TCRAP_Public/051128.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, November 28, 2005, Vol. 8, No. 235

                            Headlines

A U S T R A L I A

5 DOCK: Nick Zoras Named Company Liquidator
AIR NEW ZEALAND: Court Says Adverts Misleading
ASSET PERSONNEL: Members Resolve to Wind Up Business
AUSTRAL SWISS: Members, Creditors to Receive Liquidator's Report
CAPITAL CITY: Winds Up Business

CARPENTARIA AIRCRAFT: Declares Dividend to Creditors
FIS INVESTMENT: Winding Up Process Initiated
GRAFTON CLUB: Decides to Close Operations
HERITAGE FINE: Watchdog Probes Into Demise
IM HARRIS: Liquidator to Distribute Company Assets

JOMASI PTY: Court Orders Winding Up
J&R TRUST: Accountant Faces Court for Illegal Biz Operation
JTL MOBILE: Members to Review Liquidator's Report
MANONGROVE PTY: Declares Final Dividend Today
MYER LIMITED: David Jones Eyes Up to 12 Stores

NATIONAL AUSTRALIA: ACCC Allows Equity Purchase in Cash Services
PAGBY PTY: Enters Liquidation
PERCUSSION PASTORAL: Intends to Pay Dividend to Creditors
PROJECT FUSION: Appoints Official Liquidator
REDSKY PTY: Members Pass Winding Up Resolution

SIRES AUSTRALIA: Placed Under Voluntary Liquidation
SYDNEY FIREPLACE: Creditors OK Liquidator's Appointment
SYDNEY GAS: Banks on Joint Venture to Boost Profits
TELSTRA CORPORATION: T3 Banks Tapped as Shares Hit Low
TELSTRA CORPORATION: News ACCC Rules May Crush Plan

TIGEREX OPERATIONS: Court Issues Winding Up Order
TOWN & COUNTRY: Schedules Final Meeting Dec. 5
WESTERN MEDIA: Members Favor Voluntary Liquidation


C H I N A  &  H O N G  K O N G

BA FINANCE: Issues Debt Claim Notice
BANK OF CHINA: May Sell Stake to Security Fund
BESTWAY INTERNATIONAL: Notes Unusual Volume Movement
BODY, MIND & SOUL: Winding Up Hearing Slated for Dec. 21
GOLDMAX INTERNATIONAL: Undergoing Liquidation Proceedings

GRAND GAIN: Court Issues Winding Up Hearing Notice
GUARDO LIMITED: Issues Notice to Creditors to Prove Debts
MANY HARVEST: Appoints Joint Liquidators
PROGRESS CONSTRUCTION: Set to Wind Up Operations
PROSPECT WAY: Court to Hear Winding Up Petition Dec. 7

TOPFINE MACHINERY: Creditors Meeting Set Dec. 8
YUEN CHAK: Joint Liquidators Named


I N D I A

FOOD CORPORATION: Eyes Futures Trading in Grains
POWER FINANCE: S&P Ups Rating to 'BB+'; Outlook Stable


I N D O N E S I A

PERTAMINA: Plans to Hike LPG Price by 41% Next Year
PERTAMINA: To Import 900,000 Kiloliters of Fuel in 2006
PERTAMINA: To Receive Crude Oil Supply from BP PLC
PERTAMINA: To Open Tenders for Oil, Gas Blocks Next Year
PERUSAHAAN GAS: S&P Affirms 'B+' Rating; Stable Outlook


J A P A N

BANK OF TOKYO-MITSUBISHI: Moodys Upgrades Rating to D+
DENKI KAGAKU: Moody's Reviews Ba1 Ratings for Possible Upgrade
JAPAN AIRLINES: To Resume Flight Services in Indonesia
JAPAN AIRLINES: Selects GE Engines for Boeing Dreamliners  
MITSUBISHI MOTORS: Unveils Production, Sales for October 2005

MIZUHO FINANCIAL: Moody's Ups BFSRs to 'D+'
SEIBU RAILWAY: Posts 1H/2005 JPY27.6-Bln Net Loss
SUMITOMO MITSUI: Moody's Ups BFSRs to 'D+'


K O R E A

DAEWOO ENGINEERING: Global Firms to Join Race
LG CARD: October Delinquency Ratio Falls 8.67%


M A L A Y S I A

ANCOM BERHAD: Buys Back Ordinary Shares  
FOUNTAIN VIEW: Converts RCULS into Ordinary Shares
FUTUTECH BERHAD: Net Loss Balloons in 3Q/FY05
JIN LIN: Applies for Extension of Restraining Order
JOHAN CERAMICS: Net Loss Widens to MYR2,415,000

MAGNUM CORPORATION: Holds Shares Buy Back  
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
MBF HOLDINGS: Units Placed in Voluntary Winding Up
MYCOM BERHAD: Incurs Net Loss in 1Q/FY05
PAN MALAYSIA: Books MYR7,525,000 Net Loss in 3Q/FY05

PANTAI HOLDINGS: New Shares up for Listing, Quotation
POLYMATE HOLDINGS: Unit Served with Writ of Summon
SIME DARBY: EGM Resolves to Wind Up Unit
SOUTHERN BANK: Unveils Exercise of Warrants
TELEKOM MALAYSIA: Bourse to List, Quote New Shares

TENAGA NASIONAL: Revises Number of Bonus Shares
TENAGA NASIONAL: New Shares up for Listing, Quotation


P H I L I P P I N E S

GLOBAL STEELWORKS: Says Parent to Pay Creditors Over 8 Years
LEPANTO CONSOLIDATED: Trades Additional Shares
NATIONAL FOOD: To Bid on Initial Rice Importation
WELLEX INDUSTRIES: To Convene AGM Dec. 16
WELLEX INDUSTRIES: Books Smaller Net Loss in 2005

* Fitch Sees RP Upgrade Premature


S I N G A P O R E

CITIRAYA INDUSTRIES: Investors Sign MOU
EI-NETS LIMITED: Completes Debt Capitalization
INFORMATICS HOLDINGS: To Close Books on Dec. 12
INFORMATICS HOLDINGS: Passes Resolutions at EGM
MEDIASTREAM LIMITED: To Hold EGM Dec. 12


T H A I L A N D

BANGKOK STEEL: Issues Report on G.I. Factory Explosion
THAI AIRWAYS: Unveils Resolutions Passed at Meeting

     -  -  -  -  -  -  -  -  

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

5 DOCK: Nick Zoras Named Company Liquidator
-------------------------------------------
Notice is hereby given that at a shareholders' meeting of 5 Dock
Pty Limited held on Oct. 27, 2005, it was resolved that the
Company be wound up voluntarily, and Nick Zoras of 10 Kingston
Close, West Pennant Hills NSW 2125 be appointed as Liquidator
for such purpose.

Dated this 2nd day of November 2005

Nick Zoras
Liquidator
Suite 401, 29-31 Solent Circuit
Baulkham Hills NSW 2153


AIR NEW ZEALAND: Court Says Adverts Misleading
----------------------------------------------
Air New Zealand has been found guilty of breaching the Fair
Trading Act by misleading customers about the real price of its
airfares.

The Commerce Commission brought the case against Air New Zealand
after receiving complaints that customers were unable to fly for
the prices advertised by Air New Zealand because extra mandatory
charges were being added to the advertised price.

Of 20 sample charges laid by the Commerce Commission in the
Auckland District Court, Judge Thorburn found on Friday that 14
had been proved.

In some advertisements the price was misleading because extra
charges were not properly disclosed, in others, normal operating
costs that should have been included in the price were disguised
as extra charges.

The findings with respect to the 20 sample charges suggest that
the Commission is likely to succeed on approximately 300 of a
total of 342 charges, which are expected to be resolved at the
next stage of the proceedings.

Importantly, the Court also found that fuel costs are part of
the airline's operating costs and must be included in the price
of airfares. The advertisement in which fuel costs were charged
separately "smarts most unpalatably of "sharp" and unacceptable
practice," Judge Thorburn said.

"Consumers are entitled to rely on the claims they see in
advertising, and claims about prices have a huge impact on
consumer behaviour," said Commerce Commission Chair Paula
Rebstock.

"Businesses have been put on notice that they must fairly and
clearly show the true cost of what they are selling."

"The judgement leaves no room for doubt that operating costs,
such as the cost of fuel, must be included in prices, not
charged as extras, and any additional costs must be
transparently disclosed."

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/   


ASSET PERSONNEL: Members Resolve to Wind Up Business
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members and creditors of Asset Personnel Pty Limited held
on Oct. 28, 2005, it was resolved that the Company be wound up
voluntarily, and that Joseph Loebenstein, Chartered Accountant
and Registered Liquidator of Loebenstein Insolvency Services Pty
Limited, 203 Balaclava Road, Caulfield North, Victoria, be
appointed as Liquidator for such purpose.

Dated this 28th day of October 2005

Joseph Loebenstein
Liquidator
Loebenstein Insolvency Services Pty Limited
203 Balaclava Road, Caulfield North Vic 3161


AUSTRAL SWISS: Members, Creditors to Receive Liquidator's Report
----------------------------------------------------------------
Notice is given that the final meeting of the members and
creditors of Austral Swiss Knitting Pty Limited will be held on
Dec. 5, 2005, 10:00 a.m. at Level 1, 32 Martin Place, Sydney
NSW, for the following purposes:

AGENDA

To consider the Liquidator's account on the conduct of the
winding up and the disposal of the Company's property.

Proxies to be used at the meeting should be lodged prior to the
commencement of the meeting.

Dated this 25th day of October 2005

Nick Malanos
Liquidator
C/o Level 1, 32 Martin Place
Sydney NSW



CAPITAL CITY: Winds Up Business
-------------------------------
Notice is hereby given that at a general meeting of the members
of Capital City Couriers Pty Limited held on Nov. 4, 2005, it
was resolved that the Company be wound up voluntarily, and that
Michael Edward Slaven of Rangott Slaven Hundy, Level 3,
Engineering House, 11 National Circuit, Barton ACT 2600 be
appointed as Liquidator for the winding up.

Dated this 15th day of November 2005

Michael E. Slaven
Liquidator
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit
Barton ACT 2600


CARPENTARIA AIRCRAFT: Declares Dividend to Creditors
----------------------------------------------------
Carpentaria Aircraft Maintenance Pty Limited will declare a
first and final dividend tomorrow, Nov. 29, 2005.

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

Dated this 17th day of October 2005

Peter Morris
Liquidator
C/o Foremans Business Advisors
Suite 1, 29 Lake Street
Cairns Qld 4870


FIS INVESTMENT: Winding Up Process Initiated
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of FIS Investment Services Pty Limited held on Oct. 28, 2005, it
was resolved that the Company be wound up voluntarily, and that
Andrew McLellan of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria, 3000 be appointed as
Liquidator for such purpose.

Dated this 28th day of October 2005

Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


GRAFTON CLUB: Decides to Close Operations
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Grafton Club Limited held on Oct. 27, 2005, it was resolved
that the Company be wound up voluntarily, and that David Leigh
of SimsPartners Chartered Accountants, Suite 6A, 10-12 Short
Street, Port Macquarie, NSW be nominated to act as Liquidator
for the winding up.

Dated this 15th day of November 2005

David Leigh
Liquidator
SimsPartners Chartered Accountants
Suite 6A, 10-12 Short Street
Port Macquarie NSW 2444


HERITAGE FINE: Watchdog Probes Into Demise
------------------------------------------
The Australian Securities and Investment Commission (ASIC) is
looking into the collapse of Heritage Fine Wines, The Australian
reveals.

The corporate regulator has begun preliminary fact-finding into
the demise of Heritage in March. The company went bankrupt after
selling wines to investors at mark-ups of up to 100 percent.

At a creditors meeting held Thursday liquidator Nick Crouch
confirmed ASIC has an interest in the matter.

Mr. Crouch, of Crouch Insolvency, was applauded at the meeting
for recovering 96 percent of investors' wine, but between AU$6
million and AU$11 million in losses remain.

He also raised the prospect of several potential lawsuits
against Heritage and its former directors.

The group was told that 157 investors would not get any of their
wine back as Heritage had failed to purchase 289,000 bottles.
However, 96 percent of the stock would be returned - albeit with
more than 1000 Heritage investors incurring a partial loss on
their wine portfolios.

CONTACT:

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000
Phone: 02 9221 0266
Fax: 02 9221 0566
E-mail: admin@crouch.net.au


IM HARRIS: Liquidator to Distribute Company Assets
--------------------------------------------------
Notice is hereby given that the general meeting of IM Harris
Holdings Pty Limited held on Nov. 2, 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 Liquidator so desire.

Dated this 15th day of November 2005

Ivan John Crouch
Liquidator
Brentnalls SA Chartered Accountants
255 Port Road, Hindmarsh SA 5007


JOMASI PTY: Court Orders Winding Up
-----------------------------------
On Nov. 1, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Jomasi Pty Limited, and
appointed Steve Nicols as Liquidator for the winding up.

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


J&R TRUST: Accountant Faces Court for Illegal Biz Operation
-----------------------------------------------------------
Ms. Rosalyn Hillary Lapsley, an accountant from Double Bay in
Sydney, has appeared in the Downing Centre Local Court in
relation to six charges under the Corporations Act 2001 and NSW
Crimes Act 1900 arising from an investigation by the Australian
Securities and Investments Commission (ASIC).

Ms. Lapsley has been committed to stand trial in the Sydney
District Court and will appear for arraignment on 16 December
2005.

ASIC alleges that between 24 April 2001 and 31 October 2002, Ms
Lapsley operated a financial services business without a
license.

It is also alleged that while operating an unlicensed financial
services business, Ms. Lapsley recklessly made false statements
to a number of investors to encourage them to invest in scheme
known as the J&R Trust. Ms. Lapsley allegedly told investors
that the funds would be guaranteed and that they would achieve
high returns of up to 30 per cent per month. Approximately $1.8
million dollars was invested into the J&R Trust. The investors
have not been able to recover their funds.

Some of these investors were clients of Ms. Lapsley's
accountancy business.

This matter is being prosecuted by the Commonwealth Director of
Public Prosecutions.


JTL MOBILE: Members to Review Liquidator's Report
-------------------------------------------------
Notice is given that a meeting of the members of JTL Mobile
Granulation Pty Limited will be held on Dec. 5, 2005, 10:00 a.m.
at the offices of Lawler Partners, Level 7, 1 Margaret Street,
Sydney NSW 2000, to present the Liquidator's account showing the
manner in which the winding up was conducted and the property of
the Company disposed of, and to hear any explanations that may
be given by the Liquidator.

Dated this 1st day of November 2005

C. Wykes
Liquidator
C/o Lawler Partners
GPO Box 5446, Sydney NSW 2000
Phone: 02 8346 6000


MANONGROVE PTY: Declares Final Dividend Today
---------------------------------------------
Manongrove Pty Limited will declare a first and final dividend
today, Nov. 28, 2005.

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

Dated this 24th day of October 2005

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


MYER LIMITED: David Jones Eyes Up to 12 Stores
----------------------------------------------
David Jones has signified its interest in about five to 12 Myer
Limited stores, according to the Sydney Morning Herald.

The retailer is particularly keen on Myer stores in
Indooroopilly in Queensland, Chirnsaide and Doncaster in
Victoria and Macquarie in New South Wales (NSW).

David Jones Chief Executive Mark McInnes said if his firm fails
in his bid for Myer, then he would like to open David Jones in
those areas within five years.

Mr. McInnes said David Jones had not signed the confidentiality
agreement with Myer because he believed it would not provide
them with any new information.

The retailer is currently seeking to team up with another
purchaser, but said it has not spoken with Harvey Norman boss
Gerry Harvey who is looking for a partner for a possible bid.

Myer's parent, Coles Myer, is in talks with 20 local and
international parties for the possible sale on 61 Myer stores.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

Coles Myer Limited
800 Toorak Rd.
Tooronga, Victoria 3146, Australia
Phone: +61-3-9829-3111
Fax: +61-3-9829-6787
Web site: http://www.colesmyer.com/


NATIONAL AUSTRALIA: ACCC Allows Equity Purchase in Cash Services
----------------------------------------------------------------
The Australian Competition and Consumer Commission will not
oppose the National Australia Bank Limited's (NAB) proposed
acquisition of 25 percent equity in Cash Services Australia Pty
Limited (CSA) following the offer of court-enforceable
undertakings by CSA.

CSA is a joint venture between ANZ, CBA and Westpac, established
in 2001 for the purposes of jointly acquiring and re-supplying
armored carrier services and the operation of a cash exchange.

In consulting with the market on the proposed acquisition,
market participants raised concerns relating:

- the increased likelihood that NAB would acquire its armored
carriers services through CSA, which may impact on the
competitiveness of the market for armored carrier services
- CSA's enhanced ability to control a wholesale cash pool, and
that
- CSA's shareholder banks would have access to competitively
sensitive information.

CSA advised that it has no plans to trade wholesale cash. NAB
has also advised the ACCC that it is not currently intending to
acquire armored carrier services from CSA and has committed to
give the ACCC six weeks advance notice of any change in this
intention.

Following consultation with market participants, the ACCC
considers that concerns have been addressed by the undertakings
offered by CSA.

ACCC Chairman, Mr. Graeme Samuel said no views have yet been
formed by the ACCC on any potential customer arrangement,
although the ACCC would closely examine such an arrangement
should it be proposed.

The undertaking and reasons for this decision will be posted on
the ACCC web site in due course.


PAGBY PTY: Enters Liquidation
-----------------------------
Notice is hereby given that a final meeting of the members and
creditors of Pagby Pty Limited will be held on Dec. 5, 2005,
10:00 a.m. in the Boardroom of Andrew Dunner & Associates
Chartered Accountants, 23 Erin Street, Richmond, Victoria, to
lay accounts before it showing the manner of the winding up and
disposal of the property of the Company, and to hear any
explanation that may be given by the Liquidator.

Dated this 1st day of November 2005

A. L. Dunner
Liquidator
Andrew Dunner & Associates Chartered Accountants
23 Erin Street, Richmond
Victoria


PERCUSSION PASTORAL: Intends to Pay Dividend to Creditors
---------------------------------------------------------
Percussion Pastoral Pty Limited will declare a first and final
dividend today, Nov. 28, 2005.

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

Dated this 31st day of October 2005

H. B. Gray
Liquidator
C/o Gray Perry - DFK
89-82 South Terrace, Adelaide SA 5000


PROJECT FUSION: Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Project Fusion Pty Limited held on Nov. 2, 2005, it was
resolved that the Company be wound up voluntarily, and that
Schon Condon and Bruce Gleeson of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, be
appointed as Joint Liquidators for such winding up.

Dated this 7th day of November 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
C/o Jones Condon Chartered Accountants
Level 1, 34 Charles Street
Parramatta NSW
Phone: 02 9893 9499


REDSKY PTY: Members Pass Winding Up Resolution
----------------------------------------------
At a meeting of the creditors of Redsky Pty Limited held on Oct.
31, 2005, it was resolved that the Company be wound up
voluntarily.

Dated this 4th day of November 2005

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


SIRES AUSTRALIA: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Sires Australia Limited held on Oct. 28, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily.

Dated this 19th day of October 2005

P. J. Bongiorno
Liquidator
MacMillan Cowan & Co. Chartered Accountants
Steampacket House, Level 2, 10 Moorabool Street
Geelong Vic 3220
Phone: 03 5222 2866


SYDNEY FIREPLACE: Creditors OK Liquidator's Appointment
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of The Sydney Fireplace Co. Pty Limited held on Nov. 1, 2005, a
Special Resolution was passed that the Company be wound up
voluntarily, and P. Ngan and G. Parker were appointed as Joint
and Several Liquidators for such purpose. Creditors confirmed
the Liquidator's appointment at a creditors' meeting held that
same day.

Dated this 7th day of November 2005

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


SYDNEY GAS: Banks on Joint Venture to Boost Profits
---------------------------------------------------
Sydney Gas is hoping to reap more profits from its recent joint
venture with Australian Gas Light Co. Limited (AGL), Sydney
Morning Herald says.

The troubled coal seam methane producer is expected to be more
efficient now that the deal with AGL has been finalized.

AGL and Sydney Gas last week finalized the agreement announced
in September with AGL paying AU$42.5 million for half of Sydney
Gas' leases and exploration licenses, including the Camden gas
project. If more reserves are proven at Camden, AGL will pay up
to another $51 million to retain its 50 percent stake.

Sydney Gas has been struggling in the last 12 months. Certain
large shareholders apparently lost patience with the
organization and triggered substantial selling down of their
holdings, which further eroded the share price.

Chairman Michael Knight said the company believed the current
share price was at the "bottom end" of the range, which has been
as high as AU$1.17.

CONTACT:

Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Facimile: (61 2) 9241 5155
E-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/

TELSTRA CORPORATION: T3 Banks Tapped as Shares Hit Low
------------------------------------------------------
Three banks were already selected to manage the planned sale of
the Government's controlling stake in Telstra Corporation late
next year, The Age relates.

Finance Minister Nick Minchin has appointed UBS, ABS Amro
Rothschild and Goldman Sachs JBWere as joint global managers for
the T3 sale.

These appointments are important in terms of progressing sale
preparations so the Government can be in a position, if it so
decides in early 2006, to proceed with a possible sale later in
the year," Senator Minchin said.

"The appointments will not bind the Government to proceed with a
sale."

However, observers doubt the success of the sale after Telstra's
stock plunged 11 cents Thursday on strong turnover to a record
low close of AU$3.90. Telstra's shares have not traded at these
levels since the telco went public in 1997, and the current
price is less than half that paid for T2 shares in 1999.

Analysts are questioning whether the new company-transforming
strategy will bear fruit before 2007, and speculation is growing
that the Government will park the majority of the stake in its
Future Fund rather than sell the stock at current prices.

Telstra's stock has plummeted since new chief executive Sol
Trujillo came on board on July 1. It has lost more than 22 per
cent of its market value as profit downgrades. The company has
now lost $14 billion in market value during Mr. Trujillo's
reign.

Meanwhile, the three banks appointed as project management joint
global coordinators for T3 are expected to report to Sen.
Minchin by March next year on a possible share price and are set
to earn AU$12.3 million in fees for their role.

CONTACT:

Orion Telecommunications Limited
Level 2, 175 Collins Street,
Hobart TAS 7000
Phone: +61 3 62157800
Fax: +61 3 6216 0270
E-mail: corporate@oriontelecommunications.com.au
Web site: http://oriontelecommunications.com.au

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


TELSTRA CORPORATION: News ACCC Rules May Crush Plan
---------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) has
hinted at plans to map out new regulations to deal with Telstra
Corporation's plan to switch to a new network, according to The
Age.

Telstra is concerned the regulator will oppose the safe-harbor
protection it wants for its planned investment in a new
generation fiber-to-node network in the five mainland state
capitals.

The ACCC has made clear it intends to block or delay Telstra's
multibillion dollar infrastructure investment, crucial to
Australia's future, to appease the interests of our foreign-
owned competitors," Telstra spokesman Rod Bruem said.

ACCC's general manager of telecommunications, Michael Cosgrave,
said the new network could constitute monopoly infrastructure
and new regulations might be needed to maintain competition.

He said the ACCC had to take into account the investments made
by Telstra's competitors that depended on the old copper
network.


TIGEREX OPERATIONS: Court Issues Winding Up Order
-------------------------------------------------
On Oct. 28, 2005, the Federal Court of Australia ordered the
winding up of Tigerex Operations Pty Limited, and appointed
Steven Nicols to be the Company Liquidator.

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


TOWN & COUNTRY: Schedules Final Meeting Dec. 5
----------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Town & Country Hotel Seymour Pty Limited will be
held on Dec. 5, 2005, 10:00 a.m. at Hall Chadwick, Level 12, 459
Collins Street, Melbourne, Victoria 3000, for the following
purposes:

BUSINESS

(1) To receive the Liquidator's report, being an account of his
acts and dealings and of the conduct of the winding up during
the liquidation period ending on Dec. 5, 2005.

(2) That the Liquidator be empowered to destroy all Company
books and records on completion of all duties.

(3) Any other business.

Dated this 24th day of October 2005

Richard Albarran
Liquidator
Hall Chadwick
Level 12, 459 Collins Street
Melbourne Vic 3000


WESTERN MEDIA: Members Favor Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Western Media Promotions Pty Limited held on Nov. 3, 2005, a
Special Resolution was passed that the Company be wound up
voluntarily, and M. F. Cooper was appointed as Liquidator for
such purpose.

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

Dated this 3rd day of November 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


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

BA FINANCE: Issues Debt Claim Notice
------------------------------------
The Liquidators of BA Finance (Hong Kong) Limited (In Members'
Voluntary Liquidation) hereby provide notice pursuant to rule 93
of the Companies (Winding-up) Rules that they intend to declare
a first and final dividend and all creditors are required to
prove their debts.  

Any creditor who does not lodge a formal Proof of Debt form with
the Liquidators by December 9, 2005 will be excluded from the
benefit of the dividend.

Address for Proofs: 5/F Allied Kajima Building, 138 Gloucester
Road Wanchai Hong Kong

Last day for receiving Proofs: Friday, 9 December 2005

Dated this 25th day of November 2005

Cosimo Borrelli
Joint and Several Liquidator


BANK OF CHINA: May Sell Stake to Security Fund
----------------------------------------------
The Bank of China is in talks to sell a stake in the bank to
China's National Social Security Fund (NSSF), AFX News reports.

BOC spokesman Wang Zhaowen confirmed that the two parties are in
talks about a potential stake sale, but did not provide any
financial details on the possible deal.

At the end of last year, the NSSF controlled funds worth CNY171
billion. It recently announced that it wants to invest eight to
CNY10 billion in two state-run commercial banks.

The Chinese lender has sold a combined 21.8 percent stake for
US$6.75 billion to foreign investors, including the Royal Bank
of Scotland, the Asian Development Bank and UBS.

Singapore-based Temasek also has submitted a plan to take a
stake in the bank but that proposal has run into opposition from
authorities in Beijing.

CONTACT:

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


BESTWAY INTERNATIONAL: Notes Unusual Volume Movement
----------------------------------------------------
The Stock Exchange has received a message from Bestway
International Holdings Limited which is reproduced as follows:

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

The company has noted an increase in the trading volume of the
shares of the Company and wishes to state that it is not aware
of any reasons for such increase.

The company also confirm that, save for the announcement dated
on 22 November 2005 relating to a possible acquisition of a
petrochemical manufacturer located in the Mainland china, which
may or may not be a notifiable transaction and may or may not be
proceeded, there are no negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under rule 13.23, neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09,
which is or may be of a price-sensitive nature.

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

For and on behalf of
Bestway International Holdings Limited
Billy Leung
Company Secretary
Hong Kong 24 November 2005

CONTACT:

Bestway International Holdings Limited
18/F, Tesbury Centre
28 Queen's Road East
Wanchai, Hong Kong
Phone: 28151199
Fax: 28541076


BODY, MIND & SOUL: Winding Up Hearing Slated for Dec. 21
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Body, Mind & Soul Limited by the High Court of Hong Kong Special
Administrative Region was on November 3, 2005 presented to the
said Court by Yeung Kar Chu Janet of Flat G, 18th Floor, Block
17, Ocean Shores, 88 O King Road, Tseung Kwan O, New
Territories, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 21, 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.

IVAN TANG & CO.
Solicitors for the Petitioner
Units A & B, 22nd Floor
Silvercorp International Tower
707-713 Nathan Road
Kowloon, Hong Kong
Phone: 2388 9389   
Fax: 2770 1726

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 20, 2005.


GOLDMAX INTERNATIONAL: Undergoing Liquidation Proceedings
---------------------------------------------------------
The Directors of GP Industries Limited announced that Goldmax
International (China) Limited, an 85 percent effectively owned
subsidiary, has been voluntarily liquidated.

Goldmax China was incorporated in the People's Republic of China
and was principally engaged in the manufacturing and trading of
loudspeakers. Prior to its liquidation, Goldmax China had
transferred its principal activities to other subsidiaries of
the Company.

The liquidation of Goldmax China is not expected to have any
material impact on the consolidated net tangible assets and
earnings per share of the Group for the financial year ending 31
March 2006.

None of the Directors or substantial shareholder of the Company
has any interest, direct or indirect, in the above mentioned
transaction.

By order of the Board
Tan San-Ju
Company Secretary
24 November 2005


GRAND GAIN: Court Issues Winding Up Hearing Notice
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Grand Gain Investment Limited by the High Court of Hong Kong
Special Administrative Region was on October 12, 2005 presented
to the said Court by Top Ease Limited whose registered office is
situate at 5th Floor, Allied Kajima Building, 138 Gloucester
Road, Hong Kong.  

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

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

LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong

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


GUARDO LIMITED: Issues Notice to Creditors to Prove Debts
---------------------------------------------------------
Notice is hereby given that the creditors of Guardo Limited (In
Members' Voluntary Winding Up) which is being wound up
voluntarily are required, on or before December 25, 2005 to send
their names and addresses, with full particulars of their debts
or claims, and the names and addresses of their solicitors, if
any, to the liquidator.

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

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

Dated this 25 November 2005          

(Sd.) CHOI Man Chau Michael

CHOI Man Chau Michael
Joint and Several Liquidator
Guardco Limited
31/F, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


MANY HARVEST: Appoints Joint Liquidators
----------------------------------------
By orders of the High Court of the Hong Kong Special
Administrative Region dated November 16, 2005, Stephen Briscoe
and Cosimo Borrelli of 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong have been appointed as Joint
and Several Liquidators of Many Harvest Construction &
Engineering Company Limited (In Compulsory Liquidation) with a
Committee of Inspection.

Dated this 25th day of November 2005.
   
STEPHEN BRISCOE
COSIMO BORRELLI
Joint and Several Liquidators

Presented by: Alvarez & Marsal Asia Limited


PROGRESS CONSTRUCTION: Set to Wind Up Operations
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Progress Construction Limited by the High Court of Hong Kong
Special Administrative Region was on October 24, 2005 presented
to the said Court by Linfield Limited whose registered office is
situate at Room 3102, 9 Queen's Road Central, Hong Kong.  
The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 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.

LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


PROSPECT WAY: Court to Hear Winding Up Petition Dec. 7
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Prospect Way Company Limited by the High Court of Hong Kong
Special Administrative Region was on October 12, 2005 presented
to the said Court by the Commissioner of Inland Revenue of
Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.  

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

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

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

HENRY H. L. HUNG
Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway, Hong Kong

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


TOPFINE MACHINERY: Creditors Meeting Set Dec. 8
-----------------------------------------------
Topfine Machinery Company Limited issued a notice of first
meetings of creditors and contributories on Dec. 8, 2005, at 3
p.m. at the Official Receiver's Office, 10th Floor, Queensway
Government Offices, 66 Queensway, Hong Kong.

Dated this 25th day of November 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


YUEN CHAK: Joint Liquidators Named
----------------------------------
By order before Master Ho of High Court in Chambers on October
24, 2005, Messrs Alan C.W. Tang and Wong Kwok Man, both of Grant
Thornton, Certified Public Accountants, of 13/F, Gloucester
Tower, The Landmark, 11 Pedder Street, Central, Hong Kong, were
appointed as Joint and Several Liquidators of Yuen Chak
Construction Company Limited (In Liquidation) with a committee
of inspection.

Dated this 25th day of November 2005.

Alan C. W. tang
Wong Kwok Man
Joint and Several Liquidators


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

FOOD CORPORATION: Eyes Futures Trading in Grains
------------------------------------------------
The Food Corporation of India (FCI) is considering the
possibility of futures trading in surplus grains for better
price realization, Business Standard reports.

The state agency is in talks with the two Mumbai-based commodity
exchanges, National Commodity and Derivatives Exchange (Ncdex)
and the Multi Commodity Exchange of India (MCX) to decide
whether to take part in futures trading.

Final decision on the issue will be taken only after ensuring
that the food grain security of the country is not compromised.

FCI Chairman and Managing Director VK Malhotra, however,
stressed the proposal is on the "drawing board stage" and would
take about six months to finalize.

The proposal may require Cabinet approval.

CONTACT:

Food Corporation of India

North Zone
A-2a,2b Sector -24
Noida - 201301

East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
E-mail: zmeast@fci.delhi.nic.in

South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623

Web site: http://fciweb.nic.in/


POWER FINANCE: S&P Ups Rating to 'BB+'; Outlook Stable
------------------------------------------------------
Standard & Poor's Ratings Services (S&P) raised its long-term
foreign and local currency issuer credit ratings for India's
Power Finance Corp. (PFC) Ltd. to 'BB+', from 'BB'. The outlook
is stable.
    
Power Finance Corp. Ltd. is the primary government agency for
financing the electricity sector in India. It is the largest
lender to most state government-owned electricity utilities,
which generate about 60% of electricity in India and are the
country's main electricity distribution and retail agencies.
     
The rating upgrade reflects Standard & Poor's opinion concerning
the strength of support from its sole owner, the government of
India (BB+/Stable/B), based on the company's role as the main
government agency for financing the electricity sector. In
addition, PFC has a public policy role in implementing
government policies on electricity sector reform and
development.
     
"Given the economic and political importance of the electricity
sector and PFC's critical role, Standard & Poor's believes the
Indian government is likely to provide funding support to PFC
should it encounter difficulty in servicing its debt
obligations," said Standard & Poor's credit analyst Agost
Benard. PFC's credit quality is therefore closely linked to the
sovereign because of the high priority given to the electricity
sector and to its reform by the government of India.
     
Nevertheless, the ratings on PFC also derive support from a
favorable capitalization level, with common equity at 20.8% of
total assets at March 31, 2005. PFC has faced a low level of
overdue payments and insignificant credit losses. Besides some
improvement in credit risk assessment and monitoring, this has
been largely on account of PFC's status as "preferred lender" by
the financially weak state electricity utilities. The company's
profitability has also been relatively robust, with net income
at 5.1% of average assets in the past five years to fiscal 2005.
     
The ratings on PFC are constrained by weak asset quality and
borrower concentration. PFC's main customers, the state
governments and their electricity utilities, consistently report
operating losses and often face cash flow difficulties resulting
in low credit worthiness. PFC's assets are concentrated in the
electricity sector, which makes it susceptible to a systemic
crisis. Furthermore, its top five borrowers account for about
33% of its total loan assets of Indian rupee INR295 billion
(US$6.6 billion) at March 31, 2005.
     
The stable outlook reflects that of the sovereign rating. In
addition, the outlook takes into account the expectation that
PFC's strategic role and its status as a policy instrument of
the government of India will prevail in the medium term,
implying support from the sovereign, if the need arises.

However, a material reduction in the government's ownership of
PFC or a major shift in the company's business mix outside its
current policy role could result in a rating downgrade on PFC,
as either factor could dilute government support.

CONTACT:

Power Finance Corporation Ltd.
Chandralok Building, 36 Janpath
New Delhi-110001
Phone: 91-11-3722301- 08
Fax: 91-11-3315822
Web site: http://www.pfcindia.com


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

PERTAMINA: Plans to Hike LPG Price by 41% Next Year
---------------------------------------------------
State oil and gas firm PT Pertamina will increase the price of
liquefied petroleum gas (LPG) by 41% in January 2006, reports
Asia Pulse.

The Company will raise the price of LPG by around IDR5,500 to
IDR6,000 per kilogram, due to a IDR28 billion average montly
loss this year. The price of LPG was raised to IDR4,250 per kg
from IDR3,000 per kg in December 2004.

According to Pertamina spokesam Rosyadi Hasyim, 70% of LPG
consumers belong to middle- and high-class households, 17%
belong to the industrial sector and the remaining 13% is
comprised of hotels and restaurants.

CONTACT:

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


PERTAMINA: To Import 900,000 Kiloliters of Fuel in 2006
-------------------------------------------------------
PT Pertamina plans to import 5.7 million barrels (900,000
kiloliters) of jet fuel next year in order to keep up with
increasing demand, reports Dow Jones.

Pertamina General Manager for Aviation Donny Joko Sunarti said
that they predict jet fuel consumption to increase to 2.6
million kiloliters next year, from 2.4 million kiloliters this
year.

The Company is planning to import 900,000 kiloliters of jet fuel
as its refineries can produce up to 1.7 million kiloliters of
the product.

In order to secure the imports, Pertamina will cooperate with
its partner, Royal Dutch Shell PLC.


PERTAMINA: To Receive Crude Oil Supply from BP PLC
--------------------------------------------------
Oil giant BP Plc will supply up to 250,000 barrels of crude oil
to state-owned oil firm PT Pertamina from December to January,
Reuters News reports.

According to Pertamina crude oil assistant manager Nina
Sulistiowati, they had agreed together BP on the amount to be
supplied for the three-month period. Pertamina plans to buy
140,000 barrels of crude oil daily from local contractors, to
provide for domestic demand.

As a result of buying from local contractors, the Company's
exports would be reduced, she added. Pertamina had planned to
recude its costly oil imports and has reduced its crude oil
supplies to term lifters to 1.054 million barrels this month,
but it raised its export allocations of term and condensate
crude oil to 1.752 million barrels. Industry analysts say the
increase is due to a planned shutdown of the Company's biggest
refinery in Cilacap next month.


PERTAMINA: To Open Tenders for Oil, Gas Blocks Next Year
--------------------------------------------------------
PT Pertamina will open tenders for the development of 10 of its
oil and gas blocks and 40 oil and gas brownfields (previously
explored blocks that were abandoned) in February next year,
reports Dow Jones.

Pertamina business development director Tri Sirindono said that
they hope the tender will attract local and foreign investment,
adding that investors are interested in the Company's blocks in
East Java.

Pertamina is also slated to sign an agreement with Malaysian
Petronas Berhad and Petro Vietnam on the exploration of the
Randugunting oil and gas block in East Java, with Pertamina
holding a 40% stake, while both Petronas Berhad and Petro
Vietnam will own 30% stake each, in a joint venture company to
bet set up by the three firms.

The Indonesian government has set a target to increase the
country's crude oil output to 1.3 million barrels daily by 2009.


PERUSAHAAN GAS: S&P Affirms 'B+' Rating; Stable Outlook
-------------------------------------------------------
Standard & Poor's Rating Services had on Nov. 24, 2005 affirmed
its 'B+' rating on Indonesia's PT Perusahaan Gas Negara
(Persero) Tbk. (PGN), with a stable outlook.

PGN is an Indonesian government-owned gas utility involved in
the transmission, distribution, wholesaling, and retailing of
gas. For the first six months of 2005, the company generated
total revenue of IDR2.5 trillion (US$250 million) and EBITDA of
IDR1 trillion. The Company's total assets as of June 30, 2005
amount to IDR11.8 trillion.

Standard & Poor's credit analyst Royston Quek said, "The rating
on PGN continues to be constrained by its aggressive capital
expenditure program, gas supply reliability, mismatch of length
of gas contracts, and high concentration on industrial
customers. The company is also exposed to interest rate
fluctuations, material country risks, and regulatory
uncertainties. However, these weaknesses are partially offset by
the company's dominant position in the gas transmission and
distribution business, moderate cash flow measures, and
insulation from price risk and minimal volume risk from
transmission business."

PGN's financial profile should weaken in the next few years,
since it assumed new debts to finance its network expansion. The
Company is rapidly expanding its operations to support the
government in executing the Integrated Indonesia Gas Pipeline
(IIGP) projects. Given its important role in the IIGP projects,
Standard & Poor's expects the government to support PGN
financially, in the event of financial difficulty.

The stable outlook reflects the expectation that PGN will
maintain its dominant position amid industry liberalization, and
that the company's aggressive capital expenditure program will
be achieved on time and on budget. It also assumes that the
network tariff determination does not hinder the company's cash
flow generating abilities.

The government's plan to increase gas usage for power production
to 39% in 2010, from 31% currently, will increase demand for
gas, which could translate into financial support for PGN to
expand its pipeline network. Greater certainty in the domestic
gas supply should encourage higher investments in gas-fired
power plants, which should in turn reduce fuel oil consumption
and boost demand for gas supply. These could result in a modest
improvement in the company's credit quality.

"On the other hand, there could be downward pressure on the
rating if there is a significant decline in gas exploration and
production activities, which further lower gas supply
reliability, reduction in governmental support, decrease in
pipeline utilization rates, or if an overly aggressive capital
expenditure results in a material weakening of financial
measures," said Mr. Quek.

CONTACT:

PT Perusahaan Gas Negara
Jl KH Zainul Arifin No 20
Jakarta, 11140 Indonesia
Phone: 62 21 633 4838
Fax:   62 21 633 3080
Web site: http://www.pgn.co.id/


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

BANK OF TOKYO-MITSUBISHI: Moodys Upgrades Rating to D+
------------------------------------------------------
Moody's Investors Service has upgraded to D+ from D- the bank
financial strength ratings (BFSRs) of Bank of Tokyo-Mitsubishi,
Ltd. (BTM), UFJ Bank Ltd. (UFJBK), Mitsubishi UFJ Trust and
Banking Corporation (MUTB). Also, BFSR of Bank of Tokyo-
Mitsubishi Trust Company is upgraded to D+ from D.

The preferred stock rating of Caa1 for OPCO preferred securities
issued by Tokai Preferred Capital L.L.C. (TPC) will be placed on
review for possible upgrade. All long-term and short-term
ratings of those banks, including the senior unsecured debt,
deposit and other long-term ratings, including keep-well letter
supported subsidiaries, are unaffected by the review. Outlooks
for these banks' BFSR are positive.

These actions conclude the reviews initiated on September
16,2005.

The upgrades of these banks' BFSRs are prompted by Moody's
expectation that the consolidated financial fundamentals of the
Mitsubishi Tokyo UFJ Financial Group Inc. (MUFG) will improve at
a pace much faster than previously projected, reflecting an
improved operating environment and the benefits from the banks'
past strategic initiatives. This view is demonstrated by recent
good net profit of both BTM and UFJBK, supplemented by the
latter's significant recovery of loan loss reserves. The
positive BFSR outlook is backed by Moody's expectation that this
positive trend will continue.

MUFG expects to generate approximately JPY1.6TRN in consolidated
operating earnings before credit expenses for FYE3/2006, which
is far superior to domestic peers. Moody's views that as a
result of its expanded scale and share in Japanese markets,
MUFG's gross revenue will be somewhat negatively impacted over
the short term by Japanese corporates' adjusting the relative
share of their business with the group. However, integration
benefits over the medium term and ongoing expense management
initiatives will likely offset this negative effect.

MUFG's medium-term strategic plan aims at generating more than
JPY1.1TRN of annual consolidated net profit by FYE3/2009, with a
strong focus on the contribution of gross revenue from its
expanded retail business franchise. In Moody's view, the
achievement of this objective depends on the speed at which
effective integration is achieved and the rate environment in
Japan. Steady progress in accomplishing the plan will be
favorably viewed in the rating agency's assessment of the banks'
BFSRs.

As part of its effort to normalize its capital structure, MUFG
has also already begun to reduce its large government preferred
shares outstanding (JPY1,400BN as of 9/30/2005) -- inherited
from UFJ Holdings, Inc. -- by approximately JPY323.6BN. The
group has sufficient capital flexibility to absorb the negative
effect of this move, as demonstrated by its privately placed
domestic preferred securities issue completed in the first half
of 2005 and its announced strategic and capital alliance with
Norin Chukin Bank (NCBK). Under this alliance, MUFG as a group
will receive approximately JPY200 billion capital participation
from NCBK. If booking of large tax loss carry-forwards inherited
from UFJBK as deferred tax assets is recognized, its regulatory
capital flexibility will be further strengthened.

The upward review of TPC's preferred stock rating is prompted by
the emergence of MUFG as a management decision maker, the
expected recovery of distributable profits at UFJBK as of the
interim period to September 2005 and the group's repayment of
approximately JPY300BN of government preferred shares in October
2005. Announcements by UFJBK or MUFG that they plan to make
preferred dividend payment of TFC may result in multiple-notch
upgrades.

The following ratings were upgraded:

Bank of Tokyo-Mitsubishi, Ltd.: bank financial strength rating
to D+ from D-

UFJ Bank, Ltd.: bank financial strength rating to D+ from D-

Mitsubishi UFJ Trust Bank, Ltd.: bank financial strength rating
to D+ from D-

Bank of Tokyo-Mitsubishi Trust Company: bank financial strength
rating to D+ from D

The following rating was placed on review for possible upgrade:

Tokai Preferred Capital L.L.C.: preferred stock rating of Caa1

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


DENKI KAGAKU: Moody's Reviews Ba1 Ratings for Possible Upgrade
--------------------------------------------------------------
Moody's Investors Service has placed Denki Kagaku Kogyo
Kabushiki Kaisha's (Denka) Ba1 senior unsecured long-term debt
ratings under review for possible upgrade. The rating review
reflects Moody's expectation that the company's overall credit
fundamentals are likely to continue improving going forward,
given its ongoing efforts to strengthen its business portfolio
and improving capital structure.

Denka is intensifying its efforts to strengthen its
profitability and capital structure in line with its new medium-
term business plan, which started in April 2004. The company's
main financial targets are 10% operating profit margin, more
than 50% equity ratio, and less than 65 billion yen of interest
bearing debt by the end of March 2007. Under the new plan, Denka
has been focusing on reinforcing activities in high-growth areas
-- such as electronics materials, synthetic rubbers and
functional resins -- by establishing a global supply system and
greater domestic production capacity in each core business area,
as well as on further improving financial fundamentals. As a
result of these factors and stable cash from its fundamental
businesses -- including inorganic related materials and
synthetic resin -- Denka grew its operating margin to 9.1% for
FYE3/2005 from 7.4% for FYE3/2003, and improved its total debt
to total capitalization ratio to 40.9% from 55.5% for FYE3/2003.

In the review, Moody's will assess Denka's strategy to further
strengthen and sustain its market position in each of its
businesses, as well as further improve its profitability despite
the ongoing hikes in fuel and material prices and the cyclical
adjustment of the electronic products sector. The review will
also focus on the company's investment policy for growth.

Denki Kagaku Kogyo Kabushiki Kaisha, headquartered in Tokyo, is
a producer of diversified product lines such as resins and
plastics, organic and inorganic chemicals, and cement and
building materials, and functional products. Consolidated sales
for the fiscal year to March 2005 were JPY 280.0 billion.

Tokyo
Noriko Kosaka
Asst Vice President - Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


JAPAN AIRLINES: To Resume Flight Services in Indonesia
------------------------------------------------------
Japan Airlines Corporation Company (JAL) will temporarily resume
normal international flight services between Japan and Indonesia
over the New Year vacation period due to an expected upturn in
passenger demand.

JAL reduced flight frequency and changed routings on its Japan-
Indonesia flights at the end of October, following a significant
decrease in passenger demand from Japan resulting from the
terrorist bombing on Bali Island on October 1, 2005.

JAL amalgamated its daily direct flights from Tokyo to Denpasar
and Jakarta into a Narita-Jakarta-Denpasar-Narita routing. At
the same time, JAL reduced its Osaka-Denpasar service from seven
to three flights per week, and will suspend the service December
22 - 26.

Over the New Year vacation period, JAL will resume full
operation of the three daily direct services it normally offers
passengers between Japan and Indonesia. From December 22, 2005
to January 9, 2006, passengers will be able to travel daily from
Tokyo (Narita) to either Denpasar (Bali) or Jakarta direct.

Daily service between Osaka (Kansai) and Denpasar will once
again be available from December 27 to January 4. However, all
the flights will be affected by route and frequency changes
after these periods. For full details please see below.

JAL is constantly monitoring passenger demand on these routes
and hopes to return services to normal as soon as feasibly
possible.  

This is a company press release.

CONTACT:

Japan Airlines Corporation Company
2-4-11, Higashi-shinagawa,
Shinagawa-ku, Tokyo
140-8605, Japan  
Phone: +81-0120-25-5931


JAPAN AIRLINES: Selects GE Engines for Boeing Dreamliners  
---------------------------------------------------------
Japan Airlines Corporation Company has selected the GEnx engine
made by the GE Company to power its Boeing 787 Dreamliner
aircraft, due to enter service with the airline from 2008.

In December 2004 JAL decided to introduce 30 Boeing 787s with
options for 20 more as the replacement aircraft for medium size
jet airliners, without specifying the choice of engines. After
studies, JAL has decided on the GEnx for installation on two
types of the new generation aircraft, the long range 787-8 and
the short to medium range 787-3.

JAL will introduce the more efficient, economical and
environment-friendly 787 Dreamliner on domestic and
international routes.

The GEnx engine is derived from the GE90 series of engines,
currently in JAL service on its Boeing 777-200ER and 300ER
aircraft. The new technology GEnx will deliver up to 15% better
fuel consumption than current equivalent engine types. According
to GE, maintenance needs are reduced because of 30 percent fewer
parts, enabling the engine to be in service for longer periods
than current models.

Manufacturers GE claim that the engine emissions will be as much
as 95% below current regulatory limits, making the new engine
one of the most environmentally friendly engines in airline
service.

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487/
Web site: www.jal.com/en/corporate/

This is a company press release.


MITSUBISHI MOTORS: Unveils Production, Sales for October 2005
-------------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export results for October 2005.

Total global production was 115,358 units, an increase of 2.8
percent from October 2004. Domestically, 58,658 units were
produced in the month, 23.9 percent more than the same period
last year.

Total sales in Japan came to 14,854 units, or an 11.6 percent
increase on the previous period's figure. Domestic sales have
now increased year-on-year for six consecutive months. Total
sales for passenger cars were 9,815 units, 121.8 percent of last
year's volume, while commercial vehicle sales slightly decreased
to 5,039 units, or 95.9 percent year-on-year.

Overseas production for the month rose to 56,700 units, a 12.6
percent decrease from the amount manufactured in October last
year. European production was down 59.9 percent compared to last
year's volume, to 4,277 units. Production in Asia also fell 9.8
percent year-on-year to 38,541 units, while production in North
America increased 33.1 percent to 8,818 units.

Total exports from Japan were stable at 33,185 units, or 99.8
percent of last year's volume. Exports to Europe increased to
12,378 units, or 68.6 percent more than the same period last
year. Exports to Asia were down 55.3 percent, for a total of
3,355 units, while exports to North America also dropped to
3,234 units, or 90.8 percent compared to the year before.

CONTACT:

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

This is a company press release.


MIZUHO FINANCIAL: Moody's Ups BFSRs to 'D+'
-------------------------------------------
Moody's Investors Service has upgraded to D+ from D- the bank
financial strength ratings (BFSRs) of the banks in the Mizuho
Financial Group (MHFG) -- Mizuho Bank, Ltd. (MHBK), Mizuho
Corporate Bank, Ltd. (MHCB) and Mizuho Trust & Banking Co., Ltd.
(MHTB).

All long-term and short-term ratings of those banks, including
the senior unsecured debt, deposit and other long-term ratings
including keep-well letter supported subsidiaries, are
unaffected by the review.

The outlook for the BFSRs are stable. This action concludes the
review initiated on September 16, 2005.

The upgrades of the three banks' BFSRs are prompted by MHFG's
demonstrated good earnings performance, enabling it to
successfully manage down its large amount of government
preferred shares outstanding to approximately JPY 600 billion,
or less than 20% of its Tier I capital. While the recovery of
the operating environment surrounding Japanese banks has been a
major factor behind this development, Moody's also highly
evaluates MHFG management's ability to make this rapid
turnaround after its substantial net losses for FYE3/2003.

MHFG's large scale and diverse presence in the Japanese economic
and financial system mean that its strong franchise and its
performance should benefit from the generally positive
environment, as well as from its strengthened internal risk
management infrastructure. The group's projected ROA (net
profit) until FYE3/2009 is not high when compared to US banks,
but not inferior to C or D rated banks in Europe.

MHFG's concentration exposure remains considerable in relation
to US banks', but the group has implemented initiatives to
feasibly downsize this risk profile, with concrete results. Its
market risks also remain large, as it incorporates large JGB
exposures and reduced but still sizeable equity risk. However,
the markdown of book value of equity value in the through of
2003 and recent sales of MHFG's shares owned by the ex-Mizuho
Holdings, Inc. have now positioned MHFG much better to manage
these market risks without seriously disrupting its capital.

Despite aggressive and successful managing down of government
preferred shares outstanding, in Moody's view, MHFG's capital
structure will remain constrained due to its large residual
preferred securities (approximately JPY 1 trillion) placed with
its clients in Japan. Also, the rating agency expects that
MHFG's repurchase of all government preferred shares will keep
its Tier I capital from improving beyond 7% for the intermediate
term. This capital level is slightly weaker than C and D rated
banks in Europe, but the stabilized relationship between pre-
provision profit and balance sheet costs should enable the group
to manage its risk profiles at this capital level.

The following ratings were upgraded:

Mizuho Bank, Ltd.: bank financial strength rating to D+ from D-

Mizuho Corporate Bank, Ltd.: bank financial strength rating to
D+ from D-

Mizuho Trust & Banking Co, Ltd.: bank financial strength rating
to D+ from D- Tokyo

Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100
Hong Kong


SEIBU RAILWAY: Posts 1H/2005 JPY27.6-Bln Net Loss
-------------------------------------------------
Seibu Railway Co. posted a net loss of JPY27.6 billion in the
year ended September 30 on impairment losses on its fixed
assets, Japan Today reports.

The company's loss ballooned from JPY1 billion a year earlier as
the company applied the asset impairment accounting method to
its hotels and golf courses.

CONTACT:

Seibu 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/


SUMITOMO MITSUI: Moody's Ups BFSRs to 'D+'
------------------------------------------
Moody's Investors Service has upgraded the bank financial
strength rating (BFSR) of Sumitomo Mitsui Banking Corporation
(SMBC) to D from E+ and the BFSR of Sumitomo Mitsui Banking
Corporation Europe Limited to D from D-. All long and short-term
ratings of those banks, including the senior unsecured debt,
deposit, and other long-term ratings, including keep-well letter
supported subsidiaries, are unaffected by the review. The
outlooks for the BFSRs are positive.

This action concludes the review initiated on September 16,
2005.

The upgrades of BFSRs are based upon Moody's observation that
SMBC has improved its asset quality and reduced the downward
pressure on its constrained capital. These improved financial
fundamentals should contribute to greater future earnings
stability, resulting in faster retention of internal earnings
and fundamentally better operating profitability.

In addition, SMBC's currently weak capital, indicated by a high
proportion of deferred tax assets in its Tier I capital, will
likely show stable improvements in line with stabilizing of its
pre-tax profitability, Moody's says.

Sumitomo Mitsui Financial Group, Inc. (SMFG), SMBC's parent
holding company, expects the bank to increase its core operating
earnings (pre-provision income) by around JPY 300 billion to JPY
1.2 trillion in FYE3/2009, mainly through additional earnings
from retail and SME (small and medium-sized enterprise) banking
businesses, where SMBC currently has strong franchise value. It
further expects this earnings growth to lead to a further rise
in ROA (net income).

In addition, as SMFG's earnings projection does not include the
possible positive impacts from rate rises, its earnings could
further improve if recent favorable market trends surrounding
Japanese banks continue as a result of stabilized equity and an
improved economy.

In Moody's view, SMBC's main strategic challenges are to achieve
reduction of its government-owned preferred shares while
mitigating their negative impact on its capital, and at the same
time, to manage the risks associated with its middle markets
strategy. This is important because the bank needs to maintain
prudential balance between capital management and risk adjusted
earnings, given its weaker capital condition relative to its
peers.

SMFG's projected repurchase of government-owned preferred shares
by FYE3/2008 will largely absorb the positive impact from its
currently expected earnings retention. However, even including
the repurchase, SMBC's projected consolidated Tier I capital
would remain at around 6%, which would be lower than C and D
rated banks in Europe.

The positive rating outlooks reflect Moody's expectation that
SMBC is now better positioned to narrow the differences in
capital, including its size and quality, with its peers in
Japan. Implementation of the planned reduction in government
preferred shares, sustained by continued improvements in its
level and quality of capitalization, may trigger an upward
assessment of BFSRs.

The following rating was upgraded:

Sumitomo Mitsui Banking Corporation: bank financial strength
rating to D from E+

Sumitomo Mitsui Banking Corporation Europe Limited: bank
financial strength rating to D from D-

Tokyo
Mutsuo Suzuki
Senior Vice President
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Hong Kong
Wei S. Yen
Managing Director
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


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

DAEWOO ENGINEERING: Global Firms to Join Race
---------------------------------------------
A number of domestic and foreign companies are expected to
participate in the bid for Daewoo Engineering & Construction
Co., The Korea Times reports.

Domestic firms perceived to vie for Daewoo are the Kumho Asiana
Group, Doosan Heavy Industries & Construction, Hanjin Heavy
Industries & Construction, SK Engineering & Construction, Isu
Engineering & Construction, GS Engineering & Construction and
Amco of the Hyundai Automotive Group.

While foreign bidders who are most likely to join the race
include the world's top 10 construction firms, such as Hochtief
AG of Germany, Skanska AB of Sweden, Vinci of France, Bechtel of
the United States and Bouygues of France.

The bidders are expected to send in their letters of intention
(LOI) in several weeks, sale broker Citi Global Market
Securities said.

The sale broker plans to name two preferred bidders in January
and conduct due diligence. A single negotiator will likely be
selected by March.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web: http://www.dwconst.co.kr


LG CARD: October Delinquency Ratio Falls 8.67%
----------------------------------------------
LG Card Co. considered the October delinquency ratio as the
lowest that has been reported in a monthly level this year,
Yonhap News Agency reveals.

The delinquency ratio for the month of October fell 8.67 percent
in October, compared to the 9.21 percent reported a month
earlier.  The delinquency ratio marks card loans and debts
unpaid for more than 30 days.

The card company was able to pare down its delinquency ration by
writing off bad debts, when it reached 24.27 percent.

LG Card creditors have been planning to sell the card company by
March next year.  They plan to pick a preferred bidder by the
end of this year.

CONTACT:

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


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

ANCOM BERHAD: Buys Back Ordinary Shares  
---------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad with
details of shares buy back.  
   
Date of buy back: November 24, 2005

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

Total number of shares purchased (units): 51,200

Minimum price paid for each share purchased (MYR): 0.690

Maximum price paid for each share purchased (MYR): 0.700

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 51,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 17,430,000

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

CONTACT:

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


FOUNTAIN VIEW: Converts RCULS into Ordinary Shares
--------------------------------------------------
Fountain View Development Berhad advised that its additional
2,500 new ordinary shares of MYR1.00 each issued pursuant to the
conversion of 2,500 Redeemable Convertible Unsecured Loan Stocks
2003/2006 into 2,500 new ordinary shares (Conversion) will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, November 28, 2005.

CONTACT:

Fountain View Development Bhd
Jalan Semangat
46100 Petaling Jaya, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 7960 8822
Fax: +60 3 7960 8812


FUTUTECH BERHAD: Net Loss Balloons in 3Q/FY05
---------------------------------------------
Fututech Berhad furnished Bursa Malaysia Securities Berhad a
copy of its Third Quarter financial report for the financial
period ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    10,715        21,047          36,330         64,566

(2) Profit/(loss) before tax  

    -4,586        1,899          -10,698         2,744

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

    -4,735        1,780          -11,105         1,250

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

    -4,735        1,780          -11,105         1,250

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

    -8.06          3.08           -19.00         2.16

(6) Dividend per share (sen)  

    0.00           0.00             0.00         0.00

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

(7) Net tangible assets per share (MYR)  

        0.8800                     1.0600

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/FututechResults300905BM.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/FututechNotes300905.xls

CONTACT:

Fututech Berhad
No. 3, First Floor, jalan puchong,
Batu 12, Puchong 47100
Selangor Darul Ehsan, West Malaysia
Telephone: +603-8068 3128
Fax: +603-8060 6911


JIN LIN: Applies for Extension of Restraining Order
---------------------------------------------------
On November 23, 2005, Avenue Securities Sdn Bhd, on behalf of
Jin Lin Wood Industries Berhad advised Bursa Malaysia Securities
Berhad that the restraining order (RO) for JINLIN and its
subsidiaries expired on November 23, 2005.

The Company through its solicitors, had filed an application for
an extension of time in relation to the RO under Section 176(10)
of the Companies Act 1965. The outcome of the Court's decision
will be announced in due course.

CONTACT:

Jin Lin Wood Industries Bhd
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


JOHAN CERAMICS: Net Loss Widens to MYR2,415,000
-----------------------------------------------
Johan Ceramics Berhad provided Bursa Malaysia Securities Berhad
with a copy of its Third Quarter financial report for the
Financial Period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    11,923        15,609          33,707         42,514

(2) Profit/(loss) before tax  

    -2,415        303              -5,435         -41

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

    -2,415        303              -5,435         -41

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

    -2,415       303               -5,435         -41
  
(5) Basic earnings/(loss) per shares (sen)  

    -3.72       0.47               -8.36         -0.06

(6) Dividend per share (sen)  

    0.00        0.00                0.00          0.00

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

(7) Net tangible assets per share (MYR)  

       0.5183                      0.6037

To view a full copy of the financial statement, click
http://bankrupt.com/misc/JohanCeramics2005Q3Financial.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/JohanCeramics112405.doc

CONTACT:

Johan Ceramics Berhad
Senawang Industrial Estate
70450 Seremban, Negeri Sembilan Darul Khusus 70450
Malaysia
Telephone: +60 6 677 6181
Fax: +60 6 677 1836


MAGNUM CORPORATION: Holds 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 24, 2005

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

Total number of shares purchased (units): 260,600

Minimum price paid for each share purchased (MYR): 1.870

Maximum price paid for each share purchased (MYR): 1.900

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 260,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 76,672,000

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

CONTACT:

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

MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad advised that its additional 465,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Monday, November 28, 2005.

CONTACT:

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


MBF HOLDINGS: Units Placed in Voluntary Winding Up
--------------------------------------------------
MBf Holdings Berhad (MBfH) informed Bursa Malaysia that its
Singapore incorporated subsidiary companies, MBf Trading (S) Pte
Ltd (MBfTL) and MBf Property Services (Singapore) Pte Ltd
(MBfPS) will be placed under creditors' voluntary winding up on
November 25, 2005.

Mr Chia Soo Hien and Madam Ng Geok Mui of Messrs BDO Raffles at
5 Shenton Way, #07-01 UIC Building, Singapore 068808 will be
appointed the Liquidators of these companies.

Information on MBfTL

MBfTL was incorporated on March 2, 1987 and the principal
activity was dealing in canned seafood. The authorized share
capital of MBfTL is SGD6,000,000 comprising 6,000,000 ordinary
shares of SGD1.00 each of which 5,416,545 ordinary shares have
been issued and fully paid-up.

As at September 30, 2005, MBfTL had a shareholders' deficit of
S$12,728,164.

MBfTL ceased its operations since 1999 and has been dormant
thereafter.

Information on MBfPS

MBfPS was incorporated on April 7, 1981 and the principal
activity was to perform marketing agency activities for related
companies. The authorized share capital of MBfPS is S$20,000,000
comprising 20,000,000 ordinary shares of SGD1.00 each, of which
11,950,000 ordinary shares have been issued and fully paid-up.

As at September 30, 2005, MBfPS had a shareholders' deficit of
SGD3,877,190.

MBfPS ceased its operations since 2000 and has been dormant
thereafter.

Rationale for the Winding Up

The winding up of MBfTL and MBfPS is part of the rationalisation
and streamlining exercise of MBfH Group.

Financial Effect of the Winding Up

The winding up of MBfTL and MBfPS will not have any material
effect on MBfH Group.

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

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

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
24 November 2005

CONTACT:

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


MYCOM BERHAD: Incurs Net Loss in 1Q/FY05
----------------------------------------
Mycom Berhad submitted to Bursa Malaysia Securities Berhad a
copy of its First Quarter financial report for the financial
period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000
(1) Revenue  

    23,449         36,107          23,449         36,107

(2) Profit/(loss) before tax  

    -16,102        -16,809         -16,102       -16,809

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

    -15,789        -14,964         -15,789       -14,964

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

    -15,789        -14,964         -15,789       -14,964

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

    -4.02            -3.81          -4.02        -3.81

(6) Dividend per share (sen)  

    0.00              0.00           0.00         0.00

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

(7) Net tangible assets per share (MYR)  

        -1.2100                    -1.1700

To view a full copy of the notes to financial statement, go to
http://bankrupt.com/misc/MycomQtrSep05112205.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/MycomQtrSep05ExpNotes.doc

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
Fax: +60 3 2072 3996


PAN MALAYSIA: Books MYR7,525,000 Net Loss in 3Q/FY05
----------------------------------------------------
Pan Malaysia Corporation Berhad submitted to Bursa Malaysia
Securities Berhad a copy of its Third Quarter financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000   

(1) Revenue  

    89,103        88,382          253,656        257,448

(2) Profit/(loss) before tax  

    -6,424        -6,618           -6,935        7,102

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

    -7,525        -8,842           -9,544        9,145

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

    -7,525        -8,842           -9,544        9,145

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

    -1.02          -1.09            -1.21        1.17

(6) Dividend per share (sen)  

    0.00            1.00             0.00        1.00

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

(7) Net tangible assets per share (MYR)  

    0.4703                     0.4904

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PanMalaysia112305.xls

CONTACT:

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


PANTAI HOLDINGS: New Shares up for Listing, Quotation
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 608,100 new
ordinary shares of RM1.00 each arising from the conversion of
MYR608,100 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 608,100 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Monday, November 28, 2005.

CONTACT:

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


POLYMATE HOLDINGS: Unit Served with Writ of Summon
--------------------------------------------------
Polymate Holdings Berhad advised Bursa Malaysia Securities
Berhad that its wholly owned subsidiary, Polymate Industries (M)
Sdn Bhd (PISB) has been served with a writ of summons in
relation to a claim by Public Bank Berhad for principal and
interest of a hire purchase facility for a total outstanding
amount of MYR199,513.96 as at June 27, 2005 owing by PISB.

The Company's solicitors are looking into the matter.


SIME DARBY: EGM Resolves to Wind Up Unit
----------------------------------------
Sime Darby Berhad (Sime Darby) advised Bursa Malaysia Securities
Berhad that its wholly owned subsidiary, Arabis Pte Ltd (APL)
has held an Extraordinary General Meeting on November 23, 2005
at which it was resolved that APL be wound-up voluntarily. The
shareholder of APL also approved the appointment of Ms Chua Sook
Pei and Ms Ang Guat Choon as Liquidators of APL.

APL was involved in the business of marketing, distribution and
refining edible oils and related products until the cessation of
its operations in August 1988.

The voluntary liquidation of APL is not expected to have any
material effect on the earnings and net tangible assets of the
Sime Darby Group for the financial ending June 30, 2006. None of
the directors or substantial shareholders of Sime Darby or
persons connected to them has any interest in the voluntary
liquidation.

This announcement is dated 24 November 2005.


SOUTHERN BANK: Unveils Exercise of Warrants
-------------------------------------------
Southern Bank Berhad advised that its additional 3,949,400 new
ordinary shares of MYR1.00 each arising from the;

(I) Exercise of 3,929,400 warrants 1996/2006 (Local Warrants)

(II) Exercise of 20,000 warrants 1996/2006 (Foreign Warrants)

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Tuesday, November
29, 2005.

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 List, Quote New Shares
--------------------------------------------------
Telekom Malaysia Berhad advised that its additional 36,000 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.,
Monday, November 28, 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


TENAGA NASIONAL: Revises Number of Bonus Shares
-----------------------------------------------
Tenaga Nasional Berhad (TNB) furnished Bursa Malaysia Securities
Berhad an update to the following proposals:

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

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

(collectively referred to as the proposals)

(1) Introduction

Reference is made to the announcement dated October 25, 2005 in
relation to the Proposals. On behalf of the Board of Directors
of TNB (Board), Commerce International Merchant Bankers Berhad
(CIMB) advised that the maximum number of Bonus Shares which may
be issued under the Proposed Bonus Issue has been revised from
897,549,579 Bonus Shares to 900,566,295 Bonus Shares.

The revision has been made after taking into consideration,
amongst others, the updated issued and paid-up share capital of
TNB from August 31, 2005 to October 25, 2005 and the updated
illustrative number of new TNB Shares which may be issued upon
the full exercise of the options (ESOS Options) granted and
available to be granted under the ESOS II.

Apart from the above, revisions have also been made to the
Proposed Amendments, where additional provisions and amendments
have been made to the existing provisions of the By-Laws. The
revisions are made with the aim to provide clarity in the
implementation of the ESOS II and to align the By-Laws with the
general market practice.

(2) Revision to the Proposed Bonus Issue

As explained in Section 1 above, after taking into consideration
the issued and paid-up share capital of TNB as at October 25,
2005 and the updated illustrative number of new TNB Shares which
may be issued upon the full exercise of the ESOS Options,
granted and available to be granted, the Proposed Bonus Issue
will involve the issuance of up to 900,566,295 Bonus Shares.

The revised maximum size of the Proposed Bonus Issue has been
determined based on the proforma enlarged issued and paid-up
share capital of TNB of MYR3,602,265,179 comprising
3,602,265,178 TNB Shares and 1 Special Rights Redeemable
Preference Share of MYR1.00.

The enlarged issued and paid-up share capital above has been
computed based on the issued and paid-up share capital of TNB as
at October 25, 2005 of MYR3,232,493,931 which comprise
3,232,493,930 TNB Shares and 1 Special Rights Redeemable
Preference Share of MYR1.00 and assumes the full exercise,
exchange and conversion of the outstanding ESOS Options (granted
and available to be granted), Guaranteed Exchangeable Bonds
issued by TNB Capital (L) Ltd (a wholly owned subsidiary of TNB)
(GEB) and Convertible Redeemable Income Securities (CRIS) as at
October 25, 2005 as well as the allotment and issuance of the
resulting new TNB Shares arising thereon prior to the
entitlement date for the Proposed Bonus Issue (Entitlement
Date).

Nevertheless, based on the issued and paid-up share capital of
TNB as at October 25, 2005 of MYR3,232,493,931 which comprise
3,232,493,930 TNB Shares and 1 Special Rights Redeemable
Preference Share of RM1.00 and assuming that none of the
outstanding ESOS Options, GEB and CRIS as at October 25, 2005
are exercised, exchanged or converted into new TNB Shares, the
Proposed Bonus Issue will involve the issuance of 808,123,483
Bonus Shares.

The number of new TNB Shares, which may be issued upon the
exercise, exchange and/or conversion of the ESOS Options, GEB
and CRIS respectively after the Entitlement Date, will change
due to adjustments to be made to the exercise prices and/or
number of TNB Shares which may be issued in relation to the ESOS
Options, the exchange price of the GEB and the conversion price
of the CRIS in accordance with the provisions of their
respective by-laws, indentures and/or trust deeds. The
adjustments relating to the GEB, CRIS and ESOS Options will be
finalized at a later date.

The holders of the GEB and CRIS will be allowed to participate
in the Proposed Bonus Issue only if the new TNB Shares arising
from the exchange or conversion of the GEB and CRIS respectively
are issued, allotted and credited into the central depository
securities accounts of the holders of the respective securities
on or prior to the Entitlement Date.

The holders of the GEB and CRIS who wish to participate in the
Proposed Bonus Issue must submit the notices of exchange or
conversion, as the case may be, at least ten (10) market days
prior to the Entitlement Date to ensure that the relevant new
TNB Shares from the exchange or conversion of the GEB and CRIS
respectively are issued, allotted and credited into their
respective CDS accounts prior to the Entitlement Date.

The entitlement of the holders of ESOS Options to participate in
the Proposed Bonus Issue shall be governed by the provisions of
the By-laws.

All other terms relating to the Proposed Bonus Issue remain
unchanged.

(3) Revision to the proposed amendments

Apart from the Proposed Amendments announced on 25 October 2005,
the Board has decided to take this opportunity to revise certain
existing provisions of the By-Laws and to include additional
provisions in the By-Laws. The revisions to the Proposed
Amendments include, amongst others, the following:

(i) To include a situation where the grantees of the ESOS II can
exercise their ESOS Options of up to fifty per centum (50
percent) of the grantee's entitlement corresponding to the
subsequent year (Advance Exercise) subject to the Company
achieving the applicable performance targets. The Advance
Exercise will also be subject to the Board's approval; and

(ii) To allow certain grantees whose fixed term contract of
employment have expired and the said contract of employment is
not renewed, to exercise the unexercised portion of the
grantee's ESOS Options immediately after his/her last day of
employment with TNB and its subsidiaries (TNB Group) during the
period of the ESOS Options as defined in the By-laws.

In addition, amendment will also be made to the eligibility
criteria of the senior management who are employed under a
fixed-term contract of employment. Apart from the need to have
served for a continuous period of not less than one (1) year, as
announced on October 25, 2005, such contract of employment of
the senior management requires a term which is for a continuous
period of at least two (2) years in order to participate in the
ESOS II.

All other salient terms relating to the Proposed Amendments
remain unchanged.

(4) Rationale for the Revision

As explained in Section 1 above, the revision to the maximum
number of Bonus Shares that may be issued under the Proposed
Bonus Issue arose as a result of the updated information being
used in the computation.

Apart from that, the revisions to the Proposed Amendments
comprise the introduction of additional provisions and
amendments to the By-Laws which are aimed to provide clarity in
the implementation of the ESOS II as well as to align the By-
laws with the general market practice.

(5) Effects of the revisions to the proposed bonus issue and the
proposed amendments

The effects of the Proposed Bonus Issue after incorporating the
revisions set out in Section 2 (Revised Proposed Bonus Issue) on
the issued and paid-up capital, substantial shareholders'
shareholdings and dividends of TNB and the consolidated net
tangible assets (NTA) and NTA per Share and the earnings and
earnings per Share (EPS) of the TNB Group are set out below.

The effects of the Revised Proposed Bonus Issue are illustrated
in the following scenarios:

(i) Minimum Scenario - Assuming that none of the ESOS Options
(granted and available to be granted), GEB and CRIS are
exercised, exchanged or converted prior to the Entitlement Date.

(ii) Maximum Scenario - Assuming full exercise, exchange and
conversion of the ESOS Options (granted and/or to be granted),
GEB and CRIS respectively, and the resulting new TNB Shares are
issued prior to the Entitlement Date.

(5.1) Issued and Paid-up Share Capital

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

(5.2) NTA and NTA per Share

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

(5.3) Earnings and EPS

The Proposed Bonus Issue will not have any effect on the
earnings of TNB Group for the financial year ending August 31,
2006 or the future financial years, except that the EPS will be
correspondingly reduced as a result of the increase in the
number of Shares in issue.

(5.4) Substantial Shareholders' Shareholdings

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

(5.5) Dividends

The Board declared a final dividend in respect of the financial
year ended August 31, 2005 of 12.00 sen gross (less income tax
of 28 percent) amounting to MYR278.3 million, based on the paid-
up capital as at August 31, 2005.

The Board has not deliberated or decided on the amount of future
dividends to be paid by TNB. Any dividend to be declared and
paid by the Company for the subsequent years will depend on,
amongst others, the future performance, cashflow position and
the funding requirements of the TNB Group.

The revision on the Proposed Amendments will not have any effect
on the share capital, substantial shareholders' shareholdings
and dividends to be declared by the Company (if any) and the NTA
and NTA per share and earnings and EPS of the TNB Group.

Notwithstanding the above, it should be noted that TNB would be
subject to the new proposed Financial Reporting Standard No. 2
(Share-based Payment) to be adopted as an accounting standard in
Malaysia which will affect TNB's financial statements for the
financial year ending August 31, 2007 onwards.

At this juncture, the Company has not assessed in detail the
impact of the proposed new accounting standard on its ESOS II,
although it acknowledges that the recognition of ESOS Options
granted may affect its future earnings.

To view a full copy of Table 1, go to
http://bankrupt.com/misc/TenagaNasionalRevisedMaximum112205.doc

This announcement is dated 22 November 2005.

CONTACT:

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


TENAGA NASIONAL: New Shares up for Listing, Quotation
-----------------------------------------------------
Tenaga Nasional Bhd advised that its additional 749,800 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.,
Monday, November 28, 2005.


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

GLOBAL STEELWORKS: Says Parent to Pay Creditors Over 8 Years
------------------------------------------------------------
Global Steelworks Phils. Inc. gave assurance that its Indian
parent will pay off its creditor banks, BusinessWorld reports.

Global Ispat Holdings will pay its lenders, lead by Philippine
National Bank (PNB), the remaining Php12.25 billion it owes for
the purchase of National Steel Corp. in the next eight years.

The Indian firm has also agreed to pay other creditor banks
through PNB's Trust unit over the same period.

PNB agreed to the arrangement after Global Ispat was able to
deliver a Php250-million letter of credit or roughly US$4.5
million as partial payment for the Php500-million letter of
credit which the firm was supposed to deliver on or before Oct.
15.

The bank decided late last week that it will issue a waiver of
non-default after Global Ispat was able to deliver the Php250-
million letter of credit. PNB declared the entire Php12.25
billion due and demandable last month in a letter it sent to
Global Steel.

Among all the creditors of Global Ispat, PNB is considered as
having the biggest exposure as it accounts for 41% of the
company's obligations to creditor banks.

Other creditors of Global Ispat include Credit Agricole
Indosuez, Land Bank of the Philippines, China Banking Corp.,
Commercial Banking Corp., Metropolitan Bank and Trust Co.,
United Coconut Planters Bank, Export Industry Bank, Equitable
PCI Bank, Bank of Commerce, Wise Capital Investment and Trust,
United Overseas Bank and Allied Banking Corp.

CONTACT:

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


LEPANTO CONSOLIDATED: Trades Additional Shares
----------------------------------------------
This is in connection with Circular for Brokers No. 4864-2005,
dated Nov. 3, 2005, pertaining to the listing of 4,264,671,951
common shares of Lepanto Consolidated Mining Company, divided
into 2,558,803,769 Class "A" shares and 1,705,868,182 Class "B"
shares, with a par value of Php0.10 per share, to cover its 1:5
pre-emptive rights offering to all stockholders of record as of
September 21, 2005 at an offer price of Php0.20 per share.

Please be informed that in a letter dated Nov. 24, 2005, the
Company advised that further to the 363,564,533 fully paid
shares, an additional 24,594,910 shares were fully paid as Nov.
18,2005, broken down as follows:

         Class "A" shares      13,741,442
         Class "B" shares      10,853,468

         TOTAL                 24,594,910

This brings the number of fully paid shares to a total of
388,159,443 common shares and the number of partially paid
shares to 3,876,512,508 common shares.

In view thereof, the additional fully paid 24,594,910 common
shares may be traded starting Friday, Nov. 25, 2005.

In accordance, with the Rule on Rights Offering as provided in
the Revised Listing Rules of the Exchange, actual trading of the
remaining 3,876,512,508 partially paid shares shall only be
permitted once the shares are fully paid. As previously
disclosed, the payment terms for the said pre-emptive rights
offering is "50% due within Offer Period; balance due on Nov.
18, 2005". Since the deadline for full payment has lapsed, the
Exchange shall update the Trading Participants and the investing
public on the Company's disposition and procedures to be
implemented for the remaining partially paid shares.

The designated stock transfer agent is authorized to record and
register in its books the additional fully paid 24,594,910
shares. The transfer agent shall be authorized to record and
register the remaining 3,876,512,508 partially paid shares only
upon full payment of the same by the concerned subscribers.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


NATIONAL FOOD: To Bid on Initial Rice Importation
-------------------------------------------------
The National Food Authority (NFA) will tender next month the
initial importation of 350,000 metric tons (MT) of rice, The
Philippine Star has learned.

NFA Administrator Gregorio Tan Jr. said the state-owned agency
decided to hold the bidding earlier because of the projected
tightness in the world stocks next year that could "considerably
raise the prices".

Mr. Tan noted that Thailand, the world's biggest rice exporter,
temporarily suspended exports in September-October to secure its
domestic requirements.

"We have to ensure that we have ample supply to stop potential
speculation that would result in higher prices of rice in the
world market," said Mr. Tan, adding that rice prices are
expected to increase along with the increasing fuel and
transport costs.

The initial volume to be imported by the NFA is expected to come
by end-January after the harvest season and it should not dampen
domestic rice prices.

Final import requirements of the country will be determined
after the Bureau of Agricultural Statistics (BAS) completes its
crop production survey early next year.

CONTACT:

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


WELLEX INDUSTRIES: To Convene AGM Dec. 16
-----------------------------------------
Wellex Industries will have its Annual Stockholders' Meeting to
be held on Dec. 16, 2005, Friday at 10:00 o'clock in the morning
at the Top of the Citi, 34th Floor, Citibank Tower, 8741 Paseo
de Roxas St. Makati City, to take up the following matters:

1. Call to Order
2. Report on Attendance and Quorum
3. Approval of Minutes of the Previous Stockholders' Meeting
4. President's Report to the Stockholders for the Year 2004
5. Ratification of the Acts of the Board amd Directors and
Management for 2004
6. Appointment of External Auditor
7. Election of Directors for the Ensuing Term
8. Such Other Matters
9. Adjournment

The appropriate Proxy and Waiver forms are enclosed for your
convenience. Kindly return the accomplished forms to the
undersigned prior to the date of the meeting.

CONTACT:

Wellex Industries Inc.
22/F, Citibank Tower
8741 Paseo de Roxas, Makati City 1200
Phone No/s:  848-0851 local 114
Fax No/s:  848-0532
E-mail Address:  info@ccplaw.com.ph


WELLEX INDUSTRIES: Books Smaller Net Loss in 2005
-------------------------------------------------
Wellex Industries Inc. booked a net loss of Php41,547,000 net
loss in the year to Sept. 30, as against a net loss of
Php44,108,000 in the same period last year.

As of the quarter ending September 30, 2004, since the company
have ceased commercial operations and is disposed to lease out
its warehouse facilities. Other income account represents rental
income of which an increase of 5% compared on last quarter of
2004. Still the leasing of warehouse facilities gave the company
another income. Lessee includes giants such as San Miguel
Corporation and Coke and upstart manufacturing/distribution
companies.

Since the company was started to disposing its inventories from
previous years up to present time. This vision was put in to
reality by selling them off in baratillo's and the like offering
big discounts to all takers. In results of this the company
produced in revenue from sales amounting to Php1.761M compared
to Php1.070M from last year or an increased by Php0.691M or 39%.

And at the end the earnings per shares comparison from 30
September 2005 and 2004 is -0.012682 and -0.013463 respectively.

Cost and expenses for the third quarter of 2005 amounted to
Php13,846,085.22 as compared to Php16,912,181.18 of 2004. The
decrease of Php3,066,095.96 or 18% is mainly attributable to the
following.

Total assets of the company as of September 30,2005 amounted to
Php2,849,836,108.27 as compared to Php2,937,645,836.40 of 2004.
The decrease can be mainly traces to the foreclosure of assets
mortgage to Social Security System.

There are no known trends, events of uncertainties in the past
that have a material favorable or unfavorable impact on the
future operations of the company.

There are also no seasonal aspects that have a material effect
on the financial condition or results of operations of the
company.

A copy of Wellex Industries' Financial Report is available for
downloading free of charge at:
http://bankrupt.com/misc/tcrap_wellexindustries112505.pdf


* Fitch Sees RP Upgrade Premature
---------------------------------
Fitch Ratings said it was too early to consider an outlook or
ratings upgrade for the Philippines, as weak revenue collection
and political uncertainty hung over positive news from a broader
sales tax, Reuters reports.

The rating agency said an expanded value-added tax (EVAT), a
below-target budget deficit and record remittances by Filipinos
working overseas have helped push the peso to its highest level
in more than six months and made the currency Asia's best
performer so far this year.

Spreads have narrowed on the foreign debt of the Philippines,
Asia's most active issuer after Japan, and the government has
been able to sell its domestic debt at lower interest rates.

Fitch, which has a negative outlook on the Philippines and a
rating two notches below investment grade, saw this month's
start of the EVAT as "definitely good news" but had concerns
about the debt burden and the apparent lack of a medium-term
fiscal plan.

James McCormack, head of Asia sovereigns, said "(an upgrade) is
probably a bit premature because the whole EVAT episode made it
clear to us that politics can affect the economic policy (in the
Philippines).

The EVAT law, which ends sales tax exemptions on fuel, power and
a variety of other items, took months of debate to clear
Congress and its start was delayed by 4 months by Supreme Court
challenges by opposition politicians and petrol station owners.

Fitch would soon conduct a review of its Philippines rating,
likely in the first quarter of 2006, and was "certainly not
going to preclude anything at this point", Mr. McCormack said.


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

CITIRAYA INDUSTRIES: Investors Sign MOU
---------------------------------------
Citiraya Industries announced that its investors, Heshe Holdings
Limited and Chip Lian Investments Pte Limited, signed a
memorandum of understanding with global waste management firm
Onyx Asia on the Company's restructuring plan.

Heshe Holdings will privide electronic waste for recycling,
whereas Onyx Asia will control a 75% stake in a new company to
be put up to manage and operate Citiraya's recycling plants.

To view the Company's announcement, go to:

http://bankrupt.com/misc/tcrap_citirayaindustries112505.pdf

CONTACT:

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


EI-NETS LIMITED: Completes Debt Capitalization
----------------------------------------------
Ei-Nets Limited announced that pursuant to an agreement made
between the Company and Mr. Ngo Gim Kang on Sept. 14, 2005, the
Company had proposed to capitalize its debts owed to Mr. Ngo
amounting to SGD200,000, by issuing and allotting 20,000,000 new
ordinary shares of SGD0.01 each ("Shares") in the Company's
capital.

The Company further announces that on Nov. 19, 2005, it
completed the capitalization; therefore, the Company's issued
and paid up share capital has increased from SGD7.8 million
divided into 780 million ordinary shares of SGD0.01 par value to
SGD8 million dividend into 800 million shares.

The new shares were listed and quoted on the Singapore Exchange
and Securities Trading limited effective Nov. 24, 2005.

By Order of the Board

Liau Beng Chye
Executive Deputy Chairman

Nov. 24, 2005

CONTACT:

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


INFORMATICS HOLDINGS: To Close Books on Dec. 12
-----------------------------------------------
Notice is hereby given that the share transfer books and
register of members of Informatics Holdings Limited will be
closed fro Dec. 12, 2005, 5:00 p.m. to Dec. 13, 2005, to
determine the provisional allotments of Rights Shares and
Warrants to Shareholders whose registered addresses with the
Company or the Central Depository (Pte) Limited (CDP), as the
case may be, as at the Books Closure Date are in Singapore, or
who have, at least five (5) market days prior to the Books
Closure Date, provided to the Company or CDP, as the case may
be, addresses in Singapore for the service of notices and
documents (Singapore Registered Shareholders) under the Rights
Issue.

To view the Company's full notice, click on:

http://bankrupt.com/misc/tcrap_informaticsholdings112505.pdf

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


INFORMATICS HOLDINGS: Passes Resolutions at EGM
-----------------------------------------------
Informatics Holdings Limited announced that at its Extraordinary
General Meeting (EGM) held on Nov. 25, 2005, the Company passed
all resolutions that it had posted in its EGM notice dated Nov.
10, 2005.

By Order of the Board

Lau Yang Hin, Simon
Company Secretary

Nov. 25, 2005

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

http://bankrupt.com/misc/tcrap_informaticsholdings2112505.pdf


MEDIASTREAM LIMITED: To Hold EGM Dec. 12
----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Mediastream Limited will be held on Dec. 12, 2005, 10:00 a.m. at
the offices of the Judicial Manager at 50 Raffles Place, #16-06
Singapore Land Tower, Singapore 048623, to consider and, if
thought fit, pass with or without modifications the following
resolution which will be proposed as an ordinary resolution of
the Company:

ORDINARY RESOLUTION - CHANGE OF AUDITORS

That the resignation of Ernst & Young ("E&Y") as Auditors of the
Company be and is hereby accepted and that Chio Lim & Associates
(CLA) be and is hereby appointed Auditors of the Company in
place of E&Y, to hold office until the conclusion of the next
Annual General Meeting, at a fee to be agreed between the
Judicial Manager and CLA.

T.J. Reid
Judicial Manager
Ferrier Hodgson
50 Raffles Place, #16-06
Singapore Land Tower
Singapore 048623

Notes:

1. A member of the Company, who is entitled to attend and vote
at the Extraordinary General Meeting, is entitled to appoint not
more than two proxies to attend and vote in his/her stead.

2. The instrument appointing a proxy must be deposited at the
office of Ferrier Hodgson at 50 Raffles Place, #16-06 Singapore
Land Tower, Singapore 048623, not less than 48 hours before the
time appointed for the Extraordinary General Meeting.

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines Street 92
MediaStream Building
Singapore 528883
Phone: 65 6788 7888
Fax:   65 6787 1238
Email: info@mediastreamsg.com
Web site: http://www.mediastreamsg.com


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

BANGKOK STEEL: Issues Report on G.I. Factory Explosion
------------------------------------------------------
Economic Intellect Co. Ltd. and C.J. Morgan Co. Ltd. on behalf
of the plan administrators of Bangkok Steel Industry Plc. issued
to the Stock Exchange of Thailand (SET) a report on the
explosion accident at the galvanized iron steel factory at
Poochaosmingprai as follows:

There was an explosion that occurred in the vicinity of the
annealing furnace at galvanizing iron steel line No. 2 at
Poochaosmingprai factory on November 21, 2005 around 1:37 p.m.  
The explosion caused damages to the roof and the wall in wide
areas of the factory.

According to the preliminary inspection, the company presumes
that the excess gas entering the system caused the explosion or
there might be the trouble with the operating control system.

The company, therefore, ceased the production line starting from
the date of the accident.  The company is in the process of
exploring the cause of the accident in order to report and claim
for the compensation with the insurance company.  The progress
of exploration and the impact to the operation of the company
will be rapidly reported to the SET as soon as it receives some
distinct report from the officers concerned.

Please be informed accordingly.
Yours sincerely,
Economic Intellect Co. Ltd.        
C.J. Morgan Co. Ltd.
Plan Administrators

CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Web site: http://www.bangkoksteel.co.th


THAI AIRWAYS: Unveils Resolutions Passed at Meeting
---------------------------------------------------
Thai Airways International Public Company Limited informed the
Stock Exchange of Thailand (SET) that it held the Board Meeting
on Wednesday, November 23, 2005, at the Conference Room, 22nd
Floor, Head Office Building, No. 89 Vibhavadi Rangsit Road,
Khwaeng Jompol, Khet Chatuchak, Bangkok Metropolis.

The resolutions will be proposed to the shareholders during the
2005 Annual General Shareholders' Meeting.  

Details of the resolutions will cover:

(1) Acknowledgement of the Company's business operations results
for the fiscal year 2005 ended on September 30, 2005.

(2) Approval of the dividend payment from the Company's business
operations for the fiscal year 2005, with details as follows:

(2.1) The dividend payment from the Company's business
operations for the fiscal year 2005 will be THB1.50 per share
and will be paid to shareholders on Friday, January 20, 2006.

(2.2) The closing date of the Company share registration for the
right to receive dividend will be on Friday, January 6, 2006 at
12:00 a.m.

(3) Acknowledgement of retirement of one-third of the board
members from the Company according to the Article 17 of the
Article of Association of the Company, effective from December
23, 2005 onward. Retiring members are as follows:

(3.1) Mr. Srisook Chandrangsu
     
(3.2) Mr. Somchainuk Engtrakul

(3.3) Mr. Chartsiri Sophonpanich
     
(3.4) Mr. Chai-Anan Samudavanija

(3.5) Mr. Tirachai Vutithum

(4) Approval of remuneration, monthly allowance and bonus for
the fiscal year 2006 as proposed by the Remuneration Committee
with details as follows:

(4.1) Board of Directors' remuneration and monthly allowance

- Each member of the Board of Directors receives monthly
remuneration of THB20,000 and monthly allowance of THB30,000 for
each attended meeting.  Should there be more than 1 meeting per
month, each Board member will receive no more than THB30,000 per
month, with the Chairman of the Board receiving 25 percent more
than the other Board members and Vice Chairman receiving 12.5
percent more than the other Board members. All remuneration and
monthly allowance are subject to income tax to be paid by Board
members.

- In such case when a Board member is appointed by the
Board of Directors or its Chairman to be committee, sub-
committee and member of working groups of the Company, such
Board member will receive additional monthly allowance of
THB10,000 per meeting, Should there be more than one meeting per
month, monthly allowance will remain at THB10,000 for the month.

- Audit Committee will receive monthly allowance at the same
amount as that of Board of Directors' remuneration.  The
allowance will also be paid for the month during which no
meeting is held. (according to Cabinet's approval on April 23,
2000)

(4.2) Other person's remuneration and monthly allowance

- Any other person acting as advisor for Chairman of the Board
of Directors will receive monthly remuneration of THB20,000 and
monthly allowance of THB30,000 per meeting.  Should there be
more than one meeting per month, monthly allowance will remain
at THB30,000 for the month.

- Any other person acting as committee, sub-committee or member
of any working groups will receive monthly allowance of
THB10,000 per sitting but not exceeding THB30,000 per month.  

In such case where committee, sub-committee or working groups
have appointed other committee in their place, such member of
the appointed committee will receive monthly allowance at 50
percent of that of the committee, sub-committee or working
groups which were appointed by the Board. The monthly allowance
will be THB5,000 per sitting but not exceeding THB15,000 per
month.

(4.3) Bonus

The Board of Directors will receive annual bonus at 0.5 percent
of dividend payment, under rules and regulations set by the
Board of Directors
          
(5) Appointment of the Office of the Auditor General as the
Company's auditor for the fiscal year 2006 period, and the
auditing fees has been set at THB2 million per year.

This matter is being reported for your information.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173



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