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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

             Friday, December 17, 2004, Vol. 7, No. 250

                            Headlines

A U S T R A L I A

ALLTEK PTY: To Declare Final Dividend on December 21
CANOPI PTY: To Hold Meeting on December 23
CAVAVASS PTY: Court Appoints Frank Lo Pilato as Liquidator
CENTENNIAL COAL: Completes AU$615-Mln Debt Restructuring
CHEMEQ LIMITED: CFO, Director Step Down

D&C WALLIS: Sets December 23 as Date of Meeting
DESIGN AIR: Court Issues Winding Up Order
DYNATECHNICS PTY: To Declare Final Dividend on December 21
GIVEN FORM: Joint and Several Receivers Appointed
GOWINGS RETAIL: Forecasts Another Hefty Loss This Year

IT GLOBAL: To Hold Final Meeting on December 20
JDO INDUSTRIES: Court Appoints Steven Nicols as Liquidator
LUDON INVESTMENTS: Final Meeting Slated for December 23
MANITO PTY: Banned from Providing Unlicensed Advice
MOUNTAINS OF TROUT: To Declare Final Dividend on December 21

MULCH MAT: To Declare First and Final Dividend on December 21
PARADISE HEATING: Final Meeting Slated for December 17
PDH INVESTMENTS: Enters Voluntary Winding Up Process
RONERE PTY: To Declare Final Dividend on December 21


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Deutsche Bank Takes 10% Stake
BANK OF CHINA: Refuses Compensation for Online Phishing Victims
CHINA CONSTRUCTION: To Issue US$2 Bln in Subordinated Debts
CHINA CITY GAS: Notes Unusual Volume Movement
EARNEY LIMITED: Creditors Meeting Set December 29

MING FORTUNE: Faces Bankruptcy Proceedings
SUN KWONG: Creditors Meeting Slated for January 6
SHANGHAI OFFSHORE: Court to Hear Winding Up Petition Jan. 12


I N D O N E S I A

BANK GLOBAL: Police Confiscates US$1.8 Mln in Cash
PERUSAHAAN LISTRIK: Seeking US$30 Bln to Boost Capacity


J A P A N

DAIEI INCORPORATED: Seven Candidates Battle for Sponsorship
HIRAKAWA KANTORI: Enters Bankruptcy
KANEBO LIMITED: Unloading Stakes in Indonesian Venture
MATSUSHITA ELECTRIC: Develops Microcontrollers with Flash Memory
MITSUBISHI FUSO: Recall Scandal Probe Extends for Three Months

TAKASHIMAYA COMPANY: JCR Affirms BBB+/J-2 on Bonds/CP
UFJ HOLDINGS: Allows Overseas Unit to Pay Dividend
* Hotel Industry Plunges Deeper Into Red
* Listed Firms Include Risk Data in H1 Results


K O R E A

HANARO TELECOM: Details Thrunet Acquisition Process
HANARO TELECOM: Sets December 31 as Closing Date of Register
HANARO TELECOM: Disposes of Stake in Other Firms
KOOKMIN BANK: Hyung Duk Chang to Act as Executive Director
LG CARD: Affiliates Reject Bailout Proposal


M A L A Y S I A

ADVANCE SYNERGY: Regularization Scheme Extended
CHG INDUSTRIES: Restraining Order Extends to January 28
JOHOR PORT: Unit Faces Winding Up Proceedings
KAI PENG: AGM Set For December 31
K.P. KENINGAU: Posts Litigation Update

KUMPULAN POWERNET: Discloses FY04 Quarterly Results
MYCOM BERHAD: Updates Restructuring Scheme Proposal
OLYMPIA INDUSTRIES: Applies for Rehab Implementation Extension
PADIBERAS NASIONAL: To List Additional Shares
PAN MALAYSIA: Prepares For Semi-Annual Returns

PAN PACIFIC: Details Sale, Purchase Deal
PAN PACIFIC: Resolutions Duly Passed at AGM
TAN CHONG: Unit Completes Voluntary Liquidation


P H I L I P P I N E S

MANILA ELECTRIC: Expects 3% Sales Volume Growth
MANILA ELECTRIC: Net Profit Could Grow This Year
MANILA ELECTRIC: Details Capital Expenditures for Next Year
MAYNILAD WATER: Needs Php12 Bln to Boost Operations
NATIONAL POWER: YNN Pacific Confident of Closing Sale Contract

PHILIPPINE LONG: Fitch Revises Outlook to Negative


S I N G A P O R E

CHINA AVIATION: Clarifies Asian Wall Street Journal Article
CRAFT PROJECTS: Receives Winding Up Order
EPIC INTERNATIONAL: Posts Notice Of Intended Dividend
FOCUS INDUSTRIES: Issues Intended Dividend Notice
INFORMATICS HOLDINGS: Disposes of Properties

INFORMATICS HOLDINGS: Dissolves Subsidiary
PANPAC MEDIA: To Convene EGM on December 30
PANPAC MEDIA: Proposes Maxful and Optima Acquisition
WEE POH: Appoints Independent Director


T H A I L A N D

THAI PETROCHEMICAL: Committee Urges Fair Allocation of Shares
TONGKAH HARBOUR: Releases Tin Mining's Operating Result
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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


ALLTEK PTY: To Declare Final Dividend on December 21
----------------------------------------------------
A First and Final dividend is to be declared on 21 December 2004
for Alltek Pty Limited (In Liquidation) A.C.N. 076 969 063.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 to formally prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 23rd day of November 2004

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


CANOPI PTY: To Hold Meeting on December 23
------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act, the final meeting of members of Canopi Pty Ltd
(In Liquidation) A.C.N. 001 252 348 will be held at the offices
of RSM Bird Cameron Partners, 103-105 Northbourne Avenue, Turner
ACT 2612, on Thursday, the 23rd day of December 2004 at 9:00
a.m., for the purpose of laying before the meeting the
liquidator's final account and report and give an explanation
thereof.

Dated this 12th day of November 2004

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


CAVAVASS PTY: Court Appoints Frank Lo Pilato as Liquidator
----------------------------------------------------------
On 9 November 2004, the Supreme Court in Proceeding No 5289 of
2004 ordered the winding up of Cavavass Pty Limited (In Official
Liquidation) and Frank Lo Pilato was appointed as Official
Liquidator of the Company.

Dated this 15th day of November 2004

Frank Lo Pilato
Official Liquidator
RSM Bird Cameron Partners
103-105 Northbourne Avenue
Turner ACT 2612
Telephone: (02) 6247 5988


CENTENNIAL COAL: Completes AU$615-Mln Debt Restructuring
--------------------------------------------------------
Centennial Coal Company Limited advised the Australian Stock
Exchange that it has completed an AU$615 million debt
restructuring.  The facilities consist of an AU$400 million term
loan, an AU$100 million revolving working capital facility and
an AU$115 million Guarantee and LC facility.

The restructured facilities, which are being provided by seven
banks, were arranged by Macquarie Bank Limited.  The banking
group is as follows:

- Australia and New Zealand Banking Group Limited
- Westpac Banking Corporation
- ABN AMRO Bank N.V.
- National Australia Bank Limited
- Calyon Australia Limited
- BNP Paribas
- The Toronto-Dominion Bank

Commenting on the facilities, the Managing Director Bob Cameron
said: " the Company's board and management are very pleased with
the outcome.  The restructuring was completed within a short
period and was over-subscribed.  The restructured facilities
provide greater financial flexibility and significantly improved
pricing".

The facility documentation was executed on December 13, 2004
with drawdown occurring Thursday.

CONTACT:

Centennial Coal Company Limited
Level 4 140 Sussex St
Sydney  2000  NSW
Phone: 02 9299 8955
Fax: 02 9299 8330


CHEMEQ LIMITED: CFO, Director Step Down
---------------------------------------
Veterinary pharmaceutical Company Chemeq Limited disclosed the
following to the Australian Stock Exchange:

(1) Non-executive Director Mr. Paul Grujic has resigned from the
Board of Directors.

(2) Mr. Ian Purdy, Chemeq's Chief Financial Officer, has
resigned to pursue other interests.

(3) Chemeq has received assurances from a South African customer
that it would be willing to accept delivery of the first
consignment of CHEMEQ polymeric antimicrobial in the New Year.

(4) Chemeq has shipped a small batch of product to a distributor
in New Zealand.

Chemeq Chairman Dr. Graham Melrose said that he had reluctantly
accepted the resignations of Mr. Grujic and Mr. Purdy.

"I would like to thank Paul for his inpur as a director and wish
him all the best for the future," he said.

"It is also unfortunate that Ian has decided to leave at htis
exciting stage of Chemeq's development, however I respect his
decision and we have agreed that his resignation should take
effect immediately.  I would like to thank Ian for his
contribution."

Chemeq is assessing the situation with regard to a replacement
Chief Financial Officer.

Chemeq is currently working to address issues experienced during
ramp-up of the Company's new manufacturing facility in Western
Australia.

Dr. Melrose said these issues had caused delays in the
production of commercial validation batches for final APVMA
approval of the facility and delivery of the first consignment
to South Africa under the $1.5 million sales order signed in
August.

The buyer in South Africa has now advised a willingness to
accept delivery of the first consignment at a later date.

Chemeq also announced that it had shipped a small batch of
CHEMEQ polymeric antimicrobial produced at the Company's APVMA-
approved pilot manufacturing facility to New Zealand.

This is important because it establishes the logistics and
transport routes between Western Australia and New Zealand.

To view a full copy of the press release, click
http://bankrupt.com/misc/CHEMEQLIMITED121604.pdf

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/


D&C WALLIS: Sets December 23 as Date of Meeting
-----------------------------------------------
Notice is hereby given that a meeting of the Members and
Creditors of D&C Wallis Pty Ltd (In Liquidation) formerly
trading as Midas - Hornsby A.C.N. 080 005 705 will be held at
Hall Chadwick Level 29, 31 Market Street, Sydney, NSW on
Thursday, the 23rd of December 2004 at 10:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on Thursday, 23rd
December 2004.

(2) That subject to any provisions under the Corporations Act
2001 to the contrary, the Liquidator be empowered to destroy all
books and records of the Company on completion of all duties.

(3) Any other business.

Dated this 9th day of November 2004

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


DESIGN AIR: Court Issues Winding Up Order
-----------------------------------------
On 29 October 2004, the Supreme Court of New South Wales made an
Order that Design Air (Sa) Pty Limited (In Liquidation) A.C.N.
074 403 268 be wound up and appointed the undersigned to be
Official Liquidator.

M.J.M. Smith
Official Liquidator
c/- Smith Hancock
Chartered Accountants
Level 4, 88 Phillip Street,
Parramatta NSW 2150


DYNATECHNICS PTY: To Declare Final Dividend on December 21
----------------------------------------------------------
A First and Final dividend is to be declared on 21 December 2004
for Dynatechnics Pty Limited A.C.N. 002 337 939.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 formally to prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 23rd day of November 2004

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


GIVEN FORM: Joint and Several Receivers Appointed
-------------------------------------------------
On 5 November 2004, Adrian Stewart Duncan and Bill Cotter of
Knights Insolvency Administration were appointed Joint and
Several Receivers and Managers of Given Form Pty Limited
(Administrators Appointed) (Receivers And Managers Appointed)
A.C.N. 108 336 689 pursuant to a Deed of Appointment.

Dated this 9th day of November 2004

Bill Cotter
Joint and Several Receiver and Manager


GOWINGS RETAIL: Forecasts Another Hefty Loss This Year
------------------------------------------------------
Struggling men's lifestyle retailer Gowings Retail Limited has
predicted a significant loss this year, according to The
Australian.

Company Chairman Andrew Brown declined to forecast the amount of
losses the Company would incur in 2004-05 despite strong
indications that it will lose a lot of money this year.

For the three months to October 31, Gowings Retail booked an
unaudited loss of $809,000, a deterioration on its performance
in the same period of the previous year.

Losses at troubled Sydney mens wear retailer Gowings Retail blew
out in 2003-04 under the heavy cost of closing its failed
Parramatta store in August.

Excluding one-off costs incurred from the withdrawal from its
failed Parramatta store, Gowings Retail posted a loss of
$756,000 in the first quarter of 2003-04.

Meanwhile, shareholders voted Tuesday to change the Company's
name to G Retail Ltd, after the reassurance that stores would
continue to trade under the venerable Gowings brand.

The name change is required under an intellectual property
agreement with Gowing Brothers Ltd, the Company that spun off
Gowings Retail in November 2001.

Gowings Retail was pulled back from the brink of administration
in August by an injection of funds from Trent Capital and deputy
chairman Tony Young, a former head of research at Credit Suisse
First Boston.

CONTACT:

Gowings Retail Limited
Gowing Building
Level 8, 45 Market Street,
Sydney, Nsw, Australia, 2000  
Telephone: 02 9287 6394  
Fax: 02 9261 3020  
Web site: http://www.gowings.com.au


IT GLOBAL: To Hold Final Meeting on December 20
-----------------------------------------------
Notice is given pursuant to Section 509(1) of the Corporations
Act that a Final Meeting of the Members of IT Global Solutions
Pty Ltd (In Voluntary Liquidation) A.C.N. 087 658 320 will be
held in the meeting room of SimsPartners, Level 6, 12 Pirie
Street, Adelaide SA 5000 on the 20th day of December 2004 at
2:00 p.m.

AGENDA

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

(2) To approve the Liquidator's request to destroy the books and
records of the Company six months after the dissolution of the
Company.

(3) Any other business.

Dated this 2nd day of November 2004

Andre Strazdins
Liquidator


JDO INDUSTRIES: Court Appoints Steven Nicols as Liquidator
----------------------------------------------------------
On the 28th day of November 2004 the Supreme Court of New South
Wales, Equity Division, made an Order that JDO Industries Pty
Ltd (In Liquidation) A.C.N. 082 453 101 be wound up by the Court
and appointed me to be Official Liquidator.

Dated this 8th day of November 2004

Steven Nicols
Official Liquidator
c/- Nicols & Brien
Level 2, 350 Kent Street,
Sydney NSW 2000
Web site: www.bankrupt.com.au


LUDON INVESTMENTS: Final Meeting Slated for December 23
-------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Ludon Investments No.10 Pty Limited (In Liquidation) A.C.N. 001
892 235 will be held at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, on 23
December 2004 at 9:00 a.m., for the purpose of laying before the
meeting an account showing how the winding up has been conducted
and the property of the Company has been disposed, and giving
any explanation thereof.

Dated this 9th day of November 2004

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


MANITO PTY: Banned from Providing Unlicensed Advice
---------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained permanent injunctions, by consent, against Manito Pty
Ltd and Mr. Steven Preston, preventing them from providing
unlicensed superannuation advice.

ASIC obtained the orders in the Federal Court in Western
Australia as part of its nationwide campaign against illegal
early access to super.

Some 108 people rolled over approximately AU$1.24 million in
superannuation funds into self-managed superannuation funds on
the recommendation of Manito and Mr. Preston, even though they
were not licensed to provide such advice.

'People need to check that they are getting advice about their
hard-earned retirement savings from someone who is licensed to
provide superannuation advice', said Mr. Allen Turton, Deputy
Executive Director of Enforcement.

'No-one wants to discover too late that their hard-earned money
for retirement has disappeared', he said.

Manito and Mr. Preston consented to:

(1) Declarations that they had carried on a financial services
business without holding an Australian financial services
license (AFSL);

(2) Permanent injunctions that stop them making recommendations,
statements or reports in advertising intended to influence
persons to dispose of existing superannuation interest without
holding an appropriate AFSL; and

(3) Permanent injunctions against being in any way concerned in
or a party to any other person making recommendations,
statements or reports in advertising intended to influence
persons to dispose of existing superannuation interest without
holding an appropriate AFSL.

ASIC was awarded costs and its investigation is continuing.

Background

Manito came to the attention of ASIC when it placed
advertisements on commercial TV in Perth offering its services
to members of existing superannuation funds who were unhappy
with the performance of those funds and who wished to take
control of those funds by setting up a self-managed
superannuation fund. At the time Manito placed the
advertisements it did not hold an AFSL.

Mr. Preston was previously known as Gordon Charles Fowler and is
a discharged bankrupt.


MOUNTAINS OF TROUT: To Declare Final Dividend on December 21
------------------------------------------------------------
A first and final dividend is to be declared on 20 December 2004
for Mountains Of Trout Tasmania Pty Ltd (In Liquidation) A.C.N.
009 590 514.

Creditors whose debts or claims have not already been admitted
were required on 5:00 p.m. Friday 10 December 2004 to formally
prove their debts or claims. If they have not, they would be
excluded from the benefit of the dividend.

Dated this 3rd day of November 2004

Paul Cook
Liquidator
Level 4, 18 Elizabeth Street,
Hobart Tas 7000
Telephone: 03 6223 2555
Facsimile: 03 6223 2556,
Email: info@pjc.com.au


MULCH MAT: To Declare First and Final Dividend on December 21
-------------------------------------------------------------
A First and Final dividend is to be declared on 21 December 2004
for Mulch Mat Products Pty Limited A.C.N. 074 275 399.

Creditors whose debts or claims have not already been admitted
were required on or before 14 December 2004 formally to prove
their debts or claims. If they have not, they would be excluded
from the benefit of the dividend.

Dated this 23rd day of November 2004

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


PARADISE HEATING: Final Meeting Slated for December 17
------------------------------------------------------
Notice is hereby given that the final meeting of creditors and
members of Paradise Heating & Cooling Centre Pty Ltd (In
Liquidation) A.C.N. 007 650 624 will be held at the offices of
KordaMentha (SA & NT), Level 4, 70 Pirie Street, Adelaide SA on
Friday 17 December 2004 at 2:30 p.m.

AGENDA

(1) To receive the Liquidator's final account of his acts and
dealings and of the conduct of the winding up and to hear any
explanations thereof.

(2) To approve the destruction of the Company's books and
records six months after the dissolution of the Company.

(3) To consider any other matters which may be properly brought
before the meeting.

Dated this 16th day of November 2004

Stephen J. Duncan
Liquidator
KordaMentha (SA & NT)
Level 4, 70 Pirie Street,
Adelaide SA 5000


PDH INVESTMENTS: Enters Voluntary Winding Up Process
----------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of PDH Investments Pty Ltd A.C.N. 007 614 753 held on
31 October 2004 it was resolved that the Company be wound up
voluntarily and that Michael Oscar Basedow of MHM, Level 1, 121
Greenhill Road, Unley, South Australia be appointed as
Liquidator for the purposes of such winding up.

Dated this 3rd day of November 2004

M.O. Basedow
Liquidator
MHM
Level 1, 121 Greenhill Road,
Unley SA 5061


RONERE PTY: To Declare Final Dividend on December 21
----------------------------------------------------
A First and Final dividend is to be declared on 21 December 2004
for Ronere Pty Limited A.C.N. 056 986 675.

Creditors whose debts or claims have not already been admitted
were required on 14 December 2004 formally to prove their debts
or claims. If they have not, they would be excluded from the
benefit of the dividend.

Dated this 23rd day of November 2004

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


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


BANK OF CHINA: Deutsche Bank Takes 10% Stake
--------------------------------------------
Germany's Deutsche Bank has signed an agreement to purchase a
10-percent stake in Bank of China (BOC), making it the second
largest foreign shareholder of the Chinese bank, reports Xinhua.

BOC reportedly intends to sell up to 25 percent of its shares to
outside investors by the end of 2004.  

BOC, along with China Construction Bank, was chosen by the
government for its 2003 pilot project to reform its banking
sector.  

Both are undergoing a restructuring process and are introducing
foreign strategic investors to prepare for its global stock
offering by 2005.

A list of foreign investors will be disclosed by BOC the end of
this year.

CONTACT:

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


BANK OF CHINA: Refuses Compensation for Online Phishing Victims
---------------------------------------------------------------
Bank of China's (BOC) stubbornly refused to compensate phishing
victims, ChinaTech.news reports.

BOC claims it is not responsible for victims' losses since it is
the bearer's ultimate responsibility for not paying attention.

Phishing is an illegal Internet method that intends to steal
usernames and passwords from unsuspecting users.

The public security bureau is currently conducting an
investigation on the matter.


CHINA CONSTRUCTION: To Issue US$2 Bln in Subordinated Debts
-----------------------------------------------------------
China Construction Bank (CCB) will be issuing up to CNY16.7
billion (US$2 billion) in-subordinated debt on December 21-22
ahead of an upcoming initial public offering (IPO), according to
the China Daily.

The said issuance would be the third debt sale by the bank in
order to replenish its capital base before its IPO. CCB has
already issued two sales of bonds last July and September worth
CNY23.3 billion (US$2.8 billion) in subordinated bonds.  

The bank intends to issue CNY10 billion (US$1.2 billion) in 10-
year bonds, but it has the reserved option to expand to CNY16.7
billion (US$2 billion), depending on investor demand. No word
has been given on how much of the bond issuance will contribute
to CCBs capital adequacy ratio.

Meanwhile, CCB president Chang Zhenming said that the bank is
engaged in talks with two or three potential investors in the
bid to increase its capital strength, optimize its capital
structure and diversify its ownership.

CCB became a joint stock bank last September after it split into
two firms. In its first nine months of the year the raked in
CNY49.9 billion (US$6.0 billion) in profits, an increase of
CNY8.8 billion (US$1.1 billion) or 21.5% compared to the same
period a year ago, before it set aside provision for its bad
loans.

CONTACT:
China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
E-mail: http://www.ccb.com.cn


CHINA CITY GAS: Notes Unusual Volume Movement
---------------------------------------------
The Stock Exchange has received a message from China City
Natural Gas Holdings Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

"The board of directors of China City Natural Gas Holdings
Limited has noted the recent increase in the trading volume of
the shares of the Company and wishes to state that it is not
aware of any reasons for such increase.  

"Save as our announcements dated (i) 21 September 2004 in
relation to the preliminary discussion with certain Japanese
investors regarding a proposed fund raising exercise of the
Company; and (ii) 20 October 2004 in relation to a Memorandum of
Understanding regarding a possible acquisition of a majority
stake in Shanghai Holdfast Science & Technology Co., Ltd, the
Board confirms that there are no negotiations or agreements
relating to intended acquisitions or realizations which are
discloseable under rule 13.23, neither is the Board aware of any
matter discloseable under the general obligation imposed by rule
13.09, which is or may be of a price-sensitive nature.

"Made by the order of the Board, the directors of which
individually and jointly accept the responsibility for the
accuracy of this statement."

For and on behalf of
China City Natural Gas Holdings Limited

Wong King Shiu, Daniel
Director


EARNEY LIMITED: Creditors Meeting Set December 29
-------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, a meeting of the creditors of Earney
Limited will be held at 26th Floor, Wing On Center, 111
Connaught Road Central, Hong Kong on 29th day of December 2004
at 10:15 a.m. to appoint a Liquidator and to consider further
matters relevant to the creditors' voluntary winding-up of the
above named Company pursuant to Sections 241, 242, 243, 244 and
255A of the Companies Ordinance.

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at 22nd Floor, Yue Xiu Building, 160-
174 Lockhart Road, Wanchai, Hong Kong not later than 4:00 p.m.
on the day before the meeting or adjourned meeting at which they
are to be used.

Dated this 10th day of December 2004

By Order Of The Board Of Earney Limited
Cindy Wong
Representing Leader Up International Limited
Director


MING FORTUNE: Faces Bankruptcy Proceedings
------------------------------------------
Notice is hereby given that a petition for the winding up of
Ming Fortune Holdings Company Limited by the High Court of Hong
Kong Special Administrative Region was on the 25th day of
November 2004 presented to the said Court by Bank of China (Hong
Kong) Limited whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.  

The said Petition will be heard before the Court at 9:30 am on
the 19th day of January 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Ford Kwan & Company
Solicitors for the Petitioner
Room 1202-1206, 12th Floor, Wheelock House
20 Pedder Street
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 18th day of
January 2005.

This notice is dated 10 December 2004.


SUN KWONG: Creditors Meeting Slated for January 6
-------------------------------------------------
Notice is hereby given that pursuant to section 241 of the
Companies Ordinance (Chapter 32), a meeting of the creditors of
Sun Kwong (Fung's) Transportation Limited will be held at Room
1101, 11/F., Shiu Lam Building, 23 Luard Road, Wan Chai, Hong
Kong on 6 January 2005 at 11:30 a.m. for the purposes mentioned
in sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be lodged at Room 1101, 11/F,
Shiu Lam Building, 23 Luard Road, Wan Chai, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

Dated 10 December 2004

By Order of the Board of
Sun Kwong (Fung's) Transportation Limited
Fung Kam Piu
Director


SHANGHAI OFFSHORE: Court to Hear Winding Up Petition Jan. 12
------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Shanghai Offshore Oil Group (HK) Company Limited by the High
Court of Hong Kong Special Administrative Region was on the 24th
day of November 2004 presented to the said Court by Messrs Li &
Partners on behalf of the petitioner, China Everbright Holdings
Co. Ltd., of 48th Floor, Far East Finance Centre, 16 HarCourt
Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 am on
the 12th day of January 2005.

Any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose. A copy of the petition will be furnished to any
creditor or contributory of the said Company requiring the same
by the undersigned on payment of the regulated charge for the
same.

Li & Partners
Solicitors for the Petitioner
Room 2201-3, 22nd Floor, World Wide House
19 Des Voeux Road Central
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 11th of January.

This notice is dated December 10, 2004.


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


BANK GLOBAL: Police Confiscates US$1.8 Mln in Cash
--------------------------------------------------
Around IDR16.5 billion (US$1.8 million) worth of cash belonging
to embattled Bank Global was seized by Indonesian police from
two bank employees who were trying to hide the money, Asia Pulse
says.

Insp. Gen. Dadang Garnida of the National Police's criminal
investigation department said they also confiscated a number of
important bank documents from the two employees.

During the preliminary investigation, it was discovered that the
two employees had been ordered by the bank's operations director
to dispose of anything that could serve as evidence of the
bank's wrongdoing.

Meanwhile, Indonesian authorities have detained eight Bank
Global officials and banned three directors from leaving the
country for allegedly trying to destroy or dispose of evidence
of fraud.

The detentions and travel restrictions came after the central
bank decided early this week to suspend Bank Global's activities
for one month due to its unhealthy balance sheet.

CONTACT:

Bank Global Internasional Tbk ( BGIN )
Menara Global,
Jl. Gatot Subroto Kav. 27, Jakarta 12950
Phone: (021)5270188
Fax: (021)5270288
E-mail: bglobal@cbn.net.id
Web site: www.bankglobalinternasional.com


PERUSAHAAN LISTRIK: Seeking US$30 Bln to Boost Capacity
-------------------------------------------------------
State electricity firm Perusahaan Listrik Negara (PLN) is
planning to raise US$30 billion in the next ten years to beef up
its generating capacity to another 20,000 megawatts, reports
Agence France Presse.

The loss-making Company is desperately looking for ways to meet
robust power demand amid the lack of foreign investment to make
up for cash shortfalls.

PLN said it can only allot US$10 billion and will have to
request investors to fill the remainder.

Creditor countries and the World Bank have funded some of the
power firm's projects, but the government has said it wants more
private participation.

Because of PLN's poor performance, the Indonesian government
plans to revoke the firm's monopoly of the power sector and
allow private companies to sell electricity by 2008.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jalan Trunojoyo Blok M I No. 135, Kebayoran Baru
Jakarta 12160, Indonesia  
Phone: +62-21-725-1234
Fax: +62-21-722-1330


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


DAIEI INCORPORATED: Seven Candidates Battle for Sponsorship
-----------------------------------------------------------
The state corporate turnaround body has shortlisted seven out of
13 candidates to sponsor the rehabilitation of troubled retailer
Daiei Incorporated, reports The Japan Times.

The Industrial Revitalization Corporation of Japan (IRCJ) will
make a final decision to support Daiei's restructuring on Dec.
28, and will decide two or three sponsors through a tender next
month. Out of the two or three, the IRCJ will select the final
candidate by March next year.

The seven shortlisted candidates are supermarket store chains
Ito-Yokado Co. and Aeon Co., U.S. retailer Wal-Mart Stores Inc.,
trading firm Marubeni Corp., turnaround specialist Kiacon Corp.,
U.S. grain trader Cargill Inc. and investment fund Advantage
Partners Inc.

Wal-Mart, however, is planning to back out from the bidding
because it does not agree with the IRCJ's scheme for Daiei's
restructuring. Wal-Mart teamed up with trading house Sumitomo
Corp. to create a Daiei turnaround proposal.

Ito-Yokado has linked up with trading house Mitsui & Co. and
Aeon with Kyocera Corp., a diversified technology firm.

Marubeni has formed an alliance with U.S. investor Ripplewood
LLC, Mitsubishi Estate Co. and Culture Convenience Club Co.,
which runs Tsutaya, Japan's largest video rental chain.

CONTACT:

The Daiei Incorporated
4-1-1, Minatojima Nakamachi,
Chuo-ku, Kobe, 650-0046
Japan
Phone: +81-78-302-5001
Fax: +81-78-302-5572
Web site: www.daiei.co.jp


HIRAKAWA KANTORI: Enters Bankruptcy
-----------------------------------
Golf course operator Hirakawa Kantori Kurabu K.K. has entered
bankruptcy, according to Teikoku Databank America.

The firm, based in Chiba-shi, Chiba 266-0004, left a total of
US$220 million in liabilities.

For more information visit http://www.teikoku.com/or contact  
office@teikoku.com or +1-212-421-9805.


KANEBO LIMITED: Unloading Stakes in Indonesian Venture
------------------------------------------------------
Ailing textile maker Kanebo Limited and trading house Tomen
Corporation have agreed to sell their stakes in their joint
venture with an Indonesian state firm to PT Argo Manunggal
International, says Kyodo News.

The deal represents the first sale of an offshore asset for
Kanebo, which has been disposing of and liquidating money-losing
businesses.

Kanebo owned 46 percent of the Indonesian spinning and dyeing
joint venture PT Kanebo Tomen Sandang Synthetic Mills, which was
capitalized at US$18 million. Tomen held 30.67 percent of the
entity, while PT Industri Sandang Nusantara controlled the
remaining 23.33 percent.

CONTACT:

Kanebo Limited
3-20-20, Kaigan
Minato-Ku, Tokyo, 108-0022
Phone: 0354463002
Fax: 0354463003
Web site: http://www.kanebo.co.jp/english/Index.htm


MATSUSHITA ELECTRIC: Develops Microcontrollers with Flash Memory
----------------------------------------------------------------
Matsushita Electric Industrial Co., Ltd., aka Panasonic, has
announced it has developed a wide range of 8-bit
microcontrollers with capacities up to 512 KB.

The new microcontrollers incorporate the latest, high-speed
flash memory with 20 MHz processing speed at a power consumption
level of 18 mW. They range from 32 KB to 512 KB of flash memory
size and packaging of 44 to 128 pins, ideal for usage in audio
equipment and home appliances.

System control microcontrollers with built-in flash memory that
substitute mask ROM are central to product development in
shorter time frames. The new chip delivers shorter development
times as it can rewrite the program after being mounted on the
set.

Sample shipments of MN101CF91D (64 KB) and MN101EF16N (512 KB)
are planned to start at the end of this month at unit prices of
JPY300 and JPY1,000, respectively. Mass production starts in
January 2005. Other models are slated to follow.

CONTACT:

Matsushita Electric Industrial Co., Ltd.
Mike Kitadeya / Karl Takahashi
International PR
Phone: +81-6-6949-2293
Fax: +81-6-6949-2255
Panasonic News Bureau
Phone: +81-3-3542-6205
Fax: +81-3-3542-9018


MITSUBISHI FUSO: Recall Scandal Probe Extends for Three Months
--------------------------------------------------------------
The internal investigation into past recall issues of Mitsubishi
Fuso Truck & Bus Corporation will drag on for three more months,
according to Asia Pulse.

The probe, which was initially set for completion this month,
will be postponed due to the volume of data that the firm has to
review and its decision to make its investigation stricter than
before.

Mitsubishi Fuso, which has been re-checking 102 past defects,
hopes to unveil its re-examination defects in January and its
report on the causes by March this year.

The struggling truck maker is still awaiting approval from the
Transport Ministry to market its 29 new models. It is hoping to
submit immediately a report on the improvements it has made in
quality control in order to obtain a permission to launch its
new vehicles.  

But the delay in the internal investigation makes ministry
approvals less likely.

CONTACT:

Mitsubishi Fuso Truck and Bus Corporation
2-16-4, Kounan,
Minato-ku,Tokyo 108-8285,
Phone: +81-3-6719-4821
Fax: +81-3-6719-0111
Web site: http://www.mitsubishi-fuso.com


TAKASHIMAYA COMPANY: JCR Affirms BBB+/J-2 on Bonds/CP
-----------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has affirmed the
BBB+ and the J-2 ratings on the bonds and CP program of
Takashimaya Company, Ltd., respectively.

Issues      Amount(bln)  Issue Date     Due Date       Coupon
bonds no.6  JPY5         Mar. 16, 2000  Mar. 16, 2005  1.77%
bonds no.7  JPY5         Mar. 16, 2000  Mar. 16, 2006  2.09%
bonds no.8  JPY10        Dec. 15, 2000  Dec. 15, 2005  1.55%
bonds no.9  JPY10        Feb. 4, 2003   Feb. 4, 2008   1.00%

CP  Maximum        Backup Line
    JPY60 billion  0%

Rationale:

Takashimaya has started drastic restructuring since fiscal 2003.
The restructuring improved the earnings significantly. However,
drop in revenue at the department stores continues. This is
partly because Takashimaya failed to take a sales policy that
meets diversifying and fast-changing consumer needs.

JCR will watch carefully whether or not Takashimaya can put
brake on drop in sales at the department stores. Takashimaya
plans to reduce the interest-bearing debt through increase in
operating cash flow and sell-offs of the assets. JCR believes
that the financial structure will be improved over the
intermediate term.

CONTACT:

Takashimaya Company, Ltd.
5-1-5, Namba, Chuo-ku
Osaka 542-8510, Japan  
Phone: +81-6-6631-1101
Fax: +81-6-6631-9850


UFJ HOLDINGS: Allows Overseas Unit to Pay Dividend
--------------------------------------------------
UFJ Holdings Incorporated gave notice that its subsidiary, UFJ
Bank Limited (UFJ Bank), passed a resolution to allow Tokai
Preferred Capital Company L.L.C., an overseas special purpose
Company of UFJ Bank, to pay dividend on its preferred securities
(OPCO securities) on December 30, 2004 as prescribed.

Reference

Terms and Conditions

(1) Issuer: Tokai Preferred Capital Company L.L.C.

Non-cumulative Preferred Securities
(the Offered Securities, hereafter)
   
The Offered Securities are intended to provide holders with
rights to liquidation preferences that are substantially
paripassu to those provided by UFJ Bank's most senior class of
preferred shares, and ranks senior to the common securities as
to payment of dividends.

(3) Maturity Date & Redemption

The Offered Securities are perpetual, but may be redeemed in
whole or in part on any dividend payment date commencing in June
2008 at the option of the issuer.  Any redemption of the offered
securities is subject to compliance with applicable regulatory
requirements, including the prior approval of the Financial
Services Agency of Japan if then required.

(4) Dividend

Non-cumulative dividends are payable at a fixed rate through the
dividend payment date in June 2008 and thereafter, at a floating
rate with a step-up.

(5) Amount: US$1billion (USD1,000 per security)

(6) Issuing Date: March 26, 1998

(7) Dividend Payment Dates

The last day of June and December of each year or, if such day
is not a Business Day, the immediately preceding Business Day.

(8) Condition on Dividend Irrevocable

Dividends will become irrevocably due and payable on each
dividend payment date unless either a regulatory event has
occurred and is continuing or the Issuer receives (or deems to
receive) a notice from the holder of the common securities
instructing not to pay dividends on such dividend payment date
(the 'dividend shift notice'), in which case no dividend shall
become due and payable on such dividend payment date; provided,
however, that if the     dividend payment date as to which such
dividend shift notice is delivered is a compulsory dividend
payment date, then such dividend shift notice will apply to the
first dividend payment date thereafter that is not a compulsory
dividend payment date.
   
'Regulatory event' means an event where UFJ Bank's total risk-
based capital ratio or Tier I risk-based capital ratio,
calculated on a consolidated basis as of the end of any period
in respect of which UFJ Bank submits financial statements to the
Financial Services Agency of Japan, declines below the minimum
percentage required by Japanese banking regulation.

(9) Condition on Compulsory Dividend Payment

If UFJ Bank pays any dividends on any of its capital stock with
respect to any fiscal year of UFJ Bank, then the Issuer will be
required to pay full dividends on the Offered Securities on the
dividend payment dates that occur in December of the calendar
year in which such fiscal year ends and June of the next
succeeding calendar year upon with dividend payment dates the
issuer is required to pay full dividends on the Offered
Securities

(10) Liquidation Preference: US$1,000 per security

CONTACT:

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


* Hotel Industry Plunges Deeper Into Red
----------------------------------------
Japan's inn/hotel industry continues to suffer and a spate of
businesses have failed, according to Teikoku Databank America.

Competition is expected to be fierce among urban-style hotels
that need to compete with top-notch foreign-affiliated hotels
with the upcoming "2007 problem" and local resort hotels that
are faced with continuous sluggish increase in patrons.

Teikoku Databank conducted research and analysis on the
bankruptcy trend of the inn/hotel industry (with more than JPY10
million in liabilities) since 1987, focusing on the year of 2004
(Jan-Jul), by category of liabilities, business history, area,
and main factor. This is the 6th research continued from last
year (previous research was done in August, 2003).

According to the research results, in 2004, there were 64
bankruptcies in the inn/hotel industry as of the end of July,
remaining high. The highest percentage of each category was as
follows: "JPY0.1 billion-JPY1 billion" by liabilities; "Longer
than 30 Years" by business history; "Central Part" by area;
"Recession-related" by factor of failure.

In particular, bankruptcies of the inns/hotels with a history of
"Longer than 30 Years" (28 cases and make up 43.8% of the total)
and failures due to "recession-related " factors (42 cases,
65.6%) were evident.

Research Results:

Bankruptcy Trend by Liabilities

Breakdown of the bankruptcy liabilities in the inn/hotel
industry in 2004 (Jan~Jul) showed that the highest percentage
was "JPY100 million-JPY1 billion in liabilities (33 cases,
51.6%)" followed by "JPY1 billion-JPY5 billion in liabilities
(17 cases, 26.6%)". As to the share compared to the previous
year, large-sized bankruptcies (more than JPY5 billion)
decreased (4.7 point decrease -- 6.3% this year from 11.0% in
previous year) while mid-sized bankruptcies (JPY1 billion-JPY5
billion) increased (5.6% point increase - 26.6% this year from
21.0% in previous year).

The average liabilities per Company were JPY1,170 million. While
large-sized bankruptcies have been noticeable in the inn/hotel
industry since 2001, it is evident that mid-sized bankruptcies
increased in 2004.

Bankruptcy Trend by Business History

Inns/hotels with more than 30 years history marked the highest
percentage of bankruptcies in 2004 (Jan-Jul), followed by those
with a history of 10-20 Years (17 cases, 26.6%) and 20-30 Years
(12 cases, 18.8%). In particular, the level of bankruptcies by
long-established inns/hotels with more than 30 years has
continued to remain high in 2004 (28 cases, 43.8%), since
reaching its peak in 2002 (53 cases, 47.3%).


* Listed Firms Include Risk Data in H1 Results
----------------------------------------------
Some 27 listed firms in Japan included risk factors and concerns
that are likely to affect their activities negatively in their
first-half financial statements, relates Asia Pulse.

A data tabulated by Nihon Keizai Shimbun Inc. reveals the total
number of companies, excluding those listed on the three start-
up markets, dropped by eight compared with the final tally at
the end of the previous business year.

Four companies, namely Daikyo Incorporated, Aplus Company, Ikuyo
Company and Izuhakone Railway Company, disclosed their risks for
the first time.

Despite restructuring efforts, Daikyo and Aplus fell into
negative net worth. Ikuyo, on the other hand, suffered a slump
in sales of parts to ailing Mitsubishi Motors Corporation. And
Izuhakone saw its interest-bearing debt jump above an acceptable
level.

A total of 23 companies listed their risk information again at
the interim period after having done so at the end of fiscal
2003. For instance, Mitsubishi Motors cited its net loss at the
end of the first half, while Silver Seiko Ltd. pointed to its
ongoing operating losses and negative cash flow. Musashino Kogyo
Co. noted how its loan amount had exceeded the appropriate
level.

Companies began including such listings in their fiscal 2002
earnings summaries as a way to draw shareholders' attention to
specific concerns within their operations.


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


HANARO TELECOM: Details Thrunet Acquisition Process
---------------------------------------------------
In a U.S. Securities and Exchange Commission filing, Hanaro
Telecom issued information on the Thrunet acquisition processes.

(1) DESCRIPTION

In order to enhance its corporate value, the Company would push
ahead with Thrunet Co., Ltd. acquisition to strengthen the
foundation to do business and generate profits by establishing a
de facto duopoly in the broadband Internet market.

(2) TIMELINE

(A) Bidding (scheduled on December 13)

- Authority to determine the bid price and major terms and
conditions will be delegated to the Company's Representative
Director.

(B) Signing of the MOU (scheduled on December 21)

- Processes required for signing of the definitive agreement as
well as others will be stipulated.

(C) Payment of Performance Guarantee (scheduled on December 21)

- Performance guarantee: 5% of the bid price

(D) Prior to signing of the definitive agreement in 2005, due
diligence would be completed and negotiation on the terms and
conditions of the definitive agreement would be finalized.

(E) Others

- Documentation and submission of the bid proposal, MOU signing,
payment of performance guarantee, negotiation with Thrunet
management, and other decisions and execution for equity
acquisition of Thrunet leading up to the signing of the
definitive contract will be delegated to the Representative
Director.

- Term loans could be used for the purpose of Thrunet
acquisition.

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


HANARO TELECOM: Sets December 31 as Closing Date of Register
------------------------------------------------------------
Hanaro Telecom advised the U.S. Securities and Exchange
Commission the details of the closing of shareholder register.

(1) Closing Date December 31, 2004

(2) Period of Closing Shareholder Register

- Date of Commencement January 1, 2005
- Date of Expiration January 31, 2005

(3) Reasons for Closing

- To decide rightful shareholders who could exercise voting
rights in the 8th Ordinary General Shareholders' Meeting

(4) Others

- Article 13, Closure of Shareholder Register and Setting of
Record Date of the Company's Articles of Incorporation:

The Company shall suspend alteration of entries in the register
of shareholders for one month, commencing from the day following
the last day closing of each accounting period.


HANARO TELECOM: Disposes of Stake in Other Firms
------------------------------------------------
Hanaro Telecom unveiled in a U.S. Securities and Exchange
Commission filing the board of director's resolution on disposal
of the stake in other companies.

(1) Information On The Issuer Of The Disposed Shares

- Name (nationality): Hanaro Web&TV Co., Ltd. (Korea), President
Joo Hong-yeol
- Relations with the Company: Hanaro Telecom's Affiliate prior
to the equity disposal
- Paid-in capital (KRW): 6,050,000,000
- Total number of shares issued (share): 605,000
- Major business: CATV and broadband Internet

(2) Description Of The Equity Disposal

- Equity to be disposed of: stakes (common share) in Web&TV Co.,
Ltd.
- Amount of the disposed shares (KRW): 17,248,000,000
- Number of disposed shares (share): 296,450
- Method of disposal: disposal of shares directly owned by the
Company

(3) Purpose Of Disposal: to enhance competitiveness in the
market by expanding the scope of cooperation with MSO/SOs

(4) Accumulated Amount Disposed In The Fiscal Year 2004 (KRW):
32,000,000,000

- Total shareholders' equity (KRW): 2,310,675,900,000
- Ratio to total shareholders' equity (%): 1.38

(5) Date Of The Board Resolution (Resolution Date) December 6,
2004

- Outside director: 4 out of 6 were present
- Audit Committee members who are not outside directors: none

(6) Application Of Fair Trade Act: No

(7) Enterprise Group: Yes

(8) Others

(A) Proposed buyers: Split transfer to individuals and
corporations with Chungcheong Media Broadcasting Co., Ltd. as
the representative

(B) Terms of payment: Initial payment of 50%, remaining 50% to
be paid in a 36-month installment

(C) Decisions over details and signing of the share transfer
agreement will be delegated to the Representative Director.

(D) Conditions precedent of the disposal Lender(s)'s approval of
the disposal in accordance with terms and conditions of the
Credit Facility Agreement, which is the syndicated loan contract
disclosed on November 21, 2003, and the approval by the Regional
Communication Office on the change of largest shareholder of
Hanaro Web&TV are prerequisite for the equity disposal.

(E) Under the same conditions of equity disposal in Hanaro
Web&TV, Board of Directors of the Company also passed the
resolution to dispose the equity in Mediaholdings Inc.

- Amount of the disposed Chungcheong Media Broadcasting shares:
KRW 14,752,000,000
- Number of Chungcheong Media Broadcasting shares disposed:
415,000 shares

(9) Details On Companies Subjected To Equity Disposal

HANARO WEB&TV CO., LTD.

- Relations with the Company: affiliate prior to equity disposal
- Major business: CATV, broadband Internet
- Disposal date: N/A
- Purpose of disposal: to enhance competitiveness on the market
by expanding the scope of cooperation with MSO/SOs
- Disposal subject: shares
- Disposal amount excluding the amount previously reported:
17,248,000,000
- Ratio of disposed amount to paid-in capital(%): N/A

MEDIAHOLDINGS, INC.

- Relations with Hanaro Telecom: subsidiary prior to equity
disposal
- Major business: Entertainment, broadcasting and new media
business
- Disposal date: N/A
- Purpose of disposal: to enhance competitiveness on the market
by expanding the scope of cooperation with MSO/SOs
- Disposal subject: shares
- Disposal amount excluding the amount previously reported:
14,752,000,000
- Ratio of disposed amount to paid-in capital (%): N/A


KOOKMIN BANK: Hyung Duk Chang to Act as Executive Director
----------------------------------------------------------
Kookmin Bank disclosed in a U.S. Securities and Exchange
Commission filing on December 14, 2004, that Mr. Hyung Duk Chang
was nominated as an interim executive director and standing
member of the audit committee effective December 13, 2004. He
will serve in both capacities until a successor nominee is
appointed.

Due to the absence of the standing member of the audit committee
since April 20, 2004, Kookmin Bank appointed Mr. Chang as the
interim executive director and standing member of the audit
committee under the approval of the Korean Court.

The reasons for Mr. Chang's appointment are:

(a) To improve the transparency of Kookmin Bank's accounting
methods and;

(b) To ensure that a standing member of the audit committee is
present and involved in reviewing the figures of Kookmin Bank
for the fiscal year ended December 31, 2004.

CONTACT:

Kookmin Bank
9-1 Namdaemoonro 2-ga
Chung-gu, Seoul 100-092
Korea (South)
Telephone: +82 2 317 2114
Telephone: +82 2 776 5637


LG CARD: Affiliates Reject Bailout Proposal
-------------------------------------------
LG Electronics Inc. and LG Chemicals Ltd. has refused to extend
rescue funds to LG Card Co., reports Asia Pulse.

LG Electronics said after a board meeting Wednesday that the
bailout for the former credit card arm is not in the interest of
its shareholders and employees.  Similarly, LG Chemical's board
meeting also decided against the bailout.

The two affiliates had injected KRW1.17 trillion in liquidity to
the ailing card issuer and another bailout would be against what
they had promised to their shareholders.

The pressure placed on LG Card's affiliates has worried
investors.  Shares of key LG companies including LG Chem and LG
Electronics tumbled last week on concerns regarding the bailout
for LG Card, however the shares rose on Wednesday.

CONTACT:

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


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


ADVANCE SYNERGY: Regularization Scheme Extended
-----------------------------------------------
The Bursa Malaysia Securities Berhad approved an extension of
time of up to 31 December 2004 for Advance Synergy Capital
Berhad (ASCAP) to regularize its level of operations in
accordance with the provisions of the Practice Note No. 10/2001
(PN10) in relation to Paragraph 8.16 of the Listing Requirements
of the Bursa Exchange.

ASCAP had on 14 December 2004 made an application to Bursa
Securities to uplift the Company from being an affected listed
issuer as it no longer falls under any of the criteria under
Paragraph 2.1 of PN10 of the Listing Requirements of Bursa
Securities.

The said application is pending the decision of Bursa
Securities. The outcome of the said application for upliftment
will be announced in due course.

CONTACT:

Advance Synergy Capital Berhad
Level 3A (Tower Block)
Menara Milenium
8 Jalan Damanlela
Bukit Damansara
50490 Kuala Lumpur
Phone: 03-20948828
Fax: 03-20948848

This announcement is dated 15 December 2004.


CHG INDUSTRIES: Restraining Order Extends to January 28
-------------------------------------------------------
CHG Industries Berhad announced the extension of the restraining
order of the Company and its subsidiaries, CHG Plywood Sdn Bhd
and Cheng Hin Timber Industries Sdn Bhd, under Section 176(10)
of the Companies' Act 1965 for a further period of 90 days from
30 October to 28 January 2005.

CONTACT:

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


JOHOR PORT: Unit Faces Winding Up Proceedings
---------------------------------------------
Johor Port Berhad (JPB) refers to its announcement on 19
December 2002 (Reference No. JP-021219-61243) in relation to the
Member's Voluntary Winding Up of Cargonet Express Sdn. Bhd.
(CESB), the wholly owned subsidiary of the Company.

JPB announced that on 15th December 2004 the Final General
Meeting of CESB was convened to conclude its Member's Voluntary
Winding Up and that the Liquidator of CESB had on 15th December
2004 lodged the Form 69 (Return by Liquidator Relating To Final
Meeting) with the Companies Commission of Malaysia and with the
Official Receiver.

On the expiration of three (3) months after the said lodgment
date of 15th December 2004, CESB will be dissolved pursuant to
Section 272(5) of the Companies Act, 1965.

CONTACT:

Johor Port Berhad  
L2.3, 1st Floor, Wisma Kontena
81700 Pasir Gudang
Johor
Phone: 07-251 4063
Fax: 07-252 5388


KAI PENG: AGM Set For December 31
---------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Kai Peng Berhad will be held at Ivory 3, Level 4,
Holiday Villa Subang, No: 9 Jalan SS 12/1, Subang Jaya, 47500
Petaling Jaya, Selangor Darul Ehsan on Friday 31 December 2004
at 9:15 a.m., or immediately after the conclusion or adjournment
(as the case may be) of the 26th Annual General Meeting of the
Company, which will be held at the same venue and on the same
day at 9.00 a.m., whichever is later, or any adjournment
thereof, for the purpose of considering and if thought fit, to
pass the following ordinary resolution:

ORDINARY RESOLUTION

PROPOSED RENEWAL OF SHAREHOLDERS' MANDATE AND ADDITIONAL
SHAREHOLDERS' MANDATE FOR RECURRENT RELATED PARTY TRANSACTIONS
OF A REVENUE OR TRADING NATURE

"THAT subject always to the Listing Requirements of Bursa
Malaysia Securities Berhad, approval be and is hereby given to
the Company's subsidiary to enter into recurrent related party
transactions of a revenue or trading nature with the Related
Parties as set out in Section 2.3 of the Circular to
Shareholders dated 16 December 2004 subject further to the
following:

i) The transactions are necessary for day to day operations,
carried out in the ordinary course of business, on normal
commercial terms which are not more favorable to the Related
Parties than those generally available to the public and are not
to the detriment of the minority shareholders; and

ii) Disclosure be made in the annual report of the aggregate
value of transactions conducted pursuant to the Proposed
Shareholders' Mandate during the financial year which must
provide a breakdown of the aggregate value of the Recurrent
Related Party Transactions made during the financial year,
amongst others, based on the following information:

a) The type of the Recurrent Related Party Transactions made;
and

b) The names of the Related Parties involved in each type of
Recurrent Related Party Transactions made and their relationship
with the Company;

AND THAT such approval shall continue to be in force until:

i) The conclusion of the next Annual General Meeting (AGM) of
the Company following this Extraordinary General Meeting, at
which time it will lapse, unless by a resolution passed at a
general meeting, the authority is renewed; or
ii) the expiration of the period within which the next AGM of
the Company is required to be held pursuant to Section 143(1) of
the Companies Act, 1965 (but shall not extend to such extension
as may be allowed pursuant to Section 143(2) of the Companies
Act, 1965); or

iii) Revoked or varied by a resolution passed by the
shareholders in a general meeting, whichever is the earlier;
AND THAT the Directors and/or any one of them be and is/are
hereby authorized to complete and do all such acts and things
(including executing all such documents as may be required) as
they/he may consider expedient or necessary to give effect to
the transactions contemplated and/or authorized by this
resolution."

BY ORDER OF THE BOARD
CHAN LAI CHOON Shah Alam
Secretary 16 December 2004

NOTES:

1. A member entitled to attend and vote at the above-mentioned
meeting is entitled to appoint a proxy or proxies to attend and
vote in his stead. Where a member appoints two or more proxies,
he shall specify the proportion of his shareholdings to be
represented by each proxy. A proxy need not be a member of the
Company.

2. The instrument appointing a proxy, in the case of an
individual, shall be signed by the appointor or by his attorney
duly authorised in writing, and in the case of a corporation,
shall be either given under its common seal or under the hand of
an officer or attorney of the corporation duly authorised.

3. Duly completed proxy forms must be deposited at the Company's
Registered Office, 2nd Floor Bangunan Palm Grove, No. 14 Jalan
Glenmarie (Persiaran Kerjaya), Section U1, 40150 Shah Alam,
Selangor Darul Ehsan not less than 48 hours before the time
fixed for the Meeting.

CONTACT:

Kai Peng Berhad
2nd Floor, Bangunan Palm Grove
No. 14 Jalan Glenmarie (Persiaran Kerjaya)
Section U1, 40150 Shah Alam
Selangor Darul Ehsan
Phone: 03-55685000
Fax: 03-55685027
Web site: http://www.kaipeng.com


K.P. KENINGAU: Posts Litigation Update
--------------------------------------
The Board of Directors of K.P. Keningau Berhad (KPK) has
received on 15 December 2004 from its Solicitors, a copy of the
Writ of Summon and Statement of Claim dated 22 November 2004
filed by Messrs Wong & Shim Advocates for the Plaintiff namely,
United Overseas Bank [Malaysia] Bhd [UOB] in the High Court in
Sabah and Sarawak at Kota Kinabalu, served on the Company' s
Solicitors on 9 December 2004.

Details of the Writ of Summon and Statement of Claim are tabled
below.

Suit No: K22-169-2004

KPKSB, a wholly owned subsidiary Company and KPK have been named
as the 1st & 2nd Defendant in its capacity as guarantor under a
corporate guarantee given in the above legal suit. The hearing
date has yet to be advised by the Court. However, as mentioned
in the Writ, appearance by the Company or its Solicitors need to
be entered twenty [20] days from date of summon.

The suit was filed in respect of a claim for outstanding banking
facilities originally granted by Chung Khiaw Bank whose banking
businesses had since been taken over by UOB to KPKSB. The said
banking facilities had since been recalled, and KPKSB is unable
to repay the outstanding principal sums together with accrued
interest in view of its current distressed financial situation.

The amounts claimed are as follows.

(1) Principal sums and accrued interest as at 7 October 2004
amounting to RM6,940,448.68;

(2) Interest chargeable at a rate of 9.5% pa on a monthly rests
basis on the above sum as from
8 October 2004 to date of full settlement;

(3) Costs;

(4) Legal fees;

(5) Any other relief deems fit by the Court.

The banking facilities are secured by an existing all-monies
debenture, 1st legal charge over a parcel of land in Sabah, 1st
party 1st legal charge over 2 office units in Kuala Lumpur,
memorandum of deposit and set-off corporate guarantee provided
by KPK, and is part of the total banking facilities in default
owing by KPK and its subsidiary companies to UOB, which has been
included and duly reported under the monthly PN1/2001
announcements to Bursa Malaysia.

Operational impact of the suit on KPKSB is expected to hamper
efforts in seeking new funds to revive its current restrictive
activities. Further, as previously announced, the Company's
Auditors had in the Financial Statements for year ended 31 July
2004 qualified their report expressing doubts about the Company
and its group companies' [including KPKSB] abilities to continue
as going concerns. Arising thereof, and also in view of the
Company's current status as an affected issuer classified under
PN4/2001, the continuity of operations would now even be more
dependent on fresh injection of funds and/or when the Company is
able to undertake a proposed corporate restructuring scheme
which would include among others, a full debts settlement
proposal, addressing the above debt as well.

On financial and expected losses arising from the suit, apart
for expected legal expenses to be incurred in defending the
suit, in the event, UOB successfully obtained judgment and
subsequently enforced its claims, the maximum expected
liabilities accruing would be limited to the total claims set
out in the suit. Settlement of such claim would be dependent on
whatever residual recovery values of assets of KPKSB and/or KPK
on guarantor, such values could not be ascertained at this
juncture, and/or arising from the terms of settlement of the
debts proposal to be formulated.

KPKSB Solicitors would enter an appearance on the hearing date,
and accordingly address matters pertaining to this Writ of
Summon and Statement of Claim.

CONTACT:

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

This announcement is dated 15 December 2004.


KUMPULAN POWERNET: Discloses FY04 Quarterly Results
---------------------------------------------------
Kumpulan Powernet Berhad announced its unaudited quarterly
result for the financial period ended 31 October 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            31/10/2004

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


1  Revenue  
            4,785        6,013          10,108      11,768

2  Profit/(loss) before tax  
           -1,293       -1,213          -2,523      -2,246

3  Profit/(loss) after tax and minority interest  
           -1,293       -1,213          -2,523      -2,207

4  Net profit/(loss) for the period
           -1,293       -1,213          -2,523      -2,207

5  Basic earnings/(loss) per shares (sen)  
           -2.29        -2.15           -4.48       -3.91

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)  

       0.8800                0.9300

CONTACT:

Kumpulan Powernet Berhad
Lot 4.1 Tingkat 4
Wisma Central
50450 Kuala Lumpur
Phone: 03-21619733
Fax: 03-21628157


MYCOM BERHAD: Updates Restructuring Scheme Proposal
---------------------------------------------------
Mycom Berhad has made an application to the Securities
Commission (SC) for an extension of time to implement the
Proposed Restructuring Scheme.

Pursuant to the approval letter from the Securities Commission
(SC) dated 5 March 2004, the implementation of the Proposed
Restructuring Scheme is required to be completed by 31 December
2004. Southern Investment Bank Berhad (SIBB) had, on behalf of
Mycom, made an application to the SC on 14 December 2004, for an
extension of time up to 30 September 2005 to complete the
implementation of the Proposed Restructuring Scheme (Proposed
Extension).

The Proposed Extension is required, inter-alia, to meet the
request of the lenders under the Proposed Restructuring Scheme
who have requested for a lapse of six (6) months from the date
of registration of the new charges to be created on their
existing collateral so as to perfect the new charges.

The Proposed Extension is subject to the SC's approval.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2072 3993
Fax: +60 3 2072 3996

This announcement is dated 15 December 2004.


OLYMPIA INDUSTRIES: Applies for Rehab Implementation Extension
--------------------------------------------------------------
Olympia Industries Berhad has made an application to the
Securities Commission (SC) for an extension of time to implement
its Proposed Restructuring Scheme.

Pursuant to the approval letter from the SC dated 5 March 2004,
the implementation of the Proposed Restructuring Scheme is
required to be completed by 31 December 2004. SIBB had, on
behalf of OIB, made an application to the SC on 14 December
2004, for an extension of time up to 30 September 2005 to
complete the implementation of the Proposed Restructuring Scheme
(Proposed Extension).

The Proposed Extension is required, inter-alia, to meet the
request of the lenders under the Proposed Restructuring Scheme
who have requested for a lapse of six (6) months from the date
of registration of the new charges to be created on their
existing collateral so as to perfect the new charges.

The Proposed Extension is subject to the SC's approval.

CONTACT:

Olympia Industries Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Phone: +60 3 2070 0033
Fax: +60 3 2070 0011

This announcement is dated 15 December 2004.


PADIBERAS NASIONAL: To List Additional Shares
---------------------------------------------
Padiberas Nasional Berhad's additional 1,039,500 new ordinary
shares of RM1.00 each issued pursuant to the employees' share
option scheme will be granted listing and quotation with effect
from 9 a.m., Friday, 17 December 2004.

CONTACT:

Padiberas Nasional Berhad
Level 8B, 10 & 19, CP Tower
No.11, Section 16/11
Jalan Damansara
46350 Petaling Jaya
Phone: 03-4604545
Fax: 03-4604646
Web site: http://www.bernas.com.my/


PAN MALAYSIA: Prepares For Semi-Annual Returns
----------------------------------------------
Pan Malaysia Capital Berhad announced that the Bursa Malaysia
Securities Berhad has, vide its letter dated 13 December 2004,
advised that Pan Malaysia will not be required to increase the
percentage of public shareholding spread to 25% within a
prescribed period of time in view of, amongst others, the
current percentage of public shareholding spread of 24.47%.

However, PM Capital has been advised to use its best endeavors
to increase the percentage of public shareholding spread to 25%.

In this connection, PM Capital is required to separately notify
Bursa Securities in writing immediately, if in conjunction with
the preparation of PM Capital's semi-annual returns and/or where
PM Capital otherwise becomes aware of the following:

(a) any decrease in the issued and paid-up capital of PM
Capital;

(b) any decrease in the percentage of public shareholding
spread; and

(c) any decrease in the number of public shareholders.

The above is subject to review by Bursa Securities at any time.


PAN PACIFIC: Details Sale, Purchase Deal
----------------------------------------
On 27 July 2004, Avenue Securities Sdn Bhd on behalf of Pan
Pacific Asia Berhad (PPAB), has entered into a conditional
restructuring agreement with Goh Kheng Peow and Tan Ngaip Soon
(collectively, CSB Vendors) wherein PPAB and the CSB Vendors
have agreed to undertake a restructuring scheme with the
intention of restoring PPAB onto stronger financial footing via
an injection of new viable business.

PPAB announced that Compugates Holdings Berhad (CHB) (a Company
incorporated to facilitate the implementation of the Proposed
Restructuring Scheme) and the CSB Vendors had on 15 December
2004 entered into a conditional sale and purchase agreement
(SPA-CSB) for the proposed acquisition of Compugates Sdn Bhd
(CSB). In addition, PPAB and the CSB Vendors had also on even
date entered into the supplemental restructuring agreement
(Supplemental RA) to finalize certain terms and conditions of
the Proposed Restructuring Scheme.

Pursuant thereto, the Proposed Restructuring Scheme will now
comprise the following:

(i) Proposed Scheme of Arrangement with Shareholders;

(ii) Proposed Scheme of Arrangement with Creditors;

(iii) Proposed Acquisition;

(iv) Proposed Exemption;

(v) Proposed Private Placement;

(vi) Proposed Listing Transfer; and

(vii) Proposed Disposal/Liquidation,

(the definitions of the above proposals are set out in Section 2
below).

DETAILS OF THE PROPOSED RESTRUCTURING SCHEME

The details of the Proposed Restructuring Scheme are as follows:

2.1 Proposed Scheme of Arrangement with Shareholders

PPAB proposes to undertake the following:

(a) proposed reduction of the existing issued and paid-up share
capital of PPAB of RM128,578,004 comprising 128,578,004 ordinary
shares of RM1.00 each to RM6,428,900 comprising 128,578,004
ordinary shares of approximately RM0.05 each (Proposed
Reduction);

(b) proposed consolidation of the 128,578,004 ordinary shares of
approximately RM0.05 each in PPAB into 6,428,900 ordinary shares
of RM1.00 each (PPAB Shares) (Proposed Consolidation);

(c) proposed cancellation of the entire issued and paid-up share
capital of PPAB of RM6,428,900 comprising 6,428,900 PPAB Shares,
resulting in a credit reserve of RM6,428,900 arising in the
accounts of PPAB (Proposed Cancellation);

(d) in consideration for the Proposed Cancellation, CHB shall
allot and issue to the shareholders of PPAB 6,428,900 ordinary
shares of RM1.00 each in CHB (CHB Shares) at par, credited as
fully paid-up on the basis of one (1) CHB Share for every one
(1) PPAB Share held after the Proposed Consolidation; and

(e) forthwith and contingent upon the Proposed Cancellation,
PPAB shall apply an amount of RM6,428,900 out of the credit
reserve arising in paying in full at par 6,428,900 PPAB Shares
which shall be allotted and issued, credited as fully paid-up to
CHB, (collectively, the Proposed Scheme of Arrangement with
Shareholders).

The Proposed Scheme of Arrangement with Shareholders will be
effected pursuant to Sections 64 and 176 of the Companies Act,
1965 (Act).

The 6,428,900 new CHB Shares to be issued pursuant to the
Proposed Scheme of Arrangement with Shareholders shall rank pari
passu in all respects with the existing CHB Shares except that
they will not be entitled to any rights, dividends, allotments
and/or other distributions for which the relevant entitlement
date precedes the relevant issue date of the said shares.

2.2 Proposed Scheme of Arrangement with Creditors

PPAB proposes to implement a formal scheme of arrangement and
compromise (Proposed Scheme of Arrangement with Creditors) in
respect of the amounts owing to the prescribed creditors of PPAB
(Scheme Creditors) aggregating RM243.867 million as at 30 June
2003 (subject to proof of debt) based on the principle terms set
out below:

(i) Secured Scheme Creditors

PPAB proposes that the secured Scheme Creditors (Secured Scheme
Creditors) which are owed in aggregate of RM31.561 million as at
30 June 2003 (subject to proof of debt) be settled in the
following manner:

(a) A planned orderly disposal of the encumbered assets shall be
undertaken with the proceeds realized there from being
distributed to the Secured Scheme Creditors based on their
respective legal and contractual entitlement(s) to such
proceeds.

(b) The ascribed estimated realizable values of the encumbered
assets as set out below based on their appraised values shall be
recognized as security values which will crystallize as recovery
to the Secured Scheme Creditors from this planned disposal. The
shortfall arising from the planned orderly disposal of the
encumbered assets estimated at RM21.861 million shall be
recognized as scheme liabilities of PPAB for which it is
proposed that the shortfall be settled by way of issuance of CHB
Shares and irredeemable convertible preference shares of RM0.10
each in CHB (ICPS) at an issue price of RM1.00 per ICPS.

(c) In the event the sale proceeds from the disposal of the
encumbered assets subject to the respective charges of the
Secured Scheme Creditors exceed the security values of the
encumbered assets set out under paragraph (b) above, the surplus
proceeds in excess of the security values of the encumbered
assets shall be applied in the following manner:

Firstly, to off-set the debt waiver by the respective Secured
Scheme Creditors arising after the realization of the security
values for the encumbered assets and the proposed issuance of
CHB Shares and ICPS of RM0.10 each in CHB as detailed under
Section (iii) below.

Secondly, to distribute any monies remaining after the
abovementioned debt waiver off-set to the other creditors of the
respective borrower companies based on the creditors' respective
claims on the said companies.

(ii) Unsecured Scheme Creditors

PPAB proposes that the unsecured Scheme Creditors (Unsecured
Scheme Creditors) which are owed in aggregate of RM212.306
million as at 30 June 2003 (subject to proof of debt) as set out
in Table 3 will be settled vide the issuance of CHB Shares and
ICPS as elaborated under Section (iii) below.

(iii) Proposed Issuance of CHB Shares and ICPS for Settlement of
Scheme Creditors

The scheme liabilities of PPAB aggregating RM234.167 million in
respect of amounts owing to the Secured Scheme Creditors and
Unsecured Scheme Creditors amounting to RM21.861 million (after
realization of the securities) and RM212.306 million
respectively as detailed under Sections (i) and (ii) above shall
be settled by way of the proposed issuance of 4,000,000 new CHB
Shares and 16,000,000 ICPS at an issue price of RM1.00 each.
The new CHB Shares to be issued pursuant to the Proposed Scheme
of Arrangement with Creditors and upon conversion of the ICPS
shall rank pari passu in all respects with the existing CHB
Shares except that they will not be entitled to any rights,
dividends, allotments and/or other distributions for which the
relevant entitlement date precedes the relevant issue date of
the new CHB Shares.

The proposed issuance of the CHB Shares and ICPS to the Scheme
Creditors shall be based on the following principle terms:-

(a) All interest charges, penalty/overdue interests and any
other incidental charges are to be accrued up to 30 June 2003.
All interest charges, penalty/overdue interests and any other
incidental charges after 30 June 2003 is to be waived.

(b) The Scheme Creditors shall unconditionally release and
discharge PPAB in full from all obligations and liabilities
(including indemnities, undertaking and/or debenture
instruments, if any) and where applicable, withdraw and/or
discontinue all legal proceedings whatsoever with no order as to
costs against PPAB in their capacity as defendant or respondent,
upon the issuance of the CHB Shares and ICPS pursuant to the
Proposed Scheme of Arrangement with Creditors.

(c) All obligations and liabilities of PPAB under the corporate
guarantees extended to the Scheme Creditors for the debts to be
settled under the Proposed Scheme of Arrangement with Creditors
shall be discharged and/or released in full upon issuance of the
CHB Shares and ICPS.

(d) Over and above the repayment to the Scheme Creditors from
the redemption of the charged assets and proposed issuance of
CHB Shares/ICPS as provided in the Proposed Restructuring
Scheme, the Scheme Creditors will continue to retain all their
existing rights and entitlements to claim against the
unencumbered assets of their respective debtor Company or
borrowing entity (save for PPAB), as the case may be, for any
shortfall in recovery of their total liabilities as at 30 June
2003.

(e) Upon sanction by the High Court of Malaya on the
implementation of the Proposed Restructuring Scheme, all
previous arrangements, compromises, commitments, negotiations
and moratoriums entered into between PPAB and the Scheme
Creditors shall be superseded by the Proposed Restructuring
Scheme.

All Scheme Creditors will be required to submit their proof of
debt to confirm their liabilities as at 30 June 2003 and for
adjudication by PPAB.

2.3 Proposed Acquisition

On 15 December 2004, CHB had entered into the SPA-CSB with the
CSB Vendors for the acquisition of the entire equity interest in
CSB comprising 3,500,000 ordinary shares of RM1.00 each for a
purchase consideration of RM162,000,000 to be satisfied entirely
via the issuance of 85,000,000 new CHB Shares at an issue price
of RM1.00 each and 77,000,000 ICPS at an issue price of RM1.00
per ICPS (Proposed Acquisition).

(i) Basis of Arriving at the Purchase Consideration
The purchase consideration of RM162,000,000 was arrived at on a
willing seller-willing buyer basis after taking into
consideration, inter alia, the following:

(a) the future earnings of CSB and its subsidiaries (CSB Group);
(b) the consolidated audited net tangible assets (NTA) of CSB as
at 31 December 2003 of RM10.2 million; and
(c) the historical financial performance of the CSB Group.

(ii) Basis of Determining the Issue Price

The proposed issue price of the new CHB Shares and ICPS of
RM1.00 each was arrived at after taking into consideration the
following:

(a) the closing market share price of PPAB's existing ordinary
shares of RM1.00 each as at 31 October 2002 of RM0.09 (being the
date preceding the date of suspension of the trading of PPAB
Shares on 1 November 2002);

(b) the audited consolidated net tangible liability (NTL) of
PPAB as at 30 June 2004 of RM4.38 per share;

(c) the audited consolidated loss after taxation (LAT) of PPAB
for the financial year ended 30 June 2004 of RM86.625 million;
and

(d) the par value of the CHB Shares of RM1.00.

(iii) Ranking of the New CHB Shares

The new CHB Shares to be issued pursuant to the Proposed
Acquisition shall rank pari passu in all respects with the
existing CHB Shares except that they will not be entitled to any
rights, dividends, allotment and/or other distributions for
which the relevant entitlement date precedes the relevant issue
date of the new CHB Shares.

The new CHB Shares to be issued pursuant to the conversion of
the ICPS shall rank pari passu in all respects with the existing
CHB Shares except that they will not be entitled to any rights,
dividends, allotment and/or other distributions for which the
relevant entitlement date precedes the relevant issue date of
the new CHB Shares.

(iv) Liabilities to be Assumed

CHB will not assume any liabilities under the Proposed
Acquisition.

(v) Information on the CSB Group

CSB was incorporated in Malaysia as a private limited Company
under the Act on 19 May 1997. The authorized share capital of
CSB is RM5,000,000 comprising 5,000,000 ordinary shares of
RM1.00 each of which 3,500,000 ordinary shares of RM1.00 each
have been issued and fully paid-up.

The principal activities of CSB are trading, marketing and
distribution of imaging, information technology and
communication-based products, whilst the principal activities of
its subsidiary companies are as shown in Table 6 below.

The audited consolidated financial records of the CSB Group for
the past five (5) financial years ended 31 December 1999 to 2003
are as shown in Table 7 below.

(vi) Original Dates and Costs of Investments

The original dates and costs of investments of the CSB Vendors
in CSB are as shown in Table 8 below.

2.4 Proposed Exemption

Upon completion of the Proposed Acquisition, the CSB Vendors
shall collectively hold more than 33% of the resultant enlarged
issued and paid-up share capital of CHB. In accordance with
Paragraph 6(1)(a) of Part II of the Malaysian Code on Takeovers
and Mergers, 1998 (Code), the CSB Vendors are obliged to
undertake a mandatory general offer for all the remaining CHB
Shares not already held by them.

An application will be made to the SC to exempt the above said
obligations of the CSB Vendors pursuant to Practice Note 2.9.3
of the Code (Proposed Exemption).

2.5 Proposed Private Placement

In order to meet the public spread requirement of Bursa Malaysia
Securities Berhad (Bursa Securities), CHB proposes to undertake
a private placement of 25,000,000 new CHB Shares to eligible
investors to be identified later at an issue price of RM1.00 per
share (Proposed Private Placement).

The proposed issue price of the new CHB Shares of RM1.00 each
was arrived at after taking into consideration the following:
(a) the closing market share price of PPAB's existing ordinary
shares of RM1.00 each as at 31 October 2002 of RM0.09 (being the
date preceding the date of suspension of the trading of PPAB
Shares on 1 November 2002);

(b) the audited consolidated NTL of PPAB as at 30 June 2004 of
RM4.38 per share;

(c) the audited consolidated LAT of PPAB for the financial year
ended 30 June 2004 of RM86.625 million; and

(d) the par value of the CHB Shares of RM1.00.

The CHB Shares to be issued pursuant to the Proposed Private
Placement shall rank pari passu in all respects with the
existing CHB Shares except that they will not be entitled to any
rights, dividends, allotments and/or other distributions for
which the relevant entitlement date precedes the relevant issue
date of the said shares.

The Proposed Private Placement is expected to raise gross
proceeds of RM25.0 million based on the issue price of RM1.00
per CHB Share. The proceeds shall be utilized to finance the
working capital and repayment of borrowings of CHB and its
proposed subsidiaries, the CSB Group.

2.6 Proposed Listing Transfer

It is proposed that the entire issued and paid-up share capital
of PPAB be de-listed from the Official List of the Main Board of
Bursa Securities and that CHB be admitted to the Official List
of the Main Board of Bursa Securities with the listing of the
entire enlarged issued and paid-up share capital upon completion
of the above exercises (Proposed Listing Transfer).

2.7 Proposed Disposal/Liquidation

Upon the completion of the Proposed Scheme of Arrangement with
Shareholders, Proposed Scheme of Arrangement with Creditors,
Proposed Acquisition, Proposed Exemption, Proposed Private
Placement and Proposed Listing Transfer, CHB shall transfer the
entire issued and paid-up share capital of PPAB comprising
6,428,900 PPAB Shares to a special purpose vehicle to be
identified (Proposed Disposal/Liquidation). This is to
facilitate the disposal, winding-up and/or liquidation of PPAB
and its subsidiaries. The amount recovered net of recovery
expenses, if any, will be set aside for distribution to the
Scheme Creditors on a pro-rata basis based on the net
liabilities to be settled under the Proposed Scheme of
Arrangement with Creditors.

Treatment Of Certain Liabilities Of PPAB Which Will Not Be
Settled Under The Proposed Scheme Of Arrangement With Creditors
(I) Settlement Of Liabilities Owing To HSBC Bank Malaysia Berhad
(HSBC)

HSBC is a contingent secured creditor of PPAB by virtue of the
corporate guarantee granted by PPAB in favour of HSBC for the
debts owing by Jafuong Plywood Corporation Sdn Bhd (in
receivership and liquidation) (JPCSB) to HSBC. Based on 30 June
2003, the cut-off date used in determining the debts under the
Proposed Scheme of Arrangement with Creditors, the amount of
contingent liability in respect of PPAB's corporate guarantee is
up to but not exceeding the sum of RM35,000,000.

The Company is currently in negotiation with HSBC for a
settlement arrangement in relation to the debt owing by JPCSB
for HSBC (HSBC Settlement). In view of the HSBC Settlement, the
Board of Directors of PPAB envisages that the corporate
guarantee by PPAB in favour of HSBC will be discharged prior to
the implementation of the Proposed Restructuring Scheme. On that
basis, the Board of Directors of PPAB has decided not to include
the said contingent liabilities owing to HSBC for settlement
under the Proposed Scheme of Arrangement with Creditors.

However, in the event that the HSBC Settlement is not
implemented, it is proposed that the relevant approvals be
sought from the shareholders and creditors of PPAB, where
necessary, to authorize the Board of Directors of PPAB to enter
into, if they deem fit, a compromise and/or settlement with HSBC
in respect of the said contingent liability, on terms not more
favorable than those applicable to the Secured Scheme Creditors.
The exact settlement terms would be negotiated and agreed upon
by PPAB and HSBC in due course.

(II) Settlement Of Liabilities Owing To Other Creditors Of PPAB
As at 30 June 2003, the debt owing by PPAB to its creditors
(other than the Scheme Creditors) (Other Creditors) amounts to
RM1.798 million. PPAB shall undertake to settle the debts owing
to the Other Creditors in the ordinary course of business prior
to the implementation of the Proposed Restructuring Scheme. As
such, the aforesaid debts will not be included under the
Proposed Scheme of Arrangement with Creditors.

CONTACT:

Pan Pacific Asia Berhad
Unit No. 602B,
Level 6, Tower B,
Uptown 5, 5 Jalan SS21/39,
Damansara Uptown,
47400 Petaling Jaya,
Selangor
Phone: 03-77278168
Fax: 03-77271622


PAN PACIFIC: Resolutions Duly Passed at AGM
-------------------------------------------
The Board of Directors of Pan Pacific Asia Berhad (PPAB)
announced that all the resolutions as stated in the Notice of
14th Annual General Meeting (AGM) of the Company have been duly
passed at the 14th AGM of PPAB held on Wednesday, 15 December
2004.


TAN CHONG: Unit Completes Voluntary Liquidation
-----------------------------------------------
Tan Chong Motor Holdings Berhad has been informed on 14 December
2004 that the voluntary liquidation of its 75% held subsidiary,
Nissan TCM Pty Limited (NTP), a Company incorporated in the
British Virgin Islands, was completed on 7 December 2004.

NTP was an investment holding Company formed in 1996 with Nissan
Motor Co Ltd and Marubeni Corporation of Japan, each having
12.5% shareholding, to participate in a joint venture Company
with Danang Automobile Mechanical Factory for the purpose of
investing in a motor vehicle assembly plant in the Socialist
Republic of Vietnam. The Vietnamese government had on 30 August
2001 terminated the investment license granted to the joint
venture Company. As the original objective of the setting up of
NTP no longer exists, the shareholders of NTP had mutually
agreed to liquidate the Company.

CONTACT:

Tan Chong Motor Holdings Berhad
3rd Floor Bangunan Tan Chong
62-68 Jalan Ipoh
51200 Kuala Lumpur
Phone: 03-40411044/ 03-40423259
Fax: 03-40427198


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


MANILA ELECTRIC: Expects 3% Sales Volume Growth
-----------------------------------------------
Manila Electric Co. (Meralco) expects its sales volume to
increase by 3 percent year on year, ABS-CBN News reports, citing
Meralco Treasurer Rafael Andrada.

In 2003, the Company posted a net profit of PHP907 million. The
Company's full-year profit is still subject to the adjustments
brought about by the new accounting standards.

Meralco auditors are also going to determine if its US$228-
million refinancing agreement with creditors would be implicated
by the new accounting standards.

Mr. Andrada said that the agreement Meralco signed with its
domestic and foreign commercial banks to refinance maturing
loans due in the next 24 months to seven years or until 2004
took effect on 15 December 2004.

The Company's total debt is estimated at US$430 million. Of
which, US$202 million are loans extended by multilateral credit
agencies.

CONTACT:

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


MANILA ELECTRIC: Net Profit Could Grow This Year
------------------------------------------------
Manila Electric Co. (Meralco) expects its net profit to increase
this year, Dow Jones reports, citing Company executives.

"Operationally, we'll be better than last year in terms of net
income (profit). This is a better year than last year but the
final numbers would still be subjected to adjustments based on
the IFAS (international financing and accounting standards). It
could go either way," Meralco Treasurer Rafael Andrada said in
the report.

The Company's external auditor SGV & Co. has yet to determine
how the new IFAs would be applied in Meralco's books. The new
IFAS, among other things, require a more stringent booking of
foreign exchange losses related to foreign borrowings.

In a recently TCR-AP report, Manila Electric Co. (Meralco) is
evaluating the feasibility of servicing the fourth phase of
refund for its large industrial and commercial clients through
the use of debt instruments other than the refund notes it had
proposed.

Meralco said since it was ordered to refund its overcharges from
February 1994 to May 2003, it should also get a refund for the
excess income taxes estimated at Php8.9 billion during the
period.


MANILA ELECTRIC: Details Capital Expenditures for Next Year
-----------------------------------------------------------
Manila Electric Co. is allocating PhP5.75 billion for capital
expenditures next year, the Business World reports, citing
Meralco Treasurer Rafael Andrada.

The amount would be used for the maintenance of the Company's
electrical system.

Meralco recently signed an agreement with 22 local and foreign
creditors to refinance loans due in 2006.

Under the deal, Meralco was allowed to extend the maturity of
loans worth US$228 million.

The agreement also allowed the firm to complete payment of the
loans over seven years, instead of just two years.


MAYNILAD WATER: Needs Php12 Bln to Boost Operations
---------------------------------------------------
Maynilad Water Services Inc. will need Php12 billion for capital
expenditure to improve operations over the next six years,
reports the Philippine Daily Inquirer, citing Maynilad President
Fiorello Estuar.

The Company delivering water to the western zone of Metro Manila
will need Php1.16 billion in 2005 and may decide to get the
money from proceeds of a rate increase starting January 1, Mr.
Estuar said.

"Money from the rate adjustment, which on January 1 will amount
to Php31.19 per cubic meter, will go to additional water service
connections, improvement in network facilities, and ensuring
consistent water quality," Mr. Estuar said.

Maynilad has Php18 billion in debts. Its designated receiver has
until this Thursday to file its final version of a
rehabilitation plan to be submitted for approval to Quezon City
Regional Trial Court (RTC) Branch 90.

CONTACT:

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


NATIONAL POWER: YNN Pacific Confident of Closing Sale Contract
--------------------------------------------------------------
YNN Pacific consortium, the winning bidder for the Masinloc
power plant in Zambales, has full confidence it will close the
sale contract with the Power Sector Assets and Liabilities
Management Corporation (PSALM), reports the Philippine Star.

The Australian firm was compelled to come out in the open due to
criticisms raised by some sectors questioning the group's
capability to pay upfront cash to the government.

The winning bidder also said it intends to raise funds through
loan syndication and project financing.

YNN Pacific is a consortium formed by Australian Company Great
Pacific Financial Group and local Company YNN Holdings
specifically to participate in the government's privatization
program for the National Power Corporation (Napocor) assets.

CONTACT:

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


PHILIPPINE LONG: Fitch Revises Outlook to Negative
--------------------------------------------------
Fitch Ratings has revised the outlook on the Philippine Long
Distance Telephone Company (PLDT)'s long-term foreign currency
rating and that of its global bonds, senior notes and
convertible preferred stock to Negative from Stable.

The rating agency also affirmed PLDT's long-term foreign
currency rating, global bonds, senior notes and convertible
preferred stock at 'BB', 'BB', 'BB' and 'B+' respectively.
PLDT's Long-term local currency rating has also been affirmed at
'BB' with a Stable Outlook.

The rating action reflects Fitch's decision to revise its
outlook on the Republic of the Philippines' long-term ratings to
negative from stable as PLDT's foreign currency and senior debt
instrument ratings are constrained by the sovereign foreign
currency rating. On the other hand, PLDT's Long-term local
currency rating is not constrained hence the Stable Outlook has
been maintained.

PLDT itself has reported consistent improvement in its operating
and financial profile over a sustained period. Much of the
improvement has been driven by robust growth at its highly cash-
generative and 100%-owned cellular subsidiary Smart
Communications Inc, although PLDT's fixed-line business is also
free cash flow positive.

CONTACT:
Jonathan Cornish, Hong Kong
Phone: +852 2263 9901.

Media Relations:
Ching-Yuen Lock, Singapore
Phone: +65 6238 7301.


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


CHINA AVIATION: Clarifies Asian Wall Street Journal Article
-----------------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd (CAO) released to
the Singapore Stock Exchange its clarification on the article by
the Asian Wall Street Journal.

The Company refers to the article by The Asian Wall Street
Journal on 15 December 2004, entitled "CAO Singapore Expected
Parent's Help as Loss Grew. Suspended CEO Insisted Beijing Firm
Would Cover Derivatives Trading Deficit".

The abovementioned article reports that on 12 November 2004, Mr.
Peter Lim, the Head of Finance of CAO, had received a faxed
letter that appeared to be signed by Mr. Chen Jiulin and Mr. Jia
Changbin, President of CAO Holding Company (CAOHC) which
contained a statement that CAOHC would save CAO.

The article also states that CAOHC has denied sending any such
fax and "did not at any time sign or enter into any letter or
agreement to assume the obligations or liabilities" of CAO. The
Company's Independent Directors, together with its legal and
financial advisers, will be bringing this matter to the
attention of the relevant authorities.


CRAFT PROJECTS: Receives Winding Up Order
-----------------------------------------
In the matter of Craft Projects (S) Pte Ltd., a Winding Up Order
was made on the 3rd day of December 2004.

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

Messrs Darshan & Teo
Solicitors for the Petitioners

This Singapore Government Gazette notice is dated 10 December
2004.


EPIC INTERNATIONAL: Posts Notice Of Intended Dividend
-----------------------------------------------------
Epic International Pte Ltd posted its intended dividend notice
at the Singapore Government Gazette.

Address of former Registered office: 138 Cecil Street
#15-00 Cecil Court Singapore 069538

Last day of receiving proofs: 24 December 2004

Name of Joint Liquidators: Ong Lee Wha/Ong Soo Hwa

Address of Liquidator: c/o S. H. Ong & Company
545 Orchard Road
#11-07 Far East Shopping Centre
Singapore 238882

Dated: 10 December 2004

Ong Lee Wha/Ong Soo Hwa
Joint Liquidators


FOCUS INDUSTRIES: Issues Intended Dividend Notice
-------------------------------------------------
Focus Industries Pte Ltd. issued to the Singapore Government
Gazette a notice of its Intended Dividend.

Address of Registered Office: Formerly of 123 Bukit Merah Lane 1
#03-86 Singapore 150123

Court: Supreme Court, Singapore

Number of Matter: Companies Winding Up No. 7 of 2000

Last Day for Receiving Proofs: 24 December 2004

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

Dated: 10 December 2004

Chan Wang Ho
Assistant Official Receiver


INFORMATICS HOLDINGS: Disposes of Properties
--------------------------------------------
The Board of Directors of Informatics Holdings Ltd. is pleased
to announce that following its announcements in July this year
on the disposal of its non-core assets, the Company as entered
into transactions for the disposal of two of its properties.

The Company granted an option to Mohamed Haneefa Iqbal and
Mohamed Janifa s/o Abdul Hamid to purchase 1 Sophia Road 03-40
Peace Centre, Singapore 228 49 at the price of SG$l,OOO, 00.00.
The purchasers have exercise their option to purchase on 2nd
December 2004. Parties have agreed to complete the transaction
on or before 10th February 2005.

The Company also granted an option to Mr. Loh Lian Huat and/or
any WrtY or parties nominated by him to purchase 32 Adis oad
#01-42 Sophia Court, Singapore 229978 at the price of
SG$633,000.00. The sale will be concluded upon the purchaser's
exercise of his option on or before 19th January 2005.

The transactions for the sale of the above properties are
subject to the general conditions of sale known as "The
Singapore Law Society's conditions of Sale 1999" so far as they
are applicable to sale by private treaty.

The Peace Centre Property is also sold subject to an existing
tenancy agreement with the Company.

None of the directors or controlling shareholders has any
interest, direct or indirect, in the disposals.


INFORMATICS HOLDINGS: Dissolves Subsidiary
------------------------------------------
The Board of Directors of Informatics Holdings Limited wishes to
announce that at the shareholders' meeting of its 82% owned
subsidiary in Thailand, Informatics International Co. Ltd., a
special resolution had been approved to dissolve the Company as
of 30th June 2004.

The dissolution of this subsidiary will have no impact on the
business or affairs of the Company.

By Order of the Board
Raymond Quek Hiong How
Company Secretary
15th December 2004


PANPAC MEDIA: To Convene EGM on December 30
-------------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Panpac Media Group Limited will be held on 30 December 2004 at
10:00 a.m. at 371 Beach Road #03-18 Keypoint Singapore 199597
for the purpose of considering and, if thought fit, passing with
or without any modifications the following resolutions:

Ordinary Resolution
That:
(a) pursuant to Chapter 10 of the SGX-ST Listing Manual,
approval be and is hereby given for the acquisition  by The
Observer Star Global Publishing Holding Ltd of the entire issued
and paid up capital in Maxful Management Corp (to be renamed as
"Caijing Times Advertising Development Corporation Limited" and
the Chinese name to be " ") from SEEC Media Group Limited for an
aggregate consideration of HK$48.0 million on the terms of the
sale and purchase agreement (the "Sale and Purchase Agreement")
dated 7 November 2004 entered into between the Purchaser, Vendor
and the Company and the Directors of the Company be and are
hereby authorized to do any and all such acts and things as they
may, in their absolute discretion deem fit, expedient or  
necessary to give effect to the Proposed Acquisition and/or the
Sale and Purchase Agreement; and

(b) pursuant to Chapter 10 of the SGX-ST Listing Manual,
approval be and is hereby given for the acquisition by The
Observer Star Global Publishing Holding Ltd of the entire issued
and paid up capital in Optima Media International Ltd from
Toorak Group Limited for an aggregate consideration of HK$12.0
million on the terms of the sale and purchase agreement dated 10
November 2004 entered into between the Purchaser, Vendor and the
Company and the Directors of the Company be and are hereby
authorized to do any and all such acts and things as they may,
in their absolute discretion deem fit, expedient or necessary to
give effect to the Proposed Acquisition and/or the Sale and
Purchase Agreement.

By Order of the Board
Tan Min-Li
Company Secretary
15 December 2004

Notes:

(1) A member entitled to attend and vote at the Extraordinary
General Meeting is entitled to appoint a proxy or proxies (not
more than two) to attend and vote on his stead. A member of the
Company which is a corporation is entitled to appoint its
authorized representative or proxy to vote on its behalf. A
proxy need not be a member of the Company.

(2) If a Shareholder wishes to appoint a proxy/proxies to attend
and vote at the Extraordinary General Meeting on his behalf, the
Shareholder should complete and submit the form of proxy
dispatched to Shareholders.

(3) To be valid, the Shareholder Proxy Form must be signed and
together with the power of attorney or other authority, if any,
under which it is signed, or a notarially certified copy of such
power or authority, deposited at the office of the Company or
the Company's share registrar in Singapore, Barbinder & Co Pte
Ltd at 8 Cross Street #11-00 PWC Building Singapore 048424 not
less than 48 hours before the time appointed for holding the
Extraordinary General Meeting or at any adjournement thereof.

(4) Where a Shareholder Proxy Form appoints more than one proxy,
please specify the proportion of the Shareholding concerned to
be represented by each proxy in the form of proxy.

Submitted by:
Tan Min-Li
Company Secretary


PANPAC MEDIA: Proposes Maxful and Optima Acquisition
----------------------------------------------------
The Board of Directors of Panpac Media Group Limited is pleased
to announce that the Singapore Exchange Securities Trading
Limited has granted its in-principle approval for the listing
and quotation of the New Shares pursuant to the proposed
acquisition of Maxful and Optima.

The Exchange's AIP is subject to shareholder approval.

The Exchange's AIP for the listing and quotation of the New
Shares is not to be taken as an indication of the merits of the
Company or the proposed acquisition of Maxful and Optima.

The proposed acquisition of Maxful and Optima is subject to the
approval of shareholders at the extraordinary general meeting to
be convened. The Company will make a separate announcement
concerning the EGM.

Submitted on behalf of the Board of Directors:
Ricky Ang Gee Hing   
Group Md And Ceo   


WEE POH: Appoints Independent Director
--------------------------------------
The Board of Directors of Wee Poh Holdings Limited is pleased to
announce that Mr. Hoon Tai Meng has been appointed as an
Independent Director of the Company with effect from 15 December
2004.

Date of Appointment: 15 December 2004   

Name: Hoon Tai Meng
  
Age: 53
   
Country of principal residence: Singapore   

Whether appointment is executive, and if so, area of
responsibility: No    

Job Title: NIL   
Working experience and occupation(s) during the past 10 years

Shareholding: in the listed issuer and its subsidiaries: NIL    
  
Family relationship with any director and/or substantial
shareholder of the listed issuer or of any of its principal
subsidiaries: NIL    
  
Conflict of interest: NIL    
  
Other Directorship  
- These fields are not applicable for announcements of
appointments pursuant to Rule 704(9)

Information required under Rule 704(7)(h)
Disclose the following matters concerning a director, chief
executive officer, general manager or other executive officer of
equivalent rank. If the answer to any questions is "yes", full
details must be given.

(a) Whether at any time during the last 10 years, a petition
under any bankruptcy laws of any jurisdiction was filed against
him or against a partnership of which he was a partner? No   

(b) Whether at any time during the last 10 years a petition
under any law of any jurisdiction was filed against a
corporation of which he was a director or key executive for the
winding up of that corporation on the ground of insolvency? No   

(c) Whether there is any unsatisfied judgment against him? No   

(d) Whether he has ever been convicted of any offence, in
Singapore or elsewhere, involving fraud or dishonesty which is
punishable with imprisonment for 3 months or more, or has been
the subject of any criminal proceedings (including any pending
criminal proceedings which he is aware of) for such purpose? No   

(e)Whether he has ever been convicted of any offence, in
Singapore or elsewhere involving a breach of any law or
regulatory requirement that relates to the securities or futures
industry in Singapore or elsewhere, or been the subject of any
criminal proceedings (including any pending criminal proceedings
which he is aware of) for such breach? No   

(f) Whether at any time during the last 10 years, judgment has
been entered against him in any civil proceedings in Singapore
or elsewhere involving a breach of any law or regulatory
requirement that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misinterpretation or dishonesty on his part, or he has been the
subject of any civil proceedings (including any pending civil
proceedings which he is aware of involving an allegation of
fraud, misinterpretation or dishonesty on his part)? No   

(g) Whether he has ever been convicted in Singapore or elsewhere
of any offence in connection with the formation or management of
any corporation? No   

(h) Whether he has ever been disqualified from acting as a
director of any corporation, or from taking part directly or
indirectly in the management of any corporation? No   

(i) Whether he has ever been the subject of any order, judgment
or ruling of any Court, tribunal or governmental body,
permanently or temporarily enjoining him from engaging in any
type of business practice or activity?  No   

(j) Whether he has ever, to his knowledge, been concerned with
the management or conduct, in Singapore or elsewhere, of the
affairs of:

    (i) any corporation which has been investigated for a breach
of any law or regulatory requirement governing corporations in
Singapore or elsewhere; or

    (ii) any corporation or partnership which has been
investigated for a breach of any law or regulatory requirement
that relates to the securities or futurues industry in Singapore
or elsewhere, in connection with any matter occurring or arising
during the period when he was so concerned with the corporation
or partnership?  No   

By Order Of The Board
Wong Teck Kui
Chairman/Director
Dated: 15 December 2004


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


THAI PETROCHEMICAL: Committee Urges Fair Allocation of Shares
-------------------------------------------------------------
The senate administrative committee calls for the Ministry of
Finance to conduct a fair and transparent allocation of Thai
Petrochemical Industry Plc (TPI) capital raising shares,
Business Day relates.

The move was to assure TPI's existing shareholders who sent a
complaint to the committee that the new shares allocation plan
was unfair.  Finance Minister Somkid Jatusripitak was also
invited Wednesday to clarify TPI's new shares allocation.

The finance minister sent Sangiam Santad and Siri Jirapongpan,
the plan administrator team's representatives, to explain
details of TPI's new shares allocation plan to the committee.

According to the committee's chairman Major Gen Intarat
Yodbangtei, TPI's plan administrator representatives had
confirmed that the allocation of TPI's capital raising shares
will be in line with the Central Bankruptcy Court's order made
on November 10, 2004 which gives rights to TPI's existing
shareholders to buy TPI's new shares.

"The representatives told the committee that the Ministry of
Finance has yet to allocate TPI's shares to PTT Plc, the
Government Pension Fund and the Government Savings Bank as it
was earlier reported," Maj. Gen. Inarat said.

The representatives had said that there are co-investment
proposals from the juristic persons and a working committee of
the ministry is considering the proposals, Maj. Gen. Intarat
added.

The following suggestions were made in order to resolve the
disputed case and will be submitted to the Ministry of Finance
this week.

(1) TPI's existing shareholders should be given the right to buy
TPI's new shares as ordered by the Central Bankruptcy Court and
the Ministry of Finance has authority under the Court's order to
do so.

(2) In order to create transparency and good governance, the
Ministry of Finance should set up a methodology and timeframe to
consider proposals by prospective co-investors and should not
only look at PTT, GPF and GSB proposals, as the practice is
against the law and the Court's order.

(3) The Ministry of Finance is the one who sets up a national
good governance principle and therefore the principle should be
imposed in seeking co-investors for TPI. This practice will be a
good example for the general public and it will be fair for
TPI's existing shareholders.

According to a report in Business Day, a shares committee for
TPI's share allocation chaired by the ministry of finance's
permanent secretary Suparut Kawatkul is now considering
prospective business partners for TPI based on the following
five principles:

(a) TPI can continue operating its business effectively,
(b) TPI's employees can continue their work,
(c) TPI's creditors will receive debt repayment,
(d) The debtors will be fairly treated, and;
(e) It will create benefits for the country's economy.

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


TONGKAH HARBOUR: Releases Tin Mining's Operating Result
-------------------------------------------------------
Tongkah Harbour Public Company Limited informed the Stock
Exchange of Thailand (SET), shareholders and investors of the
Company's production output for October to November 2004.

Tin Ore Production Output
Unit: Kilograms

October   October  November November        Accumulated
2004     2003      2004     2003   (Jan-Nov 2004) (Jan-Nov 2004)

Tin Ore Stock
13,380   26,040    3,900   21,420      11,220         25,200

Dredged during the period
12,960   18,000   14,640   14,580     137,280        118,500

Sold during the period
(22,440) (22,620) (12,600) (20,700)   (142,560)      (128,400)

Balance-end of period
3,900   21,420    5,940   15,300       5,940         15,300

Please be informed accordingly.
Yours sincerely,
(Mr.Ronald Ng Wai Choi)
Managing Director

CONTACT:

Tongkah Harbour Public Company Limited   
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok    
Telephone: 0-2695-4912-28   
Fax: 0-2695-4901   



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

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

  CHINA & HONG KONG
  -----------------
Guangdong Sunrise-B            200030    (-177.22)     45.09
Guangdong Sunrise-A            000030    (-177.22)     45.09
Hainan DadongH-B               200613    (-5.15)       18.72
Hainan Dadong-A                000613    (-5.15)       18.72
Shenzhen China Bicycles-B
Co., Ltd.                      200017    (-203.9)      52.16
Shenzhen China Bicycles-A
Co., Ltd.                      000017    (-203.9)      52.16

  INDONESIA
  ---------
Barito Pacific Timber Tbk Pt    BRPT      (-50.67)     393.92
PT Smart Tbk                    SMAR      (-30.07)     430.99

  JAPAN
  -----

Fujitsu Comp Ltd                6719       (-46.88)    316.07

  MALAYSIA
  --------

Faber Group Bhd                 FAB      (-94.49)      388.49
Kemayan Corp Bhd                KOP      (-353.12)     N.A.
Panglobal Bhd                   PGL       (-41.07)     187.79
Sri Hartamas Bhd                SHB          N.A.      24.48
YCS Corporation Bhd             YCS         28.34      160.27

  PHILIPPINES
  -----------

Pilipino Telephone Co.          PLTL     (-400.56)     115.91



  SINGAPORE
  ---------

Pacific Century Regional
Developments Ltd                 PAC      (-176.29)    1050.46
Informatics Holdings Ltd         INFO        26.82      62.92

  THAILAND
  --------

Asia Hotel PCL                  ASIA       (-26.62)     96.21
Asia Hotel PCL                  ASIA/F     (-26.62)     96.21
Bangkok Rubber PCL              BRC        (-41.29)     80.14
Bangkok Rubber PCL              BRC/F      (-41.29)     80.14
Central Paper Industry PCL      CPICO      (-37.02)     N.A.
Central Paper Industry PCL      CPICO/F    (-37.02)     40.41
Datamat PCL                     DTM           2.27      17.21
Datamat PCL                     DTM           2.27      17.21
National Fertilizer PCL         NFC        (-91.34)    293.84
National Fertilizer PCL         NFC/F      (-91.34)    293.84
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.84)      13.32
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.84)      13.32
Thai Wah Public
Company Limited-F               TWC        (-47.17)     166.46
Thai Wah Public
Company Limited-F               TWC/F      (-47.17)     166.46
Tuntex (Thailand) PCL           TUNTEX     (-50.94)     398.25
Tuntex (Thailand) PCL           TUNTEX/F   (-50.94)     398.25






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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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