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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Friday, November 11, 2005, Vol. 8, No. 224

                            Headlines

A U S T R A L I A

ADVANCE INSURANCE: Final Members Meeting Fixed November 18
AFS HOLDINGS: Court Appoints Official Liquidator
CASHLIMA INVESTMENTS: Liquidator to Distribute Company Assets
CLOUGH LIMITED: Unveils 2005 AGM Results
CLOUGH LIMITED: Blowouts, Project Delays Hurt Results

DE CARLI: Schedules Final Meeting November 18
ESPERANCE BUILDING: Creditors Decide to Put Firm in Liquidation
GC CONCRETE: Winding Up Process Initiated
G RETAIL: Harris Scarfe Keen on NSW Operations
G RETAIL: Gowing Bros Says Statement 'Misleading'

HAMARC PTY: Court Orders Liquidation
HENRY WALKER: Strikes Deal to Sell Mining Biz to Leighton
HI VIEW: Members, Creditors to Review Wind Up Report
JAMES HARDIE: Enjoys Strong Q2 Performance
JAMES HARDIE: Faces Asbestos Deal Challenge

JAYSEL INVESTMENTS: John Wilcox Named Company Liquidator
KENRICK VALLEY: Declares First, Final Dividend
K,K&N TRAWLING: Creditors OK Liquidators' Appointment
LARUFFA & ASSOCIATES: Enters Voluntary Liquidation
MICONOH PTY: Declares Dividend Today

MONTERO'S SERVICES: Members Pass Winding Up Resolution
NATIONAL AUSTRALIA: Demands Compensation from Forex Brokers
NATIONAL AUSTRALIA: Citigroup Downgrades Rating to 'Sell'
N.G. CLARK: Asks Creditors to Submit Debt Claims
PERMACROFT PTY: Members, Creditors to Receive Winding Up Report

QANTAS AIRWAYS: Starts to Feel Forces of Competition
RAJACK PTY: Failure to Pay Debt Prompts Winding Up
SECURITY RESOURCES: Decides to Close Operations
SPANCORE PTY: Declares Final Dividend
XSRE PTY: Winds Up Business

* More Profit Warnings Expected


C H I N A  &  H O N G  K O N G

CHI KING: Court Issues Winding Up Order
CHINA CONSTRUCTION: Updates Global Offering
CWAP LIMITED: To Undergo Winding Up Process
DIGITEL GROUP: Results Swing to 9-Month Net Loss
FAMOUS FAITH: Winding Up Hearing Set November 30

INDUSTRIAL AND COMMERCIAL: Gulf Funds Discuss US$1 Bln Stake
NHJ (HK) LIMITED: Liquidators Release Tender Offer
POWER ASSETS: SFC Reprimands Securities Firm
RCH DEVELOPMENT: Winding Up Hearing Slated for November 29
WING LI: Set To Close Down Business


I N D I A

CHANDIMANDIR MOTOR: RBI Cancels Certificate of Registration
D.S. BRAR: Registration Certificate Terminated
RANBAXY LABORATORIES: Wins Atorvastatin Process Patent In Norway


I N D O N E S I A

PERTAMINA: Four Workers Suspected of Illegal Fuel Distribution
PERTAMINA: Fuel Consumption Drops on Muslim Holiday
PERTAMINA: To Raise IDR4.99 Tln in Bonds Next Year


J A P A N

ASAHI LIFE: S&P Upgrades Rating to 'BB-'
DAIEI INCORPORATED: More Workers to Avail of Early Retirement
CREDIT SAISON: METI Approves Restructuring
MITSUBISHI MOTORS: Unveils FY/2005 First Half Financial Results
MITSUBISHI MOTORS: First Half Vehicle Sales Up 659,000

MITSUBISHI MOTORS: Aims to Achieve FY/2005 Business Plan
MITSUBISHI MOTORS: Thai Unit to Sell THB4 Bln 3-Year Bonds
SEIBU RAILWAY: Stock Valued at JPY290 Per Share
TOYAMA CHEMICAL: JCR Affirms BBB- on Senior Debts
UC CARD: METI OKs Business Restructuring

UFJ BANK: OPCO Preferred Securities Place on Watch Positive


K O R E A

DOOSAN GROUP: Park Brothers Charged with Embezzlement
SSANGYONG MOTOR: Union to Decide on Planned Strike


M A L A Y S I A

ASIAN PAC: Converts ICULS to Ordinary Shares
AYER HITAM: Court Grants Stay of Execution
COMSA FARMS: Annual Accounts Await Auditor's Clearance
HUME INDUSTRIES: Purchases Ordinary Shares
INTAN UTILITIES: SC Gives VM More Time to Meet Criteria

I-BERHAD: Buys Back 33,500 Shares
MAGNUM CORPORATION: Issues Notice of Shares Buy Back
MAXIS COMMUNICATIONS: New Shares Up for Listing, Quotation
MERCES HOLDINGS: Sees No Changes to Payment Default Status
PAN PACIFIC: Compugates Enters Agreement with Underwriter

PACIFIC & ORIENT: Holds Shares Buy Back
PAN PACIFIC: Issues Notice of Book Closure
PANTAI HOLDINGS: Bourse to List, Quote New Shares
SETEGAP BERHAD: Trading in Securities Suspended
SOUTHERN BANK: Replies to Queries on Share Buy Back Programme

TELEKOM MALAYSIA: Bourse to Grant Listing, Quotation of Shares


P H I L I P P I N E S

BELLE CORPORATION: SMDC Buys More Shares
COLLEGE ASSURANCE: Reimbursement Talks Hit Roadblock
KUOK PHILIPPINE: Offloads Shares in Mactan Properties
GLOBAL STEELWORKS: Parent's Default Worries Creditors
PACIFIC PLANS: Yuchengcos Sue Planholders


S I N G A P O R E

CAMARADERIE INVESTMENTS: Receiving Proofs of Debt Until Dec. 9
INFORMATICS HOLDINGS: Disposes of Leasehold Property
INFORMATICS HOLDINGS: Posts EGM Notice
NATSTEEL LIMITED: Declares Special Dividend
SAPPHIRE CORPORATION: Issues New Shares in Restructuring Plan

UNISON PROJECTS: Creditor Seeks Winding Up


T H A I L A N D

PICNIC CORPORATION: Boosts Capital in Unit
PRASIT PATANA: Names Replacement for Resigned Directors
Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ADVANCE INSURANCE: Final Members Meeting Fixed November 18
----------------------------------------------------------
Notice is given that a final meeting of the members of Advance
Insurance Agencies Pty Limited will be held on Nov. 18, 2005,
10:00 a.m. at Level 9, 10 Shelley Street, Sydney NSW, to receive
the Liquidator's account showing how the winding up was
conducted and the property of the Company has been disposed of,
and to receive any explanation of the account.

Dated this 4th day of October 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 02 9338 2666
Web site: http://www.mcgrathnicol.com.au/


AFS HOLDINGS: Court Appoints Official Liquidator
------------------------------------------------
On Oct. 11, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Christopher J. Palmer be appointed
Official Liquidator in the winding up of AFS Holdings (NSW) Pty
Limited.

Dated this 25th day of October 2005

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


CASHLIMA INVESTMENTS: Liquidator to Distribute Company Assets
-------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Cashlima Investments Pty Limited held on Oct. 19, 2005, the
following Special Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets be distributed (in whole or in
part) to the members in specie, should the Liquidators so
desire, and that Alan Douglas Charles Pears of 24 Ross Street,
North Parramatta Chartered Accountant, be appointed Liquidator.

Dated this 19th day of October 2005

Alan D. C. Pears
Liquidator
24 Ross Street, North Parramatta


CLOUGH LIMITED: Unveils 2005 AGM Results
----------------------------------------
In accordance with ASX Listing Rule 3.13.2, Clough Limited
advised that each of the following resolutions put to the Annual
General Meeting of the Company held on November 9, 2005 were
passed, on a show of hands.

(1) The motion for the re-election of Mr. William Harold Clough
as a Director was carried as an ordinary resolution.

(2) The motion for the re-election of Mr. Michael Bennett
Robinson as a Director was carried as an ordinary resolution.

(3) The motion for Mr. Campbell McHeyne Anderson as a Director
was carried as an ordinary resolution.

(4) The motion for the Remuneration Report was carried as a non-
binding resolution.

(5) The motion for the Proposed Transaction with Murray &
Roberts was carried as an ordinary resolution.

(6) The motion for the election of Mr. Roger William Rees as a
Director was carried as an ordinary resolution.

(7) The motion for that the maximum aggregate amount of fees
that may be paid per annum to Non-Executive Directors of the
Company be increased by AU$300,000 from AU$600,000 to AU$900,000
was carried as an ordinary resolution.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


CLOUGH LIMITED: Blowouts, Project Delays Hurt Results
-----------------------------------------------------
Clough Limited is far from regaining investors' confidence after
it revealed it was facing more cost blowouts and delays on major
projects.

The West Australian reported the engineering and construction
group will report losses in the current half-year of around
AU$25-AU$30 million on two offshore oil and gas contracts in
India because of unprecedented commodity price rises and
extended supplier delivery dates.

Managing Director David Singleton acknowledged the latest margin
wipeout, which analysts said would mean Clough would again
struggle to make a profit this year, was unacceptable.

But Mr. Singleton offset the bad news with an announcement
Clough had been told it was to be awarded the engineering,
procurement, and construction management contract for the
proposed AU$1 billion Boddington gold project south of Perth.

He said the contract, which it bid for in joint venture with
Aker Kvaerner and its new dominant shareholder, South Africa's
Murray & Roberts, was likely to be worth around AU$100 million.
But it was also a major step because it flowed from its new
relationship with Murray & Roberts which, unlike Clough, had
extensive expertise in the mineral sector.

Shareholders had overwhelmingly approved an AU$75 million deal
which will accelerate the timetable under which the Clough
family is steadily ceding control of the company to the South
African group.

Clough will immediately issue 30 million new shares to Murray &
Roberts at 50›. A second placement will occur within a year. The
Clough family will also sell it another 60 million shares,
reducing their stake to 19.7 per cent, while Murray & Roberts'
stake will climb to 49.1 per cent.

Since Mr. Singleton joined Clough just over two years ago, he
has overhauled the 86-year-old company to reduce its exposure to
higher risk, lump sum turnkey work which has pitched it deep
into the red in two of the past three years.

Meanwhile, Mr. Singleton said he was now not expecting an
outcome to the bitter legal dispute it is involved in over the
troubled AU$400 million BassGas project in Victoria, the main
contributor to last year's AU$59.6 million loss, until at least
late 2006.


DE CARLI: Schedules Final Meeting November 18
---------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of De Carli Enterprises Pty Limited will be held on
Nov. 18, 2005, 11:00 a.m. at the offices of Jirsch Sutherland &
Co - Wollongong, Level 3, 6-8 Regent Street, Wollongong NSW, to
present the Liquidator's account showing the manner of the
winding up and disposal of the Company property, and to hear any
explanations that may be given by Liquidator.

Dated this 18th day of November 2005

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


ESPERANCE BUILDING: Creditors Decide to Put Firm in Liquidation
---------------------------------------------------------------
At a meeting of creditors of Esperance Building Supplies Pty
Limited held on Oct. 13, 2005, it was resolved that the Company
be wound up voluntarily.

Dated this 14th day of October 2005

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


GC CONCRETE: Winding Up Process Initiated
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of GC Concrete Pumping Pty Limited held on Oct. 14, 2005, it was
resolved that the Company be wound up voluntarily and that
Thomas Javorsky of Jones Condon Chartered Accountants, Level 13
189 Kent Street, Sydney NSW, be appointed Liquidator for such
winding up.

Dated this 19th day of October 2005

Thomas Javorsky
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9251 5222


G RETAIL: Harris Scarfe Keen on NSW Operations
----------------------------------------------
Retailer Harris Scarfe is planning to establish a foothold in
New South Wales by bidding for troubled retailer G Retail
Limited, The Advertiser relates.

With G Retail going into administration this week, Harris Scarfe
Chief Executive Robert Atkins said he would ask the company's
merchant bankers to look at the case.

Mr. Atkins confirmed Harris Scarfe will look further into G
Retail, but said the company will act only until it sees the
results of G Retail's going into administration.

Mr. Atkins said G Retail had attractive prospects for Harris
Scarfe - including giving the South Australian group entry into
NSW and appealing to a similar demographic.

Harris Scarfe already has a strong presence in SA and Victoria.

CONTACT:

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


G RETAIL: Gowing Bros Says Statement 'Misleading'
-------------------------------------------------
Gowing Bros Ltd has described as "misleading" a statement by G
Retail Ltd that Gowings had not supported the proposed sale of G
Retail to Lowes Manhattan.

In announcing the appointment of administrators directors of G
Retail said they had been negotiating for almost two months with
Lowes Manhattan for the sale of the G Retail business.

They added: "In a meeting held (Monday), the terms and
conditions of the proposed sale were not supported by the major
landlord and owner of the 'Gowings' brand name, Gowing Bros Ltd,
and as a result, G Retail and Lowes are unable to proceed
further with the proposed sale."

Gowing Bros said it did not receive a sale proposal and remained
unaware of terms other than those which required significant
concessions to be made to its lease and intellectual property
agreements with G Retail. Gowing Bros could not agree to some of
the requested concessions, as they would have materially
disadvantaged its shareholders.

Gowing Bros has a 19.4 percent shareholding in G Retail which
had a written down market value of AU$882,000 on July 31, 2005.
This investment represents 0.6 percent of the market value of
Gowing Bros. consolidated net assets of AU$144.4 million at that
date.

G Retail is the major tenant of the retail section of the
Gowings Building, which is owned by Gowing Bros and under the
terms of the lease, Gowing Bros may terminate the lease in the
event of G Retail being placed into administration.

Gowing said a loss of G Retail as a tenant in the property may
impact on rental revenue earned in the short term, but if G
Retail vacated the premises, it was confident of re-leasing the
premises within a reasonable period of time.

The intellectual property license of the 'Gowings' retail brand
to G Retail began at the time of the ASX listing in November
2001, but under the terms of the agreement, Gowing may terminate
the license in the event of G Retail being placed into
administration.


HAMARC PTY: Court Orders Liquidation
------------------------------------
On Oct. 17, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Hamarc Pty Limited, and
appointed Antony de Vries to be the Company Liquidator.

Dated this 19th day of October 2005

Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2150


HENRY WALKER: Strikes Deal to Sell Mining Biz to Leighton
---------------------------------------------------------
The Administrators of Henry Walker Eltin Group Limited
(Administrators Appointed) (HWE) are pleased to announced that
they have signed a heads of agreement for the sale of HWE's
contract mining business (HWE Mining) to Leighton Contractors
Pty Limited (Leighton).

Leighton is a wholly owned subsidiary of Leighton Holdings
Limited and is Australia's largest construction and contract
mining group. Leighton Holdings Limited is listed on the
Australian Stock Exchange (ASX) and has a current market
capitalization of AU$4.1 billion.

The signing of the heads of agreement with Leighton for the sale
of HWE Mining is the culmination of several weeks of
confidential due diligence undertaken by short-listed potential
purchasers. This has followed a wide-ranging and comprehensive
sale process by the Administrators and their advisers which has
involved a large number of interested parties from Australia and
overseas.

Under the terms of the heads of agreement, Leighton will acquire
all of HWE's interests in the assets of HWE Mining. The ultimate
consideration for the sale to Leighton includes:

- A cash payment to HWE of AU$215 million;
- Replacement of all existing bank guaranteed performance bonds
associated with HWE Mining; and
- Assumption of the obligations of HWE Mining under its current
finance lease, hire purchase, operating lease and hire
agreements.

Leighton has indicated that it has a strong desire to retain all
employees of HWE Mining. In doing so, Leighton will preserve and
honor the existing employees entitlements of those employees who
transmit with the sale of HWE Mining.

The sale of HWE Mining remains subject to HWE and Leighton
finalizing and executing a Business Sale Agreement, which is
expected to occur shortly, and a number of other conditions
including Leighton receiving the approval of the Foreign
Investment Review Board.

The Administrators will provide a further update on developments
in relation to the sale of the HWE Mining as and when they
occur.

Tony McGrath
Scott Kershaw
Shaun Fraser
Joseph Hayes
Joint and Several Administrators
Henry Walker Eltin

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


HI VIEW: Members, Creditors to Review Wind Up Report
----------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of HI View Installations Pty Limited will be held on
Nov. 18, 2005, 11:00 a.m. at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, to lay before the meeting an account showing how the
winding up was conducted and the property of the Company
disposed of, and to give any explanation thereof.

Dated this 27th day of September 2005

Schon G. Condon RFD
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 02 9893 9499


JAMES HARDIE: Enjoys Strong Q2 Performance
------------------------------------------
James Hardie announced a 93% increase in operating profit from
continuing operations to US$47.6 million for the three months
ended 30 September 2005.

The 2nd quarter highlights include a 25% increase in net sales,
a 41% increase in gross profit and a 91% lift in EBIT.

Its USA Fibre Cement business was again the standout performer,
with strong demand leading to a 33% increase in net sales and a
76% improvement in EBIT for the quarter.

Its Asia Pacific Fibre Cement business performed relatively well
in markets that continued to weaken during the quarter.
Australia and New Zealand recorded a 3% increase in EBIT and our
Philippines business delivered another positive EBIT result.

The strong second quarter performance lifted operating profit
from continuing operations by 67% for the half year to US$103.5
million.

Diluted earnings per share from continuing operations increased
89% for the quarter from US 5.4 cents to US 10.2 cents, and 66%
for the half year from US 13.4 cents to US 22.3 cents.

Further costs were incurred in connection with the Special
Commission of Inquiry into the establishment of the Medical
Research and Compensation Foundation (the SCI) and other related
matters. These costs totaled US$4.7 million for the quarter and
US$9.9 million for the half year.

The company has declared an interim dividend of US 4.0 cents a
share. The dividend will be paid on 16 December 2005 to
shareholders registered on 29 November 2005. Last year it
omitted paying an interim dividend, but paid a final dividend of
US 6.0 cents a share.

A complete copy of this media release is available free of
charge at
http://bankrupt.com/misc/tcrap_jameshardie111005.pdf.

CONTACT:

Investor and Analyst Inquiries:

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

Media Inquiries:

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


JAMES HARDIE: Faces Asbestos Deal Challenge
-------------------------------------------
Embattled James Hardie Industries said it is working towards
completing an agreement to compensate victims of asbestos
products it used to manufacture, according to the Sydney Morning
Herald.

James Hardie Chief Executive Officer Louis Gries confirmed
further progress has made towards finalization of a principal
asbestos compo deal with the New South Wales (NSW) government,
but he added there remain "important matters of difference".

The comments came as the building products manufacturer unveiled
a 69 percent jump in first half net operating profit on the back
of a strong second quarter performance.

Asbestos victims and workers, who demand the company sign a
final compensation agreement, met the firm's profit announcement
with a protest rally.

Victims, unions and NSW Premier Morris Iemma have been angered
at the length of time taken to finalize a compensation deal,
after a draft agreement was reached just before Christmas last
year.

James Hardie said it was continuing to discuss the issue of the
tax deductibility of the compensation payments to the special
purpose fund. It said it continued to incur costs associated
with the Special Commission of Inquiry (SCI) into the
establishment of the Medical Research and Compensation
Foundation and other related matters, including finalization of
the compensation deal.

Meanwhile, James Hardie said it believes bans and boycotts will
continue until its proposal for a voluntary long-term asbestos
compensation funding arrangement is finalized, approved by
lenders and shareholders, and implemented.


JAYSEL INVESTMENTS: John Wilcox Named Company Liquidator
--------------------------------------------------------
At an Extraordinary General Meeting of Jaysel Investments Pty
Limited held on Oct. 21, 2005, members resolved to wind up the
Company voluntarily, and to appoint John Wilcox of Hills Rogers
Chartered Accountants, Level 5 No 1 Chifley Square Sydney as
Liquidator for the winding up.

Dated this 21st day of October 2005

John Wilcox
Liquidator
Hill Rogers Chartered Accountants
Level 5, 1 Chifley Square
Sydney
Phone: 02 9232 5111


KENRICK VALLEY: Declares First, Final Dividend
----------------------------------------------
Kenrick Valley Pty Limited will declare a first and final
dividend today, Nov. 11, 2005.

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

Dated this 28th day of September 2005

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


K,K&N TRAWLING: Creditors OK Liquidators' Appointment
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of K,K&N Trawling Pty Limited held on Oct. 14, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
Tony Jonsson and Gerry Mier were appointed as Joint and Several
Liquidators for such purpose.

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

Dated this 25th day of October 2005

Tony Jonsson
Gerry Mier
Joint Liquidators
c/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870
Phone: 07 4046 8888


LARUFFA & ASSOCIATES: Enters Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of members of Laruffa & Associates held on Oct. 13, 2005, it was
resolved that the Company be wound up voluntarily, and that
Messrs Rodney Slattery and Warren White of PPB Chartered
Accountants, Level 10, 90 Collins Street, Melbourne, Victoria be
appointed as Joint and Several Liquidators for such purpose.

Dated this 14th day of October 2005

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


MICONOH PTY: Declares Dividend Today
------------------------------------
Miconoh Pty Limited will declare a first and final dividend on
Nov. 11, 2005.

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

Dated this 11th day of October 2005]

Geoffrey McDonald
Liquidator
Hall Chadwick Chartered Accountants
Level 29, 31 Market Street
Sydney NSW 2001


MONTERO'S SERVICES: Members Pass Winding Up Resolution
------------------------------------------------------
At a general meeting of the members of Montero's Services Pty
Limited held on Oct. 12, 2005, a Special Resolution was passed
that the Company be wound up voluntarily.

Dated this 12th day of October 2005

Ramon Montero
Alexandra Montero
Directors
c/o Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue
Turner ACT 2611
Phone: 02 6247 5988


NATIONAL AUSTRALIA: Demands Compensation from Forex Brokers
-----------------------------------------------------------
National Australia Bank (NAB) confirmed that it issued letters
of demand on September 6, 2005, claiming compensation exceeding
AU$539 million against ICAP plc and another broker in relation
to the foreign currency options trading losses announced in
January 2004.

NAB is seeking compensation for losses including foreign
currency trading losses, additional capital expenses and loss of
profit as a result of the disruption to foreign currency options
trading services. NAB has also indicated its intention to seek
exemplary damages against ICAP plc in any proceedings brought
against that firm.

NAB has conducted a detailed forensic investigation over the
course of more than a year in preparing its claims, and ha also
had regard to evidence gained during inquiries by the Australian
Prudential Regulation Authority and PricewaterhouseCoopers.

NAB is confident it has strong case to seek compensation from
the parties involved in the foreign currency options trading
losses. While NAB would prefer to resolve its claims against
those parties by negotiation, it may be necessary for it to
bring legal proceedings against them to enforce its rights.

CONTACT:

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: Citigroup Downgrades Rating to 'Sell'
---------------------------------------------------------
Citigroup Investment Research has downgraded its rating on
National Australia Bank Ltd. (NAB) to "sell" from "hold" and
said the stock appeared overpriced and restructuring benefits
would be slower than anticipated, Reuters reports.

"While NAB's rate of revenue growth impressed, expense growth
also looks likely to exceed our initial estimates," Citigroup
analysts Craig Williams and Neil Murchie said in a report.

Citigroup, which kept a 12-month share price target of AU$31,
added, "Extracting costs will be more difficult and take time."

Goldman Sachs JBWere also downgraded its long-term rating on NAB
to "hold" from "buy" and cut its earnings forecasts, while
Credit Suisse First Boston favors other banks.

"NAB have chosen to trade nearer term cost leverage for longer
term revenue growth," Goldman Sachs analyst James Freeman said
in a report.

"While this decision may benefit the longer term trajectory,
this has resulted in our returns profile being pushed out, thus
leaving medium term valuations challenging."

NAB posted on Wednesday a better-than-expected 2.6 percent rise
in second-half cash earnings per share, which is earnings before
goodwill amortization and one-off items, but said moderating
economies would pose challenges to business growth.

"Overall, the result confirmed to us our theme of NAB being a
fully priced restructuring story, with NAB's restructuring on
track -- rather than ahead -- to deliver the turnaround story as
expected, rather than something better," Credit Suisse First
Boston analysts Nick Selvaratnam and James Ellis said.

CSFB said there were better risk/reward trade-offs in St George
Bank Ltd., Westpac Banking Corp. and Australia and New Zealand
Banking Group Ltd. .

"The key risk to our NAB investment view is the possibility of a
divestment of the UK franchises at any time," Selvaratnam and
Ellis said. They retained a "neutral" rating on NAB.

UBS raised its 12-month share price target on NAB to AU$31.80
from AU$30.84 and trimmed its 2006 forecast by 0.5 percent,
saying the biggest caveat on the bank was its "stretched
valuation."

"Turnaround appears to be underway, albeit slowly," UBS analysts
Jeff Emmanuel, Jonathan Mott and Ross Curran said in a report.

"Numerous pressure points are holding forecasts down."


N.G. CLARK: Asks Creditors to Submit Debt Claims
------------------------------------------------
Creditors of N.G. Clark (Freeholds) Pty Limited, whose debts or
claims have not already been admitted, are required on or before
Nov. 18, 2005 to submit particulars of their debts or claims and
of any security held by them to the Company Liquidator.

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

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

(b) Objecting to the distribution.

Dated this 21st day of October 2005

B. A. Secatore
Liquidator
Bentleys MRI
114 William Street, Melbourne Vic 3000


PERMACROFT PTY: Members, Creditors to Receive Winding Up Report
---------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Permacroft Pty Limited will be held on Nov. 18,
2005, 10:30 a.m. at Ngan & Co., Level 5, 49 Market Street,
Sydney NSW 2000, for the following purposes:

AGENDA

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

(2) To consider any other business brought before the meeting.

Dated this 30th day of September 2005

P. Ngan
Liquidator
Ngan & co.
Level 5, 49 Market Street
Sydney NSW 2000


QANTAS AIRWAYS: Starts to Feel Forces of Competition
----------------------------------------------------
Qantas Airways is again facing an uphill battle to stave off
renewed efforts from international rivals to convince Canberra
to open up Australian skies, The Age reveals.

Singapore Airlines and Emirates are reportedly working to grab a
share of Qantas' lucrative Sydney-Los Angeles route.

The Dubai-based Emirates has asked the Government for the right
to double flights into and out of the country from 42 to 84 as
part of its aggressive growth plan for Australia.

Singapore Airlines wants the right to compete with Qantas on the
lucrative Pacific route, which is believed to be Qantas' single
most important revenue earner, providing 18 per cent of its
profit.

Qantas argues that both Singapore Airlines and Emirates are
heavily subsidized by their government owners, and giving them
further access to Australian skies would mean Qantas would have
to slash more jobs.

But Federal Government sources said Transport Minister Warren
Truss is supporting the push to expose Qantas to more
competition.

Mr. Truss is expected to announce a decision by the end of the
year.

CONTACT:

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


RAJACK PTY: Failure to Pay Debt Prompts Winding Up
--------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Rajack Pty Limited held on Oct. 18, 2005, the following
Special Resolution was duly passed:

That as it will not be able to pay its debts within 12 months,
the Company be wound up by a Creditors' Voluntary Winding Up.

Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 2,
1st Floor, 43 Macquarie Street, Dubbo, NSW was appointed
Liquidator for the winding up.

Dated this 18th day of October 2005

Stephen Jay
Liquidator
Suite 2, 1st Floor, 43 Macquarie Street
Dubbo NSW 2830


SECURITY RESOURCES: Decides to Close Operations
-----------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Security Resources Australia NSW Pty Limited held
on Oct. 13, 2005, creditors resolved that the Company be wound
up, and appointed R. A. Sutcliffe as Liquidator for such
purpose.

Dated this 13th day of October 2005

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


SPANCORE PTY: Declares Final Dividend
-------------------------------------
Spancore Pty Limited will declare a first and final dividend
today, Nov. 11, 2005.

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

Dated this 6th day of September 2005

J. P. Downey
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


XSRE PTY: Winds Up Business
---------------------------
Notice is hereby given that at a general meeting of the members
of XSRE Pty Limited held on Oct. 17, 2005, a Special Resolution
was passed that the Company be wound up voluntarily, and Gregory
J. Parker was appointed Liquidator for such purpose.

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

Dated this 19th day of October 2005

Gregory J. Parker
Liquidator
Parker Insolvency
Level 5, 49 Market Street
Sydney NSW 2000


* More Profit Warnings Expected
-------------------------------
Investors have been cautioned to expect a spate of new profit
warnings before the end of the year, The Australian reports.

Listed companies are on the way of announcing profit downgrades
this year after slackening domestic demand forced three market
leaders to forecast slowdowns in their core markets.

National Australia Bank (NAB) Chief Executive John Stewart
warned of continued slowing in both home and business lending
this financial year as he revealed a 4.4 percent decline in
annual cash earnings to AU$3.31 billion.

Lion Nathan, Australia's second-biggest brewer, also predicted
slower earnings growth for the remainder of the year.

UBS and Macquarie Bank analysts forecast more profit warnings
from consumer-dependent companies in the coming months as the
tough market conditions pare back expectations further,
following recent downgrades from homewares company GWA and
Investa Property Group.

"There will be profit warnings, you can be guaranteed of that,"
said UBS chief strategist David Cassidy.

UBS has modest estimates for profit growth this financial year
of 6 per cent for industrial stocks excluding financial
companies, but predicts this will come down further.

"Profits are slowing," Mr. Cassidy said.


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

CHI KING: Court Issues Winding Up Order
---------------------------------------
Chi King International Limited, whose office address is located
at Unit A 26th Floor Chinaweal Centre 414-424 Jafee Road Wanchai
Hong Kong, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Regions 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


CHINA CONSTRUCTION: Updates Global Offering
-------------------------------------------
China Construction Bank Corporation announces that the over-
allotment option described in a Prospectus was exercised in full
by China International Capital Corporation Limited and Morgan
Stanley Dean Witter Asia Limited on behalf of the International
Offering underwriters on November 9, 2005 in respect of an
aggregate of 3,972,890,000 H shares, representing approximately
15% of the Offer Shares initially available under the Global
Offering.

The 3,972,890,000 H shares will be issued and allotted by the
Company at HK$2.35 per H share (exclusive of brokerage of 1%,
SFC transaction levy of 0.005%, investor compensation levy of
0.002% and Hong Kong Stock Exchange trading fee of 0.005%),
being the offer price per H share under the Global Offering.

For more information go to,
http://bankrupt.com/misc/tcrap_ccb111005.pdf

CONTACT:

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


CWAP LIMITED: To Undergo Winding Up Process
-------------------------------------------
Cwap (HK) Limited, whose office address is located at Suite 1408
14th Floor Dina House Ruttonjee Centre No 11 Duddell Street
Central Hong Kong, issued a winding up order notice in the high
court of the Hong Kong Special Administrative Region sCourt 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


DIGITEL GROUP: Results Swing to 9-Month Net Loss
------------------------------------------------
DigiTel Group Limited incurred a net loss of HK$1.407 million
for the first nine months of 2005, versus a net profit of
HK$44.767 million a year earlier, Infocast News reports.

Loss per share (LPS) was 0.123 cent. No dividend was declared
for the third quarter.

The Group is engaged in the system integration and engineering
of broadband multimedia communication networks, web application
services, distribution of software and digital and multimedia
communication equipment, maintenance of digital communication
equipment.

CONTACT:

Digitel Group Limited
18/F, Two Chinachem Plaza
68 Connaught Road Central
Hong Kong
Phone: 31925678
Fax: 31925688
Web site: http://www.digitelgroup.com


FAMOUS FAITH: Winding Up Hearing Set November 30
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Famous Faith Limited whose registered office is situated at
8/F., CNT Commercial Building, 302 Queen's Road Central, Hong
Kong by the High Court of Hong Kong Special Administrative
Region was on September 29, 2005 presented to the said Court by
Bank of China (Hong Kong) Limited (the successor banking
corporation to Kincheng Banking Corporation pursuant to Bank of
China (Hong Kong) Limited (Merger) Ordinance (Cap.1167) whose
registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

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

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

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

MESSRS. DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005.


INDUSTRIAL AND COMMERCIAL: Gulf Funds Discuss US$1 Bln Stake
------------------------------------------------------------
The Industrial and Commercial Bank of China is in talks to sell
shares worth US$1 billion (HK$7.8 billion) to Abu Dhabi
Investment Authority and Kuwait Investment Authority to help
strengthen ties with oil producers, The Standard reports.

Abu Dhabi and Kuwait rank outside the 10 largest suppliers of
oil to China, where demand for the fuel more than doubled in the
past decade to make it the biggest consumer after the United
States.

The Chinese lender has more than 100 million customers and
21,223 nationwide branches. Its CNY6.3 trillion (HK$6.05
trillion) of banking assets as of September 30 represented a
fifth of the mainland's total.

CONTACT:

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


NHJ (HK) LIMITED: Liquidators Release Tender Offer
--------------------------------------------------
The liquidators of NHJ (HK) Limited hereby invite tenders for
new digital cameras, digital videos and MP3 players together
with office furniture and equipment.

Some of the models and specifications are as follows (in
quantities ranging from 10-500 units per model):

Digital Cameras

March-Power DX-550, 5.1 Mega Pixel DSC, 5.1 Mega CCD image
sensor, 12x Zoom (3X optical, 4x digital) 1.6" TFT LCD, TV
Output, SD Card Compatible, 16MB internal flash memory, MPEG4
video recording

Digital Videos

D-zign DV-5, 3.0 Mega Pixel MPEG4 HDD DVC 3.0 Mega CCD image
sensor, MPEG4 video recording, 2.0" LTPS TFT LCD, VGA 30fps
MPEG4, 2.0GB internal HDD, MP3 audio playback, 4x digital zoon,
USB2.0

MP3 Players

NHJ VHD-5500 Digital Juke Box with Wireless Headphone
(Bluetooth), 5GB HDD MP3 player

Tender Closing: 18 November 2005 (12 noon)

Please contact Mr. Aaron Wong of Grant Thornton on 2218 3017 for
inspection of the goods by prior appointment.

The tender document can be obtained at the offices of Grant
Thornton at 13th Floor, Gloucester Tower, The Landmark, 11
Pedder Street, Central, Hong Kong, by fax at 2218 3500, or by
email at aaron.wong@gthk.com.hk.

CONTACT:

NHJ (HK) Limited
Suite C, 1/F.
Kowloon Centre
29-39 Ashley, Road
Tsimshatsui
Kowloon, Hong Kong


POWER ASSETS: SFC Reprimands Securities Firm
--------------------------------------------
The Securities and Futures Commission (SFC) has successfully
prosecuted Power Assets Enterprises Limited and its Directors,
Mr. Gouw Kar Yiu Carl and Ms. Gouw San Bo Elizabeth, under Part
XV of the Securities and Futures Ordinance.

Power Assets was a substantial shareholder of Gorient (Holdings)
Limited (now known as Carico Holdings Limited) of which Carl
Gouw and Elizabeth Gouw were directors at the material time.

Power Assets, Carl Gouw and Elizabeth Gouw today each pleaded
guilty to two summonses related to their failures to notify
within the prescribed period The Stock Exchange of Hong Kong
Limited and Gorient regarding the change in the nature of their
interest in Gorient shares after these shares were mortgaged as
a security for a loan facility on January 19, 2004.

Mr. Allan Wyeth, a Magistrate at Eastern Magistracy, fined Power
Assets, Carl Gouw and Elizabeth Gouw $5,000, $6,000 and $4,000
respectively, and ordered Carl Gouw and Elizabeth Gouw to pay
total investigation costs of $7,169 to the SFC.

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


RCH DEVELOPMENT: Winding Up Hearing Slated for November 29
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of RCH
Development Limited whose registered office is situated at 8/F.,
CNT Commercial Building, 302 Queen's Road Central, Hong Kong by
the High Court of Hong Kong Special Administrative Region was on
September 29, 2005 presented to the said Court by Bank of China
(Hong Kong) Limited (the successor banking corporation to
Kincheng Banking Corporation pursuant to Bank of China (Hong
Kong) Limited (Merger) Ordinance (Cap.1167) whose registered
office is situated at 14th Floor, Bank of China Tower, 1 Garden
Road, Hong Kong.

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

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

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

MESSRS. DEACONS
Solicitors for the Petitioner
5th Floor, Alexandra House
18 Chater Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the 29th day of
November 2005.


WING LI: Set To Close Down Business
-----------------------------------
Wing Li Holdings Limited, whose office address is located at 1/F
Wing Li Commercial Building 168 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


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

CHANDIMANDIR MOTOR: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India (RBI), has on October 7, 2005
cancelled the certificate of registration issued to Chandimandir
Motor Finance Private Limited having its registered office at
House No.31, Vill Kishangarh, Manimajra, Chandigarh for carrying
on the business of a non-banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

This announcement is dated November 9, 2005.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


D.S. BRAR: Registration Certificate Terminated
----------------------------------------------
The Reserve Bank of India, has on September 15, 2005 cancelled
the certificate of registration issued to D. S. Brar Finance
Company Private Limited having its registered office at 617,
Civil Lines, G. T. Road, Moga, Punjab for carrying on the
business of a non-banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.

The business of a non-banking financial institution is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.

This announcement is dated November 9, 2005.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


RANBAXY LABORATORIES: Wins Atorvastatin Process Patent In Norway
----------------------------------------------------------------
Ranbaxy Laboratories Limited announced that a Norwegian court on
November 10 handed down its decision in Ranbaxy's case against
Pfizer*, involving patents on atorvastatin in Norway.

Atorvastatin is a cholesterol-lowering drug which is marketed by
Pfizer as Lipitor.

The Norwegian Court sided with Ranbaxy by finding non-
infringement of one key Pfizer Norwegian Process Patent.** At
the same time, Ranbaxy's atorvastatin product was found to
infringe another Pfizer Norwegian patent covering a particular
intermediate compound. Two other Lipitor patents were at issue
but were not ruled upon by the Court.

Ranbaxy plans to appeal immediately to the Norwegian Court of
Appeals against the latter judgment.  In addition it plans to
file an invalidity action in the Oslo City Court against the
intermediate patent.  A claim for invalidity against this
intermediate patent had not previously been made by Ranbaxy.

Ranbaxy Laboratories Limited, headquartered in India, is an
integrated, research based, international pharmaceutical company
producing a wide range of quality, affordable generic medicines,
trusted by healthcare professionals and patients across
geographies. Ranbaxy's continued focus on R&D has resulted in
several approvals in developed markets and significant progress
in New Drug Discovery Research. The Company's foray into Novel
Drug Delivery Systems has led to proprietary "platform
technologies", resulting in a number of products under
development.  The Company is serving its customers in over 100
countries and has an expanding international portfolio of
affiliates, joint ventures and alliances, ground operations in
46 countries and manufacturing operations in 7 countries.

Note:

*The case was also brought against Warner Lambert, the original
holder of the patents. Warner Lambert was acquired by Pfizer in
2000.

**  Ranbaxy's atorvastatin product was found to infringe
Pfizer's Norwegian Patent NO 177,706, but was found not to
infringe Pfizer's Norwegian Patents NO 309,322. The Court did
not rule on Patents NO 177,566 and NO 180,199.

CONTACT:

Ranbaxy Laboratories Ltd.
Plot No. 90, Sector 32
Gurgaon - 122001 (Haryana), India
Phone : +91-124-5135000
Fax : +91-124-5106490
E-mail: secretarial@ranbaxy.com
Web site: http://www.ranbaxy.com


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

PERTAMINA: Four Workers Suspected of Illegal Fuel Distribution
--------------------------------------------------------------
Four employees of state oil and gas firm PT Pertamina were named
as suspects who allegedly supplied unadulterated fuel to a
Batavia Air plane, preventing its takeoff from the Hasanuddin
International Airport last month, reports the Jakarta Post.

According to Chief of South Sulawesi Police, Insp. Gen. Saleh
Saad, the four Pertamina employees provided avtur aircraft fuel
that had been mixed with water to a Batavia Air airplane. The
suspects are now in police custody. Gen. Saad said, however,
that the number of suspects may increase as the investigation is
still ongoing.

Batavia Air had earlier filed a complaint with Pertamina and the
Ministry of Transportation alleging that the fuel its aircraft
had been supplied with was mixed with water, which it had
discovered in the aircraft's tanks after it failed to take off.

Pertamina public relations head Julian Iskandar Muda denied the
allegations, saying that the Company followed standard operating
procedure in checking the condition and quality of its fuel
before pumping. The Company sought a request for investigation
from the Ministry of Transportation and the Ministry of Energy &
Mineral Resources to check the matter.

CONTACT:

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


PERTAMINA: Fuel Consumption Drops on Muslim Holiday
---------------------------------------------------
In line with the observance of the Muslim Idul Fitri Holiday
last Nov. 3 and nov. 4, 2005, average daily fuel consumption was
greatly reduced in the first week of November, the Jakarta Post
reports.

Factories also reduced production in the days leading to the
holiday to celebrate the end of the fasting period for Muslims,
and fewer people went home due to last month's fuel price hike,
which has jacked up transportation costs.

According to Pertamina's fuel division chief Achmad Faisal, the
average daily consumption for the month of November amounted to
a total of 125,744 kiloliters, compared to last month's 157,346
kiloliter consumption level. The Company hopes that the decline
would continue, although it is too early to tell.

Lower consumption means that the Company would reduce its fuel
imports; the return to normal operations of its two refineries
that were temporarily closed for maintenance would also lessen
Pertamina's dependence on fuel imports.

Pertamina is slated to imprt 3.2 million barrels of premium
gasoline, 1.2 million barrels of kerosene and 7.2 million
barrels of diesel fuel for November, bringing its total import
to 11.6 million barrels, lesser than an expected import of 14
million barrels.


PERTAMINA: To Raise IDR4.99 Tln in Bonds Next Year
--------------------------------------------------
State-owned oil firm PT Pertamina plans to raise as much as
IDR4. 99 trillion in an upcoming bond sale to fund its medium-
and long-term projects, reports Reuters News.

According to Pertamina Finance Director Alfred Rohimone, the
Company is to be audited this month, and the results would
determine whether the bond sale will push through next year, but
he said that it is highly likely.

Pertamina needs funds to finance its projects, which include
upstream and downstream operations. Its dollar purchases to
import crude oil have contributed to the decline of the local
rupiah.

Despite being a member of the Organization of Petroleum
Exporting Countries, Indonesia has now become a net crude oil
importer as it cannot keep up with the public's increased demand
for fuel, given its production problems and ancient oil
refineries.


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

ASAHI LIFE: S&P Upgrades Rating to 'BB-'
----------------------------------------
Standard & Poor's Ratings Services (S&P) has raised by three
notches its long-term counterparty and financial strength
ratings on Asahi Mutual Life Insurance Co. to 'BB-' from 'B-',
reflecting the company's improving competitive position and
capitalization, and stabilized profitability. The outlook on the
rating is stable.

"Asahi Life's surrender and lapse ratio in individual insurance
has substantially dropped, and the company's recent focus on
third-sector products, which include nursing care and medical
insurance, has paid off with strong sales in that segment," said
Standard & Poor's credit analyst Tatsuo Kurogi. "As a result,
its customer base and competitive position have significantly
recovered from their severely deteriorated state."

Core profit (operating profit net of capital gains or losses)
has also stabilized, thanks to stringent restructuring measures
and a successful shift towards the higher-margin individual
insurance sector. Capitalization has also strengthened due to an
increase in latent profits on stockholdings, although it remains
only moderate compared with its peers.

However, Asahi Life's asset quality remains weaker than that of
its peers, as the company has huge latent losses on real estate.
The company is expected to post extraordinary losses in line
with the change to fixed-asset impairment accounting, which will
be applied starting from the second half of fiscal 2005, though
latent losses are expected to remain on the balance sheet for
some time. Asahi Life is also exposed to interest rate risk on
bond holdings, including foreign bonds, which also carry latent
losses.

The stable outlook reflects expectations that Asahi Life's new
focus on individual insurance and risk reduction will help
stabilize operating income. In turn, this should help the
company accumulate retained earnings and support
capitalization.

CONTACT:

Asahi Mutual Life Insurance Company
7-3 Nishi-Shinjuku 1-Chome
Shinjuku-Ku 163-8611, Tokyo 163-8611
JAPAN
Phone: +81 3 3342 3111


DAIEI INCORPORATED: More Workers to Avail of Early Retirement
-------------------------------------------------------------
Daiei Incorporated announced that 1,268 employees have applied
for early retirement under a voluntary retirement programme it
announced last month, Japan Today reports.

Due to the larger-than-planned number, Daiei closed the
application process Tuesday rather than Friday as initially
scheduled. The company began accepting applications Monday
targeting some 5,500 employees aged between 30 and 59 as of the
end of November.

The struggling retailer expects its total employees to fall to
7,000 at the end of its business year to February from about
9,600 at the end of February 2005, a spokeswoman said.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi,, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


CREDIT SAISON: METI Approves Restructuring
------------------------------------------
The business restructuring plans submitted by Credit Saison Co.
was evaluated pursuant to Article 3, Paragraph 6 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill the requirements of Article 2, Paragraph 2.1 concerning
business restructuring.

The Ministry of Trade and Industry (METI) consequently approved
the plans on November 9, 2005.

CONTACT:

Credit Saison Co.
Sunshine 60 Bldg., 1-1
Higashi-Ikebukuro 3-chome
Toshima-ku, Tokyo 170-6073, Japan
Telephone: 81-3-3988-2111
Web site: www.saisoncard.co.jp


MITSUBISHI MOTORS: Unveils FY/2005 First Half Financial Results
---------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced its first-half
financial results for fiscal year 2005, ending March 31, 2006,
and outlined its forecasts for the full year.

In a company press release, Mitsubishi Motors consolidated net
sales for the first half of fiscal 2005 (April 1 through
September 30) totaled JPY991.3 billion, down JPY79.5 billion
from the same period last year (1,070.8 billion yen) mainly as a
result of lower OEM supply volumes in overseas markets.

Mitsubishi Motors posted an operating loss of JPY19.8 billion,
an improvement of JPY56.6 billion over the same period last
year. Negative factors such as the drop in OEM supply volume
stated above were offset by a number of favorable factors,
including: lower depreciation costs as a result of asset
impairment charges taken in the U.S. and Australia during the
previous fiscal year; non-recurrence of one time charges
resulting from the sales of sales-finance receivables in the
U.S. financial services subsidiary; lower sales promotion costs,
mainly advertising, in the U.S. and Europe; and lower warranty
expenses.

Mitsubishi Motors posted an ordinary loss of JPY33.6 billion, a
year-on-year improvement of JPY77.0 billion, and a net loss of
JPY63.8 billion, an improvement of JPY115.0 billion.

The improvement in net loss was realized despite extraordinary
losses stemming from asset impairment charges in Japan relating
to new asset impairment accounting standards. Factors
contributing to the improvement include the non-recurrence of
the extraordinary losses booked last year, including costs for
special measures (a free vehicle inspection program) and also
the reduction in losses from the cancellation of new model
development programs.

CONTACTS:

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


MITSUBISHI MOTORS: First Half Vehicle Sales Up 659,000
------------------------------------------------------
Global market sales of Mitsubishi Motors vehicles in the first
half of fiscal 2005 totaled 659,000 vehicles, an increase of
13,000 on the 646,000 sold in the same period last year.

In Japan, Mitsubishi Motors sold 108,000 vehicles, an increase
of 12,000 over the same period last year. Year-on-year increases
in every month since May underscore the firm tone to the
recovery in the company's performance in the domestic market.

In North America, Mitsubishi Motors sold 81,000 vehicles, a
decline of 11,000 over the same period last year. The decrease
was mainly due to curbs on fleet sales and to slower than
expected sales of existing models. On a bright note, the new
Eclipse introduced in May has made an encouraging start.

In Europe, Mitsubishi Motors sold 131,000 vehicles, an increase
of 19,000 over the same period last year. The increase was
driven by robust sales in markets such as Russia, Germany and
the U.K., assisted by the addition of two new models to the Colt
lineup in March.

In Asia and other markets, Mitsubishi Motors sold 339,000
vehicles, a slight decline of 7,000 over the same period last
year. Sales increases in Oceania, Latin America, the Middle
East, and Africa failed to counter a downturn in markets such as
North Asia.

This is a company press release.


MITSUBISHI MOTORS: Aims to Achieve FY/2005 Business Plan
--------------------------------------------------------
Mitsubishi Motors Corporation announced that in a year-on-year
comparison, the first half of fiscal 2005 shows a distinct
improvement in terms of earnings despite lower net sales.

Net sales and sales volume both exceeded the FY 2005 business
plan forecasts, while losses were smaller. The first half
results show a solid start to achieving the FY 2005 business
plan.

The company has, however, decided to leave the forecasts
announced on May 23 unchanged because the forecasts contain
higher second-half targets premised on substantial increases in
sales volume expected from new model introductions. MMC has also
factored in deterioration in the U.S. market environment and
uncertainties about the impact of soaring oil prices on global
economies. The company will instead concentrate all resources on
achieving the full-year forecasts published at the beginning of
the fiscal year.

In view of the conditions currently at hand, the company has
made minor adjustments to full-year sales volume forecasts for
certain regions. Specifically, the company has revised volume
for Japan upward by 3,000 vehicles to 256,000; has revised
volume for North America downward by 15,000 vehicles to 169,000;
and has revised volume for Asia and other regions upward by
12,000 vehicles to 691,000. (The full-year global sales volume
forecast of 1,370,000 vehicles remains unchanged.)

This is a company press release.


MITSUBISHI MOTORS: Thai Unit to Sell THB4 Bln 3-Year Bonds
----------------------------------------------------------
Mitsubishi Motors (Thailand) Co. Ltd, a unit of Japanese-based
Mitsubishi Motors Corporation, plans to sell THB4 billion in
three-year secured bonds by the end of this month, Dow Jones
reports.

The bonds, which will be guaranteed by Bank of Tokyo-Misubishi,
will be sold to local institutional investors. A road show will
be held next week, the fund manager said.

There has been no guidance yet on the coupon for the deal, which
is being underwritten by Siam Commercial Bank PCL (SCB.TH).

In the first half of this year, the carmaker had a net profit of
THB2.91 billion, up 21.9 percent on year.

CONTACT:

Mitsubishi Motors (Thailand) Co., Ltd. Company
688 Phaholyothin Rd.
Klongluang, Pathumthani 12120, Thailand
Phone: +66-2-908-8000


SEIBU RAILWAY: Stock Valued at JPY290 Per Share
-----------------------------------------------
The Seibu group has valued Seibu Railway Co. stock at around
JPY920 a share, 20 to 30% below takeover bid prices expected to
be proposed by two members of the group founding family, Japan
Today reports.

The group has agreed on the figure with the Cerberus Group of
the United States and Nikko Principal Investments Japan Ltd.

In a separate report, Reuters reported that Goldman Sachs and
Morgan Stanley may finance a potential $4.8 billion bid to
acquire Seibu Railway Co. launched by brothers of the Seibu
group's former chief.

Last month, Seibu managers chose U.S. investment firm Cerberus
and Japan's Nikko Principal Investments as the main contributors
to the group's plan to raise up to JPY160 billion ($1.36
billion) for its restructuring.

The scheme would reduce the founding Tsutsumi family's control
over the group, however, a possibility that prompted Yuji and
Seiji Tsutsumi to launch their own offer for Seibu Railway's
shares.

CONTACT:

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


TOYAMA CHEMICAL: JCR Affirms BBB- on Senior Debts
-------------------------------------------------
Japan Credit Rating Agency (JCR) has affirmed the BBB- rating on
the senior debts of Toyama Chemical Co. Limited.

Toyama Chemical's drug sales have dropped significantly since it
suspended supply of the mainstay product in October 2000, the
credit rating agency said.

The Company has incurred operating loss for three fiscal years
when licensing fee was little out of the most recent five fiscal
years. New drugs under the development are rich.

New type quinolone synthetic antibacterial agent T-3811 is
expected to become a hit product. The Company generated
operating profit and net income for the first time in 2 years
and 6 years for fiscal year through March 31, 2005,
respectively, thanks in part to licensing fee for the T-3811. It
is expected to remain in black for fiscal year through March 31,
2006, supported by large licensing fee. Introduction of T-3811
into the U.S. market will be made in and after 2006 at the
earliest.

The Company will rely on the licensing fee for the time being.
Issue for the Company is to stabilize earnings through
introduction of new drugs into the markets.

CONTACT:

Toyama Chemical Co. Ltd.
2-5, Nishishinjuku 3-chome
Shinjuku-ku, Tokyo 160-0023
Japan
Telephone +81 3 5381 3889
Web site: www.toyama-chemical.co.jp


UC CARD: METI OKs Business Restructuring
----------------------------------------
The business restructuring plans submitted by UC Card Co., Ltd.
was evaluated pursuant to Article 3, Paragraph 6 of the Law on
Special Measures for Industrial Revitalization, and found to
fulfill the requirements of Article 2, Paragraph 2.1 concerning
business restructuring.

The Ministry of Trade and Industry (METI) consequently approved
the plans on November 9, 2005.

CONTACT:

UC CARD Co., Ltd.
Solution Development Group
Market Development Office
Phone: +81-3-5531-6373


UFJ BANK: OPCO Preferred Securities Place on Watch Positive
-----------------------------------------------------------
Standard & Poor's Ratings Services has placed its 'D' rating on
the preferred securities of Tokai Preferred Capital Co. LLC on
CreditWatch with positive implications, reflecting strengthening
prospects that dividend payments on the securities will resume.

Tokai Preferred is the operating company (OPCO) of UFJ Bank Ltd.
(A/Stable/A-1). The rating on the securities was lowered to 'D'
on July 1, 2005, following nonpayment of dividends due on June
30, 2005.

At the same time, Standard & Poor's affirmed its counterparty
ratings, bank fundamental strength rating, and bank
survivability assessment on UFJ Bank.

On May 25, 2005, UFJ Bank announced that it would not pay
dividends on its OPCO preferred securities, based on a number of
factors, including the depleted financial resources at both UFJ
Bank and UFJ Holdings Inc. The UFJ group had recorded net losses
for four consecutive fiscal years up to March 2005.

"The UFJ group appears to have largely solved the financial
problems preventing dividend payments. UFJ Holdings and UFJ Bank
are both estimated to have restored their financial resources in
the first quarter of fiscal 2005," said Standard & Poor's credit
analyst Nana Otsuki.

The UFJ Group expects to record a net profit of JPY335 billion
for the first half fiscal (ended September 30), while UFJ Bank
is projecting earnings of JPY330 billion.

According to the terms of issuance, UFJ's payments on other Tier
1 securities cannot be made even if the dividends on the OPCO
securities are resumed. This issue is scheduled to be resolved
in December with actual payments to be made at the beginning of
January. However, concerns on nonpayment of dividends are
receding following improvement in the bank's financial
condition. Its weak financial health was the official reason
given by the bank for suspending payments in May.

Furthermore, the bank is likely to avoid missing payments, as
this would negatively impact its reputation just prior to its
merger with Bank of Tokyo-Mitsubishi Ltd. (BTM; A/Stable/A-1).

"Considering these factors, we believe the probability has
increased that dividend payments on the OPCO securities will be
resumed," Ms. Otsuki said.

The CreditWatch status will be resolved when the bank's policy
on dividend payments is clarified.

On Oct. 1, 2005, the UFJ Group and Mitsubishi Tokyo Financial
Group (MTFG) merged, excluding the commercial bank units UFJ
Bank and BTM. Through the merger, UFJ Bank became a part of
Mitsubishi UFJ Financial Group, Inc. (MUFG), the world's largest
financial group, with total assets of JPY197 trillion.

UFJ Bank is scheduled to merge with BTM in January 2006.
Although some concerns remain over UFJ Bank's low profitability
and asset quality, its financial standing would be strengthened
if the integration proceeds smoothly and the bank is able to
leverage post-merger resources to expand revenue.

Contact:

Mitsubishi UFJ Financial Group, Inc.
Public Relations Division
Phone: (81-3-3240-7651)


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

DOOSAN GROUP: Park Brothers Charged with Embezzlement
-----------------------------------------------------
The prosecution has released its investigation into the alleged
slush fund involvement of a former Doosan Group chief and three
of his brothers, Yonhap News Agency reveals.

According to the prosecution, the Park brothers embezzled
KRW32.6 billion in company funds over the last 10 years.  The
slush funds were reportedly used in living expenses, repayment
of interest on bank debts and donations to Buddhist temples, the
prosecution added.

Park Yong-sung, Park Yong-oh and Park Yong-maan are suspected of
having embezzled KRW28.6 billion from Doosan Industrial
Development Co., a construction subsidiary of the conglomerate,
and a secret subsidiary called Donghyun Engineering, from 1995
until recently, according to the report by the prosecution.

Park Yong-wook, the family's sixth-born sibling, is charged with
misappropriating KRW3.98 billion from his business group's
furniture-making affiliate Nefs Co. from 1998 through the end of
last year, investigators said.

Aside from the embezzlement charges, the Park Brothers are
believed to have fabricated accounting records of Doosan
Industrial Development worth KRW283.8 billion.

Doosan, one of the country's oldest business groups, has 19
affiliates involved in construction, machinery and trading.


SSANGYONG MOTOR: Union to Decide on Planned Strike
--------------------------------------------------
The labor union of Ssangyong Motor Co. will decide next week if
they will launch a strike against Shanghai Automotive Industrial
Corp. (SAIC), The Korea Herald relates.

The union wants SAIC to announce investment plans and appoint an
outside director that has their recommendation.  The union
believes that SAIC is not planning to make any substantial local
investment as promised.

The union claims that SAIC is trying to turn the Korean company
into a subcontractor that provides technologies and engineers.

Ssangyong and SAIC plan to set up a 50:50 joint venture plant in
China to produce a new recreational vehicle code-named S-100
from late 2007.

"The S-100 project is different from joint venture production by
other makers such as Hyundai Motor Co. because SAIC plans to use
its own brand instead of Ssangyong's," the representative of the
unionized workers said.

CONTACT:

Ssangyong Motor Company Limited
150-3 ChilgoE-dong
Pyeongtaek-si, Kyonggi 459-711
Korea (South)
Telephone: +82 31 610 1114
Fax:  +82 31 610 3739


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

ASIAN PAC: Converts ICULS to Ordinary Shares
--------------------------------------------
Asian Pac Holdings Berhad advised that its additional 548,666
new ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR685,833 Irredeemable Convertible Unsecured Loan
Stocks 2000/2005 into 548,666 new ordinary shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, November 14, 2005.

CONTACT:

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


AYER HITAM: Court Grants Stay of Execution
------------------------------------------
Further to Ayer Hitam Tin Dredging Malaysia Berhad's
announcement dated October 7, 2005 in respect of the Statutory
Demand pursuant to Section 218 of the Companies Act, 1965 served
by KIY on MHSB, the Board of Directors of Ayer Hitam Tin
Dredging Malaysia Berhad advised that the Court has given an
interim stay of execution until the final disposal of its Notice
of Motion for an order of stay of execution.

The hearing of the Notice of Motion has been adjourned to
December 7, 2005.

This announcement is dated 9 November 2005.

CONTACT:

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


COMSA FARMS: Annual Accounts Await Auditor's Clearance
------------------------------------------------------
Further to the announcement dated October 31, 2005, Comsa Farms
Berhad (Comsa) informed Bursa Malaysia Securities Berhad that
the annual audited accounts for the year ended March 31, 2005
are still pending for audit clearance and that the Company is
taking active steps to assist the auditors in order to give
clearance and would release the same once the audited accounts
are cleared by the auditors.

CONTACT:

Comsa Farms Berhad
TB 265 Lot 4 Jalan Mahkamah
91000 Tawau, Sabah
Malaysia
Telephone: +60 8 9776 678
Fax: +60 8 9762 367


HUME INDUSTRIES: Purchases Ordinary Shares
------------------------------------------
Hume Industries (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back from: October 27, 2005

Date of buy back to: October 28, 2005

Total number of shares purchased (units): 651,500

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

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

Total amount paid for shares purchased (MYR): 3,127,200.00

The name of the stock exchange through which the shares were
purchased: The Main Board of Bursa Securities

Number of shares purchased retained in treasury (units): 651,500

Total number of shares retained in treasury (units): 8,099,500

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

Total issued capital as diminished: Not applicable

Date lodged with registrar of companies: 09/11/2005

Lodged by: HLI-HUME Management Co Sdn Bhd

This announcement is dated 9 November 2005.

CONTACT:

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


INTAN UTILITIES: SC Gives VM More Time to Meet Criteria
-------------------------------------------------------
Intan Utilities Berhad issued to Bursa Malaysia Securities
Berhad details on the compliance with public shareholding spread
pursuant to the completion of the mandatory takeover offer by
Vista Meranti Sdn Bhd (VM) to acquire all the remaining ordinary
shares of MYR1.00 each in Intan not already owned by VM and
parties acting in concert with it.

Further to Intan's announcement on July 29, 2005, Intan advised
that VM has obtained the Securities Commission's approval vide
its letter dated November 8, 2005 for an extension of time to
April 29, 2006 to meet the requisite public shareholding spread
of Intan.

This announcement is dated 9 November 2005.

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


I-BERHAD: Buys Back 33,500 Shares
---------------------------------
I-Berhad furnished Bursa Malaysia Securities Berhad with a
notice of shares buy back.

Date of buy back from: October 25, 2005

Date of buy back to: October 31, 2005

Total number of shares purchased (units): 33,500

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

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

Total amount paid for shares purchased (MYR): 35,444.82

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

Number of shares purchased retained in treasury (units): 33,500

Total number of shares retained in treasury (units): 3,576,900

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 9, 2005

Lodged by: I-Berhad

This announcement is dated 9 November 2005.

CONTACT:

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


MAGNUM CORPORATION: Issues Notice of Shares Buy Back
----------------------------------------------------
Magnum Corporation 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 MYR0.50 each

Total number of shares purchased (units): 450,000

Minimum price paid for each share purchased (MYR): 1.940

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

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 450,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 73,181,100

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
Fax: +60 3 2698 9885


MAXIS COMMUNICATIONS: New Shares Up for Listing, Quotation
----------------------------------------------------------
Maxis Communications Berhad advised that its additional 186,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, November 11, 2005.

CONTACT:

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


MERCES HOLDINGS: Sees No Changes to Payment Default Status
----------------------------------------------------------
The Board of Directors of Merces Holdings Berhad informed Bursa
Malaysia Securities Berhad that there is no change in the status
of default payments of interests and principal sum due to
Southern Bank Berhad since the last announcement on October 13,
2005.

This announcement is dated 9th November 2005.

CONTACT:

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


PAN PACIFIC: Compugates Enters Agreement with Underwriter
---------------------------------------------------------
Pan Pacific Asia Berhad (PPAB) issued to Bursa Malaysia
Securities Berhad the following announcements:

- Acquisition;

- Exemption;

- Scheme of Arrangement with Creditors;

- Scheme of Arrangement with Shareholders;

- Restricted Issue;

- Listing Transfer; and

- Disposal/Liquidation

(collectively, the Restructuring Scheme)

The company refers to the announcements dated August 30, 2005
and September 30, 2005 in relation to the Restructuring Scheme.

On behalf of PPAB, Avenue Securities Sdn Bhd (Avenue) announced
that on November 9, 2005, Compugates Holdings Berhad (CHB), Goh
Kheng Peow and Tan Ngaip Soon had entered into an underwriting
agreement with Avenue (as the underwriter) for the underwriting
of the entire 25,000,000 new ordinary shares of MYR1.00 each in
CHB to be issued pursuant to the Restricted Issue which forms an
integral part of the Restructuring Scheme.

This announcement is dated 9 November 2005.

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax: +60 3 7727 1622
Web site: http://www.dno.no


PACIFIC & ORIENT: Holds Shares Buy Back
---------------------------------------
Pacific & Orient Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: November 9, 2005

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

Total number of shares purchased (units): 6,300

Minimum price paid for each share purchased (MYR): 1.790

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

Total consideration paid (MYR): 11,411.27

Number of shares purchased retained in treasury (units): 6,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,680,289

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


PAN PACIFIC: Issues Notice of Book Closure
------------------------------------------
Pan Pacific Asia Berhad issued to Bursa Malaysia Securities
Berhad a notice of book closure.

EX-date: November 11, 2005
Entitlement date: November 15, 2005
Entitlement time: 05:00:00 p.m.
Entitlement subject: Others
Entitlement description:

Renounceable Restricted issue of 25,000,000 new ordinary shares
of MYR1.00 each in Compugates Holdings Berhad (CHB) (CHB SHARES)
to the entitled shareholders of Pan Pacific Asia Berhad at an
issue price of MYR1.00 per CHB share payable in full on
application

Period of interest payment: to
Financial Year End:
Share transfer book & register of members will be closed from
(both dates inclusive) for the purpose of determining the
entitlements: to

Registrar's name, address, telephone no:

PFA Registration Services Sdn Bhd
Level 13 Uptown 1
No. 1 Jalan SS21/58, Damansara Uptown
47400 Petaling Jaya
Selangor Darul Ehsan
Telephone: 03-7725 4888
Fax: 03-7722 2311

Payment date:

(a) Securities transferred into the Depositor's Securities
Account before 4:00 p.m. in respect of transfers: November 15,
2005

(b) Securities deposited into the Depositor's Securities Account
before 12:30 p.m. in respect of securities exempted from
mandatory deposit: November 11, 2005

(c) Securities bought on the Exchange on a cum entitlement basis
according to the Rules of the Exchange.

Number of new shares/securities issued (units) (If applicable):
25000000
Entitlement indicator: Ratio
Ratio: 5.609: 1
Rights Issues/Offer Price: 1

Remarks:

As at October 27, 2005, the entitled shareholders of Pan Pacific
Asia Berhad (PPAB) hold 88,845,739 ordinary shares of MYR1.00
each in PPAB which will be exchanged into 4,442,287 new CHB
Shares pursuant to the Scheme of Arrangement with Shareholders.
Based on the aforesaid holdings, the indicative basis of
allotment for the Restricted Issue shall be 5.609 new CHB Shares
for every one (1) CHB Share to be held after the Scheme of
Arrangement with Shareholders.

The final basis of allotment of the new CHB Shares to be issued
pursuant to the Restricted Issue will only be determined on the
entitlement date.

This announcement is dated 9 November 2005.

CONTACT:

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


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional 1,185,800 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, November 11, 2005.

CONTACT:

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


SETEGAP BERHAD: Trading in Securities Suspended
-----------------------------------------------
Setegap Berhad has failed to submit a regularization plan to the
relevant authorities for approval within the prescribed time
frame pursuant to paragraph 8.14C of the Listing Requirements of
Bursa Malaysia Securities Berhad and paragraph 4.0 of Practice
Note No. 17/2005 which was due on November 3, 2005.

In light of the above, the trading in the above Company's
securities will be suspended with effect from 9:00 am, Friday,
November 11, 2005 until further notice.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


SOUTHERN BANK: Replies to Queries on Share Buy Back Programme
-------------------------------------------------------------
Southern Bank Berhad (SBB) made the following statement to Bursa
Malaysia Securities Berhad in response to media interest on its
share buyback programme:

Background

Broadly, share buyback programmes serve to enhance returns to
shareholders, in two main ways - firstly, as one of the tools of
capital management to achieve a more optimal capital structure
by returning excess capital to shareholders; and secondly, as a
means of signaling the intrinsic value of the company to the
market.

As provided in the Circular to SBB's shareholders dated June 3,
2005, the Share Buy-Back Programme is "an integral part of the
Bank's active capital management strategy to improve capital
efficiency and enhance shareholders' value."

Also, as indicated in the Circular, the Bank will also optimize
the use of its financial resources that are in excess of
business requirements to purchase its own shares in order to
enhance the return on equity as and when appropriate.

SBB's programme has been approved by regulators and
shareholders, and is governed by strict guidelines, both
internally within the Bank as well as externally through stock
exchange regulations.

The process of share purchases is managed within clear
parameters that have been determined by the Board of Directors
which are in compliance with all relevant rules and
requirements. The parameters were also formulated taking into
account the intrinsic value of the Bank as endorsed by the
Board.

Valuation perspective

It is implicit in our share buyback programme that we believe
that SBB's share price is fundamentally under-valued, that it
does not fully reflect the value of a high performing niche
bank. Whilst relatively smaller in terms of assets, SBB has
strong market positions in attractive business areas relative to
other Malaysian banks which enable us to outperform in terms of
earnings and dividends:

- Number two in equity assets under management (AUM)

- Number two in credit cards issuance and merchant acquisitions

- Number one in net interest margins

- Number two amongst domestic banks in total returns to
shareholders over a 10-year period (Edge 2005 survey)

The assessments of the Bank's valuation for purposes of
establishing the parameters of the Share buy back programme
incorporated relevant valuation metrics.

During this buyback Buy-Back Programme, SBB has only purchased
its shares at prices that are well within the parameters set by
the Board. All the shares purchased have been retained as
Treasury Shares and the Bank has not sold any of the Treasury
Shares.

It may be argued that any potential merger interest in a company
is an affirmation of the intrinsic strengths of that company,
and will thus shed more light on that company's true valuation.
In addition, there have been numerous initiatives announced by
SBB that may be affecting performance expectations and may be
reflected in its share price:

On October 27, 2005, SBB completed the first international
Innovative Hybrid Tier 1 capital issue in Malaysia. The issuance
attracted strong demand order book at nearly 4x oversubscription
and enabled the transaction to be priced better than initial
price guidance.

On October 28, 2005, SBB signed an MOU with Takaful
International Company, a leading and one of the longest
established Middle East Takaful companies, to jointly apply for
a Takaful licence in Malaysia, and if approval is granted, to
operate a Malaysian Takaful business that will be the hub of
anticipated Asia-wide operations.

On September 28, 2005, SBB signed an MOU with Franklin
Templeton, a major global asset management company, for the
launching of the first unit trust funds fully invested outside
Malaysia.

Perhaps most importantly, SBB is taking steps to complete the
proposed acquisition of Asia General Holdings Limited, which has
the unanimous support of the SBB Board of Directors. The Board
is confident that this strategic initiative will substantially
enhance SBB's shareholder value.

SBB has been informed by a top ranked global investment bank
that the recent share price of SBB, even at recent highs, is
still far below the intrinsic value of the Bank.

Conduct of share purchases

The statistics indicate that SBB has exercised its buy back
programme judiciously and within approved and acceptable limits.
The bank would emphasize that the parameters guiding the share
buy back are solely focused on market supply and demand, pricing
and intrinsic value. It is, in short, fundamentally value driven
and not based on a function of time.

It is worth noting that our volumes on average, as shown below,
do not constitute the bulk of market volumes. As we do not
dominate the market volume, it therefore follows that we are not
the only party buying shares at any given price level. Buying
activity by other party's evidence that we are not the only one
who believe SBB is under-valued.

Additional facts related to this programme are provided below:

Since the commencement of the programme on June 29, 2005 to
November 8, 2005, the Bank has acquired 47.66 million shares
which represent 22 percent of the total volume traded on Bursa
Malaysia at a total cost of MYR169.46 million.

For the period from October 24, 2005 to November 8, 2005, the
Bank has expended a sum of MYR32.48 million to acquire 8.26
million shares which represent nine percent of the total volume
traded on Bursa Malaysia during the period.

For the period since October 24, the total shares acquired under
the programme comprise 17 percent of the total Treasury shares
acquired to date.

The average price per share of the 47.66 million Treasury Shares
accumulated since the commencement of the Share Buy-Back
Programme is MYR3.56.

Even before the share buy back programme had commenced, SBB's
share price continued its upward trend. During the first half of
the year, the share price registered an increase from MYR3.36
per share to a high of MYR3.70 per share.

The company believes this momentum is a process of price
discovery as well as recognition of the relatively strong
earnings and dividend payout of 23 per cent for financial year
2004 and an interim dividend of 10 per cent so far this year.

As mentioned, the increased attention SBB has received of late
has served to highlight the strengths of our franchise relative
to our sector. Whilst the present share price performance may
also be a reflection of the potential merger interest in SBB, we
are confident that this increased recognition of our fundamental
value will endure regardless of the outcome of any such
interest.

Conclusion

The Share Buy-Back Programme provides an opportunity for the
Bank to purchase its own shares when the market prices of the
shares are below their intrinsic value in order to enhance the
overall return on equity and total returns to shareholders.

To view a full copy of the Press Release, click
http://bankrupt.com/misc/SouthernBank110905.pdf

CONTACT:

Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
Fax: +60 3 2093 3157


TELEKOM MALAYSIA: Bourse to Grant Listing, Quotation of Shares
--------------------------------------------------------------
Telekom Malaysia Berhad advised that its additional 13,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Friday, November 11, 2005.

CONTACT:

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


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

BELLE CORPORATION: SMDC Buys More Shares
----------------------------------------
SM Development Corporation (SMDC), a shareholder of Belle
Corporation (BEL), furnished the Philippine Stock Exchange (PSE)
a copy of its SEC Form 18-A (Report By Owner of More Than Five
Percent), in relation to its purchase of additional 65,190,000
BEL common shares.

A copy of the said document is available for downloading free of
charge at
http://bankrupt.com/misc/tcrap_bellecorporation111005.pdf.

CONTACT:

Belle Corporation
28/F East Tower PSE Centre
Exchange Road Ortigas Centre
Pasig 1600
PHILIPPINES
Phone: +63 2 635 3016-24
Fax: 635-3025/3030
E-mail: info@bellecorp.com


COLLEGE ASSURANCE: Reimbursement Talks Hit Roadblock
----------------------------------------------------
The government was unable to make headway during talks
concerning the woes of College Assurance Plan Philippines Inc.
(CAP) planholders seeking reimbursement of their contributions
in the pre-need firm, SunStar Daily reports.

After his meeting with heads of the Securities and Exchange
Commission (SEC) and the Commission on Higher Education (Ched),
Justice Secretary Raul Gonzalez Sr. admitted that they have yet
to reach a solution to help CAP meet its financial obligations
to about 700,000 plan holders.

Mr. Gonzalez assured CAP planholders that the government is
studying other means to help both the cash-strapped firm and its
planholders.

He has already requested state universities and colleges (SUCs)
to grant an extension of enrolment for affected planholders
until such time that the firm is able to fix its finances.

Mr. Gonzalez has also recommended the conduct of a preliminary
investigation against officials of the pre-need company on
charges filed by the SEC earlier.

CONTACT:

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


KUOK PHILIPPINE: Offloads Shares in Mactan Properties
-----------------------------------------------------
Kuok Philippine Properties Inc. has agreed to sell its interests
in Joint Central International Limited (JCIL), a company based
in the British Virgin Islands.

JCIL is the holding company of the Registrant's equity in Brown
Swallow Development Corporation (Brown) and Green mangrove
Realty, Inc. (Green) representing 20% of the aforesaid
companies' issued and outstanding capital stock.

Brown and Green are registered owners of the properties in Punta
Engano, Mactan Island, Province of Cebu which are leased to
Mactan Shangri-La Hotel & Resort Inc.

The buyer, Sharp Advance Investments Limited (sharp), is a
foreign company based in the British Virgin Islands and a member
of the Kuok Group of Companies.

The Registrant's subsidiary, Clavall Properties Inc. (CPI), also
sold its equity in Clavall Realty Corporation (CRC) to Mactan
Beachfront Resources Inc. (MBRI) and Sharp Advance Investments
Limited (Sharp). MBRI and Sharp bought 60% and 40% respectively,
of CPI's equity in CRC. CRC is the registered owner of a 1.6
has. property beside Shangri-La's Mactan Island Resort and Spa.
MBRI and Sharp are members of the Kuok Group of Companies.

CONTACT:

Kuok Philippine Properties Inc
5th Level, Shangri-La Plaza
EDSA corner Shaw Boulevard
Mandaluyong City 1550
Phone No/s:  635-8300
Fax No/s:  638-2107


GLOBAL STEELWORKS: Parent's Default Worries Creditors
-----------------------------------------------------
Thirteen creditor banks of Global Steelworks International
(formerly National Steel Corp.) expressed concern over its
parent firm's early default of its remaining Php12.5-billion
debt with banks, The Philippine Star has learned.

The banks are also anxious that Indian parent Global Ispat has
been trying to use some of its unit's assets, already pegged to
banks, as collateral/guarantee for a Philippine Export-Import
Bank sovereign guaranty for an AU$20-million to AU$30-million
loan it is seeking from a foreign creditor.

The 13 creditor banks are currently seeking internal approval
from their respective boards on whether or not to accept the
Indian steel firm's offer to renegotiate its Oct. 15, 2006 debt
payment to the group of lenders, led by the Philippine National
Bank (PNB).

PNB executive Renato Castillo said Global Ispat is already
"technically in default and its remaining loan of Php12.5
billion due and demandable" following Global's attempt last Oct.
15 to issue a Php250-million or US$4.5-million letter of credit
(L/C) guarantee for its Oct. 15, 2006 loan payment of Php500
million or US$9 million.

Global Ispat reportedly tried to negotiate for a repayment of
Php250 million (US$4.5 million) for its Oct. 16, 2006 loan
payment without issuing another Php250 million (US$4.5 million
L/C for the balance of its loan installment.

Because of Global Steel's insistence on such payment terms which
the banks were against, the banks had to call Global in default
first to collect on the Php250-million (US$4.5-million) L/C
which Global issued.

However, Global Steel is now negotiating with the creditor banks
to issue another L/C for US$4.5 billion in exchange for a waiver
of non-default.

According to Mr. Castillo, the creditor banks now appear
amenable to accepting Global's revised offer of prepaying the
Php250 million or US$4.5 million plus issuing an additional
Php250-million or US$4.5-million L/C.

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

CONTACT:

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


PACIFIC PLANS: Yuchengcos Sue Planholders
-----------------------------------------
The Yuchengcos' threat to file a complaint against disgruntled
planholders of Pacific Plans Inc. (PPI) has finally
materialized, BusinessWorld reports.

The group that owns PPI have shifted to offensive mode and sued
the pre-need firm's clients for libel before the Makati regional
Trial Court.

The Parents Enabling Parents Coalition (PEP) has earlier accused
the Yuchengcos of mismanaging PPI's trust fund.

City Prosecutor Feliciano Aspi, who received the complaint, gave
the officers of PEP 10 days upon receipt of the court order to
explain why they should not be charged with violation of Article
355 of the Revised Penal Code.

Previously, the PEP filed a complaint with the Bangko Sentral ng
Pilipinas against the Yuchengco-led Rizal Commercial Banking
Corp (RCBC). The coalition asked the Bangko Sentral to penalize
RCBC for allegedly mismanaging PPI's trust fund at the expense
of insurance policy holders.

But the complainants in the libel case, led by the Malayan
Insurance Co., insisted that the suit should be treated
separately from the PPI issue. Malayan was incidentally dragged
into the issue because it happens to be part of the Yuchengco
Group of companies (YGC), whose chairman former ambassador
Alfonso Yuchengco's daughter, Yvonne, is the president of
Malayan.

The libel suit was reportedly based on the group's postings on
their PEP website which were clearly meant to "malign" the
insurance firm's reputation.

The case is scheduled for preliminary investigation at the
Makati City prosecutor's office next week.

CONTACT:

Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


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

CAMARADERIE INVESTMENTS: Receiving Proofs of Debt Until Dec. 9
--------------------------------------------------------------
Notice is hereby given that the creditors of Camaraderie
Investments Pte Limited, which is being wound up voluntarily,
are required on or before Dec. 9, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
Liquidator.

If so required by notice in writing by the said liquidator, they
are by their solicitors or personally to come in
and prove their debts or 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 are proven.

Dated this 9th day of November 2005

Chee Hoy Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


INFORMATICS HOLDINGS: Disposes of Leasehold Property
----------------------------------------------------
Informatics Holdings Limited announced that on Sept. 19, 2005,
the Company granted an option to Mewah Oils & Fats Pte Limited
for the purchase of its leasehold property located at 5
International Business Park, Singapore 609914 for SGD4.3
million. The Mewah Option to purchase the IBP Property was
exercised on Oct. 7, 2005. The Company has agreed to complete
the sale on or before Dec. 16, 2005.

On Oct. 24, 2005, the Company also granted an option to 2
individuals, Tsui Kee and Yeung Lo for the purchase of its
leasehold property located at 1 Sophia Road, #02-05 Peace
Centre, Singapore 228149, for SGD350,000. The TY Option to
purchase the Peace Centre Property was exercised on Nov. 7,
2005. The Company has agreed to complete the sale on or before
Jan 27, 2006.

The property disposal is subject to "The Singapore Law Society's
Conditions of Sale 1999," so far as they are applicable to sale
by private treaty.

The disposal of the properties will not materially affect the
Company's net tangible assets/earnings per share.

By Order of the Board

Lau Yang Hin, Simon
Company secretary
Nov. 9, 2005

CONTACT:

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


INFORMATICS HOLDINGS: Posts EGM Notice
--------------------------------------
Notice is hereby given that Informatics Holdings Limited will
hold an Extraordinary General Meeting (EGM) on Nov. 25, 2005,
10:00 a.m. at the Informatics Capmus, 12 Science Centre Road,
Singapore 609080 to consider a renouincable non-underwritten
rights issue of between 392 million and a maximum of 472,069,000
new ordinary shares of SGD0.05 each in the Companys' capital, as
well as other resolutions as indicated in its notice.

To view the Company's EGM notice, go to:

http://bankrupt.com/misc/tcrap_InformaticsHoldings111005.pdf


NATSTEEL LIMITED: Declares Special Dividend
-------------------------------------------
Natsteel Limited (NSL) announced that it will declare a special
dividend of SGD1.07 per share (one tier, tax exempt), taking
into account capital requirements of its core Chemicals,
Engineering and Construction Products businesses.

Following the disposal of its steel business, the Company
evaluated several major acquisition proposals in a number of new
businesses together with its advisor, Goldman Sachs. However,
none of these investment opportunities met the Company's
investment criteria. The market environment has also become more
challenging for the Company to enter into new business
endeavors.

After due consideration, the Company has decided to strengthen
and further develop its existing businesses. Hence, the Company
is now in a position to return more cash to shareholders, which
would enable the Company to manage its capital more efficiently.
The dividend of about SGD399.7 million forms part of the
Company's efforts to maximize shareholders value.

As an update, the Company reports that several investment
projects are being implemented by its core businesses that will
strengthen their market positions and enhance their values. By
and large, these investments are being funded by the Group's
operating cash flows, and where required, banking facilities
will be utilized.

NSL is expanding its Chemicals and Engineering businesses in
China. NSL Chemicals is further developing its lime business in
Jiangsu province, adding capacity to its plant at Changshu and
recently commissioning a new plant in Zhenjiang. A recent
upstream project in neighbouring Anhui province to secure
resource lime supply is underway. NSL Engineering has set up a
new facility to support its engineering projects in Changshu.
Our construction products unit, Eastern Pretech, is in
negotiation to set up a joint venture in the Middle East for its
pre-cast business.

Including the 60 cents per share paid in September, the Company
would have paid a total dividend of SGD1.67 per share back to
shareholders this current financial year. The special dividend
payment is expected to be made on Dec. 8, 2005, or such other
date to be determined by the Directors.

By Order of the Board

Lim Su-Ling
Company Secretary
Nov. 9, 2005

CONTACT:

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


SAPPHIRE CORPORATION: Issues New Shares in Restructuring Plan
-------------------------------------------------------------
Sapphire Corporation Limited announced that on Sept. 30, 2005,
the Company and its subsidiary, Lubeca Systems Singapore Pte
Limited, entered into a Second Supplemental Agreement with
International Factors Leasing Pte Limited (IFL) for the
settlement/conversion of the balance of an outstanding
restructured loan worth SGD764,312.50 owed to IFL.

Under the Second Supplemental Agreement, IFL agreed to extend
the period for the exercise of the put option & call option (in
respect of the balance restructured loan) from Sept. 31, 2005 to
Oct. 31, 2005; if the put or call option is not exercised by
such date, the said balance (plusd accrued interest) shall be
payable to IFL on Oct. 31, 2005.

On Sept. 30, 2005, the Singapore Exchange and Securities Trading
Limite approved the placement of new shares to be issued,
arising fro the exercise of the put option and call option.

Sapphire Corporation further announces that 43,675,000 ordinary
shares of SGD0.01 each in the Company's capital have been
allotted & issued to International Factors Leasing Pte Limited
(IFL) on Nov. 7, 2005, pursuant to the exercise of the Put
Option Notice under the debt conversion agreement dated April
29, 2004, as amended by 2 supplemental agreements thereto dated
July 14, 2005 and Sept. 30, 2005, entered into between, inter
alia, the Company, Lubeca Systems Singapore Pte Limited and IFL.

The Conversion Shares were listed and quoted on the SGX-ST on
Nov. 8, 2005.

By Order of the Board

Michael Tay Kwang How
Company Secretary

Nov. 8, 2005

CONTACT:

Sapphire Corporation Limited (formerly known as I.R.E.
Corporation Limited)
123 Genting Lane #07-02, Yenom Industrial Building
Singapore 349574
Phone: 65 6250 3838
Fax:   65 6253 8585
E-mail: info@sapphirecorp.com.sg
Web site: http://www.sapphirecorp.com.sg/


UNISON PROJECTS: Creditor Seeks Winding Up
------------------------------------------
Notice is hereby given that Jack Metal Industries Pte Limited, a
creditor of Unison Projects Singapore Pte Limited, filed a
winding up petition against the Company to the Singapore High
Court on Oct. 21, 2005.

The Petition is directed to be heard before the Court sitting at
Singapore at 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 Company creditor
or contributory requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 13 Marsiling Industrial Estate
Road 9, #01-59 Singapore 739170.

The Petitioners' solicitors are Messrs Genesis Law Corporation
of 112 Robinson Road, #07-02 HB Robinson, Singapore 068902.

Genesis Law Corporation
Solicitors for the Petitioners

Note:

Any person who intends to appear on the hearing of the said
Petition must serve or send by post to solicitors Messrs Genesis
Law Corporation of 112 Robinson Road, #07-02 HB Robinson,
Singapore 068902, notice in writing of his intention so to do.
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 appointed date for the hearing of
the Petition).

CONTACT:

Unison Projects Singapore PTE LTD
No.201 Joo Chiat Road
#02-04 Singapore 427472
Phone: 65 6440 3929
Fax:   65 6440 5351
Email: info3@unisonprojects.com
Web site: http://www.unisonprojects.com/


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

PICNIC CORPORATION: Boosts Capital in Unit
------------------------------------------
The Board of Directors' meeting held on November 8, 2005,
resolved to increase capital in S.S.C. Petro development Co.,
Ltd. (SSC) amounting THB130 million by using the money that
Picnic Corp. Public Co. Ltd. lent to SSC for the capital
increase.

The capital increase is in accordance with the resolution of the
board of directors' meeting, held on August 24, 2005 that
approved SSC to increase its capital holding in S.C.T. (Vietnam)
Gas Co. Ltd. (SCT), which is the wholly owned subsidiary of SSC,
amounting US$3.1 million or about THB127.6 million by using the
money that SSC borrowed from the Company and lent to SCT.  The
details were reported to the SET on August 29, 2005.

(1) Initial objective of the loan

To have SSC to re-lend to SCT

(2) Reason to increase capital: To restructure SSC's capital
structure and lessen interest burden.

If the Company does not increase the capital, SSC is still
obliged to pay interest to the Company but it will not receive
interest income from the loan amounting THB127.61 million which
SSC converted to equity in SCT earlier.

(3) Amount of loan as at September 30, 2005.

Before capital increasing: THB325.06 million

After capital increasing: THB195.06 million

(4) Term and due date: On call

(5) Impact to PICNI: None

(6) Details

(6.1) Amount of loan converted: THB130 million

(6.2) Share offering price: THB100 per share

(6.3) Par value: THB100 per share

(6.4) Capital before the increase: THB40 million

(6.5) Capital after the increase: THB170 million

(6.6) Shareholding before the increase: 99.99 percent

(6.7) Shareholding after the increase: 99.99 percent

(7) Contingent liabilities: None

(8) Financial highlights

                                 (Unit: Baht million)

                              2004            Jan-Jun 2005

Total assets                  392.37            390.61

Total liabilities             348.81            347.77

Paid-up capital                40.00             40.00

Total shareholders' equity     43.56             42.84

Retained earning               3.56              2.84

Revenue                        3.92              7.93

Cost of sales                  0.00              0.00

Selling & admin Expense        0.00              0.01

Interest expense               4.69              9.42

Net profit                    (0.77)            (1.50)

The capital increase in SSC does not affect the Company's
financial status because the Company increased the paid-up
capital in the subsidiary company which it holds 99.99 percent
interest by the debt granted to the subsidiary.

The Company does not have any short-term plan to ask SSC to pay
back the said loan because SSC needs the fund either in the form
of loan or equity for long-term investment in SCT.

Please be informed accordingly.

Yours sincerely
Mr. Nuttachai Aramrasameewanich
Managing Director

CONTACT:

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


PRASIT PATANA: Names Replacement for Resigned Directors
-------------------------------------------------------
Prasit Patana Public Company Limited unveiled to the Stock
Exchange of Thailand (SET) the results of the Board of
Directors' Meeting held on Wednesday, November 9, 2005.

The Board resolved to appoint:

(1) Mrs. Sakara Punyashthiti as Board Director in place of
Mr. Sitthichai Sukcharoenmitr who resigned on October 10, 2005

(2) Mr. Att Thongtang as Chief Executive Officer, Phyathai
Hospital Group in place of Mr. Chanin Yensudchai who resigned on
November 1, 2005

(3) Far East Capital Advisory Company Limited as the financial
advisor to the company's shareholders to comment and give
opinion on the tender offer by Mr. Wichai Thongtang.

For your kind acknowledgement,

Respectfully yours,
Mr. Kraivin Srikraivin
Director

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



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

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


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

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT       -62.86     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT         20.1        56.55
Panglobal Bhd                   PGL       (-50.36)     189.92

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       1139.63


SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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