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                     A S I A   P A C I F I C

            Friday, December 9, 2005, Vol. 8, No. 244

                            Headlines

A U S T R A L I A

ABLIAS PTY: Liquidator to Explain Winding Up to Members
BEAM COMPUTERS: To Declare Dividend Today
BYCOON PTY: Court Issues Winding Up Order
CELIS PTY: Schedules Final Meeting Dec. 16
COOPAABE PTY: Members Pass Winding Up Resolution

CSE CONSULTING: Creditors Decide to Wind Up Business
DUBAR SERVICES: Appoints Official Liquidator
F.U.P. PTY: Receiving Proofs of Debt Until Dec. 28
GENTIUM PTY: Resolves to Cease Operations
HALJAY PTY: Enters Voluntary Liquidation

KJ CONSULTING: Court Orders Winding Up
KOCKCUMS PACIFIC: Members to Review Liquidator's Report
MINOS JV: Jamieson Louttit Named Company Liquidator
MYER LIMITED: Possible Conflict of Interest Taints Sale
MYER LIMITED: Bidders Hash Over Deadline, Forecasts

OPAL FLOOR: Creditors OK Liquidator's Appointment
PFS GROUP: Self-managed Superannuation Companies Shut Down
PHET PTY: Intends to Pay Dividend to Creditors
QANTAS AIRWAYS: Jetstar to Fly Long Haul International Services
ROEDEAN PTY: Wind Up Process Initiated

STATURE PTY: Placed Under Voluntary Liquidation
STEPPING UP: Liquidator to Detail Wind Up Manner
SYDNEY GAS: Board Permits ASIC to Conduct Probe
SYDNEY GAS: Advisers Submit Documents to ASIC
TABLELANDS ACCOUNTING: To Declare Dividend Dec. 9

TELSTRA CORPORATION: More Trouble Brews After Downgrade
TOUBIA CONSTRUCTIONS: Court Liquidates Firm
WESTPOINT GROUP: ASIC Asks Court to Hear Case Dec. 14


C H I N A  &  H O N G  K O N G

ALL TARGET: Set to Close Operations
BANK OF CHINA: Plans to Set Up JV With Scotland Bank
BANK OF CHINA: To File for HK IPO This Month
EZCOM HOLDINGS: Adjourns Winding Up Petition
JOINEAST DEVELOPMENT: Court Issues Winding Up Notice

TOP FAITH: Court to Hear Winding Up Petition Jan. 11
TSUN YIP: Winding Up Hearing Set Jan. 11
WALL TREE: Court Issues Winding Up Order


I N D I A

NAGRIK SAHAKARI: Loses License Due to Insolvency
RAMCHAND JAGDISHCHAND: RBI Cancels Certificate of Registration


I N D O N E S I A

PERTAMINA: Government Forms Team to Settle Cepu Dispute
PERTAMINA: To Buy 32 Fuel Transport Ships


J A P A N

DAIEI INCORPORATED: Sells Restaurant Unit to Mitsuiwa
FURUKAWA COMPANY: Moody's Reviews B1 Rating for Possible Upgrade
PIONEER CORPORATION: Applies for Delisting from Three Exchanges
SANYO ELECTRIC: In Talks With Goldman Over Credit Unit
SONY CORPORATION: Moody's Downgrades Ratings to A2

* Bank Fundamental Strength Ratings On Japanese Banks Raised


K O R E A

SSANGYONG MOTOR: Labor Union Settles Dispute With Chinese Owner


M A L A Y S I A

GEORGE TOWN: Delays Submission of Financial Statement
NORTH BORNEO: Still No Changes to Plan Regularization
PSC INDUSTRIES: Complies With Bourse's Listing Requirements
PARK MAY: Applies for Extension of Time to Complete Scheme
POHMAY HOLDINGS: Directors Outlines Regularization Plan

POLY GLASS: In Talks with Creditors over Financial Statement
POLYMATE HOLDINGS: Bourse Requests Regularization Plan
PSC INDUSTRIES: Processes Regularization Plan
PUNCAK NIAGA: Buys Back Ordinary Shares
SOUTHERN BANK: Issues New Shares for Listing, Quotation

TANCO HOLDINGS: No Development to Payment Default Status
TRU-TECH HOLDINGS: Issues Update to Status of Plan
UNITED CHEMICAL: Posts No Changes to Restructuring
WAH SEONG: Enters Into SSA with SEQU Inspection


P H I L I P P I N E S

C&P HOMES: SEC Approves Capital Restructuring
HACIENDA LUISITA: Review Panel Likely to Void Deal
LMG CHEMICALS: To Convene Special Stockholders Meeting Dec. 12
MAYNILAD WATER: Expects to Surpass Income Target
PACIFIC PLANS: Watchdog to Continue Monitoring Trust Funds


S I N G A P O R E

CHINA AVIATION(S): To Remain Under Chinese Control
CHINA AVIATION(S): U.S. Court Dismisses Class Action Lawsuit
DEFAR PTE: Creditor Seeks to Wind Up Firm
MS BUILDING: Court Issues Wind Up Order
OHM TECHNOLOGIES: Receiving Claims Until Dec. 30

POTEX ENTERPRISES: Court Orders Winding Up
SEATOWN CORPORATION: To Hold Creditors' Meeting Dec. 22


T H A I L A N D

THAI ENGINE: Decreases Registered Paid-Up Capital
WYNCOAST INDUSTRIAL: To Hold Presentation December 9
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ABLIAS PTY: Liquidator to Explain Winding Up to Members
-------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Ablias Pty Limited will be held on Dec. 16, 2005 at the offices
of John Sneddon Corporate Advisory Services, Office 1, 11 Swan
Street, Hamilton NSW 2303, to receive the Liquidator's account
showing the manner in which the winding up was conducted and the
property of the Company disposed of, and to hear any
explanations that may be given by the Liquidator.

Dated this 1st day of November 2005

Kenneth John Sneddon
Liquidator
John Sneddon Corporate Advisory Services
Office 1, 11 Swan Street
Hamilton NSW 2303


BEAM COMPUTERS: To Declare Dividend Today
-----------------------------------------
Beam Computers & Peripherals Pty Limited will declare a first
and final dividend today, 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 4th day of November 2005

P. Hillig
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


BYCOON PTY: Court Issues Winding Up Order
-----------------------------------------
On Nov. 14, 2005, the Supreme Court of New South Wales ordered
the winding up of Bycoon Pty Limited, and appointed Mr. R. M.
Sutherland to be the Company Liquidator.

Dated this 15th day of November 2005

R. M. Sutherland
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


CELIS PTY: Schedules Final Meeting Dec. 16
------------------------------------------
Notice is given that a final meeting of the members and
creditors of Celis Pty Limited will be held on Dec. 16, 2005, at
Ngan & Co., Level 5, 49 Market Street, Sydney NSW 2000, for the
following purposes:

AGENDA

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

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

Dated this 31st day of October 2005

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


COOPAABE PTY: Members Pass Winding Up Resolution
------------------------------------------------
At a general meeting of the members and creditors of Coopaabe
Pty Limited held on Nov. 10, 2005, a Special Resolution was
passed to voluntarily wind up the Company.

Dated this 11th day of November 2005

Toni M. Raabe
Liquidator
115 Joseph Avenue, Moggill QLD 4070


CSE CONSULTING: Creditors Decide to Wind Up Business
----------------------------------------------------
Notice is hereby given that at a meeting of creditors of CSE
Consulting Pty Limited held on Nov. 10, 2005, it was resolved
that the Company be wound up, and Mr. Andrew Hugh Jenner Wily
and Mr. David Anthony Hurst of Armstrong Wily Chartered
Accountants, Level 5, 75 Castlereagh Street, Sydney NSW 2000
were appointed as Liquidators for the winding up.

Dated this 17th day of November 2005

Andrew H. J. Wily
David A. Hurst
Liquidators
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


DUBAR SERVICES: Appoints Official Liquidator
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Dubar Services Pty Limited held on Nov. 11,
2005, it was resolved that the Company be wound up voluntarily,
and Mr. Stewart William Free of Lawler Partners Chartered
Accountants, 763 Hunter Street, Newcastle West, NSW 2302 was
appointed as Liquidator at a creditors' meeting held later that
day.

Dated this 29th day of November 2005

Stewart W. Free
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


F.U.P. PTY: Receiving Proofs of Debt Until Dec. 28
--------------------------------------------------
Notice is given that creditors of F.U.P. Pty Limited whose debts
or claims have not already been admitted, are required on or
before Dec. 28, 2005 to prove their debts or claims and to
establish any title they may have to priority by delivering or
sending through the post a formal proof of debt or claim in
accordance with Form 535 or 536 containing their respective
debts or claims to the Liquidator's office.

In default thereof, they will be excluded from:

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

(b) Objecting to the distribution.

Dated this 17th day of November 2005

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


GENTIUM PTY: Resolves to Cease Operations
-----------------------------------------
Notice is hereby given that at a general meeting of Gentium Pty
Limited held on Nov. 17, 2005, the following special resolution
was passed:

That the Company be wound up voluntarily, and that Mr. Samuel
Hau Kwong Shun of Stanley & Williamson Chartered Accountants be
appointed as Liquidator for the winding up and distribution of
assets of the Company.

Dated this 17th day of November 2005

Samuel Hau Kwong Shun
Liquidator
First Floor, 34 Burton Street
Kirribilli NSW 2061


HALJAY PTY: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that at a meeting of the members of
Haljay Pty Limited held on Nov. 11, 2005, it was resolved that
the Company be wound up voluntarily, and Mr. Barry Keith Taylor
of B.K. Taylor & Co., 8th Floor, 608 St. Kilda Road, Melbourne
be appointed as Liquidator for such purpose.

Dated this 11th day of November 2005

Barry K. Taylor
Liquidator
B.K. Taylor & Co.
8/608 St. Kilda Road, Melbourne Vic 3004


KJ CONSULTING: Court Orders Winding Up
--------------------------------------
On Nov. 16, 2005, the Federal Court of Australia, New South
Wales District Registry ordered that KJ Consulting Pty Limited
be wound up, and appointed Mr. Christopher J. Palmer to be the
Company Liquidator.

Dated this 29th day of November 2005

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


KOCKCUMS PACIFIC: Members to Review Liquidator's Report
-------------------------------------------------------
Notice is hereby given that the final meeting of members of
Kockums Pacific Technology Pty Limited will be held on Dec. 16,
2005, 10:00 a.m. at Fergusons Chartered Accountants, Level 8,
115 Grenfell Street Adelaide SA 5000, South Australia to present
the Liquidator's account showing the manner of the winding up of
the Company and the disposal of its property, and to give an
explanation thereof.

Dated this 15th day of November 2005

R. A. Ferguson
Liquidator
C/o Fergusons Chartered Accountants
Level 8, 115 Grenfell Street
Adelaide SA 5000


MINOS JV: Jamieson Louttit Named Company Liquidator
---------------------------------------------------
On Nov. 18, 2005, Minos JV Pty Limited was placed in members'
voluntary liquidation, and Mr. Jamieson Louttit was appointed as
Liquidator for the winding up.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0505
Fax:   02 9231 0303


MYER LIMITED: Possible Conflict of Interest Taints Sale
-------------------------------------------------------
Myer Limited and its parent Coles Myer Limited are currently
embroiled in perceptions of a possible conflict of interest in
the sale of Myer department store chain, according to the Sydney
Morning Herald.

Rumors abound that there are close connections between a
potential buyer of the Myer outlets and Coles Myer.

The Australian reported that two partners of independent equity
house Archer Capital, formerly GS Private Equity, are linked to
the retail giant.

Justin Punch is the husband of Coles non-executive director
Patty Akopiantz, while his fellow Archer Capital partner James
Carnegie is the brother of Mark Carnegie, whose business partner
John Wylie is Coles' adviser on the Myer transaction, the
newspaper said.

Archer Capital and two international trade buyers and several
other private equity firms are understood to have lodged
indicative bids for Myer on Monday.

The newspaper quoted an observer as saying the two principals of
one of the bidders were heavily linked to the seller.

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


MYER LIMITED: Bidders Hash Over Deadline, Forecasts
---------------------------------------------------
Coles Myer has shortlisted eight bidders who will be vying for
Myer Limited's department store chain.

But the Sydney Morning Herald revealed that a number of bidders
question the retailer's timetable for the sale and the financial
forecast provided for the 61 stores.

Although its board has not yet voted on whether to proceed with
the sale, Coles Myer is believed to have given a deadline for
final bids of the first week in February.

The private equity players see this as unrealistic because due
diligence and stocktakes will have to be done after Christmas.
Some bidders say a more realistic deadline would be March or
April.

The shortlist has a mix of domestic and international retailers
along with private equity firms: the Carlyle Group, CVC Asia-
Pacific, JP Morgan Capital, Newbridge Capital in a joint bid
with the Myer family, and a consortium of Archer Capital and
Ironbridge Capital.

Harvey Norman and Edgars Consolidated of South Africa are
bidding solo, and Citigroup has joined forces with Micky
Jagtiani, founder of the Landmark Group.


OPAL FLOOR: Creditors OK Liquidator's Appointment
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Opal Floor Installations Pty Limited held on Nov. 11, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and Mr. Gregory Parker was appointed as Liquidator for
such purpose. Creditors confirmed the Liquidator's appointment
at a creditors' meeting held that same day.

Dated this 15th day of November 2005

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


PFS GROUP: Self-managed Superannuation Companies Shut Down
----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) was
successful in obtaining orders from the Supreme Court of
Victoria winding up 11 companies in the Melbourne-based PFS
Group.

The Honorable Justice Philip Mandie of the Supreme Court of
Victoria ordered that Mr. Gess Rambaldi and Mr Andrew Yeo of
Pitcher Partners be appointed jointly and severally as the
liquidator of the following companies in the PFS group:

PFS Wholesale Mortgage Pty Ltd
PFS Business Development Group Pty Ltd
PFS Construction Consulting Group Pty Ltd
PFS Construction Consulting Group (Ashridge Lane A) Pty Ltd
PFS Construction Consulting Group (Ashridge Lane B) Pty Ltd
PFS Construction Consulting Group (Ashridge Lane C) Pty Ltd
Kaluski White & Associates (Black Gully Road) Limited
Meridian Event Management Pty Ltd
Nycam Werd Pty Ltd
Kaluski White & Associates Pty Ltd (In Administration)
Shaun White Pty Ltd

The Court adjourned ASIC's application seeking declarations that
the self-managed superannuation companies and three directors,
being Mr. Shaun Oliver White, Mrs. Nicole White and Mr. Damian
Tolson, had engaged in conduct that was false and misleading in
relation to the carrying on of a financial services business.
The Court also adjourned ASIC's application that the directors
should be banned from the financial services industry and as
company officers. Both applications will be heard on 22 February
2006.

This application follows ASIC's earlier success in obtaining
orders appointing a provisional liquidator to PFS Business
Development Group Pty Ltd and ten other companies, as well as
restraining Mr. Shaun Oliver White, Mrs. Nicole White and Mr.
Damian Tolson from carrying on business relating to
superannuation. ASIC successfully applied for orders on 5 August
2005, restraining the three directors and the PFS group
companies from carrying on a financial services business without
holding an Australian Financial Services License (AFSL) or from
carrying on a business related to superannuation interests
(without holding an AFSL).

ASIC alleged, amongst other things, that these parties had
misled investors and acted unconscionably, leading investors to
roll over approximately $800,000 of existing superannuation
funds into self-managed superannuation funds, while also
persuading investors to invest a further $700,000 into joint
venture investments.

"ASIC's allegations in this proceeding emphasize the important
issues that face consumers who are considering transferring
their superannuation to a self-managed superannuation fund,
commonly referred to as a 'SMSF' or 'DIY Fund'. It is essential
that consumers deal with reputable and qualified advisers," Ms
Redfern said.

ASIC's investigation is continuing.

The obligations of financial advisers and trustees of SMSFs are
set out in 'Meeting Your Obligations', a booklet recently
published by the ASIC and the ATO. It also details the approach
ASIC and the ATO will take to ensure people comply with their
obligations.

Consumers can call the ASIC Info Line on 1300 300 630 for a copy
of the booklet, or for further information.


PHET PTY: Intends to Pay Dividend to Creditors
----------------------------------------------
PHET Pty Limited will declare a first and final preferential
dividend today, 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 18th day of November 2005

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


QANTAS AIRWAYS: Jetstar to Fly Long Haul International Services
---------------------------------------------------------------
The Board of Qantas Airways approved the establishment of a new
long haul, value-based airline under the Jetstar brand.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said
Jetstar would commence its international operations no later
than January 2007.

Mr. Dixon said the Qantas Board had also called a special
meeting for Wednesday, Dec. 14 to further consider its long-term
fleet plan.

"This meeting is expected to discuss and approve major aircraft
purchases, including the new aircraft for Jetstar's
international operations," he said.

Mr. Dixon said Jetstar's initial route structure would require
10 aircraft and would involve point-to-point routes between
Australia and Asia and Pacific cities.

"Subsequent expansion will see Jetstar undertake two-stage
flying to European and other destinations.

"At all time Jetstar's international services will complement
Qantas' mainline international operations, with an emphasis on
inbound and outbound leisure routes," he said.

Mr. Dixon said Qantas expected that, within five years, the
Jetstar Group would be operating a fleet of 60 narrow and wide
body aircraft across its domestic and international network.

"However, this expansion will not be in any way at the expense
of the Qantas full service domestic and international
operations.

"Our aim for the Group is to expand in our traditional markets
with Qantas and to expand in new markets with the most suitable
product, be it Qantas or Jetstar.

"The Qantas mainline operations are and will remain our primary
focus," he said.

Mr. Dixon said Jetstar's international operations would be based
in Melbourne under Jetstar's existing Australian management,
with Alan Joyce as Chief Executive Officer.

"This move will create an additional 50 jobs immediately through
the extension of the airline's head office in Melbourne.
Hundreds of additional jobs will be created within Australia in
the first three years of its operation," he said.

Mr. Dixon said Jetstar would immediately commence the process of
upgrading its Air Operator Certificate to operate wide-bodied
jet aircraft.

"We believe Jetstar will deliver the lowest cost air operations
of any international carrier operating to Australia, similar to
our experience with Jetstar's Australian operations."

Mr. Dixon said Jetstar's international launch network would
focus on destinations within six to 10 hours of Australia.

"Jetstar will have opportunities to fly to destinations already
served by Qantas mainline, but from alternative Australian ports
to the current Qantas services.

"We expect to make an announcement about initial routes in mid-
2006."

Mr. Dixon said Jetstar was on track to operate with its full
Airbus A320 fleet of 23 aircraft for Australian domestic and
trans-Tasman operations by mid-2006.

"Jetstar will also continue to look for opportunities to expand
further in the Australian domestic and New Zealand markets," he
said.

Mr. Dixon said that as well as complementing Qantas' mainline
operations, Jetstar would work closely with Jetstar Asia on
opportunities in the intra-Asia market.

He said Australian Airlines would continue to supplement Qantas'
mainline operations, principally on inbound and leisure markets.

Alan Joyce said Jetstar would offer two classes of travel on its
international operations - Economy Class and StarClass (premium
economy).

He said Jetstar's international product would feature:

- assigned seating with online seat selection at jetstar.com;
- baggage interlining for international connections on selected
airlines, in line with Jetstar's trans-Tasman product;
- an expanded range of meals and snacks, including hot meals and
local cuisine, which would be complimentary in StarClass and
available for purchase on board or pre-purchase via jetstar.com
in Economy Class;
- video on demand;
- the ability to earn Frequent Flyer points and Status Credit
points on Jetflex and StarClass fares;
- a Qantas codeshare arrangement on all flights, giving Qantas
Frequent Flyers the ability to redeem award points on Jetstar
flights; and
- access to Qantas Club lounges for Qantas Club members.

"The StarClass product will offer a seat similar to Qantas
Domestic Business Class and a range of other benefits such as
higher baggage allowances and priority boarding," Mr. Joyce
said.

"Customers appreciate extra levels of comfort and space for
longer haul flights, so we believe StarClass will offer a
valuable option for Jetstar's international travellers."

Mr. Joyce said Jetstar's long haul services would offer a real
growth opportunity for the Australian tourism industry.

"We will be working closely with Tourism Australia and state
tourism organizations to promote Australia in our new overseas
markets," he said.

CONTACT:

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


ROEDEAN PTY: Wind Up Process Initiated
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Roedean Pty Limited held on Nov. 13, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. Dennis
Joseph Rynne of 70 Davrod Street, Robertson Qld be nominated to
act as Liquidator for the winding up.

Dated this 13th day of November 2005

Dennis J. Rynne
Liquidator
70 Davrod Street, Robertson Qld 4109
Phone: 07 3216 9768


STATURE PTY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Stature Pty Limited held on Nov. 11, 2005, it was resolved
that the Company be placed in voluntary liquidation, and that
Mr. Joseph Sleiman of Sleiman & Co., Level 8, 65 York Street,
Sydney, be appointed as Liquidator for the wind up.

Dated this 11th day of November 2005

Joseph Sleiman
Liquidator
Sleiman & Co.
Level 8, 65 York Street
Sydney


STEPPING UP: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Stepping Up Pty Limited will be held on Dec. 16,
2005, 10:45 a.m. at Ngan & Co., Level 5, 49 Market Street,
Sydney NSW 2000, for the following purposes:

AGENDA

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

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

Dated this 31st day of October 2005

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


SYDNEY GAS: Board Permits ASIC to Conduct Probe
-----------------------------------------------
The Australian Securities and Investments Commission (ASIC) will
investigate Sydney Gas Limited after a shocking mass resignation
of the company's directors, The Australian reveals.

The utility firm's board gave ASIC the chance to discover
whether or not the control of the company has secretly changed
hands without shareholders having received a takeover bid.

Sydney Gas directors certainly think so, that is why they
resigned en masse on Tuesday.

Before quitting, they appointed two new directors, Michael
Nortser and Warren Eades, who were nominated by a group of
shareholders who lodged a requisition on Monday seeking a
shareholders meeting to vote on the board changes.

Sydney Gas said the two new directors were separately proposed
by major shareholders at last month's annual meeting.

They concluded these parties were acting in concert and that
"together, these events indicate a change of control".

They said the voting patterns indicated that an undisclosed
block of shares may exist, with shareholders taking coordinated
actions capable of controlling the company.

The outgoing directors also made it clear that they believed
that the recent destabilization of the board had torpedoed
attempts to refinance the company, suggesting that its outlook
is now uncertain.

Sydney Gas has handed over to ASIC the information it possesses.

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: Advisers Submit Documents to ASIC
---------------------------------------------
The Australian Securities and Investments Commission (ASIC)
confirmed that it had, on Wednesday, Dec. 7 2005, received
limited documents from Sydney Gas Limited's former legal
advisers.

ASIC is in the process of considering the limited material
provided. While ASIC has been aware of various allegations
including that control of the company had changed in breach of
the Corporations Act, those allegations are yet to be
substantiated.

ASIC is concerned to ensure that any potential breach or issue
arising out of recent activities involving Sydney Gas Limited,
and all its directors and management, are fully considered.


TABLELANDS ACCOUNTING: To Declare Dividend Dec. 9
-------------------------------------------------
Tablelands Accounting Pty Limited will declare a first and final
dividend today, Dec. 9, 2005.

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

Dated this 25th day of October 2005

Gerry Mier
Liquidator
C/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870
Phone: 07 4046 8888


TELSTRA CORPORATION: More Trouble Brews After Downgrade
-------------------------------------------------------
Telstra Corporation's AU$11-billion network upgrade has hit a
snag after the network suffered the first of what is expected to
be a series of ratings downgrades from global credit agencies,
The Australian reports.

The competition regulator is expected to reject the telco's
access pricing offer and the Federal Government may delay its
decision on prices until next year.

Moody's slapped a credit watch on Telstra and knocked its rating
down a notch from A1 to A2.

The rating agency warned that further downgrades might follow in
reaction to Telstra Chief Executive Sol Trujillo's plans to
speed up an aggressive investment in broadband fibre and mobile
phone networks, and to continue present dividends.

Moody's call means Telstra's debt cost will increase by about 5
basis points if it decides to sell any more medium to long-term
debt in the international credit market.

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/


TOUBIA CONSTRUCTIONS: Court Liquidates Firm
-------------------------------------------
On Nov. 14, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Toubia Constructions Pty
Limited, and appointed R. J. Porter to be the Company
Liquidator.

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


WESTPOINT GROUP: ASIC Asks Court to Hear Case Dec. 14
-----------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
filed a further application in the Federal Court in Perth for
the appointment of a provisional liquidator to Ann Street
Mezzanine Pty Ltd (Ann Street Mezzanine), a company within the
Westpoint Group of companies. ASIC has also applied to the Court
to wind up the company.

ASIC took action because it was concerned that, despite Ann
Street Mezzanine raising approximately $72 million in promissory
note financing from approximately 840 investors, there has been
little progress in construction work on the Ann Street site in
Brisbane. ASIC believes that the appointment of a provisional
liquidator, if made by the Court, will help to safeguard the
interests of investors.

ASIC has asked that the Court consider the matter together with
the applications made on Nov. 22, 2005 for the appointment of a
provisional liquidator to York Street Mezzanine Pty Ltd, also
part of the Westpoint Group, as well as declarations,
injunctions and disclosure orders regarding alleged misleading
and deceptive conduct in its communications to investors who
hold promissory notes.

These matters were due to be heard Thursday, however, have been
adjourned until Dec. 20, 2005 following the appointment of
voluntary administrators to Ann Street Mezzanine Pty Ltd and
five other mezzanine companies within the Westpoint Group.

On Nov. 30, 2005, ASIC also applied for orders from the Federal
Court seeking the lodgment of annual financial statements by
Westpoint Corporation Pty Ltd, Westpoint Constructions Pty Ltd,
Scots Church Development Ltd and Bayview Port Melbourne Ltd.

This follows ASIC's applications on Nov. 18, 2005 for similar
orders in relation to other entities within the Westpoint Group.

ASIC is seeking these orders after the companies failed to
comply with ASIC notices to lodge accounts for the financial
year ending June 30, 2005, which were due by Oct. 31, 2005. The
notices required lodgment of the accounts of the companies and
schemes by Nov. 17, 2005.

In addition, Scots Church Development Ltd has failed to lodge
annual accounts for the financial years ending June 30, 2003 and
2004 and Westpoint Constructions Pty Ltd has failed to lodge
annual accounts for the financial year ending June 30, 2004.

ASIC has asked for the matters to be heard on Dec. 14, 2005,
concurrently with the earlier applications.


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

ALL TARGET: Set to Close Operations
-----------------------------------
All Target Company Limited, whose office address is located at
Suite D 16/F On Hing Building 1-9 On Hing Terrace Central Hong
Kong, issued a winding up order notice in the High Court of the
Hong Kong Special Administrative Region Court of First Instance
on November 23, 2005.

Date of Presentation of Petition: September 30, 2005

Dated this 2nd day of December 2005

ET O'Connell
Official Receiver


BANK OF CHINA: Plans to Set Up JV With Scotland Bank
----------------------------------------------------
The Bank of China (BOC) is in talks with the Royal Bank of
Scotland (RBS) to set up a private bank, according to Asia
Pulse, citing the China Securities News.

The joint venture will be dedicated to individual financing and
private bank services.

The two banks are now discussing ownership of the company and
the division of businesses. The agreement is expected to be
finalized by March 2006.

An observer pointed out that the formation of the joint venture
would help increase BOC's non-interest revenue.

As one of the strategic investors of BOC, RBS has invested
US$3.1 billion in BOC for a stake of 10 per cent.

CONTACT:

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


BANK OF CHINA: To File for HK IPO This Month
--------------------------------------------
Bank of China plans to apply this month for a multi-billion-
dollar flotation on the Hong Kong bourse around the end of first
quarter, according to Reuters.

The Chinese lender will submit additional financial information
early next year after auditing its 2005 full-year results.

BOC has hired Goldman Sachs, UBS and BOC International to
underwrite the deal, worth about US$5 billion. The company plans
to sell 15 percent of its equity in an overseas listing that
follows China Construction Bank [CCB.UL].

BOC's non-performing loan ratio fell to 5.12 percent in 2004,
from 23.61 percent in 2002 after Beijing injected US$22.5
billion to revamp a creaky financial system that is regarded as
a threat to China's growth.

Its capital ratio reached 10 percent at the end of 2004.


EZCOM HOLDINGS: Adjourns Winding Up Petition
--------------------------------------------
On 25 April 2005, a petition to wind up Ezcom Holdings Limited
was presented by Sojitz Corporation to the High Court of Hong
Kong Special Administrative Region (the High Court).

On August 28, 2005 the High Court appointed Mr. Kelvin Flynn and
Mr. Cosimo Borrelli, both of Alvarez and Marsal Asia Limited, as
Joint and Several Provisional Liquidators of the Company. An
announcement regarding the appointment of Provisional
Liquidators was made on August 30, 2005.

Further to the Announcement, the Company announced the winding
up petition of the Company was heard on November 21, 2005 and
the High Court granted an adjournment in the first instance on
the same day.

The reason for the adjournment is to allow more time to enable
the Provisional Liquidators to facilitate the restructuring of
the Company.

Further announcements in respect of the restructuring of the
Company will be made as and when appropriate.

As at the date hereof, the executive directors of the Company
are Mr. Kok Kin Hok and Mr. Li Tung Wai, the independent non-
executive directors are Dr. Li Jianhua, Mr. Wu Tak Lung and Mr.
Chu Po Tien.

For and on behalf of
Ezcom Holdings Limited
(Provisional Liquidators Appointed)
Kelvin Flynn
Cosimo Borrelli
Joint and Several Provisional Liquidators
Hong Kong, 8 December 2005


JOINEAST DEVELOPMENT: Court Issues Winding Up Notice
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Joineast Development Limited by the High Court of Hong Kong
Special Administrative Region was on the 20th day of October
2005 present to the said Court by the Commissioner of Inland
Revenue of Revenue Tower, 5 Gloucester Road, Wanchai, Hong Kong.

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

SUZANNE LEE
Senior Government Counsel
Counsel for the Petitioner
Department of Justice
2nd Floor, High Block
Queensway Government Offices
66 Queensway
Hong Kong

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


TOP FAITH: Court to Hear Winding Up Petition Jan. 11
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Top
Faith Technology Development by the High Court of Hong Kong
Special Administrative Region was on November 11, 2005 presented
to the said Court by Lead Mate (Asia) Limited whose registered
office is situate at Units 2-3A, 17th Floor, Asia Trade Centre,
No. 79 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 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.

ARCULLI FONG & NG
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 10, 2006.


TSUN YIP: Winding Up Hearing Set Jan. 11
----------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tsun Yip International Trading Limited by the High Court of Hong
Kong Special Administrative Region was on November 18, 2005
presented to the said Court by Lee Ying Chuen of Room 1104,
Profit Industrial Building, 1-15 Kwai Fung Crescent, Kwai Chung,
New Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 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.

MESSRS. DOMINIC Y. K. LAI & CO.
Solicitors for the Petitioner
Unit B, 24th Floor, Wing Hang Finance Centre
No. 60 Gloucester Road
Wanchai, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of the January 10, 2006.


WALL TREE: Court Issues Winding Up Order
----------------------------------------
Wall Tree Development Limited, whose office address is located
at G/F No. 10 Pok Hok Lane Tai Kok Tsui 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 29, 2005

Dated this 2nd day of December 2005

ET O'Connell
Official Receiver


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

NAGRIK SAHAKARI: Loses License Due to Insolvency
------------------------------------------------
In view of the fact that the Nagrik Sahakari Bank Maryadit,
Ratlam, (Madhya Pradesh) had ceased to be solvent, efforts to
revive it in consultation with the Government of Madhya Pradesh
had failed and the depositors of the bank were being
inconvenienced by continued uncertainty, the Reserve Bank of
India, on December 7, 2005, delivered the order canceling its
license to the bank.

The Registrar of Cooperative Societies, Madhya Pradesh has also
been requested to issue an order for winding up the bank and
appoint a liquidator for the bank. It may be highlighted that on
liquidation every depositor is entitled to repayment of his
deposits up to a monetary ceiling of INR1,00,000/- from the
Deposit Insurance and Credit Guarantee Corporation (DICGC).

The Reserve Bank of India decided to cancel the license of the
Nagrik Sahakari Bank Maryadit, Ratlam, (Madhya Pradesh) as a
final step after examining all the options for revival of the
bank and in order to protect the interest of the depositors. The
bank had been classified as 'sick' based on the findings of the
inspection with reference to its financial position as on March
31,2002 and placed under rehabilitation. The bank's financial
position, however, continued to worsen and its deposits were
getting eroded as realizable value of paid-up capital and
reserve was in the negative.

The Reserve Bank had, after finding the financial position of
Nagrik Sahakari Bank Maryadit, Ratlam, precarious as on June 30,
2003, issued a show cause notice dated February 19, 2004, to the
bank asking it to show cause as to why the license granted to it
to conduct banking business should not be cancelled. The bank's
financial position continued to deteriorate and the Reserve Bank
of India placed the bank under directions with effect from March
7, 2005, restricting its operations. As the continuance of the
bank was untenable, the Reserve Bank of India took the extreme
measure of canceling the license of the bank in the interest of
the bank's depositors. With the cancellation of its license and
after commencement of liquidation proceedings, the process of
paying the depositors of Nagrik Sahakari Bank Maryadit, Ratlam,
the amount insured as per the DICGC Act, will be set in motion.

Consequent to the cancellation of its license, the Nagrik
Sahakari Bank Maryadit, Ratlam, is prohibited from carrying on
`banking business' as defined in Section 5(b) of the Banking
Regulation Act, 1949 (AACS) including acceptance and repayment
of deposits.

CONTACT:

Shri. M.K.Ray
Deputy General Manager
Urban Banks Department
Reserve Bank of India
P.B. No. 32, Hoshangabad Road
Bhopal - 462 016.
Telephone Number: (0755) 2555072
Fax Number: (0755) 2554515
E-mail address: ubdbhopal@rbi.org.in


RAMCHAND JAGDISHCHAND: RBI Cancels Certificate of Registration
--------------------------------------------------------------
The Reserve Bank of India, has on November 23, 2005 cancelled
the certificate of registration issued to Ramchand Jagdishchand
Finance Private Limited., having its registered office at
No.306, 1st Floor, West Minster, No.13, Cunningham Road,
Bangalore-560 052 for carrying on the business of a 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
=================

PERTAMINA: Government Forms Team to Settle Cepu Dispute
-------------------------------------------------------
The Indonesian government has reactivated a special
interministerial negotiating team in order to settle deadlocked
talks between state oil firm PT Pertamina and U.S. partner
ExxonMobil Corp., reports the Jakarta Post.

The government-led negotiating team had settled an earlier
dispute between the two firms on the development of the oil-rich
block located in Cepu province.

Members of the negotiating team include three Pertamina
commissioners, together with Pertamina President Widya Purnama,
Vice President Mustiko Saleh, Finance Ministry oil & gas chief
Sahala Lumban Gaol, two expert advisors with the Ministry, and a
political analyst.

According to Minister of State Enterprises, the negotiating team
had proposed to creat a joint venture firm with representatives
from Pertamina and ExxonMobil; this firm would manage the
operations of the Cepu block.

Minister Sugiharto is optimistic that the problem of the Cepu
block's operations would be resolved by year's end.  The
government had indicated that it would step in if both Pertamina
and ExxonMobil could not agree on the matter by 2006, as they
had already wasted time delaying the oil block's development. At
peak production, the Cepu block is expected to increase
Indonesia's crude oil output by 20%.

CONTACT:

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


PERTAMINA: To Buy 32 Fuel Transport Ships
-----------------------------------------
State oil and gas firm PT Pertamina is planning to purchase 32
fuel transport vessels in order to aid in fuel distribution,
Asia Pulse reports.

According to Company President Widya Purnama, Pertamina will buy
the ships in stages until 2008, in order to replace older ships
that are no longer fit to be used.

Pertamina will buy the ships from foreign shipyards, he added.
The ships will weigh from 10,000 to 30,000 deadweight tons.


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

DAIEI INCORPORATED: Sells Restaurant Unit to Mitsuiwa
-----------------------------------------------------
Daiei Incorporated is in final talks to sell its restaurant
chain-operating unit, Kobe Lamptei Inc., to Mitsuiwa
Corporation, a Tokyo systems integration firm, Kyodo News
reports.

Kobe Lamptei runs a chain of 39 restaurants specializing in
beef-and-rice dishes in the Tokyo area. It will continue
operating after being sold to Mitsuiwa.

Daiei aims to sell off some 60 restaurants in accordance with
its restructuring program drawn up with the Industrial
Revitalization Corp. of Japan last December.

CONTACT:

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


FURUKAWA COMPANY: Moody's Reviews B1 Rating for Possible Upgrade
----------------------------------------------------------------
Moody's Investors Service has placed on review for possible
upgrade the B1 long-term debt rating of Furukawa Co., Ltd.
(Furukawa). The rating action reflects the company's focus on
improving its financial profile and on furthering its debt
reduction, which has been supported by the solid performance of
core businesses, including construction machinery and copper
smelting.

Furukawa has taken major operational and financial restructuring
steps -- including in FYE3/2004, when it suspended Port Kembla
Copper Pty. Ltd.'s (PKC) operations and implemented an equity
increase. With these and other improvements completed, Furukawa
has been continuing with debt reduction.

In the three years from March 2005 to March 2008, the company is
aiming to reduce total debt by JPY30 billion, or about a quarter
of the JPY116.8 billion outstanding in March 2005. By September
2005, it had reduced debt by about 16 billion yen from March,
achieving its initial target for the fiscal year-end. Its total
debt to total capitalization ratio stands at about 72% in
September 2005 with EBIT/Interest coverage of 5.1 for the
HYE9/2005.

The company's debt reduction effort is supported by the solid
performance of core businesses, mainly through increased
overseas sales of mining machinery and rises in both copper
prices and smelting margins. In HYE9/2005, Furukawa's operating
profit rose by about 63%, to JPY5.2 billion from JPY3.2 billion
a year before. Its operating margin for the period was 6.3%.

In its review, Moody's will focus on Furukawa's financial
strategy and its plan to achieve further deleveraging. The
review will also focus on Furukawa's growth strategy in the core
construction machinery and metals business, together with how it
will balance future capital expenditure and targeted debt.
Furthermore, the review will confirm Furukawa's position on
future arrangements for PKC.

Furukawa Co., Ltd., headquartered in Tokyo, is a diversified
manufacturer of machinery products, metal smelting, and
electronics materials with a strong presence in truck-mounted
cranes and mining machinery.

Tokyo
Motoki Yanase
Associate Analyst
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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


PIONEER CORPORATION: Applies for Delisting from Three Exchanges
----------------------------------------------------------------
Pioneer Corporation announced that, at the meeting of its board
of directors held on December 8, 2005, it resolved to apply to
delist the Company's American Depositary Shares from the New
York Stock Exchange, the Company's CuraĜao Depositary Shares
from the Euronext Amsterdam, and the Company's Common Stock from
the Osaka Securities Exchange. The details are as follows.
Description

1. Reason for delisting:

As part of its business restructuring plans announced today, the
Company has decided to maintain the listing of its Common Stock
solely on the Tokyo Stock Exchange and withdraw that on other
stock exchanges, with the aim of reducing fixed costs.

2. Planned schedule:

Applications for the delisting will be made immediately to each
such stock exchange. The necessary procedures, such as
notification to the authorities and/or termination of depositary
receipt programs, will be followed, with a plan to complete all
delisting procedures by around January 2006.

3. Stock exchanges on which the Company's shares will continue
to be listed: Tokyo Stock Exchange

For further information, please contact:
Investor Relations Department, Corporate Branding and
Communications Division
Pioneer Corporation, Tokyo
Phone: +81-3-3495-6774 / Fax: +81-3-3495-4301
E-mail: pioneer_ir@post.pioneer.co.jp
Web site: http://www.pioneer.co.jp/ir-e/


SANYO ELECTRIC: In Talks With Goldman Over Credit Unit
------------------------------------------------------
Sanyo Electric Co. plans to sell part of its stake in finance
unit Sanyo Electric Credit Co. to Goldman Sachs Group Inc. as
part of its restructuring scheme, according to Reuters.

Goldman could own about 30 percent of Sanyo Electric Credit,
after buying a part of Sanyo's 52 percent stake as well as new
shares to be issued by the unit, the report said.

Sanyo and Goldman officials could not immediately be reached for
comment.

The report also said Sanyo is in talks with the world's fourth-
largest appliance maker Haier Group to set up a new joint
venture and transfer production of white goods to Haier.

Under a restructuring plan announced in mid-November, Sanyo said
it planned to raise up to 300 billion yen ($2.48 billion) by
issuing new shares to Goldman, Sumitomo Mitsui Banking Corp.,
Daiwa Securities SMBC, the investment banking arm of Daiwa
Securities Group, and existing shareholders.

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


SONY CORPORATION: Moody's Downgrades Ratings to A2
--------------------------------------------------
Moody's Investors Service has downgraded to A2 from A1 the long-
term ratings of Sony Corporation (Sony), Sony Capital Corp. and
Sony Global Treasury Services plc. The rating outlook is stable.
The Prime-1 short-term rating of Sony Global Treasury Services
plc was not placed under review and is unaffected. The rating
action reflects Moody's concern that Sony may take longer than
expected to regain its strong profit and cash flow generation
patterns seen in the past. This rating action concludes the
review initiated on September 26, 2005.

Price declines of consumer electronics products -- Sony's core
business -- have been so fast that the division recorded
successive operating losses in the fiscal years to March 2004
and March 2005, despite the company's restructuring measures in
the last few years. These measures have included factory
closures and personnel cuts, incurring restructuring charges of
approximately Yen 360 bn between the fiscal years to March 2003
and March 2005 on a consolidated basis.

The consumer electronics division is likely to record operating
losses again during the fiscal year to March 2006, in Moody's
opinion.

The rating agency takes particular note that Sony's TV business,
which was its major cash cow in the past, is now suffering from
heavy losses because of the delay in developing its own flat
panel displays. Sony has responded to this problem by
establishing a joint venture with Samsung Electronics Co., Ltd.
to produce LCD (liquid crystal display) panels for its TVs. The
joint venture has recently started providing Sony with LCD
panels. Moody's expects that the TV business has the potential
to return to profitability during the fiscal year to March 2007
because the new LCD TVs - using the panels manufactured by the
joint venture - will benefit from those panels' competitiveness
in price and technology, and losses of the CRT (cathode ray
tube) TVs will be reduced thanks to restructuring measures.

Meanwhile, Sony's other businesses -- game consoles, movies and
finance -- have been generating stable profit, supporting the
consumer electronics division. Moody's expects that the other
divisions will continue to support the overall company.

Sony announced its mid-term business plan on September 22, 2005,
including further restructuring measures. The company plans to
achieve a 5% operating profit margin for the fiscal year to
March 2008 on a consolidated basis.

Moody's considers that it may take a few more years for Sony to
recover the profitability of its consumer electronics division.
Free cash flow will also be constrained in the next few years as
the company will need to keep a high level of capital
expenditures to strengthen its consumer electronics division.

Meanwhile, Moody's points out that Sony's balance sheet was
strengthened in the last few years, mainly thanks to
improvements of working capital requirements. Total debts were
reduced to approximately Yen 900 bn at end-March 2005 from Yen
1,250 bn one year earlier, which should provide a cushion for
the negative free cash flows expected in the next few years. The
total debt to total capitalization ratio improved to 23.4% at
end-March 2005 from 32.3% at end-March 2001.

The stable rating outlook reflects Moody's expectation that
although its balance sheet will be constrained in the next few
years, Sony will be able to gradually recover profitability
thanks to the restructuring measures taken and the launch of new
TVs that use its own LCD panels. In addition, the company's
balance sheet will be able to keep financial stability
appropriate for the A2 rating.

The Prime-1 short-term rating of Sony Global Treasury Services
plc reflects Sony's ample liquidity as well as its sophisticated
global cash management system.

Sony Corporation, headquartered in Tokyo, is one of the world's
leading manufacturers of consumer electronics products.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

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


* Bank Fundamental Strength Ratings On Japanese Banks Raised
------------------------------------------------------------
Standard & Poor's Ratings Services raised its Bank Fundamental
Strength Ratings (BFSRs) on five major Japanese banks and
revised its outlook to positive from stable on the long-term
counterparty credit rating on Resona Bank Ltd., based on
improved financial profiles at the institutions. BFSRs were
raised on UFJ Bank, Mitsubishi UFJ Trust & Banking Corp., and
banks in the Mizuho Financial Group (please see list below). At
the same time, Standard & Poor's raised its issue rating on the
preferred securities issued by Tokai Preferred Capital Co. LLC
to 'BBB+' from 'BBB'. Tokai Preferred is an operating company
(OPCO) of UFJ Bank.

The counterparty credit ratings (CCRs) on the five banks remain
unchanged, as these ratings take into consideration possible
government support. A BFSR is Standard & Poor's assessment of
what a single legal entity within a group would be rated
incorporating the benefits or burdens of being part of the
group, including such things as access to group distribution,
involvement of group management, access to group resources
(excluding capital contributions), and the benefit or detriment
of the group's financial flexibility. Inherently, a BFSR
represents an intermediate step in Standard & Poor's process of
assigning CCRs on banks.

Mitsubishi UFJ Financial Group (MUFG), the parent of UFJ Bank
and Mitsubishi UFJ Trust, has boosted both the quantity and
quality of its capitalization. Through the accumulation of
profits, the banks have substantially lowered the proportion of
preferred securities and deferred tax assets in their Tier 1
capital holdings. The upgrade of UFJ's OPCO securities reflects
the likelihood of continued dividend payments, given expected
improvements in capitalization following the merger of Bank of
Tokyo-Mitsubishi Ltd. (BTM) and UFJ Bank scheduled on Jan. 1,
2006. The BFSRs on UFJ Bank and Mitsubishi UFJ Trust are now the
same as that on BTM.

The raised BFSRs on Mizuho Bank Ltd., Mizuho Corporate Bank
Ltd., and Mizuho Trust & Banking Corp. are based on the enhanced
capitalization of Mizuho group, due to accumulation of net
profit and sales of treasury stock. The banks have substantially
lowered the proportion of preferred securities and deferred tax
assets in their Tier 1 capital holdings, improving capital
quality at a faster rate than other major bank groups. Mizuho's
consolidated net NPL ratio stood at 0.43% as of Sept. 30, 2005,
one of the lowest among the major banking groups and an
improvement from 0.64% in March.

Resona's earnings and asset quality have been steadily improving
since the bank's bailout by the government in 2003. On a group
basis, its lending assets (except for risk-managed assets) have
been increasing since the second half of fiscal 2004. The rating
on Resona may be raised if the bank can restore its customer
base, enhance asset quality and capitalization, and reduce the
risk of financial deterioration.

Ratings List

                                         To                From
UFJ Bank Ltd.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Senior unsecured debt                    A                 A
Subordinated debt                        A-                A-
Junior subordinated debt                 BBB+              BBB+
OPCO preferred securities                BBB+              BBB
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 C

Mitsubishi UFJ Trust & Banking Corp.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 C+

Bank of Tokyo-Mitsubishi Ltd.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Senior unsecured debt                    A                 A
Subordinated debt                        A-                A-
Junior subordinated debt                 BBB+              BBB+
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 B

Mizuho Corporate Bank Ltd.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Senior unsecured debt                    A                 A
Subordinated debt                        A-                A-
Junior subordinated debt                 BBB+              BBB+
OPCO preferred securities                BBB+              BBB+
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 C +

Mizuho Bank Ltd.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 C+

Mizuho Trust & Banking Co. Ltd.
Counterparty credit rating               A/Stable/A-1
A/Stable/A-1
Bank survivability assessment            A+                A+
Bank Fundamental Strength Rating         B                 C+

Resona Bank Ltd.
Counterparty credit rating               BBB+/Positive/A-2
BBB+/Stable/A-2
Senior unsecured debt                    BBB+              BBB+
Subordinated debt                        BBB               BBB
Junior subordinated debt                 BBB-              BBB-
Preferred securities                     BBB-              BBB-
Bank Fundamental Strength Rating         C                 C


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

SSANGYONG MOTOR: Labor Union Settles Dispute With Chinese Owner
---------------------------------------------------------------
Troubled Ssangyong Motor's labor union is planning to go to
China to talk face-to-face with its parent firm, reports the
Korea Times.

A group of union leaders will visit Shanghai Automotive Industry
Corp. (SAIC) CEO Hu Maoyan next week, seeking to fulfill an
investment plan that was unveiled after Chinese investors bought
a majority stake in the Company. SAIC Motor presently owns a
50.91% stake in Ssangyong Motor.

A union leader said that they have decided to stage a strike if
the meeting with the Chinese owner doesn't go well. They have
already talked with Ssangyong Motor President Jiang Zhiwei, who
is also a Chinese executive of SAIC.

The union's visit to China indicates that Ssangyong employees
are worried about a possible layoff due to accumulated inventory
and a decrease in sales. There are also reports that the Company
may halt some of its production lines this month in order to
prepare for the restructuring.

Company management said that it is planning to reduce its stock
of Ssangyong vehicles from 8,000 to 4,000, but denies
allegations of a possible layoff; however, it will conduct a
partial suspension of its production lines regardless of the
effects of the union's visit to China.

Ssangyong Motor's union claims that SAIC Motor is not planning
to invest in its Korean subsidiary, and added that it may file a
complaint against SAIC when it compiles enough evidence to
substantiate such claim.

CONTACT:

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


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

GEORGE TOWN: Delays Submission of Financial Statement
-----------------------------------------------------
George Town Holdings Berhad advised Bursa Malaysia Securities
Berhad that pursuant to the requirement of Paragraph 9.26(3)(b)
of the Bursa Securities LR, the Company has not issued the
Annual Audited Accounts for financial period ended December 31,
2004 by the due date of April 30, 2005, First Quarterly Report
ended March 31, 2005 by the due date of May 31, 2005, Annual
Report for financial period ended December 31, 2004 by the due
date of June 30, 2005 and Second Quarterly Report ended June 30,
2005 by the due date of August 31, 2005 pursuant to Paragraph
9.22 and 9.23 of the Bursa Securities LR (collectively Financial
Statements).

The delay in the issuance of the Financial Statements was due to
the fact that the Company is still in the midst of working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected date to submit the abovementioned Financial
Statements will depend on the outcome of the said proposed
restructuring scheme. The consequences of non-compliance of the
requirements under Paragraph 9.22 and 9.23 of the Bursa
Securities LR may result in the Company being suspended and/or
delisted by Bursa Malaysia Securities Berhad pursuant to
Paragraph 16.02 and 16.09 of the Bursa Securities LR
respectively.

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


NORTH BORNEO: Still No Changes to Plan Regularization
-----------------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
informed the 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 Take-overs 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


PSC INDUSTRIES: Complies With Bourse's Listing Requirements
-----------------------------------------------------------
PSC Industries Berhad issued to Bursa Malaysia Securities Berhad
an announcement pursuant to Practice Note No. 17/2005 (First
Announcement).

(1) Introduction

In compliance with Practice Note No. 17/2005 (PN17/2005), which
sets out the criteria and obligations as an affected listed
issuer pursuant to Paragraph 8.14C of the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Securities) (LR), the
Board of Directors of PSC Industries Berhad (PSCI) advised that,
based on the unaudited consolidated nine (9) month quarterly
results of PSCI for the period ended September 30, 2005 as
announced on November 29, 2005, PSCI has a deficit in the
adjusted shareholders' equity of approximately MYR376.68 million
on a consolidated basis.

The reason for the deficit in the adjusted shareholders' equity
is mainly due to losses incurred as a result of high financing
cost, provision for doubtful debts and revision of profit margin
for the Offshore Patrol Vessels project.

As such, PSCI is an affected listed issuer under PN17/2005.

(2) Obligation of PSCI pursuant to PN17/2005

Pursuant to PN17/2005, PSCI is required to comply with the
following:

(a) Submit a Regularization Plan to the relevant authorities for
approval or, where the relevant authorities approvals are not
required, obtain all other approvals necessary for the
implementation of the Regularization Plan within 8 months from
the date of the First Announcement (Submission Timeframe);

(b) Implement the Regularization Plan within the time frame
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe stipulated by Bursa Securities (Implementation
Timeframe);

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;
and

(d) Announce its compliance or non-compliance with a particular
obligation impose pursuant to PN17/2005 on an immediate basis.

(3) Consequence of non-compliance with the obligations

In the event PSCI fails to comply with all the provisions of
PN17/2005, Bursa Securities may take such action against PSCI
including but not limited to de-listing proceedings against
PSCI.

(4) Status of Plan to Regularize Condition

PSCI is currently in the process of preparing the Regularization
Plan. Once completed, the requisite announcement outlining the
Regularization Plan shall be made to Bursa Securities.

This announcement dated 1st December 2005.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PARK MAY: Applies for Extension of Time to Complete Scheme
----------------------------------------------------------
Park May Berhad (Park May) issued to Bursa Malaysia Securities
Berhad the following announcements:

(I) Compliance with Practice Note No. 4/2001 (PN4) on the
Criteria and Obligations pursuant to Paragraph 8.14 of the Bursa
Malaysia Securities Berhad (Bursa Securities) Listing
Requirements;

(II) Disposal of a piece of leasehold land measuring 10,626
square metres identified as lot 37246, Mukim of Petaling,
District of Kuala Lumpur, State of Wilayah Persekutuan, Kuala
Lumpur together with the buildings erected thereon by Landvest
Sdn Bhd (Landvest), a wholly owned subsidiary of Park May, to
Mhsb Development Sdn Bhd (MHSB), for a cash consideration of
MYR10,000,000; and

(III) Disposal of a piece of freehold land measuring
approximately 22,182 square metres identified as Lot 821, Mukim
of Kapar, District of Klang, State of Selangor Darul Ehsan
together with the buildings erected thereon by Landvest to MHSB
for a cash consideration of MYR4,540,000.

(Items (II) and (III) to be collectively referred to as disposal
of properties)

In line with PN4 of the Bursa Securities' Listing Requirements
which requires an announcement on the status of an affected
listed issuer's plan to regularize its financial condition to be
made on the first market day of each month, AmMerchant Bank
Berhad (a member of AmInvestment Group) (AmMerchant Bank), on
behalf of the Company, advised that there has been no
significant development in respect of the plan to regularize the
Park May group of companies' financial position (Proposed
Restructuring Scheme).

The company also referred to the Company's announcement dated
October 3, 2005 where it was announced that an application was
submitted to the Securities Commission (SC) on September 12,
2005 for an extension of time of five (5) months from July 27,
2005 until December 26, 2005 for the Company to complete the
Proposed Restructuring Scheme.

In this respect, the Company advised that AmMerchant Bank had,
on behalf of the Company, submitted an application to the SC on
November 25, 2005 to revise the extension of time sought to
eleven (11) months from July 27, 2005 until June 26, 2006 for
the Company to complete the Proposed Restructuring Scheme. The
application is pending the SC's decision.

We also refer to the Company's announcement dated November 15,
2005 where it was announced that Landvest and MHSB had on even
date by way of an exchange of letters mutually agreed to extend
the period for MHSB to pay the balance of the purchase price for
the Proposed Disposal of Properties of MYR13,086,000 (Balance
Sum) to December 31, 2005. In this respect, on behalf of the
Company, we wish to announce that the Balance Sum has been duly
settled and accordingly, the Disposal Of Properties has been
completed.

The announcement is dated 1 December 2005.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur
Telephone: 0379827060
Fax: 03-76254987
Web site: http://www.parmayberhad.com


POHMAY HOLDINGS: Directors Outlines Regularization Plan
-------------------------------------------------------
Pohmay Holdings Bhd issued to Bursa Malaysia Securities Berhad a
monthly announcement on the status of plan to regularize
condition pursuant to Practice Note 17/2005 (PN17/2005).

In compliance with Paragraph 1.3(b) of PN17/2005, Pohmay
Holdings Berhad advised the following development since the last
announcement on September 30, 2005 relating to the Company's
plan to regularize its condition.

The Board of Directors of the Company is still in the process of
outlining the Regularization Plan and will be made available to
Bursa Malaysia Securities Berhad 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: In Talks with Creditors over Financial Statement
------------------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Poly Glass Fibre (M) Bhd advised Bursa Malaysia
Securities Berhad that the Company is still in the process of
examining ways, including discussion with the Company's
auditors, Messrs KPMG, to overcome the auditors' qualifications
as stated in the financial statements of the Company for the
financial year ended February 28, 2005.

Dated this 1st day of December 2005.

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: Bourse Requests Regularization Plan
------------------------------------------------------
Polymate Holdings Berhad (Polymate) issued to Bursa Malaysia
Securities Berhad a monthly announcement pursuant to Practice
Note No. 17/2005 of the Listing Requirements of Bursa Malaysia
Securities Berhad (First Announcement).

(1) Introduction

The Board of Directors of Polymate unveiled that based on the
Company's unaudited quarterly results for the financial quarter
ended September 30, 2005, the Company has a deficit in its
adjusted shareholders' equity on a consolidated basis amounting
to MYR21.24 million.

In view of the above, Polymate is categorized as an Affected
Listed Issuer pursuant to Practice Note No. 17/2005 (PN17) of
the Listing Requirements of Bursa Securities.

(2) Obligations of Polymate as an affected listed issuer

In accordance with PN17, Polymate is required to comply with the
following requirements:

(a) Submit a Regularization Plan as defined under Paragraph
8.14C(3) of the Listing Requirements of Bursa Securities to the
relevant authorities for approval, or where the relevant
authorities' approvals are not required, to obtain all other
approvals necessary for the implementation of the Regularization
Plan within eight (8) months from the date of the First
Announcement (the Submission Timeframe);

(b) Implement the Regularization Plan within the timeframe
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe stipulated by Bursa Securities (the Implementation
Timeframe);

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;

(d) Announce its compliance or non-compliance with a particular
obligation imposed pursuant to PN17 on an immediate basis.

(3) Consequences of Non-Compliance

If the Company fails to comply with the obligation to regularize
its condition, all of its listed securities shall be suspended
from trading on the 5th market day after expiry of the
Submission Timeframe or Implementation Timeframe, as the case
may be, and de-listing procedures shall be taken against the
Company.

(4) Status of the Regularization Plan

The Board of Directors of Polymate is currently deliberating on
the possible plans to regularize the condition of Polymate and
shall announce the same to Bursa Securities upon finalization.


PSC INDUSTRIES: Processes Regularization Plan
---------------------------------------------
PSC Industries Berhad issued to Bursa Malaysia Securities Berhad
an announcement pursuant to Practice Note No. 17/2005 (First
Announcement).

(1) Introduction

In compliance with Practice Note No. 17/2005 (PN17/2005), which
sets out the criteria and obligations as an affected listed
issuer pursuant to Paragraph 8.14C of the Listing Requirements
of Bursa Malaysia Securities Berhad (Bursa Securities) (LR), the
Board of Directors of PSC Industries Berhad (PSCI) advised that,
based on the unaudited consolidated nine (9) month quarterly
results of PSCI for the period ended September 30, 2005 as
announced on November 29, 2005, PSCI has a deficit in the
adjusted shareholders' equity of approximately MYR376.68 million
on a consolidated basis.

The reason for the deficit in the adjusted shareholders' equity
is mainly due to losses incurred as a result of high financing
cost, provision for doubtful debts and revision of profit margin
for the Offshore Patrol Vessels project.

As such, PSCI is an affected listed issuer under PN17/2005.

(2) Obligation of PSCI pursuant to PN17/2005

Pursuant to PN17/2005, PSCI is required to comply with the
following:

(a) Submit a Regularization Plan to the relevant authorities for
approval or, where the relevant authorities approvals are not
required, obtain all other approvals necessary for the
implementation of the Regularization Plan within 8 months from
the date of the First Announcement (Submission Timeframe);

(b) Implement the Regularization Plan within the time frame
stipulated by the relevant authorities or where no timeframe has
been stipulated or allowed by the relevant authorities, within
the timeframe stipulated by Bursa Securities (Implementation
Timeframe);

(c) Announce the status of its plan to regularize its condition
on a monthly basis until further notice from Bursa Securities;
and

(d) Announce its compliance or non-compliance with a particular
obligation impose pursuant to PN17/2005 on an immediate basis.

(3) Consequence of non-compliance with the obligations

In the event PSCI fails to comply with all the provisions of
PN17/2005, Bursa Securities may take such action against PSCI
including but not limited to de-listing proceedings against
PSCI.

(4) Status of plan to regularize condition

PSCI is currently in the process of preparing the Regularization
Plan. Once completed, the requisite announcement outlining the
Regularization Plan shall be made to Bursa Securities.

This announcement dated 1st December 2005.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PUNCAK NIAGA: Buys Back Ordinary Shares
---------------------------------------
Puncak Niaga Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back from: November 30, 2005

Date of buy back to: November 30, 2005

Total number of shares purchased (units): 13,000

Minimum price paid for each share purchased (MYR): 2.480

Maximum price paid for each share purchased (MYR): 2.490

Total amount paid for shares purchased (MYR): 32,560.45

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

Number of shares purchased retained in treasury (units): 13,000

Total number of shares retained in treasury (units): 5,168,200

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: 01/12/2005

Lodged by: Puncak Niaga Holdings Berhad (416087-U)

CONTACT:

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


SOUTHERN BANK: Issues New Shares for Listing, Quotation
-------------------------------------------------------
Southern Bank Berhad advised that its additional 1,687,000 new
ordinary shares of MYR1.00 each arising from the;

(I) Exercise 20,000 Warrants 1996/2006 (Local Warrants)

(II) Exercise of 1,667,000 Warrants 1996/2006 (Foreign Warrants)

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9.00 a.m., Monday, December
5, 2005.

CONTACT:

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


TANCO HOLDINGS: No Development to Payment Default Status
--------------------------------------------------------
Tanco Holdings Berhad issued to Bursa Malaysia Securities Berhad
the following announcements.

(1) Monthly announcement on default in payment of interest and
principal sums by the company and certain of its subsidiaries
pursuant to Practice Note 1/2001(PN1/2001)

(2) Monthly announcement on the status of plan to regularize its
financial condition pursuant to Practice Note 17/2005
(PN17/2005).

In relation to the status of default in payment pursuant to PN
1/2001, 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 made on October 31, 2005.

In compliance with the requirements of Paragraph 3.2 of PN1/2001
and Paragraph 3.1(b) of PN17/2005, the Company informed that
there is no new development since the last announcement.

This announcement is dated 1 December 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188


TRU-TECH HOLDINGS: Issues Update to Status of Plan
--------------------------------------------------
Tru-Tech Holdings Bhd (Tru-Tech) issued to Bursa Malaysia
Securities Berhad a monthly announcement on the status of Tru-
Tech's plan to regularize its financial condition pursuant to
Practice Note 4/2001.

Further to the announcements dated November 2, 2005 and November
18, 2005, Avenue Securities Sdn Bhd, on behalf of Tru-Tech
advised 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 Tru-
Tech which were submitted to the Securities Commission and
Foreign Investment Committee on December 31, 2004 are currently
pending approvals from the relevant authorities.

This announcement is dated 1 December 2005.

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


UNITED CHEMICAL: Posts No Changes to Restructuring
--------------------------------------------------
Further to our announcement dated November 2, 2005, Alliance
Merchant Bank Berhad, on behalf of the Board of Directors of
United Chemical Industries Berhad (UCI), advised Bursa Malaysia
Securities Berhad that there is no new development to the
restructuring of UCI.

This announcement is dated 1 December 2005.

CONTACT:

United Chemical Industries Berhad
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488
Fax: 03-40448711
Web site: http://www.uci.com.my


WAH SEONG: Enters Into SSA with SEQU Inspection
-----------------------------------------------
Wah Seong Corporation Berhad issued to Bursa Malaysia Securities
Berhad details of the acquisition by Total Oil Technologies Sdn
Bhd (TOT) (a wholly owned subsidiary of Wah Seong Corporation
Berhad) of an equity stake in SEQU Inspection Sdn Bhd (SEQUI).

(1) Introduction

Further to our announcement on October 28, 2005, the Board of
Directors informed the Exchange that:

(a) The Novation Agreement dated October 28, 2005 between TOT
and Sequ Ventures Sdn Bhd (SEQUV), Sequ Holdings Sdn Bhd (SEQUH)
and En Johanuddin bin Johari (En Johanuddin) (regarding the
novation by En Johanuddin of all his rights, obligations,
interest and title in and to the purchase of 248,500 ordinary
shares of MYR1.00 each representing a 70 percent equity stake
(the Sale Shares) in SEQUI under a Share Sale Agreement dated
September 22, 2005 between SEQUV and SEQUH as vendors and En
Johanuddin as the purchaser (the First SSA); and

(b) The First SSA has been terminated by mutual consent between
all parties thereto.

In substitution thereof, the Board of Directors advised that TOT
has on December 1, 2005 entered into a separate Share Sale
Agreement with SEQUV (the SSA) whereby TOT shall acquire 173,950
ordinary shares representing a 49 percent equity stake in SEQUI
from SEQUV for a total cash consideration of MYR441,000.00 only
(the Acquisition).

(2) Salient details of the acquisition

The salient details of the Acquisition are as follows:

(i) Payment for the Sale Shares shall be made on the Completion
Date (i.e. within 14 business days from date of the SSA or such
other date(s) as the parties may mutually agree).

(ii) The proposed Acquisition is expected to be completed by the
end of December 2005.

(3) Financial effects of the acquisition

(3.1) Share Capital

Upon completion, the Acquisition will result in WSC having an
effective equity interest in SEQUI of 49 percent.

(3.2) Earnings

The Acquisition is not expected to have any material effect on
the consolidated earnings of WSC and its group of companies for
the financial year ending December 31, 2005.

(3.3) Substantial Shareholding

The Acquisition will cause TOT's direct equity shareholding in
SEQUI to increase from 0 percent to 49 percent.

(3.4) Net Assets (NA)

The Acquisition will not have any material effect on the
consolidated NA value of WSC and its group of companies for the
year ending December 31, 2005.

(4) Directors' and substantial shareholders' interest

None of the directors, major shareholders, persons connected to
the directors or persons connected to the major shareholders of
the Company or any of its subsidiaries has any interest, direct
or indirect, in the Acquisition.

(5) Directors' Statement

Having considered all aspects of the Acquisition, the Board of
Directors is of the opinion that the execution of the Second SSA
is in the best interest of the Company.

(6) Approvals

The Acquisition is not subject to the approvals of any other
governmental authority and/or the shareholders of WSC.

(7) Documents for Inspection

Details of the Second SSA is available for inspection at the
registered office of TOT at No. 59-2, The Boulevard, Mid Valley
City, Lingkaran Syed Putra, 59200 Kuala Lumpur for three (3)
months from the date of this Announcement during normal business
hours from Mondays to Fridays.

Yours faithfully
Wah Seong Corporation Berhad
Giancarlo Maccagno
Executive Director

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


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

C&P HOMES: SEC Approves Capital Restructuring
---------------------------------------------
The Securities and Exchange Commission (SEC) had approved on
Dec. 6, 2005, the capital restructuring of C&P Homes Inc. that
involve:

(1) The application of the Company's additional paid-in capital
to partially wipe out the accumulated deficit of the Company;

(2) The decrease in the authorized capital stock of the Company
from Five Billion Pesos (Php5,000,000,000.00) to Five Hundred
Million Pesos (Php500,000,000.00) divided into Five Hundred
Million (500,000,000) common shares with par value of One Peso
(Php1.00) per share, and in its subscribed and paid-up capital
stock from Four Billion Seven Hundred Ninety Six Million Seventy
One Thousand Nine Hundred Twenty Nine (4,796,071,929) shares to
Four Hundred Seventy Nine Million Six Hundred Seven Thousand One
Hundred Ninety Two (479,607,192) shares;

(3) The application of the reduction surplus resulting from the
aforementioned capital decrease to partially wipe out the
accumulated deficit of the Company;

(4) The increase in the Company's authorized capital stock to
Seven Billion Pesos (Php7,000,000,000.00) divided into Seven
Billion (7,000,000,000) common shares with par value of One Peso
(Php1.00) per share; and

(5) The issuance of shares out of the said capital increase to
certain holders of the outstanding Long-Term Commercial Papers
of the Company who have agreed to convert their LTCP holdings to
equity in the Company; and the corresponding amendments to the
Seventh Article of the Amended Articles of Incorporation of the
Company.

Attached herewith are the following certificates issued by
Securities and Exchange Commission:

(1) Certificate of Decrease of Capital Stock
(2) Certificate of Increase of Capital Stock
(3) Certificate of Filing of Amended Articles of Incorporation

http://bankrupt.com/misc/tcrap_c&phomes120905.pdf

CONTACT:

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas City
Phone:  874-5758; 873-2178; 772-1093; 726-6143
Fax:  872-4697; 726-6143
E-mail:  ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph


HACIENDA LUISITA: Review Panel Likely to Void Deal
--------------------------------------------------
Farmer-beneficiaries of Hacienda Luisita are likely to gain
ownership of the Conjuangco-owned estate since an interagency
review committee has supported a Department of Agrarian Reform
(DAR) proposal to cancel a stock distribution deal,
BusinessWorld says.

The draft resolution of an interagency validation committee
headed by the Department of Justice has sustained the DAR
recommendation to void the stock deal as it found violations on
the part of the Hacienda Luisita, Inc. (HLI) management.

The Haciensa Luisita Task Force in September recommended the
revocation to DAR's policy body, the Presidential Agrarian
Reform Counsil (PARC).

The recommendation to cancel the contract with 6,000 farmer-
beneficiaries cited the intent of Republic Act 6657 or the
Comprehensive Agrarian Reform Act. It said the lives of the
Hacienda Luisita farmers have "not improved declaration that the
company has not gained profits in the last 15 years that there
could be not declaration and distribution of the dividends."

A source from the inter-agency validation committee said that
the nine-member panel poll had five voting for the cancellation,
with one dissenting, and three members unable to vote due to
their absence.

The validation committee draft resolution mostly supported the
DAR finding violations in the system of allocation of stock
shares, failure of HLI to complete the transfer shares of stock
during the prescribed two-year period, and HLI's conversion of
some 500 hectares of the hacienda for industrial use when the
contract provided that the land must remain "unfragmented".

The inter-agency committee is scheduled to meet again on
December 12 and is expected to submit their resolution to the
PARC Executive Committee the following day.

The final ruling on the matter will be released by the PARC.


LMG CHEMICALS: To Convene Special Stockholders Meeting Dec. 12
--------------------------------------------------------------
Notice is hereby given that a Special Stockholders Meeting of
LMG Chemicals Corp. will be held on Dec. 12, 2005 at 10:30 a.m.
at the Boardroom, 7/F Chemphil Building, 851 A. Arnaiz Avenue,
Legaspi Village, Makati City, to consider the following matters:

1. Presentation of the minutes of the Stockholder's Meeting held
on July 7, 2005.

2. Ratification of Board resolution to adopt new By-Laws.

If you are unable to attend the meeting, please accomplish the
proxy form hereby enclosed as Annex "A", and present the same to
the Corporate Secretary on or before the date of the meeting.

Please take note that the proxy executed by a corporation should
be in the form of a Board resolution duly certified by the
corporate Secretary or in a proxy form executed by a duly
authorized corporate officer accompanied by a Corporate
Secretary's certificate quoting the board resolution the said
corporate officer(s) to execute the said proxy.

The Stock and Transfers Books of the corporation shall be closed
for transfer five days prior to the meeting, or from Dec. 8-12,
2005.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MAYNILAD WATER: Expects to Surpass Income Target
------------------------------------------------
Maynilad Water Services Inc. said it will exceed its Php1.9-
billion net income target for this year, The Philippine Star has
learned. Company officials also believe Maynilad would be able
to sustain its good performance until the end of the
rehabilitation period.

Maynilad is working to complete its privatization by June next
year, as it finalized plans to hire a financial adviser to draw
up the bidding process and terms of reference for the sale of
the shares currently held by the government

Maynilad President Fiorelo Estuar said that the company has
presented its proposal to appoint a financial adviser that would
prepare the privatization plan for the company by middle of
2006.

Mr. Estuar said the plan was to auction government shares to
interested investors who would essentially take over the
concession formerly owned by the Lopez group. The process is
expected to take between six to seven months before the plan is
ready for the auction block.

There are reportedly two interested groups namely the Consunji-
owned DMCI Holdings and the Ayala-owned Manila Water Services
Inc.

Mr. Estuar said the court receiver, however, has to approve the
plan before Maynilad could proceed with hiring a financial
adviser. He said the initial proposal has already been submitted
to the privatization council for concurrence.

Maynilad, according to Mr. Estuar, has been steadily improving
its operating performance saying that the company is expected to
be able to sustain these improvements until 2006.

CONTACT:

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


PACIFIC PLANS: Watchdog to Continue Monitoring Trust Funds
----------------------------------------------------------
The Securities and Exchange Commission (SEC) said it will
continue to monitor the trust funds of Pacific Plans Inc. and
Platinum Plans, according to The Philippine Star.

The SEC will keep the two ailing pre-need firms under its
watchful eyes despite the approval by the Makati Regional Trial
Court (RTC) of their respective rehabilitation plans.

The SEC's Non-Traditional Securities Department, which oversees
the operations of pre-need firms, has been ordered to
continuously monitor the trust funds of Pacific and Platinum
even if they are already under rehabilitation.

Despite opposition from the SEC and their respective
planholders, the Makati RTC cleared the petitions for
rehabilitation filed by Pacific and Platinum.

Appointed receivers Mamerto Marcelo and Antonio Tupaz for
Pacific and Platinum, respectively, were given three months to
submit their respective recommendations to the court.

Pacific and Platinum both filed for rehabilitation this year,
citing financial difficulties brought about by the deregulation
of tuition increases in the 1990s.

CONTACT:

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


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

CHINA AVIATION(S): To Remain Under Chinese Control
--------------------------------------------------
Troubled jet fuel trader China Aviation Oil (Singapore)
Corporation Limited (CAO) will continue to be controlled by
China, despite cash injections by UK firm BP and Singaporean
holding firm Temasek Holdings, reports Financial Times.

Both firms have injected up to SGD92.72 million as part of the
Company's restructuring program, after incurring heavy losses in
oil derivatives trading last year.

In the restructuring program, CAO will be able to repay its
SGD463.6 debt to creditors, who had written off up to 46% of its
debt. They will also be offered to subscribe to a SGD37.1
million share issue, or 10% of the Company's shares.

After the debt restructuring, CAO's Chinese parent China
Aviation Oil Holdings Limited (CAOHC) will control a 51% stake
in the firm, instead of a previous 60% stake. CAOHC injected
SGD127.78 million into the Company to help it stay afloat. BP
will hold a 20% stake in CAO for SGD74.2 million, while Temasek
will retain a 4.7% stake in the Company for SGD17.2 million.
CAO's minority shareholders will hold only 14.4 % stake in the
Company, after having controlled 40% stake.

BP will also have two representatives in the Company's Board of
Directors. Temasek Holdings' investment in CAO reflects its
interest in growing Asian industries.

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


CHINA AVIATION(S): U.S. Court Dismisses Class Action Lawsuit
------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited (CAO)
announces that U.S. District Judge Robert P. Patterson dismissed
a class action lawsuit filed against the Company in the United
States Southern District Court of New York last week.

The Plaintiffs in the class action lawsuit had applied to the
court for permission to effect service of the court documents on
the Company in Singapore. The Court requested that the issue of
subject matter jurisdiction of the US Courts with respect to the
purported class action lawsuit be addressed.

After listening to submissions on the issue, the Court dismissed
the Plaintiffs' application on the grounds that the U.S. Courts
did not have subject matter jurisdiction over the lawsuit.

As of Dec. 7, 2005, the Company is not aware of whether the
Plaintiffs intend to appeal this decision.


DEFAR PTE: Creditor Seeks to Wind Up Firm
-----------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Defar (S) Pte Limited, filed a winding up petition
against the Company on Nov. 24, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Jan. 13, 2005, 10:00 a.m.

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

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

The Petitioner's address is 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's Solicitors are Rajah & Tann of 4 Battery Road,
#15-01 Bank of China Building, Singapore 049908.

Dated this 29th day of November 2005

Rajah & Tann
Petitioner's Solicitors

Note:

Any person who intends to appear on the hearing of the Petition
must serve on or send by post to solicitors Rajah & Tann a
written notice of his intention to do so. The notice must state
the name and address of the person, or, if a firm, the name and
address of the firm, and must be signed by the person or firm,
or his or their solicitor (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Jan. 12, 2006 (the day
before the day appointed for the hearing of the Petition).


MS BUILDING: Court Issues Wind Up Order
---------------------------------------
In the matter of MS Building Materials Pte Limited (formerly
International Building Products Pte Limited), the Singapore High
Court issued a winding up order against the Company on Nov. 18,
2005, with the following details:

Name and Address of Liquidator: Er Boon Chiew
Block 336, Smith Street
#04-302 New Bridge Road
Singapore 050336

Messrs W.K. Fong & Company
Solicitors for the Petitioner


OHM TECHNOLOGIES: Receiving Claims Until Dec. 30
------------------------------------------------
Notice is hereby given that the creditors of OHM Technologies
Pte Limited, which is being voluntarily wound up, are required
on or before Dec. 30, 2005 to send in their names and addresses
with particulars of their debts and claims and the names and
addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from the said
Liquidator, are by their solicitors or personally to come in and
prove their debts and 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 and claims are proven.

Dated: Nov. 28, 2005

Wee Hui Pheng
Liquidator
C/o Messrs Wee Seng Tiong & Co.
1 Coleman Street, #06-10 The Adelphi
Singapore 179803


POTEX ENTERPRISES: Court Orders Winding Up
------------------------------------------
In the matter of Potex Enterprises (Private) Limited, the
Singapore High Court issued a wind up order against the Company
on Nov. 25, 2005, with the following details:

Name and address of Liquidator: The Official Receiver
45 Maxwell Road #05-11 & #06-11
The URA Centre (East Wing)
Singapore 069118.

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioners

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

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


SEATOWN CORPORATION: To Hold Creditors' Meeting Dec. 22
-------------------------------------------------------
Notice is hereby given that the first meeting of creditors of
Seatown Corporation Limited will be held on Dec. 22, 2005, 4:00
p.m. at 20 Raffles Place, #17-00 Ocean Towers, Singapore 048620.

Nicky Tan Ng Kuang
Judicial Manager
c/o nTan Corporate Advisory Pte Limited
6 Battery Road #33-02
Singapore 049909

Note:

1. The Statement of Proposals and proof of debt form have been
sent to the known creditors of the Company. Copies of the
statement can be obtained from the Judicial Manager.

2. To entitle creditors to vote at the meeting, a proof of debt
form must be lodged with the Judicial Manager not later than
2:00 p.m. on Dec. 21, 2005.


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

THAI ENGINE: Decreases Registered Paid-Up Capital
-------------------------------------------------
On November 17, 2005 the Central Bankruptcy Court (the Court)
issued an order approving Thai Engine Manufacturing Public
Company Limited (the Company) to decrease its paid-up registered
capital from THB75 million to THB20 million by reducing the
number of ordinary shares on a pro rata basis from 75 million
shares to 20 million shares at a par value of THB1 per share.

The Company informed the Stock Exchange of Thailand (SET) that
the decrease of the Company's paid-up registered capital from 75
million shares to 20 million shares was registered with the
Department of Business Development, Ministry of Commerce on
December 6, 2005.

The Company also registered the amendment of clause 4 of its
memorandum of association to reflect the decrease of its capital
as follows:

Clause 4

Registered capital: THB20,000,000 (Baht twenty million) divided
into 20,000,000 shares (Twenty million shares) at the par value
of THB1 (Baht one) each categorized into Ordinary shares
20,000,000 shares (Twenty million shares)

Preferred shares- shares (-)

Enclosed herewith please find the following documents for your
reference.

(1) A copy of the Company's corporate affidavit; and

(2) A copy of the Company's memorandum of association.

Yours faithfully,
Thai Engine Manufacturing Public Company Limited
Mr. Chakkrit Thanavirun
Assistant Managing Director

CONTACT:

Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com


WYNCOAST INDUSTRIAL: To Hold Presentation December 9
----------------------------------------------------
The Stock Exchange of Thailand (SET) advised that the securities
of Wyncoast Industrial Public Co. Ltd. would be transferred from
the Rehabco Sector to the Property Development Sector effective
December 16, 2005, as well as allowing the shares to resume
trading from that date onwards.

Therefore, the Company would arrange a presentation on December
9, 2005 at 2:30 a.m., at President 1 Room, Intercontinental
Hotel, Ploenchit Road, Bangkok.

The Company would like to take this opportunity to invite any
securities analysts and investors to attend the company
presentation as mentioned above.

(Reservation at Ms. Sutthida Laohateerawat  Tel: 038-573-161
ext. 1131)

Please be informed accordingly.

Yours sincerely,
Mr. Pathrlap Davivongsa
Chief Executive Officer
Wyncoast Industrial Park Public Co. Ltd.

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



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

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


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

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

MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***