TCRAP_Public/051028.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

             Friday, October 28, 2005, Vol. 8, No. 214

                            Headlines

A U S T R A L I A

ADVENTURE PLASTICS: Members Opt for Voluntary Liquidation
AGENIX LIMITED: Unveils Change in Management
ASCOT CLOTHING: Declares Dividend Today
BTS MANAGEMENT: Court Appoints Receivers to 'FullTank' Scheme
COMMERCIAL HOTEL: Richard Judson Named Liquidator

CREDENTIAL ACCEPTANCE: Intends to Pay Dividend to Creditors
DG CORKE: Liquidator to Distribute Company Assets
FOXTEL: Recovery Seen in Second Half
GJ WILSON: Members Decide to Wind Up Firm
GLENVILL HOMES: Watchdog Hurls Criminal Charges

GOLDTRADERS PTY: Final Meeting Fixed November 4
INTERNATIONAL WINE: Restructures Board; Changes Secretary
KAHALA PROPERTIES: To Undergo Voluntary Liquidation
LAING MARSHALL: Members Convene to Review Winding Up
MILLCON CONSTRUCTIONS: Winding Up Process Initiated

MIARNNA PTY: Members Resolve to Close Shop
MINULE PTY: Members to Receive Liquidator's Report Next Week
M.R.T. METAL: Placed Under Voluntary Liquidation
NEXECON PTY: Winds Up Business
NOVARA FURNITURE: Declares Dividend to Priority Creditors

PKL BUSINESS: Court Issues Winding Up Order
PLACER DOME: Seals Cerro Casale Deal
POWER CAPITAL: Members, Creditors to Receive Wind Up Report
QFORM PROPERTY: Job Losses Halt Project
RR ASSETS: Enters Liquidation

SOUTH COAST: Court Appoints Official Liquidator
SPARMANNIA PTY: Members Decide to Cease Operations


C H I N A  &  H O N G  K O N G

FAME TREASURE: Court Releases Winding Up Order
INDUSTRIAL AND COMMERCIAL: To Launch Listing Vehicle This Week
INDUSTRIAL AND COMMERCIAL: Becomes Strategic Partner of IATA
KENCO LIMITED: Court to Hear Winding Petition November 23
MOULIN GLOBAL: May Sell U.S. Asset for US$450 Mln

NICE HARVEST: Court Issues Winding Up Order
PEXLANDA INTERNATIONAL: Winding Up Hearing Set November 16
PRIME INVESTMENTS: Delays Financial Results as Auditors Resigned
QUEST ELECTRONICS: Winds Up Operations
SINJI LIMITED: Set to End Operations


I N D I A

MEGA CORPORATION: SEBI Issues Orders Amid Inquiry


I N D O N E S I A

PERTAMINA: State Hopes to Rotate Ownership of Cepu Block
PERTAMINA: To Develop Oil Field in Government Project
PERUSAHAAN LISTRIK: Unit Monitors Consumption of Large Firms
TELEKOMUNIKASI INDONESIA: Set to Launch Telkom 2 Satellite


J A P A N

FUJITSU LIMITED: Posts H1/2005 Financial Results
MITSUBISHI MOTORS: Denies it Would Keep Japan Plant Open
NISSAN CHEMICAL: FTC Raids Agri-chemical Firm
SANYO ELECTRIC: Taiwan Affiliate Benefits Restructuring
SEIBU RAILWAY: Cerberus, Nikko to Inject JPY140 Bln Capital

SEIKO EPSON: Swings to H1/2005 Loss on Weak Sales
SOFTBANK CORPORATION: Selling Shares Held in Tao Bao


K O R E A

DAEWOO SHIPBUILDING: Clinches Two LNG Carrier Orders


M A L A Y S I A

ACOUSTECH BERHAD: SC Gives 6-Month Extension
ANCOM BERHAD: Buys Back 138,900 Shares
HUME INDUSTRIES: Buys Back Ordinary Shares
MAGNUM CORPORATION: Purchases New Shares on Buy Back
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation

MAXIS COMMUNICATIONS: New Shares Granted Listing, Quotation
MEDIA PRIMA: Bourse Approves Trading Suspension Request
MEDIA PRIMA: Converts ICULS to Ordinary Shares
METACORP BERHAD: Unveils Orders Sent Out by Court
PACIFIC & ORIENT: Issues Notice of Buy Back

PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
PELIKAN INTERNATIONAL: Converts ICULS to Ordinary Shares
SUMATEC RESOURCES: Issues Arbitration Proceedings Update
TALAM CORPORATION: New Shares up for Listing, Quotation


P H I L I P P I N E S

COLLEGE ASSURANCE: Clients Question Payment Made to Affiliate
LMG CHEMICALS: Cease and Desist Order Lifted
NATIONAL FOOD: Issues Notes to Fund Procurement Program
NATIONAL POWER: Masinloc Sale Gets Green Light from WB
RFM CORPORATION: Board Revokes Approvals


S I N G A P O R E

ASIA PETROCHEM: Enters Winding Up Process
ITOCHU PULP: Receiving Proofs of Claim Until Next Month
RSH LIMITED: Acquires Inactive Malaysian Unit
SINEXIMCO PTE: Intends to Pay Dividend
STATS CHIPPAC: Quarterly Net Loss Lower Than Expected


T H A I L A N D

CIRCUIT ELECTRONIC: Seeks Plan Submission Extension
DATAMAT: Answers SET's Letter
NATURAL PARK: Unit Undertakes Capital Increase
PICNIC CORPORATION: Increases Registered Capital
T.C.J. ASIA: SET Lifts Securities from Rehabco Sector

Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ADVENTURE PLASTICS: Members Opt for Voluntary Liquidation
---------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Adventure Plastics Pty Limited held on Sept. 26, 2005, it was
resolved that the Company be wound up and Alan Edward Lewis and
James Alexander Shaw of Ferrier Hodgson Chartered Accountants,
Level 3, 2 Market Street, Newcastle NSW 2300 were appointed
Liquidators for the winding up.

Dated this 27th day of September 2005

Alan E. Lewis
James A. Shaw
Liquidators
Ferrier Hodgson Chartered Accountants
Level 3, 2 Market Street
Newcastle NSW 2300


AGENIX LIMITED: Unveils Change in Management
--------------------------------------------
Agenix Limited announced that it had not renewed the employment
contract of Chief Operating Officer, Mr. Brad Calvin, and his
employment with the company had ceased on Thursday.

Mr. Calvin was initially employed to lead the sales and
marketing of the company's Animal Health, Human Health and
Milton Pharmaceuticals businesses and to assist in the
commercialization of ThromboView. The Animal and Human Health
businesses have had their sales and marketing approaches and
support materials revamped over the past 18 months under Mr.
Calvin leadership and the new strategies are in place and
operational.

With the divestment of the Milton Pharmaceuticals business last
year and the decision to enter into an agreement for the global
sales, marketing and distribution of ThromboView, it was
determined that the company's requirements to support the Animal
and Human Health businesses did not warrant the current level of
staffing.

Managing Director, Mr. Donald Home, has assumed Mr. Calvin's
previous responsibilities.

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


ASCOT CLOTHING: Declares Dividend Today
---------------------------------------
Ascot Clothing Pty Limited will declare a first and final
dividend to its unsecured creditors today, Oct. 28, 2005.

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

Dated this 22nd day of September 2005

Geoff Ridgeway
Liquidator
Jenkins Peake & Co. Chartered Accountants
PO Box 1570, Geelong 3220
Phone: 03 5223 1000
Fax:   03 5221


BTS MANAGEMENT: Court Appoints Receivers to 'FullTank' Scheme
-------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
successfully sought interim orders from the Federal Court
appointing receivers to investigate the "FullTank" card
business, and restraining further conduct by Mr. Stephen John
McDougall and BTS Management Pty Ltd (the defendants).

Mr. Adrian Lawrence Brown and Mr. James Henry Stewart, of
Ferrier Hodgson, were appointed receivers and will report on the
scheme within four weeks. The report will identify the assets
and liabilities of the scheme and the steps, which the receivers
believe, ought to be taken to best preserve its assets. Their
costs will be paid by the defendants.

The Court's interim orders:

- restrain the defendants from operating or promoting the
FullTank scheme or businesses that involve the use of stored
value or debit cards for the payment of fuel;

- restrain the defendants from dealing with funds in named bank
accounts; and

- require the defendants to suspend all internet websites
advertising or offering the FullTank scheme.

ASIC will seek declarations that the defendants have operated a
scheme that required registration as a managed investment
scheme, but was not registered, and that they have carried on a
financial services business in Australia without holding an
Australian financial services license.

ASIC is also concerned that the defendants have made misleading
statements on the website http://www.chargeitcards.com/fulltank.

"The appointment of receivers will ensure that the Court, ASIC
and participants in the scheme have a thorough understanding of
the financial position of the scheme, to determine what further
action may be appropriate," Ms Jan Redfern, ASIC Executive
Director of Enforcement said.

The matters return to Court on 6 December 2005.

Background

The FullTank scheme offered consumers savings of up to 50
percent and up to 80 percent on their fuel costs. Members
joining FullTank paid an upfront fee and a setup charge and were
issued with a stored value card which they could use to pay for
fuel at most fuel retailers around Australia.

ASIC understands that over 100 people from around Australia have
joined the scheme over the Internet.

ASIC warns customers to ensure they have alternate means of
payment for fuel in case any difficulty is experienced with use
of the cards.  


COMMERCIAL HOTEL: Richard Judson Named Liquidator
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Commercial Hotel Management Pty Limited held
on Sept. 26, 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 Richard Herbert Judson of Judson & Co. Chartered
Accountants, Level 1, 10 Park Road, Cheltenham be appointed
liquidator for such purpose.

Dated this 26th day of September 2005

Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


CREDENTIAL ACCEPTANCE: Intends to Pay Dividend to Creditors
-----------------------------------------------------------
Credential Acceptance Corporation Pty Limited will declare a
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 2nd day of September 2005

R. G. Freer
Liquidator
Freer Parker & Associates
PO Box 6238, Halifax Street
Adelaide SA 5000
Phone: 08 8211 7177
Fax:   08 8211 6177


DG CORKE: Liquidator to Distribute Company Assets
-------------------------------------------------
At a general meeting of the members of DG Corke Pty Limited held
on Oct. 3, 2005, the following special resolutions were passed:

That the Company be wound up under the provisions applicable to
a Members' Voluntary Liquidation, and that Angela Ann Gaffney be
and is hereby appointed Liquidator of the company.

That the Liquidator is hereby authorized to distribute in specie
such of the assets as she sees fit, and on such conditions as
she deems necessary to any one or more of the members of the
company.

Dated this 3rd day of October 2005

D. G. Corke
Director
c/o RSM Bird Cameron
1st Floor, 8 St Georges Terrace
Perth WA 6000


FOXTEL: Recovery Seen in Second Half
------------------------------------
Pay television Foxtel is expected to turn in profits from the
second half of the financial year, according to the Sydney
Morning Herald.

Publishing and Broadcasting Limited (PBL) executive chairman
James Packer said the Foxtel business was now strongly earnings
before interest, tax, depreciation and amortization (EBITDA)
positive. PBL has a 25 percent shareholding in Foxtel in
partnership with Telstra and News Corp.

"Management have forecast that Foxtel will be profitable from
the second half of this financial year," he said.

Mr. Packer also said that PBL would continue to invest ion
growth opportunities in the current financial year, as well as
focus on growing the group's margins.

CONTACT:

Foxtel
PO Box 612, Moonee Ponds,
Victoria, 3039
Phone: 131999
Web site: http://www.foxtel.com.au/


GJ WILSON: Members Decide to Wind Up Firm
-----------------------------------------
At an extraordinary general meeting of the members of GJ Wilson
Resources Pty Limited held on Sept. 25, 2005, it was resolved
that the Company be wound up voluntarily, and Richard Charles
Adrian was appointed as Liquidator of the Company.

Dated this 27th day of September 2005

Richard C. Adrian
Liquidator
Level 4, 340 Adelaide Street
Brisbane Qld 4000


GLENVILL HOMES: Watchdog Hurls Criminal Charges
-----------------------------------------------
The Building Control Commission has filed 27 criminal charges
against Glenvill Homes, one of Australia's most awarded luxury
home builders, The Australian reports.

The action is expected to spark debate over the lack of consumer
protection for a new homebuyers from the controversial last-
resort Builders Warranty Insurance Scheme.

Under the warranty scheme, consumers can only make a claim if a
builder has died, disappeared or become insolvent. Building
faults are not covered, and in Victoria the only legal recourse
for homeowners is to take their grievances to the Victorian
Civil and Administrative Tribunal.

Glenvill appeared in the Melbourne Magistrates Court on Monday,
with all charges adjourned to a date to be fixed.

The charges relate to allegations of work carried out without a
building permit, failing to notify a surveyor of each stage of
completion of work, and building defects.

While the Building Control Commission will not comment on the
charges, Glenvill Managing Director Len Warson said he believed
they were the result of complaints from a small group of
disgruntled home buyers.


GOLDTRADERS PTY: Final Meeting Fixed November 4
-----------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Goldtraders Pty Limited will be held on Nov. 4,
2005, 10:00 a.m. at the offices of Jones Condon Chartered
Accountants, Level 13, 189 Kent Street, Sydney
NSW, to lay before the meeting an account showing the manner of
the winding up and disposal of the property of the Company, and
to give any explanation thereof.

Dated this 20th day of September 2005

Michael G. Jones
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9251 5222


INTERNATIONAL WINE: Restructures Board; Changes Secretary
---------------------------------------------------------
The Board of Berren Asset Management Limited (Berren), the
responsible entity of The International Wine Investment Fund
(Wine Fund), announced that Messrs. Jean Bourland, Rob Chabrel
and Doug McCallum have resigned as non-executive directors,
effective immediately.

Mr. Malcolm Mowat has also resigned from the position of Company
Secretary, effective immediately.

Mr. Chabrel was instrumental in the establishment of the Wine
Fund and has retired after nearly 16 years as a director of
Berren, including acting as Chairman of the responsible entity
from 1989 to 2000. Messrs Bourland and McCallum joined the Board
in 2000 after the investment strategy of the Wine Fund changed
to be more internationally focused.

The intention to restructure the Board and management of Berren
was previously announced in May 2005 with the objective to
better align the operations of the responsible entity with the
smaller size of the Wine Fund.

The current Board consists of the independent non-executive
Chairman, Mr. Mike Terlet, AO, and two non-executive directors
Messrs Jim Caddy and Bill Corn.

Berren's Chairman, Mr. Terlet, AO, paid tribute to the
contribution of the retiring directors.

"I and my fellow directors are sad to see Jean, Rob and Doug
leave the Board but we all realize that Berren's Board must be
smaller and more cost effective with the reduction in the size
of the Wine Fund after the AU$109.2 million Unit Redemption
Offer which was completed in July 2005.

Their contribution to Berren and the Wine Fund have been
invaluable and we thank them for their tireless efforts on
behalf of Unitholders."

The Board also announced the appointment of Ms. Andra Dundon as
the new Company Secretary. Ms. Dundon, LLB, is a sole legal
practitioner and consultant specializing in advising financial
services industry participants.

CONTACT:

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


KAHALA PROPERTIES: To Undergo Voluntary Liquidation
---------------------------------------------------
At a General Meeting of Kahala Properties Pty Limited held on
Sept. 27, 2005, the following resolutions were passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That David Robinson be appointed liquidator for such winding up.

Dated this 27th day of September 2005

David Robinson
Liquidator
Harveys Chartered Accountants
Level 3, 2 Bulletin Place
Sydney NSW 2000


LAING MARSHALL: Members Convene to Review Winding Up
----------------------------------------------------
Notice is given that a meeting of the members of Laing Marshall
Pty Limited will be held on Nov. 4, 2005, 10:30 a.m. at the
offices of Horwath, Level 30, 525 Collins Street, Melbourne, 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 26th day of September 2005

Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath BRI (Vic) Pty Limited
Chartered Accountants
Level 30, 525 Collins Street, Melbourne Vic 3000
Street, Milton Qld


MILLCON CONSTRUCTIONS: Winding Up Process Initiated
---------------------------------------------------
Notice is hereby given that at a Meeting of Members of Millcon
Constructions Pty Limited held on Sept. 22, 2005, it was
resolved that the Company be wound up voluntarily, and Barry
Keith Taylor of B. K. Taylor & Co., 8th Floor, 608 St. Kilda
Road, Melbourne was appointed Liquidator at a creditors' meeting
held that same day.

Dated this 22nd day of September 2005

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


MIARNNA PTY: Members Resolve to Close Shop
------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Miarnna Pty Limited held on Sept. 23, 2005, it was resolved that
the Company be wound up, and John Vouris was appointed
Liquidator for the winding up.

Dated this 28th day of September 2005

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800


MINULE PTY: Members to Receive Liquidator's Report Next Week
------------------------------------------------------------
Notice is hereby given that the final meeting of members of
Minule Pty Limited will be held on Nov. 4, 2005, 10:00 a.m. at
the offices of T.F.W. See & Lee Chartered Accountant, Suite 1,
Level 1A, 405-411 Sussex Street, Sydney, to lay before the
meeting the liquidator's final account and report, and to give
any explanation thereof.

Dated this 20th day of September 2005

Peter S. K. Lee
Liquidator
Suite 1, Level 1A, 405-411 Sussex Street
Sydney NSW 2000


M.R.T. METAL: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of M.R.T. Metal Roof Technology Pty Limited held on
Sept. 22, 2005, it was resolved that the Company be wound up
voluntarily, and Andrew Stewart Reed Hewitt of Grant Thornton
was appointed Liquidator at a creditors' meeting held that same
day.

Dated this 22nd day of September 2005

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


NEXECON PTY: Winds Up Business
------------------------------
Notice is hereby given that at a general meeting of the members
of Nexecon Pty Limited held on Sept. 22, 2005, it was resolved
that the Company be wound up voluntarily, and that Laurence
Andrew Fitzgerald and Stephen Robert Dixon of Horwath BRI (Vic)
Pty Limited Chartered Accountants, Level 30, 525 Collins
Street, Melbourne Vic 3000 be nominated to act as Joint and
Several Liquidators for such winding up.

Dated this 23rd day of September 2005

Stephen R. Dixon
Laurence A. Fitzgerald
Joint and Several Liquidator
Horwath BRI (Vic) Pty Limited
Chartered Accountants
Level 30, 525 Collins Street
Melbourne Vic 3000


NOVARA FURNITURE: Declares Dividend to Priority Creditors
---------------------------------------------------------
Novara Furniture Pty Limited will declare a dividend to its
priority creditors today, 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 16th day of September 2005

Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street, Melbourne Vic 3000
Phone: 03 9613 5500
Fax:   03 9614 3233
Web site: http://www.worrells.net.au/


PKL BUSINESS: Court Issues Winding Up Order
-------------------------------------------
On Sept. 23, 2005, the Federal Court of Australia, New South
Wales District Registry ordered the winding up of PKL Business
Services Pty Limited, and appointed Steven Nicols to be
Liquidator of the Company.

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


PLACER DOME: Seals Cerro Casale Deal
------------------------------------
Placer Dome Inc. (Placer Dome), Bema Gold Corporation (Bema) and
Arizona Star Resources Corp. (Arizona Star) have agreed in
principle whereby Placer Dome will sell its interest in Compania
Minera Casale, the company holding the Cerro Casale project, to
Bema and Arizona Star in return for contingent payments.

Bema and Arizona Star will jointly pay to Placer Dome $10
million upon a decision to construct a mine at Cerro Casale and
either (a) a gold payment beginning 12 months after commencement
of production consisting of 10,000 ounces of gold per year for
five years and 20,000 of gold per year for a subsequent seven
years; or (b) a cash payment of $70 million payable when a
construction decision is made, at the election of Bema and
Arizona Star.

Placer Dome President and CEO Peter Tomsett said: "We did not
see a reasonable likelihood of Cerro Casale meeting our current
investment requirements. Completing this agreement will allow us
to focus our efforts and resources on project development
opportunities that will add greater value to our shareholders
while recovering our expenditure on Cerro Casale should a mine
be developed."

"We are pleased to have reached this agreement which, upon
completion, will allow Bema and Arizona Star to pursue other
opportunities for the development of Cerro Casale and allow
Placer Dome a mechanism to recover their investment upon the
project's successful development," commented Clive Johnson,
President and CEO of Bema.

"Placer Dome spent considerable time and effort on the project
and their work and technical expertise added significant value
to the property."

The transaction is expected to close by the end of 2005 and is
subject to certain conditions including settlement of definitive
agreements.

Placer Dome employs 13,000 people at 16 mining operations in
seven countries. The Vancouver-based company's shares trade on
the Toronto, New York, Swiss and Australian stock exchanges and
Euronext-Paris under the symbol PDG.

CONTACT:

Placer Dome Limited
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, B.C. Canada V7X 1P1
Phone: (604) 682-7082
Web site: http://www.placerdome.com


POWER CAPITAL: Members, Creditors to Receive Wind Up Report
-----------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Power Capital Group Limited will be held on Nov. 4,
2005, 11:00 a.m. at the offices of Jirsch Sutherland Chartered
Accountants, Level 2, 84 Pitt Street, Sydney NSW 2000, to
present the Liquidator's account showing the manner of the
winding up and the disposal of the property of the Company, and
to hear any explanations that may be given by Liquidator.

Dated this 21st day of September 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


QFORM PROPERTY: Job Losses Halt Project
---------------------------------------
Completion of the AU$20-million Preston Mausoleum will be
delayed after 14 workers lost their jobs after subcontractor
QForm Property Group Pty Ltd was dumped by builder A&S
Construction, Preston Post Times reports.

Union officials confirm the project was now six months behind
schedule and would be further delayed by the latest action.

The Construction, Forestry, Mining and Energy Union urged A&S
Construction to take on the 14 workers employed by QForm so the
job could be finished.

A&S terminated the contract it had with QForm because the latter
could not meet its obligations to the former.

QForm's parent, QForm Construction Group Pty Ltd, which supplied
labor for the mausoleum site but went into liquidation in June
this year.


RR ASSETS: Enters Liquidation
-----------------------------
At a general meeting of RR Assets Pty Limited held on Sept. 27,
2005, the following Special Resolution was passed:

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

Dated this 27th day of September 2005

Ron Gamble
Liquidator
c/o BDO Chartered Accountants & Advisers
8th Floor, 256 St George's Terrace
Perth WA 6000
Phone: 08 9360 4200


SOUTH COAST: Court Appoints Official Liquidator
-----------------------------------------------
On Sept. 26, 2005, the Supreme Court of New South Wales, Equity
Division, ordered that South Coast Bakeries Pty Limited be wound
up, and appointed R. J. Porter to be Official Liquidator of the
Company.

R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


SPARMANNIA PTY: Members Decide to Cease Operations
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sparmannia Pty Limited held on Sept. 23, 2005, members passed a
Special Resolution to wind up the Company, voluntarily, and
appointed John D. Scarfe to be Liquidator for such purpose.

Dated this 23rd day of September 2005

John D. Scarfe
Liquidator
c/o Borough Mazars
Level 6, 77 Castlereagh Street
Sydney NSW 2000


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

FAME TREASURE: Court Releases Winding Up Order
----------------------------------------------
Fame Treasure International Limited whose place of business is
situated at Basement 1, Concord Square, 88 Chuen Lung Street,
Tseun Wan, 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 15, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


INDUSTRIAL AND COMMERCIAL: To Launch Listing Vehicle This Week
--------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) will hold a
ceremony on Friday to mark the establishment of a joint stock
bank, Panorama Network reports.

Vice President Yang Kaisheng would be named head of the joint
stock company to tackle bad loans. Mr. Yaisheng is expected to
own the banking operations of the old State firm and offer
shares to the public and strategic investors.

Industrial and Commercial Bank of China is planning an initial
public offering of shares outside of the mainland next year.

Like other Chinese banks, Industrial and Commercial Bank of
China is trying to cut bad loans and transform itself into a
sound institution before late 2006, when foreign players gain
wider access to the domestic banking market.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


INDUSTRIAL AND COMMERCIAL: Becomes Strategic Partner of IATA
------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) recently
signed a strategic partnership agreement with International Air
Transport Association (IATA) and formally became a partner bank
of this organization.

After becoming a partner bank of IATA, ICBC will actively and
deeply participate in various activities organized by this
association in airport development, industrial taxation,
passenger and airport service, revenue accounting and many other
fields, timely command the development trend of aviation
industry, and expand the influence of ICBC on the international
air transport market under the platform of IATA.

In 2001, ICBC obtained the qualification of IATA's sole BSP
clearing bank in mainland China by competitive tender, and
hereon all proceeds of IATA from airline tickets sold in China
have been cleared through ICBC. From 2001 till now, relying on
its advanced cash management system, ICBC not only
satisfactorily finishes the settlement business of various
ticket proceeds, but also successfully helps IATA shorten the
period of settlement.

IATA is a large non-governmental organization established by
airline companies in many countries of the world in 1945, with
its head office in Montreal, Canada and executive head office in
Geneva, Switzerland. At present, IATA has over 280 member
airlines, distributed over 180 countries. In the regular
international air transport business, the member airlines
account for 98%. IATA strengthens the cooperation between air
transport related industries and advances the development of
industry by developing strategic partners.

This is a company press release.


KENCO LIMITED: Court to Hear Winding Petition November 23
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Kenco Limited by the High Court of Hong Kong Special
Administrative Region was on September 21, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

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

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

CHU & LAU
Solicitors for the Petitioner
2nd Floor, The Chinese General
Chamber of Commerce Building
No. 24-25 Connaught Road
Central, Hong Kong

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


MOULIN GLOBAL: May Sell U.S. Asset for US$450 Mln
-------------------------------------------------
The provisional liquidators of Moulin Global Eyecare Holdings
are negotiating an upcoming sale of its most valuable asset, Eye
Care Centers of America (ECCA), with Italian eyewear giant
Luxottica Group as a potential buyer, The South China Morning
Post reports.

In June, the High Court placed the debt-ridden firm under
provisional liquidation, which ends next month. The liquidators
had yet to decide whether to allow Moulin's liquidation or ask
the court for an extension, said a source.

An article in Oriental Daily News said Ferrier Hodgson planned
to sell Moulin's 56 percent stake in ECCA, Moulin's factories in
Chaoyang, Guangdong, and the Hong Kong-listed shell entity for
US$450 million.

CONTACT:

Moulin Global Eyecare Holdings Limited
4/F, Kenning Industrial Building
19 Wang Hoi Road, Kowloon Bay
Kowloon, H.K.
Phone: 27073800
Fax: 21487272
Web site: http://www.moulin.com.hk


NICE HARVEST: Court Issues Winding Up Order
-------------------------------------------
Nice Harvest Knitters Limited whose place of business is
situated at Unit 1 4/F, Lee Sum Factory Building, 28 Ng Fong
Street, Sanpokong, 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 15, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


PEXLANDA INTERNATIONAL: Winding Up Hearing Set November 16
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Pexlanda International Limited by the High Court of Hong Kong
Special Administrative Region was on September 13, 2005
presented to the said Court by China Merchants Bank of China
Merchants Bank Tower, No. 7088 Shennan Boulevard, Shenzhen, the
Peaople's Republic of China.  

The said Petition is directed to be heard before the Court at
9:30 am on November 16, 2005.

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

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

HASTING & CO.
Solicitors for the Petitioner
5th Floor, Gloucester Tower
The Landmark, 11 Pedder Street
Central, Hong Kong
Phone: 2523 9161   
Fax: 2845 9266

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 15, 2005.


PRIME INVESTMENTS: Delays Financial Results as Auditors Resigned
----------------------------------------------------------------
The board of directors of Prime Investments Holdings Limited
announced that Messrs. Ernst & Young (E&Y) resigned as auditors
of the Company and its subsidiaries with effect from October 14,
2005, as the Company and E&Y could not reach an agreement on the
audit fees for the financial year ended June 30, 2005.

Since the Company had not generated turnover since January 1,
2003 and was therefore in financial difficulties, the Company
commenced audit fee negotiations with E&Y since July 2005 with
an aim that E&Y would agree to lower their audit fees for their
audit work for the year ended June 30, 2005. Since then, the
Company and E&Y had numerous negotiations on the issue of audit
fees, but the Company's efforts turned out in vain by the
resignation of E&Y in October 2005.

Due to the different expectation of audit fees between the
Company and E&Y, E&Y have not yet commenced the audit for the
Company for the financial year ended June 30, 2005. In the
notice of resignation, E&Y have confirmed that there are no
circumstances, disagreements and unresolved issues connected
with their resignation, which they consider should be brought to
the attention of the members or creditors of the Company or its
subsidiaries.

The Board also confirmed that E&Y had not commenced audit and as
such have neither indicated nor intended to indicate any
qualifications or modifications to the Company's annual results
for the year ended June 30, 2005, and that there are no
circumstances in respect of the change of auditors which the
Board considers should be brought to the attention of the
shareholders of the Company.

In response to the resignation of E&Y due to the facts that the
Company and E&Y could not reach an agreement on the audit fees
for the year ended June 30, 2005, the Company had discussions
with CCIF CPA Limited in relation to their audit work of the
Company for the year ended June 30, 2005, including but not
limited to their audit fee quotation and expected timeframe for
their audit work. The audit fee quotation of CCIF CPA Limited is
lower than that of E&Y.

The Company and CCIF CPA Limited expect the Company will be able
to announce the Annual Results and dispatch the Annual Report on
or before December 15, 2005 given that the Group has not
generated any turnover for the year ended June 30, 2005, which
reduces time required for the audit. The Board recommends to
appoint CCIF CPA Limited as auditors of the Company to fill the
casual vacancy following the resignation of E&Y and to hold
office until the conclusion of the next annual general meeting
of the Company, subject to the appointment being approved by the
shareholders of the Company by an ordinary resolution at an
extraordinary general meeting to be held pursuant to the
articles of association of the Company.

A circular giving details of the change of auditors of the
Company and containing a notice of the extraordinary general
meeting will be dispatched to the shareholders of the Company as
soon as practicable. Further announcement will be made once the
appointment of CCIF CPA Limited as auditors of the Company has
been approved by the shareholders of the Company.

DELAY IN PUBLICATION OF ANNUAL RESULTS AND DESPATCH OF ANNUAL
REPORT FOR THE YEAR ENDED 30 JUNE 2005

The Board also announces that there will be a delay in the
release and publication of the Company's annual results (the
Annual Results) and the dispatch of its annual report for the
year ended 30 June 2005. Pursuant to Rule 13.49(1) and
13.46(2)(a) of the Rules Governing the Listing of Securities
(the "Listing Rules") on The Stock Exchange of Hong Kong
Limited, an issuer is required to publish on the newspaper its
annual results and dispatch its annual report to its
shareholders not later than four months after the date upon
which the financial period ended, i.e. by 31 October 2005.

The reason for delay in publication of Annual Results is that
the proposed new auditors, CCIF CPA Limited, whose appointment
is subject to the approval of the shareholders of the Company by
an ordinary resolution at an extraordinary general meeting, have
yet to commence their audit work. It is expected that CCIF CPA
Limited will commence audit work as soon as their appointment is
approved by the shareholders of the Company at the forthcoming
extraordinary general meeting, and that the Annual Results will
be announced and the Annual Report will be dispatched on or
before December 15, 2005.

The delay in publication of the Annual Results and dispatch of
the Annual Report, and the failure to disclose the Company's
unaudited financial results for the year ended 30 June 2005 in
this announcement, constitute breaches of Rules 13.49(1),
13.46(2)(a), and 13.49(3)(i)(c) of the Listing Rules. The Board
attributes such delay to the resignation of E&Y as a result of
the fact that the Company and E&Y could not reach an agreement
on the audit fees for the year ended June 30, 2005, and
recommends the Company appoint CCIF CPA Limited to fill the
vacancy subject to shareholders' approval on such appointment.
It is expected the Annual Results will be announced and the
Annual Report will be dispatched on or before December 15, 2005.

The Board attributes such failure to disclose the Company's
unaudited financial results in this announcement to the
unavailability of the detailed annual results of the Company for
the year ended June 30, 2005, in particular the value of the
Company's investments as at June 30, 2005. In this regard, the
Stock Exchange reserves its right to take appropriate actions
against the Company and the Directors in respect of such
breaches.

Trading in shares of the Company on the Stock Exchange was
suspended at the request of the Company from 9:30 a.m. on
February 14, 2005 and will remain suspended pending the
demonstration by the Company to the satisfaction of the Stock
Exchange that, among others, the continual listing of the shares
of the Company is warranted.

CONTACT:

Prime Investments Holdings Limited
Suite 504, 5th Floor
Chinachem Tower
34-37 Connaught Road
Central, Hong Kong  
Phone: 25233233  
Fax: 25233668  


QUEST ELECTRONICS: Winds Up Operations
--------------------------------------
Quest Electronics (HK) Limited whose place of business is
situated at G/F 130A, Kiu Kiang Street, 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 15, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


SINJI LIMITED: Set to End Operations
------------------------------------
Sinji Limited whose place of business is situated at Flat A,
13th Floor, Eastern Commercial Centre, 83 Nam On Street, Shau
Kei Wan, 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 16, 2005

Dated this 21st day of October 2005

ET O'Connell
Official Receiver


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

MEGA CORPORATION: SEBI Issues Orders Amid Inquiry
-------------------------------------------------
SEBI via an order dated October 24, 2005 has issued the
following directions in the matter of Mega Corporation Ltd:

a) that the promoters of the company viz, Crayons Global Finance
Ltd., Himanshu Mehta, Vimi Investments and Finance Ltd., Kunal
Lalani, Beena Mehta, R.N. Mehta, Hiten Mehta, Odyssey
Corporation Ltd. Pooja Equisearch Pvt. Ltd. and directors of the
company Kunal Lalani,  Hemanshu Mehta,  Surendra Chhalani,  H M
Lalani,  N K Nayak, K S Venkataraman,  S L Golchha and  Sachin
Mehra   are hereby directed not to buy, sell or deal in
securities of Mega Corporation Ltd, directly or indirectly, till
further directions in this regard and Mega Corporation Ltd is
further directed that it shall not  issue any equity shares or
any other instrument convertible into equity shares, in any
manner, or shall not alter its capital structure in any manner,
till further directions in this regard.

b) That the clients viz. Ajit Suryavanshi, Ritedeal Trading
Company Pvt Ltd, Vishal Kumar Textiles P Ltd, Amar Adhav,
Dadasaheb Gavhane, Dattu Shitole , Rightstar Trading Company Pvt
Ltd, Deepak Narvekar, Deepak Todkar, Fine Line Mercantile Co.
(P) Ltd., Ganesh Raut,  Haresh Posnak, Jagdish Parab, Jay Shah,
Jaydeep Mane, Jayesh Waghela, Kiran Dhanavade, Lokesh Kapoor,
Mahesh Kokate, Premkumar Singh, Stockholm Mercantile Co Pvt L.,
Rajkishore Singh, Ramdas Kshirsagar, Sharpline Trading Co Pvt
Ltd, Topflag Exports Pvt Ltd, Ranjan Mandal, Sandeep Kadam,
Santosh Jagtap, Santosh Narvekar, Santosh Pawar, Umesh
Choukekar, Vijay Suryavanshi, Vivekanand Patankar, Nirmal Jain,
Mahendra Gopal Gorivale, Laxmans Singh Saijari and Patric Xess
are hereby directed not to buy, sell or deal in securities of
Mega Corporation Ltd, directly or indirectly, till further
directions in this regard.

c) That the clients Vishal Kumar Textiles P Ltd, Amar Adhav, ,
Deepak Narvekar, Deepak Todkar, Ganesh Raut,  Jay Shah, Jayesh
Waghela, Stockholm Mercantile Co Pvt L., Rajkishore Singh,
Sharpline Trading Co Pvt Ltd, Umesh Choukekar are hereby
directed not to buy, sell or deal in any securities, directly or
indirectly, till further directions in this regard.

d) That the Stock Brokers viz., India Bulls Securities Ltd.,
Fortis Securities Ltd., Ruchiraj Shares and Stock Brokers (P)
Ltd., who contributed significant volume in the trading of
shares of the company while dealing on behalf of the
interconnected clients are hereby directed not to buy, sell or
deal in securities of Mega Corporation Ltd. on behalf of the
promoters, directors and clients mentioned at para No. (a), (b)
and (c) hereinabove, directly or indirectly, till further
directions in this regard.

e) And Further that the Depositories shall not give effect to
any transfer of shares of Mega Corporation Ltd. lying in the
beneficial owner accounts of the entities mentioned at paragraph
a) and b) above

f) And Further that the Depositories shall not give effect to
any transfer of any securities lying in the beneficial owner
accounts of the entities mentioned at paragraph c) above.

All the above directions shall take effect immediately and shall
be in force until further orders.

The above order has been passed by Shri G Anantharaman, Whole
Time Member, SEBI in the following context:

Spurt in price and trading volume of certain companies often
referred to as "mid cap" or "small cap" companies, in a short
period of time, have been engaging the attention of SEBI and the
stock exchanges for some time.  Such trading activity has been
under the surveillance of SEBI and the stock exchanges to
determine whether the trading volumes and price rise have been
the result of unfair trade practices or market manipulation.  
One such company whose shares have shown a significant increase
in price as well as trading volumes in a short period of time is
Mega Corporation Ltd. (the Company), which was listed on BSE in
February 1996.

The trading history of the shares of the company (after the
stock split w.e.f. September 26, 2002) showed that while there
was limited trading in the shares till December 2004 the volume
shot up dramatically from January 2005 onwards.  After the stock
split in August 2002, the shares of the company were traded in
the range of Rs. 1.90 to Rs. 5.72 during the period September
2002 to December 2004, and the average monthly volume in the
shares was around 15,720 shares during the period September 2002
to December 2004, accounting for only around 0.016% of the total
equity capital. The very low turnover ratio clearly demonstrated
lack of wide spread investor interest in this shares till that
time. Subsequently, during the period from January 2005 to
September 16, 2005 the price of the scrip moved sharply from Rs.
5.25 to Rs. 41.10 representing a rise of around 683% accompanied  
by a equally sudden spurt in average monthly volume thousand
times over the previous period to around 1,56,22,538 shares. The
marked increase in price and trading volume during the months
from January 2005 to March 2005 was not accompanied by any
positive corporate developments /announcements /actions.

The company had recorded a high income from investments and had
shown a profit of around Rs. 10.08 crore which had resulted from
the sale of shares of three companies, in one of which, namely
M/s IFSL Ltd., action has been taken by SEBI. There was a web of
off-market transactions between as many as 40 entities
apparently interconnected with each other. There were subsequent
dealings by these entities in the shares which helped to sustain
a very high volume of trading for a period of five and a half
months between April 2005 to September 2005. Besides 11 clients,
namely, Vishal Kumar Textiles P Ltd, Amar Adhav, Deepak
Narvekar, Deepak Todkar, Ganesh Raut, Jay Shah, Jayesh Waghela,
Stockholm Mercantile Co Pvt L., Rajkishore Singh, Sharpline
Trading Co Pvt Ltd, Umesh Choukekar who had dealt in a major way
in the shares of Mega Corporation were also found to have dealt
in the shares of M/s IFSl Ltd. and consequently debarred by SEBI
vide an earlier order. The absence of wide spread investor
interest in the share of the company since September 2002 to
December 2004, coupled with the sudden increase in share price
and volume since January 2005, the quantum jump in profit from
the income generated from non-core business activity and from
dealing in selected penny stocks by the company, together with a
flurry of corporate announcements (such as entering in to the
business of worldwide outbound packaged tour, forex service,
etc., in which the company had no apparent track record) and
also managing a web of off-market deals to transfer of large
quantities of shares by the entities connected to the company to
a group of interconnected clients, who in turn dealt heavily in
the market and thereby contributed to the sudden rise in trading
volumes and  the corresponding price rise, clearly indicate a
careful designing and orchestration of a plan by the promoters,
to make personal gains at the expense of investors by enticing
them to participate in the trading of the shares of the company
and by possibly churning their own holdings.

The above developments in the share of the company warranted an
immediate inquiry in to the dealings in the shares. While the
inquiry is in progress, based on findings of the preliminary
inquiry, SEBI has issued the above directions


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

PERTAMINA: State Hopes to Rotate Ownership of Cepu Block
--------------------------------------------------------
The Indonesian government expects that U.S. oil giant ExxonMobil
Corporation would accept a rotating ownership of a Cepu oil
block that it co-owns with state oil firm PT Pertamina, reports
Reuters News.

According to Minister of State Enterprises Sugiharto, the
deadlocked issue on the operation of the Cepu block can be
settled. Pertamina had earlier proposed that ExxonMobil operate
the block for the first five years, which was rejected by the
U.S. firm.

The disagreement on the operation of the oil block is the final
obstacle to the development of such block, which holds more than
500 million barrels of oil reserves. The development of the Cepu
block would increase Indonesia's output by 20 percent.

As for the replacement of current Pertamina president Widya
Purnama and a reshuffling of its directors, Minister Sugiharto
said that the government may need more time as to when the
change would take place.

CONTACT:

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


PERTAMINA: To Develop Oil Field in Government Project
-----------------------------------------------------
President Susilo Bambang Yudhoyono is slated to launch 13 oil
and gas projects worth IDR12.02 trillion in order to increase
Indonesia's oil output by 53,800 barrels per day, and its gas
output by 1.53 bcf per day, the Oil & Gas Journal reports.

Under this government project, state-owned oil and gas firm PT
Pertamina will develop an oil filed in Salawati, Papua province,
in a joint operation contract with global firm Petrochina.

The Salawati oil field is expected to poduce 15,000 barrels of
oil daily.


PERUSAHAAN LISTRIK: Unit Monitors Consumption of Large Firms
------------------------------------------------------------
In a bid to eliminate electricity theft, state power firm PT
Perusahaan Listrik Negara (PLN)'s Greater Jakarta branch has
installed automatic metering devices at several large companies
in Jakarta, reports the Jakarta Post.

According to PLN Greater Jakarta branch manager Fachmi Muhtar,
they have installed new meters in over 4,000 large companies
that use more than 200 kilovolt amperes in the Jakarta area.

The automatic meters, which would send power usage information
every 15 minutes to PLN's monitoring center, requires thay PLN
officers go to the company premises to read them.

This is the Company's response to the discovery of at least 139
large firms that have either stolen electricity from PLN or
committed similar violations. A team composed of PLN officers
and officers of the National Police Headquarters has
investigated 631 large firms for the past eight months relating
to electricity theft.

Power theft from PLN has caused losses to the state amounting to
IDR2.4 billion.

PLN previously announced that it was offering cash rewards to
persons who would volunteer information on firms/individuals
that were stealing power.

He added his team was currently prosecuting four companies for
serious violations that had caused losses to the state totaling
IDR2.4 billion, including a supermarket (IDR350 million) and a
spa (IDR601 million).

CONTACT:

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


TELEKOMUNIKASI INDONESIA: Set to Launch Telkom 2 Satellite
----------------------------------------------------------
State telecommunications firm PT Telekomunikasi Indonesia
(Telkom) will finally launch its Telkom 2 satellite to replace a
satellite in orbit that expired two years ago, Antara News
reports.

Telkom deputy president Garuda Sugardo said that the Telkom 2,
which will replace the Company's Palapa B4 satellite (that had
expired in May 2003), will be launched in Kourou, Gyuana, France
on Nov. 9, 2005 (Nov. 10, 2005 Indonesian time). The satellite
would be launched by France's Ariane-5 ECA rocket booster.

Mr. Sugardo added that technical difficulties such as the lack
of a co-passenger satellite, damage to the rocket booster and
sub-system anomalies had contributed to the delay in the
satellite's launching.

The Telkom 2 satellite, set to operate for 15 years, would be
launched as a national project, partly to meet regional market
demands, and partly to provide extended services to its
customers. The satellite launching is expected to cost from
IDR1.25 trillion to IDR2.01 trillion.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax:   +62 22 452 1408
Web site: http://www.telkom.co.id/


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

FUJITSU LIMITED: Posts H1/2005 Financial Results
------------------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, reported
consolidated net sales of JPY2,192.3 billion (approximately
US$19,231 million*) for the first half of fiscal 2005 (April 1,
2005 - September 30, 2005), a decrease of 1.2% over the first
half of fiscal 2004. Excluding the impact of accounting policy
changes and restructuring, sales were essentially flat.

Although intensified competition led to lower year-on-year sales
of LSI devices and PCs, sales of optical transmission systems
and hard disk drives (HDDs) rose sharply, and sales of
outsourcing services in the UK were robust.

The company posted consolidated net income of JPY7.6 billion
(US$67 million); an improvement of JPY15.8 billion over the net
loss recorded in the first half of fiscal 2004. In addition to
the increase in operating income, a gain on the settlement of
HDD-related litigation contributed to this result. This marks
the first time in five years - since fiscal 2000, before the
bursting of the IT bubble - that the company has posted a net
profit in its fiscal first half.

Despite lower overall sales, first-half consolidated operating
income improved markedly, increasing JPY14.2 billion over the
comparable period in fiscal 2004, to JPY47.5 billion (US$417
million). This included a JPY5.5 billion improvement stemming
from accounting policy changes. Profitability in the company's
solutions/systems integration business rebounded, as systems and
procedures implemented to prevent the type of project losses
that had plagued the company during the previous year proved
effective.

Other factors contributing to the increase in operating income
included the impact of higher sales of networking equipment,
HDDs, and outsourcing services in the UK, as well as quality
enhancements in mobile phones, and continued progress in driving
down costs and realizing efficiency gains through intensified
efforts in manufacturing innovation.

The company posted consolidated net income of JPY7.6 billion
(US$67 million), an improvement of JPY15.8 billion over the net
loss recorded in the first half of fiscal 2004. In addition to
the increase in operating income, a gain on the settlement of
HDD-related litigation contributed to this result. This marks
the first time in five years - since fiscal 2000, before the
bursting of the IT bubble - that the company has posted a net
profit in its fiscal first half.

"With continued sluggishness in IT spending in Japan, it is
vital that we focus on expanding our overseas business and
generating further cost efficiencies," said Fujitsu Limited
president Hiroaki Kurokawa. "We made good progress on both of
these fronts in the first half and will redouble our efforts in
these and other areas to further improve earnings and set the
stage for growth going forward."

Fujitsu's revenue and income during the first half were also
impacted by a change in accounting policies, including the
application of the percentage of completion method for software
development contracts and the recording on its balance sheets of
liabilities for retirement benefit obligations at subsidiaries
in the UK. In addition, revisions to the company's pension
system in Japan resulted in a reduction in amortization of
unrecognized obligation for retirement benefits of JPY1.5
billion.

Business Segment Results

Consolidated net sales in the Technology Solutions segment,
which includes system and network products as well as
solutions/systems integration and infrastructure services, rose
2.3% over the same period in fiscal 2004 to JPY1,344.0 billion
(US$11,790 million). Sales in Japan declined year on year, due
in part to the absence of special demand for financial terminals
capable of handling new Japanese banknotes, as there had been a
year earlier.

However, overseas sales jumped 10.3%, driven by especially
strong growth in the company's optical transmission systems
business in North America and outsourcing services business in
the UK. Operating income for the segment was JPY42.9 billion
(US$376 million), a major increase of JPY24.0 billion over the
first half of last year. Although sluggish growth in IT
investment in Japan held income in the System Platforms sub-
segment roughly level with the same period a year ago, higher
earnings by Fujitsu Services, cost reductions, streamlining of
expenses, and a major decrease in losses relating to loss-
generating projects from the first half of fiscal 2004
contributed to a three-fold improvement in operating income in
the Services sub-segment.

Net sales in the Ubiquitous Product Solutions segment, which
includes PCs, mobile phones, HDDs and other products, were 498.4
billion yen (US$4,372 million), an increase of 3.5% over the
same period last year. PC sales in Japan were impacted by
intensified price competition, but sales of mobile phones
increased, and sales of HDDs expanded at a double-digit rate,
with particularly strong growth in overseas markets. Led by
higher earnings in mobile phones and HDDs, along with the impact
of improved quality, purchasing and cost efficiencies generated
by intensified manufacturing innovation initiatives, the segment
recorded operating income of 16.6 billion yen (US$146 million),
an increase of 13.1 billion yen over the comparable period last
year.

Net sales in the Device Solutions segment declined 21.2% over
the first half of fiscal 2004, to JPY336.0 billion (US$2,948
million). Excluding the impact of the transfer of the company's
flat panel display businesses, sales on a continuing operations
basis declined by 8.9%. In the LSI Devices sub-segment, memory
sales decreased as a result of price declines for chips used
primarily in mobile phones and digital consumer electronic
products, however, sales of logic chips were roughly even with
the same period a year earlier. Operating income for the segment
was JPY14.4 billion (US$127 million), a year-on-year decrease of
JPY20.0 billion. In addition to the impact of lower sales and
intensifying competition, operating income was affected by
expenses related to start-up of the company's new semiconductor
production facility at its Mie Plant, which began operation in
April.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE:6702) reported consolidated revenues of JPY4.7 trillion
(US$44.5 billion) for the fiscal year ended March 31, 2005. For
more information, please see: www.fujitsu.com

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan
105-7123

This is a company press release.


MITSUBISHI MOTORS: Denies it Would Keep Japan Plant Open
--------------------------------------------------------
Mitsubishi Motors Corporation (MMC) on Thursday denied a report
that it would keep its Okazaki plant in western Japan open,
reiterating there was no change to an earlier plan to close the
facility, according to Reuters.

The Nihon Keizai business daily reported that MMC has reversed
the decision to close the plant due to faster growth than
expected in domestic sales and in exports.

MMC Chief Executive Osamu Masuko said that the Mizushima
factory, where it produces minicars for Nissan Motor Co. , was
at full capacity and had to turn down requests from Nissan for
additional cars.

The carmaker is considering reviewing its global production plan
for the mid- to long-term, but added nothing had been decided
yet.

CONTACTS:

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


NISSAN CHEMICAL: FTC Raids Agri-chemical Firm
---------------------------------------------
The Fair Trade Commission (FTC) searched the headquarters and
offices of Nissan Chemical Industries Ltd on suspicion of
illegally fixing the price of a popular pesticide product, Japan
Today reports.

The FTC raided the agri-chemical firm on an allegation that it
has violated the Antitrust Law by threatening to stop providing
retail stores with a product called Roundup Hi-Load if they do
not comply with its demand to set a certain sales price for the
product.

CONTACT:

Nissan Chemical Industries Ltd
3-7-1, Kanda Nishiki-cho, Chiyoda-ku
Tokyo 101-0054, Japan  
Phone: +81-3-3296-8320
Fax: +81-3-3296-8210


SANYO ELECTRIC: Taiwan Affiliate Benefits Restructuring
-------------------------------------------------------
Sanyo Electric Taiwan is benefiting from its parent company's
restructuring by boosting its LCD TV orders as well as shipments
of household appliances, DigiTimes reports.

The company also expects its OEM/ODM business to help the
company generate NT$100-200 million sales in 2005.

Japan-based Sanyo is trimming down its unprofitable businesses
as part of its restructuring scheme. Sanyo now holds 46.5% of
Sanyo Taiwan.

Sanyo has increased its orders to its Taiwan affiliate for
products shipped to Thailand, Vietnam and other countries in
South East Asia.

Sanyo Taiwan will further expand its presence in the Middle East
and other countries in Asia, Liao explained. However, sales of
household appliances to its parent company still account for
more than 70% of Sanyo Taiwan's annual revenues.

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


SEIBU RAILWAY: Cerberus, Nikko to Inject JPY140 Bln Capital
-----------------------------------------------------------
U.S. investment fund Cerberus Group and Nikko Principal
Investments Japan Limited will infuse JPY90 billion and JPY50
billion, respectively, in capital for Kokudo Corp's plan to
revive the Seibu Railway Co. group, Japan Today reports.

Kokudo, the core of the Seibu group, is also in view of selling
group-held Seibu Railway shares to some 30 companies including
Millennium Retailing Inc. Kokudo has asked each of the 30 firms
to buy JPYs1 billion worth of Seibu Railway shares.

CONTACT:

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


SEIKO EPSON: Swings to H1/2005 Loss on Weak Sales
-------------------------------------------------
Seiko Epson Corporation posted a net loss of JPY1.16 billion in
the first half to September, amid weaker demand for its
electronic devices and falling prices of its ink-jet printers,
AFX News reports.

The firm also incurred an operating loss of JPY3.0 billion in
its electronics device division, covering mobile liquid crystal
displays mainly used in cellular phone handsets. This was a
reversal of year ago profit of JPY37.1 billion.

Seiko Epson now sees its electronic devices division, covering
TFT LCD panels, posting a full-year operating loss of JPY10
billion, a reversal of its previous projection for profit of
JPY19 bln.

CONTACT:

Seiko Epson Corporation
3-3-5 Owa
Suwa, Nagano 392-8502, Japan  
Phone: +81-266-52-3131
Fax: +81-266-53-4844


SOFTBANK CORPORATION: Selling Shares Held in Tao Bao
----------------------------------------------------
Softbank Corporation announced that SB TB Holding Limited (head
office: Cayman Islands, representative: Kazuko Kimiwada), the
Company's wholly owned subsidiary, sold a portion of its
shareholdings in Tao Bao Holding Limited (head office: Hong
Kong, representative: Jack Ma,), the company's consolidated
subsidiary.

This is the scheduled transaction based on the announcement of
Strategic Partnership for Internet Business in China, announced
on August 11, 2005. With this sale of shares Tao Bao will be
excluded from the scope of consolidation of the Company.

I.  Outline of sale

1.  Number of Shares sold:  4,500,000 shares

2.  Sale price:  360 million US dollars
    (Approximately 41.7 billion yen, converted at 115.98 yen to
a dollar)

3.  Purchaser: Yahoo! Inc. (California, U.S.A., representative:
Jerry Yang)


II. Impact on consolidated financial results

The Company estimates that the sale of shares will contribute
approximately JPY40.6 billion to consolidated net income in the
third quarter for the fiscal year ending March 31, 2006.

CONTACT:

Sony Corporation
7-35, Kitashinagawa
6-chome, Shinagawa-ku
Tokyo 141-0001, Japan
Phone: +81-3-5448-2111
Fax: +81-3-5448-2244


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

DAEWOO SHIPBUILDING: Clinches Two LNG Carrier Orders
-----------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. enters alliance
with a Norweigian gas company to build two liquefied natural gas
(LNG) carriers, Asia Pulse reveals.

The contract directs Daewoo Shipbuilding to deliver the 156,100-
cubic-meter LNG carriers to Bergesen Worlwide Gas by May 2009.
The Company did not disclose the deal's value.

The Company is also set to ink a contract with Shipping
Corporation of India Friday to build two very large crude
carriers (VLCCs).

The 320,000-ton-class VLCCs will be delivered to the India's
state-run shipping company by July 2009, Daewoo Shipbuilding
said, adding the combined value of the orders reaches around
US$700 million.

The two contracts earned Daewoo four orders of LNG carriers this
year. Daewoo will also obtain additional orders to build six
more LNG carriers by the end of this year.

So far this year, Daewoo Shipbuilding has clinched a total of $7
billion in orders to build 43 vessels and offshore plants,
exceeding last year's records of $6.6 billion.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
140, Da-dong, Jung-Gu, Seoul
100-180 Korea
Telephone: 82 2 2129
Fax: 82 2 756 4390


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

ACOUSTECH BERHAD: SC Gives 6-Month Extension
--------------------------------------------
Acoustech Berhad (AB) refers to its announcement made to Bursa
Malaysia Securities Berhad dated April 26, 2005 in relation to
the Private Placement.

The Securities Commission, via its letter dated April 19, 2005
granted its approval for an extension of time of six (6) months
until October 26, 2005 to complete the implementation of the
Private Placement.

On behalf of the Board of Directors of AB, Hwang-DBS Securities
Berhad informed the Exchange that AB had on October 6, 2005
applied to the Securities Commission for an extension of time
for a further six (6) months until April 26, 2006 for AB to
complete the implementation of the Private Placement. The said
application is pending decision from the Securities Commission.

This announcement is dated 26 October 2005.


ANCOM BERHAD: Buys Back 138,900 Shares
--------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
   
Date of buy back: October 26, 2005

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

Total number of shares purchased (units): 138,900

Minimum price paid for each share purchased (MYR): 0.645

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 138,900

Number of shares purchased which are proposed to be cancelled
(units):
Cumulative net outstanding treasury shares as at to-date
(units): 16,014,800

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

CONTACT:

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


HUME INDUSTRIES: Buys Back Ordinary Shares
------------------------------------------
Hume Industries (Malaysia) Berhad submitted to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back: October 26, 2005

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

Total number of shares purchased (units): 210,000

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

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

Total consideration paid (MYR): 1,008,000.00

Number of shares purchased retained in treasury (units): 210,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,448,000

Adjusted issued capital after cancellation (no. of shares)
(units):  
   
This announcement is dated 26 October 2005.

CONTACT:

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


MAGNUM CORPORATION: Purchases New Shares on Buy Back
----------------------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
   
Date of buy back from : October 18, 2005

Date of buy back to: October 21, 2005

Total number of shares purchased (units): 1,221,700

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

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

Total amount paid for shares purchased (MYR): 2,435,545.46

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

Number of shares purchased retained in treasury (units):
1,221,700

Total number of shares retained in treasury (units): 68,546,700

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

Total issued capital as diminished:  

Date lodged with registrar of companies: October 26, 2005

Lodged by: Ms Gan Cheong Ann

CONTACT:

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


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 175,000
new ordinary shares of MYR0.50 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., Monday, October 31, 2005.


MAXIS COMMUNICATIONS: New Shares Granted Listing, Quotation
-----------------------------------------------------------
Maxis Communications Berhad advised that its additional 85,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, October 28, 2005.

CONTACT:

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


MEDIA PRIMA: Bourse Approves Trading Suspension Request
-------------------------------------------------------
Media Prima Berhad advised that Bursa Malaysia Securities Berhad
(Bursa Securities) has approved the Company's request for a
suspension in trading of its securities pending a material
announcement to be made on October 27, 2005 pursuant to
Paragraph 3.1 (b) of Practice Note 2/2001 of the Listing
Requirement of Bursa Securities.

This announcement is dated 26 October 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


MEDIA PRIMA: Converts ICULS to Ordinary Shares
----------------------------------------------
Media Prima Berhad advised that its additional 7,000 new
ordinary shares of MYR1.00 each arising from the conversion of
10,500 Irredeemable Convertible Unsecured Loan Stocks 2003/2008
into 7,000 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m. Friday, October 28, 2005.


METACORP BERHAD: Unveils Orders Sent Out by Court
-------------------------------------------------
Metacorp Berhad advised Bursa Malaysia Securities Berhad that
pursuant to an application by Fawziah Holdings Sdn Bhd
(Appellant) in the Appeal, the Court of Appeal has ordered,
inter alia, that:

(a) Metramac Corporation Sdn Bhd (Respondent) be and are
restrained whether by their servants or agents or howsoever
otherwise from disposing off or dissipating any of their assets
within the jurisdiction including monies which the Respondent
may receive hereafter up to a limit of MYR100 million until
further order; and

(b) The Appellant has given an undertaking as to damages in the
event the above order ought not to be granted with costs to
follow the event of the Appeal and the Court Order is to carry
the Penal Notice in Form 87C of the Rules of the High Court;

The Company's legal counsel is preparing to obtain leave to
appeal to the Federal Court against the above order.

This announcement is dated 26 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


PACIFIC & ORIENT: Issues Notice of Buy Back
-------------------------------------------
Pacific & Orient Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back: October 26, 2005

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

Total number of shares purchased (units): 13,500

Minimum price paid for each share purchased (MYR): 1.780

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

Total consideration paid (MYR): 24,384.06

Number of shares purchased retained in treasury (units): 13,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,625,389

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

CONTACT:

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


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad advised that its additional 461,600 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR461,600 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 461,600 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Friday, October 28, 2005.

CONTACT:

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


PELIKAN INTERNATIONAL: Converts ICULS to Ordinary Shares
--------------------------------------------------------
Pelikan International Corporation Berhad advised that its
additional 5,328 new ordinary shares of MYR1.00 each arising
from the;

(1) Conversion of MYR4,000 Nominal Value of 3 percent
Irredeemable Convertible Unsecured Loan Stocks 2005/2010 into
2,664 New Ordinary Shares.

(2) Conversion of MYR4,000 Nominal Value of 3 percent
Redeemable Convertible Unsecured Loan Stocks 2005/2010
into 2,664 New Ordinary Shares.

will be granted listing and quotation with effect from 9.00
a.m., Friday, 28 October 2005.


SUMATEC RESOURCES: Issues Arbitration Proceedings Update
--------------------------------------------------------
Reference is made to the earlier announcement by Sumatec
Resources Berhad (Sumatec) on October 21, 2005 on notice of
arbitration proceedings.

The Board of Directors of Sumatec issued to the Exchange of
the following additional information:

(1) No interest rate claim has been stated at the moment, but it
is unlikely that any such claim, if made later, would exceed 8
percent per annum from the date of the Notice of Arbitration.

(2) The circumstances arise out of a sub-contract dated January
12, 2004 for insulation works. The Claimant is making a claim
that it is owed money for costs, additional work it has to
perform and for costs of having to accelerate the progress of
the work. This is disputed by the Respondent.

(3) No financial or operational impact is anticipated.

(4) No losses are expected. However, the company may be liable
to pay the amount claimed with interest if we are found to be
liable at the conclusion of the arbitration.


TALAM CORPORATION: New Shares up for Listing, Quotation
-------------------------------------------------------
Talam Corporation Berhad advised that its additional 10,617,600
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of 106,176,011 Irredeemable Convertible Preference
Shares 2004/2009 into 10,617,600 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, October 31, 2005.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Malaysia
Phone: 603-2732222
Fax: 603-2731439


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

COLLEGE ASSURANCE: Clients Question Payment Made to Affiliate
-------------------------------------------------------------
College Assurance Plans Philippines Inc.'s (CAP) planholders
have questioned the Php340 million payment it extended to a
sister firm when the pre-need firm was financially distressed,
BusinessWorld reports.

Court documents show that CAP affiliate Warbird Security
Services, a security agency headed by Jose Montoya, received
Php171 million in 2004 aside from Php169 million in 2003 from
the pre-need firm, which was battling a multi-billion peso
actuarial reserve liability. The Php340 million was reportedly
channelled to the security agency whose directors include, among
others, John Sobrepena, Ferdinand Santos, Rafael Dongo,
Crescencio Bendigo, Gregorio Marquez, Romulo Espaldon and Rafael
Evangelista.

At the first hearing of CAP's rehabilitation petition yesterday,
lawyer Maricel Lopez, representing some planholders, expressed
dismay over the alleged manipulation of the Sobrepena firm to
evade its obligation to about 700,000 planholders.

"How could it pay Pyhp340 million to an affiliate when it could
not even pay the tuition of planholders? It has no right on
planholders' money. The trust fund belongs to the planholders,
as the pre-need law clearly states that it is separate from the
company's assets. Clearly, it [CAP] could not be rehabilitated,"
Ms. Lopez said.

Another group of lawyers, representing 70 CAP planholders, was
also present during the hearing. Officials from the Securities
and Exchange Commission also attended the hearing but CAP
officials were absent.

The case is set for another hearing on November 16.

CONTACT:

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


LMG CHEMICALS: Cease and Desist Order Lifted
--------------------------------------------
The Environmental Management Bureau of the Department of
Environment and Natural Resources - National Capital Region
(DENR-NCR), in an Order dated October 25, 2005, has formally
lifted the Cease and Desist Order dated September 13, 2004.

The Order shall not excuse respondent from strictly complying
with the conditions of all previous orders of its office, the
Environmental Compliance Certificate issued to its, and all
relevant laws and regulations.

CONTACT:

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


NATIONAL FOOD: Issues Notes to Fund Procurement Program
-------------------------------------------------------
Ailing National Food Authority (NFA) will issue Php8 billion
worth of long-term notes to fund its local rice procurement
program and its increasing rice importation requirements, The
Philippine Star has learned.

Land Bank of the Philippines was appointed as lead arranger and
issue manager of the agency's issuance of long-term notes.

The long-term notes will be backed by seven-year zero-coupons
issued by the government while the interest will be covered by a
guarantee from the Department of Finance (DoF)

NFA said four other banks participated in the syndication
agreement, namely, Equitable PCI Bank, Development Bank of the
Philippines, Philippine National Bank, and Philippine Veterans
Bank.

This would be the second consecutive year that the NFA has
tapped Landbank to arrange and executive a similar loan
facility. In April 2004, Landbank funded NFA's entire P5-billion
issue.

CONTACT:

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


NATIONAL POWER: Masinloc Sale Gets Green Light from WB
------------------------------------------------------
The World Bank, one of National Power Corporation's (Napocor)
major creditors, has consented to the sale of the Masinloc Power
plant to YNN Pacific consortium, Power Hotline reveals.

In a letter to President Nieves L. Osorio of the Power Sector
Assets & Liabilities Management Corporation (PSALM), World Bank
Country Director Joachim von Amsberg said the Bank has "no
objections" to the sale of the 600-megawatt coal-fired facility
to YNN, which won the bidding for Masinloc last year.

The World Bank go-signal comes on the heels of a similar
approval given by the Asian Development Bank (ADB), which last
July gave its "specific consent" to the sale of Masinloc, as
well as to the transfer of Napocor's other liabilities and
generation assets to PSALM.

While the WB and the ADB approved the Masinloc sale, President
Osorio said only the consent of the Japan Bank for International
Cooperation remains to be obtained by PSALM.

"Once we secure JBIC's consent, we can already request the
transfer of the required upfront payment of US$222.8 million (or
40 percent of the aggregate purchase price of US$557 million) to
the national government."

The Masinloc plant is the single biggest sale of PSALM since it
started bidding out Napocor's generation facilities last year.

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/   


RFM CORPORATION: Board Revokes Approvals
----------------------------------------
The Board of Directors of RFM CORPORATION in the regular meeting
held on even date, approved the following matters:

1. Appointment of Mr. Romeo L. Bernardo and Mr. Joseph Server
Jr. as additional members of the Audit Committee.

2. Revocation of the approval by the Board of Directors on 1
September 2005 of the reclassification of up to 836,798,690 of
its unissued common shares into the same number of redeemable
common shares with a par value of Php1.00 per share.

3. Revocation of the issuance of stock dividends approved by the
Board of Directors on 1 September 2005 consisting of up to
836,798,690 redeemable common shares out of the Corporation's
additional paid-in-capital (APIC).

The revocation of the aforementioned board approvals was due to
the issuance by the Securities and Exchange Commission of a
resolution on 20 September 2005 setting aside its earlier policy
allowing the issuance of stock dividend out of the Corporation's
additional paid-in-capital. With such resolution, the
Corporation can no longer implement said approvals.

CONTACT:

RFM CORPORATION
RFM Corporate Center,
Pioneer corner Sheridan Streets,
Mandaluyong City 1550,
Metro Manila, Philippines
Telephone: (63-2) 631-8101
Facsimile: (63-2) 631-5094
Web site: http://www.rfm.com.ph


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

ASIA PETROCHEM: Enters Winding Up Process
-----------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Asia Petrochem Shipping Pte Limited held on Oct. 25, 2005,
the members resolved to wind up the Company voluntarily.

The Company, which is a wholly owned subsidiary of Singapore
Shipping Corporation Pte Limited, has been inactive since March
19, 2003, and its net tangible assets as of Aug. 31, 2005
amounted to SGD323.

CONTACT:

Asia Petrochem Shipping Pte Limited
C/o 200 Cantonment Road
#09-01 Southpoint, Singapore 089673


ITOCHU PULP: Receiving Proofs of Claim Until Next Month
-------------------------------------------------------
Notice is hereby given that the creditors of Itochu Pulp & Paper
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 by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice.

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

Dated this 21st day of October 2005

Mikinaga Hotta
Ichiro Tsuge
Liquidators
c/o 9 Raffles Place
#41-01 Republic Plaza
Singapore 048619


RSH LIMITED: Acquires Inactive Malaysian Unit
---------------------------------------------
RSH Limited announced that it had acquired 3 ordinary shares of
MYR1 each, representing 100% of the issued and paid-up share
capital of Ogaan Fashions (M) Sdn Bhd from Messrs. Jagdev Singh
Gill and Sajni Gill for a total cash consideration of MYR3. Mr.
Jagdev Singh Gill is a director and substantial shareholder of
the Company and Mrs. Sajni Gill, who is also a substantial
shareholder of the Company, is his wife.

Ogaan was incorporated in Malaysia on May 6, 1992 with an
authorized share capital of MYR25,000 and an issued and paid-up
share capital of MYR3. Ogaan, which was engaged in the business
of retailing of sports goods and accessories, ceased operations
in August 1996 and had remained inactive since.

The Purchase Consideration was arrived at based on arms-length
negotiation basis, which took into account the zero net assets
value of Ogaan as stated in its audited accounts as at March 31,
2005.

The acquisition is not expected to affect the Company's net
assets and earnings for the financial year ending March 31,
2006.

CONTACT:

RSH Limited (formerly: Royal Clicks Limited)
190 MacPherson Road #07-08
Wisma Gulab
Singapore 348548
Phone: 65 67466555
Fax:   65 68404327


SINEXIMCO PTE: Intends to Pay Dividend
--------------------------------------
Sineximco Pte Limited, formerly of 101 Cecil Street, #19-02 Tong
Eng Building, Singapore 069533, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Sineximco Pte Limited
Last day for receiving proofs: Nov. 9, 2005
Name  & address of Liquidators: Chee Yoh Chuang & Lim Lee Meng
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 25th day of October 2005


STATS CHIPPAC: Quarterly Net Loss Lower Than Expected
-----------------------------------------------------
On Oct. 27, 2005, STATS ChipPAC Limited, a leading independent
semiconductor test and advanced packaging service provider,
announced its financial results for the third quarter ended
September 30, 2005.

Revenue for the three months ended September 30, 2005 increased
29.9% to USD301.3 million, compared to USD232.0 million in the
same quarter a year ago, a sequential increase of 14% compared
to the prior quarter and is in line with prior guidance. On a US
GAAP basis, net loss for the three months ended September 30,
2005 was USD1.0 million or USD0.01 per diluted ADS, compared to
net loss of USD7.4 million or USD0.05 per diluted ADS in the
same quarter a year ago.

US GAAP results for the third quarter of 2005 include USD14
million in special items and costs associated with the merger of
STATS and ChipPAC. Excluding the special items and including
certain adjustments, non-US GAAP adjusted net income in the
third quarter ended September 30, 2005 was USD13.0 million or
USD0.06 per diluted ADS, compared to net income of USD8.2
million or USD0.05 per diluted ADS in the same quarter a year
ago.

Tan Lay Koon, President and Chief Executive Officer of STATS
ChipPAC said, "The third quarter was a good quarter for us with
strong revenue growth and significant margin improvement. Demand
was strong across the board from most of our customers as we
benefited from the seasonal build, lower inventory levels at our
customers, and a more stable pricing environment. The third
quarter also marked the introduction of our 300mm wafer bumping
solution and with that, our ability to provide a total flip chip
solution to our customers.

During the quarter we qualified the line and entered production,
which has led to increase in demand for our flip chip solution.
Our focus remains on driving profitable growth, margin
improvement and disciplined capital investments. Our capital
investments are targeted at longer term high growth areas such
as 3D packaging, flip chip and test, and not short term
demand in commodity products."

Michael G. Potter, Chief Financial Officer of STATS ChipPAC
said, "Our gross margin improved by 330 basis points this
quarter as a result of improved utilization, more stable
pricing, and an increase in demand for our 3D packaging
services. We also achieved record revenue with the third quarter
revenue being higher than any combined prior quarters of the
pre-merger predecessor companies. With our balance sheet
strength, we are able to support the increased demand from our
customers but we will continue to target our capital
expenditures on high growth areas and associated test revenues.
We continue to focus on reducing or maintaining costs and on
being a stable and reliable supplier to our customers."

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

http://bankrupt.com/misc/tcrap_statschippac102705.pdf

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/


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

CIRCUIT ELECTRONIC: Seeks Plan Submission Extension
---------------------------------------------------
Circuit Electronic Industries Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that it was not able to submit its
reorganization plan to the Central Bankruptcy Court on the
specified date which is October 21, 2005.

The reason for the failure to submit the plan is that the
company's Proforma Financial Statement is still in the review
and amendment process.

The Company has requested the Central Bankruptcy Court to extend
the due date from October 21 to November 21, 2005 in which the
court approved as requested.

Please be informed

Yours sincerely,

Mr. Somboon Kritchanchai
Executive Vice President Finance

CONTACT:

Circuit Electronic Industries Public Company Limited   
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya    
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711   
Fax: 0-3533-0560, 0-3522-6710   
Web site: http://www.cei.co.th


DATAMAT: Answers SET's Letter
-----------------------------
The Stock Exchange of Thailand (SET) notified Datamat Public Co.
Ltd. to submit the additional information, related to the
substantial point of the Financial Statement and Notes to the
Financial Statement in the First Quarter of 2005, together with
the relevant evidence within October 26, 2005, which the details
stated therein having been acknowledged.

Whereas the Company is being under the rehabilitation process,
which on October 12, 2005, the Insolvency Court ordered to
appoint Advance Planner Co., Ltd., to be the planner and the
Company has the duty to bring to the said planner for all
property and documentation including the Company's seal in order
that the said planner will manage the business instead of the
Company as from the date of the Court's Order onwards.

Accordingly, the said planner has the duty to prepare the
explanatory letter of the additional information to the SET
whereby the Company has already informed and sent our officer to
coordinate with the planner's team for this issue.

However, the said planner has not thoroughly acknowledged the
information details related to the Company's Financial Statement
in Quarter 1 year of 2005 in which it is necessary to take a
time for studying the background including the relevant
documentation. In this respect, the said planner cannot process
the requirement in time according to the letter.

By these reasons, the Company would like to postpone the
specified due time of submission of the explanatory letter of
the additional information related to the Financial Statement in
Quarter 1 year of 2005 that the said planner expects to fully
undertake the preparation of additional information as required
to the Stock Exchange of Thailand within November 14, 2005.

Please kindly consider accordingly.

Sincerely yours,
Bhana Sawasdibutara
Chief of Executive Officer

CONTACT:

Datamat Public Company Limited   
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok    
Telephone: 0-2310-5111   
Fax: 0-2319-8208   
Web site: http://www.datamat.co.th


NATURAL PARK: Unit Undertakes Capital Increase
----------------------------------------------
Natural Park Public Company Limited, notified the Stock Exchange
of Thailand (SET) on the resolution of the Executive Committee
Meeting of the Company, held on October 25, 2005, approved the
Company to subscribe the increase in ordinary shares in Natural
Hotel Siam Company Limited (an affiliated company in which the
Company holds shares 75 percent of the paid-up capital of said
company) in the amount of 8,250,000 shares, priced at THB100 per
share, totaling THB825,000,000, to maintain the proportion of
the shareholding of the Company.

In the abovementioned transaction, the size of transaction
complied with the notification of the Stock Exchange of Thailand
Re: Rules, Procedures and disclosure of Acquisition and Disposal
of Assets of Listed Companies 2004, which is calculated from the
Company's financial statement as of June 30, 2005 according to
the value of consideration method, being 5.23 percent.

Nonetheless, the Shareholders' Meeting of Natural Hotel Siam
Company Limited held on October 21, 2005, has special resolution
to increase the registered capital from the existing registered
capital THB100 million to be the registered capital of THB1,200
million.  

This means the increase of registered capital of THB1,100
million, by issuing the ordinary shares of 11,000,000 shares,
par value at THB100 per share, to allocate and sell to the
existing shareholders according to the proportion of
shareholding at price THB100 per share.  

The increase capital will be use for the development of the Siam
Hotel and Service Apartments, which will be a five-star hotel on
the area of 18 rai adjacent to the Siam Paragon Shopping Center.

Please be informed accordingly.

Sincerely Yours,

Mr. Sermsin Samalapa
President and Chief Executive Officer

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   


PICNIC CORPORATION: Increases Registered Capital
------------------------------------------------
Picnic Corporation Public Co. Ltd. informed the Stock Exchange
of Thailand (SET) that it had increased its registered capital
from THB1,490,676,673 to THB2,975,676,673 and completely
allotted 1,477,673,297 shares to the existing shareholders on
October 11, 2005.

This results the Company's paid-up capital being increased to
2,955,346,594 shares.  The Company issued to the SET the list of  
the first top 10 major shareholders as of October 11, 2005,  
reported by Thailand Securities Depository Company Limited
(TSD):

Name                              No. of Shares      % of Total
                                                   Outstanding  
                                                       Shares

(1) Ms. Supaporn Lapvisutisin          273,384,700         9.25

(2) Mr. Theeratchanon Lapvisutisin     199,716,600          6.76

(3) Ms. Suwimon Thongkorn              110,000,000          3.72

(4) Ms. Kanokrat jittikuldilok          77,617,840          2.63

(5) Mr. Taveesak Luckkawong             48,460,400          1.64

(6) Dr. Pranee Par-earnchoke            42,500,390          1.44

(7) Mr. Chairat Lapsongsuk              28,303,257          0.96

(8) Ms. Pojjanalai Boonkun              26,500,000          0.90

(9) Ms. Ranee Urtaveekul                22,000,000          0.74

(10) Ms. Aim-On Raksriaksorn            20,000,345          0.68
     
            Total                      848,483,532         28.72
Note:

The no. of shares above exclude the shares deposited at
securities companies which are shown under Thailand Securities
Depository Company Limited name.

The changing shareholding structure above has no affect to the
Company's controlling power.

Please be informed accordingly

Sincerely yours,
Mr. Nuttachai Aramrasameewanich
Managing Director

CONTACT:

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


T.C.J. ASIA: SET Lifts Securities from Rehabco Sector
-----------------------------------------------------
The Executive Vice President of the Stock Exchange of Thailand
(SET) Mr. Suthichai Chitvanich announced that the SET would
transfer T.C.J. Asia Pcl.'s (TCJ) securities from the REHABCO
sector to the Machinery and Equipment Sector (Industrials Group)
on November 7, 2005, and allow trading to resume from that date
onward.

TCJ is the third firm whose securities were returned to its
regular sector this year, following those of Nakornthai Strip
Mill Pcl. (NSM) and K.C. Property Pcl. (KC)

Mr. Suthichai reported, "As noted in TCJ's letter requesting
approval to transfer to the Machinery and Equipment Sector, the
company has been disclosing its net operating profit from its
core business for three consecutive quarters (starting with
Q4/2004, ending December 31, through Q2/2005, ending June 30).
TCJ's financial statements, as of June 30, 2005,showed a
positive shareholder's equity of THB652 billion.

The company has also successfully completed its debt
restructuring and TCJ has been able to demonstrate both its
strong financial position and performance on a continuous
basis."

TCJ's strategic shareholders, who hold collectively 51,140,808
shares, (par value is THB10 per share) or 91.73 percent of the
total outstanding shares, have informed the SET that they will
not sell their securities for at least one year from the day
that TCJ resumes trading.

(The SET prohibits them from selling more than 25 percent of
their shares during the first six months after trading resumes,
while over the next six months, they may sell up to an
additional 25 percent), " the SET EVP said.

Mr. Suthichai emphasized to the other companies preparing to
leave the REHABCO sector that they had to:

(1) Show a positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) when leaving the REHABCO
sector;

(2) Have a net operating profit from the company's core business
for three consecutive quarters or one year before submitting the
application for reinstatement;

(3) Have successfully restructured over 75 percent of the
company's total debt and be able to settle debts on time; and:

(4) Be able to demonstrate the company's strong financial
position and performance on a continuous basis as supported by
the company's cash flows.

To allow the market mechanism to work freely, the SET will
temporary lift the ceiling and floor limits on TCJ's securities
on November 7, 2005.   

CONTACT:

T.C.J. Asia Pcl   
89/169 Moo 7, Vibhavadi Rangsit Road,
Don Muang Bangkok    
Telephone: 0-2552-6611, 0-2552-6622   
Fax: 0-2552-7185-6   
Web site: http://www.tcj.co.th



Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group Co. Ltd 000030    -182.94      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Shenz China Bi-A               000017      -206.9      50.08
Shenz China Bi-B               200017      -206.9      50.08
Sichuan Topsoft Investment     000583     (-45.54)    228.05
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT         NA         NA

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-50.36)     189.92

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       850.58

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87




                            *********


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

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

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

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

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

                 *** End of Transmission ***