TCRAP_Public/051110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

           Thursday, November 10, 2005, Vol. 8, No. 223

                            Headlines

A U S T R A L I A

ABOUNA ELLIA: Court Orders Winding Up
ADSTEAM MARINE: Eyes Offshore Tugboat Ops
ALLPINE LOG: Liquidator to Detail Wind Up Manner
ATH ENGINEERING: Winds Up Business
CNSE PTY: Decides to Close Operations

EMISSIONS REDUCTIONS: Declares Dividend Today
FORTESCUE METALS: Unveils AGM Results
GASCRAFT AUSTRALIA: Final Meeting Fixed November 17
GILMOUR ROOFING: Creditors OK Liquidator's Appointment
G RETAIL: Trent Capital Writes Down Investment Value to Zero

HIH INSURANCE: ASIC Lays Charge Against Former CFO
HYMEC ENGINEERS: Intends to Distribute Dividend to Creditors
KEATS KARPETS: Court Issues Winding Up Order
MEDICAL PRODUCTS: Defaults on Pharmanet-guaranteed Facilities
MERCURY FINANCIAL: Steve Nicols Named Company Liquidator

MIJATOPA PTY: Declares First, Final Dividend
MILCHEL PTY: Liquidator to Present Winding Up Report
MORGAN PACIFIC: ASIC Action Leads to Wind Up of Illegal Scheme
NATIONAL AUSTRALIA: Says Recovery on Track
NATIONAL AUSTRALIA: Refunds Interest Overcharges

PARITI HOLDINGS: Winding Up Process Initiated
PRESLANDS FINANCE: Enters Voluntary Liquidation
QANTAS AIRWAYS: Budget Arm Eyes Australia Post for Ticket Sales
SAPORANDO PTY: Court Appoints Official Liquidator
SOUTH ASHBURTON: Members Pass Winding Up Resolution

TELSTRA CORPORATION: Axe Hovers Above 1,000 Workers
TELSTRA CORPORATION: Waters Down Attack on ACCC Boss
UNITED LOCK: Members, Creditors Convene to Review Wind Up
WANNAWORK PTY: Members Place Firm in Voluntary Liquidation
WHEELSPIN PTY: Failure to Pay Debt Prompts Winding Up

ZOKKY PTY: Members Agree to Wind Up Business


C H I N A  &  H O N G  K O N G

ASAT HOLDINGS: S&P Revises Rating Outlook to Negative
BINARY EVOLUTION: Prepares to Wind Up Business
CHINASORT LIMITED: Court Issues Winding Up Order
DATANG TELECOM: Faces Government Probe Over Fraud
EXCEL STATE: Set to Close Down Operations

GRAND INVESTMENT: SFC Fines HK$300K for FRR Breaches
FINEMOST INDUSTRIES: Appoints Alvarez & Marsal Liquidators
FIRST DRAGONCOM: Creditor Files Lawsuit
GEM INDUSTRIAL: Names Joint and Several Liquidators
GLORY FUTURE: 9-Month Net Loss Shrinks to HK$1.96 Mln

LOULAN HOLDINGS: Net Loss Widens to RMB9.9 Mln
MONREP PEAK: To Appoint Joint Liquidators
NEW UNIVERSE: Net Loss Shrinks to HK$3.3
WEAL SOUND: Court Appoints Joint Liquidators


I N D I A

HINDUSTAN PETROLEUM: Decision on JV with British Firm Nears
TATA POWER: Ratings Affirmed at 'BB+' With Stable Outlook
* DICGC to Distribute Money to Depositors


I N D O N E S I A

PERTAMINA: Plans to Reduce LNG Shipments Next Year
PERUSAHAAN LISTRIK: Teams Up with Firm to Build Geothermal Plant


J A P A N

HITACHI LIMITED: To Expand Home Appliance Business in India
HITACHI LIMITED: U.S. Unit Enters Deal With PwC
MITSUBISHI MOTORS: Describes Narrowed Loss Report `Speculative'
OBU EDUCATION: Files for Voluntary Bankruptcy
RENESAS TECHNOLOGY: 1H/2005 Sales Down 10%

RENESAS TECHNOLOGY: Arrow to Distribute Products in ANZ
SOFTBANK CORPORATION: Details Sale of Yahoo! Europe, Korea


K O R E A

DOOSAN GROUP: Park Family Evades Detention
LG CARD: Selection of Lead Manager Looms


M A L A Y S I A

ANCOM BERHAD: Purchases 34,900 Shares
AVENUE CAPITAL: Issues Notice of EGM, CCM
COMSA FARMS: RAM Downgrades Bond Rating to D
HAP SENG: Buys Back Ordinary Shares
KIG GLASS: Required to Submit Regularization Plan

KL INFRASTRUCTURE: Bourse Suspends Securities Trading
MAGNUM CORPORATION: Issues Shares Buy Back Notice
MBF HOLDINGS: Dormant Unit Faces Winding Up Proceedings
PAN MALAYSIA: Purchases New Shares
PANTAI HOLDINGS: Issues Notice of Book Closure

PSC INDUSTRIES: Unit Receives Demand Letter
PILECON ENGINEERING: Unit Defaults on Payment
SOUTHERN BANK: Undertakes Shares Buy Back
TRANSOCEAN HOLDINGS: Unit Settles MBB Debt


P H I L I P P I N E S

MAKATI MEDICAL: Says Investors Offering to Build New Wing
METRO PACIFIC: Confirms Interest in MNTC Stake
NATIONAL POWER: Joint Asset Sale with PNOC Seen
PHILIPPINE AIRLINES: Mulls Purchase of New Airbus 320s
PILIPINO TELEPHONE: Broker Says Balance Sheet Still a Concern


S I N G A P O R E

CHINA AVIATION: Negotiates with Another Potential Investor
DONGBO CHEM: Court to Hear Winding Up Petition November 18
MS BUILDING: Lim Seng Files Winding Up Petition
NEOCORP INTERNATIONAL: Receiving Proofs of Claim Until Nov. 18
OHM SYSTEMS: Asks Creditors to Submit Debt Claims

WEE POH: Completes Purchase of Winning Metal Group
WEE POH: Shares Placement Proceeds Used to Fund Expenses


T H A I L A N D

PAE THAILAND: Details Resolutions Passed at Meeting
PICNIC CORPORATION: Names New Audit Committee Chairman
PRASIT PATANA: Provides SET with Copy of Tender Offer
PREECHA GROUP: Books THB120.33 Mln in Net Profit

     -  -  -  -  -  -  -  -

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

ABOUNA ELLIA: Court Orders Winding Up
-------------------------------------
On Oct. 10, 2005, the Supreme Court of New South Wales ordered
the winding up of Abouna Ellia Pty Limited, and ordered Brian
Hugh Allen to be the Company Liquidator.

Brian H. Allen
c/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW 2089
Phone: 02 9904 4644
Fax:   02 9904 9644


ADSTEAM MARINE: Eyes Offshore Tugboat Ops
-----------------------------------------
Adsteam Marine is looking to expand its tugboat operations into
overseas ports, according to the Sydney Morning Herald.

The firm said it was eyeing expansion outside its existing
markets in Australia and Britain after its North American
operations failed.

Adsteam's expansion plans come less than three months after it
was finally permitted to sell its Alaskan fuel distribution
business, Northland. Proceeds from the sale of Northland have
helped Adsteam to cut its once crippling debt from AU$418
million more than two years ago to AU$290 million. The move to
reduce debt is part of a plan to lower costs and focus on its
core business.

JP Morgan analyst Alex Mess said investors are amenable to
Adsteam expanding overseas as long as the company stuck to its
core business of tugboat operations.

The Alaskan business had created problems because it was focused
on fuel distribution and barging, rather than Adsteam's main
business.

CONTACT:

Adsteam Marine- Corporate Office
Adsteam Harbour
United Salvage (Australia and the Pacific)
Level 22, Plaza 2
500 Oxford Street
Bondi Junction NSW 2022
Australia
Phone: +61 2 9369 9200
Fax: +61 2 9369 9288
E-mail: info@adsteam.com.au
Web site: http://www.adsteam.com.au/


ALLPINE LOG: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that a meeting of the members and
creditors of Allpine Log Cabins Pty Limited will be held on Nov.
17, 2005, 9:00 a.m. at Ground Floor 192-198 High Street,
Northcote, Victoria, to present the Liquidator's account showing
how the winding up was conducted and the property of the Company
disposed of, and to give any explanation of such account.

Dated this 11th day of October 2005

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


ATH ENGINEERING: Winds Up Business
----------------------------------
On Oct. 11, 2005, it was resolved by special resolution that ATH
Engineering Pty Limited be wound up voluntarily, and an ordinary
resolution was passed to appoint Gary John Haskell as the
Liquidator for such purpose.

Dated this 11th day of October 2005

Gary J. Haskell
Liquidator
80-82 Bathurst Street, Liverpool


CNSE PTY: Decides to Close Operations
-------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of CNSE Pty Limited held on Oct. 11, 2005, it was
resolved that the Company be wound up voluntarily, and Peter
Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth Street,
Sydney NSW 2000 was appointed Liquidator at a creditors' meeting
held that same day.

Dated this 11th day of October 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


EMISSIONS REDUCTIONS: Declares Dividend Today
---------------------------------------------
Emissions Reductions Products Pty Limited will declare a first
and final dividend today, Nov. 10, 2005.

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

Dated this 4th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


FORTESCUE METALS: Unveils AGM Results
-------------------------------------
Fortescue Metals Group Limited is pleased to advise the results
of the 2005 Annual General Meeting held Tuesday, November 8,
2005.

The resolutions presented for shareholder consideration are
provided in the attached schedule, which includes details of the
voting in the order of resolutions listed in the original Notice
of Meeting. All resolutions were passed unanimously at the
meeting.

Both the Chairman Mr. Toll and the CEO Mr. Forrest spoke at the
meeting but did not make formal presentations. Their remarks
were delivered "off the cut" with the subject matter drawn from
their respective sections of the 2005 Annual Report sent to all
shareholders and available on Fortescue's web site.

Attachment:
http://bankrupt.com/misc/tcrap_fortescuemetals110905.pdf

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


GASCRAFT AUSTRALIA: Final Meeting Fixed November 17
---------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Gascraft Australia Pty Limited will be held on Nov.
17, 2005, 10:00 a.m. at the offices of SimsPartners, Level 2,
446 Collins Street, Melbourne, Vic 3000 for the following
purposes:

AGENDA

(1) To review the Liquidators' final report to creditors;

(2) To detail the manner in which the winding up was conducted
and the property of the Company disposed of; and

(3) To hear any further explanations that may be given by the
Liquidator.

Dated this 27th day of September 2005

Mathew Muldoon
Liquidator
SimsPartners
Level 2, 446 Collins Street
Melbourne Vic 3000

Note:

To enable creditors to vote at the meeting, proof of debt and
proxy forms should be forwarded to the Melbourne Office of
SimsPartners before the commencement of the meeting. Proof of
debt and proxy forms are available from SimsPartners.


GILMOUR ROOFING: Creditors OK Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Gilmour Roofing Pty Limited held on Oct. 11, 2005, a special
resolution was passed to voluntarily wind up the Company, and P.
Ngan and G. Parker were appointed Joint and Several Liquidators.

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

Dated this 11th day of October 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


G RETAIL: Trent Capital Writes Down Investment Value to Zero
------------------------------------------------------------
Trent Capital Ltd announced it owns 7.013 million shares
together with unlisted options in G Retail Ltd which appointed
Administrators on Tuesday, November 8, 2005.

Trent invested in G Retail during 2004 as well as sub
underwriting the rights issue for G Retail in late 2004.

Trent wrote down its investment to a carrying value of around
12cents per G Retail share at June 30, 2005 and will now write
down the value of its investment to zero. In addition, there are
minor other adjustments to be made in respect of provisions
against the value of options and directors' fees.

Despite the write down in the value of G Retail, Trent remains
highly liquid with net liquidity (cash, deposits less debt and
net creditors) of over AU$920,000, equivalent to 8.4cents per
share.

Taking other investments at market value, Trent's NTA per share
as at November 7, 2005 is 70.4cents per share.

While the investment in G Retail has provided a number of
salutary lessons, Trent still has the resources to pursue
appropriate opportunities.

CONTACT:

G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/


HIH INSURANCE: ASIC Lays Charge Against Former CFO
--------------------------------------------------
Mr. Jeffrey Lucy, Chairman of the Australian Securities and
Investments Commission (ASIC), announced that Mr. Dominic
Fodera, the former Chief Financial Officer of HIH Insurance
Limited (HIH), has appeared before the Downing Centre Local
Court, New South Wales on a criminal charge of authorizing the
issue of a prospectus from which there was a material omission.

ASIC alleges that Mr. Fodera, in his capacity as an officer of
HIH, authorized the issue of a prospectus by HIH Holdings (NZ)
Ltd for converting notes, from which there was a material
omission, on or about 26 October 1998. The material omission
concerned the effect of a transaction entered into at the same
time between HIH and Societe Generale (SG) relating to SG's
taking up a priority allocation of the notes in the approximate
sum of AU$35 million in exchange for HIH Insurance Limited
depositing approximately AU$35 million with SG.

The matter returns to court on 7 February 2006 and is being
prosecuted by the Commonwealth Director of Public Prosecutions.

Background

In October 1998, Mr. Ray Williams, the former Chief Executive
Officer of HIH, authorized the issue of a converting note
prospectus by HIH Holdings (NZ). The prospectus said that
Societe Generale Australia Ltd, a co-underwriter of the
converting notes issue, would take up a priority allocation of
approximately AU$35 million.

The prospectus did not disclose that HIH and SGA had entered
into a transaction in October 1998 known as the "total return
swap", the effect of which was that HIH would pay the same
amount back to SGA (ie a round-robin transaction which made it
appear that SGA was investing in the notes when in substance, it
was not).


HYMEC ENGINEERS: Intends to Distribute Dividend to Creditors
------------------------------------------------------------
Hymec Engineers Pty Limited will declare a first and final
dividend today, Nov. 10, 2005.

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

Dated this 4th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


KEATS KARPETS: Court Issues Winding Up Order
--------------------------------------------
On Oct. 13, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Keats Karpets Pty Limited be wound up, and
appointed Steven Nicols to be Liquidator of the Company.

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


MEDICAL PRODUCTS: Defaults on Pharmanet-guaranteed Facilities
-------------------------------------------------------------
Pharmanet Group Limited (the Company) advised that it has
received notification from the National Australia Bank (NAB)
that Medical Products Group Pty Ltd (MPG) has defaulted its
financing arrangements in relation to the facilities which were
guaranteed by the Company.

The said facilities were to be taken over by Advance Healthcare
Group Limited (AHG) following settlement of the transaction on
June 23, 2005.

Negotiations have been ongoing with respect to the takeover of
these facilities by AHG since settlement.

In view of the default the NAB has exercised its rights against
the Company's AU$150,000 fixed deposit securing the MPG
overdraft facilities. The Bank has agreed to assign the
securities to the Company.

The Company is presently reviewing all its options with respect
to the recovery of the funds in pursuing its rights under the
Agreement and security documentation.

CONTACT:

Pharmanet Group Limited
Level 1, 284 Oxford Street,
Leederville, WA 6007
Phone: +61 8 9242 2999
Fax: +61 8 9443 2859
E-mail: info@pharmanet.com.au

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com


MERCURY FINANCIAL: Steve Nicols Named Company Liquidator
--------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Mercury Financial Pty Limited held on Oct. 12, 2005, it was
resolved that the Company be wound up voluntarily, and Steve
Nicols of Nicols + Brien was appointed Liquidator for such
purpose.

Dated this 13th day of October 2005

Steve Nicols
Liquidator
Nicols + Brien
Level 5, 221-229 Crown Street
Wollongong NSW 2500
Phone: 02 4226 6025
Web site: http://www.bankrupt.com.au/


MIJATOPA PTY: Declares First, Final Dividend
--------------------------------------------
Mijatopa Pty Limited will declare a first and final dividend
today, Nov. 10, 2005.

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

Dated this 4th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co - Wollongong Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


MILCHEL PTY: Liquidator to Present Winding Up Report
----------------------------------------------------
Notice is given that the final meeting of Milchel Pty Limited
will be held on Nov. 17, 2005, 10:00 a.m. at the offices of PPB,
10th Floor, 26 Flinders Street, to receive the Liquidator's
account on the winding up and disposal of the property of the
Company.

Dated this 12th day of October 2005

T. J. Clifton
Joint Liquidator
c/o PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000


MORGAN PACIFIC: ASIC Action Leads to Wind Up of Illegal Scheme
--------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
taken action leading to the winding up of an illegal investment
scheme known as the North Development Unit Trust.

ASIC had previously applied to the Supreme Court of New South
Wales to wind up the scheme, following concerns that Morgan
Pacific Pty Ltd, Morgan Pacific Property Group Pty Ltd and its
directors at the time, Mr. Paul Hanna and Mr. Danny Assabgy, had
contravened the Corporations Act by operating a managed
investment scheme with more than 20 investors, which was not
registered with ASIC as required under the Corporations Act (the
Act).

The Court has confirmed ASIC's view by declaring that the
defendants had operated a managed investment scheme in breach of
the Act.

An ASIC investigation found that each of the defendants had been
involved in either the promotion or operation of the North
Terrace Development Unit Trust throughout 2002 and 2003, raising
more than AU$3.375 million from 20 investors for the
construction of 15 residential units and town houses in North
Street, Leichardt.

ASIC was concerned that investors in the scheme, many of whom
were recruited through investment seminars promoted by the
defendants, were not given appropriate disclosure documents at
the time of their investment, as required under the Act.

Following the commencement of ASIC's action, the scheme has been
wound up by the promoters, and the investors have been
transferred to a registered managed investment scheme.

Each of the defendants have also given undertakings to the Court
that they will not operate a managed investment scheme in the
future which contravenes the Act.

The Court ordered the defendants to pay ASIC's costs in the sum
of AU$12,000.


NATIONAL AUSTRALIA: Says Recovery on Track
------------------------------------------
National Australia Bank (NAB) has released its full-year results
for fiscal 2005.

NAB Managing Director and Group Chief Executive, John Stewart
said the September 2005 full year results showed cash earnings
continued to improve in the September half.

"The full year results show the turnaround is on track but we
still have much work to do."

"Cash earnings for the full year fell 4.4% to AU$3.31 billion
compared with AU$3.46 billion in the 2004 full year as we
stabilized the business. However, second half cash earnings rose
by 4.6% compared with the March 2005 half year as we started to
regain momentum," he said.

The final dividend is unchanged at 83 cents and is 80% franked,
making a full year dividend of 166 cents also 80% franked.

Income Growth

Total operating income increased by 6.3% to AU$13.86 billion.

"We are half way through a three-year turnaround and income
growth is another indication we are delivering on the promises
we made to rebuild the National's businesses," Mr. Stewart said.

"The National's earnings growth is acceptable for where we are
in the turnaround. I am pleased we have won market share at
acceptable margins while maintaining asset quality."

Lending, Margins and Asset Quality

Total lending increased by 8.6% to AU$292 billion.

Asset quality remained stable with the ratio of non-accrual
loans to total loans improving from 0.46% at September 2004 to
0.35% at September 2005.

Group net interest margin was 2.20% compared with 2.35% in 2004.

In Australia margin decline was in line with industry trends,
falling from 2.65% to 2.51%.

Margin decline in the United Kingdom, excluding the Irish banks,
was more pronounced, down from 4.16% to 3.84% due to the move to
more competitive lending and deposit products.

Cost growth

Operating expenses for the year rose by 7.2% from AU$6.81
billion to AU$7.30 billion.

"Cost growth reflects a combination of compliance programs,
rectifying customer issues and investment in brand recognition."

"As we move through the turnaround and complete compliance
projects, cost growth is expected to be limited to the level of
inflation," he said.

Net Profit and Significant Items

After significant items and a revaluation profit of AU$345
million for the wealth management operations net profit
increased by 30.1% to AU$4.13 billion compared with AU$3.18
billion previously.

Significant items after tax for the 2005 full year net profit
included:

A profit of AU$1.04 billion on the sale of the Northern Bank and
National Irish Bank in Ireland;

An offsetting restructuring charge of AU$606 million; and

Provision for settlement of the TrUEPrS tax dispute for AU$97
million.

Regional Business Commentary

"Each of our regional businesses is at a different stage in its
development. The management teams in each region are developing
strategies and action plans to leverage our franchises in each
region."

Australia

"The Australian business is well advanced in being stabilized
and is rebuilding momentum.

A single business was created around customers, with lines of
business assuming end-to-end accountability for products and
services and with streamlined support functions.

"Market share gains have been made in the important housing and
business lending sectors and a range of new products and
services have been launched. Process and credit setting
improvements have removed some of the impediments our bankers
once faced when trying to fulfill customer needs.

"Market share gains in Australian banking were achieved in the
second half while the net interest margin fell only slightly.
This volume increase coupled with careful margin management has
driven healthy half year banking income growth of 6.1%. Asset
quality remained strong across the entire portfolio," Mr.
Stewart said.

Cash earnings for Australian banking in the second half,
excluding a number of one-off non-lending losses, improved by
3.8% compared to the first half.

For the full year, Australian banking and wealth management cash
earnings were down 1.6% to AU$2.28 billion reflecting the after
tax costs of non-lending losses due to over charging of annual
fees on some financial packages (AU$63 million), over-collection
of Bank Account Debits tax (AU$10 million) and over-charging of
interest on fixed rate interest-only loans (AU$18 million).

The impact of the non-lending losses was offset by a 29.4%
increase in cash earnings from wealth management due to solid
growth in the investment business, improvement in the claims
experience and strong investment earnings on retained profits
and capital.

"A significant achievement was the large increase in cross
selling of MLC investment products by the bank financial
planners which was up by more than 25% compared with 2004.

"Careful management of costs we can control directly played an
important role in the wealth management result. Staffing levels
fell by 10% and the cost to premium income ratio fell from 18%
to 15% in 2005.

"For the whole Australian business, increased costs associated
with restructuring, investment, compliance programs and
rectifying customer issues will be a focus of the new management
team," Mr. Stewart said.

A provision of AU$409 million was taken during the year to cover
the restructuring of the Australian banking and wealth
management operations. This will produce AU$226 million of
annual savings by 2007. Redundancies are expected to be
approximately 2250 by September 2007, an increase of about 250
on previously announced redundancies.

United Kingdom

In local (U.K.) currency terms, the United Kingdom banking and
wealth management operations announced cash earnings before tax
of GBP297 million on a like for like basis.  This was stable on
the previous year.

The impact of currency movements and loss of the contribution of
the Irish Banks following their sale part way through the year
meant that cash earnings declined by 13.9% to $526 million, when
measured on an unadjusted basis.

"The U.K. has stabilized profits while conducting a major
restructure to make the business more competitive, managing down
margins towards market levels and investing in a major expansion
program for future growth," Mr. Stewart said.

"To have delivered this result in a period of such enormous
change is encouraging.  This business is now seeing strong
results from key areas of investment and we believe has
generated the momentum needed to see sustained growth.

Gross loans and acceptances in local (U.K.) currency as at
September 2005 were up 22.9% on September 2004 while third party
distribution of mortgages has exceeded expectations with $2.3
billion gained in new mortgages through this sales channel
alone.

"The year has seen the UK management team implement the hard
decisions that were needed to be efficient and competitive and
to develop an offering that gives us an advantage against our
competitors," he said.

"We have continued the expansion of our integrated financial
services business in the south of England, building a unique
business that is already showing results, and are reconfiguring
and revitalizing our retail branch network across the UK.

"We have made great progress in re-engineering processes,
simplifying management structures and improving the efficiency
of business operations.  We have released a variety of new
products in personal and business banking and invested in our
brands, technology and compliance.

"There is still a great deal to do to complete the turnaround
and, while we won't be declaring victory until we see sustained
improvements in income, we have the foundations for future
growth and our business is turning the corner."

New Zealand

Cash earnings rose by 7.8% for the year to September. The
improvement in cash earnings followed improvement in market
share in housing, agribusiness and retail deposits.

"The New Zealand result is particularly pleasing. We have
consolidated on our successes of the last three years and have
delivered a quality result, driven from strong performances in a
number of key areas," Mr Stewart said.

"The Bank of New Zealand is improving market share, business
volumes and operating income despite a competitive market.
Attention to improving customer service and products is paying
off.

"The 'Unbeatable' fixed rate housing lending campaign was
central to rising brand awareness and increasing market share,"
he said.

Initiatives to continue to improve customer service resulted in
Bank of New Zealand receiving an industry award for its call
centre service for two years in a row.

Institutional Markets & Services

Institutional Markets & Services' cash earnings increased by
9.9% to $613 million compared with the previous year.  During
2005 considerable effort was directed at continuing the remedial
action program and improving the governance framework following
the foreign currency option incident in 2004.

"The Institutional Markets & Services result demonstrates that
management attention has focussed on building sustainable income
streams and improved return on equity," Mr. Stewart said.

"During the year the IMS Asia presence has been consolidated in
Hong Kong, there has been a reduction in low-yielding risk
weighted assets and a focus on leveraging the National franchise
to cross-sell.

"The impacts of restructuring and rebasing the business will
continue to affect business performance."

Outlook

The National has moved well down the path to stabilizing its
businesses and earnings momentum is evident on the back of
improving business volumes and market shares in selected market
segments.

"However, in our core markets, the domestic economic environment
is expected to be more subdued for the next 12 months and
competition is expected to increase in all areas of business,"
Mr. Stewart said.

"Global economic growth is forecast to be above 4% but this is
driven by the United States, China and India with other
economies recording below potential growth.

"In our core economies slower domestic demand will act to slow
credit growth moderately.  Therefore in Australia and New
Zealand both housing and business lending is expected to slow.

"In the United Kingdom consumer spending has already
significantly slowed and the labor market is softening with
modest increases in unemployment. This will increase the
challenge of growing our business in each region.

"In these circumstances, our focus will be on rebuilding the
businesses to ensure sustainable earnings growth over the longer
term," Mr. Stewart said.

CONTACT:

Brandon Phillips
Group Manager, External Relations
Phone: 03 8641 3857 work
       0419 369 058 mobile

Samantha Evans
External Relations Manager
Phone: 03 8641 4982 work
       0404 883 509 mobile

Hany Messieh
Group Manager, Investor Relations
Phone: 03 8641 2312 work
       0414 446 876 mobile

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com


NATIONAL AUSTRALIA: Refunds Interest Overcharges
------------------------------------------------
The National Australia Bank (NAB) announced it will be refunding
customers affected by an overcharging issue relating to a small
number of fixed rate interest only loan types principally for
business purposes.

This issue was identified as part of the NAB's review of manual
processes and systems announced in May this year.

NAB's Executive Director and CEO Australia, Ahmed Fahour,
apologized for the error, which dates back to 1992.

Mr. Fahour said the problem has been fixed and no longer impacts
customers.

"We said that as part of stabilizing the business we needed to
look hard at our processes and systems. Where we find an issue,
we need to be transparent, apologize and ensure customers are
fully compensated.

"This is about rebuilding trust with our customers.

"As a result of this work, we have recently identified an error
on some fixed rate interest only business and investment loans
where a manual intervention by the banker was required when
their fixed rate period expired, to ensure the loan reverted to
the correct rate.

"In some instances the manual process failed and customers were
incorrectly switched to default interest.

"We estimate the overcharge amounts to around $21.6 million. We
have provisioned $18m post tax for this in our full year
accounts to refund customers with interest," Mr. Fahour said.

The customer data is currently being compiled and refunding is
due to commence in early 2006.

Notes:
Loan types affected:      Estimate of affected accounts - 50,000

Business Fixed Rate Short Term Interest Only    
Business Fixed Rate Interest Only   
Business Combination Loan
Business Instalment Loan
Personal Residential Fixed Rate Interest Only Loan

CONTACT:

John Fergusson
Phone: 0407 826 952       

Tim O'Leary  
Phone: 0414 446 826   

Helpline: 1800 724 638.


PARITI HOLDINGS: Winding Up Process Initiated
---------------------------------------------
At a General Meeting of Pariti Holdings Pty Limited held on Oct.
13, 2005, the following Special Resolution was passed:

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

Dated this 13th day of October 2005

Peter J. Carnell
Liquidator
Darcy Kennedy Accountants and Advisers
157 Brisbane Street, Dubbo NSW 2830


PRESLANDS FINANCE: Enters Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a creditors' meeting of Preslands
Finance Pty Limited held on Oct. 12, 2005, it was resolved that
the Company be wound up voluntarily, and Roderick Mackay
Sutherland of Jirsch Sutherland Chartered Accountants was
appointed Liquidator for the winding up.

Dated this 13th day of October 2005

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


QANTAS AIRWAYS: Budget Arm Eyes Australia Post for Ticket Sales
---------------------------------------------------------------
Jetstar Asia, the budget unit of Qantas Airways, wants to
capture new passengers by selling tickets through Australia Post
offices, Asia Pulse reports.

The low-cost domestic carrier is looking to cash in on rural and
regional customers who have traditionally found booking flights
on budget carriers difficult, due to poor Internet access.

The proposed deal with Australia Post will give Jetstar the
ability to allow people to come into one of the biggest
distribution in the country to buy their airline ticket.

Australia Post has over 4,400 office locations throughout
Australia, and now completes about 200 million financial
transactions a year through banking and payment services.

According to Jetstar, 85 percent of its bookings come through
the Internet, but the airline has pinpointed about 1,000 towns
and regions throughout Australia where there is an Australia
Post and no travel agency.

Jetstar is currently in negotiations with government regulators
as the planned alliance requires an exemption for Australia Post
from the Travel Compensation Fund, to which all agents pay a fee
in order to cover agents that go bankrupt.

The Australian Federation of Travel Agents, however, said it was
concerned about the possible Fund exemption.

"Our position is that there should be no exemption, it should be
a level playing field," said AFTA chief executive Mike Hatton.

CONTACT:

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


SAPORANDO PTY: Court Appoints Official Liquidator
-------------------------------------------------
On Oct. 21, 2005, the Federal Court of Australia, New South
Wales District Registry appointed Christopher J. Palmer to be
Liquidator for the winding up of Saporando Pty Limited.

Dated this 1st day of November 2005

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


SOUTH ASHBURTON: Members Pass Winding Up Resolution
---------------------------------------------------
Notice is hereby given that on Oct. 10, 2005, the following
special resolution was passed:

That South Ashburton Service Station Pty Limited be wound up
voluntarily relating to a Creditors' Voluntary Winding Up, and
that K. L. Sutherland, Chartered Accountant of Level 5, 332
St Kilda Road, Melbourne be appointed Liquidator for such
purpose.

Dated this 10th day of October 2005

K. L. Sutherland
Liquidator
Bent & Cougle Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne Vic 3004


TELSTRA CORPORATION: Axe Hovers Above 1,000 Workers
---------------------------------------------------
Embattled Telstra Corporation is expected to fire around 1,000
employees as part of Chief Executive Sol Trujillo's cost-cutting
drive, United Press International reports.

Mr. Trujillo reportedly plans to slash 10,000 from the telco's
workforce in his bid to shrink the company and contract some
work to third parties.

A memo reportedly read to workers said Telstra must use its
technological capabilities more effectively to move faster,
complete harder and increase margins.

"We must create an experience for our customers that is unique
to Telstra," the memo said.

CONTACT:

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


TELSTRA CORPORATION: Waters Down Attack on ACCC Boss
----------------------------------------------------
Telstra Corporation firmly denied it is attempting to have
Australian Competition and Consumer Commission (ACCC) chairman
Graeme Samuel removed, The Age reports.

The beleaguered telco has muted its angry personal attack on the
ACCC boss.

Telstra spokesman Andrew Maiden said Telstra had "no opinion on
whether Graeme Samuel or someone else should be at the reins of
the ACCC - all we ask is that whoever it is should discharge
their duty impartially".

Telstra chairman Donald McGauchie said in a letter to Mr. Samuel
that in his view it was now "impossible to believe that Telstra
is receiving, or will receive, the impartial and considered
treatment (from the ACCC) to which it is entitled".

He complained that Mr. Samuel had responded to statements by
Telstra chief financial officer John Stanhope with "a diatribe
of sarcasm, derision and ridicule".

Mr. McGauchie said he cannot understand Mr. Samuels response,
saying Telstra was "entitled to due process and fair and
objective treatment in its dealings with the ACCC".

The argument, made public by publication through the Australian
Stock Exchange of the letters between Mr. Stanhope and Mr.
Samuel, is about the now tortured issue of regulation -
specifically how much Telstra can charge competitors for access
to its legacy copper telephone network, known as the
unconditioned local loop.

Telstra said the pricing it believes the ACCC is considering
would involve it in losses of up to AU$800 million a year.

Mr. Samuel said he has not yet been told clearly how Telstra
arrived at such a figure. He also said that in submissions to a
Senate committee in Canberra, three Telstra executives had
appeared as confused as he was.

Meanwhile, Treasurer Peter Costello said he had confidence in
Mr. Samuel.

Telstra and the ACCC indicated that further public acrimony
would be avoided until the issue had been resolved.


UNITED LOCK: Members, Creditors Convene to Review Wind Up
---------------------------------------------------------
Notice is hereby given that a meeting of the creditors and
members of United Lock and Safe Co Pty Limited will be held Nov.
17, 2005, 9:15 a.m. at Ground Floor 192-198 High Street,
Northcote, Victoria, to lay an account before them showing how
the winding up was conducted and the property of the Company
disposed of, and to give any explanation of the account.

Dated this 11th day of October 2005

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


WANNAWORK PTY: Members Place Firm in Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Wannawork Pty Limited held on Oct. 11, 2005,
it was resolved that the Company be wound up voluntarily, and
Christopher Wykes, c/o Lawler Partners Chartered Accountants,
Level 7, 1 Margaret Street, Sydney NSW 2000 was appointed
Liquidator at a creditors' meeting held that same day.

Dated this 18th day of October 2005

Christopher Wykes
c/o Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000


WHEELSPIN PTY: Failure to Pay Debt Prompts Winding Up
-----------------------------------------------------
At the General Meeting of the members of Wheelspin Pty Limited
held on Oct. 17, 2005, the following Special Resolutions were
passed:

(1) That the Company be wound up voluntarily.

(2) That on the winding up of the company subject to the payment
of its debts, liabilities and liquidation costs, the Company's
assets be distributed amongst the members in specie (in whole or
in part), according to their rights and interest in the company.

(3) That Ian John Snook, Chartered Accountant of 48 Greenhill
Road, Wayville SA 5034, be appointed Liquidator for the winding
up.

Dated this 17th day of October 2005

Ian J. Snook
Liquidator
48 Greenhill Road, Wayville SA 5034


ZOKKY PTY: Members Agree to Wind Up Business
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Zokky Pty Limited held on Oct. 20, 2005, it was resolved that
the Company be wound up voluntarily, and that Robyn Erskine &
Peter Goodin of Brooke Bird & Co. Chartered Accountants, 471
Riversdale Road, Hawthorn East 3123, be appointed Liquidators
for such purpose.

Robyn Erskine
Peter Goodin
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666


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

ASAT HOLDINGS: S&P Revises Rating Outlook to Negative
-----------------------------------------------------
Standard & Poor's Ratings Services (S&P) has affirmed its 'B-'
long-term corporate credit rating on ASAT Holdings Ltd. (ASAT).
At the same time, it removed the rating from CreditWatch, where
it was placed with negative implications on August 17, 2005.

The outlook is negative.

"The affirmation reflects additional financing that will help to
mitigate concerns about ASAT's liquidity over the medium term
and demonstrates continued strong shareholder commitment to the
company," said Standard & Poor's credit analyst Jim Ng.

The negative outlook reflects ASAT's limited financial
flexibility. The company's weak financial performance is
expected to restrict its access to fixed income and equity
markets. The outlook also reflects the continued soft conditions
in the communications sector, which accounts for 48% of ASAT's
net revenue. The rating could be lowered if the company's
financial position continues to deteriorate.

ASAT and its principal shareholders recently finalized
arrangements for US$15 million in preferred share financing and
US$15 million in purchase money loan commitments. The purchase
money loan agreement is subject to conditions, some of which are
outside the company's control.

The financing will provide the company with the capital needed
to continue the relocation of its assembly and test operations
to Dongguan, China. Completion of the project is expected by
mid-2006, and is essential to improving the company's cost
structure and competitiveness over the long term.

Despite the additional shareholders' funds, continued concerns
include the company's weak financial position, its reliance on
the communications sector, and persistent operating losses.

The company reported a net loss of US$9.7 million in the first
quarter, ended July 31, 2005. This compares with a net loss of
US$36.7 million in the preceding quarter, including one-time
charges of about US$24 million. Net revenue for the first
quarter of fiscal 2006 was US$41.9 million, a 4.8% decline from
the US$44 million reported in the preceding quarter. The
company's cash balance fell to US$19.1 million as at July 31,
2005 from US$32.7 million as at April 30, 2005.

CONTACT:

ASAT Holdings Ltd.
QPL Industrial Building
138 Texaco Road
Tsuen Wan,  
Phone: 852 2408 7811
Fax: 852 2407 4056
Web Site: http://www.asat.com


BINARY EVOLUTION: Prepares to Wind Up Business
----------------------------------------------
Binary Evolution Computer Limited, whose office address is
located at Unit 1002-1003 10/F Conic Investment Building 13 Hok
Yuen Streert Hunghom Kowloon issued a winding up order notice in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on October 26, 2005.  

Date of Presentation of Petition: August 29, 2005

Dated this 4th day of November 2005

ET O'Connell
Official Receiver


CHINASORT LIMITED: Court Issues Winding Up Order
------------------------------------------------
Chinasort Limited, whose office address is located at Rm 1401
Tung Ming Building 40 Des Voeux Road Central Hong Kong issued a
winding up order notice in the high court of the Hong Kong
Special Administrative Region Court of First Instance on October
26, 2005.  

Date of Presentation of Petition: August 25, 2005

Dated this 4th day of November 2005

ET O'Connell
Official Receiver


DATANG TELECOM: Faces Government Probe Over Fraud
-------------------------------------------------
Telecom equipment manufacturer Datang Telecom Technology Co.,
Ltd. is being investigated by the China Securities Regulatory
Commission (CSRC), for potential fraud involving information
disclosure, The Standard reports.

The company's shares fell 9.6 percent Tuesday to close at
CNY7.81 (HK$7.49) after the statement, which did not disclose
details of the investigation.

The CSRC said last December that the company failed to disclose
an associated transaction and contract information and blamed
Datang Telecom for a lack of transparent infrastructure.

Datang Telecom, whose chief executive Wei Shaojun left the
company in June, posted a loss of CNY195 million in the first
nine months, versus a profit of CNY7.8 million a year earlier.

CONTACT:

Datang Telecom Technology Co. Ltd.
40 Xueyuan Rd., Haidian
Beijing 100083, China  
Phone: +86-10-6230-1267
Fax: +86-10-6230-1160


EXCEL STATE: Set to Close Down Operations
-----------------------------------------
Excel State Investment Limited, whose office address is located
at 1st and 2nd Floors Kai Tak Commercial Building 317-321 Des
Voeux Road Central Hong Kong issued a winding up order notice in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on October 26, 2005.  

Date of Presentation of Petition: August 29, 2005

Dated this 4th day of November 2005

ET O'Connell
Official Receiver


GRAND INVESTMENT: SFC Fines HK$300K for FRR Breaches
----------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Grand Investment (Futures) Limited and fined it HK$300,000 for
failing to maintain the required liquid capital on 22 days
between March and June 2004, in breach of the Securities and
Futures (Financial Resources) Rules (FRR) (Note 1).

The SFC found that Grand Investment (Futures) had breached the
liquid capital requirement by overstating its liquid assets and
understating its ranking liabilities. Grand Investment (Futures)
claimed that it was unaware of the FRR breaches until the SFC
pointed them out. Grand Investment (Futures) also claimed that
it had misinterpreted the relevant FRR provisions.

The SFC found that Grand Investment (Futures) had failed to
ensure FRR compliance and considered that the reliance of Grand
Investment (Futures) on an accounting manager, who had no
recognized professional qualification in accounting to compile
the FRR returns, was not reasonable in the circumstances.

The SFC concludes that the fitness and properness of Grand
Investment (Futures) has been called into question. The SFC also
considers that it is in the public interest and in the interests
of investors to settle its disciplinary action against Grand
Investment (Futures).

In considering the settlement with Grand Investment (Futures),
the SFC has taken into account that:

(i) Grand Investment (Futures) promptly rectified the liquid
capital deficiency by capital injection;
(ii) Grand Investment (Futures) had no previous disciplinary
record; and
(iii) Grand Investment (Futures) co-operated with the SFC in the
early settlement of the disciplinary proceedings.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"FRR compliance is fundamental to the fitness and properness of
a licensed corporation. A licensed corporation must reasonably
ensure that its FRR return is properly compiled to reflect its
actual financial position. Otherwise, it will be held liable to
erroneous FRR returns."

CONTACT:

The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Telephone: 852-2840-9222; 852-2842-7666
Fax: 852-2521-7836


FINEMOST INDUSTRIES: Appoints Alvarez & Marsal Liquidators
----------------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 13, 2005, Stephen Briscoe
and Kelvin Edward Flynn of Alvarez & Marsal Asia Limited, of 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, were appointed as the Joint and Several Liquidators
of Finemost Industries Limited with no Committee of Inspection.

Dated this 4th day of November, 2005

STEPHEN BRISCOE
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Presented by: Alvarez & Marsal Asia Limited


FIRST DRAGONCOM: Creditor Files Lawsuit
---------------------------------------
The board of directors of First Dragoncom Agro-Strategy Holdings
Limited announces that on October 13, 2005, the Company received
a writ of summons dated October 12, 2005 filed against the
Company in the High Court of Hong Kong by Elegant World
Investment Limited, one of the Company's creditors.

Elegant World claims that it has advanced a loan in the amount
of HK$3,000,000 to the Company on June 29, 2005. Under the
relevant agreement, the Loan shall carry an interest rate of 12%
per annum and the Company shall repay Elegant World on September
22, 2005. Interest incurred in relation to the Loan during the
period June 29, 2005 to September 22, 2005 is HK$85,000. It is
further stated in the Writ that the Company failed to repay
Elegant World the amount of HK$3,085,000, being the principal of
the Loan and interest incurred, on September 22, 2005.

As at the date of this announcement, the Company does not have
the financial resources to satisfy in full the claim stated
under the Writ. However, management of the Company is in
negotiations with Elegant World for an extension to the
repayment term.

By Dragoncom Agro-Strategy Holdings Limited
Lau Man Kin
Executive Director
Hong Kong, November 8, 2005

CONTACT:

First Dragoncom Agro-Strategy Holdings Limited
Unit 4208-10
42/F Cosco Tower
183 Queen's Road Central
Hong Kong
Phone No: (852) 2412S-2208 / 2526 5338
Fax No: (852) 2412-0239 / 2536 9223


GEM INDUSTRIAL: Names Joint and Several Liquidators
---------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 13, 2005, Stephen Briscoe
and Kelvin Edward Flynn of Alvarez & Marsal Asia Limited, 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, were appointed as the Joint and Several Liquidators
of Gem Industrial Limited with no Committee of Inspection.

Dated this 4th day of November, 2005

STEPHEN BRISCOE
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Presented by : Alvarez & Marsal Asia Limited


GLORY FUTURE: 9-Month Net Loss Shrinks to HK$1.96 Mln
-----------------------------------------------------
Glory Future Group Limited (8071) incurred a net loss of
HK$1.964 million for the first nine months of 2005, versus a net
loss of HK$2.854 million a year earlier, Infocast News reports.

Loss per share (LPS) was $0.0026. No third quarter dividend was
declared.  

The Group is mainly engaged in the provision of trade show and
exhibition services on the Internet in Hong Kong and Internet-
based application and design services in Hong Kong and the PRC.

CONTACT:

Glory Future Group Limited
7/F, San Kei Tower
56-58 Yee Wo Street
Causeway Bay, Hong Kong  
Phone: 22501888  
Fax: 22501833  
Web site: http://www.glory-future.com   


LOULAN HOLDINGS: Net Loss Widens to RMB9.9 Mln
----------------------------------------------
Loulan Holdings Limited (8039) posted a net loss of RMB9.944
million for the first nine months of 2005, compared to a net
loss of RMB8.935 million a year ago. LPS was RMB0.025. No third
quarter dividend was declared, according to Infocast News.  

The Group is principally engaged in the production, sale, and
distribution of grape wine products under the Group's trademarks
primarily in the PRC.

CONTACT:

Loulan Holdings Limited
Rooms 2001-4,
20/F, the Broadway
54-62 Lockhart Road
Wanchai, HK  
Phone: 28696178  
Fax: 28696306  
Web site: http://www.xiloulan.com


MONREP PEAK: To Appoint Joint Liquidators
-----------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 13, 2005, Stephen Briscoe
and Kelvin Edward Flynn of Alvarez & Marsal Asia Limited, 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, were appointed as the Joint and Several Liquidators
of Monrep Peak Limited with no Committee of Inspection.

Dated this 4th day of November, 2005

STEPHEN BRISCOE
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Presented by: Alvarez & Marsal Asia Limited


NEW UNIVERSE: Net Loss Shrinks to HK$3.3
----------------------------------------
New Universe International Group Ltd. posted a net loss of
HK$3.295 million for the first nine months of 2005, compared
with a net loss of HK$3.343 million a year earlier.

Loss pre share (LPS) was 0.22 cent.

No third quarter dividend was declared.  

The Group is an investment holdings company, and its
subsidiaries are engaged in the manufacturing of tools and
molds, provides a mold development for companies requiring
engineering and mechanical support services in design, drawing
and drafting.

CONTACT:

New Universe International Group Ltd
Rooms 2110-2112, Telford House
16 Wang Hoi Road, Kowloon Bay
Kowloon, Hong Kong  
Phone: 24356811  
Fax: 24353220  
Web site: http://www.nuigl.com


WEAL SOUND: Court Appoints Joint Liquidators
--------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 13, 2005, Stephen Briscoe
and Kelvin Edward Flynn of Alvarez & Marsal Asia Limited, 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, were appointed as the Joint and Several Liquidators
of Weal Sound Limited with no Committee of Inspection.

Dated this 4th day of November, 2005

STEPHEN BRISCOE
KELVIN EDWARD FLYNN
Joint and Several Liquidators
Presented by: Alvarez & Marsal Asia Limited


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

HINDUSTAN PETROLEUM: Decision on JV with British Firm Nears
-----------------------------------------------------------
Hindustan Petroleum and British oil giant BP Plc will decide on
signing a binding agreement for a new refining and marketing
joint venture on November 12, according to Asia Pulse.

The two firms signed a letter of intent on October 13 to form a
50:50 venture to construct, operate and control a nine-million-
tonne refinery at Bhatinda in Punjab.

It was agreed that such a binding commitment would be reached
following a further review and agreement upon the management and
governance structure of the joint venture.

BP would assist HPCL in crude selection and supply for other
refineries of HPCL. The joint venture plans to market Bhatinda
refinery products and it would get access to HPCL's existing
infrastructure on mutually agreed terms.

The joint marketing activities would be subject to BP making an
investment exceeding INR20 billion (US$436 million) in the
refinery project.

CONTACT:

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


TATA POWER: Ratings Affirmed at 'BB+' With Stable Outlook
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
foreign and local currency corporate credit ratings for India's
Tata Power Co. Ltd. (Tata Power). The outlook is stable.
    
Although there is deterioration in the credit-protection
parameters for the company in the fiscal year ended March 2005,
these remain broadly consistent with its peers in the 'BB'
rating category.
      
"The ratings on Tata Power are constrained by its high
sensitivity to regulatory action in the Mumbai license area, its
exposure to riskier investments and increasing competition, and
limited opportunities in the core markets of the company," said
Standard & Poor's credit analyst Anshukant Taneja.

The ratings reflect the regulatory protection available to the
company for the Mumbai license, its improved operating
efficiency and competitive position, and the stronger financial
profile of its bulk customers.
     
Standard & Poor's expects the company's credit protection
measures to improve only over the medium to long term, as the
company deploys the debt mobilized in fiscal year 2005 for
funding its expansion plans. In this backdrop, Tata Power's
policy on future investments in the power sector would be
critical, given persisting issues of off-taker risks and
evolving regulations in India. The company's policy of
restraining from any material increase in its exposure to the
telecom sector has also been factored in this rating.
     
Tata Power's main business is electricity generation and bulk
supply in the Mumbai metropolitan area. For the fiscal year
ended March 2005, Tata Power recorded revenues of Indian rupee
INR49 billion (US$1.1 billion) and net profit of about INR6
billion.
     
The outlook on the ratings is stable. Although the overall
credit profile of the company may even weaken slightly from
current levels, this is expected to remain consistent with its
'BB' rating category. Tata Power's improved competitive
position, high liquidity, favorable debt maturity profile and
access to financial resources add to the stable outlook on its
ratings.
      
"An improvement in the financial profile of the company,
accompanied by timely completion of new projects and stable
regulatory environment can translate into an improvement in the
outlook or the ratings," said Mr. Taneja.

However, delays in project completion, higher-than-anticipated
debt levels and adverse regulatory action in the core businesses
of the company could place downward pressure on these ratings.

CONTACT:

Tata Power Company Limited
Bombay House, 24, Homi Mody Street,
Fort, Mumbai - 400 001, INDIA.
Phone: (91 22) 5665 8282
Fax: (91 22) 5665 8801
Web site: http://www.tatapower.com


* DICGC to Distribute Money to Depositors
-----------------------------------------
Depositors of liquidated banks of Gujarat were set to get their
money back after Diwali, Indo-Asian News Service reports.

The Deposit Insurance and Credit Guarantee Corporation (DICGC)
said it will distribute INR4.11 billion (US$91.2 million) to
depositors of 19 cooperative banks that had gone into
liquidation.

State Registrar of Cooperatives J.P. Gupta confirmed some
350,000 depositors will immediately benefit from the move, as
the distribution should take two to three weeks depending upon
the capacity of individual banks.

The Gujarat government had earlier disbursed INR4 billion to
depositors of Madhavpura Mercantile Cooperative Bank and another
INR5 billion to depositors of smaller banks.

Some 58,000 depositors of Diamond Jubilee, 36,000 of Suryapur
and 56,000 of Baroda Peoples Bank are among those who will
benefit.

In the past two years, INR9 billion has already been
distributed.


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

PERTAMINA: Plans to Reduce LNG Shipments Next Year
--------------------------------------------------
State-owned oil and gas firm PT Pertamina has decided to reduce
shipments of liquefied natural gas (LNG) next year in order to
provide adequate supply for local demand, reports Dow Jones.

According to Pertamina marketing director Ari Sumarno, the
Company is negotiating to further reduce its shipments in the
face of a decline in LNG output and increased local demand.

Japan, South Korea and Taiwan have already agreed to cut their
LNG shipments by 36 cargoes for next year, while the Company is
seeking to cut another five cargoes from being exported in its
port in Bontang, East Kalimantan. Pertamina also plans to reduce
its LNG shipment in Aceh by nine caroges.

The major cause for the reduction of its LNG shipments is the
decline in LNG supply from the East Kalimantan fields. Mr.
Sumarno added that Pertamina will focus on the domestic market
in the future.

In order to increase LNG production, Indonesia is working to
develop several gas fields in Sulawesi and West Papua.

CONTACT:

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


PERUSAHAAN LISTRIK: Teams Up with Firm to Build Geothermal Plant
----------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) has reached
a price agreement with Star Energy on the construction of a 110-
megawatt geothermal power plant in West Java, Asia Pulse
reports.

According to PLN primary energy director Ali Herman Ibrahim,
both firms agreed that Star Energy would sell electricity to PLN
LM for USD0.049 per kilowatt hour.

The geothermal plant should be completed within 24 months, hence
it would be operational by 2008, he added.

The construction project was previously awarded to Magma
Nusantara Limited, but it could not carry out the project.

This is one of the Company's plans to tap alternative energy
sources in order to provide enough power supply to the different
islands in Indonesia.

CONTACT:

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


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

HITACHI LIMITED: To Expand Home Appliance Business in India
-----------------------------------------------------------
Hitachi Ltd. will expand its home appliance business in India by
launching high-value-added refrigerators and washing machines
imported from its Thai factory in the spring, the Nihon Keizai
Shimbun reported Saturday.

Hitachi Home & Life Solutions Inc. has already set up Hitachi
product corners at about 50 stores catering to high-income
earners in Delhi, Mumbai and other cities with hopes to study
the market and raise recognition of its products.

Hitachi Home plans to begin full-fledged sales in March 2006. It
initially hopes to sell 3,000 refrigerators and 2,000 washing
machines a year.

CONTACT:

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


HITACHI LIMITED: U.S. Unit Enters Deal With PwC
-----------------------------------------------
PricewaterhouseCoopers LLP and Hitachi America, Ltd., a
subsidiary of Hitachi, Ltd., (NYSE:HIT) announced a new
strategic alliance, in which Hitachi's new XBRL 2.1 compliant
tool, Xinba(tm), will be used to provide end users the
capability to port XBRL business information directly into PwC
TeamMate(tm), PricewaterhouseCoopers' audit management software,
to support the audit and analysis process.

Xinba(tm) allows users to import, validate, and analyze XBRL
documents easily, accurately and correctly. With Xinba(tm), end
users can perform examination and analysis on XBRL business data
and generate customized reports. Xinba(tm) uses Web Services to
access the taxonomies and the instances which can either be
stored locally, over a network, or on the Internet. Multiple
analysis reports can be associated with a single XBRL document.

PwC TeamMate(tm), recognized as a leading audit management
system, is used by over 36,000 auditors from over 1,000
organizations worldwide. When used in an integrated mode,
Xinba(tm) serves as the core tool to support the examination and
analysis process while PwC TeamMate(tm) serves as the audit
management system storing both the audit procedures and
documented results. Auditors can look up the audit procedures in
PwC TeamMate(tm) and perform the necessary steps on the stored
information by using Xinba(tm) as the core analytic tool and
XBRL data consumption tool. PwC TeamMate(tm) facilitates the
documentation, review and reporting of the results of these
audit procedures.

Information reported in the XBRL format can be simply exchanged,
extracted and compared without human intervention. This
capability allows for more efficient business reporting with
increased transparency and data accuracy and lower costs by
eliminating data re-entry. Information in XBRL is automatically
readable by computers, which results in the ability to automate
data analysis.

XBRL is rapidly becoming the de facto standard for defining,
exchanging and storing business information by regulators, stock
exchanges, statistical offices, banks, and corporations across
the world. Many regulators will be introducing mandatory filing
of financial statements and other regulatory reports in XBRL
this year, including the FFIEC in the U.S. Other regulators such
as the U.S. Securities and Exchange Commission (SEC) began
accepting voluntary filing of XBRL documents in April 2005.

"With ever-increasing demands and responsibilities, auditors and
examiners are now, more than ever, looking to technology to
enhance the audit process. By coupling the power of PwC
TeamMate(tm) with Xinba(tm), auditors now have a technology
platform to drive significant efficiencies into all aspects of
the audit process," said Mike Gowell, managing director at
PricewaterhouseCoopers.

"Hitachi is pleased to enter into this strategic alliance with
PricewaterhouseCoopers. We are excited by the possibilities that
this strategic alliance opens up for Xinba(tm). We also strongly
believe that all existing PwC TeamMate(tm) users will find the
capability to port XBRL data seamlessly both revolutionary and
helpful. The alliance will also promote the two organizations'
ability to further expand their channels," said Toshimi
Takahashi, vice president of the Information Division of Hitachi
America, Ltd.

Hitachi and PricewaterhouseCoopers are both active members of
XBRL International, an international non-profit consortium of
more than 300 companies, organizations and government agencies
responsible for developing and maintaining XBRL, and promoting
its global adoption. Hitachi and PricewaterhouseCoopers are
participating at the 12th XBRL International Conference,
November 7-10 in Tokyo, Japan. Interested parties are invited to
attend and learn more about XBRL from Hitachi and
PricewaterhouseCoopers representatives. For more information on
the conference, please go to http://www.xbrl.org/.

About Hitachi

The Information Division of Hitachi America, Ltd. provides a
range of solutions and services to the information technology
marketplace. For more information on XBRL solutions, please
visit http://www.hitachi.us/xbrl.  

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets
and manufactures a broad range of electronics, computer systems
and products, and consumer electronics, and provides industrial
equipment and services throughout North America. For more
information, visit http://www.hitachi.us.

Hitachi, Ltd., (NYSE:HIT), headquartered in Tokyo, Japan, is a
leading global electronics company with approximately 326,000
employees worldwide. Fiscal 2003 (ended March 31, 2004)
consolidated sales totaled 8,632.4 billion yen ($81.4 billion).
The company offers a wide range of systems, products and
services in market sectors including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services. For more information
on Hitachi, please visit the company's Website at
http://www.hitachi.com.

About PricewaterhouseCoopers

PricewaterhouseCoopers (www.pwc.com) provides industry-focused
assurance, tax and advisory services to build public trust and
enhance value for its clients and their stakeholders. More than
130,000 people in 148 countries work collaboratively using
connected thinking to develop fresh perspectives and practical
advice.

"PricewaterhouseCoopers" refers to the network of member firms
of PricewaterhouseCoopers International Limited, each of which
is a separate and independent legal entity.

(c) 2005 PricewaterhouseCoopers. All rights reserved.

This is a company press release.

CONTACT:

PricewaterhouseCoopers
Mike Ascolese
Phone: (201) 521-4322
E-mail: mike.ascolese@us.pwc.com

Hitachi America, Ltd.
Gerard F. Corbett
Phone: (650) 244-7900
E-mail: gerard.corbett@hal.hitachi.com

Matt Takahashi
Phone: (650) 244-7902
E-mail: masahiro.takahashi@hal.hitachi.com


MITSUBISHI MOTORS: Describes Narrowed Loss Report `Speculative'
---------------------------------------------------------------
Mitsubishi Motors Corporation clarified that the recent news on
its narrowed net loss are pure speculations. Therefore the
company cannot comment on the contents.

In a company press release, the company's financial results for
the first half of fiscal 2005 will be announced on Thursday,
November 10 at 13:00.

Note:

The above comment was announced to news media and was filed to
the Tokyo Stock Exchange and to the Osaka Stock Exchange in
order to express the company's basic stance on the reporting
contents of the Nihon Keizai Shimbun (Nikkei) dated November 9.

CONTACT:

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

This is a company press release.


OBU EDUCATION: Files for Voluntary Bankruptcy
---------------------------------------------
Obu Education System based in Saitama and Educare System based
in Shinjuku Ward, Tokyo, both of which operate a tutor dispatch
service called the Binbanbun Club, have begun bankruptcy
proceedings with the Tokyo District Court, The Daily Yomiuri
reports.

With clients at about 20,000 households across the country,
tuition fees paid in advance totaling about 840 million yen are
thought unlikely to be refunded.

Obu has debts of JPY2.5 billion and Educare JPY2.3 billion. Of
the JPY4.8 billion total, an estimated JPY3.6 billion is owed to
credit companies used by client households. The debt includes
tuition fees paid beforehand and JPY110 million in unpaid wages
for tutors. Both companies have hardly any assets, making it
almost impossible for the two to refund the fees already paid.


RENESAS TECHNOLOGY: 1H/2005 Sales Down 10%
------------------------------------------
Sales of Renesas Technology Corporation fell 10 percent to
JPY439.3 billion ($3.7 billion) in the first half of this year,
with a net loss of JPY2 billion ($17 million), EE Times reports.

"For results in the third year since the company's founding, it
is a depressing result," said Susumu Ito, president and CEO of
Renesas.

Mr. Ito attributed the stagnant results mainly to greater than
expected price erosion. "Price erosion in flash memory had a big
impact. We estimated prices to drop 30 to 35 percent but they
actually plunged about 50 percent," he said.

Renesas expects to invest about JPY80 billion this fiscal year,
mostly to complete a 300-mm line addition to a process line
formerly belonging to Trecenti Technologies Inc.

CONTACT:

Reneas Technology Corporation
Marunouchi Bldg., 4-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-6334, Japan  
Phone: +81-3-6250-5500
Fax: +81-3-6250-5469


RENESAS TECHNOLOGY: Arrow to Distribute Products in ANZ
-------------------------------------------------------
Arrow Electronics Australia Pty Ltd. (Arrow) announced a
distribution partnership in Australia and New Zealand with
Renesas Technology Corp (Renesas), a global leader in the
semiconductor market. According to the terms of the agreement,
Arrow will provide sales and distribution services, as well as
customer support for Renesas Semiconductor Products in Australia
and New Zealand.

"We are pleased to be working with Renesas. They offer many of
our target customers highly integrated and innovative
semiconductor system solutions for the mobile, industrial,
automotive, security and medical markets, with global design and
engineering support. With Arrow's wide sales coverage, strong
technical support and world-class supply chain capabilities, we
will be able to provide top level service to our customers in
the region," said Gert Labuschagne, Vice President, Arrow
Electronics Australia (Pty) Ltd.

"Arrow is a well-established global electronics distributor.
They bring a wealth of engineering capability along with
significant customer relationships in the ANZ region. Such a
partnership will allow us extend our reach and deepen our
commitment to the ANZ market and to provide products and
services that are in line with the local activities, needs and
requirements. We look forward to a productive, long-term
relationship," said Dipak Kumar, General Manager, Renesas
Semiconductor Group, Hitachi Australia Ltd.

About Renesas Technology Corp.

Renesas Technology Corp. designs and manufactures highly
integrated semiconductor system solutions for communications,
automotive and PC/AV markets. Established on April 1, 2003 as a
joint venture between Hitachi, Ltd. (TSE: 6501 - News; NYSE: HIT
- News) and Mitsubishi Electric Corporation (TSE: 6503 - News)
and headquartered in Tokyo, Japan, Renesas Technology is one of
the largest semiconductor companies in the world and the world's
leading microcontroller supplier globally. Besides
microcontrollers, Renesas Technology offers flash memories,
system-in-package and system-on-chip devices, Smart Card ICs,
mixed-signal products, SRAMs and more. For more information,
please visit http://www.renesas.com.

About Arrow Asia Pac

A subsidiary of Arrow Electronics, Inc. (NYSE: ARW - News),
Arrow Asia Pac is one of Asia Pacific's leading electronic
component distributors. In addition to its regional headquarters
in Hong Kong, Arrow Asia Pac operates 41 sales offices, three
primary distribution centers and ten local warehousing
facilities in eleven countries/territories across Asia.

Providing a full range of semiconductors, passive,
electromechanical and connectors products from over 60 leading
international suppliers, Arrow Asia Pac serves more than 10,000
original equipment and contract manufacturers and commercial
customers in Asia Pacific. Visit us at www.arrowasia.com .

This is a company press release.

CONTACT:

Ray Leung
Marketing Communications Director
Arrow Asia Pac Ltd.
Phone:   +852-2484-2683
E-mail: ray.leung@arrowasia.com

Grace Kung
Marketing Communications Manager
Phone:   +852-2484-2682
E-mail: grace.kung@arrowasia.com


SOFTBANK CORPORATION: Details Sale of Yahoo! Europe, Korea
----------------------------------------------------------
Softbank Corporation announced that the four of the Company, SB
Holdings (Europe) Ltd. (SBHE), SOFTBANK Korea Co., Ltd. (SBK),
and Yahoo Japan Corporation (Yahoo! Japan) have reached an
agreement with Yahoo! Inc. (Yahoo!) that the companies sell all
of their respective stakes of Yahoo! group in Europe and Korea,
to Yahoo!.

I.  Outline of sale.

(1)      Object

i)          All stakes(30%) of SBHE held in the following Yahoo!
group companies

'Yahoo!' UK Limited

'Yahoo!' France SAS

'Yahoo!' Deutschland GmbH

ii) All stakes(33%) of the Company, SBK, and Yahoo! Japan held
in the following Yahoo! group company

'Yahoo!' Korea Corporation

(2) Purchaser: Yahoo!

(3) Sale price: 500 million US dollars for i) and ii)

(Approximately 59.0 billion yen, converted at 118.16 yen to a
dollar; same in below) Terms and condition of each sale shall
not to be disclosed under the agreements.

II. Background

The Company and Yahoo! have accumulated the continuous growth in
their internet business, mainly portal sites, in each operating
countries and have retained a strategic partnership for long
periods in various business fields such as Yahoo! Japan. This
transaction seeks to make each of business corporations wholly-
owned by Yahoo!, which aims to enforce its international
business growth. The Company have lead to this sale transaction
after a discussion with the related parties, including Yahoo!.

The transaction has shown the high-efficiency of the Company's
investment activities. The Company, continuing to realize its
return of investment activities done both direct and indirect,
drive its broadband business even forward.

III. Impact on consolidated financial results

The Company estimates the above-mentioned sale of stakes will
contribute approximately 53,3 billion yen to consolidated net
income in the 3rd quarter for the fiscal year ending March 31,
2006.

IV. Summary of Yahoo! group companies

(1) Yahoo! UK Limited

i) Field of Business: Internet service

ii) Date of incorporation: October 1995

iii) Location of Head office: London, United Kingdom

(2) Yahoo! France SAS

i) Field of Business: Internet service

ii) Date of incorporation: November 1996

iii) Location of Head office: Paris, France


(3) Yahoo! Deutschland GmbH

i) Field of Business: Internet service

ii) Date of incorporation: October 1996

iii) Location of Head office: Munich, Germany


(4) Yahoo! Korea Corporation

i) Field of Business: Internet service

ii) Date of incorporation: June 1997

iii) Location of Head office: Seoul, Republic of Korea

CONTACT:

Softbank Corporation Company
1-9-1 Higashi Shinbashi, Minato-ku
Tokyo 105-7303, Japan  
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431

This is a company press release.


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

DOOSAN GROUP: Park Family Evades Detention
------------------------------------------
Former chief of Doosan Group and his three brothers will be
indicted without detention on charges of being directly involved
in the group's alleged slush fund scandal, Yonhap News relates.

Aside from Ex-Chairman, Park Yong-sung, the three indicted are
elder brother and former Doosan Chairman Park Yong-oh and
younger brothers Park Yong-maan, former vice chairman, and Park
Yong-wook, chairman of Doosan's kitchen appliance subsidiary
Esaeng Group.

The decision of the prosecution not to detain any member of the
Park family was considered unusual, as they were found to have
orchestrated the conglomerate's raising of tens of billions of
won in slush funds.

The Park brothers were said to have raised more than KRW30
billion in slush funds through Doosan Group's units and used
them for private purposes, such as repaying interest on their
private bank debts.

Last Friday, Park Yong-sung resigned as chairman amid an
intensified investigation conducted by the prosecutors.


LG CARD: Selection of Lead Manager Looms
----------------------------------------
A lead manager for the sale of LG Card will be revealed this
week, Asia Pulse reports.

LG Card has been up for sale since it has improved its
performance.  Creditors of the card company are to unload their
combined 51 percent stake by March next year.  By the end of the
year, creditors led by state-run Korea Development Bank (KDB),
will select a preferred bidder for LG Card.

Korea Development Bank, with 22.93 per cent, holds the largest
stake among the creditors, while the National Agricultural
Cooperative Federation owns another 14.59 per cent and Kookmin
Bank has an 11.98 per cent stake.

However, the creditors have not indicated how much they would
sell LG Card.  In March, KDB Head Yoo Ji-chang said the
creditors were looking to sell it for at least KRW4.5 trillion.

Financial institutions including Woori Finance Holdings Co.,
Shinhan Financial Group Co. and Hana Bank are vocal in their
interest in the Company.  

LG Card was rescued from bankruptcy in 2004 through a KRW5
trillion (US$4.78 billion) debt-for-equity swap and a further
KRW1 trillion bailout.

CONTACT:

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


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

ANCOM BERHAD: Purchases 34,900 Shares
-------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:
   
Date of buy back: November 9, 2005

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

Total number of shares purchased (units): 34,900

Minimum price paid for each share purchased (MYR): 0.695

Maximum price paid for each share purchased (MYR): 0.710

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 34,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 16,736,000

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

CONTACT:

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


AVENUE CAPITAL: Issues Notice of EGM, CCM
-----------------------------------------
On behalf of the Board of Directors of Avenue Capital Resources
Berhad (ACRB), Avenue Securities Sdn Bhd advised Bursa Malaysia
Securities Berhad that the Court Convened Meetings for the
shareholders of ACRB, holders of the irredeemable convertible
unsecured loan stocks 2002/2007 in ACRB and holders of the
warrants 2002/2007 in ACRB (CCM) and an Extraordinary General
Meeting (EGM) will be convened at the Banquet Hall, Kuala Lumpur
Golf & Country Club, No. 10 Jalan 1/70D, Off Jalan Bukit Kiara,
60000 Kuala Lumpur on Thursday, December 1, 2005 at the
respective times stated in the notice of CCM and notice of EGM.

To view a full copy of the notice of EGM, click
http://bankrupt.com/misc/AvenueCapitalnoticeofEGM110905.doc

To view a full copy of the notice of CCM, click
http://bankrupt.com/misc/AvenueCapitalnoticeofCCM110905.doc

This announcement is dated 8 November 2005.


COMSA FARMS: RAM Downgrades Bond Rating to D
--------------------------------------------
Rating Agency Malaysia Berhad (RAM) has downgraded the rating of
Comsa Farms Berhad's (Comsa) MYR50 million Redeemable Unsecured
Bonds (RUB), from B1 (with a negative outlook) to D.

The rating action is premised on Comsa's failure to repay the
RUB on its original maturity date of November 4, 2005. It is
highlighted that Comsa had sought and obtained consent from the
RUB holders to extend the maturity date of the RUB to February
26, 2006.

Notwithstanding the above, RAM recognizes that Comsa had not met
its obligations as originally promised. The modification to the
tenure of the original issue is viewed as being tantamount to a
default.


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

Date of buy back: November 8, 2005

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

Total number of shares purchased (units): 24,000

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

Maximum price paid for each share purchased (MYR): 2.110

Total consideration paid (MYR): 50,381.07

Number of shares purchased retained in treasury (units): 24,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,676,500

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

CONTACT:

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


KIG GLASS: Required to Submit Regularization Plan
-------------------------------------------------
KIG Glass Industrial Berhad (KIG GLASS) issued to Bursa Malaysia
Securities Berhad an announcement pursuant to Practice Note No.
17/2005 (First Announcement).

(1) Introduction

In compliance with Practice Note No. 17/2005 (PN 17/2005), which
sets out the criteria and obligations of an affected listed
issuer pursuant to Paragraph 8.14C of the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Securities) (Listing
Requirements), the Board of Directors of KIG Glass (Board)
wishes to announce that following the shut down of its main
production plants in May 2005 and termination of employees on
October 26, 2005, KIG Glass has effectively ceased its core
business and operations. As such, KIG Glass is an affected
listed issuer under PN 17/2005.

(2) Obligations of KIG Glass as an affected listed issuer

In accordance with PN 17/2005, KIG Glass is required to comply
with the following:

(a) Submit a Regularization Plan as defined in paragraph
8.14C(3) of the Listing Requirements to the relevant authorities
for approval or, where the relevant authorities' approvals are
not required, obtain all other approvals necessary for the
implementation of the Regularization Plan within eight (8)
months from the date of the First 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 the Bursa Securities (Implementation
Timeframe);

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

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

(3) Consequences of Non-Compliance

In the event that the Company fails to comply with the
obligation to regularize its condition, it shall have all its
listed securities suspended from trading on the fifth (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 the Company.

(4) Status of Plan to Regularize Condition

As announced by KIG Glass on 13 October 2005, the Board had
engaged a financial adviser to review and advise on a capital
restructuring plan and entered into a firm letter of intent with
an investor, Neu Investment Holdings Ltd, to address its
financial condition. In addition, the Board had on October 31,
2005 appointed AmMerchant Bank Berhad (a member of AmInvestment
Group) as Adviser for the Regularization Plan.

The Company is currently deliberating on the Regularization Plan
with its advisers. A full announcement outlining the
Regularization Plan will be made in due course.

This announcement is dated 8 November 2005.

CONTACT:

KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282 / +60 7 251 5278


KL INFRASTRUCTURE: Bourse Suspends Securities Trading
-----------------------------------------------------
Kindly be advised that trading in KL Infrastructure Group
Berhad's shares was suspended with effect from 3:54 p.m.,
Tuesday, November 8, 2005 and will resume with effect from 9:00
a.m., Wednesday, November 9, 2005.


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

Date of buy back: November 8, 2005

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

Total number of shares purchased (units): 260,000

Minimum price paid for each share purchased (MYR): 1.950

Maximum price paid for each share purchased (MYR): 1.960

Total consideration paid (RM):  

Number of shares purchased retained in treasury (units): 260,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 72,731,100

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

CONTACT:

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


MBF HOLDINGS: Dormant Unit Faces Winding Up Proceedings
-------------------------------------------------------
MBF Holdings Berhad furnished Bursa Malaysia Securities Berhad
details of placement of subsidiary under members' voluntary
winding up.

MBf Holdings Berhad (MBfH) informed Bursa Malaysia that its
Singapore incorporated subsidiary, MBf Discount Card Pte Ltd
(MBfDCL) has been placed under members' voluntary winding up on
November 8, 2005. Mr. Chia Soo Hien and Madam Ng Geok Mui of
Messrs BDO Raffles at 5 Shenton Way, #07-01 UIC Building,
Singapore 068808 have been appointed the Liquidators of MBfDCL.

Information on MBfDCL

MBfDCL was incorporated on April 18, 1989 and the principal
activity was provision of discount card services. The authorized
share capital of MBfDCL is S$2,000,000 comprising 2,000,000
ordinary shares of S$1.00 each of which 1,300,000 ordinary
shares have been issued and fully paid-up.

As at September 30, 2005, the shareholders' fund of MBfDCL is
NIL.

MBfDCL ceased its operations since 2003 and has been dormant
thereafter.

Rationale for the Winding Up

The winding up of MBfDCL is part of the rationalization and
streamlining exercise of MBfH Group.

Financial Effect of the Winding Up

The winding up of MBfDCL will not have any material effect on
MBfH Group.

Interests of Directors, Substantial Shareholders and Persons
connected to the Directors and Substantial Shareholders

None of the directors, substantial shareholders and persons
connected to the directors and substantial shareholders of MBfH
has any interest, direct or indirect in the said exercise.

Yours faithfully,

For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
8 November 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


PAN MALAYSIA: Purchases New Shares
----------------------------------
Pan Malaysia Corporation Berhad furnished Bursa Malaysia details
of its shares buy back.  
   
Date of buy back from: October 26, 2005

Date of buy back to: October 31, 2005

Total number of shares purchased (units): 430,000

Minimum price paid for each share purchased (MYR): 0.450

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

Total amount paid for shares purchased (MYR): 203,884.89

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

Number of shares purchased retained in treasury (units): 430,000

Total number of shares retained in treasury (units): 53,801,500

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 8, 2005

Lodged by: Pan Malaysia Corporation Berhad

CONTACT:

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


PANTAI HOLDINGS: Issues Notice of Book Closure
----------------------------------------------
Pantai Holdings Berhad submitted to Bursa Malaysia Securities
Berhad a notice of book closure.

Seventeenth dividend of 2 percent per share less 28 percent
income tax.

Kindly be advised of the following:

(1) Pantai's securities will be traded and quoted (Ex-Dividend)
as from: (December 13, 2005)

(2) The last date of filing: (December 15, 2005)

(3) Date Payable: (December 30, 2005)

CONTACT:

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


PSC INDUSTRIES: Unit Receives Demand Letter
-------------------------------------------
The Board of Directors of PSC Industries Berhad (PSCI) advised
Bursa Malaysia Securities Berhad that the Company's subsidiary,
PSC Naval-Dockyard Sdn Bhd (PSCND), had on October 25, 2005
received a letter of demand from the solicitors acting for
Alliance Bank Malaysia Berhad (Alliance) demanding the payment
of the sum of MYR34,139,675.54 being outstanding principal and
interest in respect of installments under a term loan facility
of MYR240 million and an overdraft facility of up to MYR20
million.

In the same letter, Alliance had stated that it will recall the
facilities and demand repayment of all sums due and owing to
them if payment of the sum of MYR34,139,675.54 is not made
within 10 days from the date of the said demand.

The Company has through its solicitors written to Alliance's
solicitors requesting for its forbearance on the facility to
enable PSCND to fulfill its obligations under the Patrol Vessel
Contract and thereafter repay the facility.

The announcement is dated 8 November 2005.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PILECON ENGINEERING: Unit Defaults in Payment
---------------------------------------------
Further to the announcement made by Pilecon Engineering Berhad
(PEB) on October 4, 2005 with regards to the status of default
in payment pursuant to Practice Note 1/2001 by its subsidiary,
Transbay Ventures Sdn Bhd (TVSB), PEB advised Bursa Malaysia
Securities Berhad 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 / +60 3 7804 3888


SOUTHERN BANK: Undertakes Shares Buy Back
-----------------------------------------
Southern Bank Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back.  

Date of buy back: November 8, 2005

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

Total number of shares purchased (units): 730,000

Minimum price paid for each share purchased (MYR): 3.940

Maximum price paid for each share purchased (MYR): 4.040

Total consideration paid (MYR): 2,901,538.74

Number of shares purchased retained in treasury (units): 730,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 47,660,400

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

TRANSOCEAN HOLDINGS: Unit Settles MBB Debt
------------------------------------------
Further to the announcement made on 12 October 2005, Transocean
Holdings Bhd announced that its 75 percent-owned subsidiary,
Transocean Biotec (M) Sdn Bhd has fully settled the total
borrowings with Malayan Banking Berhad (MBB).

Details of the settlement are as follows:

Facility         amount            date of settlement
    
(1) Overdraft    MYR1,921,610.03     November 2, 2005

(2) Term Loan    MYR181,461.05       November 7, 2005

This announcement is dated 8 November 2005.

CONTACT:

TransOcean Holdings Berhad   
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518   
Fax: 04-2614843


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

MAKATI MEDICAL: Says Investors Offering to Build New Wing
---------------------------------------------------------
A group of local investors are reportedly keen on investing Php3
billion for the construction of an additional building at Makati
Medical Center, reports The Philippine Star.

Prospective investors are planning to form a consortium and put
up the amount needed to turn around the finances and expand the
operations of the cash-strapped hospital.

The proposed infrastructure would be constructed on the parking
lot beside the main building.

Makati Med President Gabino Mendoza however said the management
was still studying the proposal. He also refused to identify the
prospective investors.

He said the financial recovery of Makati Med was expected to
accelerate after the workers' union decided not to push through
with a strike.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


METRO PACIFIC: Confirms Interest in MNTC Stake
----------------------------------------------
This is in reference to the news article entitled "MetroPac eyes
stakes of foreign firms in MNTC" published in the November 7,
2005 issue of the Philippine Daily Inquirer.

The article reported in part that:

"Metro Pacific Corp. is working on buying out the foreign
stakeholders of Manila North Tollways Corp. after the Lopez
group decided it was not ready to divest itself of its stake in
the North Luzon Expressway project, a company official said. The
unit of Hong Kong's First Pacific Co. Ltd in the Philippines is
planning to acquire the stakes of French firm Egis and
Australian firm Leighton in the Nlex project of MNTC.

"Metro Pacific President Jose Ma. Lim said his company was very
interested to buy into Nlex and the Skyway project. `We are now
talking with the Australian and the French groups because we
heard they are considering to divest,' he said in an interview."

Metro Pacific Corporation (MPC), in its letter to the Exchange
dated November 8, 2005, stated that:

"Metro Pacific Corporation continues to make progress in these
discussions, as well as in pursuing new business opportunities,
and will make the relevant disclosures as material events
warrant."

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL POWER: Joint Asset Sale with PNOC Seen
-----------------------------------------------
It is very likely that the state-run Philippine National Oil Co.
(PNOC) and National Power Corporation (Napocor) will jointly
sell their geothermal assets, The Manila Standard reports.

The inter-agency Privatization Council is looking into the
possibility of a joint sale next year.

The Electric Power Industry Reform Act (EPIRA) of 2001 mandates
the government to dispose of both steam fields owned by PNOC-
Energy Development Corp. (PNOC-EDC) and geothermal plants
managed by Napocor.

Finance Undersecretary Gabriel Singson Jr. said PNOC-EDC was
coordinating closely with CLSA Exchange Capital to package the
sale of the geothermal assets to local and foreign investors.

PNOC-EDC owns 14 steam fields on Leyte island and Mt. Apo in
Mindanao. Napocor operates five geothermal plants in the 14
fields. It also owns the geothermal plant and steam field in
Tiwi, Makban.

The government is confident of finally pushing through with the
privatization of PNOC-EDC by the first quarter of next year. It
earlier scheduled the sale of PNOC-EDC as early as 1997 but put
it on hold after the 1997 Asian financial crisis.

Under the plan, the privatization of PNOC-EDC will be undertaken
via a combined private placement and initial public offering of
its shares at the Philippine Stock Exchange.

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/


PHILIPPINE AIRLINES: Mulls Purchase of New Airbus 320s
------------------------------------------------------
Philippine Airlines (PAL) is looking to buy nine new Airbus 320
aircraft over the next three years, BusinessWorld reports.

The move is part of the flag carrier's plan to modernize its
fleet as it defends its market share amid tighter competition.

PAL President and Chief Executive Officer Jaime Bautista said
the refleeting includes the delivery of a 156-seater Airbus for
domestic and regional flights last year, an Airbus 320 this
month and a number of Airbus 320s in 2006 to replace Boeing 707
planes. The rest will be acquired between 2006 and 2008.

PAL has finance lease agreements with leasing companies covering
the aircraft. Under these agreements, PAL has the option to
purchase the aircraft within the lease periods at specified
prices.

The aircraft-secured claims under the rehabilitation plan
provide for quarterly or semiannual installments, generally
ranging over seven to 15 years until 2014.

With uniform aircraft, PAL expects to save while improving
performance.

Borrowings from export-import credit agencies would be used to
fund the plane deliveries after 2006, which would increase PAL's
fleet of 30 aircraft.

Meanwhile, PAL reported it had slashed its financial obligations
to US$1 billion after six years of rehabilitation from US$2
billion and had increased its airplanes to 31 from 22 in 1998.

Remaining loans amounting to almost US$1 billion have to be
retired in eight to nine years.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone : Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax : (632) 818-4921 ; 893-6884
E-mail : mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


PILIPINO TELEPHONE: Broker Says Balance Sheet Still a Concern
-------------------------------------------------------------
ATR Kim-Eng Securities Inc. has given Pilipino Telephone Corp.
(Piltel) a "speculative buy" rating, expressing concerns about
the firm's balance sheet despite soaring profits, The Philippine
Daily Inquirer has learned.

Piltel recently booked a 600-percent surge in net profit for the
first nine months of the year to Php6.9 billion from the
previous year's Php975 million due to foreign exchange gains and
a revenue-sharing agreement forged last year with parent Smart
Communications Inc.

However, ATR-Kim Eng analyst Martin Enrile warned investors that
Piltel's performance heavily relies on the terms of the revenue-
sharing and management contracts with Smart.

Since late last year, Piltel has been receiving 80 percent of
its earnings under the agreement with Smart, up from 50 percent
previously. Smart now gets only 20 percent of Piltel's revenue
for allowing Piltel access to its network.

Mr. Enrile said that Piltel's balance sheet condition is still a
concern despite improving profits because Piltel does not own
its network. Smart is wholly owned by Philippine Long Distance
Telephone Co. (PLDT).

As of the end of June, Piltel still carried Php23.73 billion in
liabilities, against a net capital deficiency of Php4.4 billion.

While the terms of its recent debt restructuring agreements
safeguard the company from potential loss of creditor
confidence, there are no long-term contracts from Smart to
assure Piltel of the same level of profitability," Mr. Enrile
said.

However, he said he is to upgrade his earnings forecasts for
Piltel, with its nine-month earnings having reached his 2005 and
2006 projections.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


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

CHINA AVIATION: Negotiates with Another Potential Investor
----------------------------------------------------------
Troubled firm China Aviation Oil (Singapore) Corp. Limited (CAO)
is in talks with another potential investor, Vitol Holdings BV,
reports the Business Times.

In a previous report by Dow Jones Newswires, it had cited U.K.
oil firm BP Plc as negotiating to acquire a stake in CAO.

CAO's Chinese parent firm, China Aviation Oil Holding Co., is
planning to sell a 25% stake in the Company to investors for
SGD93.57 million. The Company lost close to SGD650 million in
oil derivatives trading last year.

Aside from BP and Vitol, Singapore-owned investment firm Temasek
Holdings Pte Limited is also slated to acquire a stake in the
Company.

CONTACT:

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


DONGBO CHEM: Court to Hear Winding Up Petition November 18
----------------------------------------------------------
Notice is hereby given that BP Singapore Pte Limited presented a
winding up petition against Dongbo Chem Pte Limited to the
Singapore High Court on Oct. 25, 2005.

The petition is directed to be heard before the Court sitting at
Singapore on Nov. 18, 2005, 10:00 a.m.

Any Company creditor or contributory desiring to support or
oppose the making of an order on the 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner is a company incorporated in Singapore and having
its registered office at 1 Harbourfront Avenue, #02-01 Keppel
Bay Tower, Singapore 098632.

The Petitioner's solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.

Dated the 27th day of October 2005

Allen & Gledhill
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 solicitors Allen & Gledhill,
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 solicitors not later than 12:00 p.m. of Nov. 17, 2005 (the
day before the day appointed for the hearing of the Petition).


MS BUILDING: Lim Seng Files Winding Up Petition
-----------------------------------------------
Notice is hereby given that Lim Seng Huat t/a Bee Tack & General
Contractor filed a winding up petition against MS Building
Materials Pte Limited to the Singapore High Court on Oct. 19,
2005.

The Petition is directed to be heard before the Court sitting
at the Singapore High Court on Nov. 18, 2005, 10:00 a.m.

Any Company creditor or contributory desiring 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at No. 3A Toh Guan Road East,
Singapore 608834.

The Petitioner's solicitors are Messrs W.K. Fong & Company of
No. 133 New Bridge Road, #09-01 Chinatown Point, Singapore
059413.

Messrs W.K. Fong & Company
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs W.K.
Fong & Company 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 solicitors not later than 12:00 p.m. of Nov. 17,
2005 (the day before the day appointed for the hearing of the
Petition).


NEOCORP INTERNATIONAL: Receiving Proofs of Claim Until Nov. 18
--------------------------------------------------------------
Notice is hereby given that the creditors of Neocorp
International Limited, which is being voluntarily wound up, are
required on or before Nov. 18, 2005 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the
Company's Judicial Managers.

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

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

Kon Yin Tong & Wong Kian Kok
Judicial Managers
47 Hill Street
#05-01 Chinese Chamber of Commerce & Industry Building
Singapore 179365

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax:   65 65457880
Web site: http://www.neocorp.com.sg


OHM SYSTEMS: Asks Creditors to Submit Debt Claims
-------------------------------------------------
Notice is hereby given that the creditors of OHM Systems Pte
Limited, which is being voluntarily wound up, are required on or
before Dec. 6, 2005 to send in their names and addresses with
particulars of their debts and claims and the names and
addresses of their solicitors (if any) to the Company
Liquidator.

If so required by notice in writing from the said liquidator,
they are by their solicitors or personally to come in and prove
their debts and claims at such time and place as shall be
specified in such notice. In default thereof, creditors  will be
excluded from the benefit of any distribution made before such
debts and claims are proven.

Wee Hui Pheng
Liquidator
c/o Messrs Wee Seng Tiong & Co
1 Coleman Street, #06-10 The Adelphi,
Singapore 179803


WEE POH: Completes Purchase of Winning Metal Group
--------------------------------------------------
On Nov. 8, 2005, Wee Poh Holdings Limited completed its
acquisition of Winning Metal Products Manufacturing Company
Limited and its subsidiaries (the WMP Group).

The Company and the Vendor have agreed that the Company will
allot and issue 123 million Consideration Shares once, inter
alia, the instruments of transfer of the Sales Shares has been
duly stamped, and the Sale Shares have been registered in the
name of the Company in the register of members of the Sale
Compan0y, in accordance with the articles of association of the
Sale Company.

Deloitte & Touche Corporate Finance Pte Limited was the
Company's financial adviser in the acquisition of the WMP Group.

By Order of the Board
Wong Teck Kui
Chairman/Director

CONTACT:

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


WEE POH: Shares Placement Proceeds Used to Fund Expenses
--------------------------------------------------------
With relation to the placement of 123 million new ordinary
shares at SGD0.005 each in the share capital of Wee Poh Holdings
Limited, all proceeds raised from such shares placement were
used to finance the Company's expenses, such as professional
fees and other related costs, in the completion of its sale and  
purchase agreement of Winning Metal Products Company Limited.

By Order of the Board

Wong Teck Kui
Chairman/Director
Nov. 8, 2005


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

PAE THAILAND: Details Resolutions Passed at Meeting
---------------------------------------------------
PAE (Thailand) Public Company Limited unveiled to the Stock
Exchange of Thailand (SET) the resolutions passed during the
Extraordinary Shareholders Meeting held on November 3, 2005:

Chairman of the Audit Committee with the following details:

(1) Names of members of the Audit Committee are as follows:
                                         
                     Remaining terms of
     holding office

Chairman of the Audit Committee  
Mr. Sumon Surathin      1 year

Member of the Audit Committee    
Asst.Professor Nuchtip Banchongsilpa   1 year

Member of the Audit Committee    
Mr. Samorn Thasangkha         1 year

Secretary of the Audit Committee
Mr. Soradej  Choothesa      

(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the board of directors
on:

(a) Examine the company's financial reports to ascertain their
accuracy, appropriate and integrity.

(b) Audit and manage to have an effective and appropriate
internal control system.

(c) Monitor and supervise the company to act in accordance with
rules,
regulation and related laws.

(d) Review, select and recommend the appointment of the
company's external Auditor.

(e) Review various transactions that may cause conflict of
interests.

(f) Prepare the Audit Committee's report pertaining to the
review of the company's operations. Such report has to have the
signed approval of the Chairman of the Audit Committee.

(g) Other responsibilities as assigned by the company's Board of
Directors.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

Mr. Somchai Sakulsurarat
Director

Mrs. Chintana Kaveewong
Director

CONTACT:

PAE (Thailand) Pcl   
69 Sinakharin Road, Suan Luang, Bangkok    
Telephone: 0-2322-0222   
Fax: 0-2322-2970-1   
Web site: http://www.pae.co.th


PICNIC CORPORATION: Names New Audit Committee Chairman
------------------------------------------------------
Picnic Corp. Public Co. Ltd. advised the Stock Exchange of
Thailand (SET) that the Board of Directors' meeting held on
November 8, 2005, resolved to appoint Mr. Wirach Pantumapol as
the Chairman of Audit Committee and Mrs. Pawarana Aruntat as the
Director and Audit Committee which would be effective on
November 8, 2005.

Please be informed accordingly.

Yours sincerely

Mr. Nirun Fukanjananon
Assistant Managing Director

CONTACT:

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


PRASIT PATANA: Provides SET with Copy of Tender Offer
-----------------------------------------------------
Prasit Patana Public Company Limited informed the Stock Exchange
of Thailand (SET) that it has received a copy of the Tender
Offer from Seamico Securities Public Company Limited, the
preparer of the Tender Offer for Mr. Wichai Thongtang.

To view a full copy of the summary of the Tender Offer, click
http://bankrupt.com/misc/PrasitPatana110905.pdf

Please be informed accordingly.

Yours sincerely,

Mrs. Sakara Punyashthiti
Executive Director-Finance and Accounting
Phyathai Hospital Group

CONTACT:

Prasit Patana Public Company Limited   
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok    
Telephone: 0-2617-2444
Fax: 0-2617-2463   
Web site: http://www.pyathai.com


PREECHA GROUP: Books THB120.33 Mln in Net Profit
------------------------------------------------
Preecha Group Public Co. Ltd. furnished the Stock Exchange of
Thailand (SET) a summary of its reviewed financial statement for
the Third quarter of 2005.

The company and its subsidiaries reported a net profit from
operation at THB120.33 million.  In comparison, the company had
net profit from the operation at THB51.12 million at the end of
the Third quarter of last year.

In fact, in the first quarter of year 2005 the company has
gained from reversal loss of decrease land amounting to THB52.01
million. The company has gain on asset transfer for debt of
THB28.33 million compared to the same period of last year.

In 2005 interest expense decreased to THB3.88 million and
selling and administrative expenses has increased THB15.46
million to the same period of prior year.

Sincerely Yours,
Mr. Preecha Tirakijpong
President

CONTACT:

Preecha Group Public Company Limited   
1919 Pattanakarn Road, Suan Luang Bangkok    
Telephone: 0-2722-8855   
Fax: 0-2722-8844-5   
Web site: http://www.preecha.com




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
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contained herein is obtained from sources believed to be
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