TCRAP_Public/051102.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, November 2, 2005, Vol. 8, No. 217

                           Headlines


A U S T R A L I A

5S CONSTRUSS: Court Orders Winding Up
ANGORA QUEST: Members Resolve to Wind Up Firm
AUSTRAL COAL: Panel Declares Unacceptable Circumstances
AUSTRALIAN GAS: Fitch Places Rating on Watch Negative
AUSTRALIAN GAS: On S&P Watch Neg After Buying Southern Hydro

AUSTRALIS MINING: Goes Into Voluntary Administration
CARTER HOLT: Directors Now Recommend Rank Bid
CARTER HOLT: Adviser Cuts Valuation Range
CASTLE MOUNTAIN: Liquidator to Explain Winding Up to Members
CHEMEQ LIMITED: Agrees to Variation of Convertible Bond Terms

COMMUNITY SECURITY: Winds Up Business
C.O.N. HOLDINGS: Declares Dividend Today
CRANE GROUP: Completes Sale of Aluminium Business
EVANS & TATE: New Chief Dreams of Higher Shelf
FAIR DINKUM: Appoints Official Liquidator

FERNFIELD PTY: Declares First, Final Dividend
FLOCCO BROS: Decides to Close Operations
GROUP CONTAINERS: Final Meeting Fixed November 9
IVAN METALROOF: Winds Up Voluntarily; Names Liquidator
JAMES HARDIE: Sets Asbestos Deal Talks

KALPARA PTY: Placed Under Voluntary Liquidation
MELBOURNE CONSTRUCTION: Liquidator to Report Wind Up Manner
NILATE PTY: Intends to Distribute Final Dividend
PACIFIC CIVIL: Court Orders Winding Up
PLACER DOME: Ratings on CreditWatch Over Acquisition Proposal

PLANTATION EQUITY: Enters Liquidation
SALTY PLUM: Members, Creditors to Receive Liquidator's Report
SOUTHSIDE ENTERPRISES: Court Issues Wind Up Order
STANELLA PTY: Members Pass Winding Up Resolution
WILD YEAST: Final Combine Meeting Slated for November 9

ZAAR PTY: Creditors Asked to Submit Debt Claims


C H I N A  &  H O N G  K O N G

ALRIGHT FAR: Winding Up Hearing Set December 28
BANK OF CHINA: Declines to Comment on Temasek Report
CHINA CONSTRUCTION: Joins EBS FX Trading Platform
CURTAIN WALL: To Undergo Winding Up Process
E CONCEPT: Court Issues Winding Up Order

GARILOY ENTERPRISES: Set to End Operations
GOODLOOK INVESTMENT: Prepares to Close Business
HIYOSHI HONG KONG: Issues Debt Claim Notice
HONGKONG AND SHANGHAI HOTELS: Divests Phuket Land for HK$163 Mln
HOP SING: Court Issues Winding Up Order

JILIN CHEMICAL: Notes Unusual Volume Movement
LEGEND STAR: Schedules Winding Up Hearing November 23
LIANG SHAN: Winds Up Operations
SHENZHEN SEG: Expects to Book CNY140 Mln Loss
SOUTHWELL ENGINEERING: Winds Up Operations

SUN WAH: To Undergo Winding Up Process


I N D I A

PENTAMEDIA GRAPHICS: SEBI Debars Company, Directors


I N D O N E S I A

EXCELCOMINDO PRATAMA: Credit Rating Gets Positive Outlook
PERTAMINA: Invites Firms to Jointly Operate Oil Fields
PERTAMINA: Offers Discounts Amid Fierce Competition


J A P A N

FUJITSU LIMITED: Inks Information-System Outsourcing Deal
HITACHI LIMITED: Unveils 1H/2005 Consolidated Financial Results
JAPAN STORAGE: METI Approves Restructuring
MEIJI YASUDA: Fitch Downgrades IFS Rating
MITSUBISHI MOTORS: Outlander SUV Orders Double Target

MITSUBISHI MOTORS: To Replace Defective Door Glass
PIONEER CORPORATION: Unveils Semi Annual Results for Fiscal 2006
RESONA HOLDINGS: To Redeem Preferred Securities Before Maturity
* Houlihan Lokey Howard & Zukin Joins Forces with Orix


K O R E A

CITIBANK KOREA: Hopes to Resolve Recent Labor Dispute


M A L A Y S I A

AMTEL HOLDINGS: Results Swing to Black in 3Q
ASIAN PAC: Warrant Holders' Meeting Set November 15
AVANGARDE RESOURCES: Applies for Lifting of PN17/2005 Status
DAIMAN DEVELOPMENT: Winds Up Units
DUOPHARMA BIOTECH: New Shares up for Listing, Quotation

EKRAN BERHAD: Issues Status Report on Payment Default
HAP SENG: Buys Back Ordinary Shares
KL INFRASTRUCTURE: Asked to Submit Regularization Plan
MAXBIZ CORPORATION: Sees No Changes to Payment Default Status
MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares

MECHMAR CORPORATION: Retains Old Repayment Schedule
NAIM INDAH: Converts ICULS to Ordinary Shares
PACIFIC & ORIENT: Purchases 6,400 Shares
PILECON ENGINEERING: Posts no Changes to Payment Default Status
SYARIKAT KAYU: Books MYR3,186,000 Net Loss in 3Q

TAP RESOURCES: Processes RCSLS Proposals
TELEKOM MALAYSIA: SunShare Concludes M1 Share Acquisition


P H I L I P P I N E S

ATLAS CONSOLIDATED: Eyes IPO for Mine Rehab
BAYAN TELECOMMUNICATIONS: Shells Out More Capital to Boost Ops
NATIONAL FOOD: Penalizes Rice Retailers for Overpricing
NATIONAL POWER: PSALM Seeks US$223-Mln Payment for Masinloc
VICTORIAS MILLING: Unveils Director's Shareholding


S I N G A P O R E

ACCORD CUSTOMER: No Further Charges in Cheating Case
CITIRAYA INDUSTRIES: Attracts Two New Investors
EI-NETS LIMITED: Passes Resolutions at AGM
MORETON LOGISTICS: Intends to Pay Dividend Soon
NATSTEEL LIMITED: Court Approves Unit's Restructuring Scheme

SNP LOGISTICS: Placed Under Voluntary Liquidation
TUNG LOK: Turns Around in First Half of 2005
WSID PTE: Seeks Judicial Management


T H A I L A N D

METRO SYSTEMS: Dissolves Loss-Making Units
THAI-DENMARK: Unveils Submission Date of Reorganization Plan
THAI PETROCHEMICAL: Investors Brace for Court's Decision
TPI POLENE: Audit Committee Member Quits

     -  -  -  -  -  -  -  -

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

5S CONSTRUSS: Court Orders Winding Up
-------------------------------------
On Oct. 3, 2005, the Federal Court of Australia ordered the
winding up of 5S Construss Pty Limited, and appointed J. H.
Stewart to be the Company Liquidator.

Dated this 7th day of October 2005

J. H. Stewart
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


ANGORA QUEST: Members Resolve to Wind Up Firm
---------------------------------------------
Notice is hereby given that at a General Meeting of the members
of Angora Quest Pty Limited held on Oct. 3, 2005, it was
resolved that the Company be wound up voluntarily, and that
Samuel Richwol of O'Keeffe Walton Richwol, Chartered
Accountants, Suite 3, 431 Burke Road, Glen Iris 3146 be
appointed Liquidator for the winding up.

Dated this 3rd day of October 2005

Samuel Richwol
Liquidator
O'Keeffe Walton Richwol Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146


AUSTRAL COAL: Panel Declares Unacceptable Circumstances
-------------------------------------------------------
The Takeovers Panel on Thursday made a declaration of
unacceptable circumstances in relation to the affairs of Austral
Coal Limited, in the Austral Coal 02 (RR) proceedings, which
were remitted to the Panel by the Federal Court on September 14,
2005.

The matter relates to the failure of Glencore International AG
to disclose, between March 22, 2005 and April 4, 2005, during
the takeover bid by Centennial Coal Limited for Austral Coal,
that it had an interest in nearly 5% of the voting shares in
Austral Coal and hedged swaps over additional shares amounting
at one time to over 5% of the voting shares in Austral Coal.

The matter has previously been the subject of Panel decisions in
Austral Coal Limited 02 (2005) ATP 11 and Austral Coal Limited
02 (R) (2005) ATP 15. The Federal Court quashed the latter
decision and remitted it to the Panel for reconsideration in
Glencore International AG v Takeovers Panel (2005) FCA 1290. The
present decision is the result of that reconsideration.

The Panel will issue reasons for its decision next week.

The Panel has made no orders, but has sought parties'
submissions on what orders it should make, if any, arising out
of its declaration.

CONTRACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au

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


AUSTRALIAN GAS: Fitch Places Rating on Watch Negative
-----------------------------------------------------
Fitch Ratings placed its 'A'/'F1' Senior Unsecured and Short-
term ratings on The Australian Gas Light Company Limited (AGL)
on Rating Watch Negative following the company's announcement
that it will acquire Southern Hydro Limited (SHL) for AU$1.425
billion. The debt-funded acquisition is expected to be completed
by the end of November 2005.

The company also announced that it would demerge its operations
to form an unregulated business (AGL Energy) and a regulated
business (AGL Infrastructure). The proposed demerger requires
both shareholder and court approval and is expected to be
completed by April 2006.

Fitch acknowledged that the acquisition of SHL is strategically
positive for AGL. However, this is more than offset by a
significant weakening of AGL's financial profile. Fitch states
that upon completion of the SHL acquisition, AGL's senior
unsecured rating could be downgraded into the 'BBB' category.

"Once the demerger is finalized, the new structure will provide
investors with an improved level of transparency on the
individual credit strength of the demerged entities," said Kevin
Lewis, Associate Director in Fitch's Asia-Pacific Energy &
Utility team.

CONTACT:

Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465


AUSTRALIAN GAS: On S&P Watch Neg After Buying Southern Hydro
------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) placed its 'A' long-
term and 'A-1' short-term ratings on The Australian Gas Light
Co. (AGL) on CreditWatch with negative implications.
This action follows AGL's announcement that it had successfully
bid to acquire 100% of Southern Hydro Pty Ltd. for A$1.425
billion, and that it plans to demerge its energy business,
creating a separate listed energy company.

At the same time, Standard & Poor's placed its 'BBB+' long-term
corporate credit rating on Southern Hydro Pty. Ltd. on
CreditWatch with developing implications. The CreditWatch
Developing acknowledges that although Southern Hydro is to be
acquired by a parent with a stronger rating, there is the
possibility of the parent's creditworthiness deteriorating in
the short term.

In the immediate term, Standard & Poor's will discuss with AGL
the degree of integration risks involved in the Southern Hydro
transaction, and its effect on AGL's business and financial
profiles. "The analysis will include an assessment of the extent
to which there is benefit to AGL's retail operations stemming
from the hedge provided by Southern Hydro, and the deterioration
in financial metrics because the entire acquisition is being
debt funded," said Mark Legge, credit analyst, Corporate &
Infrastructure Finance Ratings group.

"The impact of the Southern Hydro acquisition on AGL's rating
will be resolved over the next month. The acquisition is
expected to be completed by the end of November 2005," he said.

The ratings on the energy and infrastructure businesses will be
driven by the strength of the business and financial profiles of
the respective entities. Important elements of the assessment
will include management's acquisition appetite (type and
extent), capital structure, cash flow quality, and financial
policies. It is intended that the major assets in the energy
business will include AGL's electricity and gas retail
operations, as well as its generation and PNG Gas Project
interests. The material assets in the infrastructure company
will include AGL's electricity and gas network interests. AGL's
indicative timetable indicates the scheme documents will be sent
to shareholders in February 2006, and, subject to shareholder
approval, the demerger is expected to be complete by April 2006.


AUSTRALIS MINING: Goes Into Voluntary Administration
----------------------------------------------------
The Company's Board of Directors voluntarily appointed Mr.
Robert Elliott and Mr. Richard Albarran of Hall Chadwick,
Chartered Accountants as Administrators of Australis Mining
Corporation Limited on October 31, 2005.

The Administrators contact details are set out below:

Hall Chadwick
Level 29,
31 Market Street
Sydney, NSW 2000

Phone: (02) 9263-2600
Fax: (02) 9263-2800

Further information with respect to the company will be made
available shortly.

CONTACT:

Australis Mining Corporation Limited
Level 35, 3504 100 Miller Street
North Sydney, NSW 2060
Phone: +612 8908 5988
Fax: +612 8908 5977
E-mail: w.kember@australismining.com.au
Web site: http://www.australismining.com.au

Hall Chadwick
Chartered Accountants & Business Advisers
Level 29
St. Morrins Tower
31 Marker Street
Sydney 2000
New South Wales
Phone: (02) 9263 2600
Fax: (02) 9263 2800
E-mail: hcsydinfo@hallchadwick.com.au


CARTER HOLT: Directors Now Recommend Rank Bid
---------------------------------------------
The Independent Directors of Carter Holt Harvey Limited
announced that, in light of significantly changed circumstances,
increased risks and taking into account the amended advice
provided by Grant Samuel, they have revised their original
recommendation to shareholders in respect of the Takeover Offer
(the Offer) by Rank Group Investments Limited (Rank Group).

The Independent Directors now unanimously recommend that
shareholders accept the Offer from Rank Group.

A full Statement from the Independent Directors together with
the amended advice from Grant Samuel is available at:
http://bankrupt.com/misc/tcrap_carterholt110105.pdf.

CONTACT:

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

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


CARTER HOLT: Adviser Cuts Valuation Range
-----------------------------------------
An independent valuation of Carter Holt Harvey Limited's shares
has been lowered, Dow Jones Newswires reports. The cut followed
a recent profit downgrade.

The independent directors of New Zealand-based Carter Holt
Harvey said in a statement that Grant Samuel & Associates has
reduced its valuation of the company's shares to a range of
NZ$2.43 to NZ$2.90, down from its prior range of NZ$2.55 to
NZ$2.95.

Now, a takeover bid from local billionaire Graeme Hart is viewed
as fair.

The directors last week asked Grant Samuel to revalue Carter
Holt Harvey after the company late last month sharply downgraded
its profit forecast for the current fiscal year.


CASTLE MOUNTAIN: Liquidator to Explain Winding Up to Members
------------------------------------------------------------
Notice is hereby given that a Final General Meeting of Castle
Mountain Camps Pty Limited will be held on Nov. 9, 2005, 9:00
a.m. at K. S. Black & Co., 1st Floor, 460 Church Street, North
Parramatta NSW, to present the Liquidator's account showing how
the winding up was conducted and the property of the Company
disposed of.

Dated this 11th day of October 2005

I. B. Edenborough
Liquidator
K. S. Black & Co.
1st Floor, 460 Church Street
North Parramatta NSW


CHEMEQ LIMITED: Agrees to Variation of Convertible Bond Terms
-------------------------------------------------------------
Chemeq Limited announced it has agreed to vary the terms of the
convertible bonds issued by the company earlier this year.

The variations were prompted by changes to the ownership of the
convertible bonds under which existing bondholder Stark Trading
(Stark) sought to purchase the convertible bonds held by fellow
investor Mizuho International plc (mizuho).

Accordingly, Stark and its affiliate Shepherd Investments
International have now acquired100% of the convertible bonds,
which have a face value of AU$60 million. The conversion by
Stark of some or all, depending on the ultimate conversion
ratio, of the bonds acquired from Mizuho may be subject to the
approval of Chemeq shareholders under the Corporations Act.

Chemeq and Stark have agreed to implement the steps required to
vary the bond deed to:

(1) Remove the covenant which requires Chemeq to achieve APVMA
product approval (for pigs) in Australia by April 30, 2006; and

(2) Include new financial covenants that require Chemeq to
achieve gross revenue from all sources of at least AU$4 million
for the year ending June 30, 2006 and have liquid assets of
AU$24 million or more at June 30, 2006.

Chemeq's Chief Executive Officer, David Williams said that he
was very pleased to have reached this agreement with Strak as it
showed their confidence in the company.

"While Chemeq is focused on securing APVMA approval for product
sale in Australia by April 30, 2006, the pace of regulatory
approval can be uncertain for a range of reasons," said Mr.
Williams.

"The new financial covenants under the bond deed are now within
our control and we are confident Chemeq can meet both of these
requirements based on current expectations."

"To date, Chemeq has satisfied all covenants."

"I have also advised the Board that I will not seek to alter my
short-term performance incentive, which is largely based on
securing APVMA product approval by April 30, 2006, as I am
personally committed to achieving APVMA approval by this
deadline."

Chemeq originally agreed to the covenants when negotiating the
AU$60 million capital raising in January this year.

The covenants give the bondholders certain rights in
circumstances where Chemeq fails to meet specific milestones.
These rights have not been amended in any way since the
convertible bonds were issued. The principal right is the
ability to demand repayment of the face value of the convertible
bonds.

Chemeq will provide a full update on its operations at its AGM
to be held on Thursday, November 24, 2005.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


COMMUNITY SECURITY: Winds Up Business
-------------------------------------
Notice is hereby given that at a meeting of creditors of
Community Security Monitoring Pty Limited held on Oct. 6, 2005,
it was resolved that the Company be wound up, and Robert
Molesworth Hobill Cole of Cole Downey Chartered Accountants,
Unit 2, 6 Moorabool Street, Geelong Vic 3220 was appointed
Liquidator for the winding up.

Dated this 10th day of October 2005

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


C.O.N. HOLDINGS: Declares Dividend Today
----------------------------------------
C.O.N. Holdings Pty Limited will declare a first and final
dividend today, Nov. 2, 2005.

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

Dated this 30th day of September 2005

Richard Auricht
Liquidator
Richard Auricht Chartered Accountant
242 Grenfell Street, Adelaide SA 5000
Phone: 08 8223 1033


CRANE GROUP: Completes Sale of Aluminium Business
-------------------------------------------------
Crane Group Limited announced that completion of the sale of its
Aluminium businesses to Aluminium Extrusion and Distribution Pty
Limited a subsidiary of Capral Aluminium Limited occurred on
October 31, 2005.

The transaction was successfully completed in line with the
terms outlined in the announcement made on August 23, 2005.

CONTACT:

Greg Sedwick
Managing Director
Phone: 8923 3000

Mark Fitzgerald
Finance Director
Phone: 8923 3000

Crane Group
Level 14, Philips House
15 Blue Street, North Sydney
NSW 2060 Australia
Phone: (02) 8923 3000
Fax: (02) 9954 5544
E-mail: corporate@crane.com.au
Web site: http://www.crane.com.au/


EVANS & TATE: New Chief Dreams of Higher Shelf
----------------------------------------------
The incoming chief executive of Evans & Tate declared he will
"reinvigorate" the embattled winemaker, according to the Sydney
Morning Herald.

Martin Johnson, a veteran of United States wine industry
marketing, said he is confident he can renew Evans & Tate's
tarnished image and push the company's wines to the higher-
priced premium end of the market.

Mr. Johnson said Evans & Tate's position in the highly regarded
Margaret River region stood it in good stead to win recognition
as a "craft" winemaker and draw higher prices in Britain and the
U.S.

"I'm very honored and pleased to be selected as the CEO of Evans
& Tate," said Mr. Johnson, who was also chief executive of Napa
Valley's Peju Winery.

Despite the glut of wine that is hurting most winemakers
worldwide, Mr. Johnson believes the industry has a "bright
future" because more people are drinking wine. "I think we've
seen the worst," he said.

But he said he will have to wait until settling in Perth and his
new job before making any big decisions.

Evans & Tate recently reported an AU$49.8 million loss for the
full year.

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


FAIR DINKUM: Appoints Official Liquidator
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Fair Dinkum Country Furniture Pty Limited held on
Oct. 6, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held on the same day,
it was resolved that Daniel I. Cvitanovic of Daniel I.
Cvitanovic Chartered Accountant, Level 1, 121-123 Crown Street,
Wollongong NSW 2500 be appointed Liquidator for such purpose.

Dated this 6th day of October 2005

Daniel I. Cvitanovic
Liquidator
Daniel I. Cvitanovic Chartered Accountants
Level 1, 121-123 Crown Street
Wollongong NSW 2500


FERNFIELD PTY: Declares First, Final Dividend
---------------------------------------------
Fernfield Pty Limited will declare a first and final dividend
today, Nov. 2, 2005.

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

Dated this 30th day of September 2005

Richard Auricht
Liquidator
Richard Auricht Chartered Accountant
242 Grenfell Street, Adelaide SA 5000
Phone: 08 8223 1033


FLOCCO BROS: Decides to Close Operations
--------------------- ------------------
Notice is hereby given that at an extraordinary general meeting
of members of Flocco Bros. Pty Limited held on Oct. 4, 2005, it
was resolved that the Company be wound up voluntarily, and
Geoffrey Trent Hancock of Horwath Sydney Partnership, Level 10,
1 Market Street, Sydney NSW 2000 was appointed Liquidator at a
creditors' meeting held that same day.

Dated this 4th day of October 2005

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


GROUP CONTAINERS: Final Meeting Fixed November 9
------------------------------------------------
Notice is hereby given that the final meeting of members of
Group Containers Pty Limited will be held on Nov. 9, 2005, 10:00
a.m. at the offices of BDO, 8th Floor, 256 St. George's Terrace,
Perth, to lay before the meeting the Liquidator's final account
and report, and to give any explanation thereof.

Dated this 30th day of September 2005

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


IVAN METALROOF: Winds Up Voluntarily; Names Liquidator
------------------------------------------------------
Notice is hereby given that at a meeting of shareholders of Ivan
Metalroof Pty Limited held on Oct. 3, 2005, a special resolution
was passed that the Company be wound up voluntarily, and that
Stan Knysh of Knysh & Associates be appointed Liquidator with
power to distribute the Company assets (in specie) for the
winding up, and that he be empowered to destroy all books and
papers of the Company after five (5) years of the date of
dissolution.

Dated this 4th day of October 2005

Stan Knysh
STAN KNYSH
Knysh & Associates
Level 2, 20 Smith Street
Parramatta NSW 2150


JAMES HARDIE: Sets Asbestos Deal Talks
--------------------------------------
James Hardie's lawyers and representatives of the New South
Wales (NSW) government are expected to meet this week to discuss
the latest draft of an agreement to compensate asbestos victims,
The Age reveals.

The parties are working at a draft 11 of an agreement for James
Hardie to compensate victims of the asbestos products it used to
manufacture.

The deal is currently valued at about AU$1.685 billion, but
could potentially be worth as much as AU$4.5 billion over the
next 40 years.

The constant delay in finalization of the agreement has angered
asbestos victims, unions and NSW Premier Morris Iemma. A draft
agreement was reached just before Christmas last year.

But James Hardie spokesman James Rickards said progress has been
made in the negotiations, which did not have a deadline for
completion. He said discussions remained centered on how the
deal may be affected by possible changes that could happen to
the company over the next four decades.

The company is expected to provide a further update on the
negotiations when it releases its half-yearly results next week,
if a deal is not reached by then.

CONTACT:

Investor and Analyst Inquiries:

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

Media Inquiries:

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


KALPARA PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that the following resolutions were
passed at an extraordinary general meeting of members of Kalpara
Pty Limited held on Oct. 4, 2005:

SPECIAL RESOLUTION

That the company be wound up by a Members' Voluntary
Liquidation.

ORDINARY RESOLUTIONS

(i) That Mark Copsey, a partner of Allworths Chartered
Accountants, Level 9, 31 Market Street, Sydney, NSW, be
appointed Liquidator of the Company.

(ii) That the Liquidator be entitled to charge fees to the
company for carrying out his duties as liquidator, at the rate
prescribed by the Institute of Chartered Accountants in
Australia.

Dated this 4th day of October 2005

Mark Copsey
Liquidator
Allworths Chartered Accountants
Level 9, 31 Market Street
Sydney NSW


MELBOURNE CONSTRUCTION: Liquidator to Report Wind Up Manner
-----------------------------------------------------------
Notice is hereby given that the final combined meeting of the
members and creditors of Melbourne Construction & Management Co.
Pty Limited will be held on Nov. 9, 2005, 11:00 a.m. at the
offices of Horwath BRI Brisbane, Level 4, 370 Queen Street,
Brisbane.

AGENDA:

(1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to receive any explanation required thereof.

(2) Any other business, which may be lawfully considered with
the foregoing matters.

Dated this 22nd day of September 2005

Gerald T. Collins
Liquidator
c/o Horwath BRI Brisbane
Level 4, 370 Queen Street
Brisbane Qld 4000


NILATE PTY: Intends to Distribute Final Dividend
------------------------------------------------
Nilate Pty Limited will declare a first and final dividend
today, Nov. 2, 2005.

Creditors who were unable to pay their debts or claims will be
excluded from the benefit of the dividend.

Dated this 16th day of September 2005

R. L. Duggan
Liquidator
c/o Ferrier Hodgson
Level 17/2 Market Street, Sydney NSW 2000


PACIFIC CIVIL: Court Orders Winding Up
--------------------------------------
On Oct. 4, 2005, the Supreme Court of New South Wales ordered
the winding up of Pacific Civil Constructions Pty Limited, and
appointed Sule Arnautovic to be Liquidator of the Company.

Dated this 4th day of October 2005

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


PLACER DOME: Ratings on CreditWatch Over Acquisition Proposal
-------------------------------------------------------------
Standard & Poor's Rating Services said it placed its ratings on
Barrick Gold Corp. on CreditWatch with negative implications
after the company announced that it is making an unsolicited bid
for Placer Dome Inc. At the same time, the ratings on Placer
Dome were placed on CreditWatch with positive implications.

A CreditWatch with negative implications means the ratings may
be lowered or affirmed, while a CreditWatch with positive
implications means the ratings may be raised or affirmed.

"Should the transaction be completed as proposed, the ratings
are not likely to fall below Placer Dome's 'BBB+' long-term
corporate credit rating," said Standard & Poor's credit analyst
Donald Marleau.

"The CreditWatch with negative implications on Barrick is driven
primarily by its acquiring of a company of similar size with a
weaker credit profile," Mr. Marleau added.

Last 12-months revenues for Placer Dome and Barrick are US$1.9
billion and US$2.0 billion, respectively. Placer Dome's
profitability, however, is markedly weaker than that of
Barrick's.

In resolving the CreditWatch, Standard & Poor's will evaluate
the combined entity's diversity and market position, cost
position and profitability, capital structure and capital
expenditures, and hedge books.

The proposed transaction will nearly double Barrick's already
broad base of operating mines, making it the largest gold
producer in the world with a portfolio of 26 mines producing
about 8.3 million ounces of gold pro forma for 2005.

The combined entity will have a good cost profile, although the
transaction will increase Barrick's cash costs, which are
currently the lowest among senior gold producers.

The proposed transaction will not increase the company's
currently moderate debt leverage, and cash from the proposed
asset sales should preserve the combined entity's conservative
net debt to capital. Nevertheless, both companies have
aggressive mine development plans in the next several years, and
the ratings have been supported in both cases by large cash
cushions that would help fund such capital expenditures.

Both companies have significant hedge books, although neither
currently poses onerous risks other than opportunity losses
incurred as gold output is delivered at a lower price than the
spot gold price.

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


PLANTATION EQUITY: Enters Liquidation
-------------------------------------
Notice is hereby given that at a meeting of creditors of
Plantation Equity Pty Limited held on Oct. 4, 2005, it was
resolved that the Company be wound up, and Stephen Neville Hall
of Forsyths, Chartered Accountants, 127 Marius Street, Tamworth
NSW 2340 was appointed Liquidator for the winding up.

Dated this 4th day of October 2005

Stephen N. Hall
Liquidator
Forsyths Chartered Accountants
127 Marius Street, Tamworth NSW 2340


SALTY PLUM: Members, Creditors to Receive Liquidator's Report
-------------------------------------------------------------
Notice is given that a meeting of the members and creditors of
Salty Plum Designs Pty Limited will be held on Nov. 10, 2005,
2:30 p.m. at the Conference Room, Worrells, Level 5, 15 Queen
Street, Melbourne Vic 3000, for the following purposes:

AGENDA

(1) To receive the final receipts and payments from the
Liquidator;

(2) To receive formal notice of the end of the administration;

(3) Any other business that may be considered with the
foregoing.

Dated this 20th day of September 2005

Paul
PAUL BURNESS
Liquidator
Worrells Solvency & Forensic Accountants
Web site: http://www.worrells.net.au/


SOUTHSIDE ENTERPRISES: Court Issues Wind Up Order
-------------------------------------------------
On Oct. 6, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Southside Enterprises Pty Limited be wound
up, and appointed Steven Nicols to be Official Liquidator of the
Company.

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


STANELLA PTY: Members Pass Winding Up Resolution
------------------------------------------------
At a General Meeting of Stanella Pty Limited held on Oct. 7,
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 7th day of October 2005

Sinclair Wilson
Liquidator
Accountants & Business Advisors
177 Koroit Street, Warrnambool Vic 3280


WILD YEAST: Final Combine Meeting Slated for November 9
-------------------------------------------------------
Notice is given that the final combined meeting of the members
and creditors of Wild Yeast Pty Limited will be held on Nov. 9,
2005, 10:15 a.m. at the offices of Horwath North Queensland,
corner of Aplin and Sheridan Streets, Cairns Qld
4870, to present the Liquidator's account showing the manner of
the winding up and disposal of the property of the Company, and
to hear any explanations that may be given by the Liquidator.

Dated this 23rd day of September 2005

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


ZAAR PTY: Creditors Asked to Submit Debt Claims
-----------------------------------------------
Notice is given that creditors of Zaar Pty Limited, whose debts
or claims have not already been admitted, are required on or
before Nov. 4, 2005 to submit particulars of their debts or
claims and of any security held by them to the Company
Liquidator.

If subsequently required by notice in writing from said
liquidator, they must formally prove their debts or claims and
establish any title they may have to priority by statement in
writing. If they do not comply with this notice, they will be
excluded from:

(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) objecting to the distribution.

Dated this 4th day of October 2005

P. Vrsecky
Liquidator
Draper Dillon
Level 4, 499 St. Kilda Road
Melbourne Vic 3004


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

ALRIGHT FAR: Winding Up Hearing Set December 28
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Alright Far East Limited by the High Court of Hong Kong Special
Administrative Region was on October 18, 2005 presented to the
said Court by Nanyang Commercial Bank, Limited whose registered
office is located at 151 Des Voeux Road Central, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 28, 2005.

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

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 24, 2005.


BANK OF CHINA: Declines to Comment on Temasek Report
----------------------------------------------------
Bank of China refused to comment on Chinese media reports that
regulators had temporarily blocked a US$3.1 billion investment
plan by Singapore's Temasek Holdings, according to Reuters.

The Chinese lender is seeking regulatory approval for a plan to
sell to Temasek a 10 percent stake as part of a restructuring
aimed at an eventual overseas share listing.

The financial magazine Caijing reported Monday that Central
Huijin Investment Co., the Bank of China's major shareholder,
failed to approve the Temasek deal at a recent board meeting.

Bank of China said it would not comment on related media
reports.

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


CHINA CONSTRUCTION: Joins EBS FX Trading Platform
-------------------------------------------------
EBS, the world's leading provider of electronic trading and
market data solutions to the interbank and professional trading
FX community, announced it is further strengthening its presence
in the Asian market by signing China Construction Bank
Corporation (CCB) as an EBS Spot and EBS Prime customer.

As the latest Asian bank to sign up as both an EBS Spot and EBS
Prime customer, the benefits to CCB include access to higher
levels of liquidity and thus optimum prices in the most actively
traded global currencies - the US dollar, Japanese yen, euro and
Swiss franc (CHF).

CCB was incorporated in China in 1954 and is a bank operating in
a commercial capacity. With an extensive network of more than
25,700 branches in China, CCB launched its initial public
offering in Hong Kong on 14 October as the first of China's big
four banks to list on an overseas stock market.

"Banks in China understand the need to join a global FX
platform," explained KC Lam, Head of Sales Asia Pacific, EBS.

"EBS' clients generate increased revenues through FX trading as
they are able to directly enter the interbank FX market to
access tighter pricing and global liquidity. China and its banks
are an important part of our global offering."

Mr. Guo Zhi Peng, FX Trading Division, Treasury Department,
China Construction Bank Corporation stated: "As one of the
leading banks in the domestic banking sector, CCB retains
leadership roles in key market segments.

"The bank continues to pursue innovative banking services to
retain a competitive edge. By partnering with EBS, we gain
access to the most competitive prices, which we are confident
will enhance our profitability and further strengthen our
position in the industry."

Global counterparties on EBS can exceed more than 1,000 deals
done per minute during peak trading periods.

EBS is strengthening its already leading presence in Asia.
Counterparties trading on EBS accounts for 70% of USD interbank
trading and offers exceptional liquidity in US dollar, euro and
yen currency pairs.

The volumes trading through EBS Spot (daily average of USD 120
billion single count) provide exceptional liquidity and spot FX
market data, particularly in the most actively traded currency
pairs.

In addition to China Construction Bank Corporation, EBS' other
customers in China include Bank of Communications, CITIC
Industrial Bank, Agricultural Bank of China and Bank of
Montreal. In May 2005 EBS signed Bank of Tokyo-Mitsubushi as its
first Asia-based EBS Prime Bank, and Standard Chartered became
the 18th Prime Bank in September 2005.

The 18 Prime Banks are: ABN AMRO, AIG, Bank of America, Barclays
Capital, Bear Stearns, Calyon, Citigroup, Credit Suisse First
Boston, Deutsche Bank, HSBC, JPMorgan, Lehman Brothers, RBS,
SEB, SG, Standard Chartered Bank, Bank of Tokyo-Mitsubishi and
UBS.

This is a company press release.

CONTACT:

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


CURTAIN WALL: To Undergo Winding Up Process
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Curtain Wall Company Limited by the High Court of Hong Kong
Special Administrative Region was on October 12, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 7, 2005.

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

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.

ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


E CONCEPT: Court Issues Winding Up Order
----------------------------------------
E Concept Engineering Limited whose place of business is
situated at Rm 1441-1443 14/F Chun Sing Factory Building 85-89
Kwai Fuk Road Kwai Chung 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 19,
2005.

Date of Presentation of Petition: August 19, 2005

Dated this 28th day of October 2005

ET O'Connell
Official Receiver


GARILOY ENTERPRISES: Set to End Operations
------------------------------------------
Gariloy Enterprises Limited whose place of business is situated
at Suite B 9/F Wah House 176-178 Tung Lo Wan Road Tai Hang 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 19, 2005.

Date of Presentation of Petition: August 17, 2005

Dated this 28th day of October 2005

ET O'Connell
Official Receiver


GOODLOOK INVESTMENT: Prepares to Close Business
-----------------------------------------------
Goodlook Investment Limited whose place of business is situated
at Flat 5 5/F Block E Hunghom Bay Centre 100 Baker 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 19, 2005.

Date of Presentation of Petition: August 20, 2005

Dated this 28th day of October 2005

ET O'Connell
Official Receiver


HIYOSHI HONG KONG: Issues Debt Claim Notice
-------------------------------------------
Notice is hereby given that the creditors of Hiyoshi Hong Kong
Limited, which is being voluntarily wound up, are required, on
or before November 28, 2005, to send in their names, addresses
and particulars of their debts or claims in accordance with Form
63A of the Companies (Winding-up) Rules, and the name and
address of their solicitors, if any, to the Liquidators of the
company.

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

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved and/or from
objecting to any distribution made before such priorities are
established.

Dated this 27th day of October, 2005

(Sd.) NATALIA K M SENG
(Sd.) SUSAN Y H LO
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road
Wanchai
Hong Kong


HONGKONG AND SHANGHAI HOTELS: Divests Phuket Land for HK$163 Mln
----------------------------------------------------------------
The Hongkong and Shanghai Hotels announced that its indirect
subsidiary, Siam Chaophraya Land Co Ltd (SCL), has agreed to
sell a land in Bang Tao Bay, Phuket, Thailand at the purchase
price of THB865 million (HK$162,673,000), Infocast News reports.

The proceeds from the disposal will be applied towards reducing
bank borrowings and as general working capital.

HK&SH said that the sale of the Phuket land is a further step
taken by it to dispose of non-core assets and to focus its
resources on developing and marketing its principal businesses
(ownership and management of prestigious hotels, commercial and
residential properties in key destinations in Asia and the USA)
and the Peninsula brand.

CONTACT:

The Hong Kong and Shanghai Hotels Limited
8/F St. Georg's Bldg. 2 Ice House Street,
Central, H.K.
Phone: 28407788
Fax: 28684770
Web site: http://www.hshgroup.com/


HOP SING: Court Issues Winding Up Order
---------------------------------------
Hop Sing Development Limited whose place of business is situated
at RM 1504 Lung Tat House Wong Tai Sin 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
19, 2005.

Date of Presentation of Petition: August 17, 2005

Dated this 28th day of October 2005

ET O'Connell
Official Receiver


JILIN CHEMICAL: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Jilin Chemical Industrial Company Limited, which is reproduced
as follows:

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

The company has noted the increases in the trading volume of the
shares of the Company and wishes to state that it is not aware
of any reasons for such increase, except for the announcement
regarding privatization of the Company and the third quarterly
report of the Company published on 31 October 2005.

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

Made by the order of the Board of Jilin Chemical Industrial
Company Limited, the directors of which individually and jointly
accept responsibility for the accuracy of this statement.

(Executive directors Yu Li, Zhang Xingfu, Li Chongjie, non-
executive directors Yang Dongyan, Ni Muhua, Jiang Jixiang, Xiang
Ze and independent non-executive directors Lu Yanfeng, Wang
Peirong, Zhou Henglong, Fanny Li)

By order of the Board

Zhang Liyan
Company Secretary
Jilin, the People's Republic of China
October 31, 2005"

CONTACT:

Jilin Chemical Industrial Company Limited
No. 9 Longtan Rd., Longtan District
Jilin 132021, China
Phone: +86-432-390-3912
Fax: +86-432-302-8126


LEGEND STAR: Schedules Winding Up Hearing November 23
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Legend Star Limited whose registered office is situated at Room
2302, 23rd Floor, Golden Centre, 188 Des Voeux Road Central,
Hong Kong by the High Court of Hong Kong Special Administrative
Region was on September 27, 2005 presented to the said Court by
China Will Investment Limited whose registered office is
situated at Unit 17, 7th Floor, Concordia Plaza, No. 1 Science
Museum Road, Tsim Sha Tsui, Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on November 23, 2005. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.

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

MESSRS. GEORGE TUNG, JIMMY NG & VALENT TSE
Solicitors for the Petitioner
Units 05-06, 25th Floor, Vicwood Plaza
199 Des Voeux Road Central
Central, Hong Kong

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


LIANG SHAN: Winds Up Operations
-------------------------------
Liang Shan Development Company Limited whose place of business
is situated at Flat 3 2/F Block A Shueng Shui Plaza 3 Ka Fu
Close Sheung Shui 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 19, 2005.

Date of Presentation of Petition: August 17, 2005

Dated this 28th day of October 2005

ET O'Connell


SHENZHEN SEG: Expects to Book CNY140 Mln Loss
---------------------------------------------
Shenzhen Seg Co., Ltd. (SZSE: 000058, 200058) reveals its major
financial indicators for the first three quarters of 2005 as
follows:

Earnings per share: CNY-0.075

Net asset per share: CNY1.86

Return on net equity: -4.05%

According to Panorama Network News, the company expects to post
a loss of CNY140 million this year.

The Group's principal activities are manufacturing and
distribution of color cathode tubes and other electronic
consumer goods. Other activities include leasing of properties
and counters, providing transportation and warehousing services
and designing and development of radio trunking and other
networking services.

CONTACT:

Shenzhen Seg Co. Ltd
Huaqiang North Road Futian District
Shenzhen, 518028
CHINA
Phone: +86 755 8374 7939
Fax: +86 755 8397 5237


SOUTHWELL ENGINEERING: Winds Up Operations
------------------------------------------
Southwell Engineering Limited whose place of business is
situated at Lot 54, D.D. 81 Sha Tau Kok Road Fanling New
Territories R.P. Fanling 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 19,
2005.

Date of Presentation of Petition: August 19, 2005

Dated this 28th day of October 2005

ET O'Connell


SUN WAH: To Undergo Winding Up Process
--------------------------------------
Notice is hereby given that a Petition for the Winding up of Sun
Wah Aluminium Windows by the High Court of Hong Kong Special
Administrative Region was on October 12, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 7, 2005.

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

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.

ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


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

PENTAMEDIA GRAPHICS: SEBI Debars Company, Directors
---------------------------------------------------
Securities and Exchange Board of India (SEBI) via an order dated
October 3, 2005 has confirmed the following directions already
issued through an ad interim order dated May 27, 2005, in the
matter of Pentamedia Graphics Ltd. (formerly Pentafour Software
and Exports Ltd.):

1. Pentamedia Graphics Ltd. (PMGL) and its directors - PMGL is
directed not to issue any further shares or alter its share
capital in any manner till further directions. The company and
its directors, namely Mr. V Chandrasekaran, Dr. S Ramani, Mr. T
V Krishnamurty, Ms. Usha Ganesarajah and Mr. S D Viswanathan are
prohibited from accessing capital market or dealing in
securities, in any manner, directly or indirectly, till further
orders in this regard by SEBI.

2. Vijay Advertising P Ltd. (VAPL) (Preferential Allottee) - The
sale proceeds accruing to VAPL from the above dubious deal is
directed to be impounded and VAPL is further directed to retain
the impounded sale proceeds in its account and the same should
not be utilized in any manner for any purpose. VAPL and its
directors namely Mr. M Vardharajan and Mrs. Bhuvaneswari should
not deal in securities market in any manner directly or
indirectly till further directions by SEBI in this regard.

Oriental Bank of Commerce, Mylapore branch and Cameo Corporate
Services Ltd., Chennai, the Share Transfer Agents for PMGL were
directed to preserve the original records available with them.

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

SEBI received complaints from Oriental Bank of Commerce (OBC),
Mylapore Branch (erstwhile Mylapore Branch of the Global Trust
Bank Ltd.) against Cameo Corporate Services Ltd. (Cameo),
Chennai, the Share Transfer Agents for PMGL alleging that,
despite repeated follow-up by OBC over a period of four months,
Cameo did not respond to the request of OBC for transfer of
shares held in the name of VAPL to the name of OBC.

The information so far collected by SEBI has revealed that PMGL
had availed various credit facilities from GTB and had huge
outstanding liabilities.

PMGL had entered into a Memorandum of Understanding with GTB for
restructuring of the dues and the subject share certificates
which were in physical form and held in the name of VAPL, a
preferential allottee and which shares were subject to lock-in
provisions, were pledged to OBC as security for the
restructuring fee payable by PMGL to OBC. When the shares
continued to be under pledge to OBC, PMGL issued another set of
original share certificates bearing the same distinctive numbers
to VAPL.

The above facts have been admitted by PMGL. VAPL in turn raised
a loan by pledging these shares to one Gem Class P Ltd.
presumably to bail out PMGL.

SEBI did not find any merit in the contention of PMGL that as
per its arrangement with GTB, the shares pledged to OBC were not
to be transferred in the name of the bank. Thus, it was clear
that PMGL had committed a major offence by issuing fake shares.
Hence, SEBI, in the interests of the investors and safety and
integrity of the securities market, had issued the above
directions through an ex-parte ad interim order dated May 27,
2005. Subsequently, after giving an opportunity to make oral and
written submissions to the concerned entities, SEBI has
confirmed the directions contained in the ad interim order, as
above.

CONTACT:

Pentamedia Graphics Limited
No 25 1st Main Road United India Colony
No 1 Chennai, TAMIL NADU 600 024
INDIA
Phone: +91 44-24833067
Fax: +91 44-24840362
Web site: http://www.penta-media.com


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

EXCELCOMINDO PRATAMA: Credit Rating Gets Positive Outlook
---------------------------------------------------------
On Oct. 31, 200, Standard & Poor's Ratings Services placed its
'B+' long-term corporate credit rating on Indonesia-based
cellular operator, PT Excelcomindo Pratama (Excelcomindo),
on CreditWatch with positive implication. In addition, the 'B+'
issue rating on the USD350 million bonds due Jan. 27, 2009,
issued by Excelcomindo's wholly owned subsidiary, Excelcomindo
Finance Co. B.V, was placed on CreditWatch with positive
implication. The bonds are guaranteed by Excelcomindo.

The placement of the ratings on CreditWatch with positive
implications comes after Telekom Malaysia Berhad (foreign
currency A-/Stable/--; local currency A/Stable/--) increased its
stake in Excelcomindo to 56.9% in October 2005. With the latest
acquisition, Telekom Malaysia became the Company's majority
shareholder. The increased stake was the result of Telekom
Malaysia exercising its call option, requiring PT Telekomindo
Primabhakti to sell the stake to the former's wholly owned
subsidiary, TM International (L) Ltd. Khazanah Nasional Berhad,
the parent of Telekom Malaysia, also holds a 16.8% stake in
Excelcomindo.

"Excelcomindo's credit quality is likely to be enhanced further
by Telekom Malaysia's increased shareholding, as Excelcomindo is
now a consolidated subsidiary of Telekom Malaysia," said
Standard & Poor's credit analyst Cheow Hon Lee.

A default in debt of over USD30 million by Excelcomindo will
trigger a cross default on some of Telekom Malaysia's
outstanding bonds amounting to USD800 million. The cross default
clause is found in some of Telekom Malaysia's outstanding debt
securities, such as its U.S. dollar bond due 2014.

As such, it is very likely that Telekom Malaysia would provide
financial support to Excelcomindo, if it is unable to service
Its debt obligations. In addition, Telekom Malaysia has had
management control over Excelcomindo since April 2005, including
the key appointments of the chief executive officer and chief
financial officer.

The degree of enhancement of Excelcomindo's credit quality by
Telekom Malaysia's increased shareholdings will be assessed in
the resolution of the CreditWatch, which is expected in mid-
November 2005.

CONTACT:

PT Excelcomindo Pratama
Jl. Mega Kuningan Lot. E4-7 No. 1
Kawasan Mega Kuningan
Jakarta 12950 - Indonesia
Phone: +62-21-579 59818
Fax: +62-21-579 59808
Web site: http://www.xl.co.id/


PERTAMINA: Invites Firms to Jointly Operate Oil Fields
------------------------------------------------------
State-owned oil and gas firm PT Pertamina has opened 41 of its
marginal oil and gas fields for operation together with other
firms, reports Dow Jones.

According to Pertamina president Widya Purnama, the Company is
inviting firms to jointly operate its fields. He also added that
some firms such as Sinopec and CNOOC had expressed interenst in
a partnership on the operation of such fields. He is optimistic
that high global fuel prices would attract companies to invest
in the oil/gas fields.

PT Pertamina currently has 64 joint operation arrangements with
other firms; 34 contracts are still in the explaration, while 30
contracts have started to produce fuel for commercial purposes.

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: Offers Discounts Amid Fierce Competition
---------------------------------------------------
State oil firm PT Pertamina is offering up to a 4% discount on
its oil-based fuels that are sold to major industries beginning
this month, the Jakarta Post reports.

According to Pertamina's fuel division chief Achmad Faisal, the
discounts would depend on the consumer's monthly fuel
consumption. Industries that consume at least 100 kiloliters per
month would get a 1% discount, while industries that use up more
than 3,000 kl of fuel per month will recieve a 4% discount.

Due to increased subsidies, the government allowed Pertamina to
increase its fuel prices to that of market prices, and maintain
its subsidized prices to small businesses and the poor, but it
has also allowe other firms to supply fuel to the industry.

Local firm PT Aneka Kimia Raya (AKR) Corporindo has been
supplying fuel to industries in East Java since October, and
foreign firms such as Petronas (Malaysia) and Shell
(Netherlands) plan to supply fuel to customers later this month.

Mr. Faisal said he hopes that the price discounts would attract
consumers, in light of the recent and upcoming competition. The
Company also plans to offer other services such as door-to-door
delivery of fuel products so as to attract more customers.

According to Pertamina, industry fuel prices beginning Nov. 1
are:

Type of fuel       Oct. price    Nov. price     Difference
Premium gasoline    IDR6,290      IDR5,890        -6.35%
Kerosene            IDR6,400      IDR6,480         1.25%
Diesel fuel         IDR6,000      IDR6,170         2.83%
Diesel oil          IDR5,780      IDR5,940         2.77%
Fuel oil            IDR3,810      IDR3,870         1.83%


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

FUJITSU LIMITED: Inks Information-System Outsourcing Deal
---------------------------------------------------------
Astellas Pharma Inc. and Fujitsu Limited have reached an
information-system outsourcing agreement on October 28. Under
the agreement, the operation of Astellas' information systems
which has been handled by Astellas Systems Co.,Ltd. (a wholly
owned subsidiary of Astellas, "Astellas Systems") and its
headquarter ERP systems will be outsourced to Fujitsu.

Under this agreement, Fujitsu will take in Astellas Systems'
know-how in pharmaceutical-related information systems, which
Fujitsu intends to leverage in expanding its business with
pharmaceutical companies.

While, Astellas will leverage Fujitsu's considerable experience
and the existing outsourcing structure, which has been formed at
Astellas, to realize a higher-quality and more efficient systems
operation.

Following this agreement, Astellas Systems is to be dissolved at
the end of March 2006.

About Astellas Pharma Inc.

Astellas Pharma Inc., located in Tokyo, Japan, is a
pharmaceutical company dedicated to improving the health of
people around the world through the provision of innovative and
reliable pharmaceutical products. In April 2005, the company was
formed through the merger of Fujisawa Pharmaceutical Co., Ltd.
and Yamanouchi Pharmaceutical Co., Ltd. The organization is
committed to becoming a global mega pharmaceutical company by
combining outstanding R&D and marketing capabilities and
continuing to grow in the world pharmaceutical market. For more
information on Astellas Pharma Inc., please visit the company's
website at www.astellas.com.

About Fujitsu

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

Press Contacts
Astellas Pharma Inc.
Corporate Communications
Phone: +81-3-3244-3201

This is a company press release.


HITACHI LIMITED: Unveils 1H/2005 Consolidated Financial Results
---------------------------------------------------------------
Hitachi Limited announced its consolidated financial results for
the first half of fiscal 2005, ended September 30, 2005.

During the interim period, the world economy remained healthy,
despite slowing economic growth in the U.S. caused mainly by
spiraling crude oil and gasoline prices and only a moderate
recovery in EU economics. China's economy continued to expand on
the back of increasing domestic demand while other Asian
economics saw growth in exports to China.

In Japan, the economy remained strong thanks mainly to growth in
private-sector plant and equipment investment spurred by higher
corporate earnings and to growth in consumer spending.

Against this backdrop, the Hitachi Group in the first half of
fiscal 2005 made Fujitsu Hitachi Plasma Display Limited (FHP) a
consolidated subsidiary with the aim of further expanding the
group's plasma display business. In another move, Hitachi agreed
to cooperate more closely with Clarion Co. Ltd. with the view to
bolstering the Car Information System (CIS) business. Other
actions were also taken during the first half to strengthen
businesses targeted for growth. Furthermore, to increase its
brand value, Hitachi ran the Hitachi Group Pavilion at the 2005
World Exposition held in Aichi, Japan. The pavilion attracted
more than 1.7 million visitors.

Hitachi's consolidated revenues were JPY4,413.3 billion, up 2
percent year on year. The Power and Industrial Systems segment
posted higher revenues on the back of recovering private-sector
plant and equipment investment, as did the High Functional
Materials & Components segment, mainly due to growth in sales of
components and materials for electronics- and automotive-related
fields. On the other hand, the Electronic Devices segment saw
revenues decrease as sales of LCDs declined due to stiffer
competition, and the Digital Media & Consumer Products segment
recorded lowers revenues due to falling prices.

Operating income dropped 39 percent year on year, to JPY77.7
billion due mainly to lower earnings in the Electronic Devices
and Information & Telecommunication Systems segments and an
operating loss in the Digital Media & Consumer Products segment.
On the other hand, the Power & Industrial Systems, High
Functional Materials & Components and Financial Services
segments recorded higher operating income.

As a result, Hitachi recorded income before income taxes and
minority interests of JPY82.1 billion, down 40 percent year on
year. After income taxes of JPY60.9 billion ye, Hitachi posted
income before minotiry interests of 21.1 billion yen. Hitachi
posted a net loss of 10.9 billion yen, compared with a net
income of 41.1 billion yen in the first half of fiscal 2004.

For more information, click on
http://bankrupt.com/misc/tcrap_hitachi110105.pdf


JAPAN STORAGE: METI Approves Restructuring
------------------------------------------
The Ministry of Trade and Industry (METI) has approved the
business-restructuring plan of Toyo Shigyo Printing Co. Ltd.
under the Law on Special Measures for Industrial Revitalization
on October 28, 2005.

The scheme was found to fulfill the requirements of Article 2,
Paragraph 2.1 concerning business restructuring, and of Article
2, Paragraph 2.2 concerning business innovation.

CONTACT:

Toyo Shigyo Printing Co. Ltd.
Coordination Dept.
1-3, Ashihara
Naniwa-ku Osaka
556-8555, Japan
Phone: 06-6567-5719


MEIJI YASUDA: Fitch Downgrades IFS Rating
-----------------------------------------
Fitch Ratings has downgraded the Insurer Financial Strength
(IFS) rating of Meiji Yasuda Life Insurance Company to 'A' from
'A+'. The rating Outlook is Stable.

The downgrade follows the announcement on October 28, 2005 by
Japan's Financial Services Agency (FSA) that it had found
serious legal violations at Meiji Yasuda Life, as well as
fundamental problems in the company's compliance and corporate
governance procedures.

These internal failings and violations included the following:
around 1,000 cases of inappropriate payment refusal to policy
beneficiaries, illegal insurance sales practices (e.g. sales
agents encouraging policyholders to make inaccurate declarations
to the company), slow implementation of previous administrative
orders from the FSA, failure of the board of directors and audit
committee to perform their internal control functions,
insufficient examination of complaints arising from refused
claims, inadequate resources for and development of the internal
audit function, inadequate parent supervision of an agency
subsidiary engaged in inappropriate sales practices, use of
inappropriate wording in customer service manuals, unequal
treatment of some ex-Meiji and ex-Yasuda policyholders and
unreasonable delays by the company in processing some policy
surrender requests.

As a penalty, the FSA announced that Meiji Yasuda Life would be
required to suspend business for two weeks from November 4, 2005
until November 17, 2005, during which time the company will be
forbidden to market or sell any new insurance contracts.

The FSA also announced that it would not approve the sale of any
new insurance product or permit any new business alliances with
other insurance companies or banks until Meiji Yasuda Life has
made progress in implementing far-reaching corporate governance
reforms.

In response to previous regulatory action, the company has
already announced a comprehensive plan of reforms including the
appointment of independent directors, the establishment of an
executive compliance committee and the creation of compliance
supervisory department to oversee all compliance issues at the
company.

In addition, the Chairman, President and Vice-president will
resign. The company is expected to implement further reforms in
response to this latest regulatory action.

Given that November is traditionally a strong month for new
policy sales in Japan, Fitch believes that the business
suspension order could have a material impact on Meiji Yasuda
Life's performance in the current fiscal year ending March 2006
(FYE06).

Furthermore, Fitch believes the potential damage to Meiji Yasuda
Life's franchise as a result of receiving its second regulatory
sanction within a year, could have a negative impact on the
company's sales force and brand image even after the end of the
two week business suspension period.

This could lead to higher turnover in the force of tied sales
agents, falling new business sales and increasing policy
surrenders and lapses. The company may also face dissatisfaction
from customers in its group life business, where Meiji Yasuda
Life is the market leader thanks to its particularly strong
franchise among regional civil servants.

Although all of these concerns were reflected in the Negative
Outlook that was previously assigned to the rating, Fitch has
decided that given the seriousness of the company's regulatory
problems, that a rating of 'A+' is no longer appropriate.
However, Fitch also notes that Meiji Yasuda Life currently has a
robust solvency and capital position, and a favorable earnings
structure thanks to its limited negative spread burden.

Moreover, the company's regulatory solvency and net free asset
ratios of 890.5% and 13.4% respectively at end-March 2005, are
expected to have improved even further when first half results
are announced at the end of November as a result of recent
increases in domestic stock prices. Consequently, today's
downgrade is limited to one notch and the rating Outlook is
changed to Stable from Negative.

In order for its rating to return to the 'A+' level the company
will need to make progress in implementing the internal reforms
demanded by the FSA - and so avoid further administrative
action. Fitch will also monitor the company carefully in the
second half of FYE06 to assess the effect, if any, of these
events on its performance and longer-term prospects.

Meiji Yasuda Life is Japan's third-largest life insurance
company with a market share of 13.2% of total assets, and 11.3%
of total premiums.

CONTACT:

Meiji Yasuda Life Insurance Company
1-9-1 Nishi-Shinjuku, Shinjuku-ku
Tokyo 169-8701, Japan
Phone: +81-3-3342-7111
Fax: +81-3-3215-8123


MITSUBISHI MOTORS: Outlander SUV Orders Double Target
-----------------------------------------------------
Mitsubishi Motors Corporation announced that as of October 30 it
has already taken 5,000 orders for the new SUV Outlander, just
two weeks since its launch on October 17. This greatly exceeds
the monthly sales target of 2,000 vehicles.

The company began accepting pre-launch orders for Outlander in
the middle of September and these had reached some 2,500 by the
October 17 launch date. Orders continued to flow in smoothly
after the launch and received over 2,500 orders at the New
Outlander Launch Fairs run by Mitsubishi dealerships throughout
Japan over the October 22 - 23 and 29 - 30 weekends.

The following outline describes visitors to the New Outlander
Launch Fairs and shows details on orders taken.

1. New Outlander Launch Fairs (run over two consecutive weekends
after launch)

(1) Number of visitors

66,000 groups. This figure exceeds the 60,000 groups who visited
similar fairs when Grandis was launched in May 2003.
(2) Visitor characteristics

Showroom visitors covered a wide 20 - 50 age range.

There was a particularly large number of married couples in
their 30's with families.

40% - 50% of visitors were owners of other makes of car, a
higher figure than with previous Mitsubishi brand new model
launches.

(3) Visitor evaluation of Outlander

Outlander features Mitsubishi's brand-identifying sporty styling
and delivers a level of exhilarating performance not to be found
in other SUV's.

Outlander offers many versatile convenience features including
the split tailgate and one-step fold-and-tumble second row
seats, while the premium sound system developed jointly with
Rockford Fosgate delivers a quality of sound far superior to the
average factory-fitted audio system.

Outlander offers excellent value for the money overall for its
size and equipment specification. This is particularly so with
the G grade which is fitted with the premium sound system as
standard. Also Outlander is offered with a HDD on-board
navigation system factory-fitted option at a very reasonable
price.

2. Outlander order breakdown

(1) By grade

M 10%
G 90%

(2) By seating capacity

7-seat 65%
5-seat 35%

(3) By body color

Cool silver metallic 30%
Black mica 20%
White pearl 15%
Medium purplish-grey mica 15%

Trade-in inquiries were received from owners of all makes of
SUV, minivan and sedan type cars.

Inquiries by those already driving Mitsubishi vehicles came from
owners of Pajero, Airtrek, Grandis, RVR and Legnum models.

CONTACTS:

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


MITSUBISHI MOTORS: To Replace Defective Door Glass
--------------------------------------------------
Mitsubishi Motors Australia was ordered to replace the driver's
door glass in some of its new 380 sedans because of spontaneous
fractures, The Australian reports.

Company spokesman Kevin Taylor said the carmaker has experienced
fewer than 20 such incidents in company cars or cars still held
in stock. No glass failures were reported in cars sold to the
public.

The carmaker had known a problem with a batch of vehicles and
was progressively checking cars and replacing the glass where
necessary.

Mr. Taylor said contrary to some reports the glass was not
exploding and remained safe, even after fracturing. The problem
appeared related to either a change in temperature or a vigorous
closing of the driver's door.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 Australia
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


PIONEER CORPORATION: Unveils Semi Annual Results for Fiscal 2006
----------------------------------------------------------------
Pioneer Corporation announced its consolidated second-quarter
and semiannual business results, and non-consolidated semiannual
business results, for the period ended September 30, 2005.

The second quarter of fiscal 2006, ended September 30, 2005,
resulted in consolidated operating revenue of 185,715 million
(US$1,643.5 million), a 2.3% increase from the corresponding
period in the previous year. This mainly reflects increased
sales of plasma displays, which compensated for decreased sales
of DVD products. Despite an increase in operating revenue,
operating loss of JPY7,519 million (US$66.5 million) was posted
during the period, compared to operating income of JPY8,386
million in the corresponding period of the previous year.

This loss was principally caused by lower market prices for our
main products due to more severe competition, resulting in
decrease of gross profit margins. As a result, net loss was
JPY6,918 million (US$61.2 million) compared with net income of
JPY3,312 million posted in the corresponding period of the
previous year. The average value of the yen during the period
was down 1.2% against the U.S. dollar and down 1.0% against the
euro from the corresponding period in the previous year.

Home Electronics sales increased 6.6% from the corresponding
period in the previous year to JPY81,753 million (US$723.5
million), as plasma display sales increased, despite a decrease
in sales of DVD products. In Japan, sales decreased 15.9% to
JPY19,028 million (US$168.4 million) mainly due to a decrease in
sales of DVD recorders and DVD players. Overseas sales increased
16.0% to JPY62,725 million (US$555.1 million), due to a rise in
sales of plasma displays worldwide, and of DVD drives for PCs in
Asia, despite the decline in sales of DVD drives for PCs in
Europe and North America and the discontinuation of sales of
cable TV set-top boxes in North America.

This business segment recorded operating loss of JPY13,140
million (US$116.3 million), compared to operating income of
JPY32 million in the corresponding period of the previous year.
Gross profit margins for plasma displays and DVD products
dropped due to lower market prices.

Car Electronics sales amounted to JPY78,140 million (US$691.5
million), up 4.5% over the corresponding period in the previous
year. Car audio product sales were good, although car navigation
system sales decreased, due to lower sales in Japan of these
systems to automobile manufacturers. In Japan, sales decreased
10.9% to JPY26,236 million (US$232.2 million), due to a decrease
in sales of car navigation systems to automobile manufacturers,
which reflected a lack of new car model launches in comparison
to the corresponding period of the previous year, despite an
increase in sales of car navigation systems for the consumer
market.

Overseas sales increased 14.5% to JPY51,904 million (US$459.3
million), due to growth in sales of car audio products and car
navigation systems to automobile manufacturers in North America,
and of car audio products for the consumer market in Central and
South America and Europe. Operating income decreased 37.8% to
JPY2,896 million (US$25.6 million) over the corresponding period
of the previous year, mainly as a result of the above-mentioned
decrease in sales of car navigation systems.

For more information, go to
http://bankrupt.com/misc/tcrap_pioneer1101.pdf

CONTACT:

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


RESONA HOLDINGS: To Redeem Preferred Securities Before Maturity
---------------------------------------------------------------
Resona Holdings, Inc. (Resona HD, President: Kenji Kawada)
decided to redeem the following extant preferred securities,
which were issued through private placements in 2002 and 2003 by
overseas special purpose companies. Details were announced as
follows:

1. Reason for the redemption

Resona Group has been implementing various reform measures since
it received public fund capital injection. Successful
implementation of such reform measures helped Resona Group
restore confidence and enabled the Group to raise new funds from
capital markets. Especially, with respect to repayment of public
funds, which is a management challenge of utmost importance,
Resona Group has started repayments on a major scale by repaying
the perpetual subordinated bonds worth 200 billion in September
and October of 2005.

In addition, Resona Group decided to redeem the following extant
preferred securities, which it procured from private sources
with a view to making a shift from private placements to
financing in capital markets for procurements of regulatory
capital.

For a copy of the outline of preferred securities to be
redeemed, go to http://bankrupt.com/misc/tcrap_resona110205.pdf

CONTACT:

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


* Houlihan Lokey Howard & Zukin Joins Forces with Orix
------------------------------------------------------
Houlihan Lokey Howard & Zukin, an international investment bank,
announced that it has agreed to join forces with ORIX
Corporation (NYSE: IX, TSE: 8591), a leading integrated
financial services group headquartered in Tokyo, in a move that
will expand Houlihan Lokey's financing strength and global
capabilities.

Under the agreement, the two firms will establish a holding
company that will own the business of Houlihan Lokey and the
corporate lending operations of ORIX USA Corporation, a wholly
owned subsidiary of ORIX.  ORIX USA will own approximately 70%
of the holding company, with Houlihan Lokey's current
shareholders owning the remaining share.  Houlihan Lokey will
continue to operate under its current name and its existing
management and board structure will remain in place.

The combination between Houlihan Lokey and ORIX forms a uniquely
attractive and complementary business platform.  "Houlihan Lokey
has had another record year of accomplishments in 2005, with
continued strong performances in each of our product and
industry lines, extension of our service offerings, and office
expansion within Europe," said Jeffrey Werbalowsky, Co-CEO of
Houlihan Lokey.  "In light of the substantial growth in our
corporate finance practice and the growing international demand
for our services, this is the ideal time for us to join forces
with ORIX, which will allow us to expand our presence around the
world and specifically in Asia."

Scott Beiser, Co-CEO of Houlihan Lokey, said, "Houlihan Lokey
and ORIX form a great strategic fit.  Our complementary business
lines will be made even more valuable by the structured
financing solutions and capital resources that ORIX has to
offer, and we look forward to new opportunities to better serve
our clients. In addition, we will continue to maintain our own
strong identity and professional independence, focusing on
providing the dedicated client services that we consider the
core of our franchise."

Yoshihiko Miyauchi, CEO of ORIX Corporation, said, "As a leading
international investment bank, Houlihan Lokey's combination with
ORIX will further strengthen our existing leadership in our core
business areas.  Working together with ORIX USA, Houlihan Lokey
will be a dynamic vehicle in our strategy to enhance our U.S.
presence, and we look forward to leveraging the respective
strengths and natural synergies between the two organizations."

The combined enterprise is expected to begin operations in the
first quarter of 2006, with Houlihan Lokey and the ORIX USA
Corporate Finance Group operating independently under their
respective brand names.  The holding company established to own
the two entities will initially have approximately $2.5 billion
in total assets. The new enterprise will have approximately 800
employees and operate from 10 locations in the United States and
Europe.

Houlihan Lokey was established in 1970 primarily as a provider
of valuation services and has grown since that time to become
the leading advisor in middle-market M&A transactions, one of
the largest financial advisory firms in the United States, and a
dominant global force in financial restructuring.  The firm this
year advised M&A clients such as MidAmerican Energy Holdings Co.
in its acquisition of PacifiCorp and Mammoth Mountain Ski Area
in its sale to Starwood Capital Group.  Houlihan Lokey has also
advised the official creditors' committees in the three largest
bankruptcies of all time:  Enron, WorldCom and Conseco.  The
firm this year opened a Paris office, its 10th worldwide
location.

ORIX Corporation is a publicly traded international financial
services company with operations in 24 countries and regions
worldwide.  Its U.S. subsidiary, ORIX USA, is headquartered in
Dallas and provides corporate lending, leasing and real estate
services.  Since beginning its operations over 20 years ago,
ORIX USA has expanded its activities to virtually all aspects of
middle-market commercial and real estate financing.

ABOUT HOULIHAN LOKEY HOWARD & ZUKIN

Houlihan Lokey Howard & Zukin, an international investment bank,
provides a wide range of services, including mergers and
acquisitions, financing, financial opinions and advisory
services, and financial restructuring. Houlihan Lokey has ranked
among the top 10 M&A advisors in the U.S. for the past five
years, has been the No. 1 provider of M&A fairness opinions for
five consecutive years, and has one of the largest worldwide
financial restructuring practices of any investment bank.
Established in 1970, the firm has over 700 employees in 10
offices in the United States and Europe. We annually serve more
than 1,000 clients ranging from closely held companies to Global
500 corporations. For more information, visit Houlihan Lokey's
Web site at <http://www.hlhz.com/>www.hlhz.com.

ABOUT ORIX CORPORATION

ORIX Corporation (NYSE: IX, TSE: 8591) is an integrated
financial services group based in Tokyo, Japan, providing
innovative value-added products and services to both corporate
and retail customers.  With operations in 24 countries and
regions worldwide, ORIX's activities include corporate financial
services, such as leases and loans, as well as automobile
operations, rental operations, real estate-related finance, real
estate, life insurance, and investment banking.  For more
information, please visit our Web site at:
www.orix.co.jp/grp/index_e.htm.

Houlihan Lokey Howard & Zukin and Houlihan Lokey are trade names
for Houlihan, Lokey, Howard & Zukin, Inc. and its subsidiaries
and affiliates which include: Houlihan Lokey Howard & Zukin
Financial Advisors, Inc., a California corporation, a registered
investment advisor, which provides investment advisory, fairness
opinion, solvency opinion, valuation opinion, restructuring
advisory and portfolio management services; Houlihan Lokey
Howard & Zukin Capital, Inc., a California corporation, a
registered broker-dealer and SIPC member firm, which provides
investment banking, private placement, merger, acquisition and
divestiture services; and Houlihan Lokey Howard & Zukin (Europe)
Limited, a company incorporated in England which is authorized
and regulated by the U.K. Financial Services Authority, which
provides investment banking, restructuring advisory, merger,
acquisition and divestiture services, valuation opinion and
private placement services.

Contact:

Les Hoy
ORIX Corporation
Corporate Communications
Phone: +81-3-5419-5102
Fax: +81-3-5419-5901
E-mail: orixir@orix.co.jp
Web site: www.orix.co.jp/index_e.htm


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

CITIBANK KOREA: Hopes to Resolve Recent Labor Dispute
-----------------------------------------------------
The president and chief executive officer of Citibank Korea is
open to negotiations with the labor union of KorAm Bank, in
order to narrow differences over key management issues, reports
The Korea Times.

The Korean banking sector is struggling from misunderstanding
and trust between management and labor following a series of
mergers in recent years.

Citibank is concerned of the labor dispute currently engulfing
it right now. It plans to seek confidence-building measures
consistently to emerge as a leading bank.

President and CEO Ha Yung-ku said "Citibank management is ready
to negotiate, but if the union decides to go on strike, we will
try to minimize inconveniences for our customers."

"It takes a long time to overcome cultural differences when the
two different organizations become one," Mr. Ha said.

"When Citibank took over KorAm Bank one year ago, it meant
Citibank has chosen to take a different path in Korea and to
advance into more business areas," Mr. Ha said.

"Despite its long presence in Korea, Citibank had operated a
limited number of branches for a limited number of customers. As
Citibank and KorAm has become one, the bank will pursue growth
in both consumer and corporate banking."

The labor dispute in Citibank pushed it to delay the merger of
its banking system with KorAm.  The bank is alarmed of the
inconvenience it could cause to users.  But on the lighter side,
the CEO said the system integration is now in the final phase.

Citibank Korea recently expressed interest to join the race for
LG Card, but the decision depends on conditions to be attached.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


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

AMTEL HOLDINGS: Results Swing to Black in 3Q
--------------------------------------------
Amtel Holdings Berhad issued to Bursa Malaysia Securities Berhad
a copy of its Third Quarter Financial Report for the financial
period ended August 31, 2005.

Summary of Key Financial Information
August 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/08/2005    31/08/2004      31/08/2005     31/08/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    15,700        43,649          46,500        106,489

(2) Profit/(loss) before tax

    56            -1,130          -1,533        -1,117

(3) Profit/(loss) after tax and minority interest

    244           -1,617          -1,553        -2,400

(4) Net profit/(loss) for the period

    244           -1,617          -1,553        -2,400

(5) Basic earnings/(loss) per shares (sen)

    0.53           -3.86           -3.58         -5.73

(6) Dividend per share (sen)

    0.00            0.00            0.00          0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

        0.7948                     0.8133

To view a full copy of the quarterly report, click
http://bankrupt.com/misc/AmtelHoldings103105.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/AmtelHoldingsQ3FY2005NOTES.doc

CONTACT:

Amtel Holdings Berhad
95A, Jalan Pekeliling Lama,
Kuala Lumpur Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40421244
Fax: 03-40428560


ASIAN PAC: Warrant Holders' Meeting Set November 15
---------------------------------------------------
Notice is hereby given that the adjourned Warrant Holders'
Meeting of Asian Pac Holdings Berhad will be held at Anggerik
Room, 4th Floor, Hotel Equatorial, Jalan Sultan Ismail, 50250
Kuala Lumpur on Tuesday, November 15, 2005 at 11:00 a.m..

Click to view the Notice of the Adjourned Warrant holders'
meeting dated November 2, 2005
http://bankrupt.com/misc/AsianPacNoticeadjournedmeeting.doc

This announcement is dated 31 October 2005.

CONTACT:

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


AVANGARDE RESOURCES: Applies for Lifting of PN17/2005 Status
------------------------------------------------------------
In compliance with Paragraph 3.1 (b) of PN17/2005, Avangarde
Resources Berhad announced to Bursa Malaysia Securities Berhad
the following development since the last announcement on October
3, 2005 relating to the company's plan to regularize its
condition.

Based on the estimated progress claims of contract awarded to
the company's wholly owned subsidiary, Align Metro Sdn. Bhd.
(AMSB) on September 27, 2005, Avangarde Resources Berhad is
expected to record sufficient revenue by end December 2005 which
will in turn represent more than 5 percent of the company's
issued and paid-up share capital.

In this respect, the award of the Contract to AMSB is in line
with Avangarde Resources Berhad's plan to increase the Group's
contract book order and revenue which in turn will help
regularise the financial condition of Avangarde Resources Berhad
pursuant to PN 17/2005.

Upon achieving a turnover MYR2.2 million which represents more
than 5 percent of the issued and paid-up capital of the company
of MYR43.75 million, the company will apply to Bursa Malaysia
Securities Berhad for the uplifting of the company from PN
17/2005 status.

This announcement is dated 2 November 2005.

CONTACT:

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


DAIMAN DEVELOPMENT: Winds Up Units
----------------------------------
Daiman Development Berhad submitted to Bursa Malaysia Securities
Berhad details of the Member's Voluntary Winding Up of:

(1) Daiman Roof Tiles Sdn Berhad (DRTSB)

(2) Rassana Sdn Berhad (RSB)

Daiman Development Berhad informed the Exchange that it will
place DRTSB and RSB, the wholly owned subsidiaries of the
Company, under Member's Voluntary Winding-Up pursuant to Section
254(1)(b) of the Companies Act, 1965. Mr. Ong Seng Pheow of 16,
Jalan 14/54, 46100 Petaling Jaya, Selangor will be appointed as
liquidator of DRTSB and RSB.

DRTSB is a subsidiary of RSB and has been dormant since 1 July
2002. The Company has no future plans to activate these
companies.

The announcement is dated 31 October 2005.

CONTACT:

Daiman Development Bhd
Room 501, 5th Floor,
Wisma Daiman, 64, Jalan Sulam,
Taman Sentosa, Johor Bahru Johor 80150
Malaysia
Telephone: 07-3311366
Fax: 07-3312006


DUOPHARMA BIOTECH: New Shares up for Listing, Quotation
-------------------------------------------------------
Duopharma Biotech Berhad advised that its additional 19,500 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, November 7, 2005.


EKRAN BERHAD: Issues Status Report on Payment Default
-----------------------------------------------------
Ekran Berhad provided Bursa Malaysia Securities Berhad a status
report in respect of the default in payment of the credit
facilities of the company.

To view a full copy of the report, click
http://bankrupt.com/misc/EkranBerhadLoaninDefaultOctober05.doc


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

Date of buy back from: October 24, 2005

Date of buy back to: October 26, 2005

Total number of shares purchased (units): 19,000

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

Maximum price paid for each share purchased (MYR): 2.130

Total amount paid for shares purchased (MYR): 40,101.76

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

Number of shares purchased retained in treasury (units): 19,000

Total number of shares retained in treasury (units): 33,601,400

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: October 28, 2005

Lodged by: Cheah Yee Leng

CONTACT:

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


KL INFRASTRUCTURE: Asked to Submit Regularization Plan
------------------------------------------------------
KL Infrastructure Group Berhad (KLINFRA) issued to Bursa
Malaysia Securities Berhad an announcement pursuant to Practice
Note No. 17/2005.

(1) Introduction

In compliance with Paragraphs 2, 3 and 4 of Practice Note No.
17/2005 (PN17/2005), which sets out the criteria and obligations
as an affected listed issuer pursuant to Paragraph 8.14C of the
Listing Requirements (LR) of Bursa Malaysia Securities Berhad
(Bursa Securities), the Board of Directors of KLINFRA advised
the Exchange that based on the Audited Financial Statements of
KLINFRA for the financial year ended April 30, 2005, KLINFRA has
certain loan covenants relating to a subsidiary's borrowing that
have not been met.

Consequently, an event of default may be called by the lenders
which may result in the recall of the entire borrowings relating
to its Infrastructure and Government support loans pursuant to
the borrowing facilities agreements. In addition, these long-
term loans may need to be reclassified as current liabilities.
As such, KLINFRA is an affected listed issuer under PN17/2005.

(2) Obligations of KLINFRA as an affected Listed Issuer

In accordance with PN17/2005, KLINFRA is required to comply with
the following conditions:

(a) Submit a Regularization Plan as defined in paragraph
8.14C(3) of the LR to the relevant authorities for approval, and
where the relevant authorities' approval are not required, to
obtain all other approvals necessary for the implementation of
the Regularization Plan within 8 months from the date of this
announcement (Submission Timeframe);

(b) Implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe stipulated by Bursa Securities (Implementation
Timeframe);

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;
and

(d) Announce its compliance or non-compliance with a particular
obligation pursuant to PN17/2005 on an immediate basis.

(3) Consequence of Non-Compliance

Should KLINFRA fails to comply with the obligation to regularize
its condition, all of its listed securities shall be suspended
from trading on the 5th market day after expiry of the
Submission Timeframe or Implementation Timeframe, as the case
may be, and de-listing procedures shall be taken against
KLINFRA.

(4) Status of Plan to Regularize Condition

The Directors of the subsidiary company have initiated
discussions with the lenders to waive compliance with the debt
service ratio requirement for repayment of interest due on
December 29, 2005.

A formal application on the above will be submitted to the
lenders shortly and any subsequent developments will be
announced in due course.

This announcement is dated 28 October 2005.


MAXBIZ CORPORATION: Sees No Changes to Payment Default Status
-------------------------------------------------------------
The Board of Directors of Maxbiz Corporation Berhad informed
Bursa Malaysia Securities Berhad that there is no change in the
status of the default in payment in relation to the redemption
of 50 percent of the nominal amount of the MYR3.0 million 2
Years 5% Redeemable Unsecured Loan Stocks (RULS) from the RULS
holders.

This announcement is dated 31 October 2005.


MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad advised that its additional 89,000
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., Monday, November 7, 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


MECHMAR CORPORATION: Retains Old Repayment Schedule
---------------------------------------------------
Mechmar Corporation (Malaysia) Berhad advised Bursa Malaysia
Securities Berhad that there is no change to the agreed
repayment schedules of the restructured loans.

Attached the list of restructured loans and repayment schedules
for reference.
http://bankrupt.com/misc/MechmarCorporation103105.xls

CONTACT:

Mechmar Corporation (Malaysia) Berhad
No 1, Jalan Perunding, U1/17, Seksyen U1,
HICOM-Glenmarie Industrial Park,
Shah Alam Selangor 40150 Malaysia
Telephone: 03-55692828
Fax: 03-55691316


NAIM INDAH: Converts ICULS to Ordinary Shares
---------------------------------------------
Naim Indah Corp. Berhad advised that its additional 12,000 new
ordinary shares of MYR0.20 each arising from the conversion of
12,000 Nominal Value of MYR0.20 Irredeemable Convertible
Unsecured Loan Stocks 2003/2006 into 12,000 New Ordinary Shares
will be granted listing and quotation with effect from 9:00
a.m., Tuesday, November 8, 2005.


PACIFIC & ORIENT: Purchases 6,400 Shares
----------------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: October 28, 2005

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

Total number of shares purchased (units): 6,400

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

Maximum price paid for each share purchased (MYR): 1.820

Total consideration paid (MYR): 11,675.94

Number of shares purchased retained in treasury (units): 6,400

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,634,789

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


PILECON ENGINEERING: Posts no Changes to Payment Default Status
---------------------------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
on September 30, 2005 with regards to the status of default in
payment pursuant to Practice Note 1/2001, the Company announced
that there have not been any changes to the status of default
since then.

CONTACT:

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


SYARIKAT KAYU: Books MYR3,186,000 Net Loss in 3Q
------------------------------------------------
Syarikat Kayu Wangi Berhad furnished Bursa Malaysia Securities
Berhad a copy of its Third Quarter Financial Report for the
financial period ended August 31, 2005.

Summary of Key Financial Information
August 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/08/2005    31/08/2004      31/08/2005     31/08/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    4,524         6,719           17,034         20,178

(2) Profit/(loss) before tax

    -3,149        -9              -4,468         -1,605

(3) Profit/(loss) after tax and minority interest

    -3,186        -9              -4,499         -1,605

(4) Net profit/(loss) for the period

    -3,186        -9              -4,499         -1,605

(5) Basic earnings/(loss) per shares (sen)

    -11.82         0.05           -21.58          -9.42

(6) Dividend per share (sen)

    0.00           0.00             0.00           0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

       0.5684                      0.4175

To view a full copy of the quarterly report, click
http://bankrupt.com/misc/SyarikatKayuQuarterlyResults103105.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/SyarikatKayuNotesInterimReport103105.do
c

CONTACT:

Syarikat Kayu Wangi Bhd
Wisma Ng Hoo Tee, 79, Jalan Muar,
Parit Sulong, Batu Pahat Johor 83500
Telephone: 07-4186230,07-4186236
Fax: 07-4187519


TAP RESOURCES: Processes RCSLS Proposals
----------------------------------------
Further to the announcement made on September 27, 2005 on
Practice Note No. 1/2001, the Board of Directors of Tap
Resources Berhad (TAP) informed Bursa Malaysia Securities Berhad
that it is still working out the proposals with the Redeemable
Convertible Secured Loan Stocks (RCSLS) Holders on the
redemption and interest payment of the RCSLS.

Further development if any, will be announced accordingly.

This announcement is dated 28 October 2005.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


TELEKOM MALAYSIA: SunShare Concludes M1 Share Acquisition
---------------------------------------------------------
Telekom Malaysia Berhad (TM) issued to Bursa Malaysia Securities
Berhad an update to the joint venture between TM Group and
Khazanah Nasional Berhad (Khazanah) for the proposed acquisition
of shares in Mobileone Ltd (M1).

On behalf of TM, the Bourse announced that SunShare Investments
Ltd (SunShare) has completed the acquisition of 118,526,670
ordinary shares of Singapore Dollar 0.20 each in M1,
representing approximately 12.06 percent of the issued and paid-
up capital of M1, from Great Eastern Telecommunications Ltd
(GET).

Based on SunShare's shareholding in M1 as at October 27, 2005,
and with the completion of the acquisition of M1 shares from
GET, SunShare's total equity interest in M1 is now 24.35
percent.

This announcement is dated 28 October 2005.

CONTACT:

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


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

ATLAS CONSOLIDATED: Eyes IPO for Mine Rehab
-------------------------------------------
Atlas Consolidated Mining and Development Corp. is planning an
initial public offering (IPO) of stock of subsidiary Carmen
Copper Corp., according to The Philippine Daily Inquirer.

The offering, which may be held in London possibly next year,
will raise part of the US$170 million needed to revive its
copper mine in Cebu.

Part of the proceeds of the IPO would finance the reopening of
the Toledo mines n the central Philippine province of Cebu.

In 1994 Atlas was forced to shut down the mine after a mudslide
amid low world copper prices and huge debts.

Atlas wants to rebuild its mines in Toledo City in Cebu province
and develop its other copper assets through Carmen Copper.

Dow Jones earlier reported that Atlas was in talks with five
copper smelters for a possible offtake agreement on its Toledo
mine.

Cutfield Freeman & Co., a London-based corporate advisory firm,
has been appointed to help Atlas in finding a smelter-partner.

An offtake deal will allow the smelter firm to procure all of
Atlas' copper output from its Toledo mine in exchange for
equity.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail: acmdcmla@info.com.ph


BAYAN TELECOMMUNICATIONS: Shells Out More Capital to Boost Ops
--------------------------------------------------------------
Bayan Telecommunications (BayanTel) will allocate more money to
expand its satellite facilities, The Manila Times reports,
citing BayanTel chief consultant Tunde Fafunwa.

The Lopez-owned telco will invest Php200 million to Php300
million in a two-phase expansion involving the expansion of
existing facilities and the installation of wireless local loop.

According to Mr. Fafunwa, the investment will cover some of the
extension that will be going particularly in Mindanao and the
Visayas.

The BayanTel executive said the telco will use internal funds
for the expansion. He said the telco cannot afford to wait for a
partner, although its is open for partnership.

Earlier, Mr. Fafunwa disclosed that the company is focusing on
the deployment of a wireless broadband service for residential
and corporate use using either WIMAX or other new applicable
technologies. Besides identifying priority areas to deploy its
wireless broadband service within nine months to one year,
BayanTel has also entered into a partnership with WiFi provider
Airborne Access, allowing BayanTel customers to experience
wireless Internet connection in 170 WiFi hotspots nationwide.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


NATIONAL FOOD: Penalizes Rice Retailers for Overpricing
-------------------------------------------------------
State-owned National Food Authority has penalized 40 rice
retailers who were caught overpricing and diverting rice from
the NFA in Zamboanga City, Mindanao, Minda News reports.

The rice retailers caught diverting rice were fined Php2,500
each while those caught selling more than the NFA-prescribed
price were fined Php1,000 each.

The price for well-milled rice is only Php18 per kilo and that
of regular-milled rice is Php16.

Violators were caught through the NFA's Palengke Watch program,
headed by NFA Provincial manger Jul Akmad Lawama.

NFA launched the Palengke Watch to ensure that accredited rice
dealers will not sell its rice stock to consumers as a
commercial variety.

The accreditation of the NFA retailer who violated the
provisions of the Philippine Grains Standardization Program will
be cancelled based on a new directive that took effect this
month.

CONTACT:

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


NATIONAL POWER: PSALM Seeks US$223-Mln Payment for Masinloc
-----------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
is preparing to collect US$222.8 million in down payment from
the winning bidder of National Power Corporation's (Napocor)
Masinloc facility, Reuters reports.

State agency PSALM is finalizing the request after the Japan
Bank for International Cooperation (JBIC) issued a clearance to
the sale of the 600-megawatt coal-fired power plant.

JBIC is the last of the Napocor's major lenders to issue its
consent to the Masinloc sale. The Asian Development Bank and the
World Bank gave their nods in July and September, respectively.

The approval paved the way for the formal takeover pf the plant
to the winning bidder, the YNN Pacific consortium.

YNN, an Australian-Filipino consortium, topped the bid of First
Generation Holdings Corp. of the Lopez Group. YNN is a joint
venture between local firm YNN Holdings and Australia-based
Great Pacific Financial Group Pty. Ltd. YNN Holdings, however,
has found a new Chinese partner after the Australian group
backed out.

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/


VICTORIAS MILLING: Unveils Director's Shareholding
--------------------------------------------------
This is in reference to Circular for Brokers No. 4726-2005 dated
October 24, 2005, in connection with the election of Mr. Armando
A. Samia as Director/Member of the Board of Victorias Milling
Company Inc. (VMC).

Pursuant to Section 13 of the Revised Disclosure Rules
pertaining to "Disclosure on Transactions of Directors and
Principal Officers in the Issuer's Securities", VMC, as advised
by its stock transfer agent, Fidelity Stock Transfers Inc.,
disclosed that:

"Mr. Samia is a beneficial owner of one (1) share of stock of
Victorias Milling Company Inc."

CONTACT:

Victorias Milling Co. Inc.
9126 Sultana cor. Honradez Sts.
Barangay Olympia, Makati City
Phone No/s: 896-0381; 899-0485
Fax No/s: 895-4150
E-mail Address: fal@philonline.com
Web site: http://www.victoriasmilling.com


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

ACCORD CUSTOMER: No Further Charges in Cheating Case
----------------------------------------------------
Contrary to previous reports, no new charges were preferred on
four top executives of mobile phone services firm Accord
Customer Care Solutions Limited (ACCS) who were accused of
cheating, reports Channel NewsAsia.

Last September, some former top officials of ACCS, including
founder & chairman Victor Tan were charged with conspiracy to
cheat Finnish mobile phone firm Nokia by billing them improperly
of SGD4.3 million in phone repair bills.

Sources had reported that Nokia may file additional claims
against the Company and Mr. Tan, along with three former senior
ACCS staff, in order to recover what it had paid out to ACCS.

But according to the deputy public prosecutor from the Attorney
Chambers Office, no new charges were preferred.

ACCS former general manager Damien Ang, former chief financial
officer Yip Hwai Chong and former manager of ACCS subsidiary
Distribution Management Solutions Goh Kim Khoon stand accused
with Mr. Tan, together with wight former ACCS staff.

Mr. Tan alone is accused of 44 counts to cheat Nokia with fake
warranty claims.

The case hearing has been adjourned to Nov. 28, 2005.

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


CITIRAYA INDUSTRIES: Attracts Two New Investors
-----------------------------------------------
In its restructuring bid, troubled electronic waste recycler
Citiraya Industries Limited has attracted the interest of two
more investors, with the help of current investor Heshe Holdings
Limited, Channer NewsAsia reports.

Heshe Holdings and investor Chip Lian Investments Pte Limited
signed a Memorandum of Understanding with Onyx Asia and IRM
Industries, who will become co-investors in the Company, working
to create a strategic investment with the other investors.

Citiraya Industries granted the new investors the first right of
refusal for other offers that may arrive beofre June 30, 2006.

Heshe Holdings and Chip Lian will invest a total of SGD20
million for 75% of the Company's enlarged issued share capital
(949 million shares).

To view the Memorandum of Understanding, go to:

http://bankrupt.com/misc/tcrap_hesheholdings110105.pdf

CONTACT:

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


EI-NETS LIMITED: Passes Resolutions at AGM
------------------------------------------
EI-Nets Limited announced that at the Company's Annual General
Meeting held on Oct. 31, 2005, shareholders passed the
resolutions set forth in the Notice of the Annual General
Meeting, except the resolutions 2 and 3, whereby Messrs. Tan
Siok Sing and Phua Teck Chew, who are subject to retire and re-
elect as Directors of the Company under Article 91, have given
notices not to seek for re-election as Directors of the Company;
as such they are going to retire from their office as Directors
until the end of the meeting.

By Order of the Board

Liau Beng Chye
Executive Deputy Chairman
Dated: Oct. 31, 2005

CONTACT:

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


MORETON LOGISTICS: Intends to Pay Dividend Soon
-----------------------------------------------
Moreton Logistics Pte Limited posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Moreton Logistics Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 600005 of 2001
Last day for receiving proofs: Nov. 15, 2005
Name  & address of Liquidator: Goh Thien Phong
c/o PricewaterhouseCoopers
8 Cross Street, #17-00 PWC Building
Singapore 048424

Dated this 28th day of October 2005


NATSTEEL LIMITED: Court Approves Unit's Restructuring Scheme
------------------------------------------------------------
Natsteel Limited announced on Aug. 12, 2005 that its wholly
owned subsidiary, Raffles Marina Limited (RML), was working with
a financial advisor to come up with a restructuring exercise.

On Aug. 23, 2005, RML sought a Court order to convene a
shareholders' meeting to consider, and if thought fit, approve a
proposed Scheme of Compromise and Arrangement relating to the
restructuring scheme. On Aug. 25, 2005, the Singapore High Court
granted the order for the meeting to take place.

RML further announces that on Oct. 27, 2005, it obtained a court
order approving the said Scheme of Arrangement.

By Order of the Board

Lim Su-Ling
Company Secretary
Singapore
31 October 2005

To view RML's proposed scheme of arrangement notice, click on:

http://bankrupt.com/misc/tcrap_natsteellimited110105.pdf

CONTACT:

Natsteel Limited
77 Robinson Road
#27-00 SIA Building
Singapore 068896
Phone: 65 6536 1000
Fax:   65 6536 1008
Web site: http://www.nsl.com.sg/


SNP LOGISTICS: Placed Under Voluntary Liquidation
-------------------------------------------------
SNP Corporation Limited announced that the Company's wholly
owned subsidiary, SNP Logistics Pte Limited, was placed under a
members' voluntary winding up on Oct. 31, 2005.

SNP Logistics Pte Limited was incorporated in Singapore on April
2, 1983, and has been dormant since 2004. Its winding up will
not affect SNP Corporation's net tangible assets and earnings
per share.

Submitted by:

Guok Suan Choo
Company Secretary
Oct. 31, 2005


CONTACT:
snp Logistics Pte Limited
24 Senoko Drive, Singapore 758211
Phone: 65 6754 1993
Fax:   65 6754 3160


TUNG LOK: Turns Around in First Half of 2005
--------------------------------------------
Tung Lok Restaurants (2000) Limited announced that it has
incurred a net profit for the first six months ended Sept. 30,
2005, compared to a loss in the same period last year.

The Company posted an after-tax profit of SGD301,000, a major
improvement from its recorded net loss of SGD1.96 million last
year. The Company had suffered a net loss of SGD414,000 for the
financial year ended March 31, 2005.

The Company's half-year financial statements can be viewed at:

http://bankrupt.com/misc/tcrap_tunglok110105.pdf

CONTACT:

Tung Lok Restaurants (2000) Limited
298 Tiong Bahru Road
#14-04/D4 Central Plaza
Singapore 168730
Phone: 65 6270 7998
Fax:   65 6272 7120


WSID PTE: Seeks Judicial Management
-----------------------------------
Notice is hereby given that WSID Pte Limited filed a judicial
management order with the Singapore High Court on Oct. 19, 2005.

The said Petition is directed to be heard before the Court
sitting at the Singapore High Court on Nov. 11, 2005, 10:00
a.m., and Mr. Tay Swee Sze of Messrs. Tay Swee Sze & Associates
was nominated as the judicial manager of the Company.

Any person who intends to oppose the making of an order under
section 227B (5) (b) or the nomination of a judicial manager
under section 227B (3) (c) 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
member of the Company requiring it by the undersigned on payment
of the regulated charge.

The Petitioners' address is 1 Raffles Place, #39-01 OUB Centre,
Singapore 048616.

The Petitioners' solicitor is Messrs. Acies Law Corporation, 1
Raffles Place, #39-01 OUB Centre, Singapore 048616.

Dated this 25th day of October 2005

Messrs Acies Law Corporation
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solocitor Messrs. Acies Law
Corporation notice in writing of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitor (if any) and must
be served, or, if posted, must be sent by post in sufficient
time to reach the solicitor not later than 12:00 p.m. of Nov.
10, 2005 (the day before the date appointed for the hearing
of the Petition).


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

METRO SYSTEMS: Dissolves Loss-Making Units
------------------------------------------
Metro Systems Corp. Public Co. Ltd. informed the Stock Exchange
of Thailand (SET) that whereas the Extraordinary Meeting of
Shareholders of Metro Distribution Co. Ltd., Metro Info dynamic
Co. Ltd. and Advance Business Exchange Co. Ltd. (the
Subsidiaries) have resolved to approve their dissolution since
the Subsidiaries' business operation are running at a loss and
the business of the subsidiaries can only be carried on at a
loss.

The Subsidiaries therefore do not wish to conduct business. As
the result, the Subsidiaries will cease being the Company's
subsidiaries. The details of the investment of the Company in
the Subsidiaries are as follows:

To view a full copy of the dissolved companies, click
http://bankrupt.com/misc/MetroDistribution103105.pdf

In this regard, the subsidiaries will proceed with the
registration of the dissolution of the company with the Business
Development Department, Ministry of Commerce within October 31,
2005.

It is therefore informed for your acknowledgment and
dissemination to the public and other investors.

Sincerely yours,
Metro Systems Corporation Plc
Miss Acharaporn Preechakanjanadit
Executive Director

CONTACT:

Metro Systems Corp. Public Co. Ltd.
23/3 Moo 9, Sukhumvit 103 Road
Nongbon, Prawet Bangkok
Telephone: 0-2727-4000
Fax: 0-2727-4316
Web site: http://www.metrosystems.co.th


THAI-DENMARK: Unveils Submission Date of Reorganization Plan
------------------------------------------------------------
Thai-Denmark Swine Breeder PCL informed the Stock Exchange of
Thailand (SET) about the progress of its business reorganization
and its subsidiary (Srithai Feedmill Co. Ltd.).

The company and its subsidiary as the reorganization planer
has proceeded with PSM Planer Co. Ltd as financial advisor and
with White & Case ( Thailand) Co. Ltd as the lawyer to prepare
the business reorganization plan.

The following are the dates of submission of the business
reorganization plan to the Bankruptcy Court:

(1) Thai-Denmark Swine Breeder PCL on November 7, 2005.

(2) Srithai Feedmill Co. Ltd. (Subsidiary Company) on December
15, 2005.

The company will inform the SET of any progress.

Please be informed.
Anan Jantaranukul
Managing Director

CONTACT:

Thai-Denmark Swine Breeder Public Company Limited
Bangnathanee Building, Floor 17,
119/34 Bangna-Trad Road,
Km.3 Bang Na Bangkok
Telephone: 0-2361-4041-9
Fax: 0-2361-4050


THAI PETROCHEMICAL: Investors Brace for Court's Decision
--------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. will determine its
fate Wednesday as the Central Bankruptcy Court is set to release
its decision on the administrators' petition to hold a
shareholders' meeting following the Company's exit from debt-
restructuring, The Nation says.

All potential investors are preparing for their next move should
the court reject the petition.  Representatives of PTT, the
Government Pension Fund, Government Savings Bank and Vayupak
Fund I as well as the plan-administrator team met Finance
Minister Thanong Bidaya Monday. Mr. Thanong wanted to hear their
opinions before the court rules on the administrator's request
today.

Speculations that the court would most likely reject the request
prompted both parties to hold a meeting.  The rejection of the
proposal entails a great investment risk for the investors,
which would not be able to call a shareholders' meeting to
nominate representatives to TPI's board.

In the worst-case scenario, the investors would stick to their
purchase proposal.  The plan administrator has designed a
contingency plan to ensure a smooth debt-restructuring process,
Mr. Thanong said.

"They are still interested in proceeding with the deal, but they
also have to weigh involved investment risks.

"It all depends on the court's ruling," he said.

A TPI plan administrator team member stated that the investors
were willing to pay for TPI shares on December 13 should the
court approve the request.

PTT president Prasert Bunsumpun insisted that the company is
still interested in buying TPI shares, but it would depend on
the court ruling.

"If the court turns down the request, all partners will need to
discuss the best way out."

The Finance Ministry is planning to have all potential investors
sign the share-purchase agreement on Friday, and expects TPI to
get out of the debt-restructuring process within two months
after that so that TPI's shares can resume trading on the stock
exchange.

CONTACT:

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


TPI POLENE: Audit Committee Member Quits
----------------------------------------
TPI Polene Public Company Limited informed the Stock Exchange of
Thailand that Mr. Visith Noiphan resigned from the position of
the Audit Committee of the Company effective November 30, 2005.

Mr. Visith Noiphan still maintains his position as Chairman of
the Board and the independent director of the Company.

Presently, the members of the Audit Committee of the Company
are:

(1) Dr. Narasri Vaivanijkul- Chairman of the Audit Committee

(2) Mr. Manas Sooksmarn- The Audit Committee

(3) Pol. Gen. Charnchit Bhiraleus- The Audit Committee

Please be informed accordingly.

Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: http://www.tpipolene.com





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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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