale of Napocor assets to 50 percent, which was
immediately opposed by key industry players.

Napocor has long been the largest contributor to the budget
deficit because of its huge debts. Its privatization will, in
fact, ease the budget deficit since it will help the government
raise the funds needed to pay Napocor's debt, reduce government
borrowings and reduce the amount of tax burdens on Filipinos.

While it is true that Napocor is expected to break even this
year, this is simply due to government having absorbed Php200
billion of Napocor's loans pursuant to the EPIRA.

The power firm recently obtained fresh funds worth US$300
million via a six-year floating rate note followed by another
US$100 million just last month. The state-owned power firm's
debt forms the bulk of the government's gross foreign borrowings
projected to hit Php227.74 billion this year.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468


* Watchdog Mulls Mass Cancellation of Registration
--------------------------------------------------
The Securities and Exchange Commission (SEC) is planning to
revoke the registration of thousands of companies that failed to
comply with its reportorial requirements, The Manila Times
relates.

The SEC will issue a mass revocation order for 27,260 firms that
were unable to submit financial statements, audited financial
statements and other reportorial requirements for the past five
years. The companies affected include firms incorporated in 1998
and 1999.

SEC secretary Gerard Lukban said the regulator will give the
concerned companies 30 days to show proof as to why the
regulator shouldn't revoke their articles of incorporation.

Pursuant to Batas Pambansa 68 and Presidential Decree 902a, the
SEC has the authority to revoke the articles of incorporation of
companies after giving them proper notice and hearing.

Grounds for revocation include a company's failure to formally
organize and commence its business within two years from the
date of its incorporation; continuous in operation for at least
five years; and failure to file the required reports in
appropriate forms as determined by the commission within the
prescribed period.


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

ADVENTURE TOURS: Receiving Claims Until Next Month
--------------------------------------------------
Notice is hereby given that the creditors of Adventure Tours (S)
Pte Limited, which is being wound up voluntarily, are required
on or before Nov. 25, 2005 to send in their names and addresses
and the particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Liquidator at 300
Beach Road, #38-05 The Concourse, Singapore 199555.

If so required by notice in writing from the said Liquidator,
they are to come in by their solicitors or personally and prove
their said 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: Oct. 14, 2005

Heng Lee Seng
Liquidator
300 Beach Road, #38-05 The Concourse
Singapore 199555


CHARTERED SEMICONDUCTOR: Q3 Results Lower than Expected
-------------------------------------------------------
Chartered Semiconductor Manufacturing Limited, one of the
world's top semiconductor foundries, announced its financial
results for the  third quarter on Oct. 21, 2005.

"The Company's third-quarter 2005 revenues were up 50%, and
revenues including our share of SMP were up 44% sequentially,
slightly higher than the top end of the mid-quarter guidance
provided on September 6, 2005. The revenue growth was primarily
driven by 90-nanometer (nm) shipments, which contributed 24
percent of our total business base revenues. For the first time
in our history, revenues from 0.13 micron and more advanced
technologies crossed the SGD100 million mark in a quarter,
contributing over 40% of our total business base revenues. The
net loss for the quarter was significantly better than previous
guidance, despite higher expense associated with the financing
activities concluded during the quarter," said George Thomas,
senior vice president & CFO of Chartered Semiconductor.

The Company posted a net loss of SGD58.4 million for the third
quarter ended Sept. 30, 2005, lower than the SGD88 million net
loss forecasted by analysts.

To view a summary of the Company's financial results, go to:

http://bankrupt.com/misc/tcrap_charteredsemi102105.pdf

CONTACT:

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


CHINA AVIATION: Confirms Temasek is Sole Investor
-------------------------------------------------
State agency Temasek Holdings is the only investor for the
retsructuring of embattled China Aviation Oil (Singapore) (CAO),
SinoCast reports.

CAO dismissed speculations that it has reached a restructuring
plan with a new investor, which will be announced next month.

The oil company confirmed several parties have signified thier
interest to participate in CAO's restructuring, but stressed
that Temasek is the only investor to date.

Under its debt-restructuring plan presented to court in May, CAO
planned to inform creditors about how new investors will
participate in the capital injection plan in July, and held a
shareholders meeting around October.  But, judging from the
current situation, the timetable has been postponed.

CAO, which lost around US$550 million from oil derivatives
trading last year, is expected to resume trading around end-
2005.

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


CITIRAYA INDUSTRIES: Employees to Plead Guilty in Bribery Case
--------------------------------------------------------------
Two of three Citiraya Industries supervisors, who were allegedly
involved in a bribery scandal, will plead guilty to the charges,
Channel News Asia reports.

The three have been charged with accepting bribes totalling
SG$115,000 from former Citiraya assistant general manager Ng
Teck Boon.

Charles Sebastin Anthony Charles, a mechanical crushing plant
supervisor with the company, is to plead guilty to two charges.
He is alleged to have pocketed SG$11,000 in bribes. Three other
charges for misappropriation are to be taken into consideration.

Seetoh Kwok Weng, a former materials supervisor with Citiraya,
allegedly took SG$18,000 in bribes. He is also to plead guilty
to two out of five charges.

The position of the third accused, Ong Cheng Ho, an ex-transport
supervisor with Citiraya, could not be confirmed. He is facing
five charges and is alleged to have accepted bribes of
SG$86,000.

The court will hear the case on October 27.

CONTACT:

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


MYANMAR GROWTH: Creditors Asked to Submit Debt Claims
-----------------------------------------------------
Notice is hereby given that the creditors of The Myanmar Growth
Fund Limited, which is being wound up voluntarily, are required
on or before Nov. 19, 2005 to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company
Liquidator.

If so required by notice in writing from the said Liquidator,
they are to come in by their solicitors or personally and prove
their said 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 19th day of October 2005

Seshadri Rajagopalan
Liquidator
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315


PRINCESET INTERNATIONAL: Intends to Pay Dividend
------------------------------------------------
Princeset International Pte Limited, formerly of 39B Jalan
Pemimpin, #05-00 Princeset Industrial Building, Singapore
577184, posted a notice of intended dividend at the Government
Gazette, Electronic Edition with the following details:

Name of Company: Princeset International Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 251 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
===============

POWER-P: Issues Progress Report of Operations
---------------------------------------------
According to The Stock Exchange of Thailand's (SET) requirement
for any company under REHABCO sector to report the progress of
solving the financial issue and rehabilitation every six months,
Power-P Public Company Limited (The Company), now being under
REHABCO sector, issued to the SET a report of the additional
progress of the Company's operation, financial status and
rehabilitation plan based on for the past six months:

(1) Board of Director restructuring

The Company had appointed Mr. Repee Asumpinpong to replace Mr.
Chairath Ketphasook, whose directorship had expired this term
since April 29, 2005.

The Company's Board of Directors as of October 18, 2005 is
comprised of:

Board of Directors

Mr. Ratchasak    Susewi            Chairman
Mr. Vunchai      Demake            Director
Mr. Pranai       Satyavanija       Director
Mr. Paiboon      Chorchaitis       Director
Miss Sirimal     Jareranpol        Director
Mr. Sompoch      Intranukul        Director and Chairman of
                                   Audit Committee
Mr. Tarn         Austeerawatt      Director and Audit Committee
Mr. Repee        Asumpinpong       Director and Audit Committee

(2) The progress of business operations

The Company under the policy of the new board of management
operation has determined to render a comprehensive service as a
main contractor ranging from consulting on project feasibility
study to construction competition business situation and enhance
the stronger financial status.

The progress of the Company's business performance for the past
six months could be summarized as:

The Company notified the Exchange that the Company has entered
into a Joint Venture Agreement with Nophawong Comstruction Co.,
Ltd.; hereinafter called JVPower-Nophawong for the purpose of
bidding of "The construction project of 50-Years
Mahavachiralongkorn's building for Research and Agricultural
sciences Development of Kasetsart University". The construction
contract has been signed with Kasetsart University since April
1, 2005 with the project value of THB157,169,061 (VAT included).

The project shall be completed no later than 500 days from the
site granted date of April 20, 2005.

The proportion of investment between the Company and Nophawong
is 49 percent and 51 percent, respectively.

In the second quarter of 2005, The Company had terminated two
projects; Mongkol Harbor Gas Storage Project and Nong Ree Gas
installation Plant with the project value of THB500 million and
THB55 million respectively due to the owners of both projects
have changed their business policy.

Thus, the Company has already received the compensation of
construction and damage approximate of THB50million and THB8
million respectively from the owner.

Then the Company will pay such payments to the sub-constructor
by terminating project at the amount of THB40 million and THB4
million respectively within October 2005.

In the third Quarter 2005, the Company had also terminated the
Silver Heritage Condominium with the project value of THB347
million.  Because the owner has been pending the construction
and it is being in negotiation process in term of construction
fee and damage charge to both owner and sub-contractor.

Hence, the Company expects to receive the net payment of THB50
million approximately within fourth Quarter 2005.

Furthermore, the Company also has another 4 backlog construction
contracts with the total value of THB250 million

(3) Financial statement

The performance of the Company and Subsidiary Company at ended
of March 31, 2005 and June 30, 2005 could be summarized as
follows:

Unit: Million

Ended of                       March 31, 2005  June 30, 2005

Current asset                       225.52          388.96
Total asset                         797.57          956.92
Current liabilities                 129.36          313.22
Total liabilities                   391.58          539.29
Common shares (fully paid-up)     2,100.00        2,100.00
Total Shareholder's Equity          405.99          417.63
Revenues                             57.84           86.29
Total revenues                       66.71          100.11
Cost of construction services        40.69           67.58
Net income                           11.43           11.64
Earning per share (Baht per share)    0.05            0.06

(4) Special audit report

According to the Securities and Exchange Commission's (SEC)
letter has requested the Company to appoint a qualified auditor
as Special Auditor and appraisal specialist of completion
project on March 31, 2005 in order to propose the reasonable
income report to auditor according to the letter ref. KorLorTor.
Cho. 1161/2005 regarding to preparing special auditor dated June
9, 2005.

Moreover, the letter ref. KorLorTor. Cho. 2572/2548 dated
September 2, 2005 from SEC that has requested the Company to
disclose additional information about revenue recognition,
advance payment and receiving payment as said in the Special
Audit's report to the investors.

Hence, the Company has already submitted the special auditing
report as a special case which reported by Dharmniti Auditing
Co., Ltd. and the Company also sent the letter of disclosure of
additional information to SEC as well as disclose to the
investors since August 31, 2005 and September 19, 2005
respectively.

Presently, the Company has been processing consideration and
approval of the Company's securities removal from the REHABCO
and trading under the normal category including rectifying
trading symbol.

Please be informed accordingly
Sincerely Yours,
Mr. Kittiphat Intharakaset
Deputy Managing Director - Corporate Planning and Investing

CONTACT:

Power-P Public Company Limited
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok
Telephone: 0-2618-8555-7, 0-2618-8888
Fax: 6188078, 6188140-2


SIAM-AGRO: Operations Continues Despite Rehabilitation
------------------------------------------------------
With reference to the Stock Exchange of Thailand's (SET) letter
dated January 14, 2004 concerning the request to report the
progress of the performance of Siam-Agro Industry Pineapple and
Others Public Company Limited, in compliance to the request the
company issued the following report.

Summary of the Progress to Rehabilitate The Siam Agro Industry
Pineapple and Others Public Company Limited

Salient points

(a) On February 21, 2005, the Central Bankruptcy Court ordered
the Company to undergo business reorganization plan process and
to submit the plan in accordance with the Bankruptcy Act B.E.
2483.

(b) On June 16, 2005, plan preparers appointed a financial
advisor to facilitate the preparation of a comprehensive
business reorganization plan.

(c) On August 5, 2005, the Company's major financial creditor
agreed to extend the lease period of the factory and ancillary
facilities for one year, with advance rental payment of THB5.69
million, expiring on April 30, 2006.

In addition, the Company's major financial creditor has agreed
to extend the period to use overdraft facilities of THB30
million and letter of indemnity facilities of THB16.78 million
for 6 months, ending on December 31, 2005 with the extension of
the buy back option for the factory and ancillary facilities for
another six months, until December 31, 2005.

(d) On August 9, 2005, plan preparers appointed a legal advisor
to facilitate the preparation of a business reorganization plan
to be submitted to the official receiver.

(e) The business reorganization plan has been submitted to the
official receiver on September 5, 2005, with a meeting of
creditors held on October 17, 2005

At this meeting, the plan was approved by a special resolution.
The court hearing is scheduled for October 31, 2005.

(f) The Company processed approximately 64,065 metric tons of
pineapples in YTD June 2005, higher than the tonnage of
approximately 61,878 metric tons processed in YTD June 2004.

(g) Sales revenue increased marginally to Bt. 491.09 million in
YTD June 2005 from THB481.99 million in YTD June 2004, due
primarily to a modest increases in selling prices of some minor
products and lower fruit costs off-set by increased packaging
and energy costs coupled with significantly higher expense
arising from default on restructured loan.

(h) Net income increased to be THB4.34 million in YTD June 2005
compared to loss THB15.83 million in same period year-ago, with
earnings per share increasing from THB(0.53) in YTD June 2004 to
THB0.14 in YTD June 2005.

(i) The Company's total net debt decreased slightly to
THB738.42 million as at June 30, 2005 compared to THB740.95
million as at June 30, 2004.

(j) The number of staff and workers declined from 1,366 as at
June 30, 2004 to 1,234 as at June 30, 2005.

In summary, despite the current challenging circumstances and
its weak financial position, the Company continues operating and
trading successfully in this cyclical industry as it prepares to
reorganize and secure the business for long-term growth.

For your consideration

Yours sincerely,
Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th


TUNTEX THAILAND: Issues Progress Report of Business Rehab Plan
--------------------------------------------------------------
On the Plan Implementation Date (March 15, 2005), Tuntex
(Thailand) Public Co. Ltd. was partially released from its
indebtedness, converted partial indebtedness into convertible
debentures and partially repaid indebtedness by transferring its
assets to the creditors in lieu of repaying the debt in cash,
the details of which have been previously reported to the Stock
Exchange of Thailand (SET).

The Company issued to the SET a report of the progress of
business rehabilitation plan implementation during the period
from April 2005 to September 2005 as follows:

(1) On the last business day of April, May, June, July, August
and September 2005, the Company paid the interest accrued on the
outstanding long-term indebtedness in the amount of
THB3,567,026,000 (Three thousand five hundred sixty-seven
million and twenty-six thousand Baht) in accordance with the
provision of the business rehabilitation plan to the Group-1
Creditor at the rate of 4 per cent per annum in the total amount
of THB71,535,793.48 (Seventy-one million five hundred and
thirty-five thousand seven hundred and ninety three Baht and
forty eight Satang).

In this regard, the Company will be temporarily free from
repaying the principal amount of such long-term debt to the
Group-1 Creditor until June 2007 in accordance with Section
5.2.1 (i) of the business rehabilitation plan.

(2) On July 25, 2005, the Central Bankruptcy Court authorized
the Company to modify its polyester production machinery so as
to be able to produce the polyester products that suit the
requirement of the customers.

In this regard, the modification to the production will
accommodate the Company to produce a variety of polyester
products that suits the requirement of each individual customer
and reduces the waste or off-specification products at the same
time.

In connection therewith, the Court authorized the Company to
borrow the required capital expenditure from Bangkok Bank
Public Company Limited pursuant to the additional credit
facility arrangement under the Master Restructuring Agreement
dated March 10, 2005 in order to invest in the new machinery,
the associated equipment and other expenses relating thereto
with a view to increasing the competitiveness and eventually
being beneficial to the business rehabilitation of the Company.

(3) On September 27, 2005, the Company as purchaser entered into
an amendment agreement to the raw material-Pure Terephthalic
Acid sale and purchase agreement with TPT Petrochemicals Public
Company Limited (formerly known as Tuntex Petrochemicals
(Thailand) Public Company Limited) as seller of which its terms
are more beneficial to the Company comparing to the previous
sale and purchase arrangement and also guarantee the minimum
supply of Pure Terephthalic Acid to the Company until 2011 in
accordance with Section 14.2 (e) of the business rehabilitation
plan.

Please be informed accordingly and should there be any progress,
the Company will promptly inform you.

Sincerely yours,

Mr. Yang, Jin-Tuu
Tuntex (Thailand) Public Company Limited

The Plan Administrator of
Tuntex (Thailand) Public Company Limited

CONTACT:

Tuntex (Thailand) Pcl
Bb Building, Floor 20,
54 Sukhumvit 21 Road,
(Asoke) Klongtoey Nua,
Wattana Bangkok
Telephone: 0-2260-8020-41
Fax: 0-2260-8055
Web site: http://www.tuntexthailand.com





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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