TCRAP_Public/051130.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Wednesday, November 30, 2005, Vol. 8, No. 237

                           Headlines

A U S T R A L I A

ASPIRATIONS UNLIMITED: Declares First, Final Dividend
BRAVO GROUP: Inability to Pay Debt Prompts Winding Up
CLIME CAPITAL: Tweed Considers Wind Up Action
CORPORATE KUDOS: Placed Under Voluntary Liquidation
FORMORNO PTY: Declares Final Dividend

G.B.R. MAINTENANCE: Winds Up Operations
G RETAIL: May Close Its Doors During Shopping Season
HLB PTY: Asks Creditors to Submit Debt Claims
JAMES HARDIE: Reaches 'Substantial' Deal with NSW Government
JAMES HARDIE: Costello Says Directors' Immunity Unlikely

JAMES HARDIE: ADFA Unsure Of Compensation Development
KEM INTERNATIONAL: Court Appoints Official Liquidator
K&M WEIDNER: Decides to Close Business
LG BUILDING: Court Releases Winding Up Order
LITTLE YORK: Schedules Final Meeting Dec. 7

MANU PIPING: Members Pass Winding Up Resolution
MITCREST PTY: Liquidator to Detail Wind Up Manner
NOAH'S ARK: Intends to Pay Dividend to Creditors
NOTIFIER INERTIA: Enters Voluntary Liquidation
PAN PHARMACEUTICALS: Pleads Guilty to Charges Over Drug

PEACHGROVE PTY: Members Resolve to Wind Up Business
PERCUSSION PASTORAL: Hallam Gray Named Official Liquidator
PLAN 2 PLAY: Members, Creditors to Receive Liquidator's Report
QANTAS AIRWAYS: BQT to Supply Card Reader Technology
QANTAS AIRWAYS: Clashes with CAA Over Mobile Use

QANTAS AIRWAYS: Foreign Interest Level Hits 46.21%
SHIRWILL PTY: Liquidator Set to Distribute Company Assets
TELSTRA CORPORATION: Names Legal Adviser for Sale
TESATI PTY: Creditors OK Liquidator's Appointment
WILL & TOBY'S: Court Orders Winding Up


C H I N A  &  H O N G  K O N G

ARCHITACTICS COMPANY: Set to Wind Up Business
HAN KONG: Court Issues Winding Up Notice
HON KEI: Prepares to Shut Down Business
JOYCA DEVELOPMENT: Appoints Tony Nedderman & Co. Liquidator
KIN WAH: Bankruptcy Begins

MANDARIN TRADING: Enters Bankruptcy Proceedings
MOULIN GLOBAL: Director So Kwan Hon Resigns
PEXLANDA INTERNATIONAL: To Start Winding Up Process
SURPLUS TRADER: Liquidators Seek Solicitors' Assistance
WALTECH PACIFIC: Court Hearing Fixed Dec. 8


I N D I A

FOOD CORPORATION: Government OKs INR50-Bln Bond Issue
JEETSTEX ENGINEERING: Merger with Lakshmi Machine Planned
OSWAL CHEMICALS: Clarifies Reports Re Response to Petition
RAJMATA INVESTMENTS: Unveils Outcome of Board Meeting


I N D O N E S I A

BANK MANDIRI: Puts Up Assets as Collateral to Reduce NPLs
PERTAMINA: Government Wants Control of Cepu Block Shared
PERTAMINA: Seeks to Distribute Subsidized Fuel Oil Next Year
PERUSAHAAN GAS: To Raise Gas Prices in 2007


J A P A N

KOKUDO CORPORATION: Establishment of Holding Firm Gets Nod
MITSUBISHI FUSO: To Slim Down Operations
MITSUBISHI FUSO: Forecasts Sales Growth for FY05
SHOKO CHUKIN: METI to Abolish Government Funding
SOJITZ CORPORATION: To Support Chinese Steelmaker's Export

UBE INDUSTRIES: Moody's Reviews Ba3 Ratings for Possible Upgrade
* Major Banks Show Recovery in First Half


K O R E A

ASIANA AIRLINES: To Cut Fuel Surcharge


M A L A Y S I A

ACP INDUSTRIES: Unit Enters Alliance with Saudi Binladin Group
ANCOM BERHAD: Holds Shares Buy Back
AFFIN HOLDINGS: Bourse to List, Quote New Shares
CHG INDUSTRIES: Default Status Still Unchanged
DAI HWA: Books MYR251,000 Net Loss in 3Q/FY05

DFZ CAPITAL: Results Swing to Black in 3Q/FY05
GULA PERAK: Incurs Net Loss in Q2
HOCK SIN: Net Loss Dips to MYR128,000
LION CORPORATION: Net Loss Narrows in 1Q/FY05
MAGNUM CORPORATION: Buys Back 248,000 Ordinary Shares

MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
METACORP BERHAD: Bourse Extends Time to Comply with Requirements
OILCORP BERHAD: Unit Inks JVA with Magic Coast
PARACORP BERHAD: Net Loss Reaches MYR2,837,000 in 3Q/FY05
PORTRADE DOTCOM: Releases 1Q/FY05 FS

PUNCAK NIAGA: New Shares Up for Listing, Quotation
PUNCAK NIAGA: Summary Judgment Fixed for Hearing Dec. 12


P H I L I P P I N E S

LAFAYETTE MINING: Sinks in Php300 Mln for RP Mine Repair
MANILA ELECTRIC: Clients Win Rate Hike Reprieve
MAYNILAD WATER: Government Mulls 84% Stake Sale
NATIONAL FOOD: Offers Drying, Trucking Aid to Farmers
WELLEX INDUSTRIES: Board Postpones ASM Indefinitely


S I N G A P O R E

ACCORD CUSTOMER: EX-CEO Stands Trial for Cheating
BELLEFONTE INVESTMENTS: Receiving Claims Until Next Month
CYBER VILLAGE: Issues New Shares
HUA LIONG: Court to Hear Winding Up Petition Dec. 9
PNE INDUSTRIES: Posts Net Loss in FY2005

YEW SENG: Court Issues Winding Up Notice


T H A I L A N D

SIAM AGRO-INDUSTRY: Enters Alliance with Thai Pineapple
THAI AIRWAYS: Books THB6,776,651,000 Net Profit
THAI WAH: Gets Court Nod on Plan Amendment

     -  -  -  -  -  -  -  -

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

ASPIRATIONS UNLIMITED: Declares First, Final Dividend
-----------------------------------------------------
Aspirations Unlimited Pty Limited will declare a first and final
dividend today, Nov. 30, 2005.

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

Dated this 11th day of October 2005

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


BRAVO GROUP: Inability to Pay Debt Prompts Winding Up
-----------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Bravo Group Pty Limited held on Nov. 8, 2005, the
following Special Resolution was passed:

That the Company be wound up voluntarily as it is unable to pay
its debts as and when they fall due, and that Geoffrey McDonald
and Richard Albarran be appointed as Liquidators for such
winding up.

Geoffrey McDonald
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


CLIME CAPITAL: Tweed Considers Wind Up Action
---------------------------------------------
David Tweed is looking to file a winding up petition against
Clime Capital Limited, The Age reports.

The move is reportedly an attempt to force the boutique
investment firm into buying Mr. Tweed's shareholding.

Market opportunist Mr. Tweed attended the company's meeting
wearing a paper hat bearing the words "Clime Capital: High fees,
low performance". He and his employee Michelle Ellis put a long
list of prepared questions to Clime chairman Roger Montgomery,
shrugging off criticism and jeering from other shareholders.

Mr. Montgomery accused Mr. Tweed of trying to disrupt the
meeting and threatened to have him ejected several times.

Clime shareholders have attended no less than three
extraordinary general meetings over the past five months to vote
down proposals put forward by substantial shareholder National
Exchange Pty Ltd, which is headed by Mr. Tweed.

Mr. Tweed is trying to frustrate Clime into buying his 19.88
percent shareholding for more than market value.

CONTACT:

Clime Capital Limited
103 Beattie Street,
BALMAIN, NSW,
AUSTRALIA, 2041  
Telephone: (02) 9555 9944  
Fax: (02) 9555 9744  
Web site: http://www.clime.com.au


CORPORATE KUDOS: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Corporate Kudos Pty Limited held on Nov. 2,
2005, it was resolved that the Company be wound up voluntarily,
and Wayne Benton of PPB Chartered Accountants, Level 10, 90
Collins Street, Melbourne, Victoria was appointed as Liquidator
at a creditors' meeting held later that day.

Dated this 2nd day of November 2005

Wayne Benton
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


FORMORNO PTY: Declares Final Dividend
-------------------------------------
Formorno Pty Limited will declare a first and final dividend
today, Nov. 30, 2005.

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

Dated this 11th day of November 2005

Lorraine Smith
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4900
Fax:   07 3225 4999


G.B.R. MAINTENANCE: Winds Up Operations
---------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of G.B.R. Maintenance & Electrical Services Pty
Limited held on Nov. 2, 2005, it was resolved that the Company
be wound up voluntarily, and Robert Molesworth Hobill Cole of
Cole Downey & Co. Chartered Accountants, Unit 2, 6 Moorabool
Street, Geelong Vic 3220 was appointed as Liquidator for such
purpose.

Dated this 4th day of November 2005

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


G RETAIL: May Close Its Doors During Shopping Season
----------------------------------------------------
G Retail Limited's Gowings stores are expected to shut down
before Christmas if a buyer cannot be found, according to the
Daily Telegraph.

The firm's sales improved by more than 100 percent straight
after it slumped into administration on November 8, as customers
came to the aid of the retailer. But the boost is not enough to
save the ailing retailer.

Administrator Peter Yates of Deloittes has been trying to sell
Gowings as a continuing business by the end of the month. And
while the Federal Court has extended until next March the
deadline for a vote on Gowings' future, Mr. Yates remains
committed to selling the business as quickly as possible.

Should those sales liquidate the few million dollars of stock
Gowings still has, it could be shut down by Christmas, Mr. Yates
said.

Discussions with possible buyers are continuing.

CONTACT:

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


HLB PTY: Asks Creditors to Submit Debt Claims
---------------------------------------------
Notice is hereby given that creditors of HLB (Australia) Pty
Limited, whose debts or claims have not already been admitted,
are required on or before Dec. 1, 2005 to submit particulars of
their debts or claims and of any security held by them to the
Liquidator, and, if subsequently required by notice in writing
from the said liquidator, must formally prove their debts or
claims and establish any title they may have to priority by
statement in writing.

If they do not comply with this notice they will be excluded
from:
(a) the benefit of any distribution made before their debts or
claims are proved or their priority is established; and

(b) objecting to the distribution.

Dated this 14th day of November 2005

Stephen G. Longley
David C. Pratt
Liquidators
C/o Freshwater Place, 2 Southbank Boulevard
Melbourne Vic 3001


JAMES HARDIE: Reaches 'Substantial' Deal with NSW Government
------------------------------------------------------------
James Hardie Industries NV (JHINV) said that negotiators for
JHINV had reached substantial agreement with the New South Wales
Government on the Principal Deed and related agreements for the
provision of long-term funding to meet expected future
compensation claims of Australians affected by asbestos related
injuries as a result of exposure in Australia to products made
by former James Hardie Group subsidiaries.

Negotiations between James Hardie and the NSW Government on the
Principal Deed have proceeded basically in line with the terms
of the Heads of Agreement signed on Dec. 21, 2004 by the ACTU,
NSW Government, Unions NSW, asbestos support groups and James
Hardie.

While agreement is still to be reached on the final wording of
certain provisions of the Principal Deed and related matters, it
is not expected that these are likely to prove to be impediments
to final agreement being reached on all issues.

The agreement reached between the NSW Government and James
Hardie's negotiators still requires endorsement by the James
Hardie Board. The Board has, however, been involved in settling
the terms and conditions of the Principal Deed during this year,
and has provided James Hardie's negotiators with detailed
parameters and guidance for the negotiations.

According to the terms agreed with the NSW Government, the
implementation of the Principal Deed will in the first instance
be subject to a number of conditions precedent, including
approval by James Hardie's shareholders and lenders and receipt
of satisfactory tax rulings/treatment.

James Hardie is presently undertaking appropriate governance and
due diligence processes in anticipation of final consideration
of asbestos compensation funding proposal by the James Hardie
Board by Thursday morning of this week.

Details of the final agreement reached with the NSW Government
should be releases shortly thereafter.

CONTACT:

Investor and Analyst Inquiries:

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

Media Inquiries:

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


JAMES HARDIE: Costello Says Directors' Immunity Unlikely
--------------------------------------------------------
New South Wales (NSW) Treasurer Peter Costello stressed that the
Federal Government is not amenable to granting civil immunity to
directors of James Hardie Industries, The Age relates.

Mr. Costello warned that any deal with the company that included
civil immunities could pose problems to a federal investigation
and possible charges against James Hardie directors.

The NSW Government is working on a deal that would guarantee
compensation to victims of Hardie's asbestos products.

Suggestions have been made that as part of the agreement, James
Hardie directors are seeking civil immunity. But Mr. Costello
said the Federal Government could not support such a deal.

Mr. Costello also warned James Hardie directors and shareholders
against trying to gain federal assistance to cover their
compensation liabilities.

He said the company was free to structure itself to minimize tax
payments, but it had responsibilities to the victims of its
products.


JAMES HARDIE: ADFA Unsure Of Compensation Development
-----------------------------------------------------
Members of the Asbestos Diseases Foundation of Australia (ADFA)
said they won't believe James Hardie's claim it is close to
signing a compensation deal unless they see some money first,
Asia Pulse relates.

In a statement issued to the media Tuesday, James Hardie said it
had reached "substantial" agreement with the NSW government on
compensating victims. The company said it anticipated final
consideration of the asbestos compensation-funding proposal by
the company's board by Thursday morning.

But ADFA president Barry Robson said James Hardie had sent out a
similar statement 12 months ago.

"We are very cautious. We are not going to hold our breath
because we have been down this path before," Mr. Robson told the
Australian Associated Press.

He claimed James Hardie only put out the statement because of
pressure from the NSW government, which pledged to introduce
legislation allowing victims access to compensation funds if the
company didn't act.

The Construction, Forestry, Mining and Energy Union (CFMEU), on
the other hand, cautiously welcomed James Hardie's announcement.


KEM INTERNATIONAL: Court Appoints Official Liquidator
-----------------------------------------------------
On Nov. 4, 2005, the Federal Court of Australia appointed David
Young of Pitcher Partners, Level 3, 60 Castlereagh Street,
Sydney NSW to be the Official Liquidator in the winding up of
KEM International Pty Limited.

David G. Young
Liquidator
Pitcher Partners
Level 3, 60 Castlereagh Street
Sydney NSW


K&M WEIDNER: Decides to Close Business
--------------------------------------
Notice is hereby given that at a general meeting of the members
of K&M Weidner & Associates Pty Limited held on Oct. 31, 2005,
it was resolved that the Company be wound up voluntarily, and
Katherine Elizabeth Barnet and William John Fletcher of Bentleys
MRI Chartered Accountants, Level 26, AMP Place, 10 Eagle Street,
Brisbane be confirmed as Joint and Several Liquidators for the
winding up.

Dated this 3rd day of November 2005

Katherine E. Barnet
William J. Fletcher
Liquidators
C/o Bentleys MRI Chartered Accountants
Level 26, AMP Place, 10 Eagle Street
Brisbane Qld 4000


LG BUILDING: Court Releases Winding Up Order
--------------------------------------------
On Nov. 3, 2005, the Supreme Court of New South Wales ordered
the winding up of LG Building Supplies Pty Limited, and
appointed Stephen James Parbery to be the Company Liquidator.

Dated this 4th day of November 2005

Stephen J. Parbery
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


LITTLE YORK: Schedules Final Meeting Dec. 7
-------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Little York Pty Limited will be held on Dec. 7,
2005, 9:30 a.m. in the offices of PPB Chartered Accountants,
10th Floor, 26 Flinders Street, Adelaide SA, for the following
purposes:

AGENDA

To receive the Liquidator's account showing how the winding up
was conducted and the property of the Company disposed of, and
explanations thereof.

Dated this 3rd day of November 2005

T. J. Clifton
M. C. Hall
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone 8211 7800


MANU PIPING: Members Pass Winding Up Resolution
-----------------------------------------------
Notice is hereby given that an extraordinary general meeting of
the members of Manu Piping Specialists Pty Limited held on Oct.
27, 2005, it was resolved that the Company be wound up
voluntarily, and that Gregory John Keith of Grant Thornton be
appointed as Liquidator for such purpose.

Dated this 27th day of October 2005

G. J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


MITCREST PTY: Liquidator to Detail Wind Up Manner
-------------------------------------------------
Notice is given that a general meeting of the members of
Mitcrest Pty Limited will be held on Dec. 7, 2005 at the offices
of Lateral Financial Solutions, Chartered Accountants at office
10, 84 Wises Road, Maroochydore.

The purpose of the meeting is to present the Liquidator's
account showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanation that may be
given by the Liquidator.

Dated this 1st day of November 2005

Peter Gilks
Liquidator
Lateral Financial Solutions
Chartered Accountants
PO Box 8042, Maroochydore DC Qld 4558
Phone: 07 5475 4588


NOAH'S ARK: Intends to Pay Dividend to Creditors
------------------------------------------------
Noah's Ark (NSW) Pty Limited will declare a first and final
preferential dividend today, Nov. 30, 2005.

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

Dated this 7th day of October 2005

Antony de Vries
Liquidator
C/o de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2124
Phone: 02 9633 3333
Fax:   02 9633 3040


NOTIFIER INERTIA: Enters Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Notifier Inertia Pty Limited held on Oct. 31, 2005, it was
resolved that the Company be wound up voluntarily, and that
Peter Anthony Lucas of P.A. Lucas & Co. Chartered Accountants,
Level 8, ING Building, 100 Edward Street, Brisbane, Queensland,
4000 be appointed as Liquidator for such winding up.

Dated this 31st day of October 2005

Peter A. Lucas
Liquidator
P.A. Lucas & Co. Chartered Accountants
Level 8, ING Building
100 Edward Street, Brisbane
Queensland 4000


PAN PHARMACEUTICALS: Pleads Guilty to Charges Over Drug
-------------------------------------------------------
Pan Pharmaceuticals has pleaded guilty to 24 charges relating to
the production of dangerous products, ABC Premium News reports.

The failed drug manufacturer is charged with five counts of
causing grievous bodily harm and 19 charges brought by the
Therapeutic Goods Administration (TGA).

The Australian newspaper reported that 10 of the TGA charges
related to false records and labeling for the affected batch of
Travacalm.

The nine other charges were laid after a therapeutic goods
administration investigation, launched after the Travacalm
recall uncovered irregularities in the batch records for other
medication.

Several people who took the travel sickness drug Travacalm
suffered side effects including loss of consciousness, psychotic
episodes and hallucinations.

The manufacturing methods used by Pan resulted in some batches
of Travacalm containing too much of an active ingredient,
triggering adverse side effects among users.

Meanwhile, District Court Judge Colin Charteris told the court
the amount of fines to be paid by the company will be decided at
a later date.


PEACHGROVE PTY:  Members Resolve to Wind Up Business
----------------------------------------------------
Notice is given that at a general meeting of the members of
Peachgrove Pty Limited held on Oct. 31, 2005, it was resolved by
special resolution that the Company be wound up in a members'
voluntary winding up, and that Donald Graeme Murphy be appointed
as Liquidator for the winding up.

Donald G. Murphy
C/o Hunt & Hunt Lawyers
GPO Box 834, Brisbane Qld 4001
Phone: 07 3231 2565
Fax:   07 3231 8565


PERCUSSION PASTORAL: Hallam Gray Named Official Liquidator
----------------------------------------------------------
Notice is hereby given that on Oct. 31, 2005, the members of
Percussion Pastoral Pty Limited passed a Special Resolution to
voluntarily wind up the Company, and to appoint Hallam Bagshaw
Gray of 89-92 South Terrace, Adelaide SA 5000 be appointed as
Liquidator for the winding up.

Dated this 31st day of October 2005

Hallam B. Gray
Liquidator
C/0 89-92 South Terrace
Adelaide SA 5000


PLAN 2 PLAY: Members, Creditors to Receive Liquidator's Report
--------------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Plan 2 Play Pty Limited will be held on Dec. 7,
2005, 11:00 a.m. at the offices of Armstrong Wily & Co, Level 5,
75 Castlereagh Street, Sydney, to receive the Liquidator's
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 31st day of October 2005

Andrew H. J. Wily
Liquidator
Armstrong Wily & Co. Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


QANTAS AIRWAYS: BQT to Supply Card Reader Technology
----------------------------------------------------
BQT's miPASS card reader technology provided flexibility and
upgrade paths to systems of the future, including compatibility
with airports that are upgrading to the Mifare technology
without compromising any information related specifically to
Qantas Airways Limited.

BQT believes its successful tender bid was due to the
flexibility and quality of the miPASS technology, along with its
experience of over 10 years in Mifare Smart card security/access
control applications. miPASS is an Australian made and designed
product which is another benefiting factor when it comes to
support.

As an Australian listed company, BQT Solutions Limited is
delighted to be working with such a prominent successful
Australian organization such as Qantas Airways.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au


QANTAS AIRWAYS: Clashes with CAA Over Mobile Use
------------------------------------------------
Qantas Airways Limited and the Civil Aviation Authority (CAA)
are in dispute over in-flight mobile phone use, according to the
Sydney Morning Herald.

CAA prohibited the use of mobiles, including those, which had a
"flight" or "plane safe" mode for safety reasons.

Airlines wanting to allow passengers to use them had to apply to
the CAA for an exemption. Before that was granted, they would
have to prove it was safe.

Qantas has no such exemption but until a week ago was allowing
mobile use on New Zealand domestic flights, in line with its
Australian operation.

Qantas was reportedly warned in-flight mobile use was not
allowed. But Qantas spokesman Lloyd Quartermaine said he was not
aware of that and believed mobiles with flight or plane safe
modes were allowed.

In August, Qantas released a statement saying it had extended
its policy on the use of mobiles to include all of the airline's
international services, New Zealand domestic operations and
Australian Airlines services, effective immediately.

The policy said Customers could continue to use mobile phones on
airbridges at departure and arrival.


QANTAS AIRWAYS: Foreign Interest Level Hits 46.21%
--------------------------------------------------
Under the Qantas Constitution, the maximum aggregate level of
relevant interest that foreign persons are permitted to hold in
Qantas Airways is 49%.

On Sept. 8, 2005, Qantas advised the market that foreign persons
had a relevant interest in approximately 44.98% of the Qantas
issued share capital.

Listing Rule 3.19.3 requires that Qantas advise the market when
the level of foreign relevant interest rises above 44%.

Based on the most recent reconciliation, Qantas advised the
market that recent foreign purchases have resulted in foreign
persons having a relevant interest in approximately 46.21% of
Qantas shares.

Notification Obligations

Qantas reminds the market that, under its Constitution, foreign
purchasers are required to notify Qantas, within 10 days of
becoming registered. of their acquisition of a relevant interest
in Qantas shares. Foreign Ownership Notifications are available
from the Qantas Share Registry on (02) 8280 7390.

It is the order of receipt of complete Foreign Ownership
Notifications which determines the priority for entry, upon
reconciliation to a registered shareholding, to the Qantas
Foreign Sub-Register.

Qantas investigates foreign share purchases and, upon
reconciliation of the relevant Foreign Ownership Notifications
to a registered shareholding, enters the purchases on the Qantas
Foreign Sub-Register. Should the level of foreign ownership on
the Qantas Foreign Sub-Register exceed 49%, the Qantas
Constitution contains provisions to notify those foreign
shareholders. Should such a Notice be required to be sent, it
results in the registered holder of the offending shares not
being entitled to vote the share at a meeting of shareholders
and it may lead to the disposal of those shares.


SHIRWILL PTY: Liquidator Set to Distribute Company Assets
---------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Shirwill Pty Limited held on Nov. 8, 2005, the following special
and ordinary resolutions were passed:

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

Dated this 10th day of November 2005

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


TELSTRA CORPORATION: Names Legal Adviser for Sale
-------------------------------------------------
Law firm Skadden, Arps, Slate, Meagher & Flom LLP and Affiliates
was appointed as international legal adviser for the
government's AU$25 billion (AU$19 billion) Telstra Corporation
share sale, Reuters reports.

The firm would provide legal advice on international issues
surrounding the planned sale of the state's 51.8-percent
interest in Telstra next year.

Last week, investment banks UBS , Goldman Sachs JBWere and ABN
AMRO Rothschild were tapped to manage the Telstra sale.

Freehills has also been appointed domestic legal adviser.

The government is expected to decide in the first quarter of
2006 whether to sell all of its stake in Australia's biggest
phone company or sell part of it and transfer the rest into the
so-called Future Fund which has been set up to cover pension
liabilities.

CONTACT:

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


TESATI PTY: Creditors OK Liquidator's Appointment
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Tesati Pty Limited held on Oct. 18, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and P.
Ngan and G. Parker were appointed as Joint and Several
Liquidators for such purpose. Creditors confirmed the
Liquidators' appointment at a creditors' meeting held that same
day.

Dated this 7th day of November 2005

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


WILL & TOBY'S: Court Orders Winding Up
--------------------------------------
On Nov. 1, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Will & Toby's Pty Limited be wound up, and
appointed Antony de Vries to be the Company Liquidator.

Dated this 8th day of November 2005

Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2125


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

ARCHITACTICS COMPANY: Set to Wind Up Business
---------------------------------------------
Architactics Company Limited, whose office address is located at
G/F Hopson Mansion 16-16A Shelley Street Central Hong Kong,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 16, 2005.

Date of Presentation of Petition: September 12, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


HAN KONG: Court Issues Winding Up Notice
----------------------------------------
Han Kong Development (Holding) Limited, whose office address is
located at Room 1001, 99 Wellington Street Central Hong Kong,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 16, 2005.

Date of Presentation of Petition: September 13, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


HON KEI: Prepares to Shut Down Business
---------------------------------------
Hon Kei Industrial Company Limited, whose office address is
located at Flat 1, 2, 7 & 8 7th Floor Block A Del Ya Industrial
Centre Shek Pai Tau Road Tuen Mun New Territories, issued a
winding up order notice in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
November 16, 2005.

Date of Presentation of Petition: September 12, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


JOYCA DEVELOPMENT: Appoints Tony Nedderman & Co. Liquidator
-----------------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated October 20, 2005, Mr. Anthony
Nedderman and Ms. Yan Miu Ping, both of Tony Nedderman & Co.
Ltd. at 11th Floor, China Hong Kong Tower, 8 Hennessy Road, Hong
Kong, were appointed as the Joint and Several Liquidators of
Joyca Development Limited without a Committee of Inspection.

Dated this 25th day of November, 2005

ANTHONY NEDDERMAN
Joint and Several Liquidator


KIN WAH: Bankruptcy Begins
--------------------------
Chan Wai Chung trading as Kin Wah Construction & Engineering Co.
hereby gives notice that a bankruptcy order against the company
was made on November 14, 2005.

All debts due to the estates should be paid to the official
liquidator.

Dated this 25th day of November 2005

E T O'Connell
Official Receiver


MANDARIN TRADING: Enters Bankruptcy Proceedings
-----------------------------------------------
Notice is hereby given that a bankruptcy order against Horn Li
Ho trading as Mandarin Trading Company were made on November 16,
2005.

All debts due to the estates should be paid to the liquidator.

Dated this 25th day of November 2005.

E T O'Connell
Official Receiver


MOULIN GLOBAL: Director So Kwan Hon Resigns
-------------------------------------------
Mr. So Kwan Hon, Danny resigned as an independent non-executive
director of Moulin Global Eyecare Holdings Limited with effect
from November 21, 2005.

The resignation of Mr. So is due to personal reasons and the
Provisional Liquidators are not aware of any matters relating to
the resignation of the independent non-executive director the
need to be brought to the attention of the shareholders of the
Company.

Mr. So confirmed that there are no disagreements with the board
of directors of the Company.

Trading in the Company's shares has been suspended at the
request of the Company with effect from 9:30 a.m. on 18 April
2005 and will continue to be suspended until further
announcement. Shareholders and the public are advised to
exercise caution when dealing in the shares in the Company.

For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators


PEXLANDA INTERNATIONAL: To Start Winding Up Process
---------------------------------------------------
Pexlanda International Limited, whose office address is located
at 41st Floor Bank of China Tower 1 Garden Road Central Hong
Kong, issued a winding up order notice in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on November 16, 2005.

Date of Presentation of Petition: September 13, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


SURPLUS TRADER: Liquidators Seek Solicitors' Assistance
-------------------------------------------------------
Notice is hereby given that a hearing will be held at the High
Court of the Hong Kong Special Administrative Region, High Court
Building, 38 Queensway, Hong Kong on December 5, 2005, at 9:30
a.m. before Master S. Kwang for the purpose of appointing Mr.
Grant Andrew Jamieson and Mr. Edward Simon Middleton, the Joint
and Several Provisional Liquidators of Surplus Trader Limited
pursuant to Rule 45 (2) of the Companies (Winding-up) Rules and
for the purpose of appointing solicitors to assist them in their
duties pursuant to S199 of the Companies Ordinance.

Any creditor or contributory of the Company desirous to support
or oppose the appointment may appear at the time of hearing
himself or his Solicitors for that purpose.

Dated this 28th day of November 2005

TANNER DE WITT
Solicitors for the Provisional Liquidator
2308, Tower Two
Lippo Centre
89 Queensway
Hong Kong
Phone: 2573 5000


WALTECH PACIFIC: Court Hearing Fixed Dec. 8
-------------------------------------------
Notice is hereby given, Master S. Kwang of the High Court has
fixed a date, time and place as follows for considering the
determination in making an order for the appointment of
liquidators of Waltech Pacific (Engineering) Limited.

Date and Time of Hearing: 8th December 2005 (Thursday) at 2:30
p.m.

Place of Hearing:  High Court, High Court Building, No. 38
Queensway, Hong Kong.

All creditors or contributories of the Company have a right to
attend and speak at the hearing.

Dated this 28th day of November 2005

WILLIAM LEUNG KING WAI
LEE KWOK WAI
Joint and Several Provisional Liquidator


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

FOOD CORPORATION: Government OKs INR50-Bln Bond Issue
-----------------------------------------------------
The government has permitted state-owned Food Corporation of
India (FCI) to raise INR50 billion from the domestic bond
market, Reuters reports.

FCI Chief General Manager R.P. Vaishnaw confirmed the
government's approval and said the bonds will be issued in
tranches.

The first tranche, with five-year and 10-year maturity options,
is likely to be launched in the first or second week of
December.

FCI, whose bond issues have been rated 'AAA(SO)' or 'highest
safety' by CRISIL and ICRA, will use the funds for its working
capital requirements.

The agency raised INR9.765 billion through five-year bonds in
June at 7.18 percent.

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/


JEETSTEX ENGINEERING: Merger with Lakshmi Machine Planned
---------------------------------------------------------
Announcement Lakshmi Machine Works Ltd. has informed the
Exchange that at the meeting of the Board of Directors of the
Company held on November 26, 2005, it was decided that the
Company will acquire the entire paid up equity share capital of
Jeetstex Engineering Limited (JEL), Coimbatore, an unlisted
Public Limited Company engaged in the manufacture of textile
machinery.

The share capital of JEL is INR3,20,00,000/- consisting of
32,00,000 equity shares of INR10/- each fully paid.

Keeping in mind the fact that this is a sick industrial
undertaking registered with Board for Industrial and Financial
Reconstruction (BIFR), the Directors have decided to acquire the
shares at a price of INR1/- per share.

As and when the process of acquisition is completed, JEL will
become a wholly owned subsidiary of Lakshmi Machine Works
Limited. It is the present thinking of the Board that subsequent
to JEL becoming the wholly owned subsidiary, necessary
permissions and sanctions should be sought from the BIFR for
merger of JEL with Lakshmi Machine Works Limited.


OSWAL CHEMICALS: Clarifies Reports Re Response to Petition
----------------------------------------------------------
The press had reports on November 16, 2005 that the Allahabad
High Court has directed Oswal Chemicals & Fertilizers Ltd. not
to "transfer, alienate or encumber its fixed assets except for
the purposes of ordinary business" in response to the winding up
petition filed by Kolkata-based Melvin Powell Vanaspati and
Engineering Industries (MEL).

The National Stock Exchange of India Limited, in order to verify
the accuracy or otherwise of the information reported in the
press and to inform the market place so that the interest of the
investors is safeguarded, had written to the officials of the
company.

Oswal Chemicals & Fertilizers Limited has vide its letter inter-
alia stated, "The amount involved in the matter is very small,
we will resolve the issue in the next couple of days and it will
not affect the deal in any manner".

CONTACT:

Oswal Chemicals & Fertilizers Ltd.
7th Floor, Antriksh Bhawan
22, Kasturba Gandhi Marg
New Delhi - 110001
Phone: 011-23715242, 23322980, 23719388,23715225
Fax: 23716276


RAJMATA INVESTMENTS: Unveils Outcome of Board Meeting
-----------------------------------------------------
Rajmata Investments & Finance Ltd has informed Bombay Stock
Exchange (BSE) that the Board of Directors of the Company at its
meeting held on November 24, 2005, inter alia, has taken the
following decisions:

1. Mr. T Venkateswara Rao - Chennai was appointed as an
Independent Director.

2. Resignation of Mr B V Raja - Director & Mr M Ramesh Kumar -
Director, has been accepted.

3. Decided to convene an EGM on December 19, 2005 to consider
and approve the following:

a) Preferential issue of 3,60,000 Equity Shares with Face value
of INR10/- each and with a premium of INR23/- per Equity Share
on Private Placement Basis to Non-Promoters & Person Acting in
Concert.

b) Increase the Authorised Share Capital from INR2.50 million to
INR10 million.

c) Authority for Borrowing Power & Assets of the Company over
and above the Capital & Reserves & Surplus, Under Section 293
(1)(d).

d) Amend the Articles of Association with regard to Demat and
other updations.

4. Matters relating to the change of name of the Company &
shifting of Registered Office of the company have been
adjourned.

CONTACT:

Rajmata Investments & Finance Ltd
305, 3 - 6 - 111, Bluechip Arcade, Himayatnagar
City Hyderabad  
Pincode 500029  
State Andhra Pradesh  
Phone Nos. 23225660 23226049    
Fax Nos. 23222211   


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

BANK MANDIRI: Puts Up Assets as Collateral to Reduce NPLs
---------------------------------------------------------
State lender PT Bank Mandiri will auction some of its assets
through the finance ministry in order to reduce its non-
performing loans (NPLs), reports the Jakarta Post.

On Nov. 28, 2005, Bank Mandiri president director Agus
Martowardojo and Ministry of Finance director of state claims &
auctions Machfud Sidik signed an agreement for the auction.

According to Mr. Martowardojo, the auction is a strategy in
order to teach a lesson to its uncooperative creditors, after
restructuring and rescheduling of its loans to no avail.
Proceeds from the auction would go to recovering the loans that
have already defaulted.

Among the assets to be auctioned off are 380 plots of land, as
well as properties located nationwide, from a total of 140 bank
loan defaulters. The auction process is slated to be completed
within six weeks.

Bank Mandiri's gross NPLs totaled IDR25.2 trillion as of June
30, 2005, compared to IDR6.7 trillion in the same period last
year. The bank hopes to reduce its NPL ratio from 15.4% to less
than 5% by 2007.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


PERTAMINA: Government Wants Control of Cepu Block Shared
--------------------------------------------------------
In the latest bid to resolve a deadlocked issue on the operation
of the oil-rich Cepu block by its joint owners, state oil firm
PT Pertamina and U.S. oil giant ExxonMibl Corp., the Indonesian
government will ask them to share control of the block, Business
Times Malaysia reports.

The government wants the firms to set up a joint operating unit,
which would allow them to make decisions together and rotate
control of the block's cash flow and field operations, according
to Vice President Jusuf Kalla.

VP Kalla added that in the joint operating unit, the position of
chairman would be rotated every six months. This is the first
time a rotation of ownership has ever been done by any oil firm.

ExxonMobil spokesman Dave Rachman said that the focus now would
be to complete the joint operation agreement as soon as
possible, in order to begin development on the Cepu block, which
had already been delayed for four years.

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: Seeks to Distribute Subsidized Fuel Oil Next Year
------------------------------------------------------------
State-owned oil and gas firm PT Pertamina plans to ask the
government to appoint it as the agency charged with supplying
subsidized fuel oils to the public for 2006, reports Asia Pulse.

According to Pertamina deputy director Mustiko Saleh said that
the Company is ready to distribute a total of 41.6 million
kiloliters of subsidized fuel oils next year.

Presidential Decree No. 71 of 2005 states that the appointment
of an agency to handle the public service obligation fo
supplying subsidized fuel would be done either by direct
appointment or an auction process.

Domestic consumption of subsidized fuel oil had decline by 19%
in October, due to the slowdown of industrial activities as
year-end approaches, said Pertamina marketing director Arie
Sumarno. He added, however, that consumption may be on the rise
again in January 2006.


PERUSAHAAN GAS: To Raise Gas Prices in 2007
-------------------------------------------
State gas distributor PT Perusahaan Gas Negara (PGN) plans to
increase gas prices by 22% for its industrial clients in 2007,
the Jakarta Post reports.

PGN President WMP Simanjuntak said that the Company plans to
raise gas prices to USD5.00 per million British thermal units
(MMBtu) from USD4.50, and eventually to USD5.50 by 2007.
However, the prices are still 70% cheaper than that of diesel
fuel.

PGN said that the reason for the price hike is to encourage gas
producers to increase their output. POGN had increased the price
of natural gas by 15% last Oct. 15, 2005.

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
=========

KOKUDO CORPORATION: Establishment of Holding Firm Gets Nod
----------------------------------------------------------
Shareholders of Kokudo Corporation is set to establish a holding
firm for the privately held company that effectively controls
the Seibu Railway Co. group, Japan Today reports.

The holding firm called NW Corporation will be established
Tuesday as the first step toward reorganizing the struggling
Seibu Railway group.

The reorganization plan calls for setting up a holding company
for the Seibu Railway group by the end of the current fiscal
year.

CONTACT:

Seibu Railway Co. Ltd.
1-11-1, Kusunokidai
Tokorozawa, Saitama 359-8520, Japan
Phone: +81-42-926-2035
Fax: +81-42-926-2237


MITSUBISHI FUSO: To Slim Down Operations
----------------------------------------
Mitsubishi Fuso Truck & Bus Corporation will reorganize its
domestic sales network and group firms to cut costs and increase
efficiency as it strives to cope with declining domestic sales,
Japan Times reports.

The move is part of Mitsubishi Fuso's midterm business strategy,
which includes relocating its head office from Tokyo's Minato
Ward to Kawasaki, where its plant and research and development
office are located, by the end of December 2006.

The relocation will affect some 500 workers in administration,
sales and services. It is expected to contribute to a reduction
of JPY300 million annually in rental fees.

The restructuring plan does not include a reduction in
personnel.

Mitsubishi Fuso was a truck unit of Mitsubishi Motors Corp.
until it was spun off in January 2003. Mitsubishi Fuso will be a
fully consolidated subsidiary of Daimler beginning in fiscal
2006 and thus will change its reporting period to the calendar
year from the April-March period.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan
Minato-ku, Tokyo
108-8285, Japan
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI FUSO: Forecasts Sales Growth for FY05
------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation (MFTBC), one of Asia's
leading commercial vehicle manufacturers, provided a forecast
for the 12-month period ending March 31, 2006.

For the period April 2005 through March 2006, MFTBC expects
strong global sales of 185,000 units, an increase of about 3% or
5,500 units vs. 179,500 vehicles sold in fiscal 2004.

In Japan, Fuso expects sales of approximately 65,000 units, an
increase of 3,900 vehicles or 6% over fiscal 2004. Overseas
sales are forecasted at around 120,000 units vs. 118,500 units
in fiscal 2004 (+1%). This figure will mark a new record for
overseas sales.

MFTBC President and CEO Harald Boelstler said, "We have
stabilized domestic sales and are further expanding our strong
position overseas. Our operations will be profitable in fiscal
2005. These figures show the trust of our customers in Fuso and
the potential of our brand over the next years."

In September 2005, MFTBC finished Phase 1 of its renewal
process. The official filing of the last recall measure
resulting from the rigorous dealing with past quality issues
marked the end of the clean-up phase and the start of Phase 2,
which includes a further integration with DaimlerChrysler's
Commercial Vehicles Division.

In his first press conference since being appointed to President
and CEO, Mr. Boelstler outlined Fuso's mid- and long-term
direction at the start of Phase 2. Focusing on "Customer
Benefits through Integration," a far-reaching integration of
domestic business operations will complement the ongoing
integration of Fuso into DaimlerChrysler (DC), the world's
largest and leading maker of commercial vehicles.

Business Integration in Japan

MFTBC will fully incorporate Fuso Engineering Corp., a major R&D
subsidiary with about 1,000 employees, by April 1, 2006.

As of March 1, 2006, MFTBC will merge 26 consolidated domestic
dealers into the corporation. Fuso will become the first
automotive company in Japan to make sales and services a core
function with a full integration of its dealer network.

By December 2006, MFTBC will also relocate its head office from
Shinagawa, Tokyo, to Kawasaki and thus integrate sales and
administrative functions with R&D and production in one
location.

"These integration steps will create one united company with a
slim and flat organization. There will be a fast and unhindered
flow of information between all company functions but also
between Fuso and the market. This will directly benefit our
customers. We will be able to better serve them with quality
products and services of the same high level all throughout
Japan," said Mr. Boelstler.

Global Integration with DC

To further improve customer services, a new unit, Fuso Financial
Service, will offer customer-tailored financing and leasing
services exclusively to Fuso users as of January 2006. Fuso
Financial Service will be established jointly with DC Services
and thus leverage the expertise and financial power of DC.

In June 2006, Sterling Truck Corporation, a unit of DC's
Freightliner North America truck unit, will start sales of
light-duty trucks based on the Fuso Canter platform, via its
network and under Sterling branding in North America.

DC Commercial Vehicles is currently developing a next generation
heavy-duty engine, bundling the technological capabilities of
all global truck units with DC Commercial Vehicles. In September
2005, a Fuso Engineering Office was opened in Stuttgart,
Germany, supporting joint projects within DC Commercial Vehicles
with on-site engineers from Japan.

"The integration of MFTBC within the DaimlerChrysler Commercial
Vehicles Division is progressing at a rapid pace with a clear
strategic role for Fuso based on the company's traditional
strengths including world-class engineering capabilities,"
commented Andreas Renschler, DC Board Member with responsibility
for the Commercial Vehicles Division. "Fuso brings three
distinct strengths to the Commercial Vehicles Division
portfolio: a robust presence in Asia, light-duty truck
leadership and expertise in light-duty HEV-Hybrid Electric
Vehicle-technologies. Combining these strengths with those of
the world's leading commercial vehicle maker creates tremendous
benefits for Fuso customers in Japan and around the world."

As a fully-consolidated subsidiary of DC, MFTBC financial
results will be consolidated into those of DC's Commercial
Vehicles Division. Consequently, MFTBC will switch its reporting
period from the Japanese fiscal year to the calendar year as of
2006.

DaimlerChrysler AG owns 85% of MFTBC shares. The remaining 15%
of shares are held by various Mitsubishi group companies.
Mitsubishi Fuso is an integral part of DaimlerChrysler's
Commercial Vehicles Division.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan
Minato-ku, Tokyo
108-8285, Japan
Web site: http://www.mitsubishi-fuso.com


SHOKO CHUKIN: METI to Abolish Government Funding
------------------------------------------------
The Ministry of Economy, Trade and Industry plans to abolish
government funding for Shoko Chukin Bank so as to fully
privatize it, according to Japan Today, citing METI Vice Chief
Hideji Sugiyama.

Shoko Chukin is one of eight state-backed financial institutions
specializing in loans to smaller business, being considered for
privatization under Prime Minister Junichiro Koizumi's
structural reform drive.

METI will aim to transform the bank into "an entity run without
government investment" at some point in the future.

CONTACT:

Shoko Chukin Bank
10-17,Yaesu 2-chome
City Chuo-ku TOKYO
Zip 104
Country Japan
Phone: 03-3272-6111
Fax: 3274-3910


SOJITZ CORPORATION: To Support Chinese Steelmaker's Export
----------------------------------------------------------
Sojitz Corporation has formed an alliance with China's Wuhan
Iron and Steel (Group) Corporation under which they will export
steel-making equipment to such markets as India and Russia,
Kyodo News reports.

With Wuhan Iron and Steel also boosting production capacity,
Sojitz aims to expand its own orders for Japanese-made rolling
equipment and other products that the Wuhan engineering unit
cannot provide.

The Japanese firm expects to handle about JPY10 billion in new
orders through the tie-up in fiscal 2005.

CONTACT:

Sojitz Corporation
1-20, Akasaka 6-chome, Minato-ku
Tokyo, 107-8655, Japan
Telephone: 81-3-5520-5000
Fax: 81-3-5520-2390
Web site: http://www.sojitz.com/eng/index.html


UBE INDUSTRIES: Moody's Reviews Ba3 Ratings for Possible Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed Ube Industries, Ltd.'s
(Ube) Ba3 senior unsecured long-term debt ratings under review
for possible upgrade.

The rating review reflects Moody's expectation that the company
may continue to improve its earnings and capital structure over
the intermediate term through its ongoing efforts in reforming
its business portfolio, as well as its conservative financial
policy.

In line with the mid-term business plan started in April 2004,
Ube has been focusing on reforming its business portfolio
through strengthening core operations -- such as lactam chain,
functional materials and fine chemicals businesses -- and
divesting or forming alliances regarding non-core businesses.

At the same time, based on its conservative financial policy,
the company has been focusing on reducing debt and improving its
balance sheet structure -- mainly by reducing debt through
keeping capital expenditures within 80% of depreciation costs.
As a result of these measures, Ube's operating profit margin has
steadily grown, reaching 6.2% for the first half of FYE3/2006
from 5.7% for FYE3/2005 and 4.3% for FYE3/2004. Its total debt
to total capitalization ratio also improved, to 73.8% for the
first half of FYE3/2006 from 75.7% for FYE3/2005 and 79.7% for
FYE3/2004.

In its review, Moody's will assess Ube's ability to further
enhance its profitability and cash flow going forward despite
volatile external factors, such as continuing hikes in fuel and
material prices and cyclical adjustments of demand and prices
for electronic materials. The review will also focus on Ube's
medium-term potential to further improve its balance sheet
structure.

Ube Industries, Ltd., headquartered in Yamaguchi, is a leading
manufacturer of caprolactam and derivatives, especially nylon
resin. Its business line is diversified into basic chemicals,
functional chemicals, fine chemicals, construction materials,
machinery, aluminum wheels and others. Consolidated sales for
the fiscal year to March 2005 were JPY 562.7 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


* Major Banks Show Recovery in First Half
-----------------------------------------
Japan's six major banking groups enjoyed a profitable first half
in fiscal 2005 (ended September 30), recording a total of
JPY1.73 trillion in net profit, according to a report published
on November 28 by Standard & Poor's Ratings Services.

The sector's net profit shot up by JPY1.65 trillion year-on-
year, but this was mainly due to one-off recoveries on loan
losses, with UFJ Holdings Inc. showing the biggest gain. The
banks' recurring profit remains low by international comparison.

Standard & Poor's raised its ratings on six major banking groups
in June 2005, including institutions in the now merged
Mitsubishi UFJ Financial Group. Further upgrades or outlook
revisions would require continued improvements to profitability
and risk management, along with lower loan concentration.

Core profit (pre-provisioning net operating profit) increased by
7% year-on-year to JPY2.12 trillion for the six banking groups,
chiefly due to surging fee income. Interest income accounted for
about 50% of total gross operating profit but declined by 6%
from last year. Increases in housing loans and overseas lending
have led to a turnaround in loan balances, but overall interest
income is on the decline due to falling margins on market-
related transactions and narrowed interest spreads.

Shrinking lending rates were observed in all segments.
Therefore, a key challenge for the banks is to improve their
lending spreads to achieve higher profitability, which currently
lags behind international peers.  

Japan's major banks have been making steady progress in
disposing of NPLs in recent years. The sector's net NPL ratio
(based on risk-managed assets) improved by 0.17 percentage
points from March 2005 to 1.01% of total loans. The ratio has
fallen considerably from the 4.93% level recorded in fiscal
2002. Credit costs are not likely to increase substantially over
the medium term, given relatively favorable economic trends and
improving credit quality in the domestic corporate sector.

Major banks' Tier 1 capital rose by 0.17 percentage points since
March 2005 to 6.33%. Quality of Tier 1 capital also improved,
with the proportion of deferred tax assets shrinking to 19% from
27% at March 2005. Since banks' reliance on deferred tax assets
should continue to decline, the future regulatory treatment of
deferred tax assets in calculating capital adequacy will not
likely have a significant impact on the major banks' financial
profiles. Even so, the sector's capital quality is still not
comparable to that of overseas peers, as indicated by its
relatively higher proportion of preferred stocks.


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

ASIANA AIRLINES: To Cut Fuel Surcharge
--------------------------------------
Asiana Airlines Inc. is one of Korea's two largest airlines to
cut fuel surcharges since they were imposed in April after jet
fuel prices fell, The China Post reveals.

Asiana and Korean Air will cut fuel surcharges on international
routes as much as 36 percent for a return-fare per passenger
effective December 1, in line with government regulations.

"As fuel costs have dropped from record prices, we will be
lowering the surcharge costs," said Lee Hyoung Woo, a spokesman
at Korean Air, by phone Friday. "This is the first cut for us as
fuel costs have been up every month since April." Korean Air and
Asiana have imposed surcharges on tickets, hedged fuel
requirements and cut other expenses like other airlines in the
region to reduce the impact of higher fuel costs, which account
for as much as 34 percent of operating expenses of Asian
carriers.

Asiana and Korea Airlines were allowed to increase fares on
overseas routes by as much as US$30 a ticket starting April 10
starting April 10 if the price of jet fuel rises above the
average in the previous month.

Every US$1 rise in the price of oil raises Korean Air's costs by
KRW30 billion (US$30 million) a year and Asiana's expenses by
about KRW15 billion.

Costs of fuel surcharges on routes from South Korea to the U.S.
and Europe will fall next month to US$68 per passenger on a
return trip from US$104 in November while those to China and
southeast countries will drop to US$36 from US$50.

Levies imposed on flights to Japan from Seoul will be cut to
US$14 from US$22.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


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

ACP INDUSTRIES: Unit Enters Alliance with Saudi Binladin Group
--------------------------------------------------------------
ACP Industries Berhad (ACPI) issued to Bursa Malaysia Securities
Berhad details of the sub-contract agreement with Saudi Binladin
Group for the casting and erection of precast segments in bridge
and post tensioning works for the improvement of Jamarat Bridge
and surrounding area in Mina, Saudi Arabia (the sub-contract)

(1) Introduction

ACP Industries Berhad (ACPI) advised that its wholly owned
subsidiary, Persys Sdn Bhd (Persys) has entered into a sub-
contract agreement (Sub-Contract Agreement) on November 23, 2005
with Saudi Binladin Group.

(2) Salient points of the sub-contract agreement

The Sub-Contract value amounting to Saudi Riyal Two Hundred
Fourteen Million Three Hundred Fifty Thousand and Nine Hundred
(SR 214,350,900.00) Only of which the duration of the Sub-
Contract is 42 months.

(3) Financial effects of the sub-contract agreement

The Sub-Contract Agreement will not have material effect on the
earnings of ACPI Group nor will it have material impact on the
net tangible assets of ACPI Group for the financial year ending
March 31, 2006. However, it is expected to contribute positively
to the future earnings of ACPI Group. Persys shall fund the Sub-
Contract through project advances, internally generated funds
and bank borrowings.

(4) Directors' and major shareholders' interest

None of the Directors or Major Shareholders of ACPI Group or
persons connected to them has any direct or indirect interest in
the Sub-Contract Agreement.

(5) Statement by directors

The Directors of the Company are of the opinion that the terms
of the Sub-Contract Agreement are fair, reasonable and in the
best interest of the Company.

CONTACT:

ACP Industries Berhad
18A Jalan 51A/223
46100 Petaling Jaya, Selangor Darul Ehsan 46100
Malaysia
Telephone: +60 3 7956 5186 / +60 3 7958 6130


ANCOM BERHAD: Holds Shares Buy Back
-----------------------------------
Ancom Berhad submitted to Bursa Malaysia Securities Berhad a
notice of shares buy back with the following details:  

Date of buy back: November 28, 2005

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

Total number of shares purchased (units): 2,000

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

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,147,203

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


AFFIN HOLDINGS: Bourse to List, Quote New Shares
------------------------------------------------
Affin Holdings Berhad advised that its additional 203,000 new
ordinary shares of MYR1.00 each issued pursuant to the Executive
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, November 30, 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057


CHG INDUSTRIES: Default Status Still Unchanged
----------------------------------------------
CHG Industries Berhad advised Bursa Malaysia Securities Berhad
that its position on default in payment remains unchanged as
detailed in the announcement released on March 25, 2005.

This announcement is dated 28 November 2005.

CONTACT:

CHG Industries Berhad
8th Mile Jalan Cheras
Cheras, Selangor Darul Ehsan 43200
Malaysia
Telephone: +60 3 907 58811
Fax: +60 3 907 66215


DAI HWA: Books MYR251,000 Net Loss in 3Q/FY05
---------------------------------------------
Dai Hwa Holdings (M) 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  

    0              0               0              0

(2) Profit/(loss) before tax  

    -251           -238            -965           -318

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

    -251           -238            -965           -318

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

    -251           -238            -965           -318

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

    -0.22           -0.21          -0.86          -0.28

(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)  

    0.3900                     0.4000

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/DaiHwaHoldingsQtr3112805.doc

This announcement is made on 28 November 2005.


DFZ CAPITAL: Results Swing to Black in 3Q/FY05
----------------------------------------------
DFZ Capital 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
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  

    57,178        37,971          170,295        121,790

(2) Profit/(loss) before tax  

    5,132          -5,340          15,184         -10,127

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

    4,179          -5,604          12,737         -11,284

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

    4,179         -5,604         12,737          -11,284

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

    3.70          -231.20         12.70          -465.50

(6) Dividend per share (sen)  

    0.00          0.00            6.00            0.00

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

(7) Net tangible assets per share (MYR)  

       0.4424                     0.1360

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/DFZCapital0905quarterlyreport.pdf

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/DFZCapitalQtrNotes0905.pdf

Remarks:

The adjusted net tangible assets per share for the current
financial year is calculated assuming all potential ordinary
shares, i.e. Irredeemable Convertible Preference Shares (ICPS)
which are mandatory convertible in between 3 to 5 years, will be
fully converted.


GULA PERAK: Incurs Net Loss in Q2
---------------------------------
Gula Perak Berhad furnished Bursa Malaysia Securities Berhad a
copy of its Second 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  

    9,320         9,314           16,779         16,934

(2) Profit/(loss) before tax  

    -505           104             -1,222         -1,506

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

    -505           105             -1,222         -1,506

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

    -505           105             -1,222         -1,506

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

    -0.12           0.04            -0.28         -0.58

(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)  

        0.7800                     1.9300

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/GulaPerakQtyFS300905.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/GulaPerakQtyNotes300905.doc

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


HOCK SIN: Net Loss Dips to MYR128,000
-------------------------------------
Hock Sin Leong Group Berhad issued to Bursa Malaysia Securities
Berhad a copy of its Fourth 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  

    40,665        45,742         167,706         187,725

(2) Profit/(loss) before tax  

    -100          -622            -5,950         -2,721

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

    -128          -667            -5,978         -2,766

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

    -128          -667             -5,978        -2,766

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

    -0.21        -1.11              -9.96         -4.61

(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)  

     1.1682                     1.3405

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/HockSinResultQ42005.doc


LION CORPORATION: Net Loss Narrows in 1Q/FY05
---------------------------------------------
Lion Corporation Berhad furnished 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
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  

    530,771       914,479         530,771        914,479

(2) Profit/(loss) before tax  

    -54,120       170,203         -54,120        170,203

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

    -48,994        141,091        -48,994        141,091

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

    -48,994        141,091        -48,994        141,091

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

    -5.29          15.35           -5.29         15.35

(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)  

    0.3500                       0.4000

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/LionCorpBerhad112805.xls

CONTACT:

Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155 / +60 3 2162 3448


MAGNUM CORPORATION: Buys Back 248,000 Ordinary Shares
-----------------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a share buy back notice with the following details:
   
Date of buy back: November 28, 2005

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

Total number of shares purchased (units): 248,000

Minimum price paid for each share purchased (MYR): 1.890

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 248,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 77,485,900

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 96,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, November 30, 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


METACORP BERHAD: Bourse Extends Time to Comply with Requirements
----------------------------------------------------------------
Further to the announcement made on October 11, 2005, Metacorp
Berhad announced that Bursa Malaysia Securities Berhad (Bursa
Securities) had on November 28, 2005 granted Metacorp an
extension of time of six (6) months from October 12, 2005 until
April 11, 2006 to comply with the public shareholding spread
requirement pursuant to paragraph 8.15(1) of the Listing
Requirements of Bursa Securities.

Based on the Company's Record of Depositors as at October 31,
2005, the number of public shareholders of Metacorp holding not
less than 100 shares was 5,172 and the percentage of public
shareholding spread was 24.85 percent, representing a shortfall
of 0.15 percent from the minimum public shareholding spread of
25 percent.

Metacorp has and intends to continuously update investors and
fund managers on the prospects of investment in Metacorp's
shares for placement of Metacorp shares by its substantial
shareholders in order to comply with the public shareholding
spread requirement by February 2006.

This announcement is dated 28 November 2005.


OILCORP BERHAD: Unit Inks JVA with Magic Coast
----------------------------------------------
Oilcorp Berhad issued to Bursa Malaysia Securities Berhad
details of the agreement between Ascentland Sdn Bhd (Ascentland)
and Magic Coast Sdn Bhd (MCSB).

(1) Introduction

(1.1) The Board of Directors of Oilcorp advised that its wholly
owned subsidiary, Ascentland had entered into a Joint Venture
Agreement (JVA) with MCSB on November 28, 2005 to jointly
develop a piece of land in Geran No. 43683, Lot 582, Seksyen 55,
Bandar and Daerah Kuala Lumpur, Wilayah Persekutuan (the said
Land) measuring in area of approximately 8,871 sq. metres into a
mixed development comprising inter alia, Hotel Suites, Corporate
Suites and Office Blocks.

(2) Details of the Joint Venture

(2.1) Salient terms of the JVA

(2.1.1) Under the JVA, MCSB shall provide the said Land and
shall jointly develop the said Land with Ascentland, into a
mixed development comprising inter alia, Hotel Suites, Corporate
Suites and Office Blocks (the Development).

(2.1.2) MCSB shall finalize and complete the layout plans with
the acknowledgement from Ascentland on the development (the
Layout Plans) for submission to the relevant authorities for
approval.

(2.1.3) MCSB covenants and undertakes to procure and obtain the
approval of Layout Plans and Building Plans for development (the
Approvals) within 18 months from the date of the JVA, failing
which Ascentland shall be entitled to terminate the JVA by
serving a written notice to MCSB.

(2.1.4) Ascentland shall render all reasonable co-operation and
assistance to MCSB in the application for and procurement of all
necessary approvals of Layout Plans, the Building Plans and
specifications for the development.

(2.1.5) Ascentland agrees to pay to the MCSB a sum equivalent to
MYR24 million in consideration of MCSB agree to enter into this
JVA and the consideration shall be paid at the time on the
achievement of the following development milestone :

(i) Ringgit Malaysia Eight Million (MYR8,000,000.00) upon
execution of this JV agreement.
(ii) Ringgit Malaysia Eight Million (MYR8,000,000.00) on the
date of the submission of the layout plan for approval to the
relevant authorities; and

(iii) Ringgit Malaysia Eight Million (MYR8,000,000.00) upon the
issuance of the development order for the development

The above consideration would be recorded as part of the
development cost incurred by Ascentland and shall be paid out of
the development account upon completion of the development and
prior to the determination of the development profit. In the
event of termination of JVA as provided in item 2.1.3 above,
MCSB shall refund to Ascentland such part of the consideration
which has been received by MCSB, free of interest and the JVA
shall thereafter become null and void.

(2.1.6) The entire costs and expenses to be incurred in the
development not limited to promotion, marketing, sales
administration and construction of all units and parcels shall
form part of the development costs.

(2.1.7) Ascentland shall be responsible for necessary financing
facilities for the development.

(2.1.8) MCSB and Ascentland shall form a working committee
comprises of one (1) representative from MCSB and two (2)
representatives from Ascentland to decide on matters arising in
the course of the development. Any decision of the working
committee shall be made by way of simple majority.

(2.1.9) The development profit derived from the sales of the
development shall be apportioned in the ratio 60:40 as between
the Ascentland and MCSB respectively.

(2.1.10) MCSB agrees that Ascentland shall be given the first
right of refusal to operate the Hotel Suites on the development,
subject to such terms and conditions as may be negotiated and
agreed upon between Ascentland and MCSB.

(3) Rationale of the JVA

The joint venture would enable Ascentland to expand its existing
property investment and hospitality business and to generate
future revenue for the Company.

(4) Financial Effects

(4.1) Share capital

The joint venture is not expected to have any impact on the paid
-up capital of Oilcorp.

(4.2) Net tangible Assets (NTA)

The future earnings from the development are expected to enhance
the NTA of the Oilcorp group.

(4.3) Earnings

The joint venture is not expected to have any material impact on
the earnings of Oilcorp for the year ending December 31, 2005
but is expected to contribute positively to the future earnings
of the Oilcorp group.

(5) Directors' and Substantial Shareholders' Interest

None of the directors, substantial shareholders of Oilcorp and
or person connected with them has any interest, direct or
indirect, in the joint venture.

(6) Statement by Directors

The Board of Directors of Oilcorp is of the opinion that
participating in the joint venture is in the best interest of
Oilcorp Group.

This announcement is dated 28 November 2005.

CONTACT:

Oilcorp Berhad (553069-T)  
No. 2-2, Jalan SS 6/6,
Kelana Jaya, 47301 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Telephone: 603 7804 4843
Fax: 603 7804 6212
E-mail: info@oilcorp.com.my


PARACORP BERHAD: Net Loss Reaches MYR2,837,000 in 3Q/FY05
---------------------------------------------------------
Paracorp Berhad submitted to Bursa Malaysia Securities Berhad a
copy of its Third Quarter 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  

    19,536        22,970          56,767        65,772

(2) Profit/(loss) before tax  

    -2,806        -3,517           -11,191       -8,954

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

    -2,837        -3,626           -11,396       -9,511

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

    -2,837        -3,626           -11,396       -9,511

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

    -2.13           -2.72           -8.56          -7.15
  
(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)  

      -0.0460                    0.0351

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/ParacorpBerhad3QE2005FS.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/Paracorp3QE2005notes.doc


PORTRADE DOTCOM: Releases 1Q/FY05 FS
------------------------------------
Portrade Dotcom Berhad furnished Bursa Malaysia Securities
Berhad a copy of its First Quarter 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  

    1,648         1,753           1,648          1,753

(2) Profit/(loss) before tax  

    -334          -157            -334            -157

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

    -342          -156           -342            -156

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

    -342          -158           -342            -156

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

    -0.37        -0.17          -0.37           -0.17

(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)  

    0.0099                    0.0158

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PortTradeQuarterly112805.xls


PUNCAK NIAGA: New Shares Up for Listing, Quotation
--------------------------------------------------
Puncak Niaga Holdings Berhad advised that its additional 123,000
new ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, November 30, 2005.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Tel: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


PUNCAK NIAGA: Summary Judgment Fixed for Hearing Dec. 12
--------------------------------------------------------
Reference is made to Puncak Niaga Holdings Berhad's earlier
announcement dated 21 October 2005 in relation to the Kuala
Lumpur High Court Civil Suit No.: S2-22-725-2005 Premier Ayer
Sdn Bhd versus Perbadanan Urus Air Selangor Berhad.

The Company informed the Exchange that the Plantiff's
application for summary judgment is fixed for continued hearing
on December 12, 2005.

This announcement is dated 24 November 2005.


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

LAFAYETTE MINING: Sinks in Php300 Mln for RP Mine Repair
--------------------------------------------------------
Lafayette Mining Inc.'s Philippine unit has sunk in more than
Php300 million to restore its mine infrastructure and improve
the operation of its Rapu Rapu plant in Albay, The Philippine
Daily Inquirer has learned.

Lafayette Philippines director and country manager Rod Watt said
the mining firm would not resume operations until its facilities
have been thoroughly checked and repaired in order to avoid
untoward incidents like the recent mine spills in Rapu Rapu.

According to the DENR's Environmental Management Bureau, the
mine spills from Lafayette's tailings pond took place because
the mining firm could not contain the rainwater that seeped
through, causing the pond to overflow. Mr. Watt admitted that
the company had been penalized over the incident.

But he said that the company will fully support, and comply
with, the recommendations of the authorities.

Mr. Watt said Lafayette on its own contracted the services of
another independent investigating team a week ago.

The team, composed of eight mining engineers and geological
engineers, assessed the mining infrastructure of Rapu Rapu.

CONTACT:

Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com  
Web site: http://www.lafayettemining.com


MANILA ELECTRIC: Clients Win Rate Hike Reprieve
-----------------------------------------------
Manila Electric Company (Meralco) will enjoy the same power
rates at least till after New Year, according to The Manila
Times.

The Energy Regulatory Commission (ERC) has temporarily spared
consumers a Meralco rate increase.

The regulator said it will not be able to decide on Meralco's
latest petition for 14.76-centavo per kilowatt hour (kWh) rate
hike until after the year ends.

ERC Chair Rodolfo Albano told reporters the regulatory agency
will not issue any decision soon because more public hearings on
the proposed increase were needed. The ERC requires hearings to
hear arguments for and against power rate increases.

Meralco filed the petition in June. If implemented, it would add
Php29.52 to the monthly billing statement of a household that
consumes 200 kWh.

Meralco is looking forward to the ERC approval of the 14.76-
centavo hike to improve its fiscal position because it has
planned to release some Php18 billion for the fourth and final
phase of its refund scheme.

The power firm suffered a net loss of Php1.7 billion during the
first quarter of 2005 and Php2.6 billion for 2004. Last year,
Meralco's net loss reached Php2.6 billion.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph   


MAYNILAD WATER: Government Mulls 84% Stake Sale
-----------------------------------------------
The national government is considering selling its 84-percent
stake in ailing water utility firm Maynilad Water Services Inc.,
Yehey News reports.

The move is aimed at saving at least US$22 million in
subscription payments, and avoiding additional expenses in the
troubled utility.

Last week, the Privatization Council last week approved the
privatization plan for Maynilad, which essentially involves the
auction of government's rights to the 84-percent stake.

The government would tap a financial adviser for the
undertaking.

Maynilad, which was earlier controlled by the Lopez family, won
the franchise for the west service zone of the Metropolitan
Water and Sewerage System (MWSS) in 1997.

The water firm submitted itself to court rehabilitation and
ceded control of the franchise to MWSS following its failure to
pay fees and other dues to water regulatory agency.

The other shareholder of Maynilad is Lyonnaise Asia Water
Holdings Pte Ltd.

Maynilad's financial woes are partly blamed on the Asian
financial crisis of 1997 that saw the peso depreciate steeply
against the U.S. dollar.

CONTACT:

Maynilad Water Services Inc.
G/F MWSI Building, Katipunan Road
MWSS Compound, Balara
Quezon City
Philippines


NATIONAL FOOD: Offers Drying, Trucking Aid to Farmers
-----------------------------------------------------
The National Food Authority (NFA) is offering its drying and
trucking facilities at a very minimal fee to local farmers to
get a better price for their palay (rice) harvest.

The NFA Camarines Sur office has six units of mechanical driers
that can dry 1,000 bags of palay for every 12-hour operation.
These units are located at the Isarog Grains Center in
Palestina, Pili. The NFA charges Php30.00 per bag of 50
kilograms with 24% moisture content.

Interested farmers and farmers' organizations may avail of the
NFA's trucking services to haul their palay from the farm to
either the NFA or any private traders. The service is open to
everyone, even to those who do not sell their produce to the
NFA.

The NFA buys palay at Php10 per kilogram with additional
incentives amounting to Php0.50 per kilogram to cover drying,
delivery and cooperative development. The average prevailing
price from private traders in the province is between Php11 and
Php11.50 per kilogram. These prices apply to clean and dry
stocks with 14% moisture content.

Individual farmers who intend to sell their produce to the NFA
may first secure a farmer's passbook from the NFA before
delivering their stocks. Farmers who do not hold farmers'
passbooks may be allowed to sell a maximum of 50 bags as initial
delivery. For subsequent deliveries, however, a farmer's
passbook will be required.

CONTACT:

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


WELLEX INDUSTRIES: Board Postpones ASM Indefinitely
---------------------------------------------------
At a special meeting of the Board of Directors of WELLEX
INDUSTRIES, INC. (WIN) held Tuesday, November 29, 2005, the
Board was informed that the corporation's annual report and
financial statements from the external auditors are not yet
ready for the annual stockholders' meeting previously set for
December 16, 2005 at 10:00 o'clock in the morning to be held at
the Citibank Tower, Paseo de Roxas St. Makati City.

In view thereof and in order to give ample time for the
preparation, finalization and printing of the aforesaid annual
report and financial statements of the corporation, the Board
decided to postpone the annual stockholders' meeting to a future
date to be announced later.

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


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

ACCORD CUSTOMER: EX-CEO Stands Trial for Cheating
-------------------------------------------------
The former CEO of mobile phone services provider Accord Customer
Care Solutions Limited (ACCS) will stand trial for 99 charges of
cheating brought against him, reports Channel NewsAsia.

A recent cheating scandal involving ACCS and mobile phone giant
Nokia ended with 14 people being accused of a total of 367
charges. Nokia accused ACCS of cheating by falsfying phone
repair bills and warranty claims.

Among the accused together with former ACCS CEO Victor Tan are:
former chief financial officer Yip Hwai Chong, and seven
managers of the Company's Nokia centers. Eight of the accused
intend to plead guilty to the charges brought against them,
while it is still uncertain how the others will plead.

A tentative trial date has been set for Mr. Tan, between April
17, 2006 and May 12, 2006.

CONTACT:

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


BELLEFONTE INVESTMENTS: Receiving Claims Until Next Month
---------------------------------------------------------
Notice is hereby given that the creditors of Bellefonte
Investments Pte Limited, which is being wound up voluntarily,
are required on or before Dec. 27, 2005 to send in their names
and addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
Liquidators.

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

Dated this 25th day of November 2005

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


CYBER VILLAGE: Issues New Shares
--------------------------------
Cyber Village Holdings Limited announced that the on Nov. 21,
2005, the Company alloted and issued an aggregate of 91,000
ordinary shares at SGD0.05 each in its share capital, pursuant
to the exercise of options under the Cyber Viallge Employee
Share Option Scheme.

The Company has applied for the new shares to be listed and
quoted on the Singapore Exchange & Securities Trading Limited.

The new shares will rank pari passu in all respects with all the
existing ordinary shares of the Company.

Upon the issue of the new shares, the Company's issued and paid-
up share capital has increased to 164,999,000 ordinary shares of
SGD0.05 each.

Tony Pua Kiam Wee
Chief Executive Officer

Nov. 28, 2005

CONTACT:

Cyber Village Holdings Limited
19 Kallang Avenue #04-159
Singapore 339410
Phone: 65 6221 2231, 6296 7547
Fax:   65 6221 0919, 6296 7548
Web site: http://www.cyber-village.net/


HUA LIONG: Court to Hear Winding Up Petition Dec. 9
---------------------------------------------------
Notice is hereby given that Super Galvanising Pte Limited filed
a winding up petition against Hua Liong Construction (2000) Pte
Limited at the Singapore High Court on Nov. 16, 2005.

The Petition is directed to be heard before the Court sitting on
Dec. 9, 2005, 10:00 a.m.

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

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

The Petitioners' address is 1A Pioneer Sector Walk, Singapore
627895.

The Petitioners' solicitors are Messrs Lee Bon Leong & Co. of 79
Anson Road, #11-01/02, Singapore 079906.

Messrs Lee Bon Leong & Co.
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs Lee
Bon Leong & Co notice in writing of his intention so to
do. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitor (if any)
and must be served, or if posted must be sent by post in
sufficient time to reach the solicitors not later than 12:00
p.m. of Dec. 8, 2005 (a day before the day appointed for the
hearing of the Petition).

CONTACT:

Hua Liong Construction (2000) Pte Limited
10 Bukit Batok Crescent
#12-02 The Spire
Singapore 658079
Phone: 65 6281 5665   
Fax:   65 6285 1771


PNE INDUSTRIES: Posts Net Loss in FY2005
----------------------------------------
PNE Industries Limited announced that the Company posted a
SGD27.38 million net loss for the financial year ended Sept. 30,
2005, compared to a net profit of SGD1.03 million for the same
period last year.

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

http://bankrupt.com/misc/tcrap_pneindustries112905.pdf

CONTACT:

PNE Industries Limited
C/o 996 Bendemeer Road,
#07-06, Singapore 339944
Phone: 65 6291 0698
Fax:   65 6295 0932
Email: pnehq@pne.com.sg
Web site: http://www.pne.com.sg


YEW SENG: Court Issues Winding Up Notice
----------------------------------------
In the matter of Yew Seng (Lian) Pte Limited, the Singapore High
Court issued a winding up order against the Company on Nov. 18,
2005, with the following details:

Name and address of Liquidator: Messrs S K Lai & Co.
8 Robinson Road
#13-00 ASO Building
Singapore 048544

Colin Ng & Partners
Solicitors for the Petitioners

Note:

(a) All Company creditors should file their proof of debt with
the Liquidator who will be administering all affairs of the
Company.

(b) All debts due to the Company should be forwarded to the
Liquidator.


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

SIAM AGRO-INDUSTRY: Enters Alliance with Thai Pineapple
-------------------------------------------------------
The Plan Administrators of The Siam Agro Industry Pineapple and
Others Public Company Limited advised the Stock Exchange of
Thailand (SET) that the Company has entered into a conditional
restructuring and investment agreement with Thai Pineapple
Canning Industry Corporation Limited and Kasikornbank Public
Company Limited pursuant to the Company's reorganization plan
approved by the Central Bankruptcy Court on November 18, 2005.

This transaction is expected to be completed by December 31,
2005.

Please be informed accordingly and disclose to the shareholders
and the general investors.

Yours sincerely,
Mr. Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl   
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok    
Telephone: 0-2661-7878   
Fax: 0-2661-7865   
Web site: http://www.saico.co.th


THAI AIRWAYS: Books THB6,776,651,000 Net Profit
-----------------------------------------------
Thai Airways International Public Company Limited furnished the
Stock Exchange of Thailand (SET) a summary of its Audited Yearly
FS and Consolidated FS.

Audited (In thousands)
Ending September 30

                                  For year
Year                       2005            2004

Net profit (loss)          6,776,651       10,076,838

EPS (baht)                      4.00          6.14

Auditors Opinion: Unqualified Opinion with an emphasis of
matters.

Comment: Please see details in financial statements, auditor's
report and remarks from SET SMART.

"The company hereby certifies that the information above is
correct and complete. In addition, the company has already
reported and disseminated its financial statements in full via
the SET Electronic Listed Company Information Disclosure
(ELCID), and has also submitted the original report to the
Securities and Exchange Commission."

Mrs. Ngamnit Sombutpibool
Executive Vice President Finance and Accounting
Authorized to sign on behalf of the company

CONTACT:

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


THAI WAH: Gets Court Nod on Plan Amendment
------------------------------------------
Thai Wah Public Co. Ltd. refers to the letter submitted to the
Stock Exchange of Thailand (SET) dated October 18, 2005 and
November 7, 2005 submitted by Class B Director of Thai Wah Group
Planner Co Ltd as a Plan Administrator of the Company.

The company advised the Exchange that on November 28, 2005, the
Central Bankruptcy Court has approved the amendments to the
business reorganization plan of the Company as follows:

(1) Amendment to extend the plan implementation period for
another year following the original expiry date.  Therefore,
the time to implement the plan will end on November 14, 2007.

To view a full copy of the announcement, go to
http://bankrupt.com/misc/ThaiWahPublicCoLtd112905.pdf

Please be informed accordingly.

Yours sincerely,

Oraprapai Sukumalchantr
Class B Director of Wah Group Planner Co. Ltd.
as the Plan Administrator of Thai Wah PCL.

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70   
Web site: http://www.thaiwah.com






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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