TCRAP_Public/051026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, October 26, 2005, Vol. 8, No. 212

                          Headlines

A U S T R A L I A

AUSTRAL COAL: Offer Period Lasts Until November 7
AUSTRALIAN HOTEL: Members Pass Winding Up Resolution
AUTOLINK NETWORK: Final Meeting Fixed November 1
BARTECH CORPORATION: Liquidator to Distribute Company Assets
CJS SHAFT: Members Resolve to Wind Up Business

CORNDALE QUARRIES: Members, Creditors to Receive Wind Up Report
DAIRY FARMERS: Churns AU$12-Mln Loss Ahead of Public Listing
D.K.&M. SMASH: Andrew Hewitt Named Company Liquidator
GALINA PTY: To Declare Dividend Today
GENERAL MOTORS: Isuzu Moves to Take Entire Stake

JA PEREZ: Winds Up Business
KARAHASAN PTY: Creditors OK Liquidator's Appointment
LUCRATIVE FINANCIAL: Intends to Pay Dividend to Creditors
MULTIPLEX: Snags AU$220-Mln Construction Contract
MUTUAL POOLS: Court Orders Winding Up

NUMERICON PTY: Decides to Close Operations
NYLEX LIMITED: Details Prospects After AH Plant Hire Sell-off
OAKMAY PTY: Members to Receive Liquidator's Report
OZBLOOMES PTY: Supreme Court Issues Liquidation Order
QANTAS AIRWAYS: Massive Job Cuts May Hurt Profit Outlook

QANTAS AIRWAYS: Awards Security Contract to Siemens, Zylotech
R&L ADMINISTRATORS: Winding Up Process Initiated
SOUTHERN CROSS: Liquidator to Detail Winding Up Manner
SJ&H TRANSPORT: To Undergo Winding Up
T.D.P. CONSTRUCTIONS: Placed Under Voluntary Liquidation

TELFU PTY: Declares Dividend Today
TELSTRA CORPORATION: Talks Straight at AGM
TELSTRA CORPORATION: Shareholder Attacks Executive Board
TELSTRA CORPORATION: In Merger Talks with NW Mobile
X6 CO: Members Agree to Shut Down Company

* ASIC Bans Director for Five Years


C H I N A  &  H O N G  K O N G

AUSTCHIN INVESTMENTS: Winding Up Process Initiated
BRIGHT SMART: SFC Reprimands Securities Firm
CAPISCES INTERNATIONAL: Receives Winding Up Notice
CHAMPION CYBERWORK: High Court Orders Winding Up
CHINA CONSTRUCTION: Eligible for Short Selling After Debut

DRANSFIELD HOLDINGS: First Meeting of Creditors Set November 9
ETERNAL STEP: Set to End Operations
KARRIE COMPANY: To Undergo Winding Up Process
LEE SHING: Winding Up Hearing Set for November 8
NEW ASIA: Winding Up Hearing Fixed November 23

NEW CHOICE: Creditors Meeting Scheduled for October 28
NEW LAP: Issues Winding Up Order


I N D I A

HINDUSTAN PETROLEUM: Seeks Partners for Fuel Pump Automation


I N D O N E S I A

BANK MANDIRI: Plans to Issue IDR3-Trillion Bonds Next Month
PERTAMINA: Trade Unions Sue Company President
PERUSAHAAN LISTRIK: Plans to Use LPG to Operate Plant
* Indonesian Government Buys Back Bonds Worth IDR2.45 Trillion


J A P A N

HITACHI LIMITED: To Integrate Infrastructure Operations
JAPAN AIRLINES: Joins Oneworld Alliance of Airlines
MITSUBISHI MOTORS: Rockford Provides Premium Audio System
PIONEER CORPORATION: Moody's Changes Rating Outlook to Stable
SANYO ELECTRIC: Denies Report to Stop Making Appliances

SANYO ELECTRIC: To Postpone First Half Results


K O R E A

DOOSAN GROUP: Chairman Released from Prosecutor's Office
DOOSAN HEAVY: Union Stages 2-Day Strike
LG CARD: Creditors to Dispose of 51% Stake


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
ASIAN PAC: To Appeal SC's Decision
BUKIT KATIL: Issues Update to Loan Facilities
DUOPHARMA BIOTECH: Bourse to List, Quote New Shares
FABER GROUP: New Shares Up for Listing, Quotation

HAP SENG: Buys Back Ordinary Shares
HARVEST COURT: Bank Negara Gives Approval to Hold RCSLS Issue
HUME INDUSTRIES: Unveils Result of AGM, EGM
LION CORPORATION: Updates Proposed Issuance of U.S. Dollar Notes
MAGNUM CORPORATION: Issues Notice of Shares Buy Back

MANGIUM INDUSTRIES: Unit Defaults Payments to SCB, SBB
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
MBF CORPORATION: Subsidiary Fails to Meet Loan Requirement
METROPLEX BERHAD: Court Adjourns Hearing of Appeal
NALURI CORPORATION: SC OKs Appointment of Independent Adviser

PAN MALAYSIA: Buys Back Ordinary Shares
PANTAI HOLDINGS: Bourse to List, Quote New Shares
POS MALAYSIA: Adds New Shares for Listing, Quotation
PROMTO BERHAD: Seeks RO Extension
SAAG CONSOLIDATED: Accepts Purchase Contract

SOUTHERN BANK: Fitch Assigns BB+ Rating to Preference Shares
TENAGA NASIONAL: New Shares to be Listed at Bursa Malaysia
TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
WAH SEONG: Undertakes Private Placement of Shares


P H I L I P P I N E S

COLLEGE ASSURANCE: Execs File Counter-affidavits at DOJ
DMCI HOLDINGS: Confirms Calaca Plant Bid
GLOBAL ISPAT: Creditors Cry Default
NATIONAL POWER: ERC to Meddle in TSC Row
NATIONAL POWER: Deadline for Assets Sale May be Missed

NATIONAL POWER: USAID Pushes for Privatization


S I N G A P O R E

CHARTERED SEMICONDUCTOR: Corrects Quarterly Financial Results
CHEONG ENG: Parent Firm Seeks Voluntray Liquidation
CREATIVE TECHNOLOGY: Expects SGD14.9 Mln in First Quarter
DMS INTERNATIONAL: Court Releases Winding Up Order
SING HENG: Prepares to Declare Dividend

WEE POH: Passes Resolutions at EGM


T H A I L A N D

PACIFIC ASSETS: Details Agreement with Lehman Brothers
TOTAL ACCESS: S&P Raises Rating to BB+

     -  -  -  -  -  -  -  -

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

AUSTRAL COAL: Offer Period Lasts Until November 7
-------------------------------------------------
Centennial Coal Company Limited ABN 30 003 714 538 (Centennial)
gave notice under section 650D(1) of the Corporations Act 2001
(Cth) that it varies the takeover offers dated March 21, 2005
(Offers) made by it under its off-market takeover bid to acquire
all of the ordinary shares in Austral Coal and contained in its
bidder's statement dated March 9, 2005 (as supplemented) by
extending the offer period during which the Offers will remain
open for acceptance until 7:00 p.m. Sydney time on November 7,
2005 (unless further extended).

The Offers were previously varied by notices dated April 22, May
17, May 30, June 10, June 24, July 11, July 25, August 1, August
15, August 29, September 12, September 26 and October 10, 2005.

CONTRACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


AUSTRALIAN HOTEL: Members Pass Winding Up Resolution
----------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Australian Hotel Group Pty Limited held on Sept. 22, 2005, it
was resolved that the Company be wound up, and Andrew Hugh
Jenner Wily and David Anthony Hurst of Armstrong Wily Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000
were appointed Liquidators for such purpose.

Dated this 22nd day of September 2005

David A. Hurst
Andrew H. J. Wily
Liquidators
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


AUTOLINK NETWORK: Final Meeting Fixed November 1
------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Autolink Network Pty Limited will be held on Nov.
1, 2005, 12:00 p.m. at Hall Chadwick Level 29, 31 Market Street,
Sydney NSW 2000, the following purposes:

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the liquidation period ending on Nov. 1, 2005.

(2) Any other business.

Adrian S. Duncan
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


BARTECH CORPORATION: Liquidator to Distribute Company Assets
------------------------------------------------------------
At a general meeting of Bartech Corporation Pty Limited duly
convened and held on Sept. 26, 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 liquidators so
desire.

Dated this 26th day of September 2005

Ralph Merrell
Liquidator
Suite 3, 571 Military Road
Mosman NSW 2088


CJS SHAFT: Members Resolve to Wind Up Business
----------------------------------------------
Notice is hereby given that at a General Meeting of Members of
CJS Shaft Pty Limited held on Sept. 20, 2005, members passed a
Special Resolution to wound up the Company voluntarily, and
Andrew Reginald Yeo and D. R. Vasudevan were appointed Joint and
Several Liquidators for the winding up.

Dated this 23rd day of September 2005

D. R. Vasudevan
Andrew R. Yeo
Joint Liquidators
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


CORNDALE QUARRIES: Members, Creditors to Receive Wind Up Report
---------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Corndale Quarries Pty Limited will be held on Nov.
1, 2005, 11:00 a.m. at the office of Nicholls & Co. Chartered
Accountants, Suite 6, 459 Peel Street, Tamworth NSW 2340, to
present the Liquidator's account showing how the winding up was
conducted and the property of the Company disposed of, and to
hear any explanation which may be given by the Liquidator.

Dated this 6th day of September 2005

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


DAIRY FARMERS: Churns AU$12-Mln Loss Ahead of Public Listing
------------------------------------------------------------
Dairy Farmers has incurred a hefty AU$12.2-million annual loss
for the year to June, according to The Australian.

The loss was related to a painful restructure last financial
year, as the milk co-operative prepares for a public listing.
The figure was incurred after absorbing a blow to the balance
sheet of AU$46.2 million as it shed staff and rationalized its
distribution network.

Australia's largest milk co-op is shedding a third of its
workforce as it prepares the business for a listing, planned for
no later than 2008.

It has also increased prices to recoup rises in the price of
petrol and other inputs, which cost it an additional AU$40
million in the year.

Dairy Farmers has absorbed the full cost of redundancies in
2004-05, even though it is only a third of the way through the
plan to reduce its 2400 workforce by one-third.

Eighteen months ago the co-op's approximately 2000 members voted
for a major overhaul of the 105-year-old business, which makes
brands such as Coon and Cracker Barrel cheese and Ski yogurt.

One-off costs for the 2004-05 year included AU$44.6 million in
redundancy payments, provisions, site closures and other
restructure costs as well as funds to bolster the route
distribution channel together with AU$49.2 million in non-cash
asset write downs. These costs were partially offset by gains
from the sale of non-core assets during the first half of the
year of AU$47.6 million.

Net debt was reduced to AU$103.9 million, the lowest level in
eight years.

Dairy Farmer's listing date would depend on the financial health
of the company, the receptiveness of the stock market and the
health of its supply network.

CONTACT:

Dairy Farmers
Corporate Office
Quad 1, 8
Parkview Drive
Sydney Olympic Park,
NSW 2127
Phone: (02) 8732 1000
Web site: http://www.dairyfarmers.com.au


D.K.&M. SMASH: Andrew Hewitt Named Company Liquidator
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of D.K.& M. Smash Repairs Pty Limited held on
Sept. 20, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held that same day, it was resolved
that Andrew Stewart Reed Hewitt of Grant Thornton be appointed
Liquidator for the winding up.

Dated this 20th day of September 2005

Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35 South Tower
525 Collins Street, Melbourne Vic 3000


GALINA PTY: To Declare Dividend Today
-------------------------------------
Galina Pty Limited will declare a second and final dividend
today, Oct. 26, 2005.

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

Dated this 6th day of September 2005

John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4900
Fax:   07 3225 4999


GENERAL MOTORS: Isuzu Moves to Take Entire Stake
------------------------------------------------
Japanese truck manufacturer Isuzu Motors is working to take over
U.S. carmaker General Motors' Australian commercial truck
operations, according to the Sydney Morning Herald, citing
Associated Press.

Isuzu, which already holds 60 percent of Isuzu-General Motors
Australia, will make the latter into a wholly owned unit by
acquiring General Motors' (GM) 40 percent stake.

Isuzu spokesman Tadashi Ioka said the firm has not yet decided
on the timing of the move but is in the final stages of reaching
an agreement with General Motors.

But Mr. Ioka clarified that buying GM's stake was not an effort
to provide aid to the money-losing U.S. carmaker. He stressed
that the move is just one pat of Isuzu's long-term global
strategy.

The Australian joint venture markets Isuzu's Elf light truck and
other vehicles Isuzu ships from Japan, making it a key part of
the Japanese company's sales strategy in the Australian market.

CONTACT:

General Motors Corporation
300 Renaissance Center
Detroit, MICHIGAN 48265-3000  
Phone: +1 313 556-5000
Fax: +1 313 556-5108  
Web site: http://www.gm.com

Isuzu-General Motors Australia Limited
858 Lorimer Street
PORT MELBOURNE
VIC 3207  
Phone: 03 9644 6666
Fax: 03 9644 6622


JA PEREZ: Winds Up Business
---------------------------
Notice is hereby given that at an extraordinary general meeting
of members of JA Perez Pty Limited held on Sept. 19, 2005, it
was resolved that the Company be wound up voluntarily, and
Robert Molesworth Hobill Cole of Cole Downey & Co. Chartered
Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 was
appointed Liquidator at a creditors' meeting held later that
day.

Dated this 26th day of September 2005

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


KARAHASAN PTY: Creditors OK Liquidator's Appointment
----------------------------------------------------
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 for such purpose.

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

Dated this 4th day of October 2005

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


LUCRATIVE FINANCIAL: Intends to Pay Dividend to Creditors
---------------------------------------------------------
Lucrative Financial Solutions Pty Limited will declare a first
priority dividend on Oct. 28, 2005.

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

Dated this 20th day of September 2005

M. E. Slaven
Liquidator
Rangott Slaven Hundy
Unit 12, Level 3, Engineering House
11 National Circuit, Barton ACT 2600
Phone: 02 6285 1430
Fax:   02 6281 1966


MULTIPLEX: Snags AU$220-Mln Construction Contract
-------------------------------------------------
Multiplex Group announced that its construction division,
Multiplex Constructions, has been awarded an AU$220 million
construction contract to build stage 2 of Fraser Greencliff's
prestigious Regent Place mixed use project in Sydney, New South
Wales (NSW).

The stage 2 project, located in George Street in the CBD, will
compromise 456 apartments in a 56-level residential tower known
as "Lumiere", including commercial, retail and leisure
facilities.

The agreement extends Multiplex Constructions' involvement in
the AU$600 million project, with the division currently building
the AU$100 million first stage of the development, which
commenced in August 2004.

Construction of stage one at Regent Place, incorporating the
underground car park and a five-storey podium, which will house
the site's commercial, retail and leisure facilities, is due for
completion in the final quarter of 2006.

Construction of stage two at Regent Place is due for completion
in early 2008.

Multiplex Group stapled securities trade on the Australian Stock
Exchange under the symbol "MXG".

CONTACT:

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


MUTUAL POOLS: Court Orders Winding Up
-------------------------------------
On Sept. 26, 2005, the Supreme Court of New South Wales ordered
the winding up of Mutual Pools Pty Limited, and appointed
Stephen Jay to be Liquidator of the Company.

Stephen Jay
Liquidator
c/o Nicholls & Co. Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


NUMERICON PTY: Decides to Close Operations
------------------------------------------
At a general meeting of the members of Numericon Pty Limited
held on Sept. 19, 20-05, the following resolutions were passed:

That the Company be wound up voluntarily, and that John Charles
Hayward, chartered accountant, be appointed Liquidator for such
purpose.

Dated this 19th day of September 2005

John C. Howard
Liquidator
29-31 Croydon Street, Cronulla NSW 2230


NYLEX LIMITED: Details Prospects After AH Plant Hire Sell-off
-------------------------------------------------------------
Nylex limited has agreed to sell AH Plant to National Hire for
AU$115m cash subject to Nylex shareholder approval and National
Hire due-diligence.

The sale of the non-core automotive business, which is expected
to generate AU$50 million in profits, would leave Nylex with low
debt levels. As a result, Nylex will be able to streamline its
business mix and grow core businesses.

The sale has been transacted at or near the "peak" of the cycle
to maximize value. The AU$115-million cash price equates to 9.1
times EBIT and falls well within the range of a valuation by
KPMG. The price compares with 7.2 times for the Boom acquisition
of Sherrin and 6.9 times for the Coates acquisition of Allied.

The sale to National Hire avoids a protracted tender process,
which could potentially harm the business during this peak
trading cycle. In addition, the proposed sale provides estimated
savings of AU$3-4 million on transaction costs.

However, the deal remains subject to National Hire due diligence
and Nylex shareholder approval.

Nylex said its strategy to simplify its activities into one
business competing in the Consumer and Industrial sectors is on
track.

A detailed copy of this media release is available at
http://bankrupt.com/misc/tcrap_nylex102505.pdf.

CONTACT:

Nylex Limited
Level 2/ 564 St Kilda Rd
Melbourne 3004
Phone:
Phone: (03) 9533 9333
Fax: (03) 9533 9388
E-mail: contactus@nylexlimited.com.au
Web site: http://www.nylexlimited.com.au


OAKMAY PTY: Members to Receive Liquidator's Report
--------------------------------------------------
Notice is hereby given that a final meeting of the members of
Oakmay Pty Limited will be held on Nov. 1, 2005, 10:30 a.m. at
Hall Chadwick, Level 29, 31 Market Street, Sydney NSW 2000.

BUSINESS:

(1) To receive a report from the Liquidator, being an account of
his acts and dealings, and of the conduct of the winding up
during the liquidation period ending on Nov. 1, 2005.

(2) Any other business.

Adrian S. Duncan
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


OZBLOOMES PTY: Supreme Court Issues Liquidation Order
-----------------------------------------------------
On Sept. 20, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Ozbloomes Pty Limited be wound up, and
appointed Steven Nicols to be Liquidator of the Company.

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


QANTAS AIRWAYS: Massive Job Cuts May Hurt Profit Outlook
--------------------------------------------------------
Qantas Airways' plan to sack thousands of maintenance workers is
expected to narrow its chances of improving its 2004/05 profit,
Sydney Morning Herald reports.

The possible outsourcing of 2500 heavy maintenance jobs to China
will help future profits, but observers said the move could see
the airlines face massive redundancy bill that will further
erode its profit outlook.

The 2000 jobs that were lost during the 2003 SARS crisis
resulted in an AU$115-million redundancy bill. This time,
Macquarie Equities estimates the bill at around AU$100 million.
Before redundancy costs, the broker expects Qantas to report a
net profit of AU$654 million for 2005-06, down AU$110 million on
the previous year.

But with Qantas chief Geoff Dixon declining to make any
guarantees on the fate of his 38,000-strong workforce, the loss
of 2500 maintenance staff could just be the start. Mr. Dixon has
warned of Qantas's need to drive down costs in all areas to
counter rising fuel costs. One might have to start factoring in
the possible cost of industrial unrest.

The national flag carrier will make a final decision regarding
the outsourcing by February next year.

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


QANTAS AIRWAYS: Awards Security Contract to Siemens, Zylotech
-------------------------------------------------------------
Zylotech announced that pursuant to an integration and teaming
agreement with Siemens Limited, Qantas Airways Limited has
awarded a nationwide Airport Security Contract to Siemens
Limited as Prime Tenderer, with Zylotech's 4th generation video
surveillance software and hardware solutions at core, covering 9
specific airports in Australia.

Due to the sensitive nature of this high-level airport security
application, being covered by Non-Disclosure Agreements (NDAs)
with Qantas details of this contract cannot be disclosed or
published.

The tender called for leading edge digital IP (Internet
Protocol) based, video surveillance & digital recording
technology with special tailored requirements for a totally
integrated and nationally supported solution whilst meeting
appropriate standards and deadlines.

Zylotech has made positive steps in increasing its market share
within the large corporate and government security surveillance
markets and is further strengthening its pre-existing
relationship with Siemens to win this caliber of business at
Qantas.

This latest success on this important Qantas, major CSAP
national project tender by Siemens and Zylotech teaming, is the
second important contract win with Qantas in the last six
months, and follows on from the initial earlier success in being
selected to provide and integrated solution for their passenger
airport race-ways as advised in the previous ASX Release of June
16, 2005).

Establishing good supplier relationships with a select range of
Tier 1 intergrators and distributors, such as the likes of
Siemens, is of strategic, local and international importance to
Zylotech, as these type of leading organizations have well
established reputations for engineering excellence, and have
customer bases in Australia and worldwide, who have increasing
demands to upgrade their overall security including video
surveillance. In addition, such Tier 1 engineering and
integrator companies have the depth of excellent talent and
skills, capable of responding to their customers most demanding
requirements, to successfully integrate a variety of state of
the art security technologies and solutions into an overall
security solution to meet diverse range of clients special
requirements against a background of worlds best practice.

Zylotech is convinced that on a national and international
scale, IP based digital video surveillance and digital recording
technologies for airport security as well as other transport and
critical infrastructure, is a burgeoning market and Zylotech and
its Tier 1 Integrators and Distributors, such as Siemens, are
well positioned to take advantage of other additional upcoming
tenders in the Australian and overseas markets as the challenges
on overall national and asset security fronts, facing both
governments, corporations and private citizens alike to continue
to arise and to be met.


R&L ADMINISTRATORS: Winding Up Process Initiated
------------------------------------------------
Notice is given that at a meeting of the members and creditors
of R&L Administrators Pty Limited held on Sept. 22, 2005,
creditors resolved that the Company be wound up, and appointed
R. A. Sutcliffe to be Liquidator for the winding up.

Dated this 22nd day of September 2005

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


SOUTHERN CROSS: Liquidator to Detail Winding Up Manner
------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Southern Cross Scaffolding & Rigging Services
(Victoria) Pty Limited will be held on Nov. 1, 2005, 11:30 a.m.
at Hall Chadwick, Level 29, 31 Market Street, Sydney NSW
2000, for the following purposes:

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings, and of the conduct of the winding up
during the liquidation period ending on Nov. 1, 2005.

(2) Any other business.

Adrian S. Duncan
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


SJ&H TRANSPORT: To Undergo Winding Up
-------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of SJ&H Transport Pty Limited held on Sept. 15, 2005,
creditors resolved to wind up the Company, and R. A. Sutcliffe
was appointed Liquidator for the winding up.

Dated this 15th day of September 2005

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


T.D.P. CONSTRUCTIONS: Placed Under Voluntary Liquidation
--------------------------------------------------------
Notice is hereby given that at a meeting of members of T.D.P.
Constructions Pty Limited held on Sept. 22, 2005, it was
resolved that the Company be wound up voluntarily and Steve
Nicols of Nicols + Brien was appointed Liquidator.

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

Dated this 22nd day of September 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street
Sydney NSW 2000
Phone: 02 9299 2289
Web site: http://www.bankrupt.com.au/


TELFU PTY: Declares Dividend Today
----------------------------------
Telfu Pty Limited will declare a first interim dividend today,
Oct. 26, 2005.

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

Dated this 26th day of August 2005

John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4900
Fax:   07 3225 4999


TELSTRA CORPORATION: Talks Straight at AGM
------------------------------------------
Falling fixed line revenues and building competitive pressures
have set the stage for a heated Telstra Corporation Limited
annual general meeting in Sydney yesterday, reports Egoli News.

The group's new management team has not disappointed either,
with speakers immediately recognizing both of these issues as
well as the damaging regulatory environment the company is
dealing with.  

Chairman Don McGauchie explained that the existing approach to
regulation has undermined Telstra's ability to invest in new
infrastructure and infrastructure upgrades. This has created a
significant problem for the company, whose existing network is
in need of major capital injections due to under investment in
core infrastructure and capabilities.

"We want Telstra to be a growth story, but hard work alone will
not be enough. We will also need a regulatory environment that
fosters competition for all," Mr. McGauchie told shareholders.

Newly appointed CEO Sol Trujillo then addressed shareholders on
Telstra's accelerating decline in fixed line revenues.

"The world of the telecommunications business is changing fast
and no more so than in relation to our fixed line business where
revenues are falling due to increasing migration to mobile
services and use of email," he said.

He also drew attention to competitive pressures affecting the
company and reaffirmed his commitment to the federal
government's sale of its remaining 51.8% stake.

Mr. Trujillo will release a detailed strategic review of the
company next month.

CONTACT:

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


TELSTRA CORPORATION: Shareholder Attacks Executive Board
--------------------------------------------------------
A disgruntled Telstra Corporation shareholder has called for the
dismissal of the firm's executives and board, relates the Sydney
Morning Herald.

At Tuesday's annual shareholder meeting, Carole Carpenter told
Telstra chairman Don McGauchie that he had treated shareholders
with contempt.

Ms. Carpenter proceeded to move a motion to dismiss Telstra's
executive offer. But Mr. McGauchie advised Ms. Carpenter to
refrain from making such move.

Outside the meeting, Ms. Carpenter explained that she was angry
about the fall in Telstra's share price, the phone services in
Australia and what she perceived as a lack of respect for the
company's small shareholders.

Ms. Carpenter originally bought into Telstra at its first float
in 1997, but says there is no way she would buy any more Telstra
shares.

"I am not selling my Telstra shares until they hit AU$15," she
said.

However, she has reserved judgment on new chief executive Sol
Trujillo.

"He is an unproven commodity," she said.


TELSTRA CORPORATION: In Merger Talks with NW Mobile
---------------------------------------------------
New World Mobile Holdings Limited is in talks to merge with Hong
Kong carrier CSL, which is controlled by Telstra Corporation,
Reuters reports, citing The Apple Daily.

The two companies are reportedly negotiating the pricing and
structure of a possible tie-up, the details of which will be
announced next month.

CSL remains Hong Kong's most profitable operator. Telstra and
CSL continue to leverage off each others' experience," spokesman
Warwick Ponder said.

Telstra's new Chief Executive, Sol Trujillo, has not ruled out
selling parts of the 51.8 percent-owned government company,
saying nothing is sacred. He is due to announce results of a
strategic review of the company in mid-November


X6 CO: Members Agree to Shut Down Company
-----------------------------------------
Notice is hereby given that at a Meeting of Members of X6 Co.
Pty Limited held on Sept. 20, 2005, it was resolved that the
Company be wound up voluntarily, and Barry Keith Taylor of B. K.
Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne was
appointed Liquidator at a creditors' meeting held that same day.

Dated this 21st day of September 2005

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


* ASIC Bans Director for Five Years
-----------------------------------
The Australian Securities and Investments Commission (ASIC) has
banned Mr. George Saada, from New South Wales, from managing
companies for five years.

ASIC banned Mr. Saada, 24 years, following his involvement with
Vick Beverages Pty Ltd (In Liquidation) and Geelong Bond & Free
Store Pty Ltd (In Liquidation) (Geelong Bond). Vick Beverages
was primarily involved in the wholesaling of food, beverages and
tobacco. Geelong Bond operated a business as a bond store and
held imported goods for the Australian Customs Service until
duty taxes were paid. The company was also involved in food
distribution and warehousing and held a pre-retail liquor
license.

ASIC's investigation revealed that Mr. Saada's companies had a
substantial number of unpaid creditors, including the Australian
Taxation Office, with combined liabilities of approximately $1
million dollars.

ASIC found that Mr. Saada failed to lodge a Report as to Affairs
and failed to assist the liquidator in particular by failing to
provide adequate books and records. ASIC found that these
breaches constituted serious misconduct.

Mr. Saada had previously been convicted on a charge, laid by
ASIC, of failing to submit a Report as to Affairs in the
Magistrates Court of Victoria in February 2005 in relation to
Vick Beverages. He was ordered to enter into a 12-month good
behavior bond with a recognizance in the amount of $1,000, and
to contribute $500 to the court fund and to pay ASIC's costs.

ASIC's Deputy Executive Director of Enforcement, Mr Mark Steward
said ASIC took the action to protect the public.

"ASIC will continue to take action against company officers who
fail to comply with their legal obligations under the Act and in
doing so, put the public and business community at risk," he
said.

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


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

AUSTCHIN INVESTMENTS: Winding Up Process Initiated
--------------------------------------------------
Austchin Investments Limited whose place of business is situated
at Rm 502-502A, 5th Floor, Enterprise Centre, 4 Hart Ave. Tsim
Sha Tsui, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on October 12, 2005.

Date of Presentation of Petition: August 10, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


BRIGHT SMART: SFC Reprimands Securities Firm
--------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Bright Smart Securities International (HK) Limited and its
responsible officer Mr. Chan Pang and fined them $75,000 and
$60,000 respectively, for aiding and abetting unlicensed
dealing, posting misleading information on Bright Smart's
website and failing to supervise unlicensed customer services
officers. The actions are the result of a settlement between
Bright Smart, Chan and the SFC.

Following an investigation, the SFC found that Mr. Chan had
knowingly allowed an unlicensed member of staff to conduct
securities dealing activities from May 4, 2004 to August 6,
2004. That member of staff and Mr. Chan were successfully
prosecuted by the SFC for unlicensed dealing and aiding and
abetting respectively on May 5, 2005 (Note 2).

Mr. Chan was also found to have approved misleading contents in
a newsletter posted on Bright Smart's website in June 2004. The
newsletter stated that one of the duties of Bright Smart's
customer services officers was to provide investment analysis.
It held the customer services officers out as performing a
service, which falls within Type 4 (advising on securities)
regulated activity when three of them were unlicensed.

Chan was responsible for assigning job duties to the customer
services officers but he failed to supervise their work. In July
and August 2004, the three unlicensed officers recommended
clients who called Bright Smart's customer services hotline to
purchase specific stocks.

The SFC concludes that Bright Smart and Mr. Chan have breached
paragraph 4.3 and General Principles 2, 3 and 7 of the Code of
Conduct for Persons Licensed by or Registered with the SFC, and
their fitness and properness has been called into question.

In deciding the level of fine and penalties, the SFC has
considered the Disciplinary Fining Guidelines (Note 3) and all
the circumstances of the case, including the fact that:

Bright Smart was previously reprimanded and fined $50,000 by the
SFC for publishing false and misleading advertisements in
newspapers;

Chan pleaded guilty to the charge of aiding and abetting
unlicensed activities and was fined by the court;

Bright Smart issued an internal circular in September 2004
reminding unlicensed staff not to perform regulated activities;

Bright Smart has improved its internal control system by
installing an additional recording system to record the
telephone conversations of its customer services officers and a
responsible officer has been designated to monitor them; and

Bright Smart and Chan were co-operative with the SFC
investigation and in settling the disciplinary proceeding.

The SFC considers the settlement to be in the interest of the
investing public and in the public interest.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"It is a criminal offence to carry out regulated activities
without being licensed by the SFC. Licensees who aid and abet
unlicensed activities will face both prosecution and
disciplinary action. Brokerages are also reminded to ensure that
staff performing regulated activities are properly licensed and
that their publications do not contain false and misleading
information."

CONTACT:

Bright Smart Securities International
Rooms 1805 - 09, 18/F, World Wide House
19 Des Voeux Road Central
Phone: 25 371 371
Fax: 25 258 618


CAPISCES INTERNATIONAL: Receives Winding Up Notice
--------------------------------------------------
Capisces International (H.K.) Limited whose place of business is
situated at Rooms 3001-2, The Great Eagle Centre No. 23, Harbour
Road, Wanchai, Hong Kong was issued a winding up order notice by
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on October 12, 2005.

Date of Presentation of Petition: August 12, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


CHAMPION CYBERWORK: High Court Orders Winding Up
------------------------------------------------
Champion Cyberwork Limited whose place of business is situated
at No. S4 2/F, Bowring Centre, 154-164, Woosung Street, Jordan,
Kowloon was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on October 12, 2005.

Date of Presentation of Petition: August 10, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


CHINA CONSTRUCTION: Eligible for Short Selling After Debut
----------------------------------------------------------
The Stock Exchange of Hong Kong announced that with effect from
October 28, China Construction Bank (0939), to be listed on
October 27, will be added to the list of designated securities
eligible for short selling.

Some analysts are concerned that given the fact that China
Construction Bank's IPO shares are already priced higher than
should be, allowing short selling of the stock may lead to
hedging activities and cause the bank's stock price to drop
below the offer price after listing.

The Chinese lender will become a constituent of the FTSE/Xinhua
China 25 Index on October 28 and its addition to the list of
designated securities for short selling is pursuant to the
Eleventh Schedule of the Rules of the Exchange.

CONTACT:

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


DRANSFIELD HOLDINGS: First Meeting of Creditors Set November 9
--------------------------------------------------------------
Dransfield Holdings Limited announced that the first meetings of
creditors and contributories will be held at the Official
Receiver's Office 10th Floor, Queensway Government Offices, 66
Queensway, Hong Kong on November 9, 2005, at 10:30 a.m. and 11
a.m. respectively.

Dated this 21st day of October 2005

E T O'CONNELL
Official Receiver & Provisional
Liquidator


ETERNAL STEP: Set to End Operations
-----------------------------------
Eternal Step Enterprise Limited whose place of business is
situated at Shop No. 10 G/F, Chinachem Golden Plaza, 77, Mody
Road Tsimshatsui East, Kowloon was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on October 12, 2005.

Date of Presentation of Petition: August 10, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


KARRIE COMPANY: To Undergo Winding Up Process
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Karrie Company Limited by the High Court of Hong Kong Special
Administrative Region was on September 26, 2005 presented to the
said Court by Midas Packaging Printing Limited of 1st Floor, 100
Texaco Road, Tsuen Wan, New Territories, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on November 23, 2005.

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

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

MESSRS. CHAN, WONG & LAM
Solicitors for the Petitioner
Suites 2012-13, 20th Floor
Two Pacific Place
88 Queensway
Hong Kong

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


LEE SHING: Winding Up Hearing Set for November 8
------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of Lee Shing Yue
Construction Company Limited (In Creditors' Voluntary
Liquidation) will be held at 21st Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong on November 8, 2005 at 2:30
p.m. and will be followed by a meeting of the creditors of the
company to be held at the same place at 2:45 p.m. for the
purpose of receiving an account of the liquidator's act and
dealings and of the conduct of the winding up of the company
during the year ended August 9, 2005.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and on a poll, vote instead
of him. A proxy need not be a member or creditor of the company.

Forms of proxies for both meetings must be lodged at 26th Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong not less
than 4 p.m. on the day before the meetings.

Dated this 21st day of October 2005

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators


NEW ASIA: Winding Up Hearing Fixed November 23
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of New
Asia 2000 Limited by the High Court of Hong Kong Special
Administrative Region was on September 24, 2005 presented to the
said Court by Hang Lung Real Estate Agency Limited whose
registered office is situated at 26th Floor, No. 4 Des Voeux
Road Central, Hong Kong.  

The said Petition is to be heard before the Court at 9:30 a.m.
on November 23, 2005.

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

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

TANG AND SO
Solicitors for the Petitioner
Room 3201, 32nd Floor
Bank of America Tower
12 Harcourt Road
Hong Kong

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


NEW CHOICE: Creditors Meeting Scheduled for October 28
------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that a meeting of the creditors of
New Choice Holdings Limited will be held at 14/F., Hong Kong
Club Building, 3A Chater Road, Central Hong Kong held on October
28, 2005 at 10 o'clock in the morning.

Creditors may vote either in person or by proxy. Proxies to be
used at the meetings must be duly completed and lodged at the
companies' registered office at 14/F., Hong Kong Club Building,
3A Chater Road, Central, Hong Kong, not later than 4:00 p.m. on
the day before the meeting.

Dated this 14th day of October 2005

FOK HEI YU
Director


NEW LAP: Issues Winding Up Order
--------------------------------
Notice is hereby given that a Petition for the Winding up of New
Lap Yip Construction Company Limited by the High Court of Hong
Kong Special Administrative Region was on September 6, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng
Banking Corporation whose registered office is situated at 14th
Floor, Bank of China Tower, 1 Garden Road, Hong Kong.  

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing on House
No. 71 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.


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


HINDUSTAN PETROLEUM: Seeks Partners for Fuel Pump Automation
------------------------------------------------------------
Loss-making oil refiner Hindustan Petroleum (HPCL) is in search
for global and local partners for automation of its fuel retail
outlets, Business Standard reports.

The company is reportedly in talks with several companies
including Japanese technology firm, NEC Corporation.

As part of its upgrading efforts, HPCL has already started an
automation pilot project in Mumbai and Navi Mumbai. As of now 40
outlets have been automated and about 425 more pumps are
expected to be automated across the country by the end of FY06.  

The company has been facing competition from the private players
in the highway segment. However, the losses are seen to be lower
in comparison with the other public sector companies, at 0.4
percent compared with an average of two percent losses. The
total technological upgrade will cost the company INR1,000
crore, and each outlet will cost approximately INR20 lakh to set
up the facilities.

But this is seen as a long-term investment as the costs on
conducting checks, as well as ensuring efficient supply of
stocks are eventually expected to reduce.  
  
The total number of commissioned retail outlets in 2004-2005 was
1,163, the highest among the oil companies. HPCL has a total of
6,667 retail outlets as of March 2005.  

CONTACT:

Hindustan Petroleum
17, Jamshedji Tata Road, P O Box No 11041
Mumbai 400020  
Maharashtra  
Phone: 22026151     
Fax: 22872992   


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

BANK MANDIRI: Plans to Issue IDR3-Trillion Bonds Next Month
-----------------------------------------------------------
Bank Mandiri is slated to issue global bonds in the form of
medium-term notes worth IDR2.99 trillion next month, pending
approval from Bank Indonesia, the state central bank, reports
the Jakarta Post.

According to Bank Mandiri corporate secretary, Ekoputro
Adijayanto, the medium-term notes would be used to refinance the
bank's dollar-denominated bonds worth IDR3.99 trillion. The bank
is currently undergoing due diligence for the notes, which would
mature within three to five years.

The Jakarta Post reports that the bank has appointed JP Morgan
to be lead manager for the bond issue, while Dow Jones cites
Credit Suisse First Boston as the lead underwriter for the
planned issue.

CONTACT:

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


PERTAMINA: Trade Unions Sue Company President
---------------------------------------------
Nineteen trade unions under the United Pertamina Federation of
Trade Unions (FSPPB) have sued state oil firm PT Pertamina
president Widya Purnama for dismissing 4,015 employees, Asia
Pulse reports.

The association's legal counselor, Reinhart Parapat told the
press that the FSPPB filed the suit against Mr. Purnama in the
State Administrative Court, becuase Mr. Purnama issed a decision
dated July 26, 2005 (Decision No. 038/COOOOO/S-8) on the
settlement of workers employed at the Company for a specified
period of time.

The dismissed workers, who had worked for longer than the
specified time period of four years, could not be considered as
seasonal workers as they were constantly needed for the
Company's operations.

The association refers to Labor Law No. 13 of 2003 which stated
that the status of workers employed in a certain time period
under articles 104 and 59 would be changed to that of a worker
employed for an indefinite time period (hence becoming a regular
employee). Company dismissals are annulledf by operation of law
under article 155 (1) and (3) of Law No. 13.

According to the association, the Company's decision to dismiss
its lower-level workers in order to maintain a certain group was
unfair, causing suffering to those that were laid off.

The report did not cite any cooments from Pertamina.

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: Plans to Use LPG to Operate Plant
-----------------------------------------------------
State power firm Perusahaan Listrik Negara (PLN) plans to use
liquefied petroleum gas (LPG) to operate one of its units in the
Sunyaragi power plant in Cirebon, West Java, reports the Jakarta
Post.

The Company is currently in talks with state oil & gas regulator
BP Migas on the availability of the gas supply, according to PLN
primary energy deputy Tonny Agus Mulyantono. PLN has yet to
install pipes for one unit that would be converted to use
pressurized LPG instead of diesel fuel, but would be ready to
use LPG within one month.

The PLN unit in the Sunyaragi plant would need up to 200 tons of
LPG per day; the supply would most likely be provided by an oil
refinery of state oil and gas firm PT Pertamina in Balongan.
The unit in the Sunyaragi plant will need between 100 tons and
200 tons of LPG per day, which will likely come from Pertamina's
refinery in Balongan, he added.

Since PLN must pay parket prices for the fuel it consumes, it
has been looking for alternative fuel sources. According to its
calculations, the Company would be able to save IDR2,010 per
liter of fuel if it uses LPG, asuming that diesel fuel costs
IDR4,800 and LPG costs USD380 per ton.

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


* Indonesian Government Buys Back Bonds Worth IDR2.45 Trillion
--------------------------------------------------------------
The Indonesian government repurchased eight local-currency bonds
worth IDR2.45 trillion on Oct. 24, 2005, the Jakarta Post
reports.

The government bought IDR692 billion of bonds to mature on Feb.
25, 2007, IDR600 billion worth of bonds maturing on July 15,
2007, bonds worth IDR422 billion maturing on April 15, 2007, and
bonds worth IDR290 trillion due on July 25, 2009.

The government has planned to issue bonds worth IDR43.3 trillion
in order to ease the ballooning state busdget deficit; part of
the proceeds from the sale would be used to buy back more bonds
in its debt rescheduling program.

Aside from that, the government is planning to purchase around
IDR3 trillion in bonds next month. Indonesia's long-term debt
was given a `BB' rating by Standard & Poor's, while Moody's
Investor Services ratied the debt at B+, five levels below
investment grade.


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

HITACHI LIMITED: To Integrate Infrastructure Operations
-------------------------------------------------------
Hitachi, Ltd., Hitachi Plant Engineering & Construction Co.,
Ltd., Hitachi Kiden Kogyo, Ltd. and Hitachi Industries Co., Ltd.
signed a Memorandum of Understanding agreeing to integrate
Hitachi Plant, Hitachi Kiden, Hitachi Industries and part of
Hitachi's Industrial Systems Group on April 1, 2006.

This integration is intended to strengthen the Hitachi Group's
social and industrial infrastructure systems business, which
includes industrial machinery, large scale air-conditioning
systems, water treatment systems, industrial plants, cranes and
environmental facilities and systems.

Specifically, on April 1, 2006, parts of the Public & Municipal
Systems Division (machinery-related systems business) and
Industrial Systems Division in Hitachi's Industrial Systems
Group will be separated and transferred to Hitachi Plant. At the
same time, Hitachi Kiden and Hitachi Industries will be merged
into Hitachi Plant, which will continue to operate under a new
name. Plans call for Hitachi Plant to allocate 11,591,000 shares
of its common stock to Hitachi upon the aforementioned corporate
split.

The merger ratio is planned to be 1, 0.93 and 13.40 for Hitachi
Plant, Hitachi Kiden and Hitachi Industries, respectively. Under
its current medium-term management plan "i.e.HITACHI Plan II,"
the Hitachi Group is engaged in efforts to set itself apart and
bolster its ability to compete by leveraging the aggregate
strengths of the group as a collection of strong businesses.

The social and industrial infrastructure systems business is one
of the Hitachi Group's core businesses. Up until now, several
different entities have been responsible for each part of this
business. Hitachi has handled large pump systems for water and
sewage plant, as well as home appliance recycling systems,
chemical and pharmaceutical plants and chemical equipment, such
as thin-film evaporators.

Hitachi Plant has provided large scale air-conditioning systems,
clean rooms, water treatment systems, soil remediation systems,
chemical and pharmaceutical plants, food plants, and design,
manufacturing and construction of power generation facilities,
among other activities. Hitachi Kiden's businesses include water
treatment equipment, conveyance systems for LCDs, cranes and
electrical systems, including control panel. For its part,
Hitachi Industries provides large pumps, LCD manufacturing
equipment, screen printers for Surface - more - Mount
Technology, compressors, gears, environmental testing facilities
and other products and systems. However, to promote the social
and industrial infrastructure systems business as a core Hitachi
Group business, it is essential to draw on the group's
collective strengths.

This entails drawing on the management resources of the group
and combining its comprehensive capabilities, including
monozukuri (manufacturing) capabilities, such as product
development, and design/manufacturing/production technology;
engineering capabilities, such as combining components in
complete systems; work-site capabilities, such as construction
techniques and project management abilities. This is why the
Hitachi Group has decided to implement this restructuring.

The new company will bring together the respective technologies
and know-how of related businesses that have been scattered
among the four companies. This process will involve the
restructuring of operations into five business divisions in the
new company: the Social and Industrial Business Division,
responsible for water treatment equipment and systems, large
pumps, compressors, gears and other products and systems; the
Mechatronics Business Division, which will handle products and
systems such as conveyance systems for LCDs, LCD manufacturing
equipment and screen printers for Surface Mount Technology; the
Air-Conditioning Systems Business Division, which will be
responsible for air-conditioning systems for buildings and
industrial facilities such as clean rooms; the Industrial Plant
Business Division, whose responsibilities will include chemical
and pharmaceutical plants, food plants, chemical equipment and
cranes; and the Energy Business Division, which will be
responsible for the construction of nuclear and thermal power
generation facilities.

Engineering, design and production, construction and service
departments will be established in each of these business
divisions to create a framework that will allow each of them to
give full play to their collective strengths. Furthermore,
company-wide, cross-organizational sales, R&D, monozukuri and
other organizations will be established to increase synergies
from integration.

Plans call for a Corporate Split Agreement and Merger Agreement
to be concluded by mid-December and for the new company to be
established on April 1, 2006 (registered on April 3) following
approval at extraordinary shareholders' meetings of Hitachi
Plant, Hitachi Kiden and Hitachi Industries scheduled for early
February 2006. The new company will maintain stock listings on
the Tokyo Stock Exchange and Osaka Securities Exchange.

Hitachi, Ltd., (NYSE: HIT/ TSE: 6501), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services. For more
information on Hitachi, please visit the company's website at
http://www.hitachi.com

Hitachi Plant Engineering & Construction Co., Ltd. (TSE: 1970),
headquartered in Tokyo, Japan, is a major general engineering
and construction company with approximately 3,440 (consolidated)
employees. Fiscal 2004 (ended March 31, 2005) consolidated sales
totaled 199.0 billion yen ($1.8 billion). The company provides
design, manufacturing and construction of air-conditioning,
clean rooms, water treatment, dust collection systems, plants,
industrial equipment, and power plants and substations, and
others. For more information on Hitachi Plant, please visit the
company's website at http://www.hitachiplant.hbi.ne.jp

Hitachi Kiden Kogyo, Ltd., (TSE: 6354), headquartered in
Amagasaki, Japan, is a monozukuri (manufacturing) company with
approximately 770 employees. Fiscal 2004 (ended March 31, 2005)
consolidated sales totaled 25.5 billion yen. The company offers
environmental devices, material handling systems, cranes and
electrical systems from engineering to maintenance service,
including sales, design, production and installation.

Hitachi Industries Co., Ltd., headquartered in Tokyo, Japan, is
rolling out extensive businesses to offer industrial machinery,
electronics products and engineering services in fields ranging
from micro technologies to large-scale system technologies.
Fiscal 2004 (ended March 31, 2005) sales totaled 91.8 billion
yen. For more information on Hitachi Industries, please visit
the company's website at http://www.hitachi-hic.com

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

CONTACT:

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

This is a company press release.


JAPAN AIRLINES: Joins Oneworld Alliance of Airlines
---------------------------------------------------
Oneworld has warmly welcomed the announcement by Japan Airlines
(JAL) on October 25 that it is to seek membership. JAL is the
biggest carrier in the Asia-Pacific region. Until today, Japan
Airlines was the only one among the 20 biggest international
airlines in the world (IATA members) not to have joined or
sought membership of one of the three key airline groupings. In
terms of group revenues, it would become the largest member of
oneworld.

Oneworld Managing Partner John McCulloch said: "Japan Airlines
would be an ideal fit with oneworld, as we have said often in
the past.  It is a high-class carrier, with an excellent
reputation for its customer service and management and an
enviable network that complements those of our existing members.

Finnair President and CEO Keijo Suila said: "Finnair has been
investing significantly in the Japanese market in the past few
years; next year we will launch flights to our third destination
in Japan, Nagoya as an addition to the existing destinations
Tokyo and Osaka. We are also planning to start code-sharing with
Japan Airlines on some of its domestic routes and Finnair's
European routes. JAL's membership in oneworld would continue to
improve the service we can provide our shared customers."

Japan Airlines was founded in 1951. It operates some 1,140
departures and its fleet of 284 aircraft serves 206
destinations. JAL carried almost 60 million passengers last
year. Its main hubs are Tokyo (Narita and Haneda) and Osaka
(Kansai and Itami).

JAL is a public company with its shares listed on the Tokyo
stock exchange. It reported net profits of US$281million for
2004, on revenues of US$20 billion. The airline has a staff of
nearly 24,000. Oneworld brings together some of the best and
biggest names in the airline business - Qantas, Iberia, Cathay
Pacific, LAN, Finnair and Aer Lingus, besides American Airlines
and British Airways, plus their 12 affiliates. Royal Jordanian
is a member elect, and will start offering the alliance's
services and benefits from around the turn of 2006/2007.  

Hungary's Malev signed a memorandum of understanding in
May 2005 as its first step towards an invitation to join the
alliance.

Finnair Plc
Communications
25.10.2005

CONTACT:

Finnair Media Desk
Phone: +358 9 818 4020,
Web site: www.oneworld.com
          www.jal.com/en


MITSUBISHI MOTORS: Rockford Provides Premium Audio System
---------------------------------------------------------
Rockford Corporation and Mitsubishi Motors Corporation have
teamed up to offer Mitsubishi customers a premium, high output
audio system for the all-new 2006 Mitsubishi Outlander, which
was launched at the 39th Annual Tokyo Motor Show. At the show,
Mitsubishi demonstrated the Rockford Fosgate 650-watt sound
system with the introduction of the Outlander, which will begin
selling immediately in Japan.  Last year's Tokyo Motor Show
attracted almost 250,000 car enthusiasts.  This year's show is
open to the public October 22 to November 6, 2005.

Rockford Fosgate, the leader in aftermarket mobile audio systems
for 25 years, with iconic status as the mobile audio industry
innovator, delivers the highest sonic accuracy for the listener
who demands the best.  Rockford's heritage combines fundamental
acoustic engineering principles with leading edge technologies
to deliver a personal listening experience second to none.

"The power and accuracy that the Rockford Fosgate system brings
to the new Outlander will enhance any driving experience," said
Mr. Dan Vandenbergh, Managing Director, OEM, Rockford
Corporation.  "I am impressed with Mitsubishi's dedication to
develop this great vehicle which serves as a highly compatible
platform for our system.  It rivals the experience produced by
our aftermarket systems and custom installations."

"With Rockford's long heritage and worldwide reputation for
best-in-class mobile audio systems, it was a natural choice as a
vehicle upgrade package for our new Outlander," said Mr.
Shinichi Kurihara, Product Executive, C-Segment and Product
Development Projects, Product Development Group Headquarters,
Mitsubishi Motors Corporation, Tokyo.

The Mitsubishi Outlander's optional Rockford Fosgate premium
audio system features 650-watt amplification with nine speakers,
including a 10-inch, long-throw subwoofer in a fiberglass
reinforced, acoustic suspension enclosure. The six-disc, in-dash
CD changer plays MP3 files on CD-Rs for up to 64 hours
of music playback.

In addition to the usual bass, midrange, treble, fader, and
balance controls, the Outlander's advanced Digital Signal
Processor (DSP), incorporated into the head unit, gives the user
total control over the subwoofer bass level.  For 25 years
Rockford Fosgate has been delivering the sound of PUNCH(R) --
that feeling of power at impact.  There are six levels of
subwoofer PUNCH(R) sound in the all-new Outlander.

The Outlander's DSP also allows the driver to take control of
the audio system like never before through new tools including
staging controls and musical genre presets.

Staging Controls

The staging controls of the Rockford Fosgate system set the
perfect "sweet spot" for the driver and other listeners.  
Staging has three adjustments in addition to the normal
position:  Stage, Live and Hall.  The Stage setting corrects
left to right staging and the height of the music relative to
the driver's position.  The Live setting simulates a room such
as a rock club or smaller jazz venue.  More ambient sound and
rear speakers come to life when music is "Live."  And the Hall
setting simulates the sound heard inside a large concert hall.

Music Genre Presets

The musical genre presets -- Classic, Jazz, Pop, Rock and Hip
Hop - are equalization curves that have been tuned by Rockford
Fosgate for maximum music performance for different styles of
music.  Therefore, the audio system can be adjusted to suit the
preferences of multiple drivers and passengers, or simply to
match the style of music being played.

About Rockford Corporation (http://www.rockfordcorp.com)

Rockford is a designer, manufacturer and distributor of high-
performance Audio systems for the mobile audio aftermarket and
for the OEM market. Rockford's mobile audio products are
marketed primarily under the Rockford Fosgate, Lightning Audio
and Q-Logic brand names.

CONTACTS:

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


PIONEER CORPORATION: Moody's Changes Rating Outlook to Stable
-------------------------------------------------------------
Moody's Investors Service has changed the outlook for Pioneer
Corporation's (Pioneer) Baa1 senior unsecured long-term debt
rating to stable from positive. The outlook change reflects
Moody's view that Pioneer may take some time to stabilize the
profitability of its home AV (audio visual) products division
and improve overall cash flow generation.

Pioneer has a strong presence in various key components for home
AV products, including PDP (plasma display panel) and DVD
(digital versatile disc) drives, which allow it to retain value
added within the company.

However, prices for PDP TVs and DVD recorders are falling so
fast that it has become difficult for the company to generate
profits. While these products still show double-digit sales
increases in unit terms worldwide, actual prices are declining
about 30% annually, eroding the profitability of manufacturers,
including Pioneer.

Digitization has created a horizontal business model where it is
easy for new entrants to assemble PDP TVs and DVD recorders by
procuring key components from outside, thereby putting constant
pressure on prices.

In response, Pioneer has tried to improve profitability by
focusing on PDP- and DVD-related products, maximizing its
economies of scale. It was the first manufacturer to introduce
DVD recorders to the market. It also bought the PDP division of
NEC Corporation in 2004, further increasing its manufacturing
capacity. However, the division currently suffers from a low
operation ratio because OEM sales were lower than planed.

Pioneer announced on October 21, 2005, that it would soon reveal
restructuring measures to recover the profitability. Moody's
also expects that the operation ratio of the former NEC PDP
division should gradually improve as Pioneer's PDP TV sales
expand and fill the division's production capacity. Moody's will
continue to monitor the details of Pioneer's restructuring
measures but expects the profitability of its home AV division
should gradually improve.

The rapid price declines should eventually lead to consolidation
as weak manufacturers withdraw from the market, but Moody's
expects Pioneer to survive. Nevertheless, the company may take
some time to stabilize profitability because the market
consolidation may require several more years.

Meanwhile, Pioneer has a strong presence in the global market
for automobile AV products. Moody's sees empirical technologies
as the key to success in this market because the relevant
products need to function in very demanding conditions, being
resistant to strong vibration and extreme temperatures. As a
result, prices for automobile AV products remain high compared
with those for home AV products.

Moody's expects the company's automotive AV products division to
maintain good profitability levels in the short to intermediate
term because the market will be dominated by a relatively
limited number of manufacturers, including Pioneer. Furthermore,
it is difficult to enter these markets, unlike those for digital
home AV products, as it takes a long time to gain the required
technological expertise.

The stable rating outlook also reflects Moody's expectation that
Pioneer will maintain its relatively sound financial structure
in the intermediate-to-long term, mainly thanks to its solid
automotive AV products and gradual improvements of its home AV
division.

Pioneer Corporation, headquartered in Tokyo, is one of the
world's leading manufacturers of AV products.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


SANYO ELECTRIC: Denies Report to Stop Making Appliances
-------------------------------------------------------
Sanyo Electric Co. has denied reports that it plans to cease the
production of household appliances as part of its restructuring
scheme, according to Reuters.

Citing company sources, Kyodo news reported late on Friday that
Sanyo was considering shutting factories making appliances such
as refrigerators and washing machines, in Japan and other Asian
countries, in favor of more promising businesses like solar
cells.

An unnamed spokesman said on Monday the report was totally
false. He said the company plans some reorganization of the
appliances business in its restructuring efforts, but does not
plan to stop making them altogether.

CONTACT:

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


SANYO ELECTRIC: To Postpone First Half Results
----------------------------------------------
Sanyo Electric Co. will announce its results for the April-
September period on November 18 instead of the end of this
month, but didn't offer a reason for the unusual move, Dow Jones
reports.

News of the later-than-usual earnings announcement comes amid
market speculation about the company's health. Sanyo's shares
have plunged over the past year as stiff competition, falling
prices of electronic products prices and an ailing semiconductor
business pushed the company into the red.

The Company expects a group net loss of JPY140 billion for the
year ending March. It lowered its forecast for the year in late
September from its initial call for a JPY92 billion loss.


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

DOOSAN GROUP: Chairman Released from Prosecutor's Office
--------------------------------------------------------
Doosan Group chairman was released Thursday after long hours of
intensive interrogation, according to Asia Pulse.

Mr. Park was summoned to the Seoul District Prosecutor's Office
for the investigation of his involvement in alleged slush fund
scandal.  He presented himself to the office "in the capacity of
a criminal suspect."

"I can't say specifics...but I told them everything," the 65-
year-old Mr. Park told reporters as he left the prosecution
office building.

The investigation zeroed in on how the funds were funneled into
the pockets of the Park family and what they used the money for.

Mr. Park was also questioned about suspicions that he
orchestrated illicit window dressing valued at about KRW17.5
billion (US$16.6 million), according to prosecution sources.

Mr. Park's eldest son, Park Chin-won and his younger brother,
group Vice Chairman Park Yong-maan, was also questioned on the
same charges at the Seoul district prosecution over the past
week.

Prosecution sources said that Park Yong-maan and Park Chin-won
allegedly admitted to their role in the creation of some slush
funds.

If questions would arise from their testimonies, Park Yong-maan
and other members of the Park family will again be called in.


DOOSAN HEAVY: Union Stages 2-Day Strike
---------------------------------------
The labor union of Doosan Heavy Industries and Construction Co.
staged a walkout Tuesday calling for faithful collective
negotiation from the management, Asia Pulse reports, citing
Yonhap News Agency.

Unionized workers walked out of the Company's workshop and
operations were halted at 8:30 a.m., except for emergency cases.  
The union makes up more than 70 percent of the company's
workforce.

The labor union demands for management to restore the employment
of four former workers, while requesting a pay rise.  The union
also demands for the detainment of top managers of Doosan Group,
alleged to be involved in a slush fund scandal.

CONTACT:

Doosan Heavy Industries and Construction Company Ltd.
Phone: 82 55 278 7114
Fax: 82 55 264 5552
Web site: http://www.doosanheavy.com
    

LG CARD: Creditors to Dispose of 51% Stake
------------------------------------------
LG Card Co. creditors are moving to sell a 51-percent stake in
the company, Asia Pulse said.

Korea Development Bank is the largest shareholder of the company
with 22.93 percent stake, followed by the National Agricultural
Cooperative Federation with 14.59 percent stake, while Kookmin
Bank owns 11.98 percent.

"Creditors are pushing to sell the controlling-stake to a buyer
and sell another 10.63 per cent to average investors when a
lock-up period on the shares end during the fourth quarter,"
Woori Bank President Hwang Young-key said in a meeting with
reporters in Seoul.

Creditors will hold the remaining 21 per cent stake according to
their current share ownership, he said.

The plan to sell the stake was pushed by heated battle to
acquire LG's stake between South Korea's financial institution.

LG Card has reported an improvement in its business performance
since it was rescued from bankruptcy in early 2004.

LG Card posted its third consecutive quarter of net profit in
the second quarter with KRW479 billion (US$454.1 million) in
addition to registering a customer base of 9.5 million at the
end of June.

LG Card has been in creditors' control since it was rescued from
bankruptcy through a KRW5 trillion debt-for-equity swap and a
further KRW1 trillion bailout in late 2004.

Financial institutions that are currently in the process of
acquiring LG Card are Woori Finance Holdings Co., Shinhan
Financial Group Co. and Hana Bank.

CONTACT:

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


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

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Affin Holdings Berhad advised that its additional 368,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, October 26, 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
Fax: +60 2143 1057


ASIAN PAC: To Appeal SC's Decision
----------------------------------
Asian Pac Holdings Berhad (Asianpac) issued to Bursa Malaysia
Securities Berhad details of the proposed extension of the
duration and exercise period for the 170,602,799 Warrants
2001/2006 by five (5) years from April 16, 2006 to April 15,
2011 (Proposed Warrants Extension).

Further to our announcement dated August 29, 2005, Hwang-DBS
Securities Berhad, on behalf of the Board of Directors of
Asianpac, advised that the Securities Commission (SC) has, vide
its letter dated October 19, 2005, stated that it does not
approve the Proposed Warrants Extension as the Warrants
2001/2006 were issued subsequent to the SC's press release dated
August 28, 2001 (which states that warrants issued after August
28, 2001 are not allowed to be extended and provision for the
extension of warrants cannot be included in the deed poll).

However, as Asianpac's deed poll for the Warrants 2001/2006 was
executed on August 1, 2001 and contains a provision for
extension, Asianpac will make an appeal to the SC in relation to
the above decision on the Proposed Warrants Extension.

This announcement is dated 24 October 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


BUKIT KATIL: Issues Update to Loan Facilities
---------------------------------------------
The Board Directors of Bukit Katil Resources Berhad (BKatil)
issued to Bursa Malaysia Securities Berhad an update on the
following loan facilities.

Bumiputra Commerce Bank Berhad

The application by the bank to enter summary judgment against
the company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004. The company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Hearing of the Application for Execution of
Order for Sale has been postponed to December 5, 2005.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the company on November 14,
2003. The High Court on 8th September allowed the bank's
application for the winding-up petition. The Company has already
filed a Notice of Appeal to the Court of Appeal against the
decision of the High Court.

The High Court on October 6, 2005 granted a stay of the Winding-
up Order for a period until August 18, 2006 pursuant to the
powers of the High Court provided for in Section 243 of the
Companies Act, 1965.

Alliance Merchant Bank Berhad

No date has been set to consider the Bank's application for
summary judgment.

Perbadanan Kemajuan Negeri Pahang

The company is a defendant in a suit being initiated by
Perbadanan Kemajuan Negeri Pahang for breach of a Call Option
Contract. On April 19, 2004, a final judgment was granted by the
High Court for MYR14.0 million against the company, inclusive of
interest until the date of full settlement. The court dismissed
the company's appeal against the said judgment on November 18,
2004. The Company is in the midst of filing a Notice of Appeal
to the Court of Appeal.

The company is currently in the process of formulating a debt-
restructuring proposal for all the above liabilities.

The Board of Directors of BKatil provided an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001.

To view details of the Default in Payment to facilities, click
http://bankrupt.com/misc/BukitKatilBerhad102405.pdf

CONTACT:

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


DUOPHARMA BIOTECH: Bourse to List, Quote New Shares
---------------------------------------------------
Duopharma Biotech Bhd advised that its additional 20,500 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, October 26, 2005.


FABER GROUP: New Shares Up for Listing, Quotation
-------------------------------------------------
Faber Group Berhad informed that its additional 90,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR180,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 90,000 New Ordinary Shares will be
granted listing and quotation with effect from 9:00 a.m.,
Wednesday, October 26, 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


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

Date of buy back: October 24, 2005

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

Total number of shares purchased (units): 4,000

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

Maximum price paid for each share purchased (MYR): 2.060

Total consideration paid (MYR): 8,301.74

Number of shares purchased retained in treasury (units): 4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,586,400

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


HARVEST COURT: Bank Negara Gives Approval to Hold RCSLS Issue
-------------------------------------------------------------
Harvest Court Industries Berhad (HCIB) provided Bursa Malaysia
Securities Berhad an update to the Proposed Corporate Exercise.

Further to the announcements dated December 19, 2003, July 23,
2004, January 12, 2005, April 26, 2005 and August 9, 2005,
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Directors of HCIB, disclosed that Bank Negara Malaysia had, vide
its letter dated October 20, 2005, which was received by PMBB on
October 21, 2005, given its approval for the following banking
institutions to hold the RCSLS to be issued by HCIB for a period
of five (5) years as part of HCIB's Proposed Corporate Exercise:

Banking Institutions       Nominal value of RCSLS to be issued
                           MYR('000)

Affin Bank Berhad          7,989

RHB Bank Berhad            2,316

Public Bank Berhad         3,466

United Overseas Bank
(Malaysia) Berhad          4,240

Alliance Merchant
Bank Berhad                Up to 5,427

Utama Merchant
Bank Berhad                Up to 4,526

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax: +603-3168 1336/345 /1151


HUME INDUSTRIES: Unveils Result of AGM, EGM
-------------------------------------------
Hume Industries (Malaysia) Berhad informed the following to
Bursa Malaysia Securities Berhad:

(A) 46th Annual General Meeting (AGM)

At the 46th AGM of the Company held on October 24, 2005, the
shareholders of the Company had approved all the ordinary
resolutions and special business as set out in the notice of the
AGM.

(B) Extraordinary General Meeting (EGM)

The ordinary resolutions pertaining to the following matters
were approved by the shareholders of the Company at the EGM
convened immediately after the conclusion of the 46th AGM:

(a) Proposed renewal of the authority for the purchase of own
shares by the Company;

(b) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Hong Leong
Company (Malaysia) Berhad Group;

(c) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with Mr. Chuah Chuan
Thye, YBhg Tan Sri Quek Leng Chan, Mr. Kwek Leng San, Mr. Quek
Leng Chye and Hong Bee Hardware Company, Sdn Berhad;

(d) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Dato' Zaki bin Tun Azmi and BIB Insurance Brokers Sdn Bhd;

(e) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YM Raja Zainal
Abidin bin Raja Haji Tachik, RZA Forwarding Sdn Bhd and RZA
Warehousing Sdn Bhd;

(f) Proposed shareholders' mandate on recurrent related party
transactions of a revenue or trading nature with YBhg Tan Sri
Dato' Ir Talha bin Hj Mohd Hashim and Gamuda Berhad and its
subsidiaries;

(g) Proposed termination of the existing Executive Share Option
Scheme;

(h) Proposed establishment of a new Executive Share Option
Scheme of up to fifteen percent (15 percent) of the issued and
paid-up ordinary share capital of the Company; and

(i) Proposed grant of options to Mr. Kwek Leng San.

This announcement is dated 24 October 2005.

CONTACT:

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


LION CORPORATION: Updates Proposed Issuance of U.S. Dollar Notes
----------------------------------------------------------------
Lion Corporation Berhad (LCB) furnished Bursa Malaysia
Securities Berhad an update to the Proposed Issuance of United
States Dollar Notes (USD Notes).

(1) Introduction

The Board of Directors of Lion Corporation advised the Exchange
on the intended issuance of USD Notes by Megasteel Harta (L)
Limited (Issuer). The amount of the issuance will be determined
after the completion of the "book-building" process (Proposed
Bond Issuance).

The Issuer, incorporated in Labuan on August 17, 2005, is a
wholly owned subsidiary of Megasteel Sdn Bhd (Megasteel) which
in turn is a 90 percent owned subsidiary of LCB.

(2) Details of the Proposed Bond Issuance

The USD Notes will be offered and sold by the Issuer only to
qualified institutional buyers in the United States (within the
meaning of Rule 144A under the US Securities Act of 1933, as
amended) in reliance on Rule 144A and in offshore transactions
in accordance with Regulation S under the US Securities Act of
1933, as amended.

The USD Notes may be offered only to non-residents of Malaysia
(within the meaning of the Labuan Trust Company Act 1990) via a
"book-building" process. We have obtained approval in principle
to list the USD Notes on the Singapore Exchange Securities
Trading Limited and the Labuan International Financial Exchange
Inc.

With the Proposed Bond Issuance, Megasteel intends to achieve a
longer-term debt financing position as well as obtain funding
for a portion of its capital expenditure requirement.

(3) Conditions to the Proposed Bond Issuance

The Proposed Bond Issuance is conditional upon approvals being
obtained from the following:

(a) Bank Negara Malaysia which was obtained on 14 October 2005;
(b) Ministry of Finance;

(c) Labuan Offshore Financial Services Authority which was
obtained on October 20, 2005;

(d) Labuan International Financial Exchange which was obtained
on October 14, 2005;

(e) Singapore Exchange Securities Trading Limited which was
obtained on October 19, 2005;

(f) Monetary Authority of Singapore;

(g) Secured lenders of the existing term loans, working capital
facilities and CRMC term loan facilities of Megasteel which was
obtained on October 20, 2005; and

(h) Any other relevant authorities, as may be required.

This announcement is not an offer of securities for sale in the
United States. The USD Notes may not be offered or sold in the
United States absent registration.

Any public offering of securities to be made in the United
States will be made by means of a prospectus that may be
obtained from the Issuer which will contain detailed information
about the company and management, as well as financial
statements.

LCB clarified that since this is a Rule 144A/Regulation S
offering, LCB has been legally advised that it is prohibited
from releasing further details on the transaction until a later
date.

LCB will make appropriate announcements on the details as soon
as it is legally advised.

CONTACT:

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


MAGNUM CORPORATION: Issues Notice of Shares Buy Back
----------------------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad with a notice of shares buy back with the following
details:  

Date of buy back: October 24, 2005

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

Total number of shares purchased (units): 185,000

Minimum price paid for each share purchased (MYR): 1.980

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 185,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 68,731,700

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
Fax: +60 3 2698 9885


MANGIUM INDUSTRIES: Unit Defaults Payments to SCB, SBB
------------------------------------------------------
Mangium Industries Berhad (MIB) disclosed to Bursa Malaysia
Securities Berhad that its wholly owned subsidiary, Mangium
Sawmill Sdn Bhd (MSSB) has not paid, and is deemed to have
defaulted in its repayments on facilities granted by Standard
Chartered Bank Malaysia Berhad (SCB) and Southern Bank Berhad
(SBB), which are unsecured.

The details of the facilities currently in default in compliance
with Section 3.1 of Practice Note 1/2001 are as tabulated in
Table 1 attached.

To view a full copy of Table 1, click
http://bankrupt.com/misc/MangiumIndustriesTable1September2005.do
c

(A) Reason for Default in Payments

Due to the unfavourable timber market and depressed prices for
timber and timber related products throughout Asia since the
financial crisis in the year 1997, many of the Group's buyers
were adversely affected and are facing financial difficulties
leading to their inability to settle their outstanding balances
despite efforts made by the management to collect these
outstanding debts with the Group.

As a result, the cashflow generated from operations was not
sufficient to service the interest and principal obligations to
the lenders as and when they fell due.

(B) Measures by the Listed Issuer to Address the Default in
Payments

Both SCB and SBB have agreed to the Proposed Debt Settlement &
Restructuring Scheme announced by MIB on December 22, 2003.

(C) Financial and Legal implications in respect of the default
in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness.

The estimated total outstanding as at September 30, 2005, in
relation to the payments, which are in default and are the
subject matter of this announcement amounts to MYR14,499,489.79.

Since MIB is the guarantor for these loans, MIB is liable for
the full amount and any further interest and financial cost
levied there or until the settlement of these debts.

(D) 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.

(E) 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.

(F) Whether the default in payment constitutes an event of
default under a different agreement for indebtedness (Cross
Default) and the details thereof, where applicable.

The facilities listed above represent the borrowings of the
MIB's wholly owned subsidiary, MSSB, and as a result of their
default, the remaining facilities granted by other lenders to
MSSB are all technically in default by virtue of the "Cross
Default" clauses in the Letter of Offers.

However, the lenders have kept in view further legal action
other than those, which have been disclosed in our Annual Report
and Announcements, since MIB is in active negotiations with them
to normalize and regularize the accounts.

CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad informed that its additional 170,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, October 26, 2005.

CONTACT:

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


MBF CORPORATION: Subsidiary Fails to Meet Loan Requirement
----------------------------------------------------------
The Board of Directors of MBf Corporation Berhad (MBf Corp)
informed Bursa Malaysia Securities Berhad that MBf Leasing Sdn
Bhd (MBfL), a wholly owned subsidiary of MBf Corp, was unable to
meet a loan principal payment of MYR24,478,317 due on October
21, 2005 to its Scheme B Creditors pursuant to a Scheme of
Arrangement sanctioned by the High Court in October 2002 under
Section 176 of the Companies Act, 1965.

MBfL also has a shortfall of MYR236,616.99 in its interest
payment to all the Scheme Creditors as at end October 2005.

MBfL is currently in the midst of negotiation with the Scheme
Creditors on the settlement of the principal loans as well as
seeking some variations on the terms of repayments under the
Scheme of Arrangement.

Yours faithfully

MBf Corporation Berhad
Lau Cheong Koon
Company Secretary
24 October 2005


METROPLEX BERHAD: Court Adjourns Hearing of Appeal
--------------------------------------------------
Metroplex Berhad (MB) refers to its announcement to Bursa
Malaysia Securities Berhad dated August 9, 2005 in relation to
the Notice of Demand pursuant to section 218 of the Companies
Act, 1965 by OCBC Bank (Malaysia) Berhad (OCBC).

The Company informed the Exchange that the Kuala Lumpur High
Court has on October 24, 2005 adjourned the hearing on MB's
appeal to Judge in Chambers against the Summary Judgment to
January 13, 2006.

This announcement is dated 24 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


NALURI CORPORATION: SC OKs Appointment of Independent Adviser
-------------------------------------------------------------
Naluri Corporation Berhad (formerly known as Naluri Berhad)
(Naluri) furnished Bursa Malaysia Securities Berhad an update to
the following proposals:

(I) Proposed share buy back scheme of Naluri to purchase its own
ordinary shares of up to 10 percent of the issued and paid-up
ordinary share capital of the company (Proposed Share Buy-Back);
and

(II) Proposed amendments to the Articles of Association of
Naluri

(collectively referred to as the Proposals)

The company refers to its announcement dated October 5, 2005
released by Commerce International Merchant Bankers Berhad in
relation to the Proposals.

The Company advised that the Securities Commission (SC) has, via
its letter dated October 21, 2005 which was received on October
24, 2005 approved the appointment of Malaysian International
Merchant Bankers Berhad as the Independent Adviser for the
Proposed Share Buy-Back.

This announcement is dated 24 October 2005.

CONTACT:

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


PAN MALAYSIA: Buys Back Ordinary Shares
---------------------------------------
Pan Malaysia Corporation Berhad furnished Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back from: October 12, 2005

Date of buy back to: October 17, 2005

Total number of shares purchased (units): 2,207,000

Minimum price paid for each share purchased (MYR): 0.470

Maximum price paid for each share purchased (MYR): 0.495

Total amount paid for shares purchased (MYR): 1,095,282.09

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units):
2,207,000

Total number of shares retained in treasury (units): 53,260,000

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: October 24, 2005

Lodged by: Pan Malaysia Corporation Berhad

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 10,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR10,000 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 10,000 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Wednesday, October 26, 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


POS MALAYSIA: Adds New Shares for Listing, Quotation
----------------------------------------------------
POS Malaysia & Services Holdings Berhad informed that its
additional 82,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Wednesday, October 26, 2005.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323
Fax: +60 3 2166 2266


PROMTO BERHAD: Seeks RO Extension
---------------------------------
Promto Berhad (Promto) advised Bursa Malaysia Securities Berhad
that the Restraining Order (RO) pursuant to Section 176(10) of
the Companies Act, 1965 which was granted by the High Court on
July 26, 2005 expired on October 24, 2005.

The Company had on October 24, 2005 filed an application to the
High Court for an extension of the RO. No hearing date has been
fixed yet.

CONTACT:

Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com


SAAG CONSOLIDATED: Accepts Purchase Contract
--------------------------------------------
The Board of Directors of SAAG Consolidated (M) Bhd (SAAG)
informed Bursa Malaysia Securities Berhad that it has accepted a
purchase contract from a large multinational company, for the
purchase of 1 unit of 6MW HFO/ Gas generating sets with
ancillary equipment at a net price of CHF7,853,560/-. The said
unit is to be delivered within 24 months of contract after due
overhaul and refurbishment.

This contract will have a positive contribution to the earnings
of the group for the current year and year 2006.

None of the Directors, substantial shareholders and persons
connected to them have an interest in the above.

This announcement is dated 24 October 2005.

CONTACT:

SAAG Consolidated (M) Berhad
Unit 19-5, Block C1, Dataran Prima, Jalan PJU 1/41
47301 Petaling Jaya, Selangor Darul Ehsan
Telephone: 603 7884 8200
Fax: 603 7880 7958
Media Inquiries: rraveena@commsuite.com.my


SOUTHERN BANK: Fitch Assigns BB+ Rating to Preference Shares
------------------------------------------------------------
Fitch Ratings assigned an expected Long-term rating of 'BB+' to
Malaysian-based Southern Bank Berhad's (SBB) proposed issue of
USD150 million non-cumulative Guaranteed Preference Shares
(Preference Shares).

At the same time, the agency also affirmed SBB's Long-term
foreign currency rating at 'BBB', its Individual rating at
'C/D', Support at '3' and the 'BBB-' (BBB minus) rating on its
USD200m subordinated debt issued June 2004. The Outlook for the
ratings is Stable.

The expected rating on the Preference Shares is two notches
below SBB's senior unsecured debt rating and based on Fitch's
methodology of rating preference shares and hybrid securities of
financial institutions.

Investors should note that the rating addresses only the credit
risk of the issue and not the market risk or potential returns
and is subject to the issue meeting all legal and regulatory
conditions.

Meanwhile, Fitch also notes the recent announcement issued by
the CIMB Group concerning the approval received from the central
bank of Malaysia, Bank Negara Malaysia (BNM), for the CIMB Group
to commence negotiations with two shareholders of SBB, which
could lead to a possible sale of their stake and subsequent
merger of SBB's businesses with the CIMB Group.

However, Fitch is of the view that it is too early to determine
the outcome of the negotiations and therefore the impact on the
financial profile and ratings of SBB, but the agency will
continue to monitor these developments closely.

The issuing entity of the Preference Shares is a Special Purpose
Vehicle (SBB Capital Corporation) incorporated in Labuan and
guaranteed on a subordinated basis by SBB. They will rank pari
passu with all other preference shares and hybrid Tier-1
instruments of SBB on an unconsolidated basis but junior to all
deposits, all statutory preferred payments and all debt
obligations including the bank's subordinated debt, but senior
to ordinary share capital.

As perpetual securities, the Preference Shares have no final
redemption date but may be redeemed at the option of the issuer
under certain circumstances such as changes to Malaysia tax
laws, or if the preference shares are not included in the
computation of Tier 1 capital for SBB due to changes in
regulatory standards set by BNM. Any redemption however, will
require prior written consent from BNM.

Non-cumulative dividends will accrue on the Preference Shares at
a fixed rate with a step-up in margin after 10 years. At that
time, there will be a change in basis to a floating rate that is
pegged to the 3-month LIBOR.

In line with the characteristics of Tier 1 instruments,
dividends on the Preference Shares are restricted under certain
circumstances, eg. if the bank's capital ratios (on a
consolidated and/or unconsolidated basis) fall below the minimum
regulatory standards or 'distributable reserves' are
insufficient.

However, Fitch believes that the likelihood of such events
occurring is quite remote given that the bank has had an
unbroken record of profitability since inception in 1963 and has
not missed payment of dividends over the last 20 years.

Further, the terms of the issue provide a strong incentive for
SBB to ensure that the Preference Shares are serviced in a
timely manner - should a dividend be missed for any reasons, SBB
would also be precluded from making any dividend payment on its
common shares (the so-called 'dividend stopper').

The proceeds from the issue of the Preference Shares will be
used by SBB for working capital purposes although Fitch notes
that these will indirectly help fund much of the acquisition
cost of Asia General Holdings (AGH), a holding company with
total assets of MYR6.3bn in the life and general insurance
businesses in Singapore and Malaysia. Further capital and
funding support will come from the conversion of MYR290m in
outstanding warrants due to expire in June 2006 (and which are
currently in the money).

Proforma group Tier 1 and Total CAR post acquisition, hybrid
issue and warrant conversion, are expected to be almost
unchanged at c.9% and c.15% respectively, as the additional
capital raised is expected to offset the impact of goodwill and
a larger asset base. However, the steeper decline of bank level
CAR, from c.16% to c.11%, is due to the deduction taken against
capital for its total investment in AGH. Management plans to
maintain a Tier 1 CAR of 9%-11% going forward.

Established in 1963 and listed in 1987, SBB is the ninth largest
of ten domestic banking groups in Malaysia with assets of
MYR31.8bn (USD8.4bn). It operates a domestic network of 135
branches and 169 ATMs. It has a fairly strong franchise in the
consumer finance, SME banking and wealth management markets in
Malaysia - 80% of its loans are to higher yielding consumer and
SME borrowers, and it is ranked the second-largest domestic
player in credit cards, sale of unit trusts and funds under
management.

The announced acquisition of AGH is consistent with SBB's
strategy of growing its wealth management business, diversifying
and increasing its non-interest income sources, and providing a
direct entry into the strong growth prospects of the life
insurance business in Malaysia. Completion of the AGH
acquisition is pending relevant regulatory and shareholders'
approvals.

Meanwhile, Fitch notes that CIMB Group's interest in purchasing
a stake in SBB may be a prelude to further consolidation within
the Malaysian banking industry, ahead of further liberalization
of the banking industry going forward.


TENAGA NASIONAL: New Shares to be Listed at Bursa Malaysia
----------------------------------------------------------
Tenaga Nasional Bhd informed that the its additional 3,432,100
new ordinary shares of MYR1.00 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, October 26, 2005.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
59200 Kuala Lumpur, 59200
Malaysia
Telephone: +60 3 2296 5566
Fax: +60 3 2283 3686


TELEKOM MALAYSIA: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Telekom Malaysia Berhad informed that its additional 143,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, October 26, 2005.

CONTACT:

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


WAH SEONG: Undertakes Private Placement of Shares
-------------------------------------------------
Wah Seong Corporation Berhad advised that its additional
12,500,000 new ordinary shares of MYR0.50 each arising from the
Private Placement of 12,500,000 new ordinary shares of MYR0.50
each, at an issue price of MYR1.92 per share, representing
approximately 3.62 percent of the total issued and paid-up share
capital of the Company as at June 30, 2005 will be granted
listing and quotation with effect from 9:00 a.m., Wednesday,
October 26, 2005.

CONTACT:

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


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

COLLEGE ASSURANCE: Execs File Counter-affidavits at DOJ
-------------------------------------------------------
College Assurance Plans Philippines Inc. (CAP) officials have
filed separate counter-affidavits before the Department of
Justice (DOJ) regarding the charges hurled against them by the
Securities and Exchange Commission (SEC), The Philippine Star
has learned.

The officers denied any involvement in the alleged unlawful act
committed by the pre-need firm, saying the regulator's claims
are without basis.

CAP officers said the SEC complaint is fatally defective as it
does not point to any specific act or omission on their part
which would make them responsible for the alleged overselling of
CAP's pre-need plans.

They likewise branded the SEC's allegation that CAP failed to
account for the payments received for the unregistered plans as
misleading. CAP said it already issued guidelines to facilitate
refund of payments for the oversold plans.

The Corporate regulator filed last month a criminal complaint
against CAP, its officers and directors for the unauthorized
sale of pre-need plans. The SEC sought the issuance of a hold-
departure order against the respondents to prevent them from
fleeing the country and evading criminal liabilities.

The respondents were particularly charged with 6,434 counts of
unauthorized sale of pre-need educational plans and one count of
failure to provide for uniform accounting system, reports and
record keeping.

In its complaint, the SEC said CAP sold pre-need educational
plans despite the fact that it knew it had no more registered
plans to sell in violation of Sec. 16 of the SRC.

CONTACT:

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


DMCI HOLDINGS: Confirms Calaca Plant Bid
----------------------------------------
DMCI Holdings Incorporated issued a response to the news article
entitled "DMCI to bid for Calaca plant" published in the October
22, 2005 issue of the Philippine Daily Inquirer.

The article reported in part that:

"Construction giant DMCI Holdings Inc. is bidding for National
Power Corp.'s 600 megawatt coal-fired Calaca power plant in
Batangas, a well-informed source confirmed with Inquirer.

The source said DMCI has submitted its bid for the power plant
to the Power Sector Assets and Liabilities Management
Corporation (PSALM), the government body set up to sell
Napocor's power plants.

The source said DMCI was encouraged to push through with the
planned acquisition of Calaca as it expects to post a better
profit this year of Php3.1 billion."

DMCI confirmed that it has submitted the documentary
deliverables to the Power Sector Assets and Liabilities
Management Corporation (PSALM) for the pre-qualify bid for the
Proposed Sale of the 600-megawatt Batangas Coal-Fired Thermal
Power Plant located in Calaca, Batangas last September 29, 2005.

The Company also confirmed that it is expecting to generate an
income of Php3.1 billion for this year.

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com
Web site: http://www.dmchi.com


GLOBAL ISPAT: Creditors Cry Default
-----------------------------------
Creditors of the former National Steel Corporation have declared
the mill's new owner, Global Ispat Holdings Inc., in default
after failing to deliver a Php500-million standby letter of
credit due October 15.

The creditors, led by Philippine National Bank (PNB), are
calling in Glo0bal Ispat's Php12.25 billion in unpaid principal.

The impasse is not resolved, the banks again may be saddled with
the debt pile of the former National Steel, barely a year after
this problematic account was taken out of their bad loans
portfolio.

But a banker said Global Ispat paid the creditors a billion
pesos in cash last year, and added, "I don't look at the default
as unfortunate for the banks because the new company had made
improvements so, now, the company is worth more than it used to
be".

Under an agreement made last year, the new owner of National
Steel was required to deliver a standby letter of credit worth
Php500 million on or before October 15. Instead Global Ispat
proposed to put up a Php125-million letter of credit this year
and another Php125-million next year. But creditors rejected
Ispat's offer because it was not included in the original deal.

Under the deal with the Indian firm, Global Ispat will pay
National Steel's secured creditors and original stockholders
Php13.25 billion over an eight-year period after the initial
cash payment of Php1 billion last year.

Among the creditors, PNB had the biggest exposure of P5.6
billion, which is 41 percent of National Steel's debts of more
than Php16 billion.


NATIONAL POWER: ERC to Meddle in TSC Row
----------------------------------------
The Energy Regulatory Commission (ERC) has decided to help
settle an unresolved transition supply contract (TSC) between
the National Power Corporation (Napocor) and the Manila Electric
Company (Meralco), The Philippine Star reports.

ERC chairman Rodolfo Albano Jr. confirmed the two parties have
submitted to the ERC's jurisdiction because they are reluctant
to sign a TSC.

Mr. Albano said he is optimistic that the ERC's intervention
will enable the two parties involved to enter into a TSC. He
said they hope to come up with a resolution before the end of
the year even as the commission has yet to receive all
supporting documents.

The ERC did not require Napocor and Meralco then to enter into a
TSC since they had a pending application for a settlement
agreement under a 10-year supply contract which expired last
December 2004.

Up to now, the ERC has yet to approve the proposed settlement
agreed upon by the two power firms. Once effected, the agreement
will result in an estimated reduction in the electricity rates
of Meralco customers by about 12 centavos per kilowatthour
(kWh).

Meralco is Napocor's biggest client.

CONTACT:

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


NATIONAL POWER: Deadline for Assets Sale May be Missed
------------------------------------------------------
National Power Corporation (Napocor) is unlikely to meet its
target of disposing nearly a third of its generation and
transmission assets by middle of next year, The Manila Times
reports, citing Morgan Stanley.

The U.S.-based investment banks said regulatory issues are
expected to delay Napocor's initiatives to attract buyers of 70
percent of its assets by 2006.

"Given regulatory issues that need to ironed before the company
is attractive for private participants, we do not share the
authorities optimism on this front," the report said.

"What we feel good about, however, is the fact that the power
sector in general is a much smaller drain on the budget,
compared with the past."

This has been achieved largely owing to late 2004 to early 2005
tariff hike as well as the transfer of P200 billion of NAPOCOR
debt to the national government's books.

"Although we belong to the ranks of those who would like to see
the power sector in private hands, we realize it may not happen
over the near term but we take heart from the fact that it is a
much smaller burden on the budget than in previous years,"
report said.

State-run Napocor is expected to incur more losses in 2006, due
to lower proceeds from the sale of its assets.


NATIONAL POWER: USAID Pushes for Privatization
----------------------------------------------
The U.S. Agency for International Development (USAID) is urging
the government to hasten the privatization of National Power
Corporation (Napocor) to improve the country's investment
climate, The Manila Standard reports.

Jon Linborg, mission director of USAID Philippines, told
reporters that the USAID supports the privatization of the power
sector in terms of policy agenda and system in providing
partnerships with the Department of Energy.

He said American companies like Mirant Corp. are willing to
increase their investments in the Philippines but the government
has to do its share of making the investment climate good for
investors.

But Mr. Linborg said the decision still lies on the Philippine
government's hands.

The government, through the Power Sector Assets and Liabilities
Management Corp. (PSALM), has so far privatized six generating
plants with a total installed capacity of 608.5 megawatts, or
roughly 11 percent of Napocor's total generation capacity.


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

CHARTERED SEMICONDUCTOR: Corrects Quarterly Financial Results
-------------------------------------------------------------
Chartered Semiconductor Manufacturing Limited issued a
correction to its paragraph relating to "other Income" in its
Third Quarter 2005 Financial Statement. The explanation should
read as follows:

"Other income was a net charge of SGD4.9 million, compared to a
net credit of SGD2.8 million in the year-ago quarter, mainly due
to a SGD7.0 million expense related to the termination of
hedging transactions and other costs as a result of the cash
tender offer for the senior convertible notes due in April
2006."

The other explanations and numbers in the third quarter 2005
earnings release are not affected by such correction.

To view the Company's third quarter financial statement, ckick
on:

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


CHEONG ENG: Parent Firm Seeks Voluntray Liquidation
---------------------------------------------------
Cheong Eng Engineering Services Pte Limited, a wholly owned
dormant subsidiary of Pan-United Marine Limited, was dissolved
after being placed under a members' voluntary liquidation.

The liquidation of the Company will not affect Pan-United's net
tangible assets and earnings per share for the financial year
ending Dec. 31, 2005.

CONTACT:

Cheong Eng Engineering Services Pte Limited (Representative
Office)
33 Tuas Crescent
Singapore 638722
Phone: 65 6862 1188
Fax:   65 6861 2452


CREATIVE TECHNOLOGY: Expects SGD14.9 Mln in First Quarter
---------------------------------------------------------
Despite increased revenues, Creative Technology Limited is
slated to report a SGD14.9 million net loss for the financial
quarter ended Sept. 30, 2005, reports Dow Jones.

Analysts forecasted that the Company may incur a net loss from
SGD169,340 to as high as SGD31.33 million, despite a 53%
increase in revenue to SGD543.74 million compared to last year.

Fierce competition in the MP3 player market is the cause for a
gloomy outlook for the Company, according to broker CIMB-GK.
Creative Technology posted a SGD54.02 million net loss for the
quarter ended June 30, 2005, due to price cuts and an inventory
writedown.

The Company hopes to turn in a net profit for the next quarter
ending Dec. 31.

CONTACT:

Creative Technology Limited
Phone: 65 6895 4100
Web site: http://www.creative.com


DMS INTERNATIONAL: Court Releases Winding Up Order
--------------------------------------------------
In the matter of DMS International Freight Pte Limited, the
Singapore High Court issued a winding up order on the Company on
Oct. 14, 2005, with the following details:

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

Messrs SEGERAM & CO.
Solicitors for the Petitioner


SING HENG: Prepares to Declare Dividend
---------------------------------------
Sing Heng Sheng Traders Pte Limited, formerly of 1 Colombo
Court, #06-29 Singapore 0617, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Sing Heng Sheng Traders Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 204 of 1993
Last day for receiving proofs: Nov. 4, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Oct. 21, 2005

Chan Wang Ho
Assistant Official Receiver


WEE POH: Passes Resolutions at EGM
----------------------------------
Wee Poh Holdings Limited announced that the Company's
resolutions were passed at its Extraordianry General Meeting
held on Oct. 21, 2005.

By Order of the Board

To view the Company's resolutions proposed last Oct. 4, 2005, go
to:

http://bankrupt.com/misc/tcrap_weepoh100405.pdf


CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Phone: 65 6452 1210
Fax:   65 6453 6310
Web site: http://www.weepoh.com.sg


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

PACIFIC ASSETS: Details Agreement with Lehman Brothers
------------------------------------------------------
Reference is made to the letter of Pacific Assets Public Company
Limited notifying the signing of the Asset Purchase Agreement
with Lehman Brothers (Thailand) Company Limited to sell the
following assets of the Company, i.e.

(1) Pantip Court Executive Residence

(2) One Pacific Place and Two Pacific Place Buildings

(3) Le Royal Meridien Phuket Yacht Club and

(4) Le Royal Meridien

Baan Taling Ngam in the total of THB3,220 million (Three
thousand two hundred and twenty million Baht). The payment and
the transfer of assets were due on October 17, 2005.

The Company informed the Stock Exchange of Thailand (SET) that
the assets of Le Royal Meridien Phuket Yacht Club, Le Royal
Meridien Baan Taling Ngam and the investment of Pacific Estate
Development Limited which is the owner of One Pacific Place and
Two Pacific Place Buildings were already transferred on October
17, 2005 and the payment received before deducting expenses was
THB2,870,000,000 (Two thousand eight hundred and seventy million
Baht).  

For Pantip Court Executive Residence, the payment and the
transfer of assets could not be made on that day because it is
now in the process of transferring the leasehold right.

Therefore, the purchaser and the seller agreed to extend the
date of the payment and the transfer of assets of Pantip Court
Executive Residence to be on or before November 30, 2005.  

However, the substantial terms and conditions of the Asset
Purchase Agreement was previously disclosed to the Stock
Exchange of Thailand.

Please be informed accordingly.

Sincerely Yours,

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

CONTACT:

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


TOTAL ACCESS: S&P Raises Rating to BB+
--------------------------------------
Total Access Communication Public Co. Ltd. (TAC) received an
upgrade to its corporate rating to 'BB+' from 'BB' from Standard
& Poor's Ratings Services.

At the same time, Standard & Poor's also raised to 'BB+' from
'BB' the issue rating on the US$300 million bonds (due Nov. 4,
2006) of TAC's subsidiary, TAC Finance Co. B.V. The bonds are
guaranteed by TAC. In addition, the corporate credit rating and
issue rating are placed on CreditWatch with positive
implications.
    
The rating upgrade on TAC reflects its improved financial
profile, supported by consistent debt reduction since 2002, and
has not taken into account the impact on its credit profile from
Telenor ASA's (A-/Stable/A-2) increased stake in TAC. Total debt
to capital has fallen to 52 percent as of June 30, 2005,
compared with a three-year average (2002-2004) of 60 percent. At
the same time, debt to EBITDA fell to 2.7x in 2004 from an
average of 3.6x over 2002-2004.

"Going forward, the company targets a debt to capitalization of
30 percent to 50 percent and a maximum debt to EBITDA of 2x,"
said Standard & Poor's credit analyst Cheow Hon Lee. "At the
same time, capital expenditure needs in the next few years is
expected to be below the THB11.5 billion forecast in 2005,
thereby allowing the company to potentially pay down its debt
further with excess funds from operation after meeting capital
expenditure needs," Mr. Lee said.

The placement of the ratings on CreditWatch with positive
implications is due to Telenor's acquisition of additional
indirect stake in TAC this month and its mandatory tender offer
for the remaining shares in TAC that it does not own. After the
acquisition, Norway's Telenor and its affiliates will together
hold 56.8 percent in TAC.

Standard & Poor's view is the increased ownership by Telenor
could benefit TAC's credit quality either through possible
financial support, or further improvement in management and
operating efficiency by Telenor's increased involvement. The
degree of such benefit will be assessed along with the outcome
of the tender offer in resolving the CreditWatch, which is
expected after the offer for the remaining shares in TAC is
completed.
     
On October 20, 2005, Telenor announced its acquisition of
additional indirect stake in TAC, through its 49 percent-owned
subsidiary Thai Telco Holdings Ltd. (TTH). TTH executed a sale
and purchase agreement with the Bencharongkul family to acquire
its 39.9 percent stake in United Communication Industry PCL
(UCOM), which in turn holds a 41.6 percent stake in TAC.

The deal will provide Telenor and its affiliates a combined 65%
stake in UCOM and hence, an indirect 26.9 percent stake in TAC.
Added to Telenor's wholly owned subsidiary Telenor Asia Pte.
Ltd.'s 29.9 percent stake in TAC, Telenor and its affiliates now
hold a combined 56.8 percent interest in TAC.






                            *********


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

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

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