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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, November 1, 2004, Vol. 7, No. 216

                            Headlines

A U S T R A L I A

89 MILLER: Receivers and Managers Appointed
AMEYA COMPUTER: ASIC Halts Securities Issuance
CHEMEQ LIMITED: Secures 2nd International Distribution Agreement
DAROBRIL PTY: Winds Up Voluntarily
FINELINE CARPENTRY: Sets November 4 as Date of Final Meeting

G.A.B. TIMBER: To Undergo Voluntary Winding Up Process
HA TILSLEY: Final Meeting Slated for November 2
MITSUBISHI AUSTRALIA: Vehicles Rank Hardest To Steal
MIX & MATCH: Appoints Barry Keith Taylor as Liquidator
NES WATSON: Appoints A.S.R. Hewitt as Liquidator

NYLETTLE PTY: Appoints Receivers and Managers
PIVOT SUPPLEMENTARY: To Face Winding Up Proceedings
PRESTIGE CLEARANCE: Winds Up Voluntarily
PVL PTY: Sets Final Meeting on November 5
QANTAS AIRWAYS: Expands U.K., Australia, Asia Operations

RAN HOLDINGS: Winds Up After ASIC Investigation
S&A FREEHOLDS: Members Final Meeting Slated for November 9
SASTMEN & CO: Creditors Resolve to Voluntarily Wind Up
THIRD WATSON: Enters Voluntary Winding Up Proceedings
VILLAGE ROADSHOW: ITV Cuts Stake as Buyback Begins

VILLAWOOD AUTO: Receivers and Managers Named


C H I N A  &  H O N G  K O N G

BRIGHT LINE: Creditors To Prove Debts by November 29
CHINA CITY: Proposes Share Capital Increase, Change of Name
COMMUNICATIONS BANK: Sees Pretax Profit Increase
GLOBAL KNOWLEDGE: Sets Meetings on November 6
SHU UEMURA: Creditors Must Submit Claims by November 19

WIDE OCEAN: Faces Winding Up Proceedings


I N D O N E S I A

BANK MANDIRI: Scraps Plan to Seek Overseas Loans
BANK PERMATA: Fit and Proper Test for Consortium Nears End
GARUDA INDONESIA: Seeks State Ok to Raise in Middle East Quota


J A P A N

FUJITSU LIMITED: Bounces Back to Black
JAPAN AIRLINES: To Introduce JPY300 Surcharge for Domestic Fares
JAPAN ASIA: METI Allows Management Resources Re-utilization
SOJITZ HOLDINGS: Government Oks Rehabilitation
TOCHIGI LEATHER: METI Approves Changes to Management Resources

UFJ HOLDINGS: Releases 2004 Annual Report
UFJ HOLDINGS: Unit Forms Alliance with Mitsubishi Securities


K O R E A

HANARO TELECOM: Adds New Affiliate
SSANGYONG MOTOR: Signs $500Mln Final Deal with SAIC


M A L A Y S I A

AKTIF LIFESTYLE: Unveils Unaudited 2004 Quarterly Report
AKTIF LIFESTYLE: Aims to Acquire New Core Businesses
ANCOM BERHAD: Unit Receives Financial Assistance
AYER HITAM: KPMG Audits Financial Statements
INTAN UTILITIES: Discloses Steps To Address Units' Defaults

KEMAYAN CORPORATION:  AGM Set November 22
MBF CORPORATION: Winding Up Hearing Set November 23
NAIM INDAH: Granted Listing of 400,800 New Ordinary Shares
NALURI BERHAD: Notes Change in Hearing Schedule
NALURI BERHAD: SC OKs Land Acquisition Deal Extension

OCEAN CAPITAL: Units Receive Winding Up Petition
OMEGA HOLDINGS: Enters Into Restructuring Agreement
PAN MALAYSIA: Details Closed Period Trading
PAN MALAYSIA: Shareholders Approve EGM Resolutions
TANCO HOLDINGS: Default Status Unchanged

U-WOOD HOLDINGS: Releases 2004 Quarterly Report


P H I L I P P I N E S

COLLEGE ASSURANCE: Yet To Submit Needed Documents To Get License
NATIONAL POWER: Faces Further Downsizing To Cut Costs
NEGROS NAVIGATION: MetroPac To Complete Funding Needs
PHILIPPINE REALTY: Notes Unusual Market Movement


S I N G A P O R E

JUTHA PARICHART: Faces Bankruptcy Proceedings
NEPTUNE ORIENT: Posts US$234 Mln Net Profit In Q3
NEPTUNE ORIENT: Unveils Quarterly Financial Statement
NEPTUNE ORIENT: Releases Performance Report
NWI RECYCLING: Meeting to Consider Scheme of Arrangement Set

PANPAC MEDIA: Exercises Option to Subscribe Shares
SIN SENG: Winding Up Petition Hearing Slated for November 12
SIN YONG: Winding Up Petition Notice Issued
STRATEGIC INTELLIGENCE: Court To Hear Winding Up Petition


T H A I L A N D

KRUNG THAI: Transfers Substandard Asset to TAMC
THAI PETROCHEMICAL: To Complete Search for Business Partner Soon
TPI POLENE: Creditors, Subsidiary Approve Plan's Amendment

     -  -  -  -  -  -  -  -

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


89 MILLER: Receivers and Managers Appointed
-------------------------------------------
On 16 September 2004 St. George Bank Limited A.C.N. 055 513 070
of Level 9, 182 George Street, Sydney, NSW 2000 appointed John
Frederick Lord and John Maxwell Morgan, Chartered Accountants of
PKF, Level 10, 1 Margaret Street, Sydney, NSW 2000 to be the
joint and several receivers and managers of all of the rights,
property and undertaking of whatever kind wherever situated
whether present or future owned by 89 Miller Pty Limited A.C.N.
106 014 993.

Solicitor for St George Bank Limited
c/- Phillips Fox
Solicitors
Level 38, 201 Elizabeth Street,
Sydney NSW 2000


AMEYA COMPUTER: ASIC Halts Securities Issuance
----------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
acted to restrict Ameya Computer Pty Ltd (Ameya), based in
Quakers Hill, New South Wales, from offering financial products
and carrying on a financial services business without an
appropriate Australian Financial Services license.

Ameya recently came to ASIC's attention when the Company placed
advertisements in a number of community publications offering
"risk free" returns of 10 percent per annum on loans advanced to
it.

The Corporations Act 2001 prohibits proprietary companies from
publicly offering securities. Neither Ameya nor its director,
Mr. Deepak Avarsare, are licensed by ASIC to operate a financial
services business, or deal in financial products.

Following intervention by ASIC, Mr. Avarsare has agreed to
immediately cease making investment offers to investors. Mr.
Avarsare has also agreed to offer a refund to anyone who had
already invested with the Company.

ASIC's Executive Director of Public and Commercial Services, Mr.
Mark Drysdale said companies proposing to raise money from the
public need to ensure that they seek proper professional advice
to ensure they comply with all legal requirements.

"Equally, consumers need to be aware of who they are dealing
with. Someone who offers financial services without a license is
operating outside the law. Consumers who purchase financial
products and services from someone without an appropriate
license place themselves in a very vulnerable position."

"Whenever you purchase a financial product, your first question
should be whether the person you are dealing with is licensed by
ASIC. If in doubt ask the adviser, or check for yourself through
ASIC's website or by calling the Infoline on 1300 300 630," Mr.
Drysdale added.

Investors who purchased a financial product from Ameya and have
not already received an offer from the Company to refund their
money can advise ASIC through the website at www.asic.gov.au
(using our complaint form), or by writing to:

The Complaints Manager
Australian Securities and Investments Commission
GPO Box 9827
Sydney, NSW, 2001

ASIC acknowledges the cooperation of Mr. Avarsare during its
inquiries.


CHEMEQ LIMITED: Secures 2nd International Distribution Agreement
----------------------------------------------------------------
Veterinary drug producer Chemeq Limited (ASX: CMQ) on Friday
announced it had secured its second international distribution
agreement for its CHEMEQ polymeric antimicrobial.

The agreement is with NRM New Zealand, a division of Tegel Foods
Limited and New Zealand's largest stock feed sales and marketing
Company, and will run for an initial period of three years.

The New Zealand agreement follows similar arrangements with a
South African distributor, which was secured this year.

Chemeq Chairman Graham Melrose said the agreement was
significant because it represented important support for the
product by an established and leading distributor of veterinary
drugs.

"It is pleasing to see market support for a product we believe
has excellent pharmaceutical features and that will deliver
substantial benefits when applied on the farm," said Dr.
Melrose.

The CHEMEQ polymeric antimicrobial has been developed to
supersede antibiotics for the prevention and control of
intestinal diseases in feedstock animals such as pigs and
poultry.

Its competitive advantage lies in its ability to kill the
antibiotic resistant germs that hinder the performance of
existing intestinal drug treatments at great cost to farmers in
terms of the growth of their animals.

Having developed the product from invention to manufacturing
stage, Chemeq is now in the process of finalizing the requisite
product and manufacturing approvals.

Chemeq has already secured regulatory product approval in both
New Zealand and South Africa for use of CHEMEQ polymeric
antimicrobial with pigs and, in the case of South Africa, with
poultry.

It is now applying for approval to use the product in the New
Zealand poultry industry.

Further product applications are also underway in Australia and
in a range of overseas markets.

Factory approval is required to ensure the manufacturing plant
operates to Good Manufacturing Practice (GMP) to produce CHEMEQ
polymeric antimicrobial at the safety and efficacy standard
anticipated in product approvals.

This approval is managed by the Australian Pesticides &
Veterinary Medicines Authority (APVMA). The initial inspection
of the Rockingham plant has been performed and the audit report
is currently with the APVMA for review.

Sales of CHEMEQ polymeric antimicrobial through the South
African and New Zealand distributors will commence once the GMP
license has been finalized.

The pace of regulatory approval processes for veterinary drug
products varies from country to country. As product approvals
are finalized, Chemeq will move to settle distribution
agreements in each of these markets.

The Rockingham plant currently has a design production
capability of 20 tonnes per annum, with an ability to scale-up
as market demand grows.

NRM New Zealand Business Manager Rev Crawford said he was
delighted to introduce CHEMEQ polymeric antimicrobial to the
Company's stable of veterinary drug products.

"Recent trials of the product in New Zealand on pigs have
demonstrated clear improvements in animal health and weight
gains. In addition the product offers farmers a clear
alternative to current options," said Mr. Crawford.

"We look forward to selling the Chemeq product as soon as we
can."

NRM's parent Tegel Foods Ltd. is the biggest poultry producer in
New Zealand with a significant market share.

About Chemeq

Chemeq is an emerging veterinary drug manufacturer, which has
developed a unique product for the prevention and control of
intestinal bacterial diseases in feedstock animals such as pigs
and poultry.

The Company's $50 million production facility in Western
Australia was completed in August 2004 and is currently
undergoing optimization. Plant ramp-up is in line with
Directors' expectations.

A Good Manufacturing Practice license is required from industry
regulator Australian Pesticides & Veterinary Medicines Authority
(APVMA) before commercial sales of CHEMEQ polymeric
antimicrobial can begin.

The APVMA audit process of the completed manufacturing facility
is currently underway.

As Chemeq becomes a full-scale manufacturer, the Company is
moving to boost its management and board capabilities with the
planned recruitment of a new CEO and two new non-executive
directors to complement the existing team.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House
3 Brodie Hall Drive, Technology Park
Bentley, Australia, 6102
Telephone: 08 9362 0100
Fax: 08 9355 0199
Web site: http://www.chemeq.com.au/


DAROBRIL PTY: Winds Up Voluntarily
----------------------------------
Notice is hereby given that at a general meeting of members of
Darobril Pty Ltd (In Voluntary Liquidation) A.C.N. 004 578 796
held on 14 September 2004, it was resolved that the Company be
wound up voluntarily and that for such purpose Russell Graeme
Peake, Chartered Accountant of Jenkins Peake & Co, 1st Floor,
Lexen Building, 200 Malop Street, Geelong, 3220, be appointed
Liquidator.

Dated this 14th day of September 2004

Russell Peake
Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220.
Telephone: (03) 5223 1000,
Facsimile: (03) 5221 4938


FINELINE CARPENTRY: Sets November 4 as Date of Final Meeting
------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Fineline Carpentry Pty Ltd (In Liquidation) A.C.N.
059 417 604 will be held at 14 Bonfield Avenue, Hawthorn East
Victoria at 12:30 p.m. on the 4th day of November 2004.

The purpose of the meeting is to receive the liquidator's
account showing how the winding up has been conducted and the
property of the Company disposed of, and for hearing any
explanation that may be given by the liquidator.

Dated this 15th day of September 2004

Alexander Swan
Liquidator


G.A.B. TIMBER: To Undergo Voluntary Winding Up Process
------------------------------------------------------
Notice is hereby given that at a Meeting of Members of G.A.B.
Timber Services Pty. Ltd. (In Liquidation) A.C.N. 073 697 506
held on 17 September 2004 it was resolved that the Company be
wound up voluntarily and at a Meeting of the Creditors held on
the same day pursuant to Section 497 it was resolved that for
such purpose, Barry Keith Taylor, of B. K. Taylor & Co., 8th
Floor, 608 St Kilda Road, Melbourne be appointed Liquidator.

Dated this 17th day of September 2004

Barry Keith Taylor


HA TILSLEY: Final Meeting Slated for November 2
-----------------------------------------------
Notice is given that a final meeting of members of HA Tilsley
Pty Limited (In Voluntary Liquidation) A.C.N. 000 147 811 will
be held at Level 3, 63 Market Street Wollongong, on 2 November
2004 at 10:00 a.m.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up has been conducted and the
property of the Company has been disposed of, and to receive any
explanation of the account.

Dated this 15th day of September 2004

P.J. Fitzgerald
Liquidator
KPMG
Level 3, 63 Market Street,
Wollongong NSW 2500
Telephone: 02 4229 2633


MITSUBISHI AUSTRALIA: Vehicles Rank Hardest To Steal
----------------------------------------------------
Mitsubishi Motors Australia announced that its locally
manufactured Magna and Verada are the hardest to steal of any of
the locally produced large cars, while Lancer Evolution VIII
ranked at the top of the list according to a large insurance
Company report just released.

Changes made to Magna/Verada's locking, as part of an extensive
model upgrade last year, means that it is now harder to steal
than any of its competitors, according to the survey.

Mitsubishi Magna and Verada models are at the top of the
thieves' 'too hard' list when it comes to stealing large cars,
with a score of 63.5.

This puts it clearly in front of Commodore on 61, and Toyota
Avalon and Falcon XT on 57.5.

When added to the other standard safety and security features:
dual SRS air bags, side air bags, additional side intrusion
bars, anti-skid brakes with Electronic Brake Force Distribution,
front seat belts with pre-tensioners, emergency door unlock for
front and side impact, rest reminder, remote keyless entry with
panic alarm, central locking, two-stage door unlocking, alarm,
and anti-theft encrypted immobilization.

Magna and Verada make a compelling story for prospective
discerning car buyers seeking a safe, secure and refined large
Australian car.

However, Mitsubishi's star performer in the survey was the
white-hot Lancer Evolution VIII that also clearly outpointed its
rivals. It was at the head of the list amongst expensive
imported machinery, scoring 105 and putting it clearly ahead of
BMW Z4 on 102 and Subaru WRX STi on 100.

Evo VIII enjoys its top rating because of the standard fitment
of remote keyless entry, engine immobilizer, Data Dot security
identification and Tracking and Alarm System.

Mitsubishi Motors' President and CEO, Tom Phillips, said that he
was pleased to see both cars perform so well in the survey, but
he wasn't surprised.

"Mitsubishi is all about providing Australian motorists with
refined, safe and secure cars with a spirited edge that are
enjoyable to drive," Mr. Phillips said.

CONTACT:

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


MIX & MATCH: Appoints Barry Keith Taylor as Liquidator
------------------------------------------------------
Notice is hereby given that at a Meeting of Members of Mix &
Match Pty. Ltd. held on 14 September 2004 it was resolved that
the Company (In Liquidation) A.C.N. 076 171 769 be wound up
voluntarily and at a Meeting of the Creditors held on the same
day pursuant to Section 497 it was resolved that for such
purpose, Barry Keith Taylor, of B. K. Taylor & Co., 8th Floor,
608 St Kilda Road, Melbourne be appointed Liquidator.

Dated this 15th day of September 2004

Barry Keith Taylor


NES WATSON: Appoints A.S.R. Hewitt as Liquidator
------------------------------------------------
Notice is hereby given that at extraordinary general meeting of
members of NES Watson Pty Ltd (In Liquidation) A.C.N. 005 901
897 held on 13 September 2004, it was resolved that the Company
be wound up voluntarily and at meetings of the creditors held on
13 September 2004 pursuant to Section 497 of the Act, it was
resolved that Andrew Stewart Reed Hewitt of Grant Thornton be
appointed Liquidator.

Dated this 15th day of September 2004

A.S.R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35 South Tower,
525 Collins Street, Melbourne Vic 3000


NYLETTLE PTY: Appoints Receivers and Managers
---------------------------------------------
Notice is hereby given that an extraordinary general meeting of
members of Nylettle Pty Ltd (In Liquidation) (Receivers And
Managers Appointed) A.C.N. 007 438 468held on 8 September 2004,
it was resolved that the Company be wound up voluntarily and at
a meeting of the creditors held on 8 September 2004 pursuant to
Section 497 of the Act, it was resolved that Gregory John Keith
of Grant Thornton be appointed Liquidator.

Dated this 8th day of September 2004

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


PIVOT SUPPLEMENTARY: To Face Winding Up Proceedings
---------------------------------------------------
Notice is hereby given that a general meeting of Pivot
Supplementary Feeds Ltd (In Liquidation) A.C.N. 008 604 342
passed a special resolution, that the Company be wound up as a
members voluntary winding up.

Dated this 13th day of September 2004

S. Wallace-Smith
S. Algeri
Liquidators


PRESTIGE CLEARANCE: Winds Up Voluntarily
----------------------------------------
Notice is hereby given that at a meeting of creditors of
Prestige Clearance House Pty Limited (In Liquidation) trading as
Perfumes4less convened pursuant to Section 439A of the
Corporations Act 2001 held on 16 September 2004, it was resolved
that the Company be wound up and pursuant to Section 446A(4) of
the Corporations Act 2001, Andrew Hugh Jenner Wily of Armstrong
Wily & Co, Chartered Accountants, Level 5, 75 Castlereagh
Street, Sydney NSW 2000 was appointed Liquidator.

Dated this 20th day of September 2004

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


PVL PTY: Sets Final Meeting on November 5
-----------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that the final meeting of members of PVL Pty
Limited (In Members' Voluntary Liquidation) will be held at The
Conference Room, Level 14, 25 Bligh Street, Sydney, New South
Wales on Friday, 5 November 2004 at 10:00 a.m. for the purpose
of having an account laid before them showing the manner in
which the winding up has been conducted and the property of the
Company disposed of, and of hearing any explanations that may be
given by the Liquidator.

Dated this 20th day of September 2004

G.G. Woodgate
Liquidator
Woodgate & Co.
Telephone: (02) 9233 6088,
Facsimile: (02) 9233 1616


QANTAS AIRWAYS: Expands U.K., Australia, Asia Operations
--------------------------------------------------------
Qantas Airways in a media release revealed that it will
significantly boost capacity between Australia and the United
Kingdom from Sunday with the introduction of new Sydney-Hong
Kong-London and Perth-Singapore-London services.

Qantas Executive General Manager John Borghetti said that from
31 October, Qantas would operate three Sydney-Hong Kong-London
flights each week and three Perth-Singapore-London services each
week.

"These six new flights to London will increase the number of UK
services offered by Qantas from 21 a week to 27 a week," Mr.
Borghetti said.

"This will mean nearly 2,300 more seats to London on our fleet
of three-class Boeing 747-400 aircraft which feature the award
winning Skybed sleeper seat and our renowned International
Business Class product."

Mr. Borghetti said the new services to London via Hong Kong
meant that Qantas customers now had access to the UK and Europe
via three Asian ports - Singapore, Bangkok and Hong Kong.

"Hong Kong has been a popular Qantas destination in its own
right for a long time and now it will also be available as a
stop over destination to Europe," Mr. Borghetti said.

Qantas will add a fourth weekly service to the UK via Hong Kong
in 2005 and has approval to operate a further three services
from April 2006.

Mr. Borghetti said that daily Qantas/Air France codeshare
services between Australia and Paris via Singapore would also
begin on 31 October.

"We are very pleased to be entering into our first codeshare
relationship with Air France," Mr. Borghetti said.

"This arrangement allows Qantas to maintain a strong presence in
the important French market."

Customers will fly on Qantas services between Australia and
Singapore and then connect to daily Air France flights between
Singapore and Paris' Charles de Gaulle Airport.

CONTACT:

Qantas Airways
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


RAN HOLDINGS: Winds Up After ASIC Investigation
-----------------------------------------------
Justice Pearlman of the Supreme Court of New South Wales has
wound up two Sydney-based property companies, Ran Holdings
International Pty Ltd and its main subsidiary Company, Radisson
Maine Property Group (Australia) Pty Ltd. Mr. David Lombe, of
Deloitte, was appointed the liquidator of both companies.

On 2 June 2004, ASIC commenced proceedings to wind up the
companies and to appoint a provisional liquidator, and on 11
June 2004, Justice Campbell of the Supreme Court made orders for
the appointment of Mr. Lombe as provisional liquidator over both
companies.

ASIC commenced an investigation into the Radisson Maine Group of
companies following information suggesting the companies, and
particularly its main trading Company, Radisson Maine Property
Group (Australia), may be trading while insolvent.

The Radisson Maine Group was primarily involved in the property
market. Mr. Robert Bassili was the Chief Executive Officer of
the Radisson Maine Group and the sole director of Radisson Maine
Property Group (Australia). Mr. Nicholai Dimitri Popov was the
sole director of Ran Holdings International.

The Court found that the companies were insolvent and should be
wound up based on the opinion expressed by the provisional
liquidator in several reports he prepared and as there was no
proof that any further funding would be received. Justice
Pearlman accepted the opinion of the provisional liquidator that
the group had incurred significant losses and would have
insufficient funds available to meet its ongoing commitments
without substantial additional funding, and consequently would
be unable to pay its debts as and when they fall due.

As Her Honor found that the companies were insolvent, it was not
necessary to consider the alleged fraud and misconduct on the
part of the companies' directors that was raised at the hearing.

"This action highlights the importance of directors being fully
aware of their Company's financial position, and of avoiding any
risk of trading whilst insolvent', Deputy Executive Director of
Enforcement," Mr. Allen Turton said.

"ASIC will pursue directors, and wind-up limited liability
companies, to ensure they do not continue to operate when they
are insolvent. Where directors fail to carry out their
responsibilities, ASIC will take action to uphold the law and
protect the public," Mr. Turton said.


S&A FREEHOLDS: Members Final Meeting Slated for November 9
------------------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a Final Meeting of Members of S&A
Freeholds Pty Ltd (In Voluntary Liquidation) A.C.N. 004 639 856
will be held at the office of the Liquidator, 1st Floor, Lexen
Building, 200 Malop Street, Geelong on Tuesday, 9 November 2004
at 11:00 a.m. for the purpose of having an account laid before
them, showing the manner in which the winding up has been
conducted and the property of the Company disposed of, and of
hearing any explanations that may be given by the
Liquidator.

Dated this 16th day of September 2004

Russell Peake
Liquidator
Jenkins Peake & Co
Chartered Accountants
PO Box 1570, Geelong 3220
Telephone: (03) 5223 1000,
Facsimile: (03) 5221 4938


SASTMEN & CO: Creditors Resolve to Voluntarily Wind Up
------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Sastmen
& Co Pty Ltd (In Liquidation) A.C.N. 006 030 324 convened
pursuant to Section 439A of the Corporations Act 2001 held on 9
September 2004, it was resolved that the Company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, Robert
Molesworth Hobill Cole of Cole Downey & Co, Chartered
Accountants, Level 1, 22 William Street, Melbourne Vic 3000 was
appointed Liquidator.

Dated this 9th day of September 2004

R.M.H. Cole
Liquidator
Cole Downey & Co
Chartered Accountants
Level 1, 22 William Street,
Melbourne Vic 3000


THIRD WATSON: Enters Voluntary Winding Up Proceedings
-----------------------------------------------------
Notice is hereby given that at the extraordinary general meeting
of members of The Third Watson Barnes Pty Ltd (In Liquidation)
A.C.N. 082 508 110 held on 13 September 2004, it was resolved
that the Company be wound up voluntarily and at the meeting of
the creditors held on 13 September 2004 pursuant to Section 497
of the Act, it was resolved that Andrew Stewart Reed Hewitt of
Grant Thornton be appointed Liquidator.

Dated this 15th day of September 2004

A.S.R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35 South Tower,
525 Collins Street, Melbourne Vic 3000


VILLAGE ROADSHOW: ITV Cuts Stake as Buyback Begins
--------------------------------------------------
British media group ITV, Village Roadshow's second major
shareholder, on Thursday disposed of its long-held stake in the
embattled film production group amid commencement of Village's
AU$92 million share buyback, says The Australian.

ITV sold 25 million shares at AU2.20 a share, as Village started
its buyback following the release of a set of letters from its
alleged wooer, the German group Boswell.

Boswell had admitted it was planning an AU$1 billion takeover
offer, saying it hired British investment bank WestLB AG.

Village had released early last week a letter from WestLB
stating its noninvolvement in the deal. On Thursday, Boswell
confirmed it had appointed WestLB on October 17 but had
terminated the agreement the following Friday.

Earlier this month, Village's shareholders approved the firm's
buyback of 43 million ordinary shares, which is believed to
boost the stake of its three most senior directors to 71
percent.

Meanwhile, ITV, which has been a Village shareholder since the
early 1990s, has recently cut its 18 percent stake to 14
percent. After Friday's sale, the British Company is expected to
have around 5 million shares remaining.

CONTACT:

Village Roadshow Limited
206 Bourke Street
Melbourne Vic 3000
Australia
Phone: 61 3 9667 6666
Fax: 61 3 9639 1540


VILLAWOOD AUTO: Receivers and Managers Named
--------------------------------------------
On 16 September 2004 St. George Bank Limited A.C.N. 055 513 070
of Level 9, 182 George Street, Sydney, NSW 2000 appointed John
Frederick Lord and John Maxwell Morgan, Chartered Accountants of
PKF Chartered Accountants, Level 10, 1 Margaret Street, Sydney,
NSW, 2000 to be the joint and several receivers and managers of
all of the rights, property and undertaking of whatever kind
wherever situated whether present or future owned by Villawood
Auto Repair Centre Pty Limited A.C.N. 102 962 229.

Solicitor for St George Bank Limited
c/- Phillips Fox
Solicitors
Level 38, 201 Elizabeth Street,
Sydney NSW 2000


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


BRIGHT LINE: Creditors To Prove Debts by November 29
----------------------------------------------------
Notice is hereby given that the Creditors of Bright Line
International Limited, which is being voluntarily liquidated,
are required on or before the 29th day of November 2004 to send
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the undersigned.

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

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

Dated this 27th day of October 2004

Leung Fung Yee Alice
Liquidator
5th Floor, Jardine House
1 Connaught Place, Central
Hong Kong


CHINA CITY: Proposes Share Capital Increase, Change of Name
-----------------------------------------------------------
China City Natural Gas Holdings Limited announced at the Hong
Kong Stock Exchange its proposed increase in authorized share
capital and proposed change of Company name.

The Board proposed to increase the authorized share capital of
the Company from HK$500,000,000 to HK$1,250,000,000 by the
creation of 30,000,000,000 new Shares and to change the name of
the Company from "China City Natural Gas Holdings Limited" to
"Nippon Asia Investments Holdings Limited". It is also proposed
that subject to the change of English name of the Company
becoming effective, for identification purposes only.

The proposed increase in the authorized share capital and change
of name of the Company are subject to the approval of the
shareholders of the Company by way of ordinary and special
resolutions respectively and the Registrar of Companies in
Bermuda granting approval for the proposed change of name. A
circular containing further details of the aforesaid proposals
will be dispatched to the shareholders of the Company as soon as
practicable.

PROPOSED INCREASE IN AUTHORISED SHARE CAPITAL

The board of directors of China City Natural Gas Holdings
Limited proposed to increase the authorized share capital of the
Company from HK$500,000,000 divided into 20,000,000,000 shares
of HK$0.025 each in the share capital of the Company to
HK$1,250,000,000 divided into 50,000,000,000 Shares by creation
of 30,000,000,000 new Shares, which will rank pari passu with
the existing Shares.

As at the date of this announcement, the authorized share
capital of the Company was HK$500,000,000, divided into
20,000,000,000 Shares, of which 10,241,841,423 Shares were
issued, representing approximately 51.2% of the authorized share
capital of the Company. There were outstanding share options to
subscribe for a total of 394,800,000 Shares and convertible
notes (issued and proposed) entitling holders thereof to convert
into 2,024,000,000 Shares. Assuming that all these share options
and convertible notes are fully exercised and converted into
Shares, 2,418,800,000 Shares will have to be issued,
representing approximately 12.1% of the authorized share capital
of the Company. Following the completion of the proposed Rights
Issue (as defined in the Company's announcement dated 25 October
2004), not more than 6,330,320,710 Shares will have to be
issued, representing approximately 31.7% of the authorized share
capital of the Company.

As such, there will only be 1,009,037,867 Shares, representing
approximately 5% of the authorized share capital of the Company
left un-issued and available for further allotment and issue by
the Company.

As previously announced, the Company entered into a MOU (as
defined in the Company's announcement dated 20 October 2004) in
relation to a possible acquisition of a majority stake in
Shanghai Holdfast Science & Technology Co., Ltd., which may lead
to a further issue of convertible notes. In view of the
aforesaid and the MOU (in which the acquisition as contemplated
may or may not proceed) and in order to accommodate further
expansion and growth of the Company, the Board proposed to
increase the authorized share capital of the Company. The
Company will comply with the requirements of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited as and when necessary.

PROPOSED CHANGE OF COMPANY NAME AND ADOPTION OF CHINESE NAME

The Board also proposed that the name of the Company be changed
from "China City Natural Gas Holdings Limited" to "Nippon Asia
Investments Holdings Limited". It was further proposed that
subject to the change of the English name of the Company
becoming effective.

The Group is principally engaged in investments in Internet,
information technology and other activities. The Board considers
that the change of name will strengthen the association of the
Company with Japanese investors and signify the Company's
intention to explore investment opportunities and participate in
investments of larger scale.

The effective date of the change of name will be the date on
which the new name is entered by the Registrar of Companies in
Bermuda on the register in place of the existing name. Upon the
change of name becoming effective, all existing share
certificates bearing the current name of the Company will
continue to be evidence of title to the ordinary Shares and will
continue to be valid for trading, settlement and registration
purposes and the rights of the shareholders will not be affected
as a result of the proposed change of name.

Should the change of name become effective, any issue of share
certificates thereafter will be in the new Company name and the
securities of the Company will be traded on the Stock Exchange
in the new name. A further announcement will be made should the
proposed change of name become effective.

GENERAL

The proposed increase in authorized share capital is subject to
shareholders' approval by way of an ordinary resolution whereas
the other proposal for change of name of the Company is subject
to the passing of a special resolution at a special general
meeting and the Registrar of Companies in Bermuda granting the
relevant approval.

A circular containing further details of the increase in the
authorized share capital of the Company and the change of the
Company's name and the adoption of the new Chinese name will be
dispatched to the shareholders of the Company as soon as
practicable.

By Order of the Board
China City Natural Gas Holdings Limited
Wong Kui Shing, Danny
Chairman
Hong Kong, 28 October 2004


COMMUNICATIONS BANK: Sees Pretax Profit Increase
------------------------------------------------
Bank of Communication's pretax profit has climbed in the first
nine months, reports Dow Jones Newswires.

The bank recorded an increase of 33.39 percent on year to CNY948
million.

The overall non-performing loans of the Shanghai-based bank were
reduced by CNY642 million in three months starting from the end
month of June to the end of September cutting 0.22 percentage
points from its bad loan ratio.

A 19-percent share of the lender is held by HSBC Holdings's PLC
(HBC) unit Hong Kong & Shanghai Bank.

Bank of Communications is also hoping to publicly sell shares in
both China and overseas market.

CONTACT:

Bank of Communications
24-hour Customer Service Hotline: 2269 9699
Mailing Address: 20 Pedder Street, Central, Hong Kong
General Inquiry E-mail Address: enquiry@bankcomm.com.hk


GLOBAL KNOWLEDGE: Sets Meetings on November 6
---------------------------------------------
Notice is hereby given that pursuant to Section 228A of the
Companies Ordinance, a meeting of the members Global Knowledge
Network (Hong Kong) Limited will be held at 19th Floor, No. 3
Lockhart Road, Wanchai, Hong Kong on 6th day of November 2004 at
10:00 a.m.

It will be followed by a meeting of the creditors of the Company
to be held at the same place at 11:00 a.m. for the purpose of
receiving the latest Statement of Affairs, any nomination of new
liquidator(s) other than the provisional liquidators as
appointed by the Company on 13th October, 2004 and to consider
further matters relating to Creditors' Voluntary Winding Up of
the above named Company pursuant to Sections 241, 242, 243 and
244 of the Companies Ordinance.

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and vote instead of him. A
proxy need not be a member or creditor of the Company. Forms of
proxies for both meetings must be lodged at 19th Floor, No. 3
Lockhart Road, Wanchai, Hong Kong not later than 12:00 noon 5th
November 2004.

Dated this 13th day of October 2004

By Order of the Board
Chiu Yiu Nin
Director


SHU UEMURA: Creditors Must Submit Claims by November 19
-------------------------------------------------------
Notice is hereby given that the Creditors of Shu Uemura
International (Hong Kong) Limited, which is being voluntarily
liquidated, are required on or before the 19th day of November
2004 to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the Liquidators of the
Company at 7/F., Allied Kajima Building, 138 Gloucester Road,
Wan Chai, Hong Kong.

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

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

Dated this 21st day of October 2004

Kelvin Edward Flynn
Cosimo Borrelli
Joint and Several Liquidators


WIDE OCEAN: Faces Winding Up Proceedings
----------------------------------------
Notice is hereby given that a petition for the winding up of
Wide Ocean Catering Management Limited by the High Court of Hong
Kong was on the 11th day of October, 2004 presented to the said
Court by Ling Yuen Ping of Room 1015, Wah Yuet House, Tin Wah
Estate, Tin Shui Wai, New Territories, Hong Kong.

The said petition will be heard before the Court at 9:30 am. on
the 17th day of November 2004.

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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, 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 above named,
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 above named not
later than six o'clock in the afternoon of the 16th day of
November 2004.


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


BANK MANDIRI: Scraps Plan to Seek Overseas Loans
------------------------------------------------
Bank Mandiri has canceled plans to secure bilateral loans from
foreign banks, as its internal cash flow has been deemed
sufficient to repay its debts due this year, according to The
Jakarta Post.

Instead of seeking refinancing from banks and other financial
institutions this year, Mandiri would instead use internal cash
to pay its maturing debts.

"There are several foreign banks that have approached us to
offer the loans. However, after further consideration we have
decided not to accept them until this year. It would be more
efficient to pay them off with our own cash," Mandiri President
Director E.C.W. Neloe said.

Mr. Neloe did not disclose the amount of available liquidity
currently held by Mandiri, but based on its first half financial
report, the bank chalked up an IDR3.1 trillion (around US$330
million) net profit with assets valued at IDR234.7 trillion.

It has been reported earlier that the bank needs to service its
maturing debts, which total between US$300 million and US$400
million this year. Originally, the bank planned to refinance the
debt by a US$150 million bond issuance or a loan from overseas
banks.

CONTACT:

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


BANK PERMATA: Fit and Proper Test for Consortium Nears End
----------------------------------------------------------
The central bank, Bank Indonesia, has indicated that the "fit
and proper test" of Bank Permata's preferred bidder will be
completed before the deal is closed on November 11, Asia Pulse
relates.

After completion of the "test", the alliance of Standard
Chartered and Astra International will become the owner of 51
percent of Bank Permata before the year ends.

The consortium, which has been declared the preferred bidder of
the government's 51-percent stake in Permata, was also named
"standbuy buyer" for the state's remaining 20 percent stake.

To date, the government still controls 97.7 percent of Bank
Permata.

CONTACT:

PT Bank Permata Tbk.
Gedung Bank Bali
Jalan Jendral Sudirman Kav. 27
Jakarta 12920
Telephone: 021-52377899 (hunting)
Fax: 021-5237206/8


GARUDA INDONESIA: Seeks State Ok to Raise in Middle East Quota
--------------------------------------------------------------
Due to growing market demand, PT Garuda Indonesia requested the
government to raise the quota of its flight route to the Middle
East from the current eight flights a week, Antara reports.

PT Garuda Indonesia Chief Indra Setiawan affirmed there is high
market demand for the Middle East route following an improvement
of the situation of the region after the last Iraqi war.

Mr. Indra revealed the national flag carrier had asked the
transportation meeting to conduct a "G to G" meeting forum in a
bid to increase the flight quota to the Middle East. He,
however, did not elaborate about the "G to G" meeting.

He is also hopeful that the additional flight quota to the
Middle East could be extended to other private airlines after
fulfilling the domestic demand.

According to him, there is a high trend of traditional market
flight to several countries in the Middle East like the
transportation of hajj pilgrims, minor hajj pilgrims as well as
Indonesian workers to the regions.

CONTACT:

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


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

FUJITSU LIMITED: Bounces Back to Black
--------------------------------------
Fujitsu Limited, a leader in customer-focused IT and
communications solutions for the global marketplace, on Thursday
reported consolidated net sales of JPY2,220.0 billion
(approximately US$20,182 million) for the first half of fiscal
2004 (April 1 - September 30, 2004), an increase of 3.6% over
the same period last year.

Double-digit sales increases in system chips, 3G mobile phone
base stations, and hard disk drives were offset by lower than
expected sales of mobile phone handsets and solutions and
systems integration services. Excluding the impact of
restructuring last fiscal year, on a continuing operations basis
Fujitsu's first-half net sales increased by 8.1%.

In a market characterized by gradually increasing corporate IT
investment but severe price competition, Fujitsu has continued
to aggressively pursue cost reductions and greater operational
efficiencies. Together with higher sales, these efforts have
resulted in successive major gains in operating income.

Following a much-narrowed operating loss in the first quarter of
the current fiscal year, second-quarter operating income jumped
nearly 90% over the same period in the previous year, to JPY37.6
billion. As a result, consolidated operating income for the
first half was JPY33.2 billion (US$303 million), rebounding by
JPY51.2 billion from the operating loss recorded in the first
half of fiscal 2003. All three of Fujitsu's main business
segments - Software & Services, Platforms, and Electronic
Devices - posted operating profits for both the second quarter
and the first half.

With regard to net income, Fujitsu recorded a JPY3.6 billion
(US$33 million) net profit for the second quarter, its first
second-quarter net profit since fiscal 2000. However, this was
not enough to offset the net loss in the first quarter, and
Fujitsu reported a first-half consolidated net loss of JPY8.1
billion (US$74 million) - nevertheless, a major improvement of
JPY50.4 billion over the first half of fiscal 2003.

"We're continuing the momentum of our corporate-wide turnaround,
with profitability now restored in all three major business
segments as well as in each of our principal geographies," said
Fujitsu Limited president Hiroaki Kurokawa.

"Although market uncertainties and price competition make it
difficult to achieve substantial sales growth in the current
environment, we are determined to continue to drive down costs
to achieve solid bottom-line performance."

Business Segment Results

First-half consolidated net sales in Software & Services rose
slightly over the first half of fiscal 2003, to JPY916.5 billion
(US$8,332 million). Higher sales of infrastructure services,
including some large-scale public-sector projects in the UK,
were partially offset by lower sales of solutions and systems
integration services in Japan. Operating income for the segment
was JPY15.5 billion (US$141 million), down JPY13.3 billion from
the prior year.

Overseas, Fujitsu Services and Fujitsu Consulting both saw
improved profitability. However, in the Solutions/Systems
Integration sector in Japan, continuing pricing pressures
outpaced progress in cost cutting, and there were new or
additional losses in conjunction with some system development
projects.

Net sales in the Platforms segment, which includes computing and
communications products, were JPY787.9 billion (US$7,163
million), an increase of almost 9% over the first half of last
year. Base stations for 3G mobile phone systems posted
particularly strong sales gains, as did financial terminals able
to accommodate new banknotes in Japan and hard disk drives. The
Platforms segment recorded a first-half operating profit of
JPY3.7 billion yen (US$34 million), an improvement of JPY24.4
billion over the operating loss recorded in the first half of
fiscal 2003. In addition to gains from higher sales in the
previously mentioned product sectors, progress in cutting costs
and improving operating efficiencies led to improved
profitability for servers, IP network equipment and optical
transmission systems.

First-half net sales in the Electronic Devices segment jumped
17.6% over the prior year, to JPY393.5 billion (US$3,577
million), driven by continued strong demand for system chips
used in digital AV equipment. Operating income in the segment
was JPY34.5 billion (US$314 million), rebounding by JPY35.7
billion from the narrow loss posted in the previous year.

FY 2004 Earnings Projections

In anticipation of a second-half downturn in the markets for
certain products, including semiconductors, displays, and mobile
phones, Fujitsu has lowered its fiscal 2004 full-year
consolidated net sales projection by 50 billion yen, to JPY4,900
billion. However, the Company is maintaining its previous full-
year projections of 200 billion yen in operating income and
JPY70 billion in net income, with the expectation that
continuing progress in cost reductions, further contributions to
profitability from its European services operations and other
factors will offset the impact of lower sales and profitability
in its domestic software and services business in the first
half.

Complete information on Fujitsu's fiscal 2004 first-half and
second-quarter financial results, including financial tables,
explanation of results and supplementary information, may be
found at: http://www.fujitsu.com/about/ir/

CONTACT:

Fujitsu Limited
1-5-2, Higashi-Shinbashi,
Minato-ku, Tokyo,
105-7123 JAPAN
Phone: +81-3-6252-2220
Web site: http://www.fujitsu.com/


JAPAN AIRLINES: To Introduce JPY300 Surcharge for Domestic Fares
----------------------------------------------------------------
In a press release, Japan Airlines disclosed that the group has
decided to introduce a special fuel surcharge of JPY300 on
domestic air fares and filed for the approval of this measure
from the Ministry of Land, Infrastructure and Transport.

The increase in the cost of jet fuel, which has been rising
since last fiscal year, is unprecedented. It is estimated that
the negative effects on the FY2004 results of the JAL Group will
amount to JPY50 billion or thereabouts as of today.

In response, the JAL Group has taken various steps to improve
sales revenue by more than JPY40 billion within the year,
including cost cuts and a review of the route and frequency plan
so that the Company could avert an increase in domestic
airfares.

However, the recent increase in fuel costs is insurmountable
through self-help efforts alone, and we are compelled to request
that domestic air passengers bear part of the cost. We have
therefore established "special-fuel-surcharge-added air fares",
along with a condition for termination of the surcharge.

The special fuel surcharge is as follows:

(1) Rate of surcharge: 300 yen per flight sector (200 yen where
the flight is less than 300 kilometers or 187.5 miles). (At the
current exchange rate of \106:US$1.00, the 300 yen surcharge
corresponds to US$2.83)

(2) Date of introduction: January 11, 2005

(3) Condition of termination: The surcharge will be withdrawn
should the average monthly price per barrel of Singapore
kerosene fall below US40.0

Application conditions

(1) The same surcharge will apply to adults and children.

(2) Cancellation and refund handling charges will not apply to
"special-fuel-surcharge-added air fares" if refunds are
required.

In earlier fuel price counter measures JAL increased
international passenger fares by 5% in July. The airline also
introduced a cargo fuel surcharge of 18 yen per kilogram in
February this year. which has been increased and is now 30 yen
per kilogram.

CONTACT:

Japan Airlines Corporation
4-11, Higashi-shinagawa 2-chome,
Shinagawa-ku
Tokyo, 140-8605, Japan
Phone: +81-3-5769-6097
Fax: +81-3-5460-5929
Web site: http://www.jal.co.jp


JAPAN ASIA: METI Allows Management Resources Re-utilization
-----------------------------------------------------------
The management resources re-utilization plan submitted by Japan
Asia Investment Co., Ltd. on October 22, 2004, was examined
pursuant to Article 6, Paragraph 5 of the Law on Special
Measures for Industrial Revitalization, and found to fulfill
Article 2, Paragraph 4 of the said law concerning management
resource reutilization stipulations.

The management resources re-utilization plan was consequently
approved on October 28, 2004.

CONTACT:

Japan Asia Investment Co., Ltd.
7th Floor, Kojimachi Tsuruyahachiman Building,
4 Kojimachi 2-chome, Chiyoda-ku,
Tokyo 102-8518
Phone: (81)3-3238-1461
Fax: (81)3-3238-1460


SOJITZ HOLDINGS: Government Oks Rehabilitation
----------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has given the
go-ahead for Sojitz Holdings Corporation's restructuring under
the Industrial Revitalization Law, reports Japan Today, citing
Kyodo News.

The decision entitles Sojitz Holdings for preferential treatment
under the law. The entitlement also includes a tax break worth
JPY2 billion when the Company implements a capital increase of
JPY370 billion as a core part of Sojitz grup's rehabilitation
scheme.

Sojitz Group has on September 8 announced its "New Business
Plan", which gained the understanding and confidence of UFJ
bank, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi and UBS
Group.

The Sojitz Group has been requesting the principal banks to
accept a new equity in the Sojitz group based on the "New
Business Plan".

By way of the principal banks exercising debt equity swap (DES)
on their loans to Sojitz Holdings in exchange for equity, the
capital injection by the principal banks will reduce their
portion of the Sojitz Group's interest-bearing debt.

CONTACT:

Sojitz Holdings Corporation
1-23,Shiba 4-chome, Minato-ku
Tokyo, 108-8405, Japan
Phone: +81-3-5446-111
Fax: +81-3-5446-1365
Web site: http://www.sojitz.com


TOCHIGI LEATHER: METI Approves Changes to Management Resources
--------------------------------------------------------------
The Ministry of Economy, Trade and Industry (METI) has
authorized changes to the management resources re-utilization
plan of Tochigi Leather, originally approved pursuant to Article
6, Paragraph 5 of the Law on Special Measures for Industrial
Revitalization on September 28, 2004, and approved pursuant to
Article 7, Paragraph 5 of the Law on Special Measures for
Industrial Revitalization.


UFJ HOLDINGS: Releases 2004 Annual Report
-----------------------------------------
UFJ Holdings Incorporated has issued on Friday its annual report
for fiscal 2004, which features the Company's Financial
Highlights, Problem Loans, Business Overview, Analysis of
Operations and Financial Position for the Fiscal Year ended
March 31, 2004, The UFJ Group Management System, Measures to
Strengthen Corporate Governance, Internal Control Systems of the
UFJ Group, Corporate Citizenship, Environmental Activities,
Corporate Data, Financial Section and  Audited Financial
Statements.

To view the full report, click on:
http://bankrupt.com/misc/TCRAP_UFJANNUALREPORT102904.pdf.

CONTACT:

UFJ Holdings, Inc.
5-6, Fushimimachi 3-chome,
Chuo-ku, Osaka-shi,
Osaka 541-0044,
Japan
Web site: www.ufj.co.jp


UFJ HOLDINGS: Unit Forms Alliance with Mitsubishi Securities
------------------------------------------------------------
Mitsubishi Securities Co., Ltd., a consolidated subsidiary of
Mitsubishi Tokyo Financial Group, Inc., and UFJ Tsubasa
Securities Co., Ltd., a consolidated subsidiary of UFJ Holdings,
Inc., have entered into a Basic Agreement regarding a business
alliance between the two companies on Friday.

(1) Purpose of signing the Basic Agreement

The purpose is to proceed with the business alliance between
Mitsubishi Securities and UFJ Tsubasa Securities prior to the
completion of the management integration scheduled for October
2005. We believe the business alliance will help enhance the
competitive advantage of the two companies by utilizing each
other's know-how and management resources.

(2) Summary of the Business Alliance

Mitsubishi Securities and UFJ Tsubasa Securities will undergo
discussions to determine the details of the business alliance as
necessary. At this initial phase, we expect the business
alliance to be in the following business areas:

1) Primary, Investment Banking Business
We will discuss details of the business alliance with respect to
underwriting services of domestic and overseas equity/bond
offerings and initial public offerings/ public offerings and
structured finance operations including asset securitizations.

2) Secondary Business
With respect to equity/bond and derivative products, we will
discuss details of the business alliance that will enable the
two companies to utilize each other's know-how and management
resources.

To view the U.S. SEC filing, click on:
http://bankrupt.com/misc/TCRAP_UFJHOLDINGS102904.pdf


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


HANARO TELECOM: Adds New Affiliate
----------------------------------
In a disclosure to the U.S. Securities and Exchange Commission,
Hanaro Telecom advised the addition of a new affiliate.

(1) Description of Change: Adding of a new affiliate

(2) Information on the New Affiliate Name of the Affiliate:
DTNet, Inc.
Representative: Oh Jung-taik

Major Financial Indicators:

- Total Assets: KRW 4,150,000,000 - Total Liabilities: KRW -
- Total Shareholders' Equity: KRW 4,150,000,000
- Capital Stock: KRW 4,150,000,000
- Major Business: managing entertainment, broadcasting and new
media businesses by acquiring and owning their shares

(3) Name of the Enterprise Group: Hanaro Telecom, Inc.

(4) Reason for Adding an Affiliate

- To strategically adapt to the changes in the business
environment caused by the convergence of broadcasting and
communication

(5) The Company's shareholding ratio after the addition
Shareholding rate: 100 percent

(6) Number of Affiliates after the Change: 6

(7) Date of Change: October 26, 2004

(8) Others

- Date of Change refers to the date of receiving the Court
approval on shareholding in the new affiliate

(9) Relevant filing date:

A relevant SEC filing was made on October 12, 2004, which was a
translation of October 5, 2004 filing with the Korea Securities
Dealers Association Automated Quotation Market (KOSDAQ).

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


SSANGYONG MOTOR: Signs $500Mln Final Deal with SAIC
---------------------------------------------------
A final contract of $500 million on the acquisition of Ssangyong
Motor Co. by Shanghai Automotive Industry Corp. (SAIC) was inked
on Thursday, The Korea Herald reports.

SAIC also sealed an agreement with the workers of Ssangyong
regarding job security.

"The acquisition of Ssangyong is part of our global strategy,"
Shanghai Automotive President Hu Mao Yuan said after signing the
contract in Seoul. "From now on, we will be able to branch out
into the global market," he said.

Ssangyong forecasts its synergy with SAIC is expected to triple
the sales of the latter from 146,000 to 400,000 by 2007.  The
carmaker also predicts it will export 50 percent of its vehicles
that year, compared with the current 24 percent.

CONTACT:

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


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


AKTIF LIFESTYLE: Unveils Unaudited 2004 Quarterly Report
--------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Aktif
Lifestyle Corporation Berhad released its unaudited quarterly
report for the financial period ended August 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/08/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                       QUARTER                    PERIOD

         31/08/2004   31/08/2003     31/08/2004     31/08/2003
           RM'000      RM'000         RM'000         RM'000

1  Revenue
            214         43,415         478           82,674

2  Profit/(loss) before tax
              1          -4,192       -596           -10,819

3  Profit/(loss) after tax and minority interest
              1          -4,133       -596           -10,645

4  Net profit/(loss) for the period
              1          -4,133       -596           -10,645

5  Basic earnings/(loss) per shares (sen)
            0.00          -20.18      -2.91          -51.98

6  Dividend per share (sen)
            0.00           0.00        0.00          0.00

             AS AT END OF         AS AT PRECEDING
             CURRENT  QUARTER     FINANCIAL YEAR END

7  Net tangible assets per share (RM)

                0.1100                0.1300

For a full copy of the quarterly report, go to
http://bankrupt.com/misc/tcrap_aktif102904.xls


CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Telephone  (60) 3 2693 1828
Fax  (60) 3 2691 2798


AKTIF LIFESTYLE: Aims to Acquire New Core Businesses
----------------------------------------------------
The Board of Directors of Aktif Lifestyle Corporation Berhad
announced that it is currently continuing its efforts to seek
and acquire new core businesses, the implementation of which
will enable the Company to ensure a level of operations that is
adequate to warrant continued trading and/or listing on the
Official List of the Bursa Malaysia Securities Berhad.

This announcement is dated 28 October 2004.


ANCOM BERHAD: Unit Receives Financial Assistance
------------------------------------------------
Ancom Berhad announced the financial assistance provided by its
wholly owned subsidiary, Ancom Crop Care Sdn Bhd (ACC), to its
77.4%-owned subsidiary, OrganiGro Sdn Bhd (OrganiGro).

INFORMATION ON ACC AND ORGANIGRO

ACC was incorporated on 6 December 1985 under the Companies Act,
1965. It has an authorised share capital of RM25,000,000 made up
of 25,000,000 ordinary shares of RM1.00 each. Its issued and
paid up share capital is RM16,500,000 made up of 16,500,000
ordinary shares of RM1.00 each.

ACC is principally involved in the manufacture and marketing of
agricultural chemicals products.

OrganiGro was incorporated on 21 April 1997 under the Companies
Act, 1965. Its present authorized share capital is RM10,000,000
made up of 10,000,000 ordinary shares of RM1.00 each, of which
5,675,000 ordinary shares of RM1.00 each are issued and fully
paid-up.

The principal activities of OrganiGro are manufacture and
marketing of organic fertilizers. The other shareholders of
OragniGro are Bernas Dominals Sdn Bhd (5.3%), MWL Holdings Sdn
Bhd (9.1%), Shamazdaso Holdings Sdn Bhd (Shamazdaso) (7.3%) and
Bio-Organic Systems & Services Sdn Bhd (0.9%).

RATIONALES FOR THE FINANCIAL ASSISTANCE

The financial assistance amounting to RM750,000 is to enable
OrganiGro to temporary funds its repayment obligation to banks
and for working capital purposes.

EFFECTS OF THE FINANCIAL ASSISTANCE

The financial assistance will not have any material effects on
the share capital, shareholding structure, earnings and net
tangible assets of the Ancom Group.

TERMS OF THE FINANCIAL ASSISTANCE

The financial assistance is in the form of inter-Company loan
bearing an interest rate of 8% per annum. The tenure of the loan
is 12 months from the date of disbursement.

RELATED PARTY

The financial assistance is a related party transaction due to
the fact that Raja Nor Mazli binti Raja Tun Mohar, the managing
director of OrganiGro, has 100% equity interest in Shamazdaso,
which in turn holds 7.3% equity in OrganiGro.

DIRECTORS AND SUBSTANTIAL SHAREHOLDERS' INTERESTS

In so far as the directors of Ancom are aware, none of the
directors and substantial shareholders of Ancom has any
interest, directly or indirectly, in the financial assistance.

APPROVALS REQUIRED

The financial assistance does not require the approval of the
shareholders of Ancom.

CONTACT:

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

This announcement is dated 28 October 2004.


AYER HITAM: KPMG Audits Financial Statements
--------------------------------------------
The Board of Directors of Ayer Hitam Tin Dredging Malaysia
Berhad announced the following:

(I) QUALIFICATION IN AUDITORS' REPORT ON FINANCIAL STATEMENTS OF
AHTIN GROUP

The external auditors, Messrs KPMG have qualified the audited
financial statements of the AHTIN Group for the year ended 30
June 2004. The auditors reported the following:

(1) As disclosed in Note 12 to the financial statements, the
Company, as the corporate guarantor of the subsidiaries'
borrowing facilities and the Group have defaulted on the loan
repayments, which were due amounting to RM18,173,000 as at year
end. In relation to this, on 14 October 2004, the lending
institutions of one of the term loans served a letter of demand
on the subsidiary and the Company for the sum of RM23,871,000,
which was in respect of principal due and interest accrued up to
30 September 2004. Consequently, the Group and the Company may
have cross-defaulted the entire bank borrowings of RM32,873,000
pursuant to the borrowing facilities agreements. The interest
accrued to these bank borrowings as at year ended was
RM6,335,000.

In addition, as disclosed in Note 21 to the financial
statements, there are also various contingent liabilities where
the Company is contingently liable.

The auditors are unable to ascertain the quantum of the
contingent liabilities that will crystallize and whether any
further liabilities may arise or legal claims may be brought
against the Group and the Company.

(2) As disclosed in Note 1(a) to the financial statements, the
Group and the Company incurred net losses of RM9,512,000 and
RM3,751,000 respectively during the year ended 30 June 2004 and,
as of that date, the Group's current liabilities exceeded its
current assets by RM31,727,000.

In addition, the subsidiaries of the Group have defaulted on the
loan repayments and hence, the Company, as a corporate guarantor
for the loans, has breached the borrowing facilities agreements.
The Company is now facing financial difficulties and the
Directors are in the process of reviewing the operations and the
financial positions of the Group and the Company.

(3) As disclosed in Note 2 to the financial statements, a
subsidiary of the Group has suspended the construction work of
its hotel project since January 1998 due to weak property market
conditions. The construction expenditure (inclusive of the
leasehold land) incurred of RM60,139,000 as at 30 June 2000 was
capitalized into hotel-in-progress. The hotel-in-progress was
written down to RM38,000,000 in prior years due to impairment.

In the current financial year, the Board of Directors recognized
further impairment loss of RM7,600,000 on the hotel-in-progress
based on their own valuation to a net carrying amount of
RM30,400,000. As a result of the above matters, the remaining
carrying amount of the hotel-in-progress may be further
impaired.

In addition, the carrying amounts of the remaining property,
plant and equipment of the Group and the Company of RM576,000
and RM464,000 respectively, the land held for development of the
Group and the Company of RM9,502,000 and the properties under
development of the Group of RM10,048,000 may be impaired because
of uncertainty in future cash flows and recoverable amounts.

Accordingly, the auditors are unable to ascertain the carrying
amounts of the hotel-in-progress, the remaining property, plant
and equipment, land held for development and the properties
under development and the quantum of impairment loss, if any,
should these be stated at recoverable amounts.

(4) In view of the above matters and any further commitments
that may crystallize, the going concern basis of preparing the
financial statements of the Group and the Company as stated in
Note 1 (a) to the financial statements may be inappropriate. The
continuation of the Group and the Company as going concerns is
dependent on the Group and the Company achieving future
profitable operations and obtaining continuous financial support
of shareholders, bankers and creditors. Without the continuous
financial support of shareholders, bankers and creditors and the
achievement of future profitable operations by the Group and the
Company, there is a substantial doubt that the Group and the
Company would be able to operate as going concerns and therefore
as appropriate, realize their assets and discharging their
liabilities in the normal course of business. Consequently,
adjustments will have to be made to reduce the carrying amounts
of the assets to their recoverable amounts, to provide for
further liabilities that may arise and to reclassify non-current
assets as current assets and non-current liabilities as current
liabilities should the Group and the Company be unable to
continue as going concerns.

In view of the significance of the matters referred to in the
preceding paragraphs, the auditors expressed a disclaimer
opinion in the audited financial statements for the year ended
30 June 2004.

(II) PRACTICE NOTE NO. 4/2001 OF THE LISTING REQUIREMENTS OF
BURSA MALAYSIA SECURITIES BERHAD (BMSB)(FIRST ANNOUNCEMENT)

With the auditors' disclaimer opinion in respect of AHTIN's
going concern in the audited financial statements for the year
ended 30 June 2004, the Company is an "Affected Listed Issuer"
by virtue of criteria in Paragraph 2.0 (c) of the Practice Note
No. 4/2001 of the Listing Requirements of BMSB (PN4).

In view of the above, the Company is required to comply with
provisions of PN4.

1. OBLIGATIONS OF AHTIN UNDER PN4

AHTIN must comply with the following obligations:

(i) Announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from the BMSB;

(ii) Announce its compliance or failure to comply with a
particular obligation imposed pursuant to PN4, as and when such
obligation becomes due;

(iii) Submit monthly reports accompanied by statutory
declarations to the BMSB as required under PN4;

(iv) Announce a plan to regularize the financial condition
within six (6) months from the date of this First Announcement
(Requisite Announcement);

(v) Submit its plan to regularize the financial condition to the
relevant authorities for approval, including the Securities
Commission (where applicable) within two (2) months from the
date of the Requisite Announcement or the date of the First
Announcement, whichever is applicable; and

(vi) Obtain all approvals necessary for the implementation of
the plan as set out in (iv) above within four (4) months from
the date of submission of such plan for approval.

The appointment of a monitoring accountant is not required, as
the Company does not fall within the provisions as set out in
Paragraph 6.1 of PN4.

The above are collectively referred to as "Obligations".

2. CONSEQUENCES OF NON-COMPLIANCE

Failure to comply with the Obligations imposed on the Company by
BMSB will result in the Company being regarded as a listed
issuer whose financial condition does not warrant continued
trading and/or listing. In this regard, the trading of shares of
AHTIN may be suspended and/or AHTIN may be de-listed from the
Official List of BMSB.

3. STATUS OF AHTIN IN REGULARISING ITS FINANCIAL CONDITION

The Board of Directors is in the process of reviewing the
operations and financial positions before deciding the way
forward for the AHTIN Group.

C.C. Securities Commission

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
MALAYSIA
+60 3 2031 9633
+60 3 2031 6920


INTAN UTILITIES: Discloses Steps To Address Units' Defaults
-----------------------------------------------------------
Further to the announcement dated 28 September 2004 and pursuant
to Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001 of the Bursa Malaysia Securities
Berhad, the Board of Directors of Intan Utilities Berhad
announced the summary of the borrowings in default and the steps
taken to address the defaults by IDS Electronics Sdn. Bhd. and
IDS Technology Sdn Bhd, 70% effectively-owned subsidiaries of
Intan Utilities Berhad.

For more details, go to
http://bankrupt.com/misc/tcrap_intan102904.xls

CONTACT:

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


KEMAYAN CORPORATION:  AGM Set November 22
-----------------------------------------
Notice is hereby given that the Thirty-Ninth Annual General
Meeting (AGM) of Kemayan Corporation Berhad will be held at
Mutiara Hotel Johor Bahru, Sri Panti 2, 2nd Floor, Jalan Dato'
Sulaiman, Taman Century, 80250 Johor Bahru on Monday, 22nd
November 2004 at 9 a.m. for the following purposes:

AGENDA

(1) To receive and consider the Financial Statements for the
financial year ended 31 May 2004 together with the Reports of
the Directors and Auditors thereon. Resolution 1

(2) To re-elect Encik Mohd Sharif Bin Hj Yusof who retires
pursuant to Article 97 of the Articles of Association of the
Company, and being eligible offer himself for re-election.
       Resolution 2

(3) To re-elect Tengku Makram Bin Tengku Ariff who retires
pursuant to Article 97 of the Articles of Association of the
Company, and being eligible offer himself for re-election.
Resolution 3

(4) To re-appoint Messrs Shamsir Jasani Grant Thornton as
Auditors of the Company and to authorise the Directors to fix
their remuneration. Resolution 4

(5) Special Business: Directors'  fees

THAT the payment of Directors' fees of RM97,000 for the
financial year ended 31 May 2004 be and is hereby approved.
Resolution 5

By Order of the Board,
ROLAND CHOONG SHIN CHEONG (MIA 998)
SEET CHENG HOE (MACS 01109)
CHAN YOON MUN (MAICSA 0927219)
Secretaries

CONTACT:

Kemayan Corporation Berhad
Taman Tasek
Johor Bahru, Johor Bahru 80200
Malaysia
Phone: +60 7 236 2390
Phone: +60 7 236 5307


MBF CORPORATION: Winding Up Hearing Set November 23
---------------------------------------------------
Reference is made to the announcement made on 18 October 2004
pertaining to the Kuala Lumpur High Court Suit No. D3-22-1497-
2004, MBf Holdings Bhd Group (the Plaintiffs) vs MBf Leasing Sdn
Bhd (the Defendant).

MBf Corporation Berhad (MBf Corp) announced that the application
for interlocutory relief by the Plaintiffs restraining the
Defendant, a wholly owned subsidiary of MBf Corporation, from
filing a winding-up petition against the Plaintiffs has been
fixed for hearing of the injunction application inter-partes on
23 November 2004.

Yours faithfully
For and on behalf of
MBf Corporation Berhad

Lau Cheong Koon
Company Secretary
Date: 28 October 2004


NAIM INDAH: Granted Listing of 400,800 New Ordinary Shares
----------------------------------------------------------
Naim Indah Corporation Berhad's additional 400,800 new ordinary
shares of RM0.20 each arising from the conversion of 400,800
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks into 400,800 new ordinary shares will be granted listing
and quotation with effect from 9 a.m., Monday, 1 November 2004.

CONTACT:

Naim Indah Corporation Berhad
Jalan Kampar Off Jalan Tun Razak
50400 Kuala Lumpur
Malaysia
Phone: +60 3 4043 9411


NALURI BERHAD: Notes Change in Hearing Schedule
-----------------------------------------------
Naluri Berhad refers to its announcement dated 8 October 2004
and 22 October 2004 in relation to the petition, which was
served on the Company and its special administrators (SAs).

The Company announced that the hearing in relation to the
petitioner's injunction application and Naluri's striking out
application, which had been fixed on 23 November 2004, has been
brought forward to 10 November 2004 at the petitioner's request.

HEREINAFTER, THE ABOVEMENTIONED PROPOSALS SHALL BE COLLECTIVELY
REFERRED TO AS "PROPOSALS"

(I) Proposed Capital Restructuring Comprising A Proposed Capital
Repayment, Proposed Share Premium Account Utilisation And
Proposed Share Premium Set-Off

(Ii) Proposed Subscription Of New Ordinary Shares Of Rm1.00 Each
In Sriwani Holdings Berhad (Shb) And Certain New Irredeemable
Convertible Preference Shares Known As ICPS-A

(Iii) Proposed Acquisition Of Certain Ordinary Shares Of Rm1.00
Each In Shb (Shb Shares) And Certain Irredeemable Convertible
Preference Shares Of Rm0.10 Each In Shb From Certain Financial
Institutions, Certain Trade Creditors Of SHB And Malaysia
Airports (Sepang) Sdn Bhd

(Iv) Proposed Acquisition Of Certain Properties From Certain
Subsidiaries Of Shb

(V) Proposed Acquisition By Naluri Of 100% Equity Interest In
United Industries Sdn Bhd, 100% Effective Equity Interest In
United Vehicle Industries Sdn Bhd, 92.772% Effective Equity
Interest In United Filter Sdn Bhd And 70% Equity Interest In
United Sanoh Industries Sdn Bhd.

CONTACT:

Naluri Berhad
161B Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878
Telephone: +60 3 2162 0676

This announcement is dated 28 October 2004.


NALURI BERHAD: SC OKs Land Acquisition Deal Extension
-----------------------------------------------------
On behalf of Naluri Berhad, Aseambankers Malaysia Berhad
(Aseambankers) announced that the Securities Commission (SC) had
vide its letter dated 26 October 2004 (which was received on 28
October 2004) approved the following:

(i) Extension of time up to 31 December 2004 for the completion
of the Proposals (except for the Proposed CPSB Land
Acquisition); and

(ii) Extension of time up to 5 April 2005 for the completion of
the Proposed CPSB Land Acquisition.

HEREINAFTER, THE ABOVEMENTIONED PROPOSALS SHALL BE COLLECTIVELY
REFERRED TO AS "PROPOSALS"

(I) Proposed Capital Restructuring Comprising A Proposed Capital
Repayment, Proposed Share Premium Account Utilization And
Proposed Share Premium Set-Off.

(Ii) Proposed Subscription Of New Ordinary Shares Of Rm1.00 Each
In Sriwani Holdings Berhad (Shb) And Certain New Irredeemable
Convertible Preference Shares Known As ICPS-A.

(Iii) Proposed Acquisition Of Certain Ordinary Shares Of Rm1.00
Each In Shb (Shb Shares) And Certain Irredeemable Convertible
Preference Shares Of Rm0.10 Each In Shb From Certain Financial
Institutions, Certain Trade Creditors Of Shb And Malaysia
Airports (Sepang) Sdn Bhd.

(Iv) Proposed Acquisition Of Certain Properties From Certain
Subsidiaries Of Shb.

(V) Proposed Acquisition By Naluri Of 100% Equity Interest In
United Industries Sdn Bhd, 100% Effective Equity Interest In
United Vehicle Industries Sdn Bhd, 92.772% Effective Equity
Interest In United Filter Sdn Bhd And 70% Equity Interest In
United Sanoh Industries Sdn Bhd.

This announcement is dated 28 October 2004.


OCEAN CAPITAL: Units Receive Winding Up Petition
------------------------------------------------
Ocean Capital Berhad announced that a winding-up petition has
been served on Pasaraya Ocean (Seremban) Sdn. Bhd. and Pasaraya
Hugo (Kuantan) Sdn. Bhd. on 25 October 2004 for a claim of
RM77,918.40 and RM53,912.29 respectively.

The winding-up petition on the subsidiaries was presented at the
High Court of Malaya at Shah Alam on 27 September 2004 and the
petition will be heard in the High Court of Shah Alam on 25
January 2005.

(a) The details of default or circumstances leading to the
filing of the winding-up petition against Ocean's Subsidiaries:

Messrs T.J. Chin & Co. filed the petition, the solicitors for
Orlando Corporation Sdn. Bhd. against both the subsidiaries. The
claim by Orlando Corporation Sdn. Bhd. is for the debt due from
both the subsidiaries for the purchase of merchandise stocks.
The claimed amount does not include any interest costs. The
petitioner had demanded the outstanding debt to be paid within 3
weeks of the receipt of Section 218 Notice.

(b) Total cost of investment in Pasaraya Ocean (Seremban) Sdn
Bhd and Pasaraya Hugo (Kuantan) Sdn Bhd.

RM1.0 million each for both the companies.

(c) The financial and operational impact on the Group:

These two subsidiaries are not the major subsidiaries in the
Group. Both the companies and the Group is insolvent and the
petition served had no financial and operational impact on the
Group.

(d) The expected losses:

At this point in time, the two subsidiaries are expected to
incur legal fees of approximately RM50,000.00.

(e) The date of hearing of the winding-up petition: 25 January
2005.

(f) The steps taken and proposed to be taken by Pasaraya Ocean
(Seremban) Sdn Bhd and Pasaraya Hugo (Kuantan) Sdn Bhd in
respect of the winding-up proceedings:

Ocean would file an application to stay the winding-up
proceeding and try to strike out the petition.

CONTACT:

Ocean Capital Berhad
No. 43B, 2nd Floor
Changkat Bukit Bintang
50200 Kuala Lumpur
Telephone: 03-21480700
Fax: 03-21454825

This announcement is dated 28 October 2004.


OMEGA HOLDINGS: Enters Into Restructuring Agreement
---------------------------------------------------
On 31 December 2002, Affin Merchant Bank Berhad, on behalf of
Omega Holdings Berhad, announced a proposed restructuring scheme
to be undertaken by Omega with Milan Auto Sdn Bhd (MASB) to
regularise the financial condition of Omega and its subsidiaries
(Previous Omega Scheme). The Previous Omega Scheme involved,
amongst others, the following:

(i) Acquisition of Omega by Energro Berhad (Energro) (a Company
incorporated to facilitate the implementation of the Previous
Omega Scheme) via a scheme of arrangement between the
shareholders of Omega (Previous Omega Shareholders) and Energro
which involved the exchange of 298,949,331 ordinary shares of
RM1.00 each in Omega (Omega Shares) with 2,989,493 new ordinary
shares of RM1.00 each in Energro (Energro Shares) on the basis
of one (1) new Energro Share for every 100 Omega Shares held;

(ii) Scheme of arrangement between Omega and its financial and
non-financial creditors (Previous Omega Creditors) which
involved a scheme of arrangement and compromise repayment of
debts amounted to approximately RM102.2 million owed to the
Previous Omega Creditors by the issuance of 25,000,000 new
Energro Shares at an issue price of RM1.00 per share;

(iii) Transfer of the retail management business of MASB which
included the marketing and distribution of Alfa Romeo vehicles
to Milan Auto Corporation (M) Sdn Bhd (MAC) excluding the
importation of Alfa Romeo vehicles, for a total consideration of
RM15,000,000 satisfied by issuance of 15,000,000 new ordinary
shares of RM1.00 each in MAC at an issue price of RM1.00 per
share;

(iv) Acquisition of the entire issued and paid-up share capital
of MAC by Energro for a total purchase consideration of
RM120,000,000 satisfied by the issuance of 120,000,000 new
Energro Shares at an issue price of RM1.00 per share;
(v) Exemption granted to MASB, vendors of MAC from the
obligation to extend a mandatory offer for the remaining Energro
Shares not already owned by MASB upon completion of acquisition
of MAC;

(vi) Special issue of 30,000,000 new Energro Shares to
Bumiputera investors at an issue price of RM1.00 per share;
(vii) Offer for sale of 25,000,000 Energro Shares by the
Previous Omega Creditors to the Previous Omega Shareholders on
the basis of eight (8) Energro Shares for each Energro Share
held at an offer price of RM1.00 per share;
(viii) Offer for sale of 47,500,000 Energro Shares by MASB to
selected investors at an offer price of RM1.00 per share; and
(ix) Transfer of the listing status of Omega on the Main Board
of the Bursa Malaysia Securities Berhad (Bursa Securities) to
Energro.

The Securities Commission (SC), Ministry of International Trade
and Industry (MITI) and Foreign Investment Committee (FIC)
approved the Previous Omega Scheme on 28 August 2003,
9 April 2003 and 31 March 2003 respectively. The Previous Omega
Creditors approved the Previous Omega Scheme at the Court
convened meeting on 1 December 2003 while Tthe Previous Omega
Shareholders had also approved the Previous Omega Scheme at the
Court convened meeting and an extraordinary general meeting both
held on 24 January 2004.

Notwithstanding the above, on 27 May 2004, the SC had requested
Bursa Securities to defer the listing of Energro. Subsequently,
on 2 August 2004, the SC revoked its approval on the Previous
Omega Scheme and instructed that appropriate steps have to be
taken including steps to return Omega to the position (status
quo) prior to the approval of the Previous Omega Scheme (SC's
Revocation).

On behalf of Omega, Avenue Securities Sdn Bhd (Avenue) wishes to
announce that Omega had on 28 October 2004 entered into a
conditional restructuring agreement (Restructuring Agreement)
with Dato' Yap Suan Chee and Alpine Equity (M) Sdn Bhd
(collectively, the "Melati Principal Shareholders) whereby Omega
and the Melati Principal Shareholders have agreed to undertake
the Proposed New Restructuring Scheme to regularise the
financial condition of Omega and its subsidiaries (Omega Group).

In view of the SC's Revocation and Proposed New Restructuring
Scheme, an application by way of originating summons to the High
Court of Malaya will be made to rectify the Register of
Shareholders of Energro which will result in the consequential
rectification of the Register of Shareholders of Omega (Proposed
Rectification of Register). The application will result in the
reversal of the shareholdings of certain shareholders of Energro
to their original position prior to the implementation of the
Previous Omega Scheme as set out below:

                        Energo           Omega

Shareholders  Before Proposed   After Proposed   Before Proposed
After Proposed  Rectification of  Rectification of Rectification
of Rectification  Register  Register   Register   of Register

Energo          -          -    198,949,331      298,949,331

Previous      4,428,493    -       -               -
Omega
Shareholders

Previous Omega 23,561,000  -       -               -
Creditors

Bumiputera     30,000,000  -       -               -
investors

MASB           72,500,000     120,000,000             -
-

MASB's placees 47,500,000         -                   -
-

Total  177,989,493  120,000,000  298,949,331  298,949,331

Notes:

1 Includes the Previous Omega Shareholders who acquired
1,493,000 Energro Shares from the Previous Omega Creditors by
way of offer for sale pursuant to the Previous Omega Scheme.

2 The investors who acquired Energro Shares from MASB by way of
private placement pursuant to the Previous Omega Scheme.

Subsequent to the implementation of the Proposed Rectification
of Register, Omega will undertake the Proposed New Restructuring
Scheme, which entails the following:

(i) Proposed composite scheme of arrangement with the Previous
Omega Shareholders involving the following:

(a) proposed reduction of the existing issued and paid-up share
capital of Omega of RM298,949,331 comprising 298,949,331 Omega
Shares to RM2,989,493 comprising 298,949,331 ordinary shares of
RM0.01 each in Omega (Proposed Capital Reduction);

(b) proposed consolidation of 298,949,331 ordinary shares of
RM0.01 each Omgea into 2,989,493 Omega Shares of RM1.00 each
(Proposed Capital Consolidation); and

(c) proposed exchange of Omega Shares with NewCo, a Company to
be incorporated to facilitate the implementation of the Proposed
New Restructuring Scheme, on the basis of one (1) Omega Share
with one (1) ordinary share of RM1.00 each in NewCo (NewCo
Share) held after the Proposed Capital Reduction and Proposed
Capital Consolidation (Proposed Share Exchange).
(Proposed Composite Scheme of Arrangement with the Previous
Omega Shareholders)

(ii) Proposed settlement of debts owing to the Previous Omega
Creditors in the manner set out below:

(a) the waiver by the Previous Omega Creditors of all interest,
penalties, costs, fees and other charges accrued after a cut-off
date to be determined later;

(b) the release of contingent liabilities under corporate
guarantees and other security arrangements provided by Omega (if
any);

(c) the issuance by NewCo of up to RM20,000,000 worth of NewCo
Shares to the Previous Omega Creditors in full and final
settlement of the debts owing to them after taking into account
of (a) and (b) above; and

(d) the waiver of all shortfall after taking into account of (c)
above.

(Proposed Composite Scheme of Arrangement with the Previous
Omega Creditors)

(iii) Proposed acquisition by NewCo of the entire issued and
paid-up share capital of Melati Ehsan (M) Sdn Bhd (Melati Ehsan)
and Bayu Melati Sdn Bhd (Bayu Melati) (collectively "the Melati
Group) from the vendors of the Melati Group including the Melati
Principal Shareholders (Vendors of the Melati Group) for a total
purchase consideration of RM203,000,000 to be satisfied by the
issuance of the following to the Vendors of the Melati Group:

(a) 103,000,000 NewCo Shares; and
(b) 100,000,000 Irredeemable Convertible Preference Shares
(ICPS).
(Proposed Acquisition of the Melati Group)

(iv) Upon completion of the Proposed Acquisition of the Melati
Group, the Vendors of the Melati Group intend to apply to the SC
for an exemption pursuant to Practice Note 2.9.3 of the
Malaysian Code on Takeovers and Mergers, 1998 (Code) from having
to undertake a mandatory offer for the remaining NewCo Shares
not already owned by the Vendors of the Melati Group (Proposed
Exemption);

(v) Proposed offer for sale of NewCo Shares by all or certain of
the Previous Omega Shareholders and Vendors of the Melati Group
to identified investors at a minimum offer price of RM1.00 per
share in order to meet the public spread requirement as
stipulated under the Listing Requirements of Bursa Securities
(Proposed Offer for Sale);

(vi) Proposed transfer of the listing status of Omega on the
Main Board of Bursa Securities to NewCo (Proposed Transfer of
Listing Status); and

(vii) Upon completion of the Proposed Acquisition of the Melati
Group and the Proposed Transfer of Listing Status, the proposed
disposal of the Omega Group to a third party to be identified or
transfer to a special purpose Company or otherwise (Proposed
Disposal of Omega).

DETAILS OF THE PROPOSED NEW RESTRUCTURING SCHEME

The details of the Proposed New Restructuring Scheme, of which
the terms and conditions have yet to be finalised, are as
follows:

Proposed Composite Scheme of Arrangement with the Previous Omega
Shareholders

The Proposed Composite Scheme of Arrangement with the Previous
Omega Shareholders will involve the following:
(i) Proposed Capital Reduction of the existing issued and paid-
up share capital of Omega of RM298,949,331 comprising
298,949,331 Omega Shares to RM2,989,493 comprising 298,949,331
ordinary shares of RM0.01 each in Omega (Reduced Shares). The
Proposed Capital Reduction will result in a credit of
RM295,959,837 which will be utilised to reduce the accumulated
losses of Omega;

(ii) The Proposed Capital Consolidation of the Reduced Shares
into 2,989,493 Omega Shares; and

(ii) The Proposed Share Exchange of Omega Shares with NewCo on
the basis of one (1) new NewCo Share with one (1) Omega Share
held after the Proposed Capital Reduction and Proposed Capital
Consolidation.

The Proposed Composite Scheme of Arrangement with the Previous
Omega Shareholders is to be effected pursuant to Section 64 and
Section 176 of the Companies Act,1965 (Act). The new NewCo
Shares to be issued pursuant to the Proposed Composite Scheme of
Arrangement with the Previous Omega Shareholders shall rank pari
passu in all respects with the existing NewCo Shares in issue
and to be issued pursuant to the Proposed New Restructuring
Scheme except that they shall not be entitled to any dividends,
rights, allotments and/or any other distribution that may be
declared, made or paid prior to the date of allotment thereof.

Proposed Composite Scheme of Arrangement with the Previous Omega
Creditors

The Proposed Composite Scheme of Arrangement with Previous Omega
Creditors will involve the settlement of debts (actual,
contingent or otherwise) owing by Omega to the Previous Omega
Creditors in the manner set out below:

(i) the waiver by the Previous Omega Creditors of all interest,
penalties, costs, fees and other charges accrued after a cut-off
date to be determined later;

(ii) the release of contingent liabilities under corporate
guarantees and other security arrangements provided by Omega (if
any);

(iii) the issuance by NewCo of up to RM20,000,000 worth of NewCo
Shares to the Previous Omega Creditors in full and final
settlement of the debts owing to them after taking into account
of (i) and (ii) above; and

(iv) the waiver of all shortfall after taking into account of
(iii) above.

Details of the Proposed Composite Scheme of Arrangement with the
Previous Omega Creditors will be announced accordingly when all
terms and conditions have been finalised.

The NewCo Shares to be issued pursuant to the Proposed Composite
Scheme of Arrangement with the Previous Omega Creditors shall
rank pari passu in all respects with the existing NewCo Shares
in issue and to be issued pursuant to the Proposed New
Restructuring Scheme except that they shall not be entitled to
any dividends, rights, allotments and/or any other distribution
that may be declared, made or paid prior to the date of
allotment thereof.

Proposed Acquisition of the Melati Group

Proposed acquisition by NewCo of the entire issued and paid-up
share capital of Melati Ehsan and Bayu Melati from the Vendors
of the Melati Group for a total purchase consideration of
RM203,000,000 (Melati Group Purchase Consideration) to be
satisfied by the issuance of 103,000,000 NewCo Shares at an
issue price of RM1.00 each and 100,000,000 ICPS at an issue
price of RM1.00 per ICPS.

The NewCo Shares to be issued pursuant to the Proposed
Acquisition of the Melati Group shall rank pari passu in all
respects with the existing NewCo Shares in issue and to be
issued pursuant to the Proposed New Restructuring Scheme except
that they shall not be entitled to any dividends, rights,
allotments and/or any other distribution that may be declared,
made or paid prior to the date of allotment thereof.

Further detailed terms and conditions of the Proposed
Acquisition of the Melati Group will be finalised and announced
upon the execution of definitive agreements.

The salient terms of the ICPS will be announced in due course.

Basis of Arriving at the Melati Group Purchase Consideration

The indicative total purchase consideration of RM203,000,000 for
the Proposed Acquisition of the Melati Group was arrived at on a
willing-buyer willing-seller basis after taking into account,
inter-alia, the following:

(i) the future earnings potential of the Melati Group;

(ii) the valuation of a development land held by Melati Ehsan
based on the indicative valuation carried out by an independent
valuer; and

(iii) the historical financial performance of the Melati Group.


Basis of Determining the Issue Price

The proposed issue price of NewCo Shares and ICPS of RM1.00 each
was arrived at after taking into consideration the following:
(i) the last traded price of Omega Shares prior to its
suspension on 4 May 1998 of RM0.50;

(ii) the audited consolidated net liabilities per share of the
Omega Group as at 30 June 2003 of RM0.50 per share;

(iii) the audited consolidated earnings per share of the Omega
Group for the financial year ended 30 June 2003 of 0.47 sen; and

(iv) the par value of the NewCo Shares.

Information on the Melati Group

Melati Ehsan

Melati Ehsan was incorporated in Malaysia as a private limited
Company under the Act on 4 October 1993. The authorised share
capital of Melati Ehsan is RM5,000,000 comprising 5,000,000
ordinary shares of RM1.00 each of which 1,000,000 ordinary
shares of RM1.00 each have been issued and fully paid-up. Melati
Ehsan is principally a turnkey contractor and property
developer.

Bayu Melati

Bayu Melati was incorporated in Malaysia as a private limited
Company under the Act on 2 January 1997. The authorised share
capital of Bayu Melati is RM5,000,000 comprising 5,000,000
ordinary shares of RM1.00 each of which 1,000,000 ordinary
shares of RM1.00 each have been issued and fully paid-up. Bayu
Melati is principally a turnkey contractor.

The audited financial records of Bayu Melati are shown in Table
2 below.

Currently, the Melati Group has four (4) on-going construction
projects, all of which are on turnkey basis. The said
construction projects are located in Klang Valley, Pulau Pinang
and Johor with a total project value of RM135.7 million. The
details of the Melati Group's completed projects are shown in
Table 3 below.

Liabilities to be Assumed

NewCo will not assume any liabilities of Melati Ehsan and Bayu
Melati under the Proposed Acquisition of the Melati Group.

Original Dates and Cost of Investments

The original dates and cost of investments in Melati Ehsan and
Bayu Melati respectively are as shown in Table 4 below.

Proposed Exemption

Upon completion of the Proposed Acquisition of the Melati Group,
the Vendors of the Melati Group will collectively hold more than
33% of resultant enlarged issued and paid-up share capital of
NewCo. In accordance with Paragraph 6(1)(a) of Part II of the
Code, the Vendors of the Melati Group are obliged to undertake a
mandatory offer for all the remaining NewCo Shares not already
held by them.

In this respect, the Vendors of the Melati Group intend to apply
to the SC for an exemption pursuant to Practice Note 2.9.3 of
the Code from having to undertake a mandatory offer.

Proposed Offer for Sale

Proposed offer for sale of NewCo Shares by all or certain of the
Previous Omega Creditors and Vendors of the Melati Group to
identified investors at a minimum offer price of RM1.00 per
share in order to meet the public spread requirement as
stipulated under the Listing Requirements of Bursa Securities.
The details of the Proposed Offer for Sale will be announced
once it has been finalised.

Proposed Transfer of Listing Status

It is proposed that the entire issued and paid-up share capital
of Omega to be de-listed from the Official List of the Main
Board of Bursa Securities and that the entire issued and paid-up
share capital of NewCo be admitted to the Official List of the
Main Board of Bursa Securities.

Proposed Disposal of Omega

Proposed disposal of the Omega Group to a third party to be
identified or a transfer to a special purpose Company or
otherwise at a nominal value of RM1.00. The details of the
Proposed Disposal of Omega including the utilisation of proceeds
will be announced once it has been finalised.

SALIENT TERMS OF THE RESTRUCTURING AGREEMENT

The salient terms of the Restructuring Agreement include,
amongst others, the following:

(1) The Proposed New Restructuring Scheme shall be conditional
upon the following conditions precedent being fulfilled on or
before the date falling one (1) year from the date for the
Restructuring Agreement or by such later date(s) as Omega and
the Melati Principal Shareholders may mutually agree in writing
(Cut-off Date):

(i) the completion of the Proposed Rectification of Register in
accordance with the terms set out in the Restructuring
Agreement;

(ii) The approval from the following authorities (Authorities):

(a) the approval of the SC, on the terms and conditions
acceptable to the parties, for the Proposed New Restructuring
Scheme and in particular, the Proposed Acquisition of the Melati
Group, which approval shall include the grant of an exemption by
the SC to the Vendors of the Melati Group from extending an
unconditional mandatory offer for the remaining NewCo Shares not
already held by them upon completion of the Proposed Acquisition
of the Melati Group, such exemptions to be granted upon terms
acceptable to the Vendors of the Melati Group and the Proposed
Disposal of Omega;

(b) the approval of the SC (on behalf of the FIC), on terms and
conditions acceptable to the parties, for the Proposed New
Restructuring Scheme;

(c) the approval of the Bursa Securities for the de-listing of
Omega and the approval-in-principle of the Bursa Securities, for
the listing of and quotation of the NewCo Shares to be issued
and allotted pursuant to the Proposed New Restructuring Scheme
and the Proposed Transfer of Listing Status;

(d) if required, the approval on terms and conditions acceptable
to the parties, of any other relevant authorities in Malaysia or
elsewhere.

(iii) the approval of the shareholders of Omega at general
meeting and a Court convened meeting for the Proposed New
Restructuring Scheme;

(iv) the approval of the Previous Omega Creditors at a Court
convened meeting for the Proposed New Restructuring Scheme;

(v) the sanction and confirmation of the High Court of Malaya,
for the Proposed New Restructuring Scheme in accordance with the
approval from the authorities to the Proposed New Restructuring
Scheme and as approved by the Previous Omega Shareholders and
the Previous Omega Creditors at the Court convened meeting;

(vi) the due execution and delivery of all agreements, documents
and instruments deemed necessary by the parties and give effect
to the Proposed New Restructuring Scheme including but without
limitation to:

(a) the entry into, execution and delivery of definitive
agreement(s) on terms and conditions acceptable at the sole and
absolute discretion of the Vendors of the Melati Group in
respect of the Proposed Acquisition of the Melati Group; and

(b) the entry into, execution and delivery of the definitive
agreement(s) by NewCo and the identified purchaser of the Omega
Group in respect of the Proposed Disposal of Omega.
(vii) Omega being reasonably satisfied with the results of the
due diligence on the Melati Group;

(viii) the results of the due diligence on the Omega Group do
not reveal or identify any prohibition or restriction in respect
of the implementation of the Proposed Transfer of Listing Status
and the Vendors of the Melati Group are reasonably satisfied
with the results of the due diligence on Omega; and

(ix) if required, the separate written approval of each or any
of the Previous Omega Creditors or third party for the Proposed
New Restructuring Scheme.

(2) If the conditions precedent referred to above have not been
fulfilled for any reason whatsoever by the Cut-off Date, the
Restructuring Agreement shall be deemed to be terminated and
shall be null and void and of no effect, and none of the parties
shall have any claims against the other, save in respect of any
antecedent breach.

(3) If any of the Authorities' approval contains one or more
conditions, then any party who finds the condition(s)
unacceptable, shall by written notice to the other party elect,
within 30 days from the date of receiving that Authority's
letter containing that unacceptable condition(s), to appeal
against the unacceptable condition(s) or to reject such
unacceptable condition(s). In default of any election upon
expiry of the 30 days, all parties shall be deemed to have
accepted the condition(s) and the Authority's approval shall be
deemed obtained.

(4) If the party appeals against the unacceptable condition(s)
within 30 days from the date of receiving that Authority's
letter, and if the appeal is not allowed or only partially
allowed, then the party shall by written notice to the other
party elect, within 30 days from the date of receiving the
decision from the Authority on the appeal, to either accept the
unacceptable condition as modified by the decision of the
Authority or to reject the unacceptable condition as modified by
the decision of the Authority. If the party rejects the decision
of the Authority on the appeal, in such an event, that
Authority's approval shall be deemed not to have been obtained.
In default of any election upon expiry of 30 days, all parties
shall be deemed to have accepted the unacceptable condition as
modified.

(5) The parties agree that the purchase consideration for the
Proposed Acquisition of the Melati Group shall be adjusted
accordingly to reflect the purchase consideration as may be
approved by the SC (Approved Purchase Consideration) PROVIDED
ALWAYS that the Approved Purchase Consideration shall not be
varied by more than 5%. Should the Approved Purchase
Consideration be varied by more than 5%, the Melati Principal
Shareholders shall at their option terminate the Restructuring
Agreement or renegotiate the terms and conditions of the
Restructuring Agreement and in the event that the Melati
Principal Shareholders intend to renegotiate the Restructuring
Agreement, the parties shall mutually agree on a new purchase
consideration in respect of the Proposed Acquisition of the
Melati Group within 14 days of the determination by the SC being
notified to Omega or its adviser failing which the Melati
Principal Shareholders may terminate the Restructuring
Agreement.

(6) The parties agrees that the Melati Principal Shareholders
may by notice to Omega at any time before or after the Cut-off
Date terminate the Restructuring Agreement and any other
documents and agreements entered into or made in relation
thereto, without any liability on the Melati Principal
Shareholders and/or the need to pay any compensation whatsoever
to Omega and/or to any party(ies) whatsoever upon the occurrence
of one or more of the following events:

(a) the Court order in terms satisfactory to the Vendors of
Melati Group for the Proposed Rectification of Energro's
Register of Shareholders is not obtained in accordance with the
terms set out in the Restructuring Agreement within three (3)
months from the date of the Restructuring Agreement or such
later date as may be agreed between the parties in writing;

(b) where it has become impossible for the parties to fulfill
any of the conditions precedent set out in the Restructuring
Agreement or impossible for the parties to fulfill any of the
conditions precedent before the Cut-off Date;

(c) where Omega fails to make the necessary applications for the
purpose of obtaining the approvals set out in the Restructuring
Agreement before the Cut-off Date;

(d) if Omega breaches any of the terms of the Restructuring
Agreement;

(e) any steps or transaction in the Proposed New Restructuring
Scheme is impeded, hindered, restrained and/or cannot be
implemented and Omega is unable to remove or resolve such
impediment, hindrance, restraint or non-implementation to the
satisfaction of the Vendors of Melati Group within two (2)
months (or such extended time as may be agreed between the
parties) from the receipt of a written notification by the
Melati Principal Shareholders of the occurrence of such an
event;

(f) if, pending the implementation of the Rectification of
Energro's Register of Shareholders in accordance with the terms
set out in the Restructuring Agreement, Energro enters into any
discussions or negotiations, give access or information to any
third party with a view to or execute any agreement in relation
to a restructuring of Omega which will result, inter alia, in
the indirect listing of the assets of that third party (or if
that third party is an agent or advisor/consultant, of that
third party's principal or client) on Bursa Securities through
or in place of Omega and/or enter into any transactions,
scheme(s) and/or arrangement(s) either directly and/or
indirectly with any party(ies) whatsoever which is in conflict
with, in contravention of and/or inconsistent with the intent
and purposes of the transactions and/or the subject matter under
the Restructuring Agreement; or

(g) the Proposed Composite Scheme of Arrangement with the
Previous Omega Shareholders and the Proposed Composite Scheme of
Arrangement with the Previous Omega Creditors is not implemented
in accordance with the terms set out in the Restructuring
Agreement or that the Previous Omega Creditors do not agree to
the issuance by NewCo of up to RM20,000,000 worth of securities
as full and final settlement of the debts owing to them.

(7) Omega shall be at liberty to conduct a legal and/or
financial due diligence for the specific purpose of submission
of proposals to the Authorities on the Melati Group (Melati Due
Diligence) for the purposes of the Proposed Acquisition of the
Melati Group and the submission to be made to the Authorities
for approval. The Melati Due Diligence shall commence after the
date of the Restructuring Agreement and shall (unless extended
by mutual agreement in writing) be completed within a period of
30 days from the date on which all information and documents
first requested by the Melati Due Diligence advisers have been
furnished by the Melati Group to the said advisers or prior to
the execution of the definitive agreements by NewCo and the
Vendors of the Melati Group in respect of the Proposed
Acquisition of the Melati Group, whichever is earlier.

(8) The Melati Principal Shareholders (together with the Vendors
of the Melati Group) shall be at liberty to conduct a legal due
diligence for the specific purpose of submission of proposals to
the Authorities on the Omega Group (Omega Due Diligence) for the
purposes of ensuring that there are no prohibition or
restriction in respect of the implementation for the Proposed
Disposal of Omega and the Proposed Transfer of Listing Status.
The Omega Due Diligence shall (unless extended by mutual
agreement in writing) commence after the date of the
Restructuring Agreement and shall be completed within a period
of 30 days from the date on which all information and documents
first requested by the Omega Due Diligence advisers have been
furnished by Omega to the said advisers or prior to the
execution of the definitive agreements by NewCo and the Vendors
of the Melati Group in respect of the Proposed Acquisition of
the Melati Group, whichever is earlier.

(9) Without prejudice to the terms in the Restructuring
Agreement:

(i) Omega shall take all necessary steps and use its best
endeavours to obtain the approvals referred to in the
Restructuring Agreement and/or to ensure that they are obtained;

(ii) each party shall do and/or cause to be done all that is
necessary in order to comply with all conditions that may be
attached to any of such approvals referred to above and/or to
ensure that they are complied with where such conditions are
applicable to it;

(iii) each party shall do all acts and execute all whatsoever
documents and instruments to give effect to the terms of the
Restructuring Agreement and/or to implement the Proposed New
Restructuring Scheme on such terms as may have been mutually
agreed in writing;

(iv) Omega shall take all necessary steps in accordance with the
Restructuring Agreement and shall procure that the Proposed
Rectification of Register to be completed within three (3)
months from the date of the Restructuring Agreement.

(v) the Melati Principal Shareholders shall at such time or
times jointly and severally take all necessary steps to ensure
that the Proposed Acquisition of the Melati Group be completed
upon the Proposed Restructuring Scheme becoming unconditional.

(10) Until the Restructuring Agreement is terminated in
accordance with its terms:

(i) Omega shall not enter into any discussions or negotiations,
give access or information to any third party with a view to or
execute any agreement in relation to a restructuring of Omega
which will result in, inter alia, the indirect listing of the
assets of that third party (or if that third party is an agent
or advisor/consultant, of that third party's principal or
client) on Bursa Securities through or in place of Omega and/or
indirectly with any party(ies) whatsoever which is in conflict
with, in contravention of and/or inconsistent with the intent
and purposes of the transactions and/or the subject matter under
the Restructuring Agreement; and

(ii) The Vendors of the Melati Group shall not enter into any
discussions or negotiations, give access or information to any
third party with specific reference to and only in relation to
the Melati Group with a view to or execute any agreement in
relation to a direct listing on Bursa Securities or a back door
listing or reverse take-over of any other Company listed on
Bursa Securities and/or arrangement(s) either directly and/or
indirectly with any party(ies) whatsoever which is in conflict
with, in contravention of and/or inconsistent with the intent
and purposes of the transactions and/or the subject matter under
the Restructuring Agreement.

RATIONALE FOR THE PROPOSED NEW RESTRUCTURING SCHEME

Omega Group has been classified as an affected listed issuer
pursuant to Practice Note 4/2001 since 26 February 2001. On 31
December 2002, Omega undertook the Previous Omega Scheme to
regularise its financial condition. The Previous Omega Scheme
was approved by the SC on 28 August 2003 and was at its advance
stage of implementation when the Previous Omega Scheme was
aborted due to the revocation of SC's approval on 2 August 2004.

In view of this, Omega intends to undertake the Proposed New
Restructuring Scheme to regularise its financial condition in
order to ensure the interest of the shareholders of Omega are
protected.

PROSPECTS OF THE MELATI GROUP

Upon completion of the Proposed New Restructuring Scheme, Omega
will have a new core business via the Melati Group whose
principal activities are related to the construction sector.

The construction sector recorded a marginal decline of 0.6%
during the first half of 2004 largely due to lower public sector
construction activity, especially in infrastructure projects.
However, higher residential construction activity following
stronger growth of housing starts of 36.8% during the second
half of 2003 and some on-going infrastructure projects will
provide sufficient support for the sector to record a positive
growth of 0.5% in 2004 (2003: 1.9%).

The construction sector is forecast to increase by 1.8% (2004:
0.5%), contributed partly by the civil-engineering sub-sector,
following the implementation of new and on-going infrastructure
projects such as the Phase Two of the East Coast Highway and
Tanjung Bin Power Station in Johor. The housing sub-sector is
also envisaged to remain robust, underpinned by higher incomes,
low interest rates and easy access to loans. The housing sector
is expected to be further boosted by the construction of 7,000
units of low-and-medium cost houses by Syarikat Perumahan Negara
Berhad.

(Source: Economic Report 2004/2005)

The efforts by the Malaysian government in sustaining growth of
the construction and property development sectors as well as the
positive outlook of the construction sector is expected to
benefit the Melati Group.

RISK FACTORS

(a) Change in control

Following the completion of the Proposed New Restructuring
Scheme, the Vendors of the Melati Group are expected to emerge
as the controlling shareholder of NewCo. The Vendors of the
Melati Group as the new controlling shareholder may introduce
new Directors who will effectively determine the future business
direction of NewCo. In this regard, the Vendors of the Melati
Group will be able to influence the outcome of matters requiring
the vote of NewCo's shareholders, unless they are required to
abstain from voting by law and/or the relevant authorities.

(b) Political, economic and regulatory risks

Like all other business entities, changes in political, economic
and regulatory conditions in Malaysia, could materially and
adversely affect the financial and business prospects of the
Melati Group. Amongst the political, economic and regulatory
uncertainties are the changes in political leadership,
expropriation, nationalisation, re-negotiation or nullification
of existing sales orders and contracts, interest rates, method
of taxation and currency exchange rates. While the Melati Group
will seek to limit the impact of such risk to its business,
there is no assurance that any change in the above factors will
not have a material adverse effect on the business and
operations of the Melati Group.
(c) Business risks

The Melati Group is subject to certain risks inherent in the
construction sector. These may include changes in general
economic conditions and political conditions, inflation,
taxation, interest rates and exchange rates of foreign
currencies and changes in business conditions such as, but not
limited to, deterioration in prevailing market conditions,
labour and material supply shortages, increase in costs of
labour and materials, non-performance or unsatisfactory
performance of sub-contractors.

Although the Melati Group seeks to limit these risks through,
inter-alia, a careful identification of the type of construction
projects, prudent financial policy, maintenance of a large pool
of sub-contractors, close supervision on construction projects
and effective human resource management, no assurance can be
given that any change to these factors will not have a material
adverse effect on the Melati Group's business.

(d) Dependence on key personnel

The success of the Melati Group will depend to a significant
extent upon the abilities and continued efforts of its current
key management team. The loss of any member of its key
management team may have an impact on the operations. The future
success of the Melati Group will also depend upon its ability to
attract and retain skilled personnel.

(e) Delay in completion of construction projects

Completion of a construction project is also dependent on some
external factors, amongst others, obtaining permits or approvals
from the government agencies or authorities, adequacy of
materials and availability of workers. Delays in construction
projects could result in legal uncertainties, liabilities,
reduced efficiency and less desirable returns. As such, the
delay may have direct impact on the Melati Group's future
earnings.

To mitigate the risk of delays in completion of project, the
Melati Group practices good and efficient project management
skills. The Melati Group also appoints reliable suppliers of
materials in order to complete a construction project within
schedule and budget.

EFFECTS OF THE PROPOSED NEW RESTRUCTURING SCHEME

The proforma effects of the Proposed New Restructuring Scheme on
the share capital, net tangible assets, gearing and substantial
shareholdings of Omega and NewCo can only be determined upon
finalization of the detailed terms of the Proposed New
Restructuring Scheme.

CONDITIONS OF THE PROPOSED NEW RESTRUCTURING SCHEME

The Proposed New Restructuring Scheme is subject to and
conditional upon the completion of the Proposed Rectification of
Register and approvals from, amongst others, the following:

(i) the SC;

(ii) the SC (on behalf of the FIC);

(iii) the Bursa Securities for the transfer of listing status
from Omega to NewCo, the de-listing of Omega from the Official
List of Bursa Securities, the admission and listing of NewCo on
the Main Board of Bursa Securities, the issuance of NewCo Shares
pursuant to the Proposed New Restructuring Scheme and the
issuance of NewCo Share pursuant to the conversion of ICPS;

(iv) the shareholders of Omega;

(v) the sanction of the High Court of Malaya;

(vi) the Previous Omega Creditors; and

(vii) other relevant authorities.

DIRECTORS' AND SUBSTANTIAL SHAREHOLDERS' INTEREST

Save for their interest as shareholders, in the best knowledge
of the Directors and substantial shareholders of Omega, none of
the Directors and/or substantial shareholders of Omega and
persons connected with the Directors and substantial
shareholders have any interest, direct or indirect, in the
Proposed New Restructuring Scheme.

ADVISER

Avenue has been appointed as adviser for the Proposed New
Restructuring Scheme.

OTHER MATTERS

An announcement in relation to compliance with the relevant
provisions of the SC's Policies and Guidelines on Issues/Offer
of Securities will be made in due course upon the finalisation
of the detailed terms of the Proposed New Restructuring Scheme
and the execution of the definitive agreements for the Proposed
Acquisition of the Melati Group.

Barring any unforeseen circumstances, the Proposed New
Restructuring Scheme is expected to be completed within twelve
(12) months from the date of this announcement.

DOCUMENTS FOR INSPECTION

The Restructuring Agreement may be inspected at the registered
office of Omega at Level 2, Wisma Socfin, Jalan Semantan,
Damansara Heights, 50490 Kuala Lumpur during normal business
hours from Mondays to Fridays (except public holidays) for a
period of three (3) months from the date of this announcement.

For more information, go to
http://bankrupt.com/misc/tcrap_omega102904.doc

COLLECTIVELY, THE "PROPOSED NEW RESTRUCTURING SCHEME

Proposed Composite Scheme Of Arrangement With The Previous Omega
Shareholders;

Proposed Composite Scheme Of Arrangement With The Previous Omega
Creditors;

Proposed Acquisition Of The Melati Group;

Proposed Exemption;

Proposed Offer For Sale;

Proposed Transfer Of Listing Status; And

Proposed Disposal Of Omega

This announcement is dated 28 October 2004.


PAN MALAYSIA: Details Closed Period Trading
-------------------------------------------
Pursuant to Paragraph 14.08(a) of Bursa Malaysia Securities
Listing Requirements, Tan Sri Dato' Dr Khoo Kay Peng, a Director
and Chief Executive of MUI Properties Berhad (MUIP) informed
Bursa Securities that Appreplex (M) Sdn Bhd, a wholly-owned
subsidiary Company of MUIP, of its intention to deal in the
shares of Pan Malaysia Corporation Berhad (PMC) during the
current closed period pending the announcement by PMC of its
third quarter financial results ended 30 September 2004.

As at 28 October 2004, Tan Sri Dato' Dr Khoo Kay Peng is a
deemed substantial shareholder of PMC with deemed interests of
420,444,500 shares representing 50.05% of the current issued and
paid-up share capital of PMC.

CONTACT:

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


PAN MALAYSIA: Shareholders Approve EGM Resolutions
--------------------------------------------------
At the Extraordinary General Meeting (EGM) of Pan Malaysia
Corporation held on 28 October 2004, PM Securities Sdn. Bhd., on
behalf of the Board of Directors of PMC, is pleased to announce
that the Company's shareholders have approved the resolution
relating to the Proposed Settlement (as defined in the Circular
to Shareholders dated 12 October 2004 and as set out in the
Notice of EGM dated 12 October 2004).

cc. Securities Commission
Attn: Datuk Kris Azman Abdullah

This announcement is dated 28 October 2004.


TANCO HOLDINGS: Default Status Unchanged
----------------------------------------
Tanco Holdings Berhad announced that there is no change to the
status of default in payment of interest to the lenders since 28
September 2004.

The Company had already taken steps towards rectifying the
default by working on a debt-restructuring scheme under Section
176 of the Companies Act (the Scheme) to be approved by its
creditors. Please refer to the announcement made by the Company
on 16 August 2004 for more details on the Scheme.

CONTACT:

Tanco Holdings Berhad
Jalan Desa, Bandar Country Homes,
48000 Rawang, Selangor
Malaysia
Telephone: (60) 3 691 3388
Fax: (60) 3 691 3108


U-WOOD HOLDINGS: Releases 2004 Quarterly Report
-----------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, U-Wood
Holdings Berhad released its unaudited quarterly report for the
financial period ended August 31, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/08/2004

                 INDIVIDUAL PERIOD        CUMULATIVE PERIOD
        CURRENT YEAR  PRECEDING YEAR CURRENT YEAR PRECEDING YEAR
          QUARTER    CORRESPONDING    TO DATE     CORRESPONDING
                       QUARTER                    PERIOD

         31/08/2004   31/08/2003     31/08/2004     31/08/2003
           RM'000      RM'000         RM'000         RM'000

1  Revenue
           16,154       18,303          16,154       18,303

2  Profit/(loss) before tax
           -3,679       -4,701          -3,679       -4,701

3  Profit/(loss) after tax and minority interest
           -3,679       -4,701          -3,679       -4,701

4  Net profit/(loss) for the period
           -4,052       -4,667          -4,052       -4,667

5  Basic earnings/(loss) per shares (sen)
           -2.84        -3.28           -2.84        -3.28

6  Dividend per share (sen)
            0.00         0.00            0.00         0.00

               AS AT END OF      AS AT PRECEDING
               CURRENT QUARTER   FINANCIAL YEAR END

7  Net tangible assets per share (RM)

                  0.0630             0.0890

For more information, go to
http://bankrupt.com/misc/tcrap_uwood102904.xls

CONTACT:

No. 8, 1st Floor
Jalan Apollo CH U5/CH
Bandar Pinggiran Subang
Section U5
40150 Shah Alam
Tel: 03-78451011
Fax: 03-78451022


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


COLLEGE ASSURANCE: Yet To Submit Needed Documents To Get License
----------------------------------------------------------------
College Assurance Plans Philippines, Inc. (CAP) has not yet
formally filed with the Securities and Exchange Commission (SEC)
a crucial requirement for the approval of its application to
sell additional plans, reports the Business World.

The SEC said while CAP already presented its proposal for a
planned increase of its capital stock, there has been no formal
filing of the application.

The filing of the application is one of the SEC requirements for
the approval of the pre-need Company's application to sell an
additional PhP1 billion worth of plans and request for a renewal
of its dealer's license.

CAP has been accepting advanced payments for the additional
plans, but has not yet issued policies for them.

CONTACT:

College Assurance Plans Phils. Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Vill., Makati City
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


NATIONAL POWER: Faces Further Downsizing To Cut Costs
-----------------------------------------------------
The National Power Corporation (Napocor) plans to generate
savings by reducing its manpower base to the minimum, reports
the Philippine Star, citing Napocor Chairman Juanita Amatong.

The state-owned utility has already streamlined its ranks since
early this year from 5,000 employees to roughly 2,500 as of
February. When the second wave of streamlining is complete, the
total workforce would go down further although Mr. Amatong did
not disclose how severe the reduction would be.

The proposed streamlining would involve the realignment of
internal functions and operations, separating the core
operations that would be retained and line functions that could
be outsourced.

Ms. Amatong admitted that Napocor was the biggest cause of
financial hemorrhage in government, especially after it decided
to absorb some Php500 billion worth of debts that it has
accumulated over the decades.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax: +63-2921-2468


NEGROS NAVIGATION: MetroPac To Complete Funding Needs
-----------------------------------------------------
Metro Pacific Corporation (MetroPac) has so far provided half of
the remaining Php127 million funding requirement of debt-laden
shipping unit Negros Navigation Co. (Nenaco) and is on schedule
to provide the balance this month, the Philippine Daily Inquirer
reports

MetroPac earlier gave the shipping firm a loan of Php124
million. The funds came from the open-market sale of Metro
Pacific's five-percent stake by its parent firm, Hong Kong-
listed First Pacific Co.

Nenaco earlier said it needed Php250 million in funds between
now and mid-2005 to pay outstanding tax liabilities and to
repair its ships. Nenaco is undergoing rehabilitation and is set
to be de-listed from the Philippine Stock Exchange.

The Company has received a Court approval to restructure Php2.4
billion worth of debts over a 10-year period.

CONTACT:

Negros Navigation Co. Inc.
Pier II, North Harbor
Tondo, Manila
Telephone Number:  245-5588
Fax Number:  245-0780 (Telefax)
E-mail Address: nnwebmaster@surfshop.net.ph


PHILIPPINE REALTY: Notes Unusual Market Movement
------------------------------------------------
In reply to the query from the Philippine Stock Exchange (PSE)
regarding the unusual price movement of the Philippine Realty &
Holdings Corp.'s share price, which increased by 50 percent to
Php0.33 per share, the Company said it is unaware of any
information relating to the unusual movement other than what we
have already disclosed to the Exchange.

Truly yours,
Amador C. Bacani
President

CONTACT:

Philippine Realty & Holdings Corporation
3/F Magnitude Building
186 E. Rodriguez, Jr. Avenue
Libis, Quezon City
Tel. No:  631-3179 to 80
Fax No:  634-1504
E-mail Address:  philrltv@info.com.ph
Auditor:  C.L. Manabat & Company
Transfer Agent:  Fidelity Stock Transfer, Inc.


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


JUTHA PARICHART: Faces Bankruptcy Proceedings
---------------------------------------------
Notice is hereby given that a petition for the winding up of
Jutha Parichart Shipping Company Pte Ltd by the High Court was
on the 24th day of September 2004 presented by Starocean
Agencies Pte Ltd of 171 Chin Swee Road, #10-02/03 San Centre,
Singapore 169877, a Creditor.

The Petition will be heard before the Court sitting at Singapore
at 10:00 a.m., on Friday the 19th day of November 2004.

Any creditor or contributory of the Company 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 creditor or
contributory of the Company requiring the copy of the Petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioners' address is at 171 Chin Swee Road, #10-02/03 San
Centre, Singapore 169877.

The Petitioners' solicitors are Genesis Law Corporation of 112
Robinson Road, #07-02 H B Robinson, Singapore 068902.

Genesis Law Corporation
Solicitors for the Petitioners

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Genesis Law Corporation notice in writing 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 above named not later than 12
o'clock noon of the 18th day of November 2004.

This Singapore Government Gazette Notice is dated October 29,
2004.


NEPTUNE ORIENT: Posts US$234 Mln Net Profit In Q3
-------------------------------------------------
Neptune Orient Lines posted a US$234 million net profit for the
third quarter a 13.6 percent on year increase, reports0 by
Channel News Asia. The increase is reportedly due to growing
shipping volume and higher freight rates.

The net earnings for the first nine months of this year almost
doubled to US$588 million, as compared to the same period last
year. The Company's net profit for the three months was US$233.5
million, an increase from US$205.8 million a year earlier. Its
revenue rose 16 percent to US$1.56 billion from US$1.34 billion
a year ago.

But according to the world's biggest container shipping Company,
its fuel expenses increased by US$ million in the third quarter
of the year, which resulted in additional fuel costs of US$47
million for the year.

The Company is optimistic about the outlook for the remainder of
the year, with a growth in demand expected to continue and a
plan to build on cost control initiatives.

CONTACT:
Neptune Orient Lines Limited
456 Alexandra Rd., NOL Bldg.
119962 Singapore
Phone: +65-6278-9000
Fax: +65-6278-4900
Web site: http://www.nol.com.sg


NEPTUNE ORIENT: Unveils Quarterly Financial Statement
-----------------------------------------------------
Neptune Orient Lines (NOL) presented its third quarter financial
statement at the Singapore Stock Exchange.

NOL reported a net profit of US$234 million for the third
quarter, almost double the earnings from the same period last
year.

To views the entire document click on the link below:
http://bankrupt.com/misc/TCRAP_neptuneorient102804.pdf


NEPTUNE ORIENT: Releases Performance Report
-------------------------------------------
Global transportation and logistics Company, Neptune Orient
Lines (NOL), today reported net profit of US$234 million for the
third quarter (3Q), taking net profits for the year-to-date to
US$588 million - almost double the earnings over the same period
last year.

Core Earnings Before Net Interest Expense, Tax and Exceptional
Items (EBIT) for 3Q rose to US$254 million, representing an 88%
year-on-year (YoY) growth while net profits were US$234 million,
a 13% increase over last year.

Meanwhile gains from exceptional items fell from US$99 million
in 3Q03 to US$8 million in 3Q this year.

To view the entire press release click on:
http://bankrupt.com/misc/TCRAP_neptuneorientlines102804.pdf


NWI RECYCLING: Meeting to Consider Scheme of Arrangement Set
------------------------------------------------------------
Notice is hereby given that by an Order dated 29th September
2004, the Court has ordered that a Meeting is to be convened of
the Creditors of NWI Recycling Pte Ltd as defined in a Scheme of
Arrangement proposed to be made, for the purpose of considering
and if thought fit approving (with or without modification) a
Scheme of Arrangement proposed to be made between the Company
and the Creditors of the Company, and that such Meeting will be
held at Trademart Singapore, 60 Martin Road, Function
Room 1, Singapore 239065 on Wednesday, 10th November 2004, at
3:00 p.m.

All unsecured Creditors of the Company are requested to attend.
Copies of the said Scheme of Arrangement, form(s) of Proof of
Debt and copies of the Statement required to be furnished
pursuant to section 211 of the Companies Act, Chapter 50 will be
sent by the Company to all the creditors recorded by or
otherwise known to the Company.

Any known creditor who does not receive the said Scheme of
Arrangement, form(s) of Proxy, the said form(s) of Proof of Debt
and the said Statement required to be furnished pursuant to
section 211 of the Companies Act, Chapter 50 and any other
person who claims to be entitled to and wishes to attend the
said Meeting may obtain copies of the said Scheme of
Arrangement, form(s) of Proxy, form(s) of Proof of Debt (Form
77) and copies of the Statement from the Company situated at 12
Tuas Avenue 1, Singapore 639497 during the usual business hours
on any day from 9:00 a.m. to 12 noon and from 2:00 p.m. to 5:00
p.m. and at least 7 days prior to the day appointed for the said
Meeting.

It is requested that both the forms of Proof of Debt (Form 77)
and the proxy forms appointing persons be lodged with the
Company care of Messrs S C Teo & Co., the proposed Scheme
Manager, at 149 Rochor Road, #05-07 Fu Lu Shou Complex,
Singapore 188425, not later than 1st November 2004 and not later
than 12 noon on 9th November 2004 respectively.

By the Order, the Court has appointed Mr. Henry Lye Hong Kee, a
Director of the Company, to act as Chairman of the said Meeting,
and has ordered the Chairman to report the results thereof to
the Court.

The said Scheme of Arrangement will be subject to the subsequent
approval of the Court.

Dated this 22nd day of October 2004.

Zaheer K. Merchant/Sophine Chin
Messrs Madhavan Partnership
80 Robinson Road #08-01/02
Singapore 068898.
This Singapore Government Gazette notice is dated October 26,
2004.


PANPAC MEDIA: Exercises Option to Subscribe Shares
--------------------------------------------------
Following the announcements by Panpac Media Group Limited on 29
March 2004, 13 April 2004 and 27 April 2004 in connection with
the Subscription Agreement dated 13 April 2004 relating to the
placement of 10,000,000 shares in the Company in favor of Sun
Media Investment Holdings Limited and the grant of an option to
Sun Media to subscribe for additional 40,000,000 shares in the
Company, the Board of Directors of the Company is pleased to
announced that Sun Media has on 28 October 2004 exercised the
option to subscribe for 40,000,000 shares of SG$0.05 each in the
Company at a consideration of SG$0.085 per share in accordance
with the terms of the Subscription Agreement.

The Option Shares will be issued and allotted to Sun Media in
due course and a further announcement on the date of listing and
quotation of the Option Shares on the Singapore Exchange
Securities Trading Limited will be announced in due course. The
Board is pleased to announce that the SGX-ST has on 26 April
2004 given its in-principle approval for the Company's
additional application for the listing and quotation of the
Option Shares.

The in-principle approval of the SGX-ST is not to be taken as an
indication of the merits of the aforesaid transaction. The Board
also wishes to announce that it has obtained a fresh share issue
mandate from its shareholders at the annual general meeting of
the Company that was held on 28 April 2004 in respect of the
issue of the Option Shares.

Following the issue of the Option Shares, the number of issued
and paid-up ordinary shares of SG$0.05 each of the Company will
be increased from 490,768,618 shares to 530,768,618 shares. Upon
completion of the allotment and issue of the Option Shares to
Sun Media, Sun Media will hold 89,600,000 shares, which
represents approximately 16.88% of the enlarged issued and paid-
up share capital of the Company.

Save for Dr. Bruno Zheng Wu and Yang Lan, who are directors and
controlling shareholders of Sun Media, none of the directors and
substantial shareholders of the Company has any interest, direct
or indirect in this transaction.

Submitted by:
Ng Hwee Ling
Chief Financial Officer


SIN SENG: Winding Up Petition Hearing Slated for November 12
------------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Sin
Seng Hin Engineering Pte Ltd by the High Court was on the 21st
day of October 2004 presented by Oversea-Chinese Banking
Corporation Limited of 65 Chulia Street, #29-02/04 OCBC Centre,
Singapore 049513, a Creditor.

The Petition will be heard before the Court sitting at Singapore
at 10:00 a.m., on Friday, the 12th day of November 2004.

Any creditor or contributory of the Company 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 creditor or
contributory of the Company requiring a copy of the Petition by
the undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 65 Chulia Street, #29-02/04 OCBC
Centre, Singapore 049513.

The Petitioners' solicitors are Messrs Rodyk & Davidson of 80
Raffles Place, #33-00 UOB Plaza 1, Singapore 048624.

Messrs Rodyk & Davidson
Solicitors for the Petitioners

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above named
Messrs Rodyk & Davidson of 80 Raffles Place, #33-00 UOB Plaza 1,
Singapore 048624, notice in writing 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 above named not later than 12 o'clock noon of
the 10th day of November 2004.

This Singapore Government Gazette notice is dated October 29,
2004.


SIN YONG: Winding Up Petition Notice Issued
-------------------------------------------
Notice is hereby given that a petition for the winding up of Sin
Yong Contractor Pte Ltd by the High Court was on the 21st day of
October 2004, presented by United Engineers (Singapore) Private
Limited.

The said Petition will be heard before the Court sitting at
10.00 o'clock in the forenoon, on Friday, the 12th day of
November 2004.

Any creditor or contributor of the said Company desiring to
support or oppose the making of an order on the said Petition
may appear at the time of the hearing by himself or his Counsel
for that purpose, and a copy of the said 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.

The Petitioner's address is 83 Clemenceau Avenue, #18-01 UE
Square, Singapore 239920.

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

Dated this 25th day of October 2004.

Messrs Rajah & Tann
Solicitors for the Petitioners

Note: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above named
Messrs Rajah & Tann notice in writing 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 Solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the above named not later than twelve o'clock noon.

This Singapore Government Gazette notice is dated October 29,
2004.


STRATEGIC INTELLIGENCE: Court To Hear Winding Up Petition
---------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Strategic Intelligence Holdings Pte Ltd by the High Court was,
on the 8th day of October 2004 presented by Panpac Media Group
Limited a Company incorporated in Singapore having its
registered address at 50 Raffles Place, #29-00 Singapore Land
Tower, Singapore 048623, a creditor.

The petition will be heard before the Court sitting at the High
Court, St. Andrews Road, Singapore 178957 at 10:00 am on Friday,
the 5th day of November 2004.

A creditor or contributory of the Company 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 creditor or
contributory of the Company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioner's registered address is 50 Raffles Place, #29-00
Singapore Land Tower, Singapore 048623.

The Petitioner's solicitors are Messrs Colin Ng & Partners of 50
Raffles Place, #29-00 Singapore Land Tower, Singapore 048623.

Messrs Colin Ng & Partners
Solicitors for the Petitioner

Note: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to Messrs Colin Ng &
Partners of 50 Raffles Place, #29-00 Singapore Land Tower,
Singapore 048623, notice in writing 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/her or their solicitor (if any) and
must be served, or if posted, must be sent by post in sufficient
time to reach the above named no later than 12.00 pm on the 4th
day of November 2004.

This Singapore Government Gazette notice is dated October 26,
2004.


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


KRUNG THAI: Transfers Substandard Asset to TAMC
-----------------------------------------------
Krung Thai Bank Public Company Limited disclosed to the Stock
Exchange of Thailand the details of the transfer of its
substandard asset to Thai Asset Management Corporation (TAMC).

It is stipulated in the Thai Asset Management Corporation Royal
Ordinance B.E. 2544 (2001), Section 30 that a financial
institution or assets management Company with the Financial
Institutions Development Fund or any combined government
agencies or state enterprises as its shareholders holding more
than fifty percent of paid up registered capital shall transfer
all its substandard assets as at 31 December 2000 to the Thai
Asset Management Corporation (TAMC) within the period of time
specified by the TAMC.

In this regard, the Board of Directors of Krung Thai Bank Public
Co., Ltd, at its meeting No. 15/2544 (576) on 17 October 2001,
passed its resolution to ratify the approval of the transfer of
all substandard debtors to TAMC as mentioned above.  Initially
there will be about 60,000 cases/debtors and THB80,000 million
of outstanding debts in total.  Of these figures, the Bank
already transferred them 23 times.  As for the 24th transfer
scheduled for 29 October 2004, it consists of the following
details:

Serial  Date   Number  Book Value  Transfer   Transfer Price
Number         of      in Million  in Million  in Million
               Cases   Baht        Baht        Baht

24   October   7       130.69      34.78       26.61 percent
     29, 2004

Note: Information on transfer as at 29 October 2004 is estimated
figures since it is still in the transfer process and for the
following transfer exact date and amount have not been fixed as
yet.

Upon the Bank's transfer of substandard debtors to TAMC, it has
to complete verifying the asset prices to be initially repaid
within 180 days.  If TAMC sees that such prices are correct, it
will issue a letter confirming the asset prices to be primarily
paid to the Bank within 7 days.

Concerning method of payment, TAMC will issue a nontransferable
promissory note on which the following details will be
specified:

- Amount of money according to the price of asset transferred to
TAMC

- Promissory note (P/N) issuing date according to the date of
asset transfer and due date of repayment upon the expiration of
10 years from the P/N issuing date with an aval by the Financial
Institutions Development Fund.  However, TAMC may exercise its
right to redeem the P/N before its maturity.

As for interest payment, TAMC will pay the interest on P/N to
the Bank according to the average interest on deposit by
calculating the interest as at the last working day of the year.

In addition, the above transactions are categorized as related
party transactions but they are exempted according to Clause 8

(1) Of the announcement of the Stock Exchange of Thailand (SET)
governing disclosure of related - party transactions, and the
size of the transaction when being fully transferred according
to the estimate will account for the rate of approximately 8.22
percent of the Bank's total assets whereby the Bank does not
have to comply with the SET's announcement governing the
acquisition or disposal of assets of a registered Company.
Please be informed accordingly.

Yours sincerely,
Mr.Somanat Chutima
Senior Executive Vice President

CONTACT:

Krung Thai Bank Public Company Limited
35 Sukhumvit Road, Khlong Toei Nua, Wattana Bangkok
Telephone: 0-2255-2222
Fax: 0-2255-9391-6
Web site: www.ktb.co.th


THAI PETROCHEMICAL: To Complete Search for Business Partner Soon
----------------------------------------------------------------
The Finance Minister expects to complete the process on its
search for a new business partner of Thai Petrochemical Industry
Public Company Limited and the allocation of capital-raising
shares within next month, Business Day relates.

According to Somkid Jatusripitak, his still prefers PTT Plc to
take responsibility for the management of TPI. Mr. Somkid said
he will direct offices under his ministry to join hands with PTT
to take a minimum holding of 50 percent stake in TPI.  PTT will
be able to seek new business partners to help run TPI in the
future.

But Vayupak Fund's Chairman of the board of directors,
Somchainuk Engtrakul said he does not know of the Ministry of
Finance's (MoF) plan to direct the Vayupak fund to buy a stake
in TPI.  Mr. Somchainuk said the issue was not listed on the
agenda of the board's meeting scheduled on November 29.

Meanwhile, Mr. Somkid reportedly appointed Suparut Kawatkul
permanent secretary for finance, as chairman of TPI's new shares
allocation and new business partners seeking-out committee.  The
committee will start working after the Court has given its
verdict on TPI's plan.

Mongkol Ampornphisit, chairman of TPI's rehab plan committee
said, the debt restructuring process will most likey be
completed sooner than expected.

"The ministry wants us to speed up the processes, so we think we
will take only six months to complete the debt restructuring
plan," Mongkol said. Under TPI's rehabilitation plan, the firm's
debt restructuring scheme is required to be completed within a
period of one year after the Court's order.

"The Central Bankruptcy Court will early next month consider the
TPI's revised rehabilitation plan and it should have no problem.
After that, it will take about one month to seek out new
business partners of the Company which means that the processes
should be completed by November," Mr. Somkid told reporters.

Earlier, TPI unveiled in a Stock Exchange of Thailand disclosure
that the amendment of the plan has been approved by its
subsidiaries and the resolution will be submitted to the Central
Bankruptcy Court for approval on November 1, 2004.

CONTACT:

Thai Petrochemical Industry Pcl
Tpi Tower,Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: www.tpigroup.co.th


TPI POLENE: Creditors, Subsidiary Approve Plan's Amendment
----------------------------------------------------------
TPI Polene Public Company Limited (TPIPL) notified the Stock
Exchange of Thailand (SET) that at the Scheme Creditors' meeting
of TPIPL and TPI Concrete Co., Ltd. (its subsidiary) on October
28, 2004, the Scheme Creditors of TPIPL and its subsidiary
officially voted to approve the amendment to the Business
Reorganization Plan of TPIPL and its subsidiary with the vote
representing 99.89 percent and 100 percent of the creditors
participating the meeting, respectively.

Major terms and conditions of the amendment to the Business
Reorganization Plan can be summarized as:

(1) To extend the plan implementation period for one more year
from December 31, 2004 to December 31, 2005.

(2) To allow TPIPL to make payment for outstanding credit
insurance premium, guarantee fees and accrued interest
calculated up to November 30, 1999 in cash to Scheme Creditors
in lieu of debts to equity conversion.

(3) To provide an option (but not an obligation) for TPIPL to
negotiate and amicably settle its payment amount in respect of
the disputed DRP debt with Disputed DRP Creditors.

(4) To increase the maximum amount of an annual capital
expenditure from THB200 million to THB400 million per financial
year.

(5) To extend the deadline for the signing of the Second Master
Restructuring Agreement, which was September 30, 2004, to a
later date of November 15, 2004.

The Central Bankruptcy Court has scheduled the date to consider
the amendment to the Business Reorganization Plan of TPIPL and
its subsidiary, as already approved at the Scheme Creditors'
Meeting, on November 9, 2004.

Please be informed accordingly.

Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

TPI Polene Public Company Limited
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5100, 0-2678-5000
Fax: 0-2678-5001-5
Web site: www.tpipolene.com



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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, Peachy Clare Arreglo, Editors.

Copyright 2004.  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.

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