TCRAP_Public/051208.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 8, 2005, Vol. 8, No. 243

                           Headlines

A U S T R A L I A

ABRICK PTY: Members Pass Winding Up Resolution
A GRADE: Liquidator to Explain Wind Up to Members, Creditors
AIR NEW ZEALAND: Union Tries to Save Local Jobs
BYRNE TRADING: Court Orders Winding Up
CHAIN SHEARING: Schedules Final Meeting Dec. 15

CORETEL COMMUNICATIONS: Creditors Opt for Voluntary Liquidation
ENERGY RESOURCES: Unveils Changes to Ownership Structure
GIRRAWEEN PTY: Enters Voluntary Liquidation
GOLDEN WEST: Declares First, Final Dividend
HAMEKS PTY: Geoffrey T. Hancock Named Official Liquidator

INNER HARMONY: Members, Creditors Discuss Wind Up
JLB BUILDERS: Court Orders Winding Up
JSN INVESTIGATIONS: Creditors OK Liquidator's Appointment
LIHIR GOLD: Appoints Bruce Brook as Director
LIHIR GOLD: Wins Sustainable Development Award

MELBOURNE TRANSPORT: Declares Dividend Tomorrow
MYER LIMITED: Founding Family Forges Tie-up to Regain Share
PANELLI AND ASSOCIATES: Placed Under Voluntary Liquidation
RESUMIX PTY: To Hold Final Meeting Dec. 15
SALES PERFORMANCE: Court Appoints Official Liquidator

SHECKI PTY: Winds Up Operations
SKE CRANES: Intends to Pay Dividend to Creditors
SYDNEY GAS: Entire Board Quits
SYDNEY GAS: Company Secretary Resigns
TELSTRA CORPORATION: To Repeat Miami Deal for Hong Kong Boost

TELSTRA CORPORATION: Moody's Lowers Ratings; Outlook Negative
TIMBERLINE SOFTWARE: Wind Up Process Initiated
T.K. MOORHOUSE: Liquidator to Distribute Company Assets
WT WICKENS: Members Agree to Wind Up Business
WESTPOINT GROUP: Watchdog Takes Action Against Another Arm


C H I N A  &  H O N G  K O N G

APPLIED INTERNATIONAL: Buys Back 40,000 Shares
ASIA PACIFIC: To Appoint Liquidators, Committee Inspection
KARRIE COMPANY: Court Issues Winding Up Order
KENCO LIMITED: Prepares to Wind Up Operations
MIZUHO CORPORATE: Issues Notice to Creditors to Prove Debts

SHARPLINE INTERNATIONAL: Winding Up Hearing Fixed Jan. 18
SWISS ALUMINIUM: Court Issues Winding Up Notice
TAI MING: Prepares to Wind Up Business
TEAM PRODUCTS: Winding Up Hearing Set Dec. 14


I N D I A

TVS INVESTMENTS: RBI Cancels Registration


I N D O N E S I A

GARUDA INDONESIA: Creditors OK Restructuring Plan
INTRACO PENTA: Seeks to Restructure IDR312-Bln Debt
PERTAMINA: Supreme Court Upholds KPPU Ruling on Collusion Case
PUPUK ISKANDAR: May Dismiss Entire Workforce


J A P A N

KANEBO LIMITED: IRCJ Eyes Kanebo Deal Next Week
MITSUBISHI MOTORS: Australia Plans Lesser Output
PIONEER CORPORATION: In Talks With Teac on Optical-Disk Alliance
SANYO ELECTRIC: Unveils New Digital Media Cameras
* FTC Censure Echoes Through Bank Industry


K O R E A

DOOSAN HEAVY: Aims to Gain Foothold in India
KOREAN AIR: Pilots Threaten Strike


M A L A Y S I A

ANTAH HOLDING: Fails to Submit Annual Report 2004
BUKIT KATIL: Still No Development on Financial Condition
CONSOLIDATED FARMS: Fails to Pay Dues for November
GEORGE TOWN: Trading in Shares Still Suspended
GEORGE TOWN: No Changes to Status of Outstanding FS

KEMAYAN CORPORATION: Court Grants 60-Day RO Extension
KIG GLASS: Formulates Plan to Regularize Financial Condition
LANKHORST BERHAD: Net Loss Shrinks to MYR420,000 in 3Q/FY05
MULPHA LAND: Seeks Extension to Comply with PN17 Rule
MENTIGA CORPORATION: Prepares to Comply with SC Requirement

NORTH BORNEO: Sees No Changes in Financial Status
OMEGA HOLDINGS: Awaits SC Decision on Financial Regularization
OLYMPIA INDUSTRIES: Gets SC Approval on MWOP
PAN PACIFIC: Concludes Scheme of Arrangement with Creditors
PANTAI HOLDINGS: Issues New Shares for Listing, Quotation

POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
POLY GLASS: Warrant Subscription Rights Expire Next Year
POLYMATE HOLDINGS: Unveils Status of Loan to Credit Facilities


P H I L I P P I N E S

LEPANTO CONSOLIDATED: In Talks with Potential Foreign Partners
NATIONAL BANK: Government Offers Shares to Small Investors
NATIONAL BANK: Confirms Reported Profit Forecast
NATIONAL HOME: Aims to Securitize Php6 Bln Next Year
NATIONAL POWER: Regulator OKs Power Rate Hike

PHILIPPINE AIRLINES: Expects to Fly Out of Rehab Very Soon
PHILIPPINE AIRLINES: Signs Aircraft Purchase Deal with Airbus
* Bourse Halts Trading of Four Firms


S I N G A P O R E

CHENG POH: Creditors Meet to Discuss Winding Up
LIANG HUAT: Appoints Company Director
LOW PENG: Receiving Claims Until Dec. 27
PACOM S.E. ASIA: Court Releases Winding Up Order
REALCENTRE PTE: Asks Creditors to Submit Debt Claims

YEO BROTHERS: To Hold Creditors' Meeting Dec. 23


T H A I L A N D

JASMINE INTERNATIONAL: Announces Exercise of Rights Warrants
WYNCOAST INDUSTRIAL: SET Transfers Securities to Regular Sector

     -  -  -  -  -  -  -  -

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

ABRICK PTY: Members Pass Winding Up Resolution
----------------------------------------------
At a meeting of Abrick Pty Limited held on Nov. 16, 2005, the
members of the Company passed the following special resolution:

That the Company be liquidated, and that Mr. Paul Sweeney and
Mr. David Stimpson be appointed as Joint and Several Liquidators
for the wind up.

Dated this 18th day of November 2005

Paul Sweeney
David Stimpson
Joint Liquidators
C/o SV Partners Pty Limited
Insolvency Accountants and Risk Managers
Web site: http://www.svpartners.com.au/


A GRADE: Liquidator to Explain Wind Up to Members, Creditors
------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of A Grade Steelfixing & Concreting Pty Limited will
be held on Dec. 15, 2005, 10:00 a.m. at Hall Chadwick, Level 29,
31 Market Street, Sydney NSW 2000.

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


AIR NEW ZEALAND: Union Tries to Save Local Jobs
-----------------------------------------------
Air New Zealand's engineering workers is stepping up efforts to
stop the airline's planned outsourcing of jobs, according to the
Sydney Morning Herald.

The New Zealand Engineering Printing and Manufacturing Union is
set to present today a business proposal in a last-ditch move to
stop the airline from outsourcing most of its heavy maintenance
jobs to Asia or Europe.

The union claims its plan will achieve almost all of the cost
savings Air NZ hopes to make by shifting its maintenance work
offshore. It said the proposal will involve job losses but not
as many as Air NZ is proposing.

Air NZ says its plans to outsource the maintenance of its long-
haul aircraft could save NZ$100 million (AU$95.5 million) over
five years.

The move will result in the loss of 617 jobs across the
airline's Engineering Services (ANZES) division.

The union claims their plan to keep maintenance work in New
Zealand will save the airline NZ$90 million over five years.

CONTACT:

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


BYRNE TRADING: Court Orders Winding Up
--------------------------------------
On Nov. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Byrne Trading Pty Limited,
and appointed Mr. Ozem Kassem as the Company Liquidator.

Ozem Kassem
Liquidator
Bentleys MRI
Sydney Business Recovery & Insolvency Partnership
PO Box Q1165, QVB Post Office
Sydney NSW 1230
Phone: 02 8221 8433
Fax:   02 8221 8422


CHAIN SHEARING: Schedules Final Meeting Dec. 15
-----------------------------------------------
Notice is hereby given that the final meeting of the members of
Chain Shearing Limited will be held on Dec. 15, 2005, 10:30 a.m.
at the offices of RSM Bird Cameron Partners, Level 1, 103-105
Northbourne Avenue, Turner ACT 2612, to present the Liquidator's
final accounts and reports, and to give an explanation thereof.

Dated this 28th day of October 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2612


CORETEL COMMUNICATIONS: Creditors Opt for Voluntary Liquidation
---------------------------------------------------------------
At a meeting of the creditors of Coretel Communications Pty
Limited held on Nov. 7, 2005, it was resolved that the Company
be wound up voluntarily, and that Mr. Oren Zohar be appointed as
Liquidator for such purpose.

Dated this 8th day of November 2005

Oren Zohar
Liquidator
KordaMentha
Phone: 08 9221 6999


ENERGY RESOURCES: Unveils Changes to Ownership Structure
--------------------------------------------------------
Energy Resources of Australia Limited (ERA) announced that it
has been informed that the following holders have sold all of
their "A" Class shares through an international bookbuild to
domestic and international professional investors. The total
number of shares sold is 47,872,488 shares, comprising 25.1% of
ERA's issued capital.

Details of the sellers of the "A" Class shares are:

- Canadian Group Cameco Corporation through Cameco Resources
Australia Pty Ltd (holding 12,769,348 "A" Class shares,
representing 6.69% of ERA's issued capital);

- French group COGEMA through Interuranium Australia Pty Ltd
(holding 14,804,120 "A" Class shares, representing 7.76% of
ERA's issued capital);

- Japan Australia Uranium Resources Development Company Limited
(JAURD) of Japan (holding 20,299,020 "A" Class shares,
representing 10.64% of ERA's issued capital).

ERA has been informed that all sales were made at the price of
AU$9.50 per share and that settlement will occur on Dec. 9,
2005.

As a result of this sale process the only shares in the company
on issue are listed "A" class shares. Rio Tinto continues to
hold 68.39% and the balance is now held publicly.

CONTACT:

Energy Resources Australia Limited
GPO Box 2304, Darwin NT
6801 Australia
Phone: (08) 8924 3500
Fax: (08) 8924 3555
Web site: http://energyres.com.au


GIRRAWEEN PTY: Enters Voluntary Liquidation
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Girraween Pty Limited held on Nov. 10, 2005,
it was resolved that the Company be wound up voluntarily, and
that Messrs Gregory Moloney and Peter Geroff of Ferrier Hodgson
(Qld), Level 7, 145 Eagle Street, Brisbane, be appointed as
Joint and Several Liquidators for the wind up.

Dated this 11th day of November 2005

Gregory Moloney
Liquidator
C/o Ferrier Hodgson (Qld)
145 Eagle Street, Brisbane Qld 4000


GOLDEN WEST: Declares First, Final Dividend
-------------------------------------------
Golden West Refining Corporation Limited will declare a first
dividend on Dec. 9, 2005.

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

Dated this 7th day of November 2005

Garry Trevor
Liquidator
Ferrier Hodgson Chartered Accountants
Level 26, 108 St. George's Terrace
Perth WA 6000


HAMEKS PTY: Geoffrey T. Hancock Named Official Liquidator
---------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Hameks Pty Limited held on Nov. 7, 2005, it
was resolved that the Company be wound up voluntarily,  and it
was resolved that Mr. Geoffrey Trent Hancock of Horwath Sydney
Partnership, Level 10, 1 Market Street, Sydney NSW 2000 be
appointed as Liquidator at a creditors' meeting held that same
day.

Dated this 15th day of November 2005

Geoffrey T. Hancock
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000


INNER HARMONY: Members, Creditors Discuss Wind Up
-------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Inner Harmony Australia Pty Limited will be held on
Dec. 15, 2005, 10:00 a.m. at Suite 5, 32 Thesiger Court, Deakin
ACT, for the following purposes:

AGENDA

(1) To receive an account showing how the winding up of the
Company was conducted and how its property was disposed of; and

(2) To receive any explanation in relation to the winding up.

Dated this 7th day of November 2005

H. J. Kazar
Liquidator
C/o Sims Partners
PO Box 211, Deakin West ACT 2600


JLB BUILDERS: Court Orders Winding Up
-------------------------------------
On Nov. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered that JLB Builders & Developments Pty Limited be
wound up, and appointed Mr. R. J. Porter to be the Company
Liquidator.

R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


JSN INVESTIGATIONS: Creditors OK Liquidator's Appointment
---------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of JSN Investigations Pty Limited held on Nov. 10, 2005, a
Special Resolution was passed to wind up the Company
voluntarily, and Mr. P. Ngan and Mr. G. Parker were appointed as
Joint and Several Liquidators for such purpose.

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

Dated this 16th day of November 2005

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


LIHIR GOLD: Appoints Bruce Brook as Director
--------------------------------------------
Lihir Gold has appointed Mr. Bruce Brook, a highly distinguished
chartered accountant with 17 years experience in the mining
industry, as a non-executive director and Chairman of the Board
Audit Committee.

His appointment to the board adds great depth in the areas of
finance and accounting, and extensive experience in broader
fields of international commerce.

Originally from South Africa, Mr. Brook began his career as an
auditor with accounting firm Ernst and Whinney in Johannesburg
in 1977, before joining Price Waterhouse in London.

His mining experience commenced with Gold Fields of South
Africa, where he spent seven years working as a management
accountant and in other related financial roles. He relocated to
Australia in 1986, joining CRA Ltd as Manager of Comalco
Accounting Services in Melbourne. He was appointed General
Manager of Accounting at Pasminco from 1989 to 1994, before
taking the position of General Manager of Accounting at CRA
until 1997.

His career also included experience outside mining, with two
years as Group Chief Accountant with Pacific Dunlop from 1997 to
1999, and three years with ANZ bank as Deputy Chief Financial
Officer, from 1999 to 2002.

Recognizing his extensive financial and mining experience, WMC
Resources appointed him as CFO in 2002, and he retained that
position until the company was acquired by BHP Billiton earlier
this year.

Lihir Chairman Ross Garnaut said he was delighted to have a
director of the caliber of Mr. Brook joining the board.

"Clearly, he is a highly qualified finance professional, with
the added advantage of having extensive experience at the
highest levels in the mining industry.

"I am very pleased that he has accepted the role of Chairman of
the Audit Committee, where his accounting experience will ensure
that Lihir retains the highest standards in its financial
reporting and broader corporate governance.

"I welcome him to the board and look forward to his contribution
to the company in the future as we continue to grow Lihir and
lift returns to shareholders,' Dr. Garnaut said.

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


LIHIR GOLD: Wins Sustainable Development Award
----------------------------------------------
The environmental benefits of Lihir Gold Ltd's newly developed
geothermal power station have been formally recognized with the
company being awarded a prestigious environmental citation.

Lihir was announced as the winner of The Mining Journal
Outstanding Achievement Award for Sustainable Development at the
Mines and Money World Congress in London.

Lihir won the award for its recently commissioned $US50 million
geothermal power station facility.

"This facility will lead to a significant reduction in
greenhouse gas emissions from the company's gold mine and
processing plant in Papua New Guinea. The plant will use
renewable underground steam reserves and will make the operation
virtually self-sufficient in electrical power," the Mining
Journal said.

Lihir was awarded the citation over stiff competition, including
Rio Tinto's Diavik diamond mine in Canada, the San Cristobal
project in Bolivia, the Stratoni project in Greece and
Outokumpu's BioHeap bacterial leaching technology.

Previous winners of the award include BHP Billiton, which won
last year for its Mt. Arthur Coal project, and Rio Tinto.

"This is a great honor," said Lihir CEO Arthur Hood.

"It is very rewarding to see the international mining community
recognizing the environmental value of the geothermal power
facility. We are very committed to the sustainable development
of our mining operations and take great pride in our responsible
approach to environmental management," he said.

Lihir Gold also was shortlisted for the Development Funding
Award for its US$216 million gold loan established in September
to fund its flotation circuit expansion. The flotation circuit
will boost gold production by an average of approximately
140,000 oz a year from 2007, to more than 800,000 oz.

The Development Funding Award was won by Highlands Pacific Ltd
for securing the finance of the Ramu nickel project in PNG.

CONTACT:

Joe Dowling
Investor Relations Manager
Lihir Gold Limited
Phone: +61 7 3229 5583
Mobile: 0421 587 755
E-mail: Joe.Dowling@lihir.com.pg


MELBOURNE TRANSPORT: Declares Dividend Tomorrow
-----------------------------------------------
Melbourne Transport Service Pty Limited will declare a first and
final dividend tomorrow, Dec. 9, 2005.

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

Dated this 27th day of October 2005

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


MYER LIMITED: Founding Family Forges Tie-up to Regain Share
-----------------------------------------------------------
The founding family of ailing Myer Limited has reportedly teamed
up with private equity firm Newbridge Capital in a bid to
recover a slice of the department store chain.

The Myer family is seeking a minority stake in Myer Limited. The
family owns 5 percent of Myer's parent, Coles Myer, worth about
AU$600 million.

The Myer family has previously said that it has appointed Paul
Espie of Pacific Road Corporate Advisers to assess opportunities
arising from the Myer auction. But Mr. Espie declined comment on
the Newbridge pairing.

Newbridge is a joint venture of the US buyout firms Texas
Pacific Group and Blum Capital Partners. The group has a clear
expertise in the department store business.

Meanwhile, Coles Myer has received a healthy response on its
Myer bidding early this week.

All indicative bids are expected to be considered at a Coles
Myer board meeting, possibly on Monday.

A shortlist of bidders will then receive management
presentations before lodging final bids in late January. The
Coles board is expected to decide on the fate of Myer shortly
after.

CONTACT:

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


PANELLI AND ASSOCIATES: Placed Under Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Panelli and Associates Pty Limited held on
Nov. 10, 2005, it was resolved:

(1) That the Company be wound up voluntarily; and

(2) That Mr. Anthony Christopher Matthews of Anthony Matthews &
Associates, Ground Floor, 91 Hutt Street, Adelaide, South
Australia be appointed as Liquidator for such winding up.

Dated this 14th day of November 2005

Anthony C. Matthews
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Ph0one: 08 8232 8885
Fax:    08 8232 8886
Email: info@matthewsassociates.com.au


RESUMIX PTY: To Hold Final Meeting Dec. 15
------------------------------------------
Notice is given that a final meeting of members of Resumix Pty
Limited will be held on Dec. 15, 2005, 10:00 a.m. at Level 9, 10
Shelley Street, Sydney, NSW, to receive the Liquidator's account
showing the manner of the winding of the Company and disposal of
its property, and to receive any explanation of the account.

Dated this 2nd day of November 2005

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


SALES PERFORMANCE: Court Appoints Official Liquidator
-----------------------------------------------------
On Nov. 11, 2005, the Federal Court of Australia, NSW District
Registry ordered the winding up of Sales Performance Diagnostics
Pty Limited, and appointed Mr. Stephen James Parbery to be the
Company Liquidator.

Dated this 14th day of November 2005

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


SHECKI PTY: Winds Up Operations
-------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Shecki Pty Limited held on Nov. 9, 2005, it
was resolved:

(1) That the Company be wound up voluntarily; and

(2) That Mr. Tarquin Raoul Koch of Anthony Matthews &
Associates, Ground Floor, 91 Hutt Street, Adelaide SA be
appointed as Liquidator for the winding up.

Dated this 15th day of November 2005

Tarquin Koch
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: 08 8232 8885
Fax:   08 8232 8886
Email: info@matthewsassociates.com.au


SKE CRANES: Intends to Pay Dividend to Creditors
------------------------------------------------
SKE Cranes Pty Limited will declare a first and final
preferential dividend on Dec. 9, 2005.

Preferential Creditors whose debts or claims for Leave of
Absence have not already been admitted are required on or before
Dec. 9, 2005 to formally prove their debts or claims.

If they do not, they will be excluded from the benefit of the
dividend.

Dated this 18th day of November 2005

Stephen Gower Baker
Liquidator
Stephen Baker & Co. Chartered Accountants
Suite 2, 98 Woolwich Road
Woolwich NSW 2110


SYDNEY GAS: Entire Board Quits
------------------------------
Earlier Tuesday, all three directors of Sydney Gas Limited being
The Honorable Michael Knight AO (Non-executive Director and
Chairman), Andrew Purcell (Managing Director) and Bruce McKay
(Independent Non-executive Director) resigned.

Mr. Knight and Mr. Purcell have also written to the Company
Secretary requesting that all share options allocated to them be
cancelled.

The resignations of the out-going directors are effective at 12
noon Wednesday, Dec. 7, 2005. They will be replaced by new
directors Michael Norster and Warren Eades, who were appointed
by the outgoing board at the request of some shareholders.

On Tuesday, Sydney Gas received a notice from holders of more
than 5% of issued shares requesting an Extraordinary General
Meeting to remove directors Michael Knight and Bruce McKay and
for the appointment of Michael Norster and Warren Eades. These
directors were also proposed by major shareholders, Chimaera
Capital Limited, in a meeting on the day of the Annual General
Meeting. Together these events indicate a change of control of
Sydney Gas Limited.

The directors have provided to the Australian Securities and
Investment Commission (ASIC) materials relevant to the Supreme
Court discovery and examination action commenced on Dec. 1,
2005.

CONTACT:

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


SYDNEY GAS: Company Secretary Resigns
-------------------------------------
Sydney Gas Directors on Wednesday accepted the resignation of
the Company's Chief Financial Officer and Company Secretary, Mr.
Christopher Brown.

A further announcement regarding Mr. Brown's replacement is
expected.

CONTACT:

Beth Powell
Sydney Gas
Phone: (02)9253 5555


TELSTRA CORPORATION: To Repeat Miami Deal for Hong Kong Boost
-------------------------------------------------------------
Telstra Corporation is considering replicating a controversial
deal with Miami-based Brightstar with its Hong Kong business,
CSL, The Australian reports.

Telstra came up with the plan after talks to bolster its
position in Hong Kong have hit a roadblock, with the embattled
telco failing to reach an agreement with rival New World.

New World revealed that the discussions had been extended until
December 16, despite the personal efforts of Telstra chief
executive Sol Trujillo and operations chief Greg Winn in Hong
Kong last week.

In Hong Kong, Mr. Trujillo discussed with Brightstar chief
Marcelo Claure a possible extension of a deal where the
distributor would purchase all Telstra's 2-3 million mobile
phones it sold each year.

Telstra has estimated the deal will save it AU$50 million a
year. But Mr. Claure said no deal had yet been struck for Hong
Kong.

The Brightstar deal has upset a number of global handset makers
who have objected to being forced to deal with a middleman when
they previously dealt directly with Telstra.

Meanwhile, Mr. Trujillo recently revealed that Telstra
subsidiary CSL had inked a memorandum of understanding with New
World to merge the two companies.

In an ASX announcement, Telstra said that if agreement was
reached, "Telstra will own 76.4 percent of the equity in the
combined business and New World Mobile Holdings will own the
remaining 23.6 percent".

CONTACT:

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


TELSTRA CORPORATION: Moody's Lowers Ratings; Outlook Negative
-------------------------------------------------------------
Moody's Investors Service downgraded Telstra Corporation
Limited's (Telstra) senior unsecured rating to A2 from A1.

The downgrade reflects heightened financial and business risks
as Telstra faces an uncertain operating environment, while at
the same time embarks on a fundamental replacement of its key
network and IT components.

This rating decision finalizes the review for possible downgrade
begun September 6, 2005. The Prime-1 short term rating was not
included in the review and is unchanged. The rating outlook is
negative.

Moody's notes the ratings are underpinned by Telstra's position
as the leading provider of telecommunications services in
Australia. The company enjoys strong and dependable cash flows
based on its near-ubiquitous network. Historically, Telstra has
operated in an environment less competitive than those
prevailing in many other developed markets; a situation which is
expected to continue. It also has a healthy liquidity profile,
including manageable levels of short-term debt and a solid level
of committed standby facilities.

The principal risk factor for the rating is lower revenue and
profitability associated with the impact of an evolving
competitive and regulatory environment, and which is magnified
by a subdued outlook for growth in industry revenues and
margins. This aspect is important as Telstra rebalances from
traditional to next-generation revenue streams and is unable to
rely on further abnormal rises in line rental revenues.

In addition, increasing network investments and the maintenance
of high dividend returns to equity-holders reduce Telstra's
financial flexibility relative to withstanding deteriorations in
operating performance.

The company's decision to transform its network and IT platforms
is appropriate, in view of increasing competitive, regulatory,
and technological risks, albeit Moody's perceives the Australian
market as less competitive than those in many other developed
countries. Notwithstanding this situation, Telstra's strategy
may result in a more efficient conversion cycle, including a
better focus on customer segmentation and product development
that could enhance operating performance in the medium term.

Telstra is subject to potential regulatory changes around the
provision of unbundled local loop (ULL) services and operational
separation. In addition, it is seeking "safe harbour" status for
new network investments. Moody's notes that a negative ULL
outcome -- in other words, de-averaging charges across different
regions - could adversely impact Telstra's revenue base, both
from the perspective of losing subscribers and needing to adjust
charges to match competitive initiatives. To a certain extent
the negative outlook recognizes this risk, albeit the company
has a number of levers it can pull to mitigate the overall
impact on its credit profile.

Moody's expects Telstra's financial profile to weaken in 2006,
given the increased opex -- including redundancy costs -- and
capex associated with its new-generation network strategy. This
will pressure Telstra's debt/EBITDA ratio -- as adjusted --
particularly given the company's aggressive dividends policy.

At the same time, Moody's remains concerned with the prospect of
revenue and earnings decay over the next 2 years, the relatively
weak coverage level of retained cash flow and free cash flow to
debt -- on an adjusted basis - and management's intention to
sustain dividends at a level greater than net income. This
approach would require additional debt and is evidence of
Telstra's strong preference for maintaining shareholder returns
over sustaining its credit profile at a given rating level.

Nevertheless, Moody's believes revenue decay may abate once
Telstra's new generation product base gains traction based on
the relatively benign competitive environment in Australia when
compared to other developed markets.

Telstra is a government related issuer and its joint default
rating of A2 reflects a baseline credit assessment of 3, the Aaa
local currency rating of the Australian government, albeit both
support and dependence are considered by Moody's as low.

The negative outlook reflects the possibility that Telstra's
business transformation plan entails significant execution risk,
heightened by potential changes in competitive forces and
regulatory outcomes. The company may experience delays or cost
overruns in its business transformation plan and which - unless
mitigated by lower shareholder returns - will result in downward
rating pressure.

Moody's notes the outlook could stabilize if the Telstra's
transformation plan is achieved, such that margins are
maintained near 50% with stable to growing revenue. Indicators
Moody's would consider as evidence of such a trend include Net
Adjusted Debt to Adjusted EBITDA at or near 1.5x, together with
Adjusted Free Cash Flow to Net Adjusted Debt rising above 5%.

Material share buybacks or other special returns to shareholders
associated with a further sale of the government's stake could -
- if debt funded -- become a cause for rating change. The rating
may also experience downward pressure if Telstra's operating
profile deteriorated, a change that may be associated with
negative regulatory outcomes. Such a trend would be evidenced in
revenues and/or operating margins declining as a result of
greater competition.

In this context, Moody's would become concerned if free cash
flow is negative past 2007 or Net Adjusted Debt/Adjusted EBITDA
rose above 1.9x.

Telstra Corporation Limited, based in Melbourne, Australia, is
that country's leading provider of telecommunications services.

CONTACT:

Sydney
Charles F. Macgregor
VP - Senior Credit Officer
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

Sydney
Brian Cahill
Managing Director
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100


TIMBERLINE SOFTWARE: Wind Up Process Initiated
----------------------------------------------
Notice is hereby given that at a general meeting of Timberline
Software Asia Pacific Pty Limited held on Nov. 10, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Kenneth Erle Potter be appointed as Liquidator of the Company.

Dated this 16th day of November 2005

Kenneth E. Potter
Liquidator
McBurney & Partners Chartered Accountants
Level 10, 68 Pitt Street
Sydney NSW 2000


T.K. MOORHOUSE: Liquidator to Distribute Company Assets
-------------------------------------------------------
At a general meeting of the members of T.K. Moorhouse Pty
Limited held on Nov. 18, 2005, the following Resolution was
passed:

That on the winding up of the company subject to the payment of
its debts, liabilities and liquidation costs, its assets be
distributed among the members in specie (in whole or in part)
according to their rights and interest in the Company, or in
accordance with a special resolution of the members; and

That the company be wound up voluntarily; and

That Mr. Timothy James Clifton and Mark Christopher Hall,
Chartered Accountants of Level 10, 26 Flinders Street, Adelaide
be appointed as Joint and Several Liquidators for such purpose.

Timothy J. Clifton
Mark C. Hall
Joint Liquidators
Level 10, 26 Flinders Street
Adelaide


WT WICKENS: Members Agree to Wind Up Business
---------------------------------------------
Notice is now given that at a meeting of the members and
creditors of WT Wickens & Co. Pty Limited held on Nov. 11, 2005,
creditors resolved to wind up the Company voluntarily, and Mr.
R. A. Sutcliffe was appointed as the Company Liquidator.

Dated this 11th day of November 2005

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


WESTPOINT GROUP: Watchdog Takes Action Against Another Arm
----------------------------------------------------------
Another Westpoint Group company is facing liquidation, according
to The Australian.

The Australian Securities and Investment Commission (ASIC) has
applied to wind a Westpoint development finance company, Ann
Street Mezzanine Pty Ltd.

The corporate regulator said that about 800 investors have AU$72
million invested in the incomplete Brisbane project, funded by
Ann Street, although the information memorandum disclosed that
only AU$25 million would be raised.

Another of Westpoint's finance companies, York Street Mezzanine
(YSM), recently fell into voluntary administration after similar
ASIC action, and creditors held their first meeting Wednesday
last week.

YSM funded development of the Scots Church apartment building in
Sydney.     

Administrator PricewaterhouseCoopers estimated about 900
investors in promissory notes issued by York Street and
guaranteed by Westpoint were owed about AU$80 million. ASIC will
move to liquidate the company at a hearing on Wednesday.

In a written statement to creditors, Westpoint director Norm
Carey said guarantees would be honored and investors would be
repaid.
                                       

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

APPLIED INTERNATIONAL: Buys Back 40,000 Shares
----------------------------------------------
Applied International Holdings Limited bought back 40,000 shares
at the price of $0.36 each, or at a total of $14,400 on December
6, Infocast News reports.  

The company has current assets of HK$63.05 million in the first
half of 2005 while current liabilities stood at HK$102.64
million, Chong Hing Securities relates.

CONTACT:

Applied International Holdings Limited
Unit 3402, 34th Floor
China Merchants Tower
Shun Tak Centre, 168-200
Connaught Road Central
Hong Kong  
Phone: 25538267  
Fax: 28734676  
Web site: http://www.appliedintl.com


ASIA PACIFIC: To Appoint Liquidators, Committee Inspection
----------------------------------------------------------
Asia Pacific International Investment Holdings Limited, with a
registered office at 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong, issued a notice of appointment of
liquidators and a committee of inspection in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance.

Joint & Several Liquidators' Names: Messrs. Lai Kar Yan (Derek)
and Darach E. Haughey

Liquidators' Address: 26th Floor, Wing On Centre, 111 Connaught
Road Central, Hong Kong.

Members of a Committee of Inspection:

(1) Euro-Asia Agricultural (Holdings) Company Limited (In
Liquidation)

(2) Success Honour Limited

Date of Appointment: November 11, 2005

Dated this 2nd day of December 2005

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


KARRIE COMPANY: Court Issues Winding Up Order
---------------------------------------------
Karrie Company Limited, whose office address is located at Room
1401 Wealth Commercial Building 42-56 Kwong Wa Street Mongkok
Kowloon, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on November 23, 2005.

Date of Presentation of Petition: September 26, 2005

Dated this 2nd day of December 2005

ET O'Connell
Official Receiver


KENCO LIMITED: Prepares to Wind Up Operations
---------------------------------------------
Kenco Limited, whose office address is located at 2/F Xiu Ping
Commercial Building No. 104 Jervois Street Sheung Wan 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 23, 2005.

Date of Presentation of Petition: September 28, 2005

Dated this 2nd day of December 2005

ET O'Connell
Official Receiver


MIZUHO CORPORATE: Issues Notice to Creditors to Prove Debts
-----------------------------------------------------------
Notice is hereby given that the creditors of Mizuho Corporate
Asia (HK) Limited (In Member's Voluntary Liquidation), which is
being voluntarily wound up, are required on or before the close
of business on December 19, 2005, to send in their names,
addresses and particulars of their debts or claims, (including
establishing any title they may have to priority under Section
265 of the Companies Ordinance), and the name and address of
their solicitors, if any, to the liquidators at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

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 2nd day of December, 2005

GABRIEL CHI KOK TAM
JACKY CHUNG WING MUK
Joint and Several Liquidators


SHARPLINE INTERNATIONAL: Winding Up Hearing Fixed Jan. 18
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sharpline International Limited by the High Court of Hong Kong
Special Administrative Region was on November 22, 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 the January 18, 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.

CHOW, GRIFFITHS & CHAN
Solicitors for the Petitioner
Rooms 1902-4, 19th Floor
Hang Seng Building
77 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 7, 2006.


SWISS ALUMINIUM: Court Issues Winding Up Notice
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Swiss Aluminium Engineering (H.K.) Company Limited by the High
Court of Hong Kong Special Administrative Region was on November
9, 2005 presented to the said Court by United Reliance
Corporation Limited, whose registered office is situate at 13th
Floor, The Sun's Group Centre, 200 Gloucester Road, Wanchai,
Hong Kong.  

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

W. K. TO & CO.
Solicitors for the Petitioner
11th Floor, Wheelock House
20 Pedder Street
Central, Hong Kong

Note: Any person who intends to appear on 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.


TAI MING: Prepares to Wind Up Business
--------------------------------------
Tai Ming Development (HK) Limited, whose office address is
located at 1/F & 2/F Kwan Chart Tower No. 6 Tonnochy Road Wan
Chai 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 23, 2005.

Date of Presentation of Petition: September 26, 2005

Dated this 2nd day of December 2005

ET O'Connell
Official Receiver


TEAM PRODUCTS: Winding Up Hearing Set Dec. 14
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Team Products International Inc. by the High Court of Hong Kong
Special Administrative Region was on October 25, 2005 presented
to the said Court by CellPlus (H.K.) Limited whose registered
office is situate at Unit 2112, 21st Floor, Asian House,
Hennessy Road, Wanchai, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 2005.

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

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

MESSRS. HERBERT SMITH
Solicitors for the Petitioner
23rd Floor, Gloucester Tower
11 Pedder Street
Central, Hong Kong

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


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

TVS INVESTMENTS: RBI Cancels Registration
-----------------------------------------
The Reserve Bank of India (RBI) has on November 25, 2005
cancelled the certificate of registration issued to TVS
Investments Ltd. having its registered office at Jayalakshmi
Estates, 24, Haddows Road, Chennai-600 006 for carrying on the
business of a non-banking financial institution as the company
has opted to exit from the business of non-banking financial
institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.

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

CONTACT:

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


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

GARUDA INDONESIA: Creditors OK Restructuring Plan
-------------------------------------------------
Foreign creditors of state carrier PT Garuda Indonesia have
approved the Company's plan to restructure its IDR5.12 trillion
debt, reports AFX News Limited.

According to Garuda President Emirsyah Satar, the Company's
creditors under the European Credit Agency (ECA) agreed to its
proposal to reschedule its annual principal payuments. He added,
however, that they are not certain how long the rescheduling of
payments would take.

In 2001, Garuda Indonesia signed a debt restructuring agreement
with the ECA and local creditors, in order to extend its debt
repayment period from 12 years to 16 years. But with increasing
fuel costs and fierce competition from budget airlines, the
Company has found it difficult to keep up with its repayments.

Aside from meeting with the Company's ECA creditors in London,
Mr. Satar also met with Singaporean creditors to propose a
rescheduling of its principal payments, which amount to 497.03
billion.

Garuda Indonesia is planning to add flights to Asian cities, as
well as Dubai and Istanbul, and is preparing to fly to South
Korea and either Amsterdam or London by 2006.

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


INTRACO PENTA: Seeks to Restructure IDR312-Bln Debt
---------------------------------------------------
Local distributor of heavy equipment PT Intraco Penta is
planning to restructure a IDR312.35 billion debt, Asia Pulse
reports.

According to Intraco President Petrus Halim, the Company will
propose a restructuring scheme to its creditors to either
convert the debt into shares, refinance the debt or extend its
maturity date.

He told the Company shareholders on Dec. 5, 2005 that the debt
includes an interest of IDR37.83 billion.

CONTACT:

PT Intraco Penta Tbk
Jl. Raya Cakung Cilincing Km 3
5 Jakarta 14130
Phone: 021 4401408 (Hunting)      
Fax:   021 44830921
Web site: http://www.intracopenta.com/


PERTAMINA: Supreme Court Upholds KPPU Ruling on Collusion Case
--------------------------------------------------------------
The Supreme Court upheld a ruling by the Business Competition
Supervisory Commission (KPPU) in a high-profile case involving
the sale of two oil tankers by state-owned oil and gas firm PT
Pertamina, reports the Jakarta Post.

In March 2005, the KPPU found Pertamina guilty of colluding with
its three business partners in the sale of two Company tankers
worth IDR1.83 trillion last year.

Pertamina's business partners, namely a Singapore branch of
financial consultant Goldman Sachs, local shipping firm PT
Equinox and tender winner Frontline Limited, a Bermuda-based
shipping firm, were ordered to pay a total of IDR609.81 billion
to the state, and IDR180 billion in fines.

But the Central Jakarta District Court overtunred the KPPU
ruling in May, stating that there was no unhealty competition in
the deal. Hence, the KPPU appealed the case to the Supreme
Court.

As a result of the Supreme Court decision, the KPPU will file a
formal request with a local district court to execute the
ruling.

Pertamina officials could not be contacted to comment on the
matter.

CONTACT:

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


PUPUK ISKANDAR: May Dismiss Entire Workforce
--------------------------------------------
State fertilizer firm PT Pupuk Iskandar Muda (PIM) may have to
let go of its entire workforce, consisting of 1,200 workers, by
2006, as there are no signs that the Company would resume its
operations, Asia Pulse reports.

North Aceh-based PIM ceased its operations in July this year due
to the lack of gas feedstock supply. It had previously said that
it would have to stop its operations if the government was
unable to find gas to feed the plant.

The government had said that it would maintain PIM, and promised
to locate adequate gas supply for the Company.

According to PIM President Hidayat Nyakman, the Company does not
have sufficient cash capital to compensate its employees, and
has asked for a loan from PT Pupuk Sriwijaya, the holding
company for state fertilizer firms, in order to pay its workers.

Mr. Nyakman added that if PIM were to be liquidated, up to 700
suppliers of chemical auxiliary materials and other vendors were
also likely to collapse.

CONTACT:

PT Pupuk Iskandar Muda
Jl. Medan - Banda Aceh PO. Box 21
Lhokseumawe - Aceh Utara, Indonesia
Phone : (62-645) 56222
Fax. : (62-645) 56095
E-Mail  : info@pim.co.id
Web site: http://www.pim.co.id/


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

KANEBO LIMITED: IRCJ Eyes Kanebo Deal Next Week
-----------------------------------------------
The state-backed corporate bailout agency is close to selecting
a consortium led by Kao Corporation to acquire cosmetics and
food group Kanebo Ltd. as it entered the final phase of
selection proceedings, Japan Today reports.

The IRCJ will hold a meeting of its policy-setting committee as
early as next week to approve the selection of the camp
comprising Kao, MKS Partners Ltd, Advantage Partners Inc and
Unison Capital Incorporated.

CONTACT:

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


MITSUBISHI MOTORS: Australia Plans Lesser Output
------------------------------------------------
Mitsubishi Motors Australia is looking at producing less 380's,
only two months after the new model was launched, The Advertiser
reveals.

New Mitsubishi Australia President Robert McEniry said the 380
model had been selling in line with predications, but admitted
the company was not prepared to face tough competition.

Mr. McEniry said Mitsubishi cannot risk offering the type of
discounts used by its Australian rivals for fear that its sales
may suffer.

Mitsubishi believes that by refusing to cut its prices, it will
be able to maintain the resale values of the 380. The outgoing
Magna was known for poor resale values and that in turn damaged
its fleet sales.

Despite planning to wind back production so early in the 380's
life cycle, Mr. McEniry remains positive the car will be a
success.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo, 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014
Web site: http://www.mitsubishi-motors.co.jp

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


PIONEER CORPORATION: In Talks With Teac on Optical-Disk Alliance
----------------------------------------------------------------
Pioneer Corporation is in talks with Teac Corporation to make
parts for optical-disk drives, Bloomberg News reports.

Pioneer expects losses of JPY24 billion (US$198 million) in the
year ending March 31. That compares with an earlier estimate of
a JPY1 billion profit and an JPY8.79 billion loss a year ago.

Teac, which also makes video equipment for hospitals and in-
flight entertainment systems, has reported net losses in three
of the past four business years. Sales have declined for four
consecutive years.

CONTACT:

Pioneer Corporation
4-1, Meguro 1-Chome
Meguro-Ku, Tokyo 153-8654
JAPAN
Phone: +81 3 3495 6774
Fax: +81 3 3495 4301  
Web site: http://www.pioneer.co.jp/


SANYO ELECTRIC: Unveils New Digital Media Cameras
-------------------------------------------------
Sanyo Electric Co. unveiled two new "digital media cameras"
which combine the functionalities of digital cameras and digital
video cameras.

The Xacti C6 and Xacti C40 will both be available in January
with respective prices of $599 and $399, Designtechnica reports.

The Xacti C6, according to Sanyo, is a six mega-pixel digital
camera, which is the world's lightest (5.6 ounces, including
battery and standard SD memory card), thinnest (.9 inches) and
smallest (2.7" x 4.2") model among video cameras with a 1 mega-
pixel or higher image sensor and optical zoom lens. Features on
this model include a digital image stabilizer, 60 fps via TV
output, 5x optical zoom, 2" TFT color LCD screen, multifunction
docking station, voice recorder function and rechargeable
battery.

The Xacti C40 meanwhile sports a four mega-pixel CCD and weighs
6.1 ounces. Features on this model include MPEG-4 recording of
VGA-size video clips at 30 fps, 60 fps video playback via TV
output, 5.8x optical zoom, red eye correction, 1.8" TFT color
LCD monitor, talking navigation guide, rechargeable battery,
voice recording function and PictBridge compatibility for PC-
free printing.

CONTACT:

Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
Web Site: http://www.sanyo.co.jp/koho/index_e.html


* FTC Censure Echoes Through Bank Industry
------------------------------------------
The Fair Trade Commission (FTC) served a warning against profit-
hungry banks when it reprimanded Sumitomo Mitsui Banking Corp.
for unfair sales practices last week, The Asahi Shimbun reports.

FTC ordered SMBC to stop pressuring loan customers, largely
midsize and small businesses, to purchase financial derivatives
as a condition for loans.

The report said SMBC abused its dominant position when the bank
sold interest-rate swaps to more than 10 customers since 2001,
telling them they could be at a disadvantage with their loans if
they refused to buy the products.

SMBC, saddled with massive bad loans to contractors and
retailers, reported more than JPY100 billion in unconsolidated
net loss for the year ended in March.

The Financial Services Agency plans to check operational
management systems not only at SMBC but also other banks.


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

DOOSAN HEAVY: Aims to Gain Foothold in India
--------------------------------------------
Doosan Heavy Industries & Construction Co. is working at
establishing a strong presence in the fast-growing Indian
market, according to Asia Pulse.

Part of the embattled South Korean firm's plan is to clinch a
massive development project in India.

Doosan Heavy is reportedly stepping up efforts to win a fresh
water facility development project. It is also working to pick
out resourceful employees through its subsidiary set up near New
Delhi last month.

CONTACT:

Doosan Heavy Industries and Construction Company Ltd.
Phone: 82 55 278 7114
Fax: 82 55 264 5552
Web site: http://www.doosanheavy.com


KOREAN AIR: Pilots Threaten Strike
----------------------------------
Korean Air pilots warned of an impending industrial action this
week unless the South Korean airline accepts their wage demand,
Agence France Presse reports.

The strike was scheduled to begin shortly after Wednesday
midnight but unionized pilots did not rule out a last-minute
compromise in pay bargaining with management.

The pilots are want a 6.5-percent pay hike and a 50 percent rise
in bonuses.

The pilots earlier rejected a proposal by the government's
arbitration body for a 2.5 percent increase in wages and a 50
percent rise in bonuses.

In August, pilots at Korean Air called off threatened strike
action after a compromise over improved working conditions was
reached with management.

Korean Air suffered a net loss of KRW42.5 billion (US$40
million) in the second quarter to June but in the third quarter,
net profit jumped 59 percent from a year earlier to KRW154.2
billion, helped by growth in passenger demand and lower costs.

CONTACT:

Korean Air
41-3 Seosomun-dong Jung-Gu
Seoul, Seoul 100-813
KOREA (SOUTH)
Phone: +82 2 656 7114
Fax: +82 2 656 7169


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

ANTAH HOLDING: Fails to Submit Annual Report 2004
-------------------------------------------------
Antah Holding Berhad (Antah) issued to Bursa Malaysia Securities
Berhad an announcement pursuant to Paragraph 9.26(3)(b) of the
Bursa Securities Listing Requirements (Bursa Securities LR) -
status of the non-submission of annual report for the Financial
Year Ended (FYE) June 30, 2004 (AR 2004).

Antah advised the Exchange that it has not submitted its AR 2004
as at the date of this announcement, i.e. December 1, 2005.

In compliance with the paragraph 9.26 (3)(b) of the Bursa
Securities LR, the Company makes this announcement on its
failure to issue its AR 2004 to the Company's shareholders and
to the Exchange within the stipulated timeframe, i.e. by
December 31, 2004.

The failure to issue its AR 2004 is because the Company's annual
audited accounts (AAA) for FYE June 30, 2004 has not been
finalized as at to date as the Company's Auditors, Messrs. BDO
Binder is seeking confirmation on additional queries, to which
the Company is currently addressing.

The status of the non-submission of the AAA and the AR 2004 was
discussed and deliberated at the Company's Audit Committee
meeting and Board of Directors' meeting held on November 29,
2005. The Company's tentative timeline to achieve the issuance
of the AR 2004 is as follows:

Description Timeline Status

(1) Resolution of audit queries Mid December 2005 On going

(2) Finalizing and signing of AAA Mid December 2005 To be
achieved

(3) Issuance of notice of General Meeting (including AAA & AR)
End December 2005: To be achieved

As a consequence of the non-compliance with the Bursa Securities
LR under paragraph 9.23 in relation to non-issuance of the AAA
for the FYE June 30, 2004, Bursa Securities may commence de-
listing procedures against the Company.

This announcement is dated 1 December 2005.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


BUKIT KATIL: Still No Development on Financial Condition
--------------------------------------------------------
Bukit Katil Resources Berhad (BKATIL) issued to Bursa Malaysia
Securities Berhad a monthly announcement on Bkatil's plan to
regularize its financial condition to Practice Note 4/2001
(PN4).

The company refers to the Announcement dated November 7, 2005.

Pursuant to Paragraph 4.1(b) of the Practice Note No. 4/2001,
the Company advised that other than as previously announced,
there has been no further development on the status of the
Company's proposed restructuring scheme.

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


CONSOLIDATED FARMS: Fails to Pay Dues for November
--------------------------------------------------
Consolidated Farms Berhad (Confarm) issued to Bursa Malaysia
Securities Berhad the following announcement:

- Monthly Status Announcement

- Practice Note No. 1/2001

- Practice Note No. 4/2001

The Board of Confarm advised the Exchange that:

(1) Monthly Status Announcement: Practice Note No. 1/2001

The Confarm Group has been unable to pay the amount of principal
and/or interest in respect of its credit facilities as at
November 30, 2005 as set out in Table 1.

To view a full copy of Table 1, go to
http://bankrupt.com/misc/ConsolidatedFarms1200105.pdf

(2) Monthly Status Announcement: Practice Note No. 4/2001

Further to the announcement made on October 31, 2005, the Board
of Directors of Confarm advised that there has been no material
development in respect of the Company's plan to regularize its
financial position. As at the date of this announcement, the
decision of the SC on the Appeal is still pending.   

On November 23, 2005, Confarm and its subsidiaries have been
granted an extension of RO for a period of ninety (90) days from
November 26, 2005 to February 23, 2006 by the High Court of
Malaya at Kuala Lumpur pursuant to Section 176(10) of the
Companies Act, 1965. Please refer to the Company's announcement
on November 23, 2005.

This announcement is dated 1 December 2005.

CONTACT:

Consolidated Farms Berhad
24-1 Jalan 24/70A,
Desa Sri Hartamas,
50480 Kuala Lumpur
Telephone: 03-23001199  
Fax: 03-23002299


GEORGE TOWN: Trading in Shares Still Suspended
----------------------------------------------
George Town Holdings Berhad advised that it has yet to release
its interim financial report for the second financial quarter
ended June 30, 2005, which was due on August 31, 2005.

In this respect, trading in the Company's shares will be
suspended with effect from 9:00 a.m., Thursday, December 1, 2005
pursuant to Paragraph 16.02(c) of the Listing Requirements.
However, in view that the trading in the Company's shares has
been suspended since August 1, 2005, hence the suspension will
continue until further notice.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166 / +60 3 7957 8471


GEORGE TOWN: No Changes to Status of Outstanding FS
---------------------------------------------------
With reference to George Town Holdings Berhad's announcement
made to Bursa Malaysia Securities Berhad dated October 31, 2005
in respect of the requirement of Paragraph 9.26(3)(B) of the
Bursa Malaysia Securities Berhad Listing Requirements (Bursa
Securities LR).

The Company advised that, other than previously announced, there
has been no further development on the status of its outstanding
financial statements.


KEMAYAN CORPORATION: Court Grants 60-Day RO Extension
-----------------------------------------------------
Kemayan Corporation Berhad (KCB) informed Bursa Malaysia
Securities Berhad on the monthly status announcement pursuant to
Practice Note No. 17/2005 (formerly classified under PN4/2001).  

Further to the announcement dated November 2, 2005 and in
compliance with paragraph 3.2 of Practice Note No. 17/2005,
Public Merchant Bank Berhad (PMBB) on behalf of the Board of
Directors of KCB, advised the following updates in relation to
the Proposed Restructuring Scheme (Scheme) currently undertaken
by KCB:

(a) On December 1, 2005, the Kuala Lumpur High Court had granted
a further extension of 60 days to the restraining order in
respect of KCB, which had expired on November 30, 2005. The
extended restraining order will expire on January 29, 2006.

(b) On November 18, 2005, Messrs. KH Tan & Chua, being the
Scheme solicitor appointed by KCB, had submitted two (2)
applications to seek the sanction of the High Court of Malaya
(Court) pursuant to Section 176 of the Companies Act, 1965 in
relation to the Proposed Debt Settlement and the Proposed Share
Exchange.

Following the applications, the Court had fixed the hearing of
the Summons For Directions in relation to the above applications
on November 28, 2005 and November 29, 2005 for KCB's petition
and KCB subsidiaries' petition, respectively.

Subsequently, on November 28, 2005, the Court had fixed for
hearing of KCB petition on January 16, 2006 and on November 29,
2005, KCB subsidiaries' petition had been fixed for hearing on
February 10, 2006 by the Court.

(c) On November 15, 2005, PMBB had, on behalf of the Board of
KCB, submitted an application to the Securities Commission (SC),
for further extension of time until May 31, 2006, for KCB/Jawira
Holdings Berhad to fully implement the Scheme. The previous
extension of time, which was granted by the SC via its letter
dated June 10, 2005 was until November 30, 2005.

Further developments in relation to the Scheme will be made to
the Exchange in due course.

This announcement is dated 1 December 2005.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390  
Fax: 07-2365307


KIG GLASS: Formulates Plan to Regularize Financial Condition
------------------------------------------------------------
KIG Glass Industrial Berhad (KIG Glass) issued to Bursa Malaysia
Securities Berhad a monthly announcement on the status of the
company's plan to regularize its financial condition pursuant to
Practice Note No. 17/2005 (PN17/2005).

The company refers to the Company's first announcement in
compliance with PN17/2005 dated November 8, 2005.

In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, AmMerchant Bank Berhad (a member of AmInvestment
Group), on behalf of the Board of Directors of KIG Glass,
advised that the Company is still in the midst of formulating a
restructuring plan to regularize its financial condition with
its advisers. A full announcement outlining the said
regularization plan will be announced once it is finalized.

KIG Glass has approximately seven (7) months from the date of
this announcement to submit the Regularization Plan as defined
in paragraph 8.14(3) of the Bursa Malaysia Securities Berhad's
Listing Requirements to the relevant authorities for approval.

This announcement is dated 1 December 2005.

CONTACT:

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


LANKHORST BERHAD: Net Loss Shrinks to MYR420,000 in 3Q/FY05
-----------------------------------------------------------
Lankhorst Berhad advised Bursa Malaysia Securities Berhad a copy
of its Third Quarter Financial Statement for the financial
period ended September 30, 2005.

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

(1) Revenue  
    5,365         9,327           38,793         34,062

(2) Profit/(loss) before tax  
    
    -454         -3,467           473            -4,029

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

    -420         -3,475           574            -4,037

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

    -420         -3,475          574             -4,037

(5) Basic earnings/(loss) per shares (sen)  
    
    -1.00         -8.40          1.40            -9.80

(6) Dividend per share (sen)  

    0.00           0.00          0.00             0.00

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

(7) Net tangible assets per share (MYR)  

      0.0300                    0.2300

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/LankhorstBerhadQ305qtrlyreport.doc

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


MULPHA LAND: Seeks Extension to Comply with PN17 Rule
-----------------------------------------------------
Mulpha Land Berhad (MLB) (formerly known as Mega Pascal Berhad)
issued to Bursa Malaysia Securities Berhad a monthly
announcement on the status of plan to regularize PN17 status
pursuant to Practice Note 17/2005 (PN17/2005).

MLB has on November 15, 2005 submitted an application to Bursa
Malaysia Securities Berhad to seek an extension up to February
28, 2006 for MLB to achieve the level of business or operations
stipulated under PN17/2005 for the upliftment of the PN17/2005
classification of MLB.


MENTIGA CORPORATION: Prepares to Comply with SC Requirement
-----------------------------------------------------------
Mentiga Corporation Berhad (Mentiga) submitted to Bursa Malaysia
Securities Berhad a monthly announcement pursuant to Practice
Note No. 4/2001 in relation to Paragraph 8.14 of the Listing
Requirements of the Bursa Malaysia Securities Berhad.

Further to the status report made on November 2, 2005, Mentiga
advised Bursa Malaysia Securities Berhad that it is still in the
midst of preparing and collating information required by
Securities Commission.

CONTACT:

Mentiga Corporation Berhad
Peramu Jaya
26607 Pekan, Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411/ +60 443 1233


NORTH BORNEO: Sees No Changes to Financial Status
-------------------------------------------------
The North Borneo Corporation Bhd issued an announcement pursuant
to Practice Note No. 4/2001 issued under Paragraph 8.14 of the
Listing Requirements of Bursa Malaysia Securities Berhad.

The Board of Directors of The North Borneo Corporation Berhad
informed Bursa Malaysia Securities Berhad that there are no
changes to the status of its plan to regularize its financial
position since the following announcements were made:

The Securities Commission had via its letter dated January 24,
2005 approved the Revised Scheme. The details of the conditions
imposed by the Securities Commission can be obtained through the
announcement dated January 25, 2005.

The Securities Commission had via its letter dated March 10,
2005, informed that the application by the Company on the
Proposed Exemption will now be considered under Practice Note
2.9.1 of the Malaysian Code on Takeovers and Mergers, 1998
instead of under Practice Note 2.9.3.

The details of the conditions imposed for the approval of the
Proposed Exemption can be obtained through the announcement
dated March 18, 2005.

The Securities Commission had also via its letter dated March
17, 2005 approved the application by the Company to expand the
Proposed Special Issue to include a proposed private placement
of 10,000,000 new LLT Shares. The details can be obtained
through the announcement dated March 21, 2005.

The Court had on March 30, 2005 granted an Order pursuant to
Section 176 of the Companies Act, 1965 to restrain all further
proceedings against the Company for a period of nine months from
the date of the Order and to convene the meetings of its members
and the meetings of its scheme creditors no later than nine
months from the date of the Order. The details can be obtained
through the announcement dated April 20, 2005.

The Equity Compliance Unit of the Securities Commission had vide
its letter dated April 28, 2005, informed that they have no
objection to the Revised Scheme pursuant to Foreign Investment
Committee's Guideline on Acquisition of Interests, Mergers and
Takeovers by Local and Foreign Interests. The details of the
conditions imposed can be obtained through the announcement
dated May 3, 2005.

This announcement is dated 1 December 2005.

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


OMEGA HOLDINGS: Awaits SC Decision on Financial Regularization
--------------------------------------------------------------
Omega Holdings Berhad (Omega) furnished Bursa Malaysia
Securities Berhad a monthly announcement on the status of plan
to regularize financial condition pursuant to Practice Note
4/2001.

Further to the announcement on November 2, 2005, Avenue
Securities Sdn Bhd, on behalf of Omega, advised the Exchange
that there has been no material development in respect of the
Company's plan to regularize its financial position.

The applications to regularize the financial condition of Omega
which were submitted to the Securities Commission and Foreign
Investment Committee on February 28, 2005 are currently pending
their approvals.

This announcement is dated 1 December 2005.

CONTACT:

Mentiga Corporation Berhad
Peramu Jaya
26607 Pekan, Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411/ +60 443 1233


OLYMPIA INDUSTRIES: Gets SC Approval on MWOP
--------------------------------------------
Further to the announcement dated November 30, 2005 on the
Modified Workout Proposal of Jupiter Securities Sdn Bhd, Olympia
Industries Berhad advised Bursa Malaysia Securities Berhad that
the Securities Commission (SC) has on November 30, 2005 approved
the Modified Workout Proposal (MWOP) of Jupiter Securities Sdn
Bhd including the waiver of its earlier condition that the
Special Administrators should not be discharged until the
Workout Proposal is implemented to the satisfaction of SC.

The MWOP was approved by Danaharta Managers Sdn Bhd on November
17, 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PAN PACIFIC: Concludes Scheme of Arrangement with Creditors
-----------------------------------------------------------
The Board of Directors of Pan Pacific Asia Bhd (PPAB) advised
Bursa Malaysia Securities Berhad that as at October 25, 2005,
the Acquisition and the Scheme of Arrangement with Creditors (as
defined in the Explanatory Statement and Circular to
Shareholders dated August 5, 2005) was completed while the
Scheme of Arrangement with Shareholders (as defined in the same
Explanatory Statement and Circular to Shareholders) was
completed on November 17, 2005.

CONTACT:

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


PANTAI HOLDINGS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Pantai Holdings Berhad advised that its additional 400,800 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, January 5, 2005.

CONTACT:

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


POHMAY HOLDINGS: In Talks with Lenders to Restructure Loans
-----------------------------------------------------------
Pohmay Holdings Bhd issued to Bursa Malaysia Securities Berhad a
monthly announcement on default in payment pursuant to Practice
Note 1/2001 of the Listing Requirements (PN1/2001).

In relation to the status of default in payment pursuant to
PN1/2001, the Board of Directors of the Company informed the
Exchange that there is no change to the status of default in
payments of interest and principal sums to the Lenders since the
last announcement on September 30, 2005.

In compliance with Paragraph 3.2 of PN1/2001, the Company
advised that it is in the process of negotiation with its
lenders to restructure the Group's loans and is actively working
on various schemes to alleviate the Group from its current
financial predicament.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad its plan to regularize once
completed.

This announcement is dated 1 December 2005.

CONTACT:

Pohmay Holdings Berhad   
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500   
Fax: 03-21417730


POLY GLASS: Warrant Subscription Rights Expire Next Year
--------------------------------------------------------
The Board of Directors of Poly Glass Fibre (M) Bhd. informed
Bursa Malaysia Securities Berhad that the subscription rights of
Warrants 2000/2005 (Warrants) will expire at 5:00 p.m. on
Wednesday, January 4, 2006 (the Expiry Date) in accordance with
the terms and conditions of the Deed Poll dated October 23,
2000.

In order to facilitate the expiry and final exercise of
Warrants, the last day of trading of Warrants shall be no later
than 5:00 p.m. on Thursday, December 15, 2005. Warrants will be
suspended from quotation with effect from 9:00 a.m. on Friday,
December 16, 2005 until the Expiry Date.

To view a full copy of the notice, go to
http://bankrupt.com/misc/PolyGlassNoticeWarrants2005.pdf

CONTACT:

Poly Glass Fibre (M) Bhd
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460   
Fax: 04-3996197


POLYMATE HOLDINGS: Unveils Status of Loan to Credit Facilities
--------------------------------------------------------------
Further to the announcement made on November 2, 2005, Polymate
Holdings Berhad (Polymate) issued to Bursa Malaysia Securities
Berhad an update on the status of the various credit facilities
in default by its three (3) subsidiaries to the financial
institutions as at November 30, 2005, as detailed in Table A
attached.

To view a full copy of Table A, go to
http://bankrupt.com/misc/PolymateHoldingsPN1tableA301105.xls

The Company is still in the process of negotiation with the
lending banks to restructure the Group's credit facilities and
is actively working on various schemes to regulate its financial
position.


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

LEPANTO CONSOLIDATED: In Talks with Potential Foreign Partners
--------------------------------------------------------------
Lepanto Consolidated Mining Co. is reportedly negotiating with
foreign investors for three of its major mining projects,
according to The Philippine Daily Inquirer.

The gold miner is continuing talks with China's Zijin Mining
Group Co. Ltd., which is still keen on Lepanto's US$30-million
copper mine in Mankayan, Benguet. Zijin has already completed a
due-diligence on the Mankayan mines.

The Mankayan site has two of Lepanto's projects, Victoria I and
Teresa (formerly Victoria II). It had a labor strike a few
months ago.

Lepanto is also holding discussions with Invanhoe Mines for its
Far South East gold project in Benguet. The Canadian firm is
also doing due diligence audit on the project.

Lepanto has also received proposals for exploration at its
Kalayaan mine in the southern province of Surigao del Norte,
which is under its affiliate Manila Mining Corp.

CONTACT:

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


NATIONAL BANK: Government Offers Shares to Small Investors
----------------------------------------------------------
The Philippine National Bank (PNB) has been advised by Ms.
Cristina Q. Orbeta, OIC and EVP of the Philippine Deposit
Insurance Corporation and Chairperson of the Joint
Technical Committee, that the Government will be offering its
20,670,435 PNB shares to small local investors (SLI) as provided
under Section 2 (f) of R.A. 7886 dated February 20, 1995.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


NATIONAL BANK: Confirms Reported Profit Forecast
------------------------------------------------
Philippine National Bank (PNB) clarified the news article
entitled "PNB sees Php600 Million take in remittance" which was
published in the December 6, 2005 of BusinessWorld.

The article reported in part that:

"The Philippine National Bank, now owned by taipan Lucio Tan,
expects to make at least Php600 Million this year backed by the
strong growth of its remittance business.
`We are number one in the remittance business. We expect about
Php600 Million this year because we were able to generate
deposits and more importantly our remittance business,' PNB
Chairman Flor Gozon Tarriela told BusinessWorld.

"The projected Php600 Million net income would be a marked
increase from last year's Php353 Million."

PNB advised that the substance of the news report is basically
correct, i.e., that its expected earnings for year-end 2005 is
at or about Php600 Million due to a combination of the strong
growth of its remittance business, the increase of its deposit
levels, the reduction of our non-performing loans and the sale
of its ROPOA.


NATIONAL HOME: Aims to Securitize Php6 Bln Next Year
----------------------------------------------------
The National Home Mortgage Finance Corporation (NHMFC) plans to
securitize next year up to Php6 billion after successfully
disposing of about 25 percent of its real estate mortgage
portfolio consisting of non-performing housing loans (NPLs), The
Manila Bulletin says.

The loss-making state firm will securitize Php6 billion worth of
its good performing housing loans to generate fresh funds and to
settle part of its existing loan obligations with its funding
agencies the Social Security System (SSS), and the Home
Development Mutual Fund or Pag- ibig Fund.

This was announced by Joseph Peter S. Sison, newly appointed
NHMFC president, during the recent formal turn over by NHMFC to
SSS and Pag-Ibig Fund of their respective shares in the sale by
NHMFC.

The sale involves a batch of highly delinquent mortgages,
amounting to Php3.3 billion and Php400 million, respectively.
Some 55,000 real estate mortgage accounts, with outstanding
principal balance of some Php13 billion, were sold by NHMFC
through open competitive bidding in May last year.

The mortgages represent housing loans earlier granted by NHMFC
to SSS and Pag-Ibig Fund members, using wholesale funds lent by
the two funding agencies to NHMFC under the latter's Unified
Home Lending Program (UHLP).

CONTACT:

National Home Mortgage Finance Corporation
Filomena III Bldg., 104 Amorsolo St.,
Legaspi Village Makati City
Telephone: 892-5146 / 892-5430


NATIONAL POWER: Regulator OKs Power Rate Hike
---------------------------------------------
The Energy Regulatory Commission (ERC) has approved the National
Power Corporation's (Napocor) bid to increase its power rates,
BusinessWorld reports.

The power regulator on Tuesday allowed Napocor to adjust its
rates lower than it sought and not inclusive of recent oil and
foreign exchange adjustments.

The newly approved rates involve deferred generation costs on
fuel and foreign exchange risks for the October 2004 to March
2005 period. They do not cover the entire deferred costs Napocor
claimed in its September 14 petition.

Napocor is expected to file for a new adjustment, which is
likely to include the oil price shocks and foreign exchange
movements later in 2005. According to ERC rules, Napocor can
submit its new application this month.

Customers of power distribution utilities, particularly Manila
Electric Co. (Meralco), are expected to be charged the new rates
starting February 2006.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


PHILIPPINE AIRLINES: Expects to Fly Out of Rehab Very Soon
----------------------------------------------------------
Philippine Airlines (PAL) is poised to end its rehabilitation
program earlier than scheduled, as it continues to make headway
in its debt settlement efforts, ABS-CBN News reveals.

PAL Chief Finance Officer Andrew Huang disclosed that the
airline has already paid US$1 billion out of its US$2.2-billion
obligations to the U.S. Export Import Bank and a group of
European export credit agencies and local lenders.

The national flag carrier's early exit from its rehabilitation
programs would allow it to borrow new money and fund expansion.

Mr. Huang said PAL forecast a net loss for the third quarter
owing to seasonality, but is eyeing positive results for the
entire year.

PAL filed for rehabilitation in June 1998. It trimmed down its
operations after the 1997 Asian financial crisis. The fleet was
reduced from 53 to 22 aircraft, many domestic and international
routes were discontinued, and the workforce was reduced.

CONTACT:

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


PHILIPPINE AIRLINES: Signs Aircraft Purchase Deal with Airbus
-------------------------------------------------------------
National flag carrier Philippine Airlines and aircraft
manufacturing giant Airbus formally signed a deal on Tuesday for
the purchase of new aircraft, reports Associated Press.

The US$840-milion package includes an order for nine new A320s
and options for five more new A320s.

As part of the deal, PAL also will lease two new A320s and two
A319s from GE Commercial Aviation Services, an international
aircraft lessor.

Last month, PAL President Jaime Bautista said the carrier plans
to borrow from export credit agencies to fund the purchases. The
new aircraft will service domestic and regional routes.

PAL currently has a fleet of 31 aircraft with an average age of
nine years, including Boeing 747-400s, 737-400s and 737-300s, as
well as Airbus A340-300s, A330-300s and A320-200s.    


* Bourse Halts Trading of Four Firms
------------------------------------
The Philippine Stock Exchange (PSE) has suspended the trading of
Forum Pacific, Inc., Mondragon International Philippines, Inc.,
Universal Rightfield Property Holdings, Inc. and Banco Filipino
Savings and Mortgage Bank for failing to follow its rules.

Banco Filipino has not yet complied with the structured
reportorial requirements of the exchange, as it failed to submit
quarterly reports since 2003 and annual reports since 2002. It
has not paid the corresponding basic and daily fines incurred
for the violation.

The PSE, meanwhile, issued an indefinite trading suspension on
Banco Filipino shares on Dec. 20, 2002 pending clarification of
a previous board and stockholders' resolution on its capital
increase through a rights issuance.

Forum Pacific, on the other hand, has not yet paid the basic and
daily fines for the delayed submission of its 2004 annual report
and quarterly reports ending March and June.

Meanwhile, Mondragon International Philippines Inc. failed to
submit its quarterly report ending September. The firm has not
complied with the reportorial requirements of submitting annual
reports dating back since 2003 and quarterly reports since March
2004.

Universal Rightfield also did not submit a quarterly report
ending September and was thus fined. The firm is also yet to
submit 2004 annual report and quarterly reports ending March and
June.


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

CHENG POH: Creditors Meet to Discuss Winding Up
-----------------------------------------------
Notice is hereby given that the first meeting of the creditors
of Cheng Poh Building Construction Pte Limited will be held on
Dec. 16, 2005, 3:00 p.m. at Turnbull Lecture Hall, Level 12, AEC
Centre, International Factors Building, 141 Market Street,
Singapore 048944.

The Agenda of the Meeting is to:

1. Receive an update on the progress of the Liquidation;

2. Consider the nomination of creditors to a Committee of
Inspection; and

3. Consider any other matters.

To entitle you to attend and vote at the meeting, your Forms of
Proxy and Proof of Debt form must be lodged with the Liquidator
no later than 12:00 p.m. on Dec. 15, 2005.

A copy each of the Forms of Proxy and Proof of Debt have been
dispatched to all known creditors of the Company as at Sept. 23,
2005. Any other person claiming to be a Company creditor as at
23rd September 2005 may write to the Liquidator to request for
copies thereof.

Dated 2nd December 2005

Yin Kum Choy
Liquidator
C/o K. C. Yin & Co. Certified Public Accountants
100 Tras Street,
#16-01 Amara Corporate Tower
Singapore 079027
Phone: 65 6323 1613
Fax:   65 6323 1763

Note:

Company Creditors who have lodged a Proof of Debt form with the
Liquidator need not lodge another Proof of Debt form in response
to this Notice.


LIANG HUAT: Appoints Company Director
-------------------------------------
Liang Huat Aluminium Limited announced that the Company
appointed Mdm. Shirley Lee Lai Ngoh as Director effective Dec.
6, 2005.

Mdm. Lee is considered Independent and is appointed as a Member
of the Audit, Nominating and Remuneration Committee. Her
particulars, pursuant to the requirements of the Listing Manual
will be furnished in a separate announcement.

By order of the Board

Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


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

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

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

Dated this 25th day of November 2005

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


PACOM S.E. ASIA: Court Releases Winding Up Order
------------------------------------------------
In the matter of Pacom S.E. Asia Pte Limited, the Singapore High
Court issued a winding up order against the Company on Nov. 25,
2005, with the following details:

Name and address of Liquidator: Mr. Chan Kwang Cheng
139 Cecil Street
#04-01 Cecil House
Singapore 069539

Kweh Lee & Partners
Solicitors for the Petitioners


REALCENTRE PTE: Asks Creditors to Submit Debt Claims
----------------------------------------------------
Notice is hereby given that the creditors of Realcentre Pte
Limited, which is being voluntarily wound up, are required on or
before Dec. 27, 2005 to send in their names and addresses with
particulars of their debts or claims and the names and addresses
of their solicitors (if any) to the Company Liquidator.

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

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

Dated: 25th November 2005

Kuek Buck Hiong
Liquidator
133 New Bridge Road
#10-04 Chinatown Point
Singapore 059413


YEO BROTHERS: To Hold Creditors' Meeting Dec. 23
------------------------------------------------
Notice is hereby given that a meeting of the creditors of Yeo
Brothers Launch Services Pte Limited will be held on Dec. 23,
2005, 9:30 a.m. at 150A Mei Chin Road #02-00, Singapore 140150,
for the following purposes:

AGENDA

To decide whether a Committee of Inspection should be formed,
and, if so, who should be members of the said Committee.

Proxies to be used at the meeting must be lodged at the
Liquidator's office not later than 4:00 p.m. of Dec. 22, 2005.

Dated this 2nd day of December 2005

Lau Chin Huat
Liquidator
C/o Blk 150A, Mei Chin Road #02-00
Singapore 140150


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

JASMINE INTERNATIONAL: Announces Exercise of Rights Warrants
------------------------------------------------------------
Jasmine International Public Company Limited informed the Stock
Exchange of Thailand (SET) regarding the Exercise of
5,035,417,950 units of the Company's Rights Warrants:

(1) The Notification Period is during 8:30 a.m. to 3:30 p.m. on   
    the Company's business day on December 16-29, 2005.

(2) The Exercise Date is on December 30, 2005.

(3) Contact Place to exercise the Rights Warrants and to get the    
    Exercise Notice Forms is:

- Jasmine International Public Company Limited
  200, Jasmine International Tower, 29th Floor, Moo 4,    
  Chaengwattana Road,
  Pakkred Sub-district, Pakkred, Nonthaburi 11120, Thailand,    
  Telephone Number: (66 2) 502-3119-20
  Fax Number: (66 2) 502-3151 or download exercise notice
     form from http://www.jasmine.com

- Or at any office of the brokerage companies during the    
  Notification Period.

(4) The Exercise Ratio and the Exercise Price to subscribe the
Company's Common Shares:

1 Rights Warrant has a right to subscribe 1 Common Share of the
Company at the price of THB0.50 per share.

(5) Payment Method
   
The Warrant holders can pay by cash, cheques, drafts, bill of
exchanges or payment orders from banks which can be cashed in
Bangkok when called within two days and shall be made payable to
"Jasmine International Public Company Limited"

Please be informed accordingly.
Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co. Ltd. the Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


WYNCOAST INDUSTRIAL: SET Transfers Securities to Regular Sector
---------------------------------------------------------------
The Stock Exchange of Thailand (SET) resumes trading of Wyncoast
Industrial Park Public Company Limited (WIN).

The firm is being transferred from the REHABCO sector to the
Property Development sector, and its trading symbol is WIN.

Executive Vice President (EVP) of the Stock Exchange of Thailand
(SET), Mr. Suthichai Chitvanich announced that the SET would
transfer WIN's securities from the REHABCO sector to the
Property Development Sector (Property and Construction Group) on
December 16, 2005, and allow trading to resume from that date
onwards.  

WIN is the fifth firm whose securities are returned to its
regular sector this year, following those of Nakornthai Strip
Mill Pcl. (NSM), K.C. Property Pcl. (KC), T.C.J. Asia Pcl. (TCJ)
and Power-P Pcl. (POWER).

As noted in WIN's letter requesting approval to transfer to the
Property Development sector, the company has been earning net
operating profits from its core business for three consecutive
quarters (starting with Q1/2005, ending March 31, through
Q3/2005, ending September 30). WIN's financial statements, as of
September 30, 2005, showed a positive shareholder's equity of
THB313 million.  WIN is not necessary to restructure its debt.

Furthermore, WIN has demonstrated both its strong financial
position and performance on a continuous basis.

"WIN's strategic shareholders, who collectively hold 288,291,891
shares, (par value is THB1 per share) or 82.31 percent of the
total outstanding shares, including 58,135,644 units of warrants
or 91.96 percent of the total outstanding warrants, have
informed the SET that they will not sell their securities for at
least one year from the day that WIN resumes trading.

The SET prohibits them from selling more than 25 percent of
their shares during the first six months after trading resumes,
while over the next six months, they may sell up to an
additional 25 percent" the SET EVP said.

Mr. Suthichai also said that WIN has posted an SP sign since
2003 when the firm was transferred to the REHABCO sector.
Investors should therefore closely consider WIN's operating
results utilizing its financial statements from the past few
years as well as its information memorandum before making their
decisions to purchase WIN's securities.

All details have been disseminated on the SET Market Analysis
and Reporting Tool (SETSMART.)  

In addition, WIN has already registered the decrease of capital
to the Ministry of Commerce since December 2, 2005 by reducing
numbers of shares from 1,400,937,360 shares to 350,234,340
shares.

Its paid up capital have decreased from THB1,400,937,360 to
THB350,234,340 and it has been effective in the SET's trading
system since December 8, 2005 onwards.

Furthermore, to allow the market mechanism to work freely, the
SET will temporary lift the ceiling and floor limits on the
company's securities on December 16, 2005.
      
Note: The qualifications required by companies that wish to move
from the REHABCO sector to a normal business sector are:

(1) Show a positive shareholder's equity (after adjustments in
accordance with the auditor's opinion) before leaving the
REHABCO sector.

(2) Have a net operating profit from the company's core business
for three consecutive quarters or one year before submitting its
application for reinstatement.

(3) Have successfully restructured over 75 percent of the
company's total debt and been able to settle its debts on time.

(4) Be able to demonstrate the company's strong financial
position and performance on a continuous basis as supported by
the company's cash flows.

CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4






                            *********


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

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