TCRAP_Public/051201.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

            Thursday, December 1, 2005, Vol. 8, No. 238

                            Headlines

A U S T R A L I A

AMPELECT PTY: Final Meeting Set Next Week
ATLANTEK PTY: To Declare First, Final Dividend Dec. 6
AUSTRALIAN COTTON: Intends to Pay Dividend to Creditors
AUSTRALIAN GAS: Completes Southern Hydro Acquisition
AUSTRALIAN GAS: Cut to 'BBB+/Watch Neg' After Southern Hydro Buy

CLEARGOLD PTY: Lays Out Final Meeting Agenda
DAISYTEK AUSTRALIA: To Declare Dividend Dec. 19
DC DRURY: To Declare First, Final Dividend
DELLMONT PTY: To Distribute Employee Dividend
EVERICH PTY: To Declare First, Final Dividend

FERNBRAN CONSTRUCTIONS: To Convene Final Meeting Dec. 14
FIRST DIRECT: Creditors Asked to Submit Proofs of Claim
FLOWCOM LIMITED: Acquires ReelTime from Movies Online
FORDLYN PTY: To Declare Dividend Dec. 13
FREERANGE ANIMATION: Proofs of Debt Due Before Dec. 13

GLOBAL WINE: Aims to Collect Debt in Six Months
IMHEAVEN PTY: Members, Creditors to Receive Liquidator's Report
JAMES HARDIE: Dividend Converts to AU$0.541 per CUFS
JO'S TRADING: Creditors Set to Get Dividend Payment
LIHIR GOLD: Rio Tinto Agrees to Sell Investment

NATIONAL AUSTRALIA: Sells BNZ Investment Management
PJ ASHLEY: Liquidator to Explain Winding Up Dec. 16
PORTAL INVESTMENTS: To Hold Final Meeting Dec. 9
RENEWAL PTY: Posts Final Dividend Notice
SANTOS LIMITED: Reaffirms Production Guidance

STEWARTS HOME: Creditors to Benefit from Dividend
STRATHFIELD: Mulls Franchise License for 90 Stores
SYDNEY GAS: ASX Grants Shares Trading Suspension
TELCO HOLDINGS: Liquidator to Detail Wind Up Manner at Meeting
TELSTRA CORPORATION: Backs ACCC's Move to Cut Rates

WAVEY PTY: Lays Out Final Meeting Agenda


C H I N A  &  H O N G  K O N G

CHOR LAU: Appoints Official Liquidators
CRESVALE FAR: Releases Notice of Intended Dividend
HI-SPEED LOGISTICS: Receives Winding Up Notice
GOLDEN WAY: Court Orders Winding Up
MERCK & COMPANY: Details Global Restructuring Program

PRODUCT NETWORK: Creditors to Prove Debt Claims by Dec. 28
RECOTON (FAR EAST): Proofs of Debt Due by Jan. 13
RINGWAY DEVELOPMENT: Winding Up Hearing Set Jan. 4
SUNRISE DESIGN: Set to Wind Up Business
TREASURE SHELL: Creditors Meeting Set Dec. 17


I N D I A

BHARAT PETROLEUM: In Talks with Global Firms for Bina Refinery
* Oil Firms Undertake Joint Venture Projects


I N D O N E S I A

BANK MANDIRI: Suffers 57% Profit Drop in Q3
GARUDA INDONESIA: Trims Seating Capacity of Bali Flights
PERTAMINA: Government Wants Cepu Block Talks Finalized


J A P A N

KANEBO LIMITED: Execs Admit to Falsifying Financial Statements
KANEBO LIMITED: Logs JPY19.8-Bln Net Loss
MITSUBISHI MOTORS: Thai Unit to Issue Baht Denominated Bonds
NISSAN DIESEL: To Raise JPY43.7 Bln to Repay Loans
SANYO ELECTRIC: Execs Quit Board to Answer Crisis

SEIKO EPSON: To Cut Exposure to Mobile Phones
* Deutsche's Sato Says Japan Chipmakers Should Merge


K O R E A

LG CARD: Raises ABS Worth US$400Mln


M A L A Y S I A

BUKIT KATIL: Registrar OKs Summary Judgment Application
DAIMAN DEVELOPMENT: Names New Unit Liquidator
DFZ CAPITAL: Holds Share Buy Back
GADANG HOLDINGS: Shareholders Approve AGM Resolutions
HAP SENG: Buys Back Ordinary Shares

INTAN UTILITIES: Bourse Extends Compliance Deadline
JIN LIN: Shareholders Seek Renewal of Mandate
KEMAYAN CORPORATION: Court Unveils Hearing Date
KEMAYAN CORPORATION: Applies for Restraining Order Extension
K.P. KENINGAU: Provides Default Status Update

MAGNUM CORPORATION: Issues Shares Buy Back Notice
PACIFIC & ORIENT: Undertakes Share Buy Back
PACIFIC & ORIENT: Issues New Shares for Listing, Quotation
PORTRADE DOTCOM: Passes All Resolutions at AGM
TRANSOCEAN HOLDINGS: Concludes Disposal of Unit's Properties


P H I L I P P I N E S

DMCI HOLDINGS: State Lawyers Won't Represent BCDA
DMCI HOLDINGS: Asks to Relist Preferred Shares
LAFAYETTE MINING: Rapu-Rapu Pond Incident Spills US$5.5 Mln
LEPANTO CONSOLIDATED: Trades Additional Common Shares
PACIFIC PLANS: Planholders Urge the SEC to File Fraud Charges


S I N G A P O R E

AUDIOPLEX PTE: Issues Debt Claim Notice
B&C CONSTRUCTION: Posts Notice of Preferential Dividend
SING MALAYA: Issues Notice of Preferential Dividend
SWISSCO PTE: Intends to Distribute Dividend


T H A I L A N D

ADVANCE AGRO: Moody's Assigns (P)B3 Rating on Unsecured Bonds
PREMIER ENGINEERING: Unveils Resolutions Passed at EGM
THAI AIRWAYS: Clarifies Financial Report for FY2005

     -  -  -  -  -  -  -  -  

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

AMPELECT PTY: Final Meeting Set Next Week
-----------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Ampelect Pty Ltd (In
Liquidation) will be held at 14 Quillback Close, Mountain Creek
Qld on December 8, 2005, at 10:00 a.m. for the purpose of laying
before the meeting the liquidator's final account and report and
giving any explanation thereof.

Dated this 20th day of October 2005

Tracy Pollock
Liquidator
6 Mako Court,
Mountain Creek Qld


ATLANTEK PTY: To Declare First, Final Dividend Dec. 6
-----------------------------------------------------
A first and final dividend is to be declared on Dec. 6, 2005 for
Atlantek Pty Limited (In Liquidation).

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

Dated this 5th day of October 2005

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


AUSTRALIAN COTTON: Intends to Pay Dividend to Creditors
-------------------------------------------------------
A dividend is to be declared on December 9, 2005 for creditors
of Australian Cotton Ltd (In Liquidation).

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

Dated this 14th day of October 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5, 15 Queen Street,
Melbourne Vic 3000
Telephone: (03) 9613 5500
Facsimile: (03) 9614 3233
Web site: http://www.worrells.net.au


AUSTRALIAN GAS: Completes Southern Hydro Acquisition
----------------------------------------------------
The Australian Gas Light Company (AGL) has completed the
acquisition of the Southern Hydro renewable energy power
generation assts for AU$1.425 billion from New Zealand company
Meridian Energy Limited.

The assets consist of 11 hydro power stations located in
Victoria and New South Wales and Australia's largest wind farm
located at Wattle Point in South Australia. The total generating
capacity of the portfolio is 736 megawatts (MW).

The hydro assets will form part of AGL's energy business under
the recently announced proposal to demerge AGL into two new
major listed businesses by separating the retail and merchant
energy assets from the infrastructure assets. The Wattle Point
Wind Farm, the largest in Australia, will be incorporated into
the infrastructure business.

"AGL is focused on integrating Southern Hydro into the existing
retail and merchant energy business to optimize the benefits
expected to AGL's overall wholesale energy portfolio," AGL
Managing Director Mr. Greg Martin said.

Mr. Martin added that since the acquisition announcement on Oct.
31, dam storage levels for the combined hydro assets of Victoria
and New South Wales (NSW) have increased by 5.8 percent. This
reinforced AGL's view that the Southern Hydro assets would
return to the long-term average hydrology by 2009.

"The AGL generation portfolio now comprises 1,700 MW of
capacity, including over 600 MW of fast-start-up peaking
capacity, and positions the energy business for further growth,"
Mr. Martin concluded.

CONTACT:

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


AUSTRALIAN GAS: Cut to 'BBB+/Watch Neg' After Southern Hydro Buy
----------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) lowered its corporate
credit ratings on The Australian Gas Light Co. (AGL) to 'BBB+/A-
2' from 'A/A-1'.

This rating action follows the settlement of AGL's acquisition
of Southern Hydro Pty Ltd. (Southern Hydro; BBB+/Watch Neg./--).

The ratings on AGL remain on CreditWatch with negative
implications because the company plans to demerge its energy
business, creating a separate listed energy company. In line
with the CreditWatch on AGL, Standard & Poor's has also revised
the CreditWatch on Southern Hydro Pty. Ltd. to negative from
developing.
     
"The lower ratings on AGL reflects the decline in its financial
profile and greater exposure to merchant risk following the
acquisition of Southern Hydro, as well as recent evidence of the
company's increased risk appetite," said Mark Legge, credit
analyst, Corporate & Infrastructure Finance Ratings group.
     
The full debt funding of AGL's AU$1.425 billion acquisition of
Southern Hydro has caused a marked decline in the company's
financial profile. With debt more than doubling, AGL's cash flow
credit metrics are projected to fall significantly, with FFO to
debt likely to approach 20% in the next few years. This compares
with previous expectations that this metric would not fall below
30% over the medium term. The addition of Southern Hydro to
AGL's generation portfolio enhances the company's ability to
mitigate the market risk associated with its electricity retail
operations. Nevertheless, the small, complex, and weather
sensitive nature of Southern Hydro means Standard & Poor's will
need to see a number of years of successful integration with
AGL's retail operations before ascribing material benefit to the
company's business position stemming from the acquisition.
     
The Southern Hydro acquisition further increases AGL's merchant
activities to a point where more than 60% of its EBIT is likely
to be sourced from unregulated businesses, which are considered
more risky than the company's regulated electricity and gas
network activities.
     
AGL has shown a marked increase in its risk appetite. This has
been shown by its proposed PNG gas project involvement; its
decision to fully debt fund its Southern Hydro acquisition; and
the company targeting a 'BBB' rating should the demerger go
ahead.
     
This rating action does not factor in AGL's proposed demerger of
its energy business nor its proposed involvement in the PNG gas
project. Standard & Poor's will be pursuing discussions with AGL
in order to gain clarity over management's post-merger
acquisition appetite (type and extent); capital structure; cash
flow quality; and financial policies. Discussions on the PNG gas
project will center on gaining greater clarity on whether the
project will go ahead or not, and if so, the timing and the
likely funding strategy.


CLEARGOLD PTY: Lays Out Final Meeting Agenda
--------------------------------------------
Notice is given that a meeting of the members and creditors of
Cleargold Pty Ltd (In Liquidation) will be held at the
Conference Room, Worrells, Level 5 15 Queen Street, Melbourne
Vic 3000 on December 14, 2005 at 11:00 a.m.

AGENDA

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

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

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

Dated this 21st day of October 2005

Paul Burness
Liquidator
Worrells
Solvency & Forensic Accountants
Level 5 15 Queen Street,
Melbourne Vic 3000
Telephone: (03) 9613 5500
Facsimile: (03) 9614 3233
Web site: http://www.worrells.net.au


DAISYTEK AUSTRALIA: To Declare Dividend Dec. 19
-----------------------------------------------
A final dividend is to be declared on December 19, 2005 for
Daisytek Australia Pty Limited (In Liquidation).

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

Dated this 18th day of October 2005

M. R. Brown
Liquidator
201 Sussex Street,
Sydney NSW 2000


DC DRURY: To Declare First, Final Dividend
------------------------------------------
A first and final dividend is to be declared on Dec. 9, 2005 for
DC Drury and Associates Qld Pty Ltd (In Liquidation).

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

Dated this 25th day of October 2005

Gerry Mier
Joint Liquidator
c/- KPMG
Level 13, Cairns Corporate Tower,
15 Lake Street, Cairns Qld 4870
Telephone: (07) 4046 8888


DELLMONT PTY: To Distribute Employee Dividend
---------------------------------------------
An Employee dividend is to be declared on Dec. 16, 2005 for
Dellmont Pty Ltd (In Liquidation).

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

Dated this 6th day of October 2005

Andrew fielding
Julie williams
Joint and Several Liquidators
PPB
Chartered Accountants & Business Reconstruction Specialists
Level 4, 31 Sherwood Road, Toowong Qld 4066
Telephone: (07) 3371 7244
Facsimile: (07) 3371 7311


EVERICH PTY: To Declare First, Final Dividend
---------------------------------------------
A first and Final dividend is to be declared on the Dec. 9, 2005
for Everich Pty Ltd (In Liquidation).

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

Dated this 29th day of September 2005

Alan Geoffrey Scott
Joint and Several Liquidator
SimsPartners
Level 4, 12 Pirie Street,
Adelaide SA 5000
Telephone: 08 8233 9900
Facsimile: 08 8211 6644,
E-mail adel@simspartners.com.au


FERNBRAN CONSTRUCTIONS: To Convene Final Meeting Dec. 14
--------------------------------------------------------
Notice is hereby given that the final meeting of the creditors
and members of Fernbran Constructions Pty Limited (In
Liquidation) will be held at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta
NSW, on December 14, 2005 at 11:00 a.m., for the purpose of
laying before the meeting an account showing how the winding up
has been conducted and the property of the company has been
disposed and giving any explanation thereof.

Dated this 24th day of October 2005

Schon G. Condon RFD
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: 02 9893 9499


FIRST DIRECT: Creditors Asked to Submit Proofs of Claim
-------------------------------------------------------
A first and final dividend is to be declared on or before
December 12, 2005 for the priority employee creditors of First
Direct Private Security Pty Limited (In Liquidation).

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

Dated this 29th day of September 2005

Adrian Duncan
Liquidator
Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


FLOWCOM LIMITED: Acquires ReelTime from Movies Online
-----------------------------------------------------
Flowcom Limited announced the acquisition of ReelTime
Infotainment Limited (ReelTime) from Movies Online Limited.

Reeltime is Australia's first company to offer consumer's access
to a nationally available Video on Demand (VoD) and digital
multimedia library over Internet Protocol TV (IPTV). To reflect
the entry into the Internet media sector Flowcom will change its
name to ReelTime Media Limited following the acquisition.

The acquisition is in line with the Company's stated objectives
expanding into Internet and telecommunications based
opportunities in addition to its existing telecommunications
facilities management business assets.

A complete copy of the media release is available for
downloading free of charge at:
http://bankrupt.com/misc/tcrap_flowcomlimited113005.pdf.

CONTACT:

Flowcom Limited
C/-Lawler Partners , Level 7,
1 Margaret Street , SYDNEY,
NSW, AUSTRALIA, 2000
Telephone: (02) 8346 6000
Fax: (02) 8346 6099
Web site: http://www.flow.com.au


FORDLYN PTY: To Declare Dividend Dec. 13
----------------------------------------
A first and final dividend is to be declared on Dec. 13, 2005
for Fordlyn Pty Ltd (In Liquidation) formerly trading as C&R
Tweedie.

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

Dated this 5th day of October 2005

Jonathan Paul Mcleod
Liquidator
c/- McLeod & Partners
Level 30, AMP Place, 10 Eagle Street,
Brisbane Qld 4000
Telephone: 07 3303 0173


FREERANGE ANIMATION: Proofs of Debt Due Before Dec. 13
------------------------------------------------------
A dividend is to be declared on December 13, 2005 for Freerange
Animation Pty Limited (In Liquidation).

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

Dated this 17th day of October 2005

John Frederick Lord
Official Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000
Telephone: (02) 9251 4100
Facsimile: (02) 9240 9821
Web site: http://www.pkf.com.au


GLOBAL WINE: Aims to Collect Debt in Six Months
-----------------------------------------------
Global Wine Ventures expects to have collected AU$3.5 million to
AU$4 million of debt within six months, The Advertiser reveals.

The beleaguered wine group, formerly known as Xanadu Wines, is
owned money around the world.

Global Wine chairman Graham Keys said he was confident the debts
would be cleared in the short term.

"It is going to be six months while we settle down the financial
position," he said after Tuesday's AGM.

CONTACT:

Global Wine Ventures
First Floor
28 Dequetteville Terrace
Kent Town SA 5067
Phone: 61 8 8331 3000
Fax: 61 8 8331 3377.
Web site: http://www.xanaduwines.com.au


IMHEAVEN PTY: Members, Creditors to Receive Liquidator's Report
---------------------------------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Imheaven Pty Limited (In Liquidation) will be held at Ngan & Co,
Level 5, 49 Market Street, Sydney NSW 2000 on Friday, December
9, 2005 at 10:15 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

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

Dated this 1st day of November 2005

P. Ngan
Liquidator


JAMES HARDIE: Dividend Converts to AU$0.541 per CUFS
----------------------------------------------------
James Hardie Industries' dividend of US 4 cents per share
announced on Nov. 10, 2005 converts to 5.41 Australian cents per
CUFS.

The dividend is payable in Australian currency on Dec. 16, 2005
to CUFS holders registered at Nov. 29, 2005 record date.

American Depositary Receipt holders will receive payment in U.S.
currency.

Dutch withholding tax will be deducted from the dividend.

CONTACT:

James Hardie Industries NV

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


JO'S TRADING: Creditors Set to Get Dividend Payment
---------------------------------------------------
A first and final dividend is to be declared on Dec. 6, 2005 for
Jo's Trading Pty Ltd (In Liquidation) formerly known as JRR
Trading Pty Ltd.

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

Dated this 3rd day of October 2005

Jonathan Paul Mcleod
Liquidator
c/- McLeod & Partners
Level 30, AMP Place,
10 Eagle Street, Brisbane Qld 4000
Telephone: 07 3303 0292


LIHIR GOLD: Rio Tinto Agrees to Sell Investment
-----------------------------------------------
Rio Tinto has entered into contracts to sell its 14.46%
shareholding in Lihir Gold for approximately AU$399 million
(US$295 million). The shares will be sold in a block trade at a
price of AU$2.15 per share.

Commenting on the sale, Rio Tinto's Chief Executive, Leigh
Clifford, said, "Rio Tinto generally does not hold long term
minority positions in other listed companies. Following our
relinquishment of management rights announced on Sept. 16, 2005,
we have taken advantage of the current favorable market
conditions to sell our holding in Lihir."

CONTACT:

Lihir Gold Limited
Papua New Guinea
Head Office
Level 7, Pacific Place
Cnr. Champion Parade & Musgrave Street
Port Moresby
Phone:  (+675) 321 7711
Fax:  (+675) 321 4705

Australia
Level 14, 12 Creek Street
Brisbane
Queensland 4000
Phone: (+617) 3229 5483
Fax: (+617) 3229 5950
E-mail: Joe.Dowling@lihir.com.pg
Web site: http://www.lihir.com.pg


NATIONAL AUSTRALIA: Sells BNZ Investment Management
---------------------------------------------------
National Australia Bank Limited (NAB) announced that it has
agreed to sell its subsidiary, BNZ Investment Management
Limited, which carries on NAB's managed funds business in New
Zealand to Assure New Zealand Limited, a wholly owned subsidiary
of AXA Asia Pacific Holdings Limited. The sale is subject to
certain conditions, and is due for settlement on Jan. 31, 2006.

A key element of the transaction is a new arrangement between
Bank of New Zealand and Assure, under which Bank of New Zealand
will distribute Assure's managed fund products to the Bank's
retail customers.

The sale price is commercial in confidence, but is not material
to the NAB Group's operations.

CONTACT:

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


PJ ASHLEY: Liquidator to Explain Winding Up Dec. 16
---------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law a final meeting of the members of PJ Ashley Pty
Ltd (In Liquidation) will be held at 30 Park Street, Charlestown
on December 16, 2005 at 9:00 a.m.

BUSINESS

(1) To receive the liquidator's accounts, and the liquidator's
final report on the conduct of the liquidation and his acts and
dealings in connection herewith.

(2) To determine the manner in which the books, accounts and
documents of the company and of the liquidator shall be disposed
of.

Dated this 20th day of October 2005

Peter John Ashley
Liquidator
Level 1, 15-17 Church Street,
Maitland


PORTAL INVESTMENTS: To Hold Final Meeting Dec. 9
------------------------------------------------
Notice is hereby given that a final meeting of the members of
Portal Investments Pty Ltd (In Liquidation) will be held at 4
Kimbarra Road, Pymble on December 9, 2005 at 10:00 a.m.

The purpose of the meeting is to have an account laid before the
members, showing them the manner in which the winding up has
been conducted, the property of the company disposed, and the
hearing of any explanations that may be given by the Liquidator.

Proxy forms may be obtained by contacting the offices of the
Liquidator.

Dated this 8th day of November 2005

Clifford Innes
Liquidator
Chartered Accountant
5 Frederick Street, East Gosford NSW 2250
Telephone: (02) 4324 0606
Facsimile: (02) 4324 6484


RENEWAL PTY: Posts Final Dividend Notice
----------------------------------------
A first and final dividend is to be declared to priority
creditors on Dec. 8, 2005 for Renewal Pty Limited (In
Liquidation) trading as ST Bernards Hotel.

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

Dated this 18th day of October 2005

R. M. Sutherland
Official Liquidator
Jirsch Sutherland
Chartered Accountants
Level 2, 84 Pitt Street,
Sydney NSW 2000
Telephone: (02) 9233 2111
Facsimile: (02) 9233 2144


SANTOS LIMITED: Reaffirms Production Guidance
---------------------------------------------
Santos Limited (STO) reaffirmed its production guidance for 2005
of 55 million barrels of oil equivalent with a further increase
of 10% in 2006, according to Egoli News.

Additionally, the oil firm announced that production is to be
ramped up at the newly acquired Fairview coal seam gas project
in Queensland.  

Capital expenditure at Fairview in 2006 is estimated to be $94
million, including spending on a new pipeline.

"A sharp increase in the level of drilling activity is planned
during 2006 which will see a total of 313 wells drilled - up
from 193 in 2005 - of which 25 wells will be exploration wells,"
the company said.

The commencement of a drilling campaign in early 2006 in the
Cooper Basin "aims to triple the company's share of Cooper Basin
oil output from the current 7,000 barrels per day over the next
five years".

The Timor-Bonaparte Basin has been confirmed as a core area for
Santos with the LNG phase of the Bayu-Undan project coming on-
stream in early 2006.

An active exploration and appraisal program is planned for the
area in 2006 to follow up the recent Caldita discovery.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


STEWARTS HOME: Creditors to Benefit from Dividend
-------------------------------------------------
A first and final dividend is to be declared on Dec. 6, 2005 for
Stewarts Home Supply Pty Ltd (In Liquidation).

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

Dated this 17th day of October 2005

Robert Eugene Murphy
Liquidator
Level 9, 46 Edward Street,
Brisbane Qld 4000


STRATHFIELD: Mulls Franchise License for 90 Stores
--------------------------------------------------
Strathfield Group Limited is working on a franchise license
model for its 90 car audio retail outlets, according to the
Sydney Morning Herald.

Strathfield Managing Director Gerard Frack told shareholders at
the company's annual general meeting that the retailer was
planning to start franchising some stores in the first quarter
of calendar 2006.

Mr. Frack said Strathfield's top tier stores would remain
company-run, while the middle tier stores would be franchised
and the bottom tier stores would be closed.

The key benefits of the franchise license model included
substantial upfront franchise fees, reduced head office costs,
an owner-operator structure, tighter stock control and large
savings in overhead costs," Mr. Frack said.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com


SYDNEY GAS: ASX Grants Shares Trading Suspension
------------------------------------------------
Sydney Gas announced Wednesday it requested and the Australian
Stock Exchange (ASX) has granted a suspension in trading of the
Company's securities until 10:00 a.m. on Dec. 12, 2005.

The purpose of the extension is to allow the Company to progress
its inquiries regarding the ownership of, and arrangements
concerning the exercise of rights affecting, a substantial
number of shares in the Company.

Sydney Gas directors became aware of the issues concerning the
control of these shares in the period leading up to and at it's
annual general meeting held Friday, Nov. 25,
2005.

In particular, the directors have taken account of the granting
of proxies and appointments of corporate representatives for
that meeting, the voting patterns of certain proxy holders and
corporate representatives at that meeting, certain transactions
involving the shares in the Company, certain responses to
previous notices given by the Company under section 672A of the
Corporations Act and information obtained through conversations
with a number of parties which involved officers of the Company.

The information which Sydney Gas has obtained indicates that
shareholders may be acting in concert, there appear to be
shareholders who have failed to lodge substantial shareholding
notices, the 20% takeover threshold may have been breached and
there could be an undisclosed block shareholding capable of
controlling the company.

Accordingly, this information indicates to Sydney Gas that the
market for shares in the company's securities appears to be
materially uninformed concerning arrangements affecting up to
35% of the company's voting shares. Nonetheless the information
the company has is not sufficiently certain or definite to make
it appropriate for it to be subject of a release to the market.
The purpose of the Company's enquiries is to ensure both that
the market is fully informed and that the Corporations Act has
been complied with.

Until this situation is resolved the Company has sought and
obtained the requested suspension.

Shareholders and other market participants should note that the
Company is aware that it remains subject to its continuous
disclosure obligations, including that provided by Listing
Rule 3.1. Accordingly, as it obtains information which assists
in understanding the steps that the Company is taking, it
proposes to release that to the market.

Accordingly, the Company informs the market that since last
Friday, the Company:

- has obtained original material concerning inquiries under
section 672A from its registrar;

- has sent 20 directions under section 672A seeking information
concerning relevant interests and relevant instructions
affecting voting shares in the Company to members;

- has collated information in a form suitable to commence
relevant court proceedings; and

- is seeking the advice in relation to those matters of senior
counsel.

Depending on the advice of senior counsel, the Company proposes
to commence relevant court proceedings, including necessary
preliminary steps, shortly.

CONTACT:

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


TELCO HOLDINGS: Liquidator to Detail Wind Up Manner at Meeting
--------------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a final meeting of members and creditors of Telco
Holdings Pty Ltd (In Liquidation) will be held at the offices of
Vincents Chartered Accountants, Level 27, 239 George Street,
Brisbane on Dec. 9, 2005 at 11:30 a.m.

The purpose of the meeting is to have an account laid before
them showing the manner in which the winding up has been
conducted, the property of the company disposed of and to hear
any explanations that may be given by the Liquidator.

Dated this 19th day of October 2005

Nick Combis
Liquidator
Vincents
Chartered Accountants
Level 27, 239 George Street,
Brisbane Qld 4000


TELSTRA CORPORATION: Backs ACCC's Move to Cut Rates
---------------------------------------------------
Telstra Corporation will ask the competition regulator for a
faster cut in the rates charged by mobile operators to connect
their networks, The Australian reports.

Sources said that the telco will not only support the Australian
Competition and Consumer Commission's (ACCC) move to slash so-
called mobile termination access (MTA) rates, it will also ask
for it to be brought forward by a year.

Optus and Vodafone have opposed the ACCC's push for cheaper
termination rates, which would cost Optus about AU$100 million
and Vodafone AU$50 million. Vodafone failed in a court bid to
stop the move.

Optus and Vodafone lodged MTA undertakings with the ACCC at
higher prices than the regulator had suggested. Optus has also
indicated it is willing to take its bid to the Federal Court if
knocked back by the ACCC. Telstra is expected to lodge a
response to Optus's undertakings this week.

Telstra spokeswoman Liz Jurman confirmed Telstra would be
submitting a response to Optus's undertakings but declined to
reveal any details.

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/


WAVEY PTY: Lays Out Final Meeting Agenda
----------------------------------------
Notice is given pursuant to Section 509(2) of the Corporations
Act 2001 that a Final Meeting of the Members and Creditors of
Wavey Pty Limited (In Liquidation) will be held at Ngan & Co,
Level 5, 49 Market Street, Sydney NSW 2000 on Friday, December
9, 2005 at 10:00 a.m.

AGENDA

(1) To receive an account made up by the Liquidator showing how
the winding up has been conducted, the property of the Company
has been disposed of and to receive any explanation required
thereof.

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

Dated this 1st day of November 2005

P. Ngan
Liquidator


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

CHOR LAU: Appoints Official Liquidators
---------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region Court of First Instance dated October 10,
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 Chor Lau Heung Restaurant Company Limited
without a Committee of Inspection.

Dated this 25th day of November, 2005

ANTHONY NEDDERMAN
Joint and Several Liquidator


CRESVALE FAR: Releases Notice of Intended Dividend
--------------------------------------------------
Cresvale Far East Limited issued a notice of intended dividend
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance.

All creditors of the company must prove their debts by December
12, 2005. Any creditor, who does not lodge a claim by that date,
will be excluded from the benefit of any distribution made
before such debts are proved and from objecting to such
distribution.

Dated this 25th day of November 2005

JOANNE OSWIN
Joint and Several Liquidator
Cresvale Far East Limited
(In Creditors' Voluntary Liquidation)
c/o Pricewaterhouse Coopers
22/F., Prince's Building
10 Chater Road
Central, Hong Kong.
Phone: (852) 2289 8888
Fax: (852) 2890 8345


HI-SPEED LOGISTICS: Receives Winding Up Notice
----------------------------------------------
Hi-Speed Logistics Limited, whose office address is located at
Room 904-906 HIDC Office Tower South Kwai Chung Container Port
Road Kwai Chung 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 16, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


GOLDEN WAY: Court Orders Winding Up
-----------------------------------
Golden Way Construction Engineering Limited, whose office
address is located at Room 704 7/F, Hong Kong Plaza 188
Connaught Road West 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 16, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


MERCK & COMPANY: Details Global Restructuring Program
-----------------------------------------------------
Merck & Company Inc. (NYSE: MRK) announced the first phase of a
global restructuring program designed to reduce the Company's
cost structure, increase efficiency, and enhance
competitiveness.  

The initial steps will include the implementation of a new
supply strategy by the Merck Manufacturing Division (MMD), which
is intended to create a leaner, more cost-effective and
customer-focused manufacturing model over the next three years.

"The actions we are announcing are an important first step in
positioning Merck to meet the challenges the Company faces now
and in the future," said Mr. Richard T. Clark, Chief Executive
Officer and President of Merck & Co., Inc.  "We are engaged in
an ongoing effort to enhance efficiencies throughout the Company
and improve the way we discover, develop, manufacture and market
our medicines and vaccines and ensure that we get them to
patients who need them as quickly, safely and efficiently as
possible.  Going forward, we also plan to pursue improved
approaches to R&D, and marketing and sales.  We look forward to
discussing our initial plans at our Annual Business Briefing on
December 15."

Merck expects the initial phase of the cost reduction program to
yield cumulative pretax savings of $3.5 billion to $4.0 billion
from 2006 through 2010.  A significant portion of the total
restructuring savings through 2010, or approximately $2 billion,
will result from the implementation of the new MMD supply
strategy. These savings in manufacturing should enable Merck's
gross margin beyond 2008 to return to levels consistent with
those seen in the period prior to the loss of U.S. market
exclusivity for ZOCOR.

As part of the global restructuring program, the Company expects
to eliminate approximately 7,000 positions in manufacturing and
other divisions worldwide, representing about 11% of its global
work force, by the end of 2008.  About half of the position
reductions are expected to occur in the United States, with the
remainder in other countries.  Merck intends to sell or close
five of its 31 manufacturing facilities worldwide and to reduce
operations at a number of other sites.  The Company also expects
to close one basic research site and two preclinical development
sites. The sites identified for closure are expected to be
shuttered by the end of 2008, subject to compliance with legal
obligations.

The pretax costs of the restructuring are expected to be $350
million to $400 million in 2005 and $800 million to $1 billion
in 2006. Through the end of 2008, when the initial phase of the
restructuring program is substantially complete, the cumulative
pretax costs of the restructuring activities announced today are
expected to range from $1.8 billion to $2.2 billion.  
Approximately 70% of the cumulative pretax costs are non-cash,
relating primarily to accelerated depreciation for those
facilities scheduled for closure.

Merck will implement its new supply strategy by creating a
global facility network that combines the best of Merck
manufacturing with the manufacturing capabilities of key
external suppliers, introducing a new production system based on
lean manufacturing principles, and developing a new approach to
product commercialization to enable accelerated delivery of
Merck's research pipeline through the launch phase.

As part of the strategy, Merck will reconfigure its
manufacturing operations to create a global network that is
better aligned to current and anticipated future product demand.  
The manufacturing division will also drive significant
efficiencies, decrease headcount, and reduce or refocus
operations throughout the plant network and the entire
manufacturing division.  These initiatives are designed to
create a leaner, more efficient global network with plants
operating at optimal capacity.  The Company will also enhance
its relationships with key external suppliers to leverage cost
efficiencies while allowing it to focus internal manufacturing
resources on core activities that provide competitive advantage
for Merck.

Merck is also implementing a global rollout of lean
manufacturing principles, which are guidelines for reducing the
time from customer order to manufacturing, and streamlining the
production system to reduce manufacturing costs, inventory and
cycle time significantly throughout its network.  A pilot
program now under way at Merck's pharmaceutical manufacturing
site in Arecibo, Puerto Rico, is delivering a 50% reduction in
on-site cycle time and on-site inventory reduction of greater
than 30%.

Merck is bringing together units from its manufacturing and
research organizations to create a new commercialization
organization focused on accelerating the delivery of its
pipeline.  Merck will identify dedicated commercialization
facilities that will support production needs from late-phase
clinical trials through the launch phase, with a goal of cutting
12 to 15 months from the time it now takes to develop new
production processes and manufacture launch supplies.  The newly
structured group will be part of the manufacturing division.  
This key initiative will support ongoing efforts to reduce
clinical trial cycle times.

"Taken together, the initiatives of the Merck supply strategy
are designed to transform manufacturing at Merck, enhancing
shareholder value while increasing our ability to rapidly
deliver new medicines to the marketplace," said MMD President,
Willie A. Deese.

Merck has decreased its global inventory level by $400 million
relative to 2003 levels.  Further inventory reductions are
planned as part of the new manufacturing strategy.

Merck anticipates capital expenditures of approximately $1.4
billion in 2005, a $100 million reduction from the $1.5 billion
previously disclosed.  Capital expenditures for 2006 are
estimated to be $1.3 billion. As Merck continues its initiatives
in managing capital, the total reduction over the 2005 to 2008
period is expected to be $1.3 billion versus the Company's
expectations for long-range capital spending at the end of 2004.
This reduction in capital is in addition to the $600 million
reduction in spending previously announced. Merck continues on
track to generate $1.2 billion in aggregate procurement savings
across the Company by 2008.

Merck's 2005 free operating cash flow, after capital
expenditures, is expected to be in excess of $5 billion.  The
Company's 2006 free operating cash flow, after capital
expenditures, is expected to be approximately $5 billion,
including the one time impact of the tax payment related to
repatriation of funds under the American Jobs Creation Act.  
Excluding the impact of the AJCA-related tax payment, free
operating cash flow after capital expenditures in 2006 is
expected to exceed $5 billion.

2005 Guidance

Merck anticipates 2005 earnings per share (EPS) of $2.47 to
$2.51, excluding the impact of net tax charges and the
restructuring charges related to headcount reductions and site
closures.  Merck anticipates reported full-year 2005 EPS of
$2.04 to $2.10.

2006 Guidance

Merck anticipates 2006 EPS of $2.28 to $2.36, including the
approximately $0.07 impact of stock option expensing but
excluding the restructuring charges related to site closure and
position eliminations.  Merck anticipates reported 2006 EPS of
$1.98 to $2.12.

Conference Call

The Company will host a conference call to discuss these new
initiatives and the Company's financial guidance.  Investors are
invited to a live Web cast of Merck's conference call today at
8:30 a.m. EST, by visiting the Newsroom section of the Merck Web
site (www.merck.com/newsroom/webcast/).  Institutional investors
and analysts can participate in the call by dialing (706) 758-
9927. Journalists are invited to listen by calling (706) 758-
9928. A replay of the Web cast will be available starting at 1
p.m. EST today through 5 p.m. EST on Dec. 2.  To listen to the
replay, dial (706) 645-9291 or (800) 642-1687 and enter ID #
2756546.

About Merck

Merck & Co., Inc. is a global research-driven pharmaceutical
company dedicated to putting patients first. Established in
1891, Merck discovers, develops, manufactures and markets
vaccines and medicines in more than 20 therapeutic categories.  
The Company devotes extensive efforts to increase access to
medicines through far-reaching programs that not only donate
Merck medicines but help deliver them to the people who need
them.  Merck also publishes unbiased health information as a
not-for-profit service.

With approximately 62,000 employees, Merck conducts research at
10 major research centers in the United States, Europe, and
Japan, manufactures products in 31 facilities, and sells
products in more than 100 countries.

CONTACT:

Merck & Co., Inc.
One Merck Drive
P.O. Box 100
Whitehouse Station, NJ 08889-0100 USA
908-423-1000

Merck Sharp & Dohme (Asia) Ltd.
26/F., Caroline Centre
28 Yun Ping Road, Causeway Bay
Hong Kong
Phone: (852) 2574 4241
Fax: (852) 2834 0756


PRODUCT NETWORK: Creditors to Prove Debt Claims by Dec. 28
----------------------------------------------------------
Notice is hereby given that the creditors of Product Network
Asia Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required (if they have not already
done so), on or before December 28, 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to the
undersigned and Mr. John James Toohey, the Joint and Several
Liquidators of the company.

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

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

Dated this 25th day of November, 2005

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


RECOTON (FAR EAST): Proofs of Debt Due by Jan. 13
-------------------------------------------------
Notice is hereby given that the creditors of Recoton (Far East)
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required (if they have not already
done so), on or before January 13, 2006, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the Joint and
Several Liquidators of the company.

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

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

Dated this 25th day of November, 2005

RODERICK JOHN SUTTON
DESMOND CHUNG SENG CHIONG
Joint and Several Liquidators
Ferrier Hodgson Limited
14/F., Hong Kong Club Building
3A Chater Road
Central, Hong Kong


RINGWAY DEVELOPMENT: Winding Up Hearing Set Jan. 4
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Ringway Development Limited by the High Court of Hong Kong
Special Administrative Region was on November 8, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on Jan. 4, 2006.

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

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

TONG & TSOI
Solicitors for the Petitioner
Room 3402, 34th Floor
Bank of America Tower
12 Harcourt Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 3, 2006.


SUNRISE DESIGN: Set to Wind Up Business
---------------------------------------
Sunrise Design & Decoration (HK) Limited, whose office address
is located at Unit C 3/F CDW Building East Wing 388 Castle Peak
Road Tsuen Wan, 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 14, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


TREASURE SHELL: Creditors Meeting Set Dec. 17
---------------------------------------------
Notice is hereby given that, separate first meeting of creditors
and contributories of Treasure Shell Limited will be held at
Room 209, Duke of Windsor Social Service Building, No. 15
Hennessy Road, Wanchai, Hong Kong on December 17, 2005 at the
following times:

  Meeting of Creditors:                      11:00 a.m.
  Meeting of Contributories:                  12:00 noon

Proxies and proof of debt to be used at the first meetings must
be lodged at the office of the Joint and several Provisional
Liquidators c/o PLLW Consultancy Limited at Unit F, 23/F., 157
Prince Edward Road West, Kowloon, Hong Kong or sent by facsimile
to 2148 1487 no later than 4:00 pm on the 16th day of December
2005.

Dated this 25th day of November 2005

CHAN HON PIU
LYN YEE CHEN JEAN
Joint and Several Provisional Liquidators


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

BHARAT PETROLEUM: In Talks with Global Firms for Bina Refinery
--------------------------------------------------------------  
Bharat Petroleum Corporation Ltd (BPCL) is talking with global
majors Shell, British Petroleum (BP) and Total of France into
acquiring a stake in its 6-MMTPA Bina refinery, reports The
Financial Express.

The Indian oil firm is also seeking global partners who can set
up a petrochemical complex near the refinery.

The refinery will be set up with a crude oil supply system
consisting of a single point mooring system (SPM) and a crude
oil storage terminal at Vadinar. The project is expected to be
commissioned by December 2009. The 935-kilometre long cross-
country crude oil pipeline from Vadinar to Bina will be
implemented by Bharat Oman Refinery Limited (BORL), a joint
venture between BPCL and Oman Oil Company Ltd.

The project is expected to cost over INR9,100 crore.

BPCL will have 50% stake in the refinery and we plan to raise
INR1,000 crore by an initial public offering (IPO).

CONTACT:

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/


* Oil Firms Undertake Joint Venture Projects
--------------------------------------------
Oil and Natural Gas Corporation Ltd. (ONGC) and ONGC Videsh
Limited (OVL), Indian Oil Corporation Ltd. (IOCL) Bharat
Petroleum Corporation Ltd. (BPCL) and Hindustan Petroleum
Corporation Ltd. (HPCL) have proposed to start joint venture
projects.  The details of their joint venture projects are given
below:

1. Oil and Natural Gas Corporation (ONGC) and ONGC Videsh Ltd.
(OVL)

ONGC and OVL have tied up with Mittal Investment Sarl and two
agreements have been signed to form two joint ventures viz. ONGC
Mittal Energy Ltd. (OMEL) and ONGC Mittal Energy Services Ltd.
(OMESL).

2. Indian Oil Corporation Limited (IOCL)

IOCL has proposed to set up an Integrated LNG Project in Iran
along with Petropars, a 100% subsidiary of Naftlran Intertrade
Company Limited of Iran.

3. Bharat Petroleum Corporation Limited (BPCL)

BPCL has a joint venture i.e. Bharat Oman Refineries Ltd. (BORL)
to set up a 6 MMTPA grassroots refinery at Bina with Oman Oil
Company Ltd.

4. Hindustan Petroleum Corporation Limited (HPCL)

HPCL has signed a letter of intent with British Petroleum for
jointly promoting at least 9.0 MMTPA capacity refinery at
Bathinda, in Punjab.

HPCL is also evaluating possibility of setting up a condensate
splitter cum aromatic project near Visakh, Andhra Pradesh with
M/s. Total S.A. France for jointly promoting this project.

CONTACT:

Indian Oil Company
G, Indian Oil Bhavan, 9, Ali Yavar Jung Marg,
Bandra E, Mumbai
400051 Maharashtra
Phone: 26427363
Fax: 26443880

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/

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


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

BANK MANDIRI: Suffers 57% Profit Drop in Q3
-------------------------------------------
PT Bank Mandiri's third-quarter net profits plummeted 56.7
percent to IDR610.7 billion (US$60.86 million) from IDR1.41
trillion in the same period last year, Reuters reveals.

The bank's net interest income rose to IDR2.23 trillion in the
quarter from IDR2.17 trillion, its first rise since the fourth
quarter of 2004.

For the nine months ended Sept. 30, Bank Mandiri's net profit
nosedived 72.6 percent to IDR1.23 trillion. This result is lower
than the average of analysts' expectations of IDR1.28 trillion.

The pace of decline in net profit has slowed from a 92.7 percent
fall in quarterly net income in the second quarter.

Bank Mandiri's outstanding loans climbed 22.6 percent year-on-
year to IDR106.7 trillion. The outstanding loans stood at
IDR104.0 trillion at the end of second quarter.

Its loan to deposit ratio rose slightly to 57.2 percent from
56.8 percent in the second quarter and 47.9 percent the same
time last year.

The bank's net non-performing loans (NPL) ratio has improved to
13.7 percent from 15.4 percent in the previous quarter, while
capital adequacy ratio (CAR) was maintained at 23.7 percent, the
same as it was in the second quarter.

By 2007, the bank wants a net NPL ratio of 5 percent.

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


GARUDA INDONESIA: Trims Seating Capacity of Bali Flights
--------------------------------------------------------
PT Garuda Indonesia opted to lower by 30 to 40 percent the
seating capacity of flights from Australia/Japan to Bali and
vice versa, Bernama has learned.

The decision was reached in view of the declining number of
visitors to the "island paradise" after the second terrorist
bombing attacks on Oct. 1.

The Indonesian news agency Antara in its report filed Wednesday
quoted Garuda President Director Emirsyah Satar as saying that
the number of passengers from Australia and Japan had dropped
drastically to less than 50 percent.

Mr. Emirsyah said flights to Australia had been reduced from 27
to 17 times a week, adding that Garuda had also reduced its
flights to Japan and combined formerly direct services.

He said he hoped the situation would change ahead of the peak
season at the end of the year.
"We will add 14,000 seats on the flights from the two countries
to Bali," he said.

Garuda's target for this year was to not make a loss or reaching
a break-even point. The state-owned firm's debt service was
recorded at US$110 million to US$115 million until 2010, mostly
to the European Credit Agency.

Garuda's total debt reaches around US$840 million.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Government Wants Cepu Block Talks Finalized
------------------------------------------------------
State oil firm PT Pertamina was urged by the government to
finalize the Joint Operation Agreement (JOA) with ExxonMobil
before it starts to explore Cepu block, Asia Pulse reports.

Energy and Mineral Resources Minister Purnomo Yusgiantoro asked
Pertamina to complete the negotiations first before starting the
Cepu explorations.

Pertamina Vice President Director Mustiko Saleh said he would
immediately seek permission from the minister before exploring
the Cepu oil block.

Last week, Pertamina President Director Widya Purnama said the
company would begin explorations for at least 30 wells in Banyu
Urip field in the Cepu Block in February 2006 although the
company had yet to reach an agreement with U.S.-based
ExxonMobil.

The oil firm had allocated US$120 million of funds for
exploration of the 30 wells and prepared plans for development
(POD) of the block.

The oil and gas block in Central-East Java is co-owned by
Pertamina, Exxon and a company to be established by the local
administrations with a share ownership ratio of 45 percent, 45
percent and 10 percent, respectively.

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


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

KANEBO LIMITED: Execs Admit to Falsifying Financial Statements
--------------------------------------------------------------
Former executives at Kanebo Limited pleaded guilty to falsifying
financial statements on Wednesday at their trial at the Tokyo
District Court, Japan Today reports.

Mr. Takashi Hoashi, the former president of the Tokyo-based
Kanebo Ltd., and Takashi Miyahara its former vice president,
were arrested in July for allegedly window-dressing up to
JPY82.9 billion over two years from fiscal 2002.

CONTACT:

Kanebo Limited
20-20, Kaigan 3-chome
Minato-ku, Tokyo
108-8080 Japan
Telephone: +81-3-5446-3002  


KANEBO LIMITED: Logs JPY19.8-Bln Net Loss
-----------------------------------------
Kanebo Limited reported a net loss of JPY19.8 billion in the
first half ended September 31 just before Thursday's final
tender to select the sponsor for its reconstruction, according
to Japan Today.

The state-backed Industrial Revitalization Corp of Japan has
been helping reconstruct Kanebo and its spinoff Kanebo Cosmetics
Co. in a bid to sell them to the sponsor.


MITSUBISHI MOTORS: Thai Unit to Issue Baht Denominated Bonds
------------------------------------------------------------
Mitsubishi Motors Thai subsidiary, Mitsubishi Motors (Thailand)
Co., Ltd (MMTh) today announced that the terms of a local
currency bond issue, with a credit guarantee provided by The
Bank of Tokyo-Mitsubishi, have been finalized and registered
with Thai authorities.

This bond issue has been included in Mitsubishi Motors' capital
procurement plans for the current fiscal year. The proceeds will
be used for capital expenditure for the Triton 1-ton pickup
truck which is currently manufactured at MMTh's Laem Chabang
plant.

Also, in order to strengthen the local currency bond market in
Asia, credit insurance for this issuance will be covered by a
Japanese insurance institution. This offering is a first for
MMTh. This capital will provide MMTh a financial structure
highly immune to the volatility of the foreign exchange markets,
and it will raise the presence of both the company and the
Triton model.

Details of the offering:

Issuer: Mitsubishi Motors (Thailand) Co., Ltd.
Market: Thai bond market
Amount: 5bn Baht
Maturity: 3 year bullet
Issue date December 8, 2005 (scheduled)
Guaranteeing bank: The Bank of Tokyo-Mitsubishi, Ltd.
Underwriters: Lead arranger: The Siam Commercial Bank PCL
Co-lead arrangers: Bangkok Bank PCL, Kasikornbank PCL

This is a company press release.

CONTACT:

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


NISSAN DIESEL: To Raise JPY43.7 Bln to Repay Loans
--------------------------------------------------
Nissan Diesel Motor Co. will issue new shares worth a maximum of
JPY43,782 million to procure funds to cancel preferred shares
and to repay loans, according to Jiji Press.

The company will publicly offer 60 million new shares and
release up to nine million outstanding shares under an over-
allotment program. The issue price is yet to be decided.

The company will also issue nine million new shares for Mizuho
Securities Co. under a third-party share allotment scheme.

Of the funds to be procured through the new share issuances,
Nissan Diesel will use 31.71 billion yen to cancel all of the
44,164,000 Class III preferred shares it issued in the past in
exchange for financial assistance, mainly from its creditor
banks.

The shares were issued at JPY600 apiece, but Nissan Diesel will
cancel them at JPY718 each.

CONTACT:

Nissan Diesel Motor Co. Ltd.
1-1 Oaza
Ageo, Saitama 362-8523, Japan  
Phone: +81-48-781-2301
Fax: +81-48-781-6349


SANYO ELECTRIC: Execs Quit Board to Answer Crisis
-------------------------------------------------
Sanyo Electric Co. announced that Vice Chairman Sadao Kondo and
Senior Adviser Yukinori Kuwano, resigned from the board of
directors on Tuesday to assume responsibility for deterioration
in the company's business performance, Japan Today relates.

Mr. Kondo and Mr. Kuwano assumed the post of part-time adviser
to the electronics maker based in Moriguchi, Osaka Prefecture.

In fiscal 2004, the company incurred a record consolidated net
loss of JPY171.54 billion due largely to the devastating October
2004 earthquake in Niigata Prefecture, which heavily damaged the
company's local semiconductor plant.

CONTACT:

Sanyo Electric Co. Ltd.
5-5, Keihan-Hondori 2-Chome
Moriguchi City, Osaka
570-8677, Japan


SEIKO EPSON: To Cut Exposure to Mobile Phones
---------------------------------------------
Seiko Epson Corp. will cut the exposure of its chip and display
businesses to the mobile phone market after heavy price falls
pushed those operations into the red, according to Reuters,
citing Seiko Epson President Seiji Hanaoka.

The company expects its electronics devices division to post an
operating loss of JPY10 billion (US$84 million) in the business
year through March.

While it has also been hit hard by falling profit margins at its
ink jet printer division, the sluggish performance of its
devices unit is the main reason Seiko Epson expects its group
net profit to slump 60 percent to JPY22 billion this year.

Seiko Epson makes rear projection TVs and LCD projectors, and
also supplies the HTPS device to other firms.

CONTACT:

Seiko Epson Corporation
3-3-5 Owa
Suwa, Nagano 392-8502, Japan  
Phone: +81-266-52-3131
Fax: +81-266-53-4844


* Deutsche's Sato Says Japan Chipmakers Should Merge
----------------------------------------------------
Toshiba Corporation, Sony Corporation and other Japanese
chipmakers should merge to compete with overseas rivals,
according to Deutsche Bank AG analyst Fumiaki Sato, Bloomberg
News reports.

Japanese chipmakers, which have been losing market share to
Asian rivals because they have been unable to compete on costs,
are looking to reduce investment burdens in the industry where
the top players are also the biggest spenders.

Mr. Sato, who has ``sell'' ratings on two Japanese chipmakers
and a ``hold'' on four among the six semiconductor companies he
covers, was addressing the Society of Semiconductor Industry
Seniors, a group of industry experts.

"Merging the Japanese semiconductor industry into one company
making memory chips and two producing so-called LSI devices
would be the ideal combination. LSI devices combine several
chips onto one piece of silicon with functions and designs that
vary depending on the product in which they are used," Mr. Sato
said.


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

LG CARD: Raises ABS Worth US$400Mln
-----------------------------------
LG Card said it has raised US$400 million by issuing asset-
backed securities (ABS) to overseas investors, Asia Pulse
reveals, citing Yonhap News Agency.

The ABS has maturity of four years and three months and sold at
the London Interbank Offered Rate (LIBOR) plus 0.28 percentage
points. Merrill Lynch managed the sale.

Following the issue, LG Card's overseas ABS sales have reached
US$800 million so far this year. LG Card also issued in August
US$400 million worth of ABS to foreign investors.

Moody's Investors Service assigned an "Aa3" rating to the ABS
issue, which is backed by a pool of credit card receivables.

CONTACT:

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


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

BUKIT KATIL: Registrar OKs Summary Judgment Application
-------------------------------------------------------
The Board of Directors of Bukit Katil Resources Berhad (BKatil)
issued to Bursa Malaysia Securities Berhad an update on the
following loan facilities.

Bumiputra Commerce Bank Berhad

The application by the bank to enter summary judgement against
the company was allowed by the Learned Senior Assistant
Registrar on July 16, 2004. The company has filed a Notice of
Appeal against the said decision to the Judge in Chamber. No
date has been set for hearing.

OCBC Bank (Malaysia) Berhad

OCBC Bank (Malaysia) Berhad has obtained an order for sale on
November 14, 2003 on Omega Bricks Sdn Bhd's land held under
Grant Reg No.31, Lot No 5058 Mukim Gunung Semanggol, Daerah
Krian, Negeri Perak. Hearing of the Application for Execution of
Order for Sale has been postponed to December 5, 2005.

OCBC Bank (Malaysia) Berhad has also obtained a winding-up
petition under Section 218(2) of the Companies Act, 1965 on
October 6, 2003 and was served on the company on November 14,
2003.

The High Court on 8th September allowed the bank's application
for the winding-up petition. The Company has already filed a
Notice of Appeal to the Court of Appeal against the decision of
the High Court. The High Court on October 6, 2005 granted a stay
of the Winding-up Order for a period until August 18, 2006
pursuant to the powers of the High Court provided for in Section
243 of the Companies Act, 1965.

Alliance Merchant Bank Berhad

No date has been set to consider the Bank's application for
summary judgement.

Perbadanan Kemajuan Negeri Pahang

The company is a defendant in a suit being initiated by
Perbadanan Kemajuan Negeri Pahang for breach of a Call Option
Contract. On April 19, 2004, a final judgment was granted by the
High Court for MYR14.0 million against the company, inclusive of
interest until the date of full settlement.

The court dismissed the company's appeal against the said
judgement on November 18, 2004. The Company is in the midst of
filing a Notice of Appeal to the Court of Appeal.

The company is currently in the process of formulating a debt-
restructuring proposal for all the above liabilities.

The Board of Directors of BKatil would like to further provide
an update on the details of all facilities currently in default
in compliance with Section 3.1 of Practice Note 1/2001.

To view details of facilities currently in default, go to
http://bankrupt.com/misc/BukitKatil113005.pdf

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


DAIMAN DEVELOPMENT: Names New Unit Liquidator
---------------------------------------------
Daiman Development Bhd issued to Bursa Malaysia Securities
Berhad details of the member's voluntary winding-up of.

(1) Daiman Roof Tiles Sdn Bhd (DRTSB)

(2) Rassna Sdn Bhd (RSB)

Further to the announcement made on October 31, 2005, the Board
of Daiman Development Berhad (the Company) informed the Exchange
that Mr. Huan Chuan Sen will be appointed as the new liquidator
of DRTSB and RSB, its wholly owned subsidiaries, in place of Mr.
Ong Seng Pheow, who desires to resign.

The said changes shall be effected on 30 November 2005.

The announcement is dated 29 November 2005.

CONTACT:

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


DFZ CAPITAL: Holds Share Buy Back
---------------------------------
DFZ Capital Berhad submitted to Bursa Malaysia Securities Berhad
a notice of shares buy back with the following details:
   
Date of buy back: November 29, 2005

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

Total number of shares purchased (units): 10,000

Minimum price paid for each share purchased (MYR): 1.580

Maximum price paid for each share purchased (MYR): 1.600

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 10,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 10,000

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

GADANG HOLDINGS: Shareholders Approve AGM Resolutions
-----------------------------------------------------
Gadang Holdings Bhd advised Bursa Malaysia Securities Berhad
that at the Twelfth Annual General Meeting (AGM) of Gadang
Holdings Berhad, November 29, 2005, all the ordinary resolutions
on the following matters as contained in the Notice of AGM dated
November 7, 2005 have been approved by the shareholders present:

(1) Audited Financial Statements for the year ended May 31, 2005
and the Reports of the Directors and Auditors;

(2) Payment of Directors' Fees in respect of the year ended May
31, 2005;

(3) Re-election of the following Directors:

(a) Datuk Wan Lokman Bin Dato' Wan Ibrahim

(b) Encik Adam Bin Bachek

(4) Re-appointment of Messrs Ernst & Young as auditors of the
Company;

(5) As special business, authority to allot shares pursuant to
Section 132D of the Companies Act, 1965; and

(6) As special business, proposed renewal of existing
shareholders' mandate for recurrent related party transactions
and proposed new shareholders' mandate for additional recurrent
related party transactions of a revenue or trading nature.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad furnished Bursa Malaysia Securities
Berhad with details of shares buy back on November 21, 2005.
   
Total number of shares purchased (units): 17,700

Minimum price paid for each share purchased (MYR): 2.030

Maximum price paid for each share purchased (MYR): 2.080

Total amount paid for shares purchased (MYR): 37,052.47

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

Number of shares purchased retained in treasury (units): 17,700

Total number of shares retained in treasury (units): 33,803,400

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 29, 2005

Lodged by: Cheah Yee Leng

CONTACT:

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


INTAN UTILITIES: Bourse Extends Time to Comply with Requirements
----------------------------------------------------------------
Further to Intan Utilities Berhad's announcement dated March 31,
2005, the Board of Directors of the Company advised that Bursa
Malaysia Securities Berhad (Bursa Securities) had, vide its
letter dated November 28, 2005, granted Intan a final extension
of time of six (6) months until April 29, 2006 to comply with
the public shareholding spread requirement prescribed under
paragraph 8.15(1) of the Listing Requirements of Bursa
Securities (Listing Requirements) (Spread Requirement).

As at October 21, 2005, a total of 24,212,401 Intan shares
representing approximately 25.12 percent of the issued and paid-
up share capital of Intan were held by 867 public shareholders
holding not less than 100 Intan shares each. Thus, the Spread
Requirement shortfall of Intan based on October 21, 2005's
shareholding position is only in respect of the 133 public
shareholders.

The following are various steps taken by Intan to comply with
the Spread Requirement:

(i) Intan had on various occasions organized briefings with
analysts/fund managers from various organizations including
research houses, stockbroking firms, insurance companies, assets
management companies, banks and fund managers; and

(ii) Intan had on March 30, 2005 and June 23, 2005 proposed to
undertake a restricted issue involving the issuance of up to
2,500,000 new Intan shares together with up to 1,250,000 free
detachable warrants to the eligible Directors and employees of
Intan and its subsidiary companies (Proposed Restricted Issue).

The Proposed Restricted Issue was approved by Bank Negara
Malaysia vide its letter dated September 14, 2005. Further, the
Securities Commission (SC) had recently vide its letter dated 18
November 2005 granted its approval for, inter alia, the Proposed
Restricted Issue (including the SC's approval under the Foreign
Investment Committee's Guidelines on the Acquisition of
Interests, Mergers and Take-overs by Local and Foreign
Interests).

The Proposed Restricted Issue is now pending the approvals of
the other relevant authorities and the shareholders of Intan at
a general meeting to be convened. Barring any unforeseen
circumstances, the Proposed Restricted Issue is expected to be
completed by April 2006.

This announcement is dated 29 November 2005.

CONTACT:

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


JIN LIN: Shareholders Seek Renewal of Mandate
---------------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) furnished Bursa Malaysia
Securities Berhad an update to the proposed renewal of
shareholders' mandate for the JLWIB Group to enter into
recurrent related party transactions of a revenue of trading
nature with related party.

JLWIB proposes to seek the approval of its shareholders for the
proposed renewal of shareholders' mandate for the JLWIB Group to
enter into recurrent related party transactions of a revenue or
trading nature with related party.

At the Sixth Annual General meeting of JLWIB held on January 26,
2005, the shareholders had approved the shareholders' mandate
for the JLWIB Group to enter into recurrent related party
transactions (Shareholders Mandate).

The authority granted by the Shareholders' Mandate will lapse at
the conclusion of the forthcoming Seventh Annual General Meeting
of JLWIB unless approval for its renewal is obtained from the
shareholders of the Company at the Seventh Annual General
Meeting.

The Board of Directors proposes to seek a renewal of the
Shareholders' Mandate for recurrent related party transactions
as the forthcoming Seventh Annual General Meeting of JLWIB to be
convened on a date to be announced later, in order to comply
with paragraph 10.09 of the Listing Requirements of Bursa
Malaysia Securities Berhad.

A circular containing the details of the Proposal will be
dispatched to the shareholders in due course.

This announcement is dated 29 November 2005.

CONTACT:

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


KEMAYAN CORPORATION: Court Unveils Hearing Date
-----------------------------------------------
Further to the announcements dated November 21, 2005, November
24, 2005 and November 25, 2005, the Board of Directors of
Kemayan Corporation Berhad informed Bursa Malaysia Securities
Berhad that the High Court of Malaya, Kuala Lumpur has fixed the
hearings for the Kuala Lumpur High Court Petition No. D4-26-78-
2005 Kemayan Corporation Berhad (KCB Petition) and Kuala Lumpur
High Court Petition No. D6-26-79-2005 Kemayan Bina Sdn Bhd & 18
others (Subsidiaries' Petition) as mentioned above on January
16, 2006 and February 10, 2006 respectively.

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888 / +60 7 236 5307


KEMAYAN CORPORATION: Applies for Restraining Order Extension
------------------------------------------------------------
Further to the announcements dated November 19, 2003, January 6,
2004, March 17, 2004, September 1, 2004, March 4, 2005,
September 2, 2005 and September 6, 2005, the Board of Directors
of Kemayan Corporation Berhad (the Company) informed Bursa
Malaysia Securities Berhad (Bursa Securities) that the Company
had on November 28, 2005 applied to the High Court of Malaya,
Kuala Lumpur for an extension of time in respect of the
Restraining Order which is expiring on November 30, 2005.

Further development in relation to the hearing date of the said
application will be made to Bursa Securities in due course.


K.P. KENINGAU: Provides Default Status Update
---------------------------------------------
In compliance with Bursa Malaysia Securities Berhad Practice
Note 1/2001, K.P. Keningau Bhd (KPK) provided Bursa Malaysia
Securities Berhad an update on its default in payments status as
at October 31, 2005 per attachment in Appendix A.

Total defaults by KPK and its subsidiaries on principal sums
plus accrued interest (defaulted amounts) as at October 31, 2005
amounted to MYR41,261,833.68. The defaulted amounts owing to
financial institutions are in respect of past banking
facilities, which comprised of trade financing, term loans,
revolving creditors and overdrafts.

Status of legal claims remains unchanged as per the update
provided in the previous month announcement, and save for the
above, there is no new development pursuant to this Practice
Note.

To view a full copy of Appendix A, go to
http://bankrupt.com/misc/KPKeningau113005.pdf

This announcement is dated 29 November 2005.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


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

Date of buy back: November 29, 2005

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

Total number of shares purchased (units): 311,000

Minimum price paid for each share purchased (MYR): 1.880

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 311,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 77,796,900

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
  

PACIFIC & ORIENT: Undertakes Share Buy Back
-------------------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back.  
   
Date of buy back from: November 16, 2005

Date of buy back to: November 25, 2005

Total number of shares purchased (units): 128,100

Minimum price paid for each share purchased (MYR): 1.730

Maximum price paid for each share purchased (MYR): 1.810

Total amount paid for shares purchased (MYR): 226,702.07

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

Number of shares purchased retained in treasury (units): 128,100

Total number of shares retained in treasury (units): 7,813,389

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 29, 2005

Lodged by: Pacific & Orient Berhad

CONTACT:

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


PACIFIC & ORIENT: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Pacific & Orient Berhad advised that its additional 1,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Thursday, December 1, 2005.


PORTRADE DOTCOM: Passes All Resolutions at AGM
----------------------------------------------
Portrade Dotcom Berhad advised Bursa Malaysia Securities Berhad
that all resolutions tabled at the Fifth Annual General Meeting
of the Company held at Hilton Kuching, Jalan Tunku Abdul Rahman,
93100 Kuching, Sarawak on Monday, November 28, 2005 at 10:00
a.m. were duly passed.


TRANSOCEAN HOLDINGS: Concludes Disposal of Unit's Properties
------------------------------------------------------------
Transocean Holdings Bhd refers to its earlier announcement dated
April 14, 2005 and the Information Circular to Shareholders
dated November 2, 2005 in relation to the disposal of properties
by the Company's 75 percent owned subsidiary, Transocean Biotec
(M) Sdn Bhd (TBM) (the Disposal).

The Board of Directors advised the Bourse that the Disposal has
been completed on November 28, 2005 after the receipt of the
balance sales proceeds by TBM.

This announcement is dated 29 November 2005.


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

DMCI HOLDINGS: State Lawyers Won't Represent BCDA
-------------------------------------------------
State lawyers have refused to represent the Bases Conversion
Development Authority (BCDA) in its legal battle with DMCI
Holdings Inc., according to BusinessWorld.

Government Corporate Counsel Agnes Devanadera said BCDA has
asked the state to refrain from representing them in the case.

BCDA and DMCI are involved in a legal tussle involving a Php300-
million claim the Consunji-owned company has with the state-
owned firm. DMCI sued BCDA and its unit, North Luzon Railways
Corp., before the Makati Regional Trial Court to compel them to
go into arbitration to settle the Php300-million claim, which
was a deposit DMCI made in return for shares in the Northrail
project.

DMCI wants to get back the amount after it was unable to get the
Northrail shares.

Ms. Devanadera has permitted BCDA to get private counsels to
represent them in court.

BCDA President Retired Gen. Narciso Abaya backed Ms.
Devanadera's decision, saying the government corporate counsel
is engaged in so many cases that "they fell (the case) would be
best handled by private lawyers".

The Ongkiko Kalaw Manhit & Acorda Law Offices entered an
appearance for BCDA, court documents show.

A source privy to the matter said the move to hire private
counsel stemmed from the fact the Office of the Government
Corporate Counsel had earlier issued two opinions which favored
DMCI and were adverse to the position that BCDA is maintaining.

CONTACT:

DMCI Holdings Incorporated
3/F, Dacon Building
2281 Chino Roces Ave. Ext.
Makati City 1231
Telephone:  888-3000
Fax:  816-7362
E-mail Address: dmcihi@dmcinet.com  
Web site: http://www.dmchi.com


DMCI HOLDINGS: Asks to Relist Preferred Shares
----------------------------------------------
The Philippine Stock Exchange (PSE) received a request from DMCI
Holdings Inc. for re-listing of 136,950 preferred shares, as
agreed with various preferred shareholders for the month of
January 2005, subject of the Corporation's disclosure in
Circular for Brokers No. 581-2005 dated Feb. 1, 2005.

In its letter, the Corporation explained, "Such [a] report was
required to apprise the PSE and the public of the status of the
redemption of the preferred shares, and as such, the Issuer
reports redemptions as already agreed with the stockholder but
actual transfer/redemption are on process ('prospective
redemptions'). The Issuer is stating for the record that as of
this writing, the outstanding preferred shares are 154,440,
comprised of the remaining 17,490 listed shares and the 136,950
shares."

In relation thereto, please be informed that the Board of
Directors of the Exchange in its regular meeting on Nov. 23,
2005, approved the re-listing of 136,950 preferred shares of the
corporation.

DMCI, in its SEC Form 17-C date Nov. 29, 2005, further disclosed
that, "This is to correct the previous disclosure on the number
of outstanding shares of the Issuer, we note that the 136,950
share - redemption as agreed with shareholders were previously
reported as part of the redeemed shares pending finalization of
the redemption process. This was due to differences as to the
recognition of disclosure of the Issuer. In this regard, we are
disclosing that the 136,950 shares have not yet been redeemed
but is under prospective redemption as agreed with
shareholders."

In view thereof, 136,950 preferred shares of the Corporation
shall be relisted in the Official Registry of the PSE effective
on Thursday, Dec. 1, 2005. This brings the total number of
listed and outstanding preferred shares to 154,440.


LAFAYETTE MINING: Rapu-Rapu Pond Incident Spills US$5.5 Mln
-----------------------------------------------------------
The unexpected closure of its Rapu-Rapu mining facility caused
Lafayette Mining Limited to lose around US$5.5 million, The
Manila Standard has learned.

The Australian firm said it only shipped about a third of its
production since it discontinued operations due to the pond
overflow. Since Oct. 31 when it temporarily shut down its
operations due to mine tailing spills, Lafayette lost about
AU$1.5 million.

Despite the two incidents last month, the Chamber of Mines of
the Philippines (CMP) supported Lafayette in its drive to
thoroughly clean up the affected area and abide by the
conditions set by the Bureau of Mines and Geosciences.

The CMP's show of support to the independent audit committee is
apparently intended to douse irresponsible mining activities in
the country conducted before the enactment of Philippine Mining
Act of 1995.

CMP said it is ensuring that all remedial steps will be done,
particularly on the safety and structural capability of
Lafayette's tailings dams.

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


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

Please be informed that in a letter dated Nov. 28, 2005, the
Company advised that further to the 388,159,443 fully paid
shares, an additional 3,822,633,663 shares were fully paid as of
Nov. 18, 2005, broken down as follows:

         Class "A" shares    2,232,932,306
         Class "B" shares    1,589,701,357
         TOTAL               3,822,633,663

This brings the number of fully paid shares to a total of
4,210,793,106 common shares and the number of partially paid
shares to 53,878,845 common shares.

In view thereof, the additional fully paid 3,822,633,663 common
shares may be traded starting Thursday, Dec. 1, 2005.

In accordance with the Rule on Rights Offering as provided in
the Revised Listing Rules of the Exchange, actual trading of the
remaining 53,878,845 partially paid shares shall only be
permitted once the shares are fully paid. As previously
disclosed, the payment terms for the said pre-emptive rights
offering is "50% due within Offer Periods; balance due on Nov.
18, 2005". The Company advised the Exchange that it will
continue to receive late payments until Dec. 16, 2005.
Thereafter, the Company shall advise the Exchange how it will
proceed should there be any remaining partially paid shares.

The designated stock transfer agent is authorized to record and
register in its books the additional fully paid 3,822,633,663
shares. The transfer agent shall be authorized to record and
register the remaining 53,878,845 partially paid shares only
upon full payment of the same by the concerned subscribers.

CONTACT:

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


PACIFIC PLANS: Planholders Urge the SEC to File Fraud Charges
-------------------------------------------------------------
A group of Pacific Plans clients urged the corporate regulator
to file charges of fraud against the embattled pre-need firm,
BusinessWorld reports.

The Parents Enabling Parents Coalition (PEPC) insisted the
Securities and Exchange Commission (SEC) should have filed fraud
charges against Pacific Plans Inc. in support of its earlier
statement that the firm committed fraud when it spun off unit
Lifetime Plans Inc. without consulting planholders.

PEPC President Philip Piccio said the coalition is concerned why
the SEC still has not filed criminal charges against Pacific
Plans until now. He said the group is worried that the SEC did
not commit to a specific timeline to act on the request.

Commissioner Jesus Enrique G. Martinez said the coalition agreed
to write a formal letter to the SEC about its petition before an
action could be taken. Three of the five commissioners sat down
with the coalition last week but the agency could not commit an
action immediately as decisions have to be made by the five
commissioners as a collegial body.

CONTACT:

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


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

AUDIOPLEX PTE: Issues Debt Claim Notice
---------------------------------------
Notice is hereby given that the creditors of The Audioplex Pte
Limited (In Creditors' Voluntary Liquidation), which is being
wound up voluntarily are required on or before December 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 liquidator of the Company.

If so required by notice in writing by the said Liquidator they
are to prove their debts or claims at such time and places as
shall be specified in such notice.

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

Dated 25th day of November 2005.

TIMOTHY JAMES REID
Liquidator.
50 Raffles Place #16-06
Singapore Land Tower
Singapore 048623.


B&C CONSTRUCTION: Posts Notice of Preferential Dividend
-------------------------------------------------------
B&C Construction Pte Ltd. formerly of Block 462, Crawford Lane
No. 02-71 Crawford Centre Singapore 190462 posted at the
Singapore Government Gazette a notice of preferential dividend
with the following details:

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 278 of 1997.

Amount Per Centum: 49.96%.

First and Final or otherwise: First & Final Preferential
Dividend.

When Payable: November 16, 2005.

Where Payable: The Official Receiver

The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 25th November 2005.

KAMALA PONNAMPALAM
Assistant Official Receiver.


SING MALAYA: Issues Notice of Preferential Dividend
---------------------------------------------------
Sing Malaya Mesh Company Pte Ltd. formerly of 3 Sungei Kadult
Drive Kranji Industrial Estate Singapore 729556 posted at the
Government Gazette a notice of preferential dividend with the
following details:

Court : Supreme Court, Singapore.

Number of Matter : Companies Winding Up No. 208 of 2000.

Amount Per Centum : 4.08%.

First and Final or otherwise : First & Final Dividend.

When Payable : 16th November 2005.

Where Payable : The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated : 25th November 2005.

KAMALA PONNAMPALAM
Assistant Official Receiver.


SWISSCO PTE: Intends to Distribute Dividend
-------------------------------------------
Swissco Pte Ltd. formerly of 3 Shenton Way No. 21-08 Shenton
House Singapore 068805 posted at the Singapore Government
Gazette a notice of preferential dividend with the following
details:

Court : Supreme Court, Singapore.

Number of Matter : Companies Winding Up No. 249 of 1996.

Amount Per Centum : 9.124%.

First and Final or otherwise : First & Final Dividend.

When Payable : November 16, 2005.

Where Payable : The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated : 25th November 2005.

SUNARI BIN KATENI
Assistant Official Receiver


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

ADVANCE AGRO: Moody's Assigns (P)B3 Rating on Unsecured Bonds
-------------------------------------------------------------
Moody's Investor Services has assigned a provisional (P)B3
rating to Advance Agro Public Company Limited's (AA) proposed
US$250 million senior unsecured bond with a stable outlook.

At the same time, Moody's has placed the Caa1 rating for AA's
guaranteed unsecured notes due 2007 on review for possible
upgrade.

The proposed bond proceeds will be utilized to refinance
existing secured debt under a Master Override Agreement (MOA)
with the Thai Banks and in accordance with an escrow account
arrangement. Moody's expects to assign a definitive rating to
the proposed bonds and remove it from provisional status upon
completion of the bond issuance and repayment of the secured
debt under MOA.

The (P)B3 rating reflects AA's high financial leverage and
limited cushion for withstanding the volatile nature of
commodity product prices. Furthermore, the rating reflects AA's
technical default status on its 2007 notes due to noncompliance
with (1) the filing of Form 20-Fs; and (2) its approval of
certain related-party transactions.

However, the rating agency understands AA is current on its
coupon payments, and has provided financial information to the
public and has disclosed related-party transactions in its
consolidated financial statements. Moody's further draws comfort
from the fact that no request has emerged from bondholders for
an acceleration of payments, but such failure to comply with
covenants prompts concerns over corporate governance.

The company is further expected to expand in-house capacity to
maximize profitability at its current high utilization level.
Given its already high financial leverage, any large-scale debt-
funded growth plan would further boost leverage and weaken
financial flexibility.

At the same time, the rating is supported by AA's competitive
cost position, its brand development with good quality products
and track record for generating positive free cash flow.

The existing Caa1 senior unsecured debt rating reflects legal
subordination risk, with secured debt representing around 70% of
total debts. Pro-forma for the proposed bond issuance and
refinancing of debt under MOA, secured debt will reduce to
around 5% of total debts. Moody's expects to upgrade the rating
to B3 upon the refinancing of the secured debts.

Upward ratings pressure would evolve if there is:

(1) An improvement in its liquidity position, including reduced
reliance on short-term funding;

(2) Establishment of a track record to comply with its bond
covenants; and;

(3) Maintenance of its current financial profile, including the
ability to generate free cash flow and maintain TD/EBITDA below
4.0x - 4.5x on a sustainable basis.

On the other hand, the ratings would come under downward
pressure if there is:

(1) An acceleration of repayments from bondholders;

(2) Upstreaming of funds to support other group companies; or

(3) A material downward trend in the paper market and an
aggressive debt-funded capex plan, resulting in TD/EBITDA above
5.5x -- 6.0x and EBITDA/Int below 1.5x.

Advance Agro (AA), headquartered in Bangkok, Thailand, is an
integrated producer of pulp, uncoated free sheet, and coated
paper.

CONTACT:

Advance Agro Public Company Limited
1 Moo 2, Tambol Tha Toom, Amphoe Si Maha Phot Prachinburi  
Telephone: 0-3720-8800
Fax: 0-3720-8850-1
Web site: http://www.advanceagro.com
  

PREMIER ENGINEERING: Unveils Resolutions Passed at EGM
------------------------------------------------------
Premier Engineering and Technology Public Company Limited
notified the Stock Exchange of Thailand (SET) that the Extra
Ordinary General Meeting of Shareholders of the Company held on
November 29, 2005, passed the resolutions regarding the entry
into connected transaction:

(1) The Meeting unanimously approved the Company to sell the
investments in its two subsidiaries and the debts, which the
subsidiaries owed to the Company, to Premier Manufacturing Co.
Ltd. a connected party, as follows.

(1.1) Sell the 499,994 ordinary shares of Premier CE Co. Ltd.
(which is equivalent to 99.99 percent of a total amount of sold
shares of such subsidiary) at the price of THB0.01 per share,
totaling THB4,999.94, and
          
(1.2) Sell the 199,993 ordinary shares of Premier Resource
Recycle Co. Ltd. (which is equivalent to 99.99 percent of a
total amount of sold shares of such subsidiary) at the price of
THB2.50 per share, totaling THB499,982.50, and
   
(1.3) Sell the debts of Premier CE Co. Ltd. and Premier Home
Appliance Co. Ltd. which owed to the Company, at the amount of
THB70,000,000 and THB20,000,000, respectively, at the selling
price of THB90,000,000, (which is equal to the book value of
such debts) whereby the payment of THB5,000,000 will be made on
the execution date, the remainder shall be made by installations
within 5 years with no interest.

(2) The Meeting acknowledged that the Company entered into the
agreement with Military Bank PCL on October 31, 2005, of which
essences are related to the Company to transfer to Military Bank
PCL the land, factory building and machineries not being used in
information technology business for the debt settlement at the
price of THB89,615,000 (equal to 90 percent of land and building
prices and 50 percent of machinery's market price appraised by
independent appraisal) and to make additional repayment of
THB10,650,000.

The Bank will release the Company from the remaining debts of
approximately THB55,564,015 (as of October 30, 2005, the Company
owes to the Bank for THB155,829,015.73).

(3) The Meeting acknowledged the selling of properties in the
category of furniture, tools, and equipments of Datapro Systems
Co. Ltd. used in Broadband Technology Solutions (BBTS) business
and Training Center Service (TCS) business to Premier
Manufacturing Co. Ltd. a connected party of the Company, at the
price of THB4,858,996.44 and THB6,324,064.49, respectively,
which is equal to the book value of the properties to be sold as
of August 31, 2005.

To enter into such transaction deemed appropriated and the
Company will gain ultimate interest, as the assets to be sold
are non-performing assets of subsidiaries.

The selling price that is equivalent to their book value deems
appropriated and consistent to opinion of independent financial
adviser.

Please be kindly informed accordingly.

Respectfully yours,
Mrs. Duangthip Eamrungro
Premier Engineering and Technology
Public Company Limited

CONTACT:    

Premier Engineering & Technology PCL
1/10 Moo 4, Bangchan Industrial Estate,
Khan Na Yao Bangkok  
Telephone: 0-2517-1276-8, 0-2517-7520-8
Fax: 0-2518-1473


THAI AIRWAYS: Clarifies Financial Report for FY2005
---------------------------------------------------
For the fiscal year 2005, starting October 2004 and ending
September 2005, Thai Airways Public Co. Ltd. advised the Stock
Exchange of Thailand (SET) and its subsidiary recorded a net
profit of THB6,777 million or THB4.00 per share, which was a
decrease from fiscal 2004's profit of THB10,077 million or
THB6.14 per share.

A major cause for the decline in the Company's profitability was
a result of the continuing high fuel cost. The effect of the
decrease in tourism to Thailand resulted from the unrest in
southern Thailand, the terrorism in other countries and the
concern of a bird flu epidemic.

In fiscal year 2005, THAI launched its new Bangkok- New York
route beginning May 1, 2005 and rationalized flights and
destinations to suit passengers' demand.

Rates for fuel surcharge collected from passengers were
increased to compensate the higher fuel price. As a result,
revenues from the sale of goods and rendering of services for
fiscal year 2005 increased by THB9,885 million to THB162,488
million, or an increase of 6.5 percent.

Selling and administrative expense increased by THB19,559
million to THB151,664 million, or an increase of 14.8 percent
from the previous year, resulting from the increase in fuel
price and a one time charge against personnel expense for a
Mutual Separation Plan to down-size the organization and reduce
personnel expense, along with an adjustment of the Company's
salary structure.

The resulting profits from the sale of goods and the rendering
of services decreased by THB9,674 million to THB10,824 million,
or 47.2 percent decline from last year. The gain of THB 1,470
million in foreign currency exchange was mostly due to a
stronger Thai bath at year-end 2005, which reduced the Company's
outstanding foreign currency borrowings in baht terms.

As compared to the previous year, the Company lost THB 2,179
million from currency exchange. The resulting performance was
THB14,235 million in profit before interest and income tax was,
a THB4,970 million decrease from the previous year or a 25.9
percent decline. Profit before income tax was THB9,906 million,
a decrease of THB4,378 million or a 30.6 percent decline from
the same period last year.

For your kind information

Yours faithfully,
Mrs. Ngamnit Sombutpibool
Executive Vice President
Finance and Accounting
Account Closing Coordination Department
0-2545-2231

CONTACT:

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



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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