TCRAP_Public/051027.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Thursday, October 27, 2005, Vol. 8, No. 213

                            Headlines

A U S T R A L I A

AGENIX LIMITED: Science TV Features ThromboView
ASIA PACIFIC INDUSTRIES: Enters Voluntary Liquidation
BARONS QUEENSLAND: Members Resolve to Wind Up Firm
B.V.B. RESTAURANTS: To Declare Dividend Tomorrow
CAIRNS CONCRETE: Members, Creditors to Get Liquidator's Report

CARTER HOLT: Q3 Earnings Fall, Outlook Dims
CLARBROOK PTY: Winds Up Business
COMDEK: Working Towards Revival
DEMAND ESPRESSO: Members Pass Winding Up Resolution
DIAMOND PRESS: Members, Creditors to Discuss Winding Up Report

E-CONSORTIUM: High Profile Firm in Liquidation
GJ&RL CARMAN: Members Agree to Shut Down Operations
GREYSTANES ROOF: Court Appoints Official Liquidator
HIH INSURANCE: Former Finance Director Faces 6 Criminal Charges
HIRLYARD PTY: Declares Final Dividend

JAMES HARDIE: Clock Stops at Brisbane Plant
LANTHAM PIZZAS: Winding Up Process Initiated
LILYDALE ENTERPRISES: Members Opt for Liquidation
MULTIPLEX: Releases FAL Group from Liabilities
ORETECH PTY: Liquidator to Explain Wind Up to Members, Creditors

OZTON COMPUTER: Court Issues Winding Up Order
PRIMA WEAR: Official Liquidators Named
PRINTING & INTERNET: Joint Meeting Fixed November 2
QANTAS AIRWAYS: Grants AU$60-Mln Contract to Chandler Macleod
QANTAS AIRWAYS: Boss Says New Pay Claim Won't Fly

SANTOS LIMITED: On Track to Meet 2005 Targets
SUNSET MANAGEMENT: Gregory S. Andrews Named Liquidator
SUPERIOR PRESS: Declares First, Final Dividend
SURREY ACTION: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Shareholders Alarmed By CEO's Calm

TELSTRA CORPORATION: To Shift Jobs Abroad
WATALAN PTY: Liquidator to Distribute Company Assets


C H I N A  &  H O N G  K O N G

DORFLINE LIMITED: Annual Creditors Meeting Set November 4
ONSHINE SECURITIES: SFC Reprimands Securities Firm
GRACESINO INVESTMENT: Court Orders Winding Up
SHARP SUCCESS: Schedules Creditors Meeting for October 28
SILVAN GARDEN: Winds Up Operations

STARBOW HOLDINGS: Notes Unusual Price, Volume Movements
TECHANCES DEVELOPMENT: Set to End Operations
UNITED HERO: Court Releases Winding Up Order
WISE VICTORY: Creditors Meeting Slated for October 28


I N D I A

GANDHIMATHI APPLIANCES: Taps Meghraj for Revival
NOIDA TOLL: Applies for Delisting of Shares
VISHAL J. SHAH: SEBI Issues Censure Order


I N D O N E S I A

PERTAMINA: Allegedly Watered Down Fuel Supply


J A P A N

KOKUDO CORPORATION: To Cease Hotel Operations
PIONEER CORPORATION: R&I Places Rating on Monitor
MITSUBISHI MOTORS: Shares Down 1.1% on Wednesday
NEC ELECTRONICS: President to Step Down After Loss
RESONA HOLDINGS: Raises Earnings Estimate to JPY170 Bln

SANYO ELECTRIC: Introduces World's Smallest Digital Movie Camera
TAIYO YUDEN: S&P Revises Rating to Negative


K O R E A

HANARO TELECOM: Unionized Workers Vote in Favor of Strike
HANARO TELECOM: Unveils EGM Result


M A L A Y S I A

ANCOM BERHAD: Shareholders OK All AGM Resolutions
ANCOM BERHAD: Issues Shares Notice Buy Back
AVANGARDE RESOURCES: Unit's Winding Up Hearing Set December 27
AYER HITAM: Posts No Changes to Default Status
GEORGE TOWN: Awaits Court Judgment for Motion of Appeal

HAP SENG: Buys Back Ordinary Shares
HUME INDUSTRIES: Purchases New Shares on Buy Back
I-BERHAD: Issues Shares Buy Back Notice
KUMPULAN GUTHRIE: Issues New Shares for Listing, Quotation
METACORP BERHAD: Unit Disposes of Ordinary Shares

PANTAI HOLDINGS: Buys Back 191,000 Shares
POS MALAYSIA: New Shares to be Listed, Quoted on Bourse
PUNCAK NIAGA: Granted Listing of Additional Shares
TANAH EMAS: Converts ICULS to Ordinary Shares
TENAGA NASIONAL: Issues Update to Proposals

WCT ENGINEERING: Bourse to Grant Listing, Quotation of Shares


P H I L I P P I N E S

GLOBAL STEELWORKS: Says Parent Dealing with Creditor Issue
LMG CHEMICALS: General Manager Retires
MANILA ELECTRIC: Unveils Third Quarter Results
NATIONAL POWER: Gets New Permit for Calaca Plant
SWIFT FOODS: Board Approves Amended By-laws


S I N G A P O R E

BCEA MANAGEMENT: Creditors Asked to Submit Debt Claims
CHARTERED SEMICONDUCTOR: To Produce AMD Microprocessors in 2006
CREATIVE TEHCNOLOGY: Posts USD9.3-Mln First Quarter Loss
EI-NETS LIMITED: Singapore Exchange Approves Shares Placement
INFORMATICS HOLDINGS: Clarifies News Article on Thames School

ROWCO INTERNATIONAL: Prepares to Pay Dividend
STATS CHIPPAC: Slated to Post SGD13.35-Mln Quarterly Loss
TEOW KEE: Intends to Declare Dividend



T H A I L A N D

EASTERN PRINTING: Fulfills Obligations According to Rehab Plan
SYNTEC CONSTRUCTION: Gets Shareholders' Nod to Increase Capital
THAI PETROCHEMICAL: Founder to Remain on Board
THAI PETROCHEMICAL: Issues Explanation to Court Petition
THAI PETROCHEMICAL: Files for Extension of Rehab Plan

     -  -  -  -  -  -  -  -

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

AGENIX LIMITED: Science TV Features ThromboView
-----------------------------------------------
Agenix Limited advised that its diagnostic imaging agent
ThromboView will feature in a segment on Australian Channel 7
science television program Beyond Tomorrow this Wednesday night,
October 26, 2005, at 7:30 p.m.

ThromboView is currently undergoing clinical trials, with a
Phase II DVT (Deep Vein Thrombosis) trial underway in North
America and a Phase I PE (Pulmonary Embolism) trial underway in
Australia.

The Company understands that highlights of the Beyond Tomorrow
segment include footage from a North American clinical trial
site and interviews with current investigators.

CONTACT:

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


ASIA PACIFIC INDUSTRIES: Enters Voluntary Liquidation
-----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Asia Pacific Industries Pty Limited held on Sept.
23, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held on the same day, it was resolved
that Martin J. Green of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 be appointed Liquidator for such
purpose.

Dated this 26th day of September 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


BARONS QUEENSLAND: Members Resolve to Wind Up Firm
--------------------------------------------------
At a general meeting of the members and creditors of Barons
Queensland Pty Limited held on Sept. 23, 2005, a special
resolution that the company be wound up voluntarily was passed.

Dated this 27th day of September 2005

David M. Stimpson
Terry G. Van der Velde
Joint Liquidators
SV Partners Pty Limited
Insolvency Accountants and Risk Managers
Web site: http://www.svpartners.com.au/


B.V.B. RESTAURANTS: To Declare Dividend Tomorrow
------------------------------------------------
B.V.B. Restaurants Pty Limited will declare a first and final
dividend to its priority unsecured creditors on Oct. 28, 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

Andrew Fielding
Liquidator
PPB Chartered Accountants & Business Reconstruction Specialists
Level 4, 31 Sherwood Road
Toowong Qld 4066
Phone: 07 3371 7244
Fax:   07 3371 7311


CAIRNS CONCRETE: Members, Creditors to Get Liquidator's Report
--------------------------------------------------------------
Notice is given that the final combined meeting of the members
and creditors of Cairns Concrete Formworking Pty Limited will be
held on Nov. 2, 2005, 10:30 a.m. at the offices of Horwath North
Queensland, corner of Aplin and Sheridan Streets,
Cairns Qld 4870, to present the Liquidator's account showing the
manner in which of the winding up and disposal of the property
of the Company, and to hear any explanations that may be given
by the Liquidator.

Dated this 23rd day of September 2005

Philip Jefferson

Liquidator
c/o Horwath North Queensland
Corner Aplin & Sheridan Streets
Cairns Qld 4870


CARTER HOLT: Q3 Earnings Fall; Outlook Dims
-------------------------------------------
Carter Holt Harvey Limited announced an AU$31 million profit
after tax on revenues of AU$879 million for the three months
ended 30 September 2005.

The operating profit for the September quarter was AU$41 million
and the company has revised its forecast for the full year
operating profit down to approximately AU$200 million.

The key reasons for the AU$23-million reduction in operating
profit since the June quarter were:

- AU$12 million less earnings due to lower prices for pulp and
paper and Australian timber;
- AU$10 million fewer gains from forest land sales;
- AU$3 million of increased shut costs for scheduled Kinleith
paper machine maintenance;
- AU$4 million accrued for the Staff Share Growth Plan; and
- AU$5 million of net benefit from the depreciation of the NZ
dollar.

Given the company's current operating performance and the
difficult market conditions across the board, CHH has revised
its year-end forecast. The company now expects operating profit
to be approximately AU$200 million assuming current conditions
continue. This includes an adjustment for AU$9 million less of
land sales than in previous forecasts.

The company is undertaking a review of its assets for
impairment.

CONTACT:

NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone: +64 9 262 6000
Facsimile: +64 9 262 6099

AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone: +61 3 9823 1600
Facsimile: +61 3 9823 1620
Web site: http://www.chh.com


CLARBROOK PTY: Winds Up Business
--------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Clarbrook Pty Limited held on Sept. 23, 2005,
it was resolved that the Company be wound up voluntarily as a
members' voluntary winding up, and that Nicholas Giasoumi and
Roger Darren Grant, Registered Liquidators of Suite 8, 260
Auburn Road, Hawthorn 3122 be appointed Joint and Several
Liquidators for the winding up.

Notice is also given that the Company is preparing to declare a
final dividend, and creditors who do not submit their claims to
the Liquidators by Oct. 31, 2005 will be excluded from such
dividend.

Dated this 23rd day of September 2005

Nicholas Giasoumi
Roger D. Grant
Joint Liquidators
Dye & Rennie Chartered Accountants
Suite 8, 260 Auburn Road
Hawthorn 3122


COMDEK: Working Towards Revival
-------------------------------
Beleaguered Comdek Limited is pulling itself up after barely
missing liquidation early this year, reports The West
Australian.

The technology group has negotiated a deal with property
developer Kim Morrison to keep it operating during a
restructure.

Mr. Morrison's private company Bardev has taken charge of
Comdek's assets to support a loan facility.

Trading in the Western Australia-based company's shares has been
suspended since June 2005, and the group has not provided any
new information on its financial position in almost four months.
The company was almost placed into liquidation by the Supreme
Court earlier in 2005, after creditors moved to take control of
a liquidation action initiated by Todaytech Distribution.

Comdek divested its once-core computer hardware division, as
part of effort to focus on broadband operations and recover from
a financial crisis. Proceeds from the sale of its ISP business
Vianet AIP allowed Comdek to deal with those claims.

CONTACT:

Comdek Limited
673 Murray St
West Perth, 6005
Western Australia
Phone: +61 8 9214-5200
Fax: +61 8 9214-5201
E-mail: info@comdek.net.au
Web site: http://www.comdek.com.au


DEMAND ESPRESSO: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Demand Espresso Pty Limited held on Sept. 22,
2005, it was resolved that the Company be wound up voluntarily,
and Messrs. Warren White and Rod Slattery of PPB Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria,
were appointed Liquidators at a creditors' meeting held later
that day.

Dated this 22nd day of September 2005

Rod Slattery
Warren White
Liquidators
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


DIAMOND PRESS: Members, Creditors to Discuss Winding Up Report
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Diamond Press Australia Pty Limited will be held on
Nov. 2, 2005, 10:00 a.m. at the offices of Ferrier Hodgson,
Level 17, 2 Market Street, Sydney NSW, to have an account laid
before them showing the manner in which the winding up was
conducted and the property of the Company disposed of, and to
hear any explanations that may be given by the Liquidator.

Dated this 4th day of September 2005

Brian Silva
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


E-CONSORTIUM: High Profile Firm in Liquidation
----------------------------------------------
Adelaide Internet firm E-Consortium has fallen into liquidation,
according to The Advertiser.

The high profile net firm, which included Internet service
provider E-Access, collapsed owing an unknown amount.

The Company was founded by Jeremy Ervine of Norwood when he was
just 16. AT 21 in 2003, Mr. Ervine said he was expecting
turnover to top AU$10 million. This from a company founded with
just AU$120,000 in start-up capital.

Mr. Ervine told The Advertiser turnover was more like AU$1
million to AU$2 million when the company sold its major asset,
E-Access, in late 2003.

He would not disclose how much E-Consortium owed but said a
company he would not name - which had bought E-Access - was
supposed to pay most of the company's debts, but had not done so
yet.

Mr. Ervine said E-Consortium owed "very little". It has 21 staff
and had been about to expand nationally.

The liquidators were not available for comment.


GJ&RL CARMAN: Members Agree to Shut Down Operations
---------------------------------------------------
Notice is given that at an extraordinary general meeting of
members of GJ&RL Carman Pty Limited held on Sept. 21, 2005, it
was resolved that the Company be wound up voluntarily, and that
Andrew Leonard Dunner, Chartered Accountant of 23 Erin Street,
Richmond, Victoria 3121 be appointed Liquidator for the winding
up.

Dated this 21st day of September 2005

Andrew L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond Vic 3121
Phone: 03 9428 1888


GREYSTANES ROOF: Court Appoints Official Liquidator
---------------------------------------------------
On Sept. 27, 2005, the Supreme Court of New South Wales
appointed David Young of Pitcher Partners, Level 3, 60
Castlereagh Street, Sydney NSW to be the Official Liquidator in
the winding up of Greystanes Roof Tiling Pty Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW


HIH INSURANCE: Former Finance Director Faces 6 Criminal Charges
---------------------------------------------------------------
The former finance director of failed HIH Insurance Group has
appeared in Downing Court on Tuesday to face six criminal
charges laid under the Corporations Act, relates the Sydney
Morning Herald.

Dominic Fodera faces two charges laid under section 232(2) of
the Corporations Act of failing to act honestly as company
officer in discharge of his duties, and four charges laid under
section 1309 that in his capacity as an officer of HIH he
knowingly gave false and misleading information to directors and
auditors.

Mr. Fodera was not requited to plead on Tuesday and Robert
Beech-Jones SC for the Federal Director of Public Prosecutions
told the court that no fact sheet was yet available becasue the
charges may be impinge on another trial.

Magistrate Jillian Orchiston ordered that the matter return to
the court on February 7 next year. Fodera, of Mosman, was given
conditional bail.

Mr. Fodera was last July disqualified from acting as a director
or manager of an insurance company by the Australian Prudential
Regulation Authority.

APRA noted that between 1998 and 2000 Fodera failed to disclose
material advice to HIH's board and auditor about its financial
position.

Mr. Fodera's actions included setting up complex re-insurance
deals for HIH with German reinsurers Hannover Re and Swiss Re to
hide the seriousness of HIH's financial position


HIRLYARD PTY: Declares Final Dividend
-------------------------------------
Hirlyard Pty Limited will declare a first and final dividend on
Oct. 28, 2005.

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

Dated this 24th day of August 2005

Andrew Fielding
Liquidator
PPB Chartered Accountants & Business Reconstruction Specialists
Level 4, 31 Sherwood Road
Toowong Qld 4066
Phone: 07 3371 7244
Fax:   07 3371 7311


JAMES HARDIE: Clock Stops at Brisbane Plant
-------------------------------------------
A bitter enterprise bargaining agreement (EBA) dispute has
forced James Hardie Industries to suspend operations at its
Brisbane plant, the Sydney Morning Herald reports.

The row involving more than 200 workers escalated at 3 a.m. on
Wednesday when the company locked out workers at the global
building products company's Meeandah reinforced pipe products
plant for 28 hours.

To express their support, workers at James Hardie's Carole Park
building products also went on strike.

The striking employees were expected to go back to work
Thursday, but unions have warned more rebellion over James
Hardie's bid to break a single agreement covering its Queensland
workforce into two separate EBAs.

Australian Workers Union (AWU) district organizer Steve Baker
said James Hardie was trying to "divide and conquer".

James Hardie spokesman James Rickards said the lockout at
Meeandah occurred because two-hour stoppages in every shift made
production unviable.

He said no worker would be worse off with separate independent
EBAs for Meeandah and the larger Carole Park plants.

"They are two very separate operations ... and for the future
growth and success of the pipes business at Meeandah we think
it's important to implement and single and separate EBA for that
site," Mr. Rickards said.


LANTHAM PIZZAS: Winding Up Process Initiated
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Lantham Pizzas Pty Limited held on Sept. 21, 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 that same 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


LILYDALE ENTERPRISES: Members Opt for Liquidation
-------------------------------------------------
At a meeting of creditors of Lilydale Enterprises Pty Limited
held on Sept. 20, 2005, it was resolved that the Company be
wound up.

Dated this 27th day of September 2005

Oren Zohar
Liquidator
C/o Kordamentha
Level 11, 37 St. Georges Terrace
Perth


MULTIPLEX: Releases FAL Group from Liabilities
----------------------------------------------
Following discussions with Multiplex, the Multiplex group of
companies (Multiplex) have released companies in the FAL post-
demerger group from liabilities under an agreement giving
Multiplex certain rights including first and last rights in
relation to certain supermarket sites in New Zealand (Multiplex
Agreement).

In consideration for the release by Multiplex from liabilities
under the Multiplex Agreement, FAL has agreed to pay Multiplex
AU$3 million and release Multiplex from an agreement giving
Multiplex certain obligations relating to properties in
Australia. This payment is conditional on the demerger of FAL
proce3edings payable by Metcash under the transfer scheme to
Woolworths and Metcash proceeding.

As a result of the agreement to pay Multiplex to terminate the
Multiplex Agreement, the consideration payable by Metcash under
the transfer scheme will be varied down by AU$3 million.

The variation for the Multiplex payment represents a reduction
of approximately 2.5 cents per FAL share, which is less than
0.1% in the total consideration.

The release satisfies the Multiplex condition precedent in the
merger implementation agreement. FAL was scheduled to notify the
Federal Court in Perth of this agreed adjustment Wednesday,
October 26, 2005.

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


ORETECH PTY: Liquidator to Explain Wind Up to Members, Creditors
----------------------------------------------------------------
Notice is hereby given that a final meeting of members and
creditors of Oretech Pty Limited will be held on Nov. 3, 2005,
10:00 a.m. in the offices of PPB Chartered Accountants,
10th Floor, 26 Flinders Street, Adelaide, for the following
purposes:

AGENDA

To receive the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
explanations thereof.

Dated this 30th day of September 2005

P. I. Macks
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


OZTON COMPUTER: Court Issues Winding Up Order
---------------------------------------------
On Sept. 22, 2005, the Supreme Court of New South Wales ordered
that Ozton Computer Technology Pty Limited be wound up, and
appointed Stephen James Parbery to be Liquidator of the Company.

Dated this 22nd day of September 2005

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


PRIMA WEAR: Official Liquidators Named
--------------------------------------
Notice is hereby given that at a General Meeting of Members of
Prima Wear Fashions Pty Limited held on Sept. 23, 2005, a
Special Resolution was passed that the Company be wound up
voluntarily, and that David Vasudevan and Andrew Reginald Yeo be
nominated Joint & Several Liquidators for such purpose.

Dated this 23rd day of September 2005

David Vadusevan
Andrew R. Yeo
Joint Liquidators
C/o Pitcher Partners
Level 19, 15 William Street
Melbourne


PRINTING & INTERNET: Joint Meeting Fixed November 2
---------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Printing & Internet Investments Pty Limited will be
held on Nov. 2, 2005, 10:00 a.m. at the offices of Ferrier
Hodgson, Level 17, 2 Market Street, Sydney, NSW, to present the
Liquidator's account showing the manner in which the winding up
was conducted and the property of the Company disposed of, and
to hear any explanations that may be given by the Liquidator.

Dated this 4th day of September 2005

Brian Silva
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


QANTAS AIRWAYS: Grants AU$60-Mln Contract to Chandler Macleod
-------------------------------------------------------------
Leading ASX-listed HR outsourcing and recruitment company
Chandler Macleod announced that it has secured another long-term
contract with Qantas Airways. The latest contract is valued at
AU$60 million over three years and builds on Chandler MacLeod's
excellent and growing relationship with the leading Australia
airline.

Chandler Macleod is already a major preferred national HR
supplier to Qantas. Under the terms of the latest agreement,
Chandler Macleod will be the principal national supplier of
casual personnel to Qantas Flight Catering Holdings Limited
(QFCH). QFCH's two catering businesses, Qantas Flight Catering
Limited and Caterair Airport Services Pty Ltd, together produced
43 million meals in 2004/05 for Qantas domestic and
international flights, as well as for other airlines.

Under the new contract Chandler Macleod will provide casual
employees in four key job categories - chefs, catering
attendants, airline services operators and stores staff - to
Qantas Flight Catering's sites in Sydney, Adelaide and Perth,
and to Caterair's main site in Sydney.

Chandlier Macleod's Managing Director, Stephen Cartwright, said
the latest contract win with Qantas highlighted Chandler
Macleod's ability to provide an extensive range of specialist
services Australia-wide that were tailored to meet Qantas' HR
requirements in its key business areas.

"There is no doubt that our clients' HR needs are evolving and
becoming more sophisticated in terms of the skills they require
and the processes and systems they expect HR providers to offer.
As a result, we are focused on becoming an integral part of our
clients' businesses and we are developing our business to suit
their needs.

"It is also interesting to see a growing trend in clients
reducing recruitment supplier numbers, preferring to work in
close partnership with a small group of HR providers. Chandler
Macleod is benefiting directly from this trend, and I am pleased
to report that there are a number of significant preferred
supplier contracts in the pipeline, which we are currently
working on.

"This latest Qantas contract win also supports our view that the
industry will continue to consolidate and that Chandler Macleod
will play a major role in this consolidation process with the
rationalization of suppliers by clients and through our own
strategic acquisitions," Mr. Cartwright said.

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: Boss Says New Pay Claim Won't Fly
-------------------------------------------------
Qantas Airways Chief Executive Geoff Dixon declared the carrier
will not increase its pay offer or withdraw its decision to
start a new international carrier, The Advertiser has learned.

Mr. Dixon warned his long-haul pilots that an active campaign
for a "no" vote on a new enterprise bargaining deal would not
influence the group's effort to take budget offshot Jetstar
international.

Mr. Dixon's comments come as a reform group expected to take
control of the Australian and International Pilots Association
has warned the airline is in for some hard bargaining if the
enterprise agreement is rejected.

Pilots are worried about the establishment of a new
international arm of Jetstar and plans to start a second-
officers' base in Singapore.

But Mr. Dixon said the agreement provided for back pay, a 3 per
cent annual pay rise and "some sensible efficiencies".

If the proposed agreement is voted down, the current enterprise
agreement, and the current pay rates continue until a new
agreement is accepted," he said.

Mr. Dixon assured that decisions on establishing new businesses
would be made for the best interest of the whole group and the
profitability of the operations. He added this was how the
airline would best secure the future of all employees, including
pilots.

AIPA reform group spokesman Ian Woods questioned why Mr. Dixon
was so determined to get involved in the pilots' proper
democratic process. Captain Woods said most pilots would
interpret Mr. Dixon's references to back pay as a threat.


SANTOS LIMITED: On Track to Meet 2005 Targets
---------------------------------------------
Santos Limited reported record third quarter sales revenue of
AU$764 million, driven by a 15% year on year increase in
production to 14.9 million barrels of oil equivalent.

The third quarter revenue was 38% higher than the previous
record of AU$553 million in the second quarter of 2005, and up
82% on the third quarter of 2004.

The September quarter result takes Santos' revenue to AU$1.78
billion for the first nine months of this year - up 76% on the
previous corresponding period and already AU$283 million higher
than the record AU$1.50 billion full year revenue achieved in
2004.

Total third quarter production of 14.9 million barrels of oil
equivalent (mmboe) was 9% above the second quarter result,
taking total production for the first three quarters of 2005 to
41.2 mmboe.

The average realized gas price for the third quarter increased
by 10% to AU$3.62 per gigajoule (GJ) from AU$3.30 per GJ in the
same period of 2004, and the average realized oil price of
AU$77.60 (US$58.00) per barrel was 10% higher than AU$70.20
(US$54.06) in the second quarter.

"The third quarter result continues the record performance for
Santos in 2005 and reflects the Company's growth focus of recent
years," Santos' Managing Director, Mr. John Ellice-Flint, said.

"The increased revenue reflects the start up of a number of new
projects at a time of high energy prices," he said.

Mr. Ellice-Flint said the major driver of the improved
production was the Mutineer-Exeter development in the Carnarvon
Basin offshore Western Australia, where gross third quarter
production averaged almost 80,000 barrels of oil per day.

"We are on track to achieve our upgraded 2005 production
guidance of approximately 55 mmboe for the full year," he said.

"Another four new projects due to start up next year are
expected to fuel annual production growth of a further 10% in
2006," he said.

Other developments during the September quarter included:

 The US$466 million acquisition of a controlling interest in
Tipperary Corporation, including an operated interest in the
world class Fairview field in Queensland;

 First gas production from the $300 million John Brookes
development offshore Western Australia;

 The sale of 229 PJ of John Brookes gas over 15 years to a new
power station to be built near Kwinana in Western Australia;

 A gas discovery at Caldita 1 in the Timor Sea offshore the
Northern Territory;

 The Henry 1 gas discovery in the Otway Basin, offshore
Victoria;

 Solid development progress at Casino offshore Victoria, with
the project on schedule for the planned Q1 2006 start-up;

 Development drilling under way for the Oyong oil and gas field
offshore
Indonesia;

 Commencement of development at the Maleo gas field offshore
Indonesia;

 Further appraisal of the Jeruk oil discovery offshore
Indonesia, including the retrieval of reservoir core samples,
flow testing and interpretation of seismic data;

 A staged farm-in to 10 blocks in Kyrgyzstan, central Asia;

 The move to 100% ownership of the Patricia-Baleen gas field
and processing facility, the Sole gas field and exploration
permit VIC/P55 in the Victorian Gippsland Basin; and

 The sale of an interest in a Joint Petroleum Development Area
permit in the Timor Sea containing the Kuda Tasi and Jahal
fields to Paladin Resources.


CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SUNSET MANAGEMENT: Gregory S. Andrews Named Liquidator
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sunset Management (Qld) Pty Limited held on Sept. 16, 2005, a
special resolution was passed that the Company be wound up
voluntarily, and that Gregory Stuart Andrews, 22 Drummond
Street, Carlton 3053 be appointed Liquidator for such winding
up.

Dated this 26th day of September 2005

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


SUPERIOR PRESS: Declares First, Final Dividend
----------------------------------------------
Superior Press Pty Limited will declare a first and final
dividend today, Oct. 27, 2005.

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

Dated this 29th day of August 2005

Ken Sellers
Liquidator
SimsPartners
GPO Box 2217, Melbourne Vic 3001
Phone: 03 9600 2100
Fax:   03 9600 2400


SURREY ACTION: Placed Under Voluntary Liquidation
-------------------------------------------------
On Sept. 16, 2005, Surrey Action Pty Limited was wound up
voluntarily, and Mr. Gregory John Shilton was appointed
Liquidator of the Company.

Gregory J. Shilton
Liquidator
Gregory J. Shilton & Co.
1st Floor, 407 Canterbury Road
Surrey Hills Victoria 3127


TELSTRA CORPORATION: Shareholders Alarmed By CEO's Calm
-------------------------------------------------------
New Telstra Corporation Chief Sol Trujillo faced dismayed
shareholders at the telco's annual meeting on Tuesday, according
to the Sydney Morning Herald.

In the meeting, Mr. Trujillo was all charm, speaking softly and
making soothing statements about creating a "new Telstra" where
the customer is the boss".

Chairman Don McGauchie was left to do the dirty work like
blaming past management for Telstra's terrible state, and
bagging the Government over "damaging regulatory interventions".

There is little doubt that Telstra would be regulated like other
industries if it were not for the politics of privatization,"
Mr. McGauchie said.

Although the crowd was mostly receptive, they have much to gripe
about. Shares have shed 20 percent since March, revenues from
the core fixed-line business are falling fast, competition is
intensifying in the lucrative mobile market, and its network is
clapped out in parts because for years investment was kept to a
bare minimum.

One shareholder, Carole Carpenter, wanted to oust the whole
board. But the reaction was otherwise muted, even director
Charles Macek pointed out Mr. Trujillo's "substantial" package,
including a AU$1 million sign-on fee, AU$3 million annual base
salary and up to AU$7 million of bonuses.

Mr. McGauchie said Mr. Trujillo was already proving "invaluable"
and defended his forthright style as "telling it like it is".

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: To Shift Jobs Abroad
-----------------------------------------
More jobs at Telstra Corporation are expected to go as part of a
company-wide restructure, The Advertiser says.

Chief Executive Sol Trujillo told shareholders about a plan to
export jobs, in a bid to create a "new" and "leaner" Telstra.

Financial markets are already factoring in up to 16,000 job cuts
at Telstra when Mr. Trujillo unveils his review next month.

The Australian has learned that all technology proposals being
submitted to the company's new Program Office, which is in
charge of implementing Mr. Trujillo's new strategy, must contain
an outsource "contingency".

Telstra insiders said every business case must state where an
outsource quote has been sought, and the result. In addition,
reasons why outsourcing is not chosen must be strong.

Global IT services giant Accenture, which is helping Mr.
Trujillo with his global review, is lobbying hard to grab
outsourcing work from Telstra.

Mr. Trujillo and his operations chief Greg Winn are also
considering sending more information technology work to India.

The company first sent jobs offshore last year.


WATALAN PTY: Liquidator to Distribute Company Assets
----------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Watalan Pty Limited held on Sept. 25, 2005 the following
Special Resolution was passed:

(1) That the Company be wound up as a Members' Voluntary
Liquidation, and that Andreas Bernd Faulwetter be appointed
liquidator.

(2) That the Liquidator be and is hereby authorized to divide
all or any part of the assets of the Company to the Members in
specie.

Dated this 26th day of September 2005

Andreas Faultwtter
Liquidator
5 Valonia Drive, Eltham Vic 3095


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

DORFLINE LIMITED: Annual Creditors Meeting Set November 4
---------------------------------------------------------
Dorfline Limited (In Creditors' Voluntary Liquidation) hereby
gives notice that the board meetings of the company will be held
at 27th Floor, Alexandra House, 16-20 Chater Road, Central, Hong
Kong on November 4, 2005 at the time listed below.

Members' Meeting: 10:00 a.m.
Creditors' Meeting: 10:30 a.m.

Agenda

Annual Meetings of Creditors and Members called pursuant to
Section 247 of the Companies Ordinance for the purpose of laying
before them an account of the liquidator's act and dealings and
of the conduct of the winding up of the company during the
preceding year.

Dated this 21st day of October 2005

GABRIEL CK TAM
Joint and Several Liquidator

Members' proxies to be used at the meetings must be lodged at
8th Floor, Prince's Building, 10 Chater Road, Central, Hong
Kong, not less than 48 hours before the time for holding the
members' meetings and creditors' proxies not later than 4 p.m.
on November 3, 2005.


ONSHINE SECURITIES: SFC Reprimands Securities Firm
--------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Onshine Securities Limited and fined it $100,000 for breaches of
the Securities and Futures (Financial Resources) Rules (FRR),
internal control weaknesses and insufficient supervision of
staff. It has also reprimanded Mr. Chan Sum Fat, a responsible
officer of Onshine, and fined him $16,700 for the internal
control weaknesses in Onshine and inadequate supervision of
staff.

Breaches of the FRR

An SFC investigation revealed that Onshine had a liquid capital
deficiency on a total of five business days during the period
from December 9-15, 2004. The deficiency arose when Onshine drew
down a bank loan to finance its clients in an Initial Public
Offering (IPO) subscription in December 2004. Onshine became
aware of the deficiency on December 8, 2004 and reported this to
the SFC by telephone and in writing on December 9, 2004. Onshine
also reported to the SFC that it had already injected a
subordinated loan of a total of $50 million as of December 9,
2004 to rectify the breach. Pending the formal approval by the
SFC of the subordinated loan, there was continuing breach of
section 6(1) of the FRR. The SFC approved the subordinated loan
on December 17, 2004. Onshine also failed to take steps to
prevent the deficiency in spite. of an SFC reminder on treatment
of IPOs issued in a circular to licensed corporations and in a
press release on November 29, 2004.

Internal control weaknesses and insufficient supervision of
staff

In another investigation, the SFC found that a licensed
representative of Onshine had input a bid order at the price of
$20 for the shares of PICC Property and Casualty Company
Limited, raising the stock's nominal price from $8 to $20 during
the pre-opening session on November 6, 2003. The order was
cancelled in less than a minute. The licensed representative
claimed that it was an erroneous order and did not report it to
Onshine. Onshine had no procedures in place to require its staff
to report erroneous orders and trades.

The SFC also found that another licensed representative of
Onshine had input numerous bid and ask orders, each for one
million PICC shares, which were cancelled almost immediately
during the normal trading session on the same day. The licensed
representative said that this was to "test his luck". He was
under stress due to personal reasons at that time and believed
that he would be lucky if he was able to cancel the orders
before they were executed. He had no means and no intention to
buy or sell those shares. He admitted that the trades might have
misled investors. He also failed to submit "order journals"
printed from his terminal to Onshine and hence failed to
maintain an orderly audit trail (Note 2).

Onshine failed to have in place an internal control policy to
require the reporting of erroneous orders. As a responsible
officer, Chan was negligent in supervising the two licensed
representatives because he did not review their "order journals"
to check for any irregularities. Both Onshine and Chan breached
the Code of Conduct and Management, Supervision and Internal
Control Guidelines for Persons Registered with or Licensed by
the Securities and Futures Commission.

The SFC concludes that Onshine and Chan have been guilty of
misconduct and their fitness and properness has been called into
question.

In deciding the penalty, the SFC has taken into account the
Disciplinary Fining Guidelines (Note 3) and all the
circumstances of the case, including the fact that:

The FRR breaches were inadvertent;

Onshine reported the FRR breaches to the SFC at the earliest
possible time;

Onshine rectified the position by the injection of a
subordinated loan from a related company;

Onshine has no record of prior FRR breaches;

the licensed representative who input numerous orders to "test
his luck" is no longer allowed to operate a terminal;

Onshine has appointed an external auditor to conduct an internal
control review;

Chan who had a clean disciplinary record was remorseful; and
Onshine and Chan co-operated fully with the SFC's investigation
and in settling the SFC's disciplinary proceedings.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"FRR compliance is vital to ensuring that a broker firm is
adequately capitalized and can therefore meet its obligations to
clients, other market participants and creditors. This is
essential to the stability of the industry as a whole."

"A broker firm should also put in place internal control
guidelines to require reporting of erroneous orders input by its
staff. Failure to do so would put the firm in an unfavorable
position if there were disputes from clients about such orders.
The firm should also ensure adequate supervision of orders input
by its staff in order to detect any irregularities. The firm's
senior management bear primary responsibility for ensuring the
maintenance of appropriate standards of conduct and adherence to
proper procedures by the firm. Chan's failure to supervise his
staff and to detect the abnormal orders posed settlement risks
to Onshine and misled other investors as to the demand for and
the price of the stock in question. Chan deserves a reprimand
and a fine for his negligence," Mr. Linning added.

CONTACT

Onshine Securities Limited
22/F, Central Tower
28 Queen's Road Central
Hong Kong
Phone: 23688220
Fax: 28452330'


GRACESINO INVESTMENT: Court Orders Winding Up
---------------------------------------------
Gracesino Investment Limited whose place of business is located
at Flat A, 16th Floor, Block 10, royal Ascot, Shatin, New
Territories was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on October 12, 2005.

Date of Presentation of Petition: August 11, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


SHARP SUCCESS: Schedules Creditors Meeting 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
Sharp Success Investments Limited will be held at 14/F., Hong
Kong Club Building, 3A Chater Road, Central Hong Kong held on
October 28, 2005 at 10:30 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


SILVAN GARDEN: Winds Up Operations
----------------------------------
Hueylin Holdings Limited trading as Silvan Garden Veneer Co.
whose place of business is situated at Flat B, 13th Floor, Block
2, Camel Paint Building, No. 62, Hoi Yeu Road Kwun Tong, 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


STARBOW HOLDINGS: Notes Unusual Price, Volume Movements
-------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Starbow Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The company has noted the recent increase in the price and
trading volume of the shares of the Company and wish to state
that we are not aware of any reasons for such increase.

The company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09 of the Listing Agreement, which is or may
be of a price-sensitive nature.

Made by the order of the Board of Starbow Holdings Limited the
directors of which individually and jointly accept
responsibility for the accuracy of this statement.

CONTACT:

Starbow Holdings Limited
Unit 905, 9/F
Asia Orient Tower
Tower Place
33 Lockhart Road
WanChai, Hong Kong
Phone: 28021822
Fax: 28051989
Web site: http://www.ecopro.net


TECHANCES DEVELOPMENT: Set to End Operations
--------------------------------------------
Techances Development Limited whose place of business is
situated at Rooms 2109-12, Nan Fung Tower, 173 Des Voeux Road,
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on October 2, 2005.

Date of Presentation of Petition: August 8, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


UNITED HERO: Court Releases Winding Up Order
--------------------------------------------
United Hero Holdings Limited whose place of business is situated
at Extension Commercial Complex, 7/F (PTN) & 8/F of Wah Fu Est,
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


WISE VICTORY: Creditors Meeting Slated 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
Wise Victory Holdings Limited will be held at 14/F., Hong Kong
Club Building, 3A Chater Road, Central Hong Kong held on October
28, 2005 at 11 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


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

GANDHIMATHI APPLIANCES: Taps Meghraj for Revival
------------------------------------------------
Chennai-based Gandhimathi Appliances Limited has tapped Meghraj
Financial Services for its debt-restructuring program, Business
Line reports.

Gandhimathi, the owners of the "Butterfly" brand, wants Meghraj
to drastically cut its average interest rate from the current
levels of 17-18 percent to 11 percent a year.

IDBI, Gandhimathi's major lender, has already offered to cut the
interest rate. The Industrial Investment Bank of India also
agreed to waive INR7 crore from the outstanding debt of
Gandhimathi on the grounds of it being unsustainable.

Meghraj believes Gandhimathi is on its way to recovery since its
INR11.87 loss in the previous year has fallen to INR3.79 crore
loss in 2004-05. Accumulated losses of INR12.95 crore as of
March 31, 2004, came down to INR11.25 crore a year later.

V. M. Lakshminarayanan, Chairman, Gandhimathi Appliances,
admitted that the group was going through a financial
restructuring process. The worst was over and the group was on
the turnaround path, he said, citing the delay in getting
working capital to be a major hurdle in the company's
performance.

Gandhimathi Appliances, at its manufacturing plant at Chennai,
has installed capacities of 1,80,000 LPG stoves, 1,80,000 mixer
grinders and 48,000 tabletop wet grinders a year. Now, the plan
is to go for washing machines, air-conditioner compressors and
portable food processors.

CONTACT:

Gandhimathi Appliances LImited
No. 143, Vandalur, Kelambakkam Road,
Pudhupakkam ,Tamil Nadu ,India
Phone: 91-4114-274031/274030
Fax:  91-4114-274031


NOIDA TOLL: Applies for Delisting of Shares
-------------------------------------------
Noida Toll Bridge Company Ltd has informed the Exchange that
pursuant to the approval of the shareholders at the Annual
General Meeting (AGM) of the Company held on September 28, 2005,
the Company had made an application to the Uttar Pradesh Stock
Exchange Association Limited (UPSE) for delisting of its shares.

The Company has further informed that they have received a
letter from UPSE, approving the delisting of its shares w.e.f.
October 20, 2005.

CONTACT:

Noida Toll Bridge Company Limited
Toll Plaza,
DND Flyway,
Opposite Sector 15 A,
Noida - 201301
Telephone: 0120-2516438/6447
Fax: 2516440


VISHAL J. SHAH: SEBI Issues Censure Order
-----------------------------------------
Securities and Exchange Board of India (SEBI) vide order dated
October 14, 2005, has imposed a minor penalty of "Censure" on
M/s Vishal J. Shah & Co., SEBI Reg. No. INB 031122618, member
Calcutta Stock Exchange (CSE).

The action has been imposed in the case of DSQ Industries Ltd.

The full text of the order is available at
http://bankrupt.com/misc/TCRAP_VISHALJSHAH102605.pdf.


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

PERTAMINA: Allegedly Watered Down Fuel Supply
---------------------------------------------
Budget carrier Batavia Air alleges that state oil and gas firm
PT Pertamina supplied it with adulterated fuel, causing the
Ministry of Transoprtation to investigate the matter, reports
the Jakarta Post.

In response to such allegations, the Ministry of Transportation
is forming a joint committee with the Ministry of Energy and
Mineral Resources to examine aircraft refueling practices in
airports nationwide.

Batavia Air had earlier filed a complaint with Pertamina,
claiming that it found a significant amount of water in its
tanks, after being filled with jet fuel supplied by the Company.

Pertamina denied the allegations, stating that it followed
standard procedure for checking the condition and quality of
fuel before pumping, which includes a water check with the use
of a water detector, according to Pertamina public relations
officer Abadi Oetomo.

The Company has submitted a request for investigation by both
the Ministry of Transportation and the Ministry of Energy &
Mineral Resources, the National Police forensic laboratorya dn
the National Transportation Safety Board.

CONTACT:

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


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

KOKUDO CORPORATION: To Cease Hotel Operations
---------------------------------------------
Kokudo Corporation will halt the operations of five ski resorts
and two hotels this winter as part of its restructuring scheme,
Kyodo News reports.

The five ski resorts include two in Niigata Prefecture -- the
Mikuni Ski and Ojiya Yamamotoyama Kogen Ski resorts -- and the
Senhata Ski resort in Akita Prefecture.

The two hotels are Nikko Prince Hotel in Tochigi Prefecture and
Sapporo Kitahiroshima Prince Hotel in Hokkaido, which will be
closed from November 14 and 21, respectively, until they reopen
on April 22.

The company is the core firm of the Seibu Railway Co. Seibu
Railway is restructuring loss-making operations as part of the
business realignment as result of a scandal over falsified
shareholder information in its financial statements.

CONTACT:

Seibu Railway Co. Ltd.
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237


PIONEER CORPORATION: R&I Places Rating on Monitor
-------------------------------------------------
Rating and Investment Information Inc. (R&I), has placed the A
rating of Pioneer Corporation on the Rating Monitor with a view
of downgrading.

On October 21, Pioneer Corp. announced a downward revision on
its consolidated business forecasts for the year ending in March
2006. The net loss is estimated to drop to JPY24 billion from
its previous estimation, which was at net profit at 1 billion
yen.

The home electronics equipment business posted net operating
deficit of 22.1 billion yen at the end of March 2005; however,
Pioneer is facing another difficult situation for the year
ending in March 2006 due to the dramatic plunge in prices of its
mainstay products such as DVD recorders and plasma display
products (PDP).

The patent-related earnings, which have been a stable source of
income, is showing a downward trend; and amid Pioneer's
weakening earning capacity, the net loss this time will
undoubtedly affect the company's financial composition. In
anticipation to a slow recovery in profits, R&I has placed the
rating of Pioneer on the Rating Monitor with a view to
downgrading.

After making a thorough research on Pioneer's mid-term outlook
of home electronics equipment business, R&I will announce a new
rating.

CONTACT:

Pioneer Corporation, Tokyo
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
Web site: http://www.pioneer.co.jp/ir-e/


MITSUBISHI MOTORS: Shares Down 1.1% on Wednesday
------------------------------------------------
Shares of Mitsubishi Motors Corporation fell 1.1 percent to 279
yen on Tuesday after Goldman Sachs lowered its rating of the
stock to "Underperform" from "In-line," according to Reuters.

In a research note on Tuesday, Goldman analyst Kunihiko Shiohara
said that overheated expectations for an earnings recovery had
driven shares in the carmaker too high.

CONTACT:

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


NEC ELECTRONICS: President to Step Down After Loss
--------------------------------------------------
NEC Electronics Corporation President Kaoru Tosaka will step
down on November 1 after reporting a net loss of JPY1.55 billion
in the second quarter and forecast a deficit for the full year
because of slumping chip sales, Bloomberg News reports.

Mr. Toshio Nakajima, who currently serves as an Executive Vice
President, will replace Mr. Tosaka. He is expected to release a
new management plan within a month.

NEC Electronics earlier expected net income of JPY16 billion
yen. For the first half, the company incurred an operating loss
of JPY12.1 billion, compared with an operating profit of JPY30.7
billion a year earlier.

CONTACT:

NEC Electronics Corporation
1753 Shimonumabe, Nakahara-ku
Kawasaki, Kanagawa 211-8668, Japan
Phone: +81-44-435-5111


RESONA HOLDINGS: Raises Earnings Estimate to JPY170 Bln
-------------------------------------------------------
Resona Holdings Inc. has raised its earnings projection for the
first half due to strong operating profits and the disposal of
bad loans, Japan Today reports.

In the revised group earnings estimate for the April-September
period, the company said it would record JPY170 billion each in
net and pretax profits and operating revenues of JPY500 billion
yen for the just-ended six-month period.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


SANYO ELECTRIC: Introduces World's Smallest Digital Movie Camera
----------------------------------------------------------------
Sanyo Electric introduced the "Xacti" DMX-C6, an ultra compact
digital movie camera, in Japan on October 20, JCN Newswire
reports. The camera incorporates MPEG-4 digital recording for
high quality images and sound.

Storage comes in the form of an SD Memory Card. While shooting
moving images, users can also capture still images with a simple
shutter press. The DMX-C6 achieves TV-quality VGA 30fps moving
pictures and 6.0 mega pixel still images.

To miniaturize the camera without reducing optical performance,
Sanyo developed a zoom lens with high refraction glass and
utilized high packaging density technology along with a high
precision design.

SANYO claims this new camera is the world's thinnest (23mm),
smallest (124cc) and lightest (140g) among video cameras with a
mega pixel or higher image sensor and with an optical zoom lens.

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


TAIYO YUDEN: S&P Revises Rating to Negative
-------------------------------------------
Standard & Poor's Ratings Services has revised its outlook on
its long-term credit rating on Taiyo Yuden Co. Ltd. to negative
from stable, reflecting the decline in profitability from the
prolonged slump of its core businesses. At the same time, the
'BBB+' rating on the company was affirmed.

On October 21, 2005, Taiyo Yuden revised downward its projected
Consolidated operating profit for fiscal 2005 (ending March 31,
2006) to JPY3 billion from JPY5.2 billion due to falling prices
in the company's capacitor and ferrite bead businesses and
increased operating expenses. On the other hand, the company
revised upward its projected consolidated net profit for fiscal
2005 because of lower-than-expected losses on fixed retirement
assets.

"Although the company plans to improve its productivity and
competitiveness by capitalizing on its expertise in materials
and production technology, Taiyo Yuden's business environment is
daunting," said Standard & Poor's credit analyst Katsuyuki
Nakai.

"The company faces pricing pressures on parts for PCs and mobile
phones, and also fierce competition with domestic and foreign
peers. It will not be easy for the company to improve its
competitiveness sufficiently to go head-to-head with Murata
Manufacturing Co. Ltd. (A+/Stable/--) and TDK Corp. (AA-
/Stable/A-1+), as they can spend more on R&D and are
accelerating new product launches," added Mr. Nakai.

Taiyo Yuden has been virtually free of debt since fiscal 2001
and maintains a sound financial profile. As of June 30, 2005,
the company had JPY32.4 billion in cash and deposits covering
its total debt of JPY24.8 billion. The company's financial
profile should remain sound in fiscal 2005 as it expects to
generate positive free cash flow.

A key-rating factor for Taiyo Yuden is how quickly the company
can turn around earnings. If earnings continue to fall in fiscal
2005 and through the following year, putting pressure on the
company's financial profile, the rating on Taiyo Yuden may be
lowered. On the other hand, if the company improves the
competitiveness of its products, raising expectations for rapid
recovery in the profitability of its core businesses, Standard &
Poor's may revise its outlook on the rating to stable.

CONTACT:

Taiyo Yuden Co. Ltd.
6-16-20, Ueno
Taito-ku, Tokyo
110-0005, Japan
Phone: +81-3-3832-0101
Fax: +81-3-3832-0105


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

HANARO TELECOM: Unionized Workers Vote in Favor of Strike
---------------------------------------------------------
Unionized workers at Hanaro Telecom Inc. voted to go on strike
over the company's plans of downsizing almost one fourth of its
workforce, Yonhap News Agency reveals.

About 85 percent of the total workers were in favor of the
industrial action.  The union would still hold a seventh meeting
with management, and its decision when to begin the strike will
depend on the outcome of the meeting.

"If the seventh negotiation fails, we will start a legitimate
run-up to the strike," said Kim Jeong-kyu, the union leader.

The workers were informed on October 13 of Hanaro's plans to cut
its workforce through the voluntary redundancy program.

Some workers of the Company have passed applications for the
redundancy program offered by Hanaro to them.  The workers are
given only until the end of this week to submit the said
applications.

Hanaro could generate savings of about KRW25 billion annually if
it cuts 25 percent of its workforce.

CONTACT:

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


HANARO TELECOM: Unveils EGM Result
----------------------------------
Hanaro Telecom Inc. disclosed to the U.S. Securities and
Exchange Commission the results of its Extraordinary
Shareholders' Meeting (EGM) held on October 21, 2005.

Result of EGM

(1) Resolved as proposed:

Agendum 1:

Appointment of Standing Director
Candidate - Mr. Kwon, Soon Yub

(2) Date of EGM: October 21, 2005

(3) Others:

A corporate disclosure with respect to the resolution on
convening EGM was filed on August 19, 2005.

Profile of the New Standing Director

(1) Name: Mr. Kwon, Soon Yub

(2) Date of Birth: Jun. 17, 1957

(3) Nationality: Republic of Korea

(4) Tenure: 3 years

(5) Professional Experience:

- LLB, Seoul National University
- LLM, University of Pennsylvania
- J.D., Columbia University
- Attorney, Paul Weiss Rifkind Wharton & Garrison LLP
- Vice President. Hansol M.com
- President, Hansol iGlobe
- Senior Executive Vice President, hanarotelecom incorporated

Change of Representative Director

(1) Details of Change

Representative Director (before): Mr. David Yeung
Representative Director (after): Mr. Kwon, Soon Yub

(2) Reasons for Change

Hanaro Telecom Incorporated has appointed a new representative
director following the appointment of a new standing director.

(3) Date of Change: October 21, 2005

(4) BOD Resolution: October 21, 2005

Attendance:

- Outside director: 5 out of 5 present

Profile of the Newly Appointed Representative Director

Name: Mr. Kwon, Soon Yub

Relationship to the largest shareholder:
Not applicable

Professional Background

- LLB, Seoul National University
- LLM, University of Pennsylvania
- J.D., Columbia University
- Attorney, Paul Weiss Rifkind Wharton & Garrison LLP
- Vice President. Hansol M.com
- President, Hansol iGlobe
- Senior Executive Vice President, hanarotelecom incorporated


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

ANCOM BERHAD: Shareholders OK All AGM Resolutions
-------------------------------------------------
Ancom Berhad (Ancom) advised Bursa Malaysia Securities Berhad
that at its 36th Annual General Meeting (AGM), all the
Resolutions as contained in the Notice of AGM dated October 3,
2005 were duly passed by the shareholders of the Company
including Resolutions in relation to the following matters:

(1) Proposed payment of a final dividend by way of distribution
of 1 treasury share for every 20 existing ordinary shares of
MYR1.00 each held in the Company;

(2) Proposed Renewal Of Shareholders' Mandate To Purchase
Ancom's Own Shares;

(3) Proposed Renewal and New Shareholders' Mandate For Recurrent
Related Party Transactions Of A Revenue Or Trading Nature; and

(4) Proposed Amendment to the Company's Articles of Association
to enable the Company to implement electronic transfer of
remittance to its shareholders.

This announcement is dated 25 October 2005.

CONTACT:

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


ANCOM BERHAD: Issues Shares Notice Buy Back
-------------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:

Date of buy back: October 25, 2005

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

Total number of shares purchased (units): 186,100

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

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

Total consideration paid (MYR):
Number of shares purchased retained in treasury (units): 186,100

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

Cumulative net outstanding treasury shares as at to-date
(units): 15,875,900

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


AVANGARDE RESOURCES: Unit's Winding Up Hearing Set December 27
--------------------------------------------------------------
Avangarde Resources Berhad furnished Bursa Malaysia Securities
Berhad details of the petition by N-TATT Construction Sdn. Bhd.
to wind-up Jayarena Construction Sdn. Bhd. a wholly owned
subsidiary of the Company for a claim of MYR12,000.00.

The Company advised that on October 25, 2005, the Company's
subsidiary received a winding-up Petition No. D5-28-726-2005 to
the Kuala Lumpur High Court from N-Tatt Construction Sdn. Bhd.
for a claim of MYR12,000.00.

The said Petition is fixed for hearing on December 27, 2005 and
was handed to the Company's Solicitor, M/s. C.L. Chin &
Associates for further action.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


AYER HITAM: Posts No Changes to Default Status
----------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) furnished Bursa
Malaysia Securities Berhad a monthly status announcement on
default in payment.

Pursuant to Practice Note No. 1/2001, AHTIN provided the
Exchange an update on its default in payments position as at
September 30, 2005 as shown in Table A.

The total default by AHTIN Group in principal sums plus interest
as at September 30, 2005 amounted to MYR38,809,613.78. The
default in payments owing to the lenders are in respect of the
term loan and syndicated term loan as per the Company's
announcement made on August 27, 2004.

Save as disclosed in Table A, there is no material development
which requires an announcement since the previous monthly
announcement on September 27, 2005 with regard to this Practice
Note.

This announcement is dated 25 October 2005.

Click to view a full copy of Table A
http://bankrupt.com/misc/AyerHitamTableA102505.pdf

Notes:

(1) Syndicated Term Loan

As announced to the Exchange earlier, the Lenders had on
December 22, 2004 served a Writ of Summons dated November 29,
2004 and Statement of Claim dated November 26, 2004 from the
Kuala Lumpur High Court on MHSB and the Company, naming MHSB as
the First Defendant and AHTIN as the Second Defendant for the
amount claimed of MYR23,870,518.32, which was in respect of
principal sums due and interest accrued up to September 30,
2004.

On February 18, 2005, the Company received the sealed
application for Summary Judgment. The hearing of the Summary
Judgment which was fixed on March 4, 2005, was later adjourned
to April 11, 2005, April 25, 2005 and May 4, 2005. On May 4,
2005, the Judge fixed the matter for decision on May 9, 2005. On
May 9, 2005, the Court allowed the Plaintiffs' Application for
Summary Judgment.

On July 20, 2005, the Lenders served a true copy of the sealed
Originating Summons from the Melaka High Court dated June 23,
2005 and the affidavit of Saroja Devi A/P K. Gopalan affirmed on
June 23, 2005 to MHSB. The Company is seeking legal advice on
the matter.

On August 17, 2005, Avenue Securities Sdn Bhd (Avenue) announced
on behalf of the Company, a restructuring scheme with the
intention to bring AHTIN back onto a stronger financial footing.
Please refer to the said announcement dated August 17, 2005 for
further details with regards to the proposed debt settlement
with the Lenders of the Syndicated Term Loan.

On October 14, 2005, Avenue had on behalf of the Company,
submitted the application in relation to the restructuring
scheme (as announced on August 17, 2005) to the Securities
Commission.

(2) Term Loan

The Company, as the corporate guarantor of both MHSB's and
PAHT's loans, may have cross-defaulted PAHT's Term Loan. Hence,
PAHT's Term Loan has been included in Table A.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920


GEORGE TOWN: Awaits Court Judgment for Motion of Appeal
-------------------------------------------------------
George Town Holdings Berhad furnished Bursa Malaysia Securities
Berhad details of the Court of Appeal Restraining Order in favor
of the company and 22 subsidiary and Associate Companies (the
companies) in any action or proceedings (Suit No: W-02-80705).

Further to the interim restraining order that was granted by the
Court of Appeal on September 19, 2005 (Restraining Order) under
Section 176(10) of the Companies Act, 1965 which restrains
further proceedings in any action or proceedings, pending the
appeal which was fixed on October 24, 2005 (the date originally
set for the appeal), the Court of Appeal continued the
Restraining Order, restraining further proceedings in any action
or proceedings against the Companies until the delivery of
judgment for the motion in the appeal.

An intervenor application to the Court of Appeal was filed on
September 27, 2005 for a motion to set aside the order of the
Court of Appeal granted on September 19, 2005. The Court of
Appeal has directed the Company and the intervenors to file
written submissions but has not fixed a date for delivery of
judgment for the motion.

No date has been fixed for the appeal.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


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

Date of buy back from: October 12, 2005

Date of buy back to: October 20, 2005


Total number of shares purchased (units): 44,400

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

Maximum price paid for each share purchased (MYR): 2.190

Total amount paid for shares purchased (MYR): 95,871.03

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

Number of shares purchased retained in treasury (units): 44,400

Total number of shares retained in treasury (units): 33,582,400

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: October 25, 2005

Lodged by: Cheah Yee Leng

CONTACT:

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


HUME INDUSTRIES: Purchases New Shares on Buy Back
-------------------------------------------------
Hume Industries (Malaysia) Berhad furnished Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: October 25, 2005

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

Total number of shares purchased (units): 50,000

Minimum price paid for each share purchased (MYR): 4.780

Maximum price paid for each share purchased (MYR): 4.800

Total consideration paid (MYR): 239,900.00

Number of shares purchased retained in treasury (units): 50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,238,000

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

This announcement is dated 25 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


I-BERHAD: Issues Shares Buy Back Notice
---------------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back: October 25, 2005

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

Total number of shares purchased (units): 10,000

Minimum price paid for each share purchased (MYR): 1.050

Maximum price paid for each share purchased (MYR): 1.050

Total consideration paid (MYR): 10,578.20

Number of shares purchased retained in treasury (units): 10,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,553,400

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

This announcement is dated 25 October 2005.

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


KUMPULAN GUTHRIE: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Kumpulan Guthrie Berhad advised that its additional 23,600 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., Thursday, October 27, 2005.

CONTACT:

Kumpulan Guthrie Berhad
21 Jalan Gelenggang Damansara Heights
50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2094 1644
Fax: +60 3 2095 7934


METACORP BERHAD: Unit Disposes of Ordinary Shares
-------------------------------------------------
Metacorp Berhad (Metacorp) provided Bursa Malaysia Securities
Berhad with details of the disposal of 65,028,973 ordinary
shares of MYR1.00 each representing the entire issued and paid-
up share capital of Metramac Corporation Sdn Bhd, a wholly owned
subsidiary of Metacorp to MTD Infraperdana Bhd (MTD
Infraperdana) for a total cash consideration of MYR245 million.

The company refers to the announcements dated December 10, 2004,
January 20, 2005, February 8, 2005, May 31, 2005, June 16, 2005
and June 23, 2005 in relation to the Disposal.

The Company advised that MTD InfraPerdana and Metacorp had on
October 25, 2005 mutually agreed and confirmed in writing to
extend the completion date of the Disposal to November 21, 2005.

This announcement is dated 25 October 2005.

CONTACT:

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


PANTAI HOLDINGS: Buys Back 191,000 Shares
-----------------------------------------
Pantai Holdings Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back from: October 13, 2005

Date of buy back to: October 13, 2005

Total number of shares purchased (units): 191,000

Minimum price paid for each share purchased (MYR): 1.800

Maximum price paid for each share purchased (MYR): 1.800

Total amount paid for shares purchased (MYR): 345,168.92

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

Number of shares purchased retained in treasury (units): 191,000

Total number of shares retained in treasury (units): 38,632,300

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: October 25, 2005

Lodged by: Pantai Management Resources Sdn Bhd

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: New Shares to be Listed, Quoted on Bourse
-------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 43,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, October 27, 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


PUNCAK NIAGA: Granted Listing of Additional Shares
--------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional 86,000
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., Thursday, October 27, 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


TANAH EMAS: Converts ICULS to Ordinary Shares
---------------------------------------------
Tanah Emas Corporation Berhad advised that its additional 2,000
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of 3,000 Irredeemable Convertible Unsecured Loan
Stocks 2001/2006 into 2,000 new ordinary shares will be granted
listing and quotation with effect from 9:00 a.m., Thursday,
October 27, 2005.


TENAGA NASIONAL: Issues Update to Proposals
-------------------------------------------
Tenaga Nasional Berhad (TNB) issued to Bursa Malaysia Securities
Berhad an update to the following proposals:

- Proposed bonus issue of up to 897,549,579 new ordinary shares
of MYR1.00 each in TNB (TNB Shares) (Bonus Shares) to be
credited as fully paid-up, on the basis of one (1) Bonus Share
for every four (4) existing TNB shares held on an entitlement
date to be determined and announced later (Proposed Bonus
Issue); and

- Proposed amendments to the existing by-laws of the Employees'
Share Option Scheme (ESOS II) of TNB and its subsidiaries (TNB
GROUP) (Proposed Amendments).

(collectively referred to as the Proposals)

(1) Introduction

On behalf of the Board of Directors of TNB, Commerce
International Merchant Bankers Berhad (CIMB) advised that TNB
proposes to implement the following:

(a) A proposed bonus issue of one (1) new TNB Share for every
four (4) existing TNB Shares held by shareholders whose names
appear in the Record of Depositors of the Company on an
entitlement date to be determined and announced later; and

(b) Proposed amendments to its existing ESOS II Bye-Laws.

(2) Details of the Proposals

(2.1) Proposed Bonus Issue

(2.1.1) Introduction

The Proposed Bonus Issue involves the issuance of up to
897,549,579 Bonus Shares which will be credited as fully paid-
up, on the basis of one (1) Bonus Share for every four (4)
existing TNB Shares held by shareholders whose names appear in
the Record of Depositors of the Company on an entitlement date
to be determined and announced later. The Proposed Bonus Issue
will be implemented via the capitalization of the share premium
of TNB.

Based on TNB's issued and paid-up share capital as at August 31,
2005 of MYR3,220,719,031 comprising 3,220,719,031 TNB Shares,
the Proposed Bonus Issue will involve the issuance of
805,179,758 new TNB Shares. Upon full exercise of the
outstanding ESOS options (granted and to be granted) and the
conversion of all outstanding convertible securities prior to
the Proposed Bonus Issue, the issued and paid-up share capital
will increase to 3,590,198,000. Based on the enlarged share
capital of 3,590,198,316 TNB Shares, the Proposed Bonus Issue
will involve the issuance of 897,549,579 new TNB Shares.

(2.1.2) Capitalization of Reserves

Based on TNB's audited accounts as at August 31, 2004, TNB has a
share premium balance of MYR3,451,400,000. Based on the
unaudited results for the financial year ended August 31, 2005,
the share premium account of TNB stood at MYR3,989,600,000.
The Company shall capitalize a total of up to MYR897,549,579
from the share premium account for the implementation of the
Proposed Bonus Issue.

(2.1.3) Ranking of the Bonus Shares

The Bonus Shares shall, upon issue and allotment, rank pari
passu with the existing TNB Shares save and except that they
shall not be entitled to any dividends, rights, allotments
and/or other distributions, unless the allotment and issuance of
the Bonus Shares were made on or prior to the entitlement date
of such dividends, rights, allotments and/or other
distributions.

(2.2) Proposed Amendments

The existing ESOS II was approved by shareholders of TNB at the
Extraordinary General Meeting (EGM) held on May 29, 2003. The
ESOS II which commenced on July 8, 2003 shall continue to be in
force for a duration of ten (10) years from that date.

The Proposed Amendments have been proposed in order to vary
certain terms of the Bye-Laws to facilitate TNB to reward the
senior management based on performance and to facilitate the
necessary changes to certain provisions and amendments permitted
by Bursa Malaysia Securities Berhad (Bursa Securities) as
reflected in the amendments to the Listing Requirements of Bursa
Securities (Listing Requirements) governing employees' share
option schemes. In addition, the ESOS II Bye-Laws shall also be
amended to reflect the change of names of Bursa Securities'
subsidiaries.

The following are the salient amendments proposed to be made to
the ESOS II Bye-Laws:

(i) Presently under the existing ESOS II, employees who has been
employed (whether under a full-time contract of employment or a
fixed-term contract of employment) for a continuous period of
not less than three (3) years (inclusive of service during any
probationary period) are eligible to participate in the ESOS II.

The eligibility criteria of the existing ESOS II is proposed to
be expanded to enable the senior management (categories
equivalent to grade M17 and above) who are employed under or a
fixed-term contract of employment for a continuous period of not
less than one (1) year (inclusive of service during any
probationary period, if any) to participate in the ESOS II.

Pursuant to this proposed amendment, the Company may grant
options to Dato' Che Khalib bin Mohamad Noh upon him meeting his
eligibility criteria and/ or achieving the performance target
which will be determined by the Board of Directors of TNB (the
Board).

(ii) To vary the number of options to be granted to the senior
management (categories equivalent to grade M17 and above) who
are employed under the fixed term contract and to include
performance as one of the criterions to determine the granting
of the options to these categories of employees.

(iii) To include the formulae for any adjustments to the option
price and/ or number of ESOS II options in the event the Company
undertake various corporate exercises as provided in the terms
of the bye-laws pursuant to the amendments to the Listing
Requirements.

(iv) To update the terms and definitions of the ESOS II By-Laws
to be in line with the changes effected in the Listing
Requirements.

(3) Rationale for the Proposals

(3.1) Proposed Bonus Issue

The Proposed Bonus Issue will increase TNB's issued and paid-up
share capital to a level which would be more reflective of the
existing level of operations and assets employed. The Proposed
Bonus Issue which would enlarge the number of the TNB Shares
held by TNB's existing shareholders, albeit without increasing
the percentage equity interest, is also expected to improve the
liquidity of the TNB Shares on Bursa Securities.

(3.2) Proposed Amendments

The Proposed Amendments will enable TNB to reward the senior
management based on their performance. In addition, this will
also provide TNB with the flexibility to grant options to
employees to subscribe for shares in the Company in recognition
of their contribution to the success of the Group.

The rationale for the Proposed Amendments is also to update and
streamline the ESOS II Bye-Laws with the recent changes made by
Bursa Securities and the SC governing, inter-alia, the share
schemes for employees and to reflect changes effected in the
Listing Requirements.

(4) Effects of the Proposals

(4.1) Proposed Bonus Issue

(4.1.1) Issued and Paid-up Share Capital

The proforma effects of the Proposed Bonus Issue on the issued
and paid-up share capital of TNB are shown in Table 1.

(4.1.2) Net Tangible Assets (NTA) and NTA Per Share

The proforma effects of the Proposed Bonus Issue on the NTA and
NTA per Share of our Group are shown in Table 2.

(4.1.3) Earnings and Earnings Per Share (EPS)

The Proposed Bonus Issue is not expected to have any effect on
the earnings of TNB Group for the financial year ended August
31, 2005, or the future financial years, except that the EPS
will be correspondingly reduced as a result of the increase in
the number of shares in issue.

(4.1.4) Substantial Shareholders' Shareholdings

The proforma effects of the Proposed Bonus Issue on the
shareholdings of the substantial shareholders in TNB Company are
shown in Table 3.

(4.1.5) Dividends

The Board declared a final dividend in respect of the financial
year ended August 31, 2005 of 12.00 sen gross (less income tax
of 28 percent) amounting to MYR278.3 million. The Board does not
expect the Proposals to have any material effect on the
Company's dividends to be declared. Any dividend to be declared
and paid by the Company for the subsequent years will depend on,
amongst others, the future performance, cashflow position and
the funding requirements of TNB Group.

(4.2) Proposed Amendments

The Proposed Amendments will not have any effect on TNB's share
capital, net tangible assets, earnings, substantial
shareholders' shareholding and dividends to be declared by the
Company (if any).

TNB would be subject to the new proposed Financial Reporting
Standard No. 2 to be adopted as an accounting standard in
Malaysia which will affect TNB's financial statements for the
financial year ending August 31, 2007 onwards. However, the
Company has not assessed in detail the impact of the proposed
new accounting standard on its ESOS II. Hence, the recognition
of an ESOS expense may affect TNB's future earnings.

(5) Approvals Required

(5.1) The Proposed Bonus Issue is subject to approvals being
obtained from the following:

(i) Shareholders of the Company at an EGM to be convened;

(ii) Bursa Securities for the listing of and quotation for the
new Bonus Shares on Bursa Securities; and

(iii) Any other relevant authorities and/ or parties, if
necessary.

(5.2) The Proposed Amendments is subject to approvals being
obtained from the following:

(i) Shareholders of the Company at an EGM to be convened; and

(ii) Any other relevant authorities and/ or parties, if
necessary.

(6) Directors' and Major Shareholders' Interests

(6.1) Proposed Bonus Issue

None of the Directors and/ or major shareholders and/ or persons
connected with the Directors and/ or major shareholders has any
interest, direct or indirect, in the Proposed Bonus Issue, apart
from their entitlements as shareholders of the Company.

(6.2) Proposed Amendments

Dato' Che Khalib bin Mohamad Noh, the President/ Chief Executive
Officer is deemed to be interested in the Proposed Amendments as
he would be eligible to participate in the ESOS II, and hence,
has abstained and will continue to abstain from all Board
deliberations in respect of the Proposed Amendments.

Save for the above, none of the Directors, major shareholders
and/ or persons connected with the Directors and/ or major
shareholders has any interest, direct or indirect, in the
Proposed Amendments.

(7) Statement by the Board

The Board of Directors is of the opinion that the Proposed Bonus
Issue is in the best interest of TNB. The Board of Directors
(save for Dato' Che Khalib bin Mohamad Noh who has abstained
from expressing an opinion) having considered all aspects of the
Proposed Amendments, is of the opinion that the Proposed
Amendments are in the best interest of TNB.

(8) Adviser

TNB has appointed CIMB as the adviser for the Proposals.

This announcement is dated 25 October 2005.

CONTACT:

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


WCT ENGINEERING: Bourse to Grant Listing, Quotation of Shares
-------------------------------------------------------------
WCT Engineering Berhad advised that its additional 8,000 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., Thursday, October 27, 2005.

CONTACT:

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


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

GLOBAL STEELWORKS: Says Parent Dealing with Creditor Issue
----------------------------------------------------------
Global Steelworks International Inc. said its parent firm Global
Ispat Holdings Inc. is preparing to settle the debt it owes to a
group of creditors, BusinessWorld says.

The firm made the announcement after Global Ispat reportedly
failed to deliver a Php500-million standby letter of credit on
October 15 to lenders led by the Philippine National Bank (PNB).

The principal dues of the new owners of National Steel Corp. has
now amounted to Php12.25 billion and the lenders are asking for
payment.

In a letter it recently sent to Global Ispat and unit Global
Steelworks, PNB declared the entire Php12.25 billion as
immediately due and payable.

Among all its creditors, the PNB has the largest exposure to
Global Ispat worth Php5.6 billion, which accounts for 41 percent
of the company's estimated Php16 billion in obligations.

Global Steelworks, a subsidiary of Global Ispat, took over the
operations of the steel plant in Iligan City formerly run by
state-owned firm National Steel Corp. in 2003.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566


LMG CHEMICALS: General Manager Retires
--------------------------------------
Chemical Industries of the Philippines Inc. announced the
retirement of Mr. Jose C. Fernandez, Jr. as General Manager of
LMG CHemicals Corp. (LMG) effective October 31, 2005. Mr.
Fernandez will remain as Consultant of LMG until December 31,
2005.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MANILA ELECTRIC: Unveils Third Quarter Results
----------------------------------------------
Manila Electric Company (Meralco) continued to provide Php1.63
billion for probable losses in the event of a final and
executory adverse decision of the unbundling rate case pending
in the Supreme Court in the 3rd quarter. This depleted the
firm's operating income for the quarter from Php1.64 billion
before provisions to Php7 million, significantly affecting the
bottom line that resulted to a net loss of Php316.72 million
after tax, a 138.1% decrease in the bottom-line figure from last
year's net income of Php832 million.

Without this provisioning, the company's net income would have
been a positive Php792 million.

With the 1.06% sales growth, total operating revenues for the
third quarter of 2005 heightened by 22.1% to Php44.62 billion
from Php36.5 billion for the same period last year.

Total operating expenses, on the other hand, rose by 25.7% from
Php34.19 billion to Php42.98 billion due to the significant
increase in purchased power costs, which soared by as much as
30.8% from Php30.37 billion to Php39.73 billion.

On the other hand, favorable decreases in other operating
expenses are enumerated as follows:

(1) 9.5% decrease in operating and maintenance costs from
Php2.52 billion to Php2.28 billion
The significant decrease was attributed to lower retirement
expense, which decreased by about 55.9% from Php607.93 million
last year to Php267.98 million this year.

(2) 14.5% decrease in depreciation and amortization from Php1.10
billion to Php943.81 million. This is primarily due to the fully
amortized Meralco reenginering costs; and,

(3) 87.3% decrease in taxes other than income tax from Php196.53
million to Php24.89 million. Franchise taxes are no longer part
of the company's revenues and operating expenses.

Other Charges during the quarter decreased by 42.8% from Php1.15
billion last year to Php656.68 million driven by the continued
success on system loss reduction resulting to the significant
improvement in the unrecoverable purchased power, from an
expense of Php539.86 million to a positive amount of Php210.75
million.

The booking of equity in net earnings of investor is no longer
shown in the separate and unconsolidated financial statements in
partial compliance with IAS 27.

Earnings per common share (excluding depreciation on appraisal
increase) for the 3rd quarter decreased by 128.76% from Php0.970
last year to (Php0.279) per share due losses incurred this year.

Capital expenditures for the quarter declined by 16.4% from
Php1.28 billion last year to Php1.07 billion this year. The
level of spending was at the ratio of 97% is to 3% for electric
capital projects and non-electric projects respectively.

A copy of the entire report is available at
http://bankrupt.com/misc/tcrap_meralco102605.pdf.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL POWER: Gets New Permit for Calaca Plant
------------------------------------------------
National Power Corporation (Napocor) has secured renewal of its
permit to operate in September this year, whose validity
stretches for one year, The Manila Bulletin reports.

Through the power firm admitted that all permits to operate
Calaca have been secured it missed to qualify that when it first
offered the facility for due diligence, it was made clear to
them that Calaca's permit was under renewal.

Under the official schedule set out by the Power Sector Assets
and Liabilities Management Corporation (PSALM), interested
bidders will have to complete their due diligence for the Calaca
plant from August 16 to October 7, 2005. Part of the time frame,
however, covers the period when Calaca's permit was still under
application fro renewal.

It was earlier reported that when Calaca's permit expired last
year, Napocor was first granted an interim six-month permit; and
then extended by another three months.

With the renewal of its permit, Napocor and its privatization
implementers are expecting that they can finally advance in the
divestment phase; and would be able to attract flock of
investors to bid for the asset.

CONTACT:

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


SWIFT FOODS: Board Approves Amended By-laws
-------------------------------------------
This is in reference to Circular for brokers No. 4021-2005 dated
September 2, 2005 pertaining to the approval by the Board of
Directors and stockholders of Swift Foods Inc. (SFI) of the
amendments to its Articles of Incorporation and By-Laws,
amending the terms of the preferred shares and the provision on
the nomination of independent directors.

In relation thereto, the Corporation, in its letter to the
Exchange dated October 24, 2005, disclosed that:

"Please be advised that on 19th October 2005, the Securities and
Exchange Commission (SEC) approved the amendments of the
Articles of Incorporation and By-Laws of Swift Foods, Inc."

A copy of the Corporation's disclosure on the matter is
available at:
http://bankrupt.com/misc/TCRAP_SWIFTFOODS102605.pdf.

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


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

BCEA MANAGEMENT: Creditors Asked to Submit Debt Claims
------------------------------------------------------
Notice is hereby given that the creditors of BCEA Management Pte
Limited, which is being wound up voluntarily, are required on or
before Nov. 21, 2005 to send in their names and addresses and
particulars of their debts or claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidators.

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

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

Dated this 21st day of October 2005

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


CHARTERED SEMICONDUCTOR: To Produce AMD Microprocessors in 2006
---------------------------------------------------------------
Singaporean chipmaker Chartered Semiconductor Manufacturing
Limited plans to make 64-bit microprocessors for Advanced Micro
Devices (AMD) late next year, reports IDG News.

According to Chartered spokesperson Maggie Tan, the Company is
slated to produce the AMD Athlon 64 and Opteron microprocessors
for AMD in the second quarter of 2006.

The Company is also in talks with its partners on plans to
invest in China, though nothing is definite as yet.

Chartered Semiconductor posted a net loss of SGD58.3 million for
the third quarter ended Sept. 30, 2005, despite a 13% increase
in revenue to SGD490.2 million. It plans to raise prices next
year, and forecasts to turn in a SGD16.9 million net profit for
the fourth quarter 2006.

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


CREATIVE TEHCNOLOGY: Posts USD9.3-Mln First Quarter Loss
--------------------------------------------------------
Creative Technology Limited, a worldwide leader in digital
entertainment products, announced on Oct. 26, 2005 0its
financial results for the first quarter of its 2006 fiscal year,
ended September 30, 2005. All financial results are stated in
U.S. dollars.

Sales for the first quarter were up 33 percent year-over-year,
coming in at USD280.2 million, up from USD210.0 million in
revenue for the same quarter last year. For the first quarter,
net income was USD0.7 million with earnings per share (EPS) of
USD0.01, including an investment gain of USD10.0 million.

Excluding the investment gain, net loss for the first quarter
was USD9.3 million with EPS of a USD0.11 loss per share. This
compares to net income for the same period last year of USD4.8
million with EPS of USD0.06, including an investment loss of
USD1.2 million.

"During the quarter we made progress toward our goal of
returning to profitability by the end of the calendar year, as
our gross margins came in at 20.2 percent, compared to 10.1
percent last quarter," said Craig McHugh, president of Creative
Labs, Inc. "We grew first quarter revenues 33% year-over-year,
and our MP3 player sales were up 123% year-over-year. On August
22, we launched the Sound Blaster X-Fi family of sound cards and
our Xtreme Fidelity audio platform. We also launched several key
new products during the quarter, including the Zen Vision and
the WebCam Live! Motion."

During the quarter, the Company purchased one million shares
from its share buyback program at an average price of USD8.13.

To view the Company's first-quarter 2006 financial results, go
to:

http://bankrupt.com/misc/tcrap_creativetechnology102605.pdf

CONTACT:

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


EI-NETS LIMITED: Singapore Exchange Approves Shares Placement
-------------------------------------------------------------
Ei-Nets Limited refers to the placement of 38 million new
ordinary shares of SGD0.01 each in the capital fo the Company.

The Company announces that the Singapore Exchange Securities
Trading Limited (SGX-ST) has granted its in-principle approval
for the listing and quotation of the placement shares, subject
to the following conditions:

(i) compliance with the listing requirements of the SGX-ST;

(ii) availability of the share issue mandate; and

(iii) the Placement Shares being placed out within 7 market days
from the date of the letter from SGX-ST to the Company, relating
to the SGX-ST's in-principal approval.

The Company further announces that the proceeds from the
placement of 82 million new ordinary shares at SGD0.01 each on
May 4, 2004 were used to increase working capital.

By Order of the Board

Ngo Gim Kang
Executive Chairman

Dated: Oct. 25, 2005

CONTACT:

Ei-Nets Limited (Singapore)
152 Ubi Avenue 4 #03-00
ArmorCoat Technologies Building
Singapore 408826
Phone: 65 6846 8826
Fax:   65 6846 8827
Email: enquiry@ei-nets.com
Web site: http://www.ei-nets.com/


INFORMATICS HOLDINGS: Clarifies News Article on Thames School
-------------------------------------------------------------
Informatics Holdings Limited, a leading provider of quality
lifelong learning services, refers to an article in The Straits
Times dated Oct. 25, 2005 entitled "Hartford's buy raises
eyebrows at Informatics", in which it is claimed that Hartford
is purportedly purchasing Thames Business School (Thames NZ)
based in Auckland, New Zealand.

The Company announced that there has been no such agreement with
Thames NZ frnachisee or Hartford or any proposed acquisition of
Thames NZ. Thames NZ is a franchisee of Informatics offering
Informatics' education programs and is bound by the terms and
conditions set out in its franchise agreement.

In the event Thames NZ ceases operations or changes ownership
without Informatics' prior consent, it will no longer be allowed
to use any of Informatics' intellectual property, including the
"Thames and Informatics" trademarks, system, methods and
business, as the Company will continue to be the legal owners of
these rights.

Informatics Holdings will reserve the right to take necessary
action as it deems fit, if the franchise agreement is breached.

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 65625625
Fax:   65 65651371
Web site: http://www.informaticsgroup.com


ROWCO INTERNATIONAL: Prepares to Pay Dividend
---------------------------------------------
Rowco International Far East Pte Limited, formerly of 3 Shenton
Way, #24-04 Shenton House, Singapore 068805, posted a notice of
intended dividend at the Government Gazette, Electronic Edition
with the following details:

Name of Company: Rowco International Far East Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 250 of 2000
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

Moey Weng Foo
Assistant Official Receiver


STATS CHIPPAC: Slated to Post SGD13.35-Mln Quarterly Loss
---------------------------------------------------------
Chip testing and packaging firm STATS ChipPAC Limited is
expested to post its fifth straight quarterly loss amounting to
SGD13.25 million for the third quarter ended Sept. 30, 2005, Dow
Jones reports.

The Company had earlier forecasted its third-quarter revenues to
increaseby up to 14%, but also expected a USD0.04 to USD0.07
loss per American Depository Share.

The SGD13.35 million net loss falls in the range of analysts'
forecasted expected loss between SGD8.45 million and SGD20.28
million.

Some analysts predict that the Company's losses will be smaller
in the fourth quarter, but would widen again next year, relating
to a seasonal slowdown after Christmas.

Kim Eng Securities  expects the Company to turn aound in the
third quarter of next year, as it is still burdened by SGD20.28
million merger costs per quarter until the secodn quarter of
2006.

STATS ChipPAC Limited is 36% owned by the Singaporean
government.

CONTACT:

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


TEOW KEE: Intends to Declare Dividend
-------------------------------------
Teow Kee Construction Pte Limited, formerly of 712A Ang Mo Kio
Avenue, 6 #03-4058 Singapore 561712, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Teow Kee Construction Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 170 of 2000
Last day for receiving proofs: Nov. 4, 2005
Name  & address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Oct. 21, 2005

Moey Weng Foo
Assistant Official Receiver


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

EASTERN PRINTING: Fulfills Obligations According to Rehab Plan
--------------------------------------------------------------
The plan administrator of Eastern Printing Public Co. Ltd.
issued to the Stock Exchange of Thailand (SET) a report on the
progress of its business rehabilitation plan.

(1) Trade Creditors

(1.1) For Debt occurred before year 2001, the Company has been
meeting all its payments to Trade Creditors regularly on time.

In summary, the Company has fulfilled all its obligations in
accordance with the Rehabilitation Plan. For the first six
months of 2005,Sales Revenue has increased by THB34.75 million
and operation profit has increased by THB4.05 million over same
period of the previous year by well-planned Marketing and
Production, improvement of machinery efficiencies and by
controlling cost thus resulted in the better operating
performance.

Please be informed accordingly.

Very truly yours,

Mr. Weera Louwitawat
Ms. Laddawan Suwapradub
EPCO Management Co. Ltd.
Plan Administrator


SYNTEC CONSTRUCTION: Gets Shareholders' Nod to Increase Capital
---------------------------------------------------------------
Syntec Construction Public Company Limited notified the Stock
Exchange of Thailand (SET) on the resolutions of the Board of
Directors Meeting of the Company on October 25, 2005.

Approval for the company to subscribe the capital increase
ordinary shares in Natural Hotel Siam Co. Ltd. (which the
company holds shares in the amount of 249,995 shares or 25.00
percent of the paid-up capital) in the amount of 2,750,000
shares, (to total shareholders abstain their subscription rights
about 55 shares) priced at THB100 per shares, totaling
THB275,000,000, to maintain the proportion of shareholding of
the Company.

The size of the transaction according to the Stock Exchange of
Thailand's Committee Notification, Re: Disclosure and Procedure
of Listed Companies Regarding Acquisition or Disposal of Assets
2004, calculated from the financial statement of the Company as
of June 30, 2005 can be total value of consideration method 8.67
percent.

The shareholders meeting of Natural Hotel Siam Co. Ltd., held on
October 21, 2005, resolved for the increase of the registered
capital from the existing amount of THB100.0 million to
THB1,200.0 million namely, to increase the registered capital
by another THB1,100.0 million by issuing 11,000,000 new ordinary
shares, par value of THB100 per share, to allot and offer to the
existing shareholders under the proportion, priced at THB100 per
share.

Please be informed accordingly.

Sincerely Yours,

Mr. Somchai Sirilertpanich
Managing Director

CONTACT:

Syntec Construction Public Company Limited
555/7-11 Sukhumvit 63 Road,
Khlong Ton Nua, Wattana, Bangkok
Telephone: 0-2381-6333-4, 0-2381-6337, 0-2381-6339
Fax: 0-2381-6330


THAI PETROCHEMICAL: Founder to Remain on Board
----------------------------------------------
The Central Bankruptcy Court junked the petition of Thai
Petrochemical Industry Public Co. Ltd. (TPI) plan administrators
to remove Prachai Leophairatana from management, according to
Bangkok Post.

According to Judge Ongarj Ngarmmeessee, the petition was
dismissed for the reason that since the firm is under court-
supervised rehabilitation, Mr. Prachai had no managerial
authority in TPI.  Mr. Prachai holds the titles of director and
chief executive of TPI.

Official receivers argued in the court that even if the change
in a company's management under rehabilitation is prohibited
under the Bankruptcy Act, there is an exception if the move were
needed to support the restructuring.

The court will hear the administrators' appeal against the
decision together with Mr. Prachai's call for the board to
remain unchanged, on November 2.

The planners argue that a change in the company's board is
significant in TPI's rehabilitation plan.  PTT, which aims to
take control of TPI's 30 percent stake vowed not to invest in
TPI unless it is guaranteed management control.

PTT, its allies, the Government Savings Bank, Government Pension
Fund and the planners were planning to close a deal on November
4 for a 61.5 percent stake in TPI.  But the proposals to
increase the number of board seats to accommodate new investors
complicated the plan.  Mr. Prachai appointed most of the 12
current board members.

CONTACT:

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


THAI PETROCHEMICAL: Issues Explanation to Court Petition
--------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. issued to the Stock
Exchange of Thailand (SET) an explanation regarding the petition
with the Central Bankruptcy Court for the company's Articles of
Association amendment.

The company informed the SET that the plan administrator
submitted the petition to the Central Bankruptcy Court Black
case No.For.2/2543 and Red case No.For.8/2543 dated October 3,
2005 for amending the company's Articles of Association
No.Gor.Clause 1 and Clause 2 so that the plan administrator will
be able to call for an annual meeting and to appoint the
company's directors after the end of the company rehabilitation
plan.

The company will inform the SET as soon as it obtains a court
order.

Yours sincerely,

Suwit Nivartvong
The Plan Administrator for
Thai Petrochemical Industry Pcl


THAI PETROCHEMICAL: Files for Extension of Rehab Plan
-----------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. (TPI) issued to the
Stock Exchange of Thailand a response to its request regarding
the Petition filed with the Central Bankruptcy Court for the
extension of Business Rehabilitation Plan.

TPI informed the SET that the Rehabilitation Plan is about to
expire while the process to fulfill the plan including the
payment for the stock subscription of the strategic investor and
of the minority shareholders are subjected to the court order
regarding the change in the board of director.

For the purpose of the shareholder's interest and the creditors,
the plan administrator submitted the petition to the Central
Bankruptcy Court Black case No.For.2/2543 and Red case
No.For.8/2543 dated October 7, 2005 for the extension of the
Business Rehabilitation Plan duration to March 31, 2006.

The company will inform the SET further as soon as it obtains a
court order.

Yours sincerely,

Suwit Nivartvong
The Plan Administrator for
Thai Petrochemical Industry Pcl





                            *********


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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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
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