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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

             Wednesday, January 12, 2005, Vol. 8, No. 8

                            Headlines

A U S T R A L I A

AMP LIMITED: In Recovery After British Demerger
AVIFIELD PTY: Final Combined Meeting Set January 14
BUNGE AUSTRALIA: Members Agree to Wind Up Company
DIRECT NUTRITIONAL: To Convene Final Meeting January 19
GIGAWORTH PTY: Members and Creditors Meeting Set January 17

IMF INVESTMENTS: Director Contravenes Financial Services Law
ION LIMITED: Administrator Taps CSFB to Steer Sell-off
J&J RESOURCES: Joint Meeting Slated for January 20
LARNAK PTY.: Creditors Have Until January 17 to Prove Claims
LIFNEX PTY: To Convene Meeting January 17

LUNDIN PTY: To Convene Meeting January 14
MD FOOD: Sole Shareholder Resolves to Wind Up Company
PRIMELIFE CORPORATION: To Consider 4 Resolutions at EGM
QUACKSOFT PTY: Creditors, Members to Meet January 14
RALLINGS PRINTERY: Members Agree to Wind Up Company

RAPID LOGISTICS: Sets Final Combined Meeting January 18
RASNAB OFFICE: Final Combined Meeting Slated for January 18
SAMCA SOFTWARE: Sets January 18 as Date of Final Meeting
SE GROUP: Sets Final Meeting January 14
STAINLESS CREATIONS: Appoints Liquidator for Winding Up Purposes

SUNBASK PTY: Members, Creditors to Meet January 19
TREDEN LABEL: To Appoint Liquidators for Winding Up Purposes
UPRITE SCAFFOLDING: To Hold Meeting January 18
ZORLON PTY: Sets January 19 as Date of Final Combined Meeting


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Shows Impressive Change
CHE SHING: Appoints Liquidators
CHEERWAY INTERNATIONAL: Faces Bankruptcy Proceedings
EURO-ASIA AGRICULTURAL: Names Joint and Several Liquidators
HOP YUE: Court Orders Winding Up

INDUSTRIAL AND COMMERCIAL: Donates CNY1 Mln to Tsunami Victims
MASTER BENEFIT: Winding Up Hearing Set Feb. 2
OPESCO INVESTMENT: Court to Hear Winding Up Petition
PRICESMART CHINA: Protest Spurs Store Closure
SANG KEE: Court Issues Winding Up Notice

STRONG LINK: Sets Creditors Meeting Jan. 24
TUNG YUEN: Receives Winding Up Notice
YUEN HOP: Court Issues Winding Up Notice


I N D O N E S I A

BARITO PACIFIC: Delays Bond Coupon Payment Until June
DIRGANTARA INDONESIA: President Faces Trial
INDOFOOD SUKSES: Euro Bond Buy Back Gets Support from 5 Banks
PERTAMINA: May Boost Jet Fuel Imports


J A P A N

JAPAN AIRLINES: Further Supports Tsunami Relief Efforts
MISAWA HOMES: Urging Creditors to Back IRCJ-led Rehab Scheme
MITSUBISHI FUSO: Recall Lags Due to Parts Shortage
MITSUBISHI MOTORS: Rules Out Withdrawal from U.S. Operations
MITSUBISHI MOTORS: New CEO Prioritizes Dealers

MITSUBISHI MOTORS: Unveils Lineup for International Auto Show
SEIBU RAILWAY: May Quit All Overseas Operations
SEIBU RAILWAY: Plans to Create Holding Company
TOWA REAL: Will Not Pull Down Investor's S&P Ratings


K O R E A

JINRO LIMITED: Taihan Says Intentions are Pure
KOREA EXPRESS: To Takeover Dong-Ah's Libyan Project


M A L A Y S I A

ANTAH HOLDINGS: To Issue AR2004 Very Soon
BUKIT KATIL: Chairman Kuppapitchai Rawther Resigns
GULA PERAK BERHAD: Notes Additional Listing of Shares
INTAN UTILITIES: Releases Mandatory Takeover Offer Update
LION INDUSTRIES: Clarifies Shares Option Scheme

LION INDUSTRIES: Clarifies Shares Option Scheme
MALAYSIAN INDUSTRIAL: Lists Additional Shares
MERCES HOLDINGS: Discloses Dealings in Securities
METROPLEX BERHAD: Issues Default Status Update
NAM FATT: Discloses Additional Shares Listing

NAUTICALINK BERHAD: Unveils Monthly Status Update
PANGLOBAL BERHAD: Unveils Unit's Production Figures
RHB CAPITAL: Notes Additional Listing of Shares
RHB CAPITAL: Releases Update on Proposed Bonds Issue
SATERAS RESOURCES: Court OKs Restraining Order Extension

TALAM CORPORATION: Issues Additional Listing of Shares
TRADEWINDS CORPORATION: Acquisition of Ambang Budi Sdn Bhd
UMW HOLDINGS: Granted Listing of Additional Shares
WCT ENGINEERING: Notes Additional Listing of Shares


P H I L I P P I N E S

COLLEGE ASSURANCE: Wants SEC to Scrap Reserves
NATIONAL POWER: Debt Transfer Still Awaiting Creditor's Approval
NATIONAL POWER: Sees Improved Power Generation This Year
PHILIPPINE LONG: Notes Additional Listing of Shares
PRICESMART INCORPORATED: Unveils First Quarter Results

PRICESMART INCORPORATED: Trial Court Finds No Reason for TRO


S I N G A P O R E

CAPITALAND LIMITED: Unit Subscribes Shares in Amber Fortess
CHINA AVIATION (S): SGX Justifies Stake Sale Handling
SCEC MAINTENANCE: Creditors to Submit Proofs of Debt by Feb.7
TIC PROPERTY: Falls Into Voluntary Liquidation
TSENG HOLDINGS: Passes Special Resolutions at EGM

TSENG HOLDINGS: Receiving Proofs of Claims Until Feb 4
YEW HOCK: Unveils Resolutions Passed at EGM


T H A I L A N D

CAPETRONIC INTERNATIONAL: Details Exercise of Warrants
MANAGER MEDIA: Secures Court OK to Start Rehabilitation
SAFARI WORLD: SET Lifts Trading Halt
THAI ELECTRONIC: Unveils Appointment of New Director
THAI ELECTRONIC: Names New Audit Committee

THAI PETROCHEMICAL: To Ink MOU on January 17

     -  -  -  -  -  -  -  -

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


AMP LIMITED: In Recovery After British Demerger
-----------------------------------------------
AMP Limited's shareholders are finally breathing a sigh of
relief, as the Company bounces back from losses incurred since
the radical British demerger announcement in mid-2003, The
Advertiser reports.

AMP, which wallowed in financial woes in 2003, has now reaped
the benefit of the split.

Taking into account the $1.40 value of shares in HHG, the
separately listed British arm, stalwart investors have only just
seen the value of their investment return to the $8.73 a share
that "old" AMP shares hit on April 30, 2003.

The combined market capitalization of AMP and HHG stands at
$15.4 billion, adjusted for HHG's own post-listing equity
raising, well ahead of the "old" AMP's $10.4 billion before the
demerger announcement.

Recently, investors absorbed a series of bullish analyst
upgrades. These upgrades were based on "mark to market"
adjustments to AMP's forecast investment earnings, reflecting
the strength of the local share market.

AMP is due to report its profits for the year to December 31,
2004 on February 17.

CONTACT:

AMP Limited
Level 24, 33 Alfred St.
Sydney 2000, Australia
Phone: +61-2-9257-5000
Fax: +61-2-8275-0199


AVIFIELD PTY: Final Combined Meeting Set January 14
---------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Avifield Pty Ltd (In Liquidation)
A.C.N. 010 793 307 will be held at the offices of Knights
Insolvency Administration, 14th Floor, Brisbane Club Tower, 241
Adelaide Street, Brisbane, Qld, 4000 on Friday, January 14, 2005
at 1:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint & Several Liquidator


BUNGE AUSTRALIA: Members Agree to Wind Up Company
-------------------------------------------------
Notice is hereby given that at a general meeting of members of
Bunge Australia Holdings Pty Ltd (In Liquidation) A.C.N. 078 597
074 held on December 1, 2004 it was resolved that the Company be
wound up as a members' voluntary winding up.

Dated this 6th day of December 2004

Richard G. Mansell
Liquidator


DIRECT NUTRITIONAL: To Convene Final Meeting January 19
-------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Direct Nutritional Supplies Pty Ltd (In Liquidation) A.C.N. 010
532 706 will be held at the offices of Grant Thornton, Level 4,
102 Adelaide Street, Brisbane Qld on Wednesday, January 19, 2005
at 10:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.

(2) Giving an explanation of the abovementioned account.

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

Dated this 6th day of December 2004

M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212


GIGAWORTH PTY: Members and Creditors Meeting Set January 17
-----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Gigaworth Pty Ltd (In Liquidation)
A.C.N. 098 341 952 will be held at the offices of Knights
Insolvency Administration, 14th Floor, Brisbane Club Tower, 241
Adelaide Street, Brisbane Qld 4001 on Monday, January 17, 2005
at 1:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint and Several Liquidator


IMF INVESTMENTS: Director Contravenes Financial Services Law
------------------------------------------------------------
The Australian Securities and Investments Commission (ASIC)
advised that it has permanently banned Mr. Alexander Carrick
Ross, 68 years of Berwick, Victoria, from providing financial
services.

ASIC found that Mr. Ross, a former authorized representative and
proper authority holder of several Melbourne stockbroking firms,
contravened a number of financial services laws by:

- Failing to disclose his association with investments he
recommended and any information about fees or commissions that
he or his associates might receive as a result of the
investments;

- Failing to act in the best interests of his clients;

- Failing to discharge his duties as an authorized
representative efficiently, honestly and fairly; and

- Engaging in misleading and deceptive conduct.

ASIC also formed the view Mr. Ross was unlikely to comply with
financial services laws in the future.

ASIC found that between February 1999 and May 2000, Mr. Ross
advised clients of Wilson HTM Stockbroking and Lands Kirwan Tong
Stockbroking, who were predominantly elderly, to invest funds in
Offshore IMF Investments Pty Ltd (Offshore IMF), a Company of
which he was a director and in Dynamic Business Services Pty Ltd
(Dynamic), a Company of which he was the Company secretary.

Mr. Ross had told the clients that an investment in these
companies would generate a return of 12 per cent per annum.
However, Mr. Ross failed to disclose to clients that he would
receive remuneration from Offshore IMF. Mr. Ross also failed to
disclose his interest in the companies to either the investors,
Wilson HTM Stockbroking or Lands Kirwan Tong Stockbroking.

Mr. Ross' clients invested a total of $960,000 however only
$531,763 was returned in the form of interest payments.

In July 2004, ASIC obtained orders from the Federal Court to
wind up Offshore IMF and Dynamic on the grounds of insolvency.

Mr. Ross had also been declared bankrupt on 10 June 2004.

'ASIC is committed to protecting investors from advisers who
mislead their clients about the investments they recommend',
ASIC's Deputy Director of Enforcement, Mr. Mark Steward said.

Mr. Ross has the right to lodge an application for a review of
ASIC's decision with the Administrative Appeals Tribunal.


ION LIMITED: Administrator Taps CSFB to Steer Sell-off
------------------------------------------------------
Credit Suisse First Boston (CSFB) has been appointed by
administrator Colin Nicol to handle the divestment of failed car
parts manufacturer Ion Limited, The Australian says.

CSFB will manage the sale of Ion's assets, which has drawn
strong interest from trade and private equity buyers.

The assets to be disposed of are Ion's transmission plant in
Albury, NSW, its two engine component plants in South
Australia's North Plympton and Wingfield and its alloy wheel
factories in North Plympton, Aucland, New Zealand, and Kentucky
in the United States.

The administrators had handled the first asset disposal
themselves, picking up negotiations already under way for the
sale of Ion's fuel haulage and refueling division when they were
appointed.

Ion's incomplete engine-block plant at Altona in Melbourne,
although listed as one of Ion's properties, is not up for sale.
Holden, which was planning to source blocks for its new-
generation V6 engines from the plant starting in 2006, is still
in discussions with the administrator on the future of the
factory.

Ion went under administration in December after a consortium of
five banks withdrew an AU$440 credit line upon discovery of an
AU$200 million funding shortfall.

Originally, creditors owed about $550million were scheduled to
receive a report on the Company's financial position yesterday
but the Federal Court in December approved a 90-day extension.

CONTACT:

Ion Limited
Level 1 East, Victoria Gardens
678 Victoria Street
Richmond VIC 3121
Phone: +61 3 8416 5900
Fax: +61 3 8416 5999
Email: info@ionlimited.com
Web site: http://www.ionlimited.com.au/


J&J RESOURCES: Joint Meeting Slated for January 20
--------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of J&J
Resources Pty Ltd (In Liquidation) A.C.N. 054 492 410 will be
held at the offices of Foremans Business Advisors, Suite 1, 29
Lake Street, Cairns in the state of Queensland on Thursday,
January 20, 2005 at 11:30 a.m., for the purpose of having
accounts laid before them showing the manner in which the
winding up has been conducted and the property of the companies
disposed of and of hearing any explanations that may be given by
the Liquidators.

Dated this 6th day of December 2004

Todd Kelly
Dean Mcveigh
Joint & Several Administrators
c/- Foremans Business Advisors
Suite 1, 29 Lake Street, Cairns Qld 4870


LARNAK PTY.: Creditors Have Until January 17 to Prove Claims
------------------------------------------------------------
A First and Final dividend is to be declared on January 31, 2005
for Larnak Pty. Ltd. (In Liquidation) A.C.N. 052 168 779.

Creditors whose debts or claims have not already been admitted
are required on or before 17th day of January 2005 formally to
prove their debts or claims. If they do not, they will be
excluded from the benefit of the dividend.

Dated this 7th day of December 2004

I.D. Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
3rd Floor, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile (07) 4721 4513


LIFNEX PTY: To Convene Meeting January 17
-----------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Lifnex Pty Ltd (In Liquidation) A.C.N.
003 102 252 will be held at the offices of Knights Insolvency
Administration, 14th Floor, Brisbane Club Tower, 241 Adelaide
Street, Brisbane Qld 4001 on Monday, January 17, 2005 at 4:00
p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint and Several Liquidator


LUNDIN PTY: To Convene Meeting January 14
-----------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act that a final meeting of members and creditors
of Lundin Pty Ltd (In Liquidation) A.C.N. 103 823 598 will be
held at the offices of Bentleys MRI Chartered Accountants, Level
26 AMP Place, 10 Eagle Street, Brisbane, Queensland 4000 on
January 14, 2005 at 10:00 a.m. for the purpose of having an
account laid before them showing the manner in which the winding
up has been conducted and the property of the Company disposed
of and of hearing any explanations that may be given by the
Liquidator.

Dated this 1st day of December 2004

W.J. Fletcher
Liquidator
Bentleys MRI Chartered Accountants
Level 26, AMP Place, 10 Eagle Street,
Brisbane Queensland 4000
Telephone: (07) 3222 9777


MD FOOD: Sole Shareholder Resolves to Wind Up Company
-----------------------------------------------------
Notice is hereby given that pursuant to section 249B of the
Corporations Act, MD Food Service Pty Ltd A.C.N. 080 015 872
sole shareholder resolved on December 1, 2004 that the Company
be wound up as a members voluntary winding up, and that John
Lethbridge Greig and Gary Peter Doran be appointed as
Liquidators for that purpose.

Dated this 1st day of December 2004

J.L. Greig
G.P. Doran
Liquidators
Deloitte Touche Tohmatsu
Level 26, Riverside Centre, 123 Eagle Street,
Brisbane Qld 4000


PRIMELIFE CORPORATION: To Consider 4 Resolutions at EGM
-------------------------------------------------------
Notice is hereby given that a general meeting of Primelife
Corporation Limited (Company) will be held at Primelife
Corporation Limited Auditorium, Ground Floor 210 Kings Way South
Melbourne Victoria 3205 on 10 February 2005 at 1:00pm.

This meeting is convened for the purpose of considering and, if
thought fit, passing resolutions to:

(a) ratify the previous issue of 60,000,000 Notes to the
Noteholders;

(b) approve the issue of the maximum number of Shares on
conversion of the Notes for the purposes of Condition 4.4 (a) of
the Note Conditions;

(c) approve the simplification of Option component of the
remuneration for the Managing Director and Chief Executive
Officer of the Company; and

(d) appoint PricewaterhouseCoopers as auditor of the Company.

Business

(1) Ratification of the previous issue of 60,000,000 Notes to
the Noteholders

To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:
That the issue of 60,000,000 Notes to the Noteholders pursuant
to the Prospectus and otherwise on the terms and conditions set
out in the Conditions attached to this notice issued on 9
December 2004 to clients of Tricom Equities Limited
is ratified.

Without limitation, Listing Rule 7.4 is relevant to this
resolution.

Note: The Company will disregard any votes cast on this
resolution by the Noteholders and any of their Associates (other
than votes cast:

- as proxy in accordance with the directions on the proxy form,
for any other member of the Company who is entitled
to vote; and

- by the person chairing the meeting as proxy for a person who
is entitled to vote, in accordance with the directions on
the proxy form to vote as the proxy decides).

(2) Approve the issue of the maximum number of Shares on
conversion of the Notes
To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:
That the issue of the maximum number of Shares on conversion of
the Notes as calculated in accordance with Condition 4.4(b) be
approved.

Without limitation, Condition 4.4 and Listing Rule 7.1 is
relevant to this resolution.
Note: The Company will disregard any votes cast on this
resolution by the Noteholders and any of its Associates (other
than votes cast:

- as proxy in accordance with the directions on the proxy form,
for any other member of the Company who is entitled to vote; and

- by the person chairing the meeting as proxy for a person who
is entitled to vote, in accordance with the directions on the
proxy form to vote as the proxy decides).

(3) Simplification of Option component of remuneration of
Managing Director

To consider and, if thought fit, to pass the following
resolution as an ordinary resolution:

"That, for the purposes of ASX Listing Rule 10.11, approval be
given to simplify the Option component of the remuneration for
the Managing Director of the Company by:

(a) the grant of 1,200,000 Options to James T Hazel, the
Managing Director and Chief Executive Officer of the Company, on
the terms and conditions set out in the Explanatory Notes
accompanying the Notice of General Meeting; and

(b) the issue to James T Hazel of fully paid Shares as a
consequence of the valid exercise by him of the Options in
accordance with their terms and conditions.".

Without limitation, Listing Rule 10.11 is relevant to this
resolution.
Note: The Company will disregard any votes cast on this
resolution by James T Hazel and any of his Associates (other
than votes cast:

- as proxy in accordance with the directions on the proxy form,
for any other member of the Company who is entitled to vote; and

- by the person chairing the meeting as proxy for a person who
is entitled to vote, in accordance with the directions
on the proxy form to vote as the proxy decides).

(4) Appointment of Auditor

To consider and, if thought fit, to pass the following
resolution as a special resolution:
"That, conditional on the resignation of PKF as auditor of the
Company with the consent of ASIC, PricewaterhouseCoopers be
appointed as auditor of the Company with effect from the
resignation of PKF."

Without limitation, section 327C(1) of the Corporations Act is
relevant to this Resolution.
Other Information An explanatory memorandum accompanies and
forms part of this notice of meeting. Certain terms used in this
notice are defined in that explanatory memorandum.

All shareholders should read the explanatory memorandum
carefully and in its entirety. Shareholders who are in doubt
regarding any part of the business of the meeting should consult
their financial or legal adviser for assistance.

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


QUACKSOFT PTY: Creditors, Members to Meet January 14
----------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Act 2001, the Final Meeting of Creditors and
Members of Quacksoft Pty Ltd (In Liquidation) A.C.N. 082 125 773
will be held at the offices of Pilot Partners, Level 5, 175
Eagle Street, Brisbane on January 14, 2005 at 10:00 a.m. for the
purposes of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 6th day of December 2004

Bradley Hellen
Ann Fordyce
Joint & Several Liquidators
Pilot Partners
Chartered Accountants
Level 5, 175 Eagle Street, Brisbane Qld 4000


RALLINGS PRINTERY: Members Agree to Wind Up Company
---------------------------------------------------
Notice is hereby given that Rallings Printery Pty Ltd (In
Voluntary Liquidation) A.C.N. 009 721 546 on Thursday, December
2, 2004 duly resolved at a general meeting of members held under
Section 491(2)(b) of the Corporations Act 2001 that the Company
be wound up voluntarily and that Peter Anthony Lucas and Ian
Alexander Currie of Lucas & Currie, Chartered Accountants, Level
8, ING Building, 100 Edward Street, Brisbane, Queensland, 4000
be appointed Joint & Several Liquidators for the purposes of
such winding up.

Dated this 2nd day of December 2004

P.A. Lucas
I.A. Currie
Liquidators

Please Note: "This does not concern Rallings Print Group Pty
Ltd"


RAPID LOGISTICS: Sets Final Combined Meeting January 18
-------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Rapid Logistics Pty Ltd (In
Liquidation) A.C.N. 099 737 265 will be held at the offices of
Knights Insolvency Administration, 14th Floor, Brisbane Club
Tower, 241 Adelaide Street, Brisbane Qld 4001 on Tuesday,
January 18, 2005 at 1:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 2nd day of December 2004

Trevor John Schmierer
Liquidator


RASNAB OFFICE: Final Combined Meeting Slated for January 18
-----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Rasnab Office Concepts Pty Ltd (In
Liquidation) A.C.N. 101 558 198 will be held at the offices of
Knights Insolvency Administration, 14th Floor, Brisbane Club
Tower, 241 Adelaide Street, Brisbane Qld 4001 on Tuesday,
January 18, 2005 at 2:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint and Several Liquidator


SAMCA SOFTWARE: Sets January 18 as Date of Final Meeting
--------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Samca Software Pty Ltd (In Liquidation)
A.C.N. 010 850 718 will be held at the offices of Knights
Insolvency Administration, 14th Floor, Brisbane Club Tower, 241
Adelaide Street, Brisbane Qld 4001 on Tuesday, January 18, 2005
at 3:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint and Several Liquidator


SE GROUP: Sets Final Meeting January 14
---------------------------------------
Notice is hereby given that a final meeting of members and
creditors of SE Group (Aust) Pty Ltd (In Liquidation) A.C.N. 091
642 698 will be held at the office of Lucas & Currie, Chartered
Accountants, of Level 8, ING Building, 100 Edward Street,
Brisbane, Qld 4000 on Friday, January 14, 2005 at 10:00 a.m.

AGENDA

(a) To receive an account by the Liquidators showing how the
winding up has been conducted and the property of the Company
been disposed of, and to receive any explanations;

(b) To receive a final report by the Liquidators; and

(c) Any other business.

Dated this 6th day of December 2004

P.A. Lucas
I.A. Currie
Liquidators
Lucas & Currie Chartered Accountants
Telephone: (07) 3226 8073
Facsimile: (07) 3226 8071


STAINLESS CREATIONS: Appoints Liquidator for Winding Up Purposes
----------------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Stainless Creations Pty Ltd (In Liquidation)
A.C.N. 004 607 032 held on December 6, 2004, it was resolved
that the Company be wound up voluntarily and at a meeting of
creditors held on the same day pursuant to Section 497, it was
resolved that for such purpose, Loke Ching Wong and William
Bernard Abeyratne of Harrisons Insolvency, Level 1, 49-51 Stead
Street, South Melbourne be appointed joint and several
liquidators.

Dated this 6th day of December 2004

Loke Ching Wong
Joint and Several Liquidator
c/- Harrisons Insolvency
Level 1, 49-51 Stead Street,
South Melbourne Vic 3205
Telephone: (03) 9696 2885


SUNBASK PTY: Members, Creditors to Meet January 19
--------------------------------------------------
Notice is given that a final meeting of members and creditors of
Sunbask Pty Ltd (In Liquidation) formerly trading as The Chamber
Restaurant And Bar and Scandals Cafe And Bar A.C.N. 098 861 664
will be held at the offices of Grant Thornton, Level 4, 102
Adelaide Street, Brisbane Qld on Wednesday, January 19, 2005 at
9:00 a.m.

AGENDA

(1) To receive an account showing how the winding up has been
conducted and the property of the Company disposed of.

(2) Giving an explanation of the abovementioned account.

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

Dated this 6th day of December 2004

M.G. Mccann
Liquidator
Grant Thornton
Chartered Accountants
GPO Box 1008, Brisbane Qld 4001
Telephone: (07) 3222 0212


TREDEN LABEL: To Appoint Liquidators for Winding Up Purposes
------------------------------------------------------------
Notice is hereby given that Treden Label Manufacturers Pty Ltd
(In Voluntary Liquidation) A.C.N. 009 892 826 on Thursday,
December 2, 2004 duly resolved at a general meeting of members
held under Section 491(2)(b) of the Corporations Act 2001 that
the Company be wound up voluntarily and that Peter Anthony Lucas
and Ian Alexander Currie of Lucas & Currie, Chartered
Accountants, Level 8, ING Building, 100 Edward Street, Brisbane,
Queensland, 4000 be appointed Joint & Several Liquidators for
the purposes of such winding up.

Dated this 2nd day of December 2004

P.A. Lucas
I.A. Currie
Liquidators


UPRITE SCAFFOLDING: To Hold Meeting January 18
----------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Uprite Scaffolding And Mechanical
Access Services Pty Ltd (In Liquidation) A.C.N. 094 488 730 will
be held at the offices of Knights Insolvency Administration,
14th Floor, Brisbane Club Tower, 241 Adelaide Street, Brisbane
Qld 4001 on Tuesday, January 18, 2005 at 4:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

James Imray
Joint and Several Liquidator


ZORLON PTY: Sets January 19 as Date of Final Combined Meeting
-------------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Zorlon Pty Ltd (In Liquidation)
formerly trading as Freeway Barriers A.C.N. 100 722 398 will be
held at the offices of Knights Insolvency Administration, 14th
Floor, Brisbane Club Tower, 241 Adelaide Street, Brisbane Qld
4001 on Wednesday, January 19, 2005 at 3:00 p.m.

AGENDA

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

(2) Any other business.

Dated this 3rd day of December 2004

Jonathan Mcleod
Joint and Several Liquidator


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


BANK OF CHINA: Shows Impressive Change
--------------------------------------
The Bank of China (BOC) is finally moving toward recovery as it
continuously improves its performance, according to Business
China.

The bank has exhibited an impressive turn-around, reaping more
than CNY50 billion in profits this fiscal year and achieving a
non-performing loan ratio of less than 5 percent in addition to
a fairly good capital adequacy.

Bank president Li Lihui in November revealed a hefty CNY63.6
billion (US$6.4 billion) in operating profits for the first nine
months of the year, as well as a CNY 250 billion drop in non-
performing loans (NPL) to CNY96.4 billion. Capital Adequacy
Ratio was pegged at 8.6 percent.

The impressive figures make BOC the most profitable lender among
China's "Big Four" which also includes the Industrial and
Commercial Bank of China, China Construction Bank and the
Agricultural Bank of China.

The developments at BOC are considered quite an impressive feat,
as bank was generally insolvent just a few years ago.

BOC began to emerge from the mire when along with China
Construction Bank, received capital injection from the state in
order to establish profit-oriented banking system. Aside from
the state injection, BOC also sold a major chunk of its NPL to
China Cinda Asset Management, as it prepares to open its
financial market to the world in 2006.

The profits BOC is raking at the moment reflect its capability
to handle its present NPLs including those that may arise. Still
market watchers are more concerned on whether BOC will able to
sustain its profits in the future.

Key figures

Operating profit, Jan-Oct 2004 CNY53.6bn
Total NPLs, end Oct            CNY96.4bn
Bad loan ratio, end Oct                   4.6%
Capital adequacy ratio, end Oct       8.6%

CONTACT:

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


CHE SHING: Appoints Liquidators
-------------------------------
By order of the High Court of the Hong Kong Special
Administrative Region, dated November 19, 2004, Nicholas Timothy
Cornforth Hill and Stephen Briscoe of RSM Nelson Wheeler
Corporate Advisory Services Limited, 7th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong, hereby give
notice that the undersigned have been appointed as Joint and
Several Liquidators of Che Shing Engineering (H.K.) Limited with
a Committee of Inspection.

Dated this 3rd day of January 2005

Nicholas Timothy Cornforth Hill
Stephen Briscoe
Joint and Several Liquidators


CHEERWAY INTERNATIONAL: Faces Bankruptcy Proceedings
----------------------------------------------------
Cheerway International Limited posted its notice of winding up
by the High Court at The Standard January 7, 2005.

Registered Office / Principal Place of Business: Unit 803, 8th
Floor, Shanghai Industrial Investment Bldg, 48-62
Hennessy Rd, Wanchai, Hk

Date of Order: December 22, 2004

Date of Presentation of Petition: November 8, 2004

E T O'CONNELL
Official Receiver


EURO-ASIA AGRICULTURAL: Names Joint and Several Liquidators
-----------------------------------------------------------
Notice is hereby given that by Order of the Court of First
Instance of the High Court of Hong Kong dated December 7, 2004,
Messrs. Lai Kar Yan (Derek) and Darach E. Haughey, both of
Deloitte Touche Tohmatsu, 26th Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong have been appointed Joint and
Several Liquidators of Euro-Asia Agricultural (Holdings) Company
Limited without a committee of inspection.

Dated this 4th day of January, 2005


HOP YUE: Court Orders Winding Up
--------------------------------
Hop Yue Construction Company posted its notice of winding up by
the High Court at The Standard January 7, 2005.

Registered Office / Principal Place of Business: Rm A 12th
Flooe, Sun Hing Steel Furniture Commercial Building, 53-55 Tong
Mi, Road, Tai Kok Tsui Kln

Date of Order: December 22, 2004

Date of Presentation of Petition: November 9, 2004

E T O'CONNELL
Official Receiver


INDUSTRIAL AND COMMERCIAL: Donates CNY1 Mln to Tsunami Victims
--------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) has donated
CNY 1 million or approximately US$120,000 to tsunami-struck
countries through the Red Cross Society of China (RCSC), Xinhua
News Agency reveals.

The bank is providing online services to those who wish to
donate. Through its web site, donations can easily be made and
will be promptly forwarded to RCSC's account.

Since the tsunami struck South East Asian countries near the
Indian Ocean last Dec. 26, Chinese citizens from all walks of
life made an effort to aid the victims. Bank spokesman said that
ICBC's employees have even volunteered to donate close to CNY
100, 000.

CONTACT:

Industrial and Commercial Bank of China
Phone: (65)6334 8979
Fax: (65)6333 5283
Web site: http://www.ibc.com.cn/


MASTER BENEFIT: Winding Up Hearing Set Feb. 2
---------------------------------------------
Notice is hereby given that a Petition for the Winding up Master
Benefit International Limited by the High Court of Hong Kong
Special Administrative Region was on December 6, 2004 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
February 2, 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.

Fong & Ng
Solicitors for the Petitioner
Suite 1101, 11th Floor
Nine Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 1st day of
February 2005.

This notice is dated February 1, 2005.


OPESCO INVESTMENT: Court to Hear Winding Up Petition
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Opesco Investment Limited by the High Court of Hong Kong Special
Administrative Region was on December 8, 2004, presented to the
said Court by Syarikat Ying Mui Sdn Bhd whose office is situated
at Tingkat Tiga, No. 17, Jalan Ipoh Kecil, 50350 Kuala Lumpur,
Malaysia.

The said Petition will be heard before the Court at 9:30 a.m. on
February 2, 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.

Deacons
Solicitors for the Petitioner
5th Floor, Alexandra House
16-20 Chater 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 February 1, 2005.

This notice is dated December 31, 2004.


PRICESMART CHINA: Protest Spurs Store Closure
---------------------------------------------
A Beijing-based Pricesmart Membership Shop located at Xueyuan
Road was closed last Thursday after suppliers protested over the
store's inability to pay, China Daily reports.

PriceSmart China has previously faced the same kind of protest
from disgruntled suppliers, some of which are owed as much as
CNY1 million (US$120,000).

One of the shop's protesters, the Jiazeng Company, on Sunday
blocked the gates with seven motor vehicles and more than 50
people. As a result the firm's vice-chairman was arrested for
public disturbance.

The membership store's clientele are clamoring for a refund on
their membership cards. Although there is a possibility that the
store will be re-opened, no specific date was divulged.

PriceSmart operates membership warehouse clubs in the Latin
America, the Caribbean and Asia. It also licenses 13 warehouses
in China and one in Saipan, Micronesia and has an additional 3
warehouse clubs in Mexico as part of a 50/50 joint venture with
Grupo Gigante, S.A. de C.V.

CONTACT:

PriceSmart, Inc.
9740 Scranton Road
San Diego, California 92121-1745
Phone: (858) 404-8800
Web site: http://www.pricesmart.com


SANG KEE: Court Issues Winding Up Notice
----------------------------------------
Sang Kee Engineering Transportation Company Limited posted its
notice of winding up by the High Court at The Standard January
7, 2005.

Registered Office / Principal Place of Business: House No A6,
Fortune Gdn, 72 Ting Kok Rd, Tai Po, Nt

Date of Order: December 22, 2004

Date of Presentation of Petition: November 3, 2004

E T O'CONNELL
Official Receiver


STRONG LINK: Sets Creditors Meeting Jan. 24
-------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Strong
Link Enterprises Limited will be held at Room 1102A, 11th Floor,
Double Building, 22 Stanley Street, Central, Hong Kong on
January 24, 2005 at 3:00 p.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 Room 1102A, 11th Floor, Double
Building, 22 Stanley Street, Central, 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.

By Order Of The Board Of Directors
Cheng Kam Lung
Chairman

This notice is dated Dec. 21, 2004.


TUNG YUEN: Receives Winding Up Notice
-------------------------------------
Tung Yuen Hong Electrical Company Limited posted its notice of
winding up by the High Court at The Standard January 7, 2005.

Registered Office / Principal Place of Business: Room 532-533,
Blk 1, Yip On Factory Estate, Wang Hoi Road, Kowloon Bay, Kln

Date of Order: December 22, 2004

Date of Presentation of Petition: November 4, 2004

E T O'CONNELL
Official Receiver


YUEN HOP: Court Issues Winding Up Notice
----------------------------------------
Yuen Hop Construction Company Limited posted its notice of
winding up by the High Court at The Standard January 7, 2005.

Registered Office / Principal Place of Business: Rm 1308, New
Tech Plaza, 34 Tai Yau St, San Po Kong, Kln

Date of Order: December 22, 2004

Date of Presentation of Petition: November 3, 2004

E T O'CONNELL
Official Receiver


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


BARITO PACIFIC: Delays Bond Coupon Payment Until June
-----------------------------------------------------
The Jakarta Stock Exchange (JSX) has allowed PT Barito Pacific
Timber to delay its IDR33 billion (US$3.66 million) bond coupon
payment until June this year after it failed to pay on Maturity
Monday, Asia Pulse says.

The timber producer, facing cash flow problems after the plywood
price fall in the world market, only requested the postponement
when it was required to make another coupon payment.

As a result of the delay, Barito has to pay double, or IDR66
billion for the bond coupon in June.

Financially distressed Barito has paid debt interest and is
expected to bounce back to black in April.

CONTACT:

PT Barito Pacific Timber
Jl Let jend S Parman Kav 62-63
Tower B Lt 6 - 11
Jakarta 11410
Indonesia
Phone: +62 21 530 6711
Fax: +62 21 530 6680
Web site: http://www.ebarito.com/


DIRGANTARA INDONESIA: President Faces Trial
-------------------------------------------
The president director of ailing state-owned Pt Dirgantara
Indonesia (PTDI) went on trial Friday for failing to pay
compensation to more than 6,500 employees in early 2004, reports
The Jakarta Post.

Edwin Bandung has not only failed to pay the IDR400 billion
(US$43 million) compensation but also had not given employees
their salaries for October through December 2003.  In addition,
employees did not receive remunerations for housing, retirement,
and health benefits or corporate bonuses.

Mr. Bandung reportedly evaded twice the summons of the manpower
office's civil servants investigator. He was then made to appear
before the investigator with the help of police officers.

The struggling aircraft maker had to slash its workforce for
efficiency reasons to help avert bankruptcy.


INDOFOOD SUKSES: Euro Bond Buy Back Gets Support from 5 Banks
-------------------------------------------------------------
Five banks have expressed interest in supporting PT Indofood
Sukses Makmur's plan to repurchase Euro bonds, according to
Indoexchange.

Indofood has conducted negotiations with Bank Mandiri, Citibank,
ABN Amro Bank, Rabo Bank and Sumitomo Banking, which will give a
US$280 million worth of bridge financing to buy back the
Eurobonds. The loan, which carries a 4.05 percent interest, will
mature in 6 months.

Bank Mandiri will provide US$50 million and IDR500 million.
Citibank, ABN Amro Bank and Sumitomo Mitsui Banking will lend
US$50 million each, while Rabo Bank will extend US$30 million.

Meanwhile, the instant noodle maker has recently failed in its
second US$280 million bond buy back bid, as shareholders did not
meet the minimum requirement of a 25 percent quorum in a meeting
Friday.

As a result, it plans to go to the U.K. courts to secure
permission to redeem the bonds at par.

CONTACT:

PT Indofood Sukses Makmur Tbk.
Ariobimo Sentral Bldg., 12th Fl.,
Jl. H.R. Rasuna Said X-2 Kav 5, Kuningan
Jakarta, 12950, Indonesia
Phone: +62-21-522-8822
Fax: +62-021-522-6014
Web site: http://www.indofood.co.id


PERTAMINA: May Boost Jet Fuel Imports
-------------------------------------
State oil and gas firm PT Pertamina plans to raise imports to
cope with rising flight activities related to relief efforts in
tsunami-hit provinces, according to Dow Jones.

Pertamina marketing and commerce director Arie Sumarno declined
to specify the volume of jet fuel to be imported. But he
confirmed that jet fuel consumption in North Sumatra has soared
recently to 900 kiloliters a day from the usual average of 300
kiloliters/day. Demand has increased to 90 kiloliters from 20
kiloliters in Aceh.

The two provinces were devastated by massive tsunami that
slammed Asia's southern coasts on Dec. 26.

CONTACT:

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


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


JAPAN AIRLINES: Further Supports Tsunami Relief Efforts
-------------------------------------------------------
In addition to relief assistance already provided following the
December 26 disaster, Japan Airlines announced Tuesday that it
will provide of free cargo shipments of relief goods from
Japanese government agencies, local governments in Japan and
public organizations, such as the Japanese Red Cross, for the
period January 12 to March 31 2005.

JAL will carry relief goods and materials to destinations on the
JAL overseas network. The nearest points to the disaster-
affected areas served by JAL are Bangkok and Jakarta.

The airline's contributions so far have included logistic
support to medical teams that have flown to Indonesia and
Thailand. JAL has also shipped medical supplies to Bangkok for
onward delivery to affected regions in Thailand. The airline
remains in contact with relief agencies in Japan for
coordinating future logistic assistance.

JAL will also provide free air transport for staff of public
organizations, such as the Japanese Red Cross and Japanese aid
organizations that the airline has worked with in the past,
until further notice.

In addition, JAL employees worldwide will be organizing a cash
collection.

Details on shipping procedures are available form JAL offices in
Japan. These arrangements apply to relief goods and materials
sent from Japan only.

CONTACT:

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


MISAWA HOMES: Urging Creditors to Back IRCJ-led Rehab Scheme
------------------------------------------------------------
Misawa Homes Holdings Inc. is asking its creditor financial
institutions to support the implementation of a rehabilitation
plan under the state-backed corporate turnaround body, reports
Kyodo News.

The homebuilder's executives on Tuesday briefed its main lender
UFJ Bank and 95 other creditors on how it came to seek the
Industrial Revitalization Corporation of Japan (IRCJ) for
revival assistance.

The IRCJ, on the other hand, requested about 70 of the 96
creditors to waive their loans to the ailing homebuilder.

In December, Misawa unveiled a rehabilitation program, which
calls for its creditor financial institutions to provide a total
of JPY248 billion in financial aid. The aid program includes a
JPY120 billion-debt waiver mainly by UFJ Bank.

Aside for the aid package, Misawa is also considering using 99
percent of its existing capital to cover its losses.

Under the rescue package, Misawa is required to focus its
resources on core business areas such as home construction and
apartment operations, while withdrawing from non-core activities
such as golf course management and financing.

Meanwhile, Misawa has revised its group net balance forecast for
fiscal 2004 downward to a JPY216.8 billion.

CONTACT:

Misawa Homes Co Ltd
4-5 Takaido-Higashi 2-Chome
Suginami-Ku 168-8533, Tokyo 168-8533
Japan
Phone: +81 3 3331 1111
Fax: +81 3 5381 7830
Web site: http://www.misawa.co.jp/


MITSUBISHI FUSO: Recall Lags Due to Parts Shortage
--------------------------------------------------
Mitsubishi Motors Corporation has only repaired 2.7 percent of
vehicles with clutch defects it recalled six months ago, reports
The Yomiuri Shimbun.

The Construction and Transport Ministry now doubts Fuso's
capacity for the speedy repair of defective vehicles because of
shortage of parts.

At the end of last year, the embattled truck maker guaranteed
that it has increased production of parts for permanent
placement to ensure enough stock by February.

However, as it takes an entire day to carry out permanent
repairs on a vehicle, workshops are having a hard time
scheduling timetables for owners to bring in their vehicles.

As a result, Fuso may not be able to complete all permanent
repairs by May as planned.

To date, only 25 percent of the 103,000 vehicles, including
those that had undergone provisional repairs, have not been
repaired.

Fuso, which was spun off from its Mitsubishi Motors Corporation,
had in May 2004 admitted it had covered up defects and submitted
a recall notification to the ministry.

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


MITSUBISHI MOTORS: Rules Out Withdrawal from U.S. Operations
------------------------------------------------------------
Embattled Mitsubishi Motors Corporation (MMC) has brushed off
speculation that it will withdraw from its operations in the
U.S., Kyodo News.

The newly installed Chief Executive Officer of Mitsubishi Motor
North America (MMNA), Rick Gilligan, said MMC considers the U.S.
market as the key for the automaker to serve as a global player.

Mr. Gilligan is optimistic the U.S. operations will return to
profit by the end of 2006. The Company aims to revive sales by
launching three new models over the next year. It will start
exporting Mitsubishi vehicles to Eastern Europe and the Middle
East in 2006 and boost production output.

MMC's new vehicle sales in the U.S. plummeted 37 percent in 2004
from the previous year due to a change in the previous sales
strategy of price reductions.

The Japanese automaker is expected to unveil its restructuring
plan very soon.

CONTACT:

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


MITSUBISHI MOTORS: New CEO Prioritizes Dealers
----------------------------------------------
Rich Gilligan will meet with the national dealer council this
week, as his first job as Mitsubishi Motors North America's new
CEO, according to Automotive News.

Mr. Gilligan said Monday he will spend a lot of time with the
dealers over the next 90 to 120 days to see what they are
saying.  On Jan. 4, Mr. Gilligan took his seat as new CEO for
MMNA, replacing Finbarr O'Neill who left the Company to join
Reynolds and Reynolds.

Despite dwindling sales in the U.S., Mr. Gilligan believes
Mitsubishi has some momentum. He said the U.S. retail sales in
December were up 24 percent over retail sales in November.

"We will have an increase in sales this year," Gilligan said.
"Fin had a hard job, but he dealt with the issues that needed to
be dealt with, like getting out of fleet and risky financial
products. And we have new product on board."

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


MITSUBISHI MOTORS: Unveils Lineup for International Auto Show
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) and Mitsubishi Motors North
America Inc. (MMNA, Cypress, California) gave the brand-new
Raider pickup and the latest Eclipse sporty coupe their world
premiere at the 2005 North American International Auto Show (the
Detroit Motor Show), which is being held January 9 to 23, 2005,
at the Cobo Center in Detroit. The show opens to the general
public on January 15.

Dan Sims, responsible for the design of the Raider and the
Eclipse and General Manager of the Mitsubishi Motors Design
Studio at Mitsubishi Motors R&D of America (Cypress,
California), had the following to say at a press conference held
on January 10: "We have made the Raider to be a pickup truck
that will fire up users' hearts, with running performance that
is adapted to active lifestyles, and matching styling and
colors. Likewise, with the Eclipse, in addition to its class-
topping performance, with this latest version we've made a
design that is the evolution of its aggressive and cool look,
one that creates a sporty, dynamic feeling."

MMC and MMNA will be displaying a total of 14 vehicles at the
show. Joining the two world premiere cars on the stands are the
Pajero Evolution, with the same specification as the works team
cars that are currently setting the pace in the Dakar Rally.

(1) Raider available feature highlights include:

- 4.7L V8 and 3.7L V6 engines
- 5-speed automatic (V8 engine model) and either 4-speed
automatic or 6-speed manual transmission (V6 engine)
- Fully boxed steel frame ideally suited for pickup use
- Independent front suspension with coil springs and rigid axle
with leaf springs rear suspension that gives excellent road
performance while matching pickup requirements
- Extended cab, features a center-hinge rear door for occasional
use, or double cab
- Two- and four-wheel drive
- Bluetooth technology for hands-free cellular phone operation
and other interior communications

(2) Eclipse available feature highlights include:

(3) 8L V6 MIVEC2 and 2.4L inline 4-cylinder MIVEC engines

- 5-speed automatic transmission with sport mode or 6-speed
manual transmission (V6 engine model)
- Optional 18-inch alloy wheels on V6 engine models
- Optional 650-watt, 9-speaker Rockford Fosgate audio system
- Standard front/side/curtain airbags for driver and passenger
seats on all trim levels

Bluetooth: A wireless transmission protocol that enables the
seamless communication and interaction of electronic devices.

To view the product specifications, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS011105.pdf


SEIBU RAILWAY: May Quit All Overseas Operations
-----------------------------------------------
It is very likely that the Seibu Railway Company group will
withdraw from all of its offshore activities, Japan Today
reveals, citing Kyodo News.

The intended move is part of a management improvement plan under
study by the reform panel for the controversial conglomerate.

The advisory committee is considering the possibility that the
Seibu group exit from ski resort operations in Alaska and
Canada, the hotel business in Hawaii and other overseas
operations, in a bid to focus on core domestic activities.

The Seibu group has been embroiled in a scandal when it revealed
on Oct. 13 that it had been tampering with its share-ownership
data. The fiasco hurt Seibu group firms' financial conditions,
which led to its delisting from the Tokyo Stock Exchange in
December.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SEIBU RAILWAY: Plans to Create Holding Company
----------------------------------------------
The Seibu Railway Company group is considering creating a
holding firm as part of measures to overhaul its management,
Kyodo News reports.

The move is aimed at diluting the influence of Yoshiaki Tsutsumi
who effectively controls the group through Kokudo Corporation,
an unlisted firm running the Prince Hotels chain and sports
facilities. Both Seibu Railway and Kokudo will be placed under
the envisaged holding Company.

Mr. Tsutsumi resigned as Kokudo chairman in October but remains
the Company's largest shareholder.

Currently, Seibu Railway is working to enhance its group wide
management under an outside advisory panel, which is tasked to
design a package of reform measures at the end of January.

In December last year, the railway operator was delisted from
the Tokyo Stock Exchange following its announcement in October
that it had underreported stakes held in it by major
shareholders, including Kokudo.


TOWA REAL: Will Not Pull Down Investor's S&P Ratings
----------------------------------------------------
Mitsubishi Estate Company's credit rating will remain unaffected
by its planned investment in struggling condominium developer
Towa Real Estate Development Company, according to Jiji Press.

Standard and Poor's said it will retain its credit rating on
Mitsubishi Estate, as it has enough funds to cover the JPY15
billion it plans to infuse in Towa Real Estate.

"In addition, investment risks are limited" because of expected
financial aid from Towa Real Estate's creditor banks and the
Company's planned disposal of nonperforming assets and pullout
from unprofitable businesses, S&P said.

S&P has assigned a long-term rating of A-minus to Mitsubishi
Estate with a stable rating outlook. Its short-term rating
stands at A-2.

On Dec. 29, the embattled condominium developer announced
MItsubishi Estate will buy JPY8.9 billion worth of new Towa Real
Estate shares to take an equity stake of 33.4 percent in the
firm as part of a turnaround program.

CONTACT:

Towa Real Estate Development Company Limited
3-13 Yaesu 2-chome
Chuo-ku 104-8484, Tokyo 104-8484
Japan
Phone: +81 3 3272 6331
Fax: +81 3 3272 7180
Web site: http://www.towa-fudosan.co.jp/


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


JINRO LIMITED: Taihan Says Intentions are Pure
----------------------------------------------
Taihan Electric Wire Co. said it wants to acquire Jinro Ltd. to
make it one of its core businesses contrary to what is reported
that it only wants to seize outstanding debt, relates The Korea
Herald.

Taihan said it is diversifying its businesses because it is in
the middle of strengthening its profit model.  It wants to
maintain Jinro as a strong and profitable operation.

"Taihan is a strong Company and it plans to further strengthen
itself by investing in top-notch managers and flourish as a
stable business," said Lee Dae-sung, a spokesman for Taihan.

Jinro, commands 55 to 57 percent of the Soju market.  Jinro
wants to be assured of a new owner that has the ability and
interest in stabilizing the Company and employees are guaranteed
job security.

Jinro was placed in receivership in May 2003 and is due to be
auctioned this month.  It is expected to be a hotly contested
international auction with industry observers dubbing it as the
deal of 2005 in Korea, and some say possibly in Asia.

Following the KRW350 billion purchase of Jinro's debt in 2003,
Taihan became one of the soju maker's major creditors.  Taihan
also holds 70 percent of Jinro's secured debt making it the
largest creditor.

CONTACT:

Jinro Limited
1448-3 Seocho-dong Seocho-gu
Jinro Bldg
Seoul, SEOUL 137-866
KOREA (SOUTH)
Telephone: +82 2 520 3114; +82 2 520 3453
Web site: http://www.jinro.co.kr/


KOREA EXPRESS: To Takeover Dong-Ah's Libyan Project
---------------------------------------------------
Korea Express Co. will take over a project in Libya held by
bankrupt builder Dong-Ah Construction Industrial Co., The Korea
Herald relates.

Korea Express will participate in the $2.3 billion project to
construct a waterway in Libya.  Al Nahr is managing the project
where Korea Express holds a 25 percent stake.  State-run Great
Manmade River Authority has the major 75 percent stake.

The deal involves the third, fourth and fifth phases of
construction on a 19-phase project to build a mammoth waterway
in the North African Country.  There are still about 13 phases
of work to be done valued at $6 billion.

Korea Express signed on December of last year the complete
touch-ups and what still needs to be done for the first and
second phases which is expected to end by 2006.

CEO Kwak Young-wook is confident the Libyan government will hand
over the remaining job to them.

"Officials of the Libyan government are already approaching us,
asking us to take care of the job," Mr. Kwak said.

Mr. Kwak attributed the success to hard-working Koreans overseas
who kept up a good image despite the collapse of Korean builder
Dong-Ah Construction Industrial Co.

Korea Express is a former Dong-Ah subsidiary, the latter filed
for bankruptcy in 2001 in the wake of the 1997 financial crisis.
Korea Express took over the finishing work on the early project
phases and brought with it the Dong-ah employees still working
in Africa.

Korea Express itself was placed in court receivership in 2001,
and is expected to break free from the government through its
strong revival efforts.

CONTACT:

The Korea Express Co., Ltd.
58-12 Seosomun-dong Chung-gu Seoul, Korea ¬-¨‹ Seoul 100-110
Korea
Phone: 02-3782-0114
Fax: 02-3782-0786
Web site: http://www.korex.co.kr



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


ANTAH HOLDINGS: To Issue AR2004 Very Soon
-----------------------------------------
Antah Holdings Berhad (Antah) announces that the Company had on
January 7, 2005 received a Notice from the Bursa Malaysia
Securities Berhad (The Exchange) pertaining to the non-
compliance of Paragraph 9.23(a) of the Listing Requirements to
issue and submit the annual report (AR2004) to shareholders and
the Exchange within the stipulated timeframe, i.e. by December
31, 2004 (Due Date). The Notice states that if the AR2004 is not
submitted within three (3) months from the due date i.e. March
31, 2005, the Exchange shall impose a suspension on the trading
of the shares of Antah without prejudice to any enforcement
action that may be taken by the Exchange.

The non-issuance of the AR2004 by the stipulated time frame is
due to the Group's accounts still being audited as a result of
additional information requested by the Securities Commission,
via their letter dated December 3, 2004.

The Board is however confident that the AR2004 is expected to be
issued to shareholders and submitted to the Exchange not later
than three (3) months from the due date.

CONTACT:

Antah Holdings Berhad
Level 7, Menara Milenium,
Jalan Damanlela,
Pusat Bandar Damansara,
Damansara Heights 50490
Kuala Lumpur
Telephone no: 03-20849000
Facsimile no: 03-20949940


BUKIT KATIL: Chairman Kuppapitchai Rawther Resigns
--------------------------------------------------
Bukit Katil announced the resignation of Dato' Haji Mohamed
Iqbal bin Kuppapitchai Rawther as its Chairman on January 10,
2005.

Date of change: 10/01/2005

Type of change: Resignation

Designation: Chairman

Directorate: Independent & Non Executive

Name: Dato' Haji Mohamed Iqbal bin Kuppapitchai Rawther

Age: 60

Nationality: Malaysian

Qualifications:

1.Fellow of the Chartered Institute of Bankers, London

2.Bachelor of Economics Degree with Honours, University of
Malaya

3.Masters Degree in Business Administration, University of
Malaya

4.Certificate in Education, University of Birmingham (UK)

5.International Management Teacher's Programme (ITP)
Certificate, joint programme organised by the Harvard Graduate
School of Business Administration and the Centre D'Enseignment
Superior Des Affairs (CESA), France

6.Doctorate in Management, La Salle University, USA
Working experience and occupation:

1.Associate Professor, Faculty of Economics and Administration,
University of Malaya

2.Corporate Finance Officer, Malaysian International Merchant
Bankers

3.Executive Director of the Institute of Bankers Malaysia

4.Executive Chairman of the Arab-Asia Group

5.Trustee of the Islamic Economic Foundation of Malaysia

6.Advisor to the Institute for Policy Research, Malaysia

7.Presently the Group Executive Director of Farlim Group (M)
Berhad

Directorship of public companies (if any): Farlim Group (M)
Berhad

Family relationship with any director and/or major shareholder
of the listed issuer: N/A

Details of any interest in the securities of the listed issuer
or its subsidiaries: N/A

CONTACT:

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


GULA PERAK BERHAD: Notes Additional Listing of Shares
-----------------------------------------------------
Gula Perak Berhad's additional 12,100 new ordinary shares of
RM1.00 each issued pursuant to the Conversion of 12,100
irredeemable convertible secured loan stocks 2000/2005 will be
granted listing and quotation with effect from 9.00 a.m.,
Wednesday, January 12, 2005.

CONTACT:

Gula Perak Berhad
Level 7, Dynasty Hotel
Kuala Lumpur 218, Jln Ipoh,
51200 Kuala Lumpur
Telephone: 03-4044 2828
Fax: 03-4044 6688


INTAN UTILITIES: Releases Mandatory Takeover Offer Update
---------------------------------------------------------
Intan Utilities Berhad refers to the Mandatory Take-over Offer
by Vista Meranti Sdn Bhd, being the offeror pursuant to the
mandatory take-over offer (the Offeror) and a substantial
shareholder of Intan Utilities Berhad (the Offeree), parties
acting in concert with the Offeror and directors of the Offeree
as set out in the Offer Document dated December 22, 2004
(collectively the Parties).

For further details, go to
http://bankrupt.com/misc/tcrap_intan011105.pdf

CONTACT:

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


LION INDUSTRIES: Clarifies Shares Option Scheme
-----------------------------------------------
Further to The Listing Circular No. 28874 of 2005, kindly be
informed that Lion Industries Corporation Berhad's additional
592,000 new ordinary shares of RM1.00 each issued pursuant to
the executive share option scheme has been granted listing and
quotation with effect from 9 a.m., on January 11, 2005 (instead
of January 11, 2004 as stated earlier).

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


LION INDUSTRIES: Clarifies Shares Option Scheme
-----------------------------------------------
Further to The Listing Circular No. 28874 of 2005, kindly be
informed that Lion Industries Corporation Berhad's additional
592,000 new ordinary shares of RM1.00 each issued pursuant to
the executive share option scheme has been granted listing and
quotation with effect from 9 a.m., on January 11, 2005 (instead
of January 11, 2004 as stated earlier).

CONTACT:

Lion Industries Corporation Berhad
Level 46, Menara Citibank
165, Jalan Ampang
50450 Kuala Lumpur
Tel: 03-21622155
Fax: 03-21623448
Web site: http://www.lion.com.my


MALAYSIAN INDUSTRIAL: Lists Additional Shares
---------------------------------------------
Malaysian Industrial Development Finance Berhad's (MIDF)
additional 94,000 new ordinary shares of RM1.00 each issued
pursuant to the MIDF-Employee Share Option Scheme will be
granted listing and quotation with effect from 9.00 a.m.,
Wednesday, 12 January 2005.

CONTACT:

Malaysian Industrial Development Finance Berhad
Bangunan MIDF
195A Jalan Tun Razak
50400 Kuala Lumpur
P O Box 12110
50939 Kuala Lumpur
Phone: 03-2161 0066/1166
Fax: 03-2161 5973


MERCES HOLDINGS: Discloses Dealings in Securities
-------------------------------------------------
Pursuant to Paragraph 14.09(a) of the Listing Requirements of
Bursa Malaysia Securities Berhad, Merces Holdings Berhad
announces that the following affected persons had given notices
of their dealings in the securities of Merces Holdings Berhad
during outside closed periods:

For more information, go to
http://bankrupt.com/misc/tcrap_merces011105.doc

CONTACT:

Merces Holdings Berhad
9th Floor, Wisma Sime Darby
14 Jalan Raja Laut
50350 Kuala Lumpur
Phone: 03-2919366
Fax: 03-2928773/2919901


METROPLEX BERHAD: Issues Default Status Update
----------------------------------------------
Further to its announcement made on 10 December 2004, Metroplex
Berhad (MB) announced an update on the status in default in
payment of its various loan facilities as at 31 December 2004.

The estimated amount of default as at 31 December 2004 is
RM1,639,733,530.42.

The Company is currently in negotiations with its lenders on the
Proposed Composite Schemes of Arrangement (Proposed Scheme),
which will essentially address the default in payment. Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

For more information, go to
http://bankrupt.com/misc/tcrap_metroplex011105.XLS

CONTACT:

Metroplex Berhad
1st Floor Wisma Equity
150 Jalan Ampang
50450 Kuala Lumpur,
Malaysia
Telephone: 03-2618911

This announcement is dated January 11, 2005.


NAM FATT: Discloses Additional Shares Listing
---------------------------------------------
Nam Fatt Corporation Berhad's additional 433,600 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
RM433,600 irredeemable convertible unsecured loan stocks
2003/2011 will be granted listing and quotation with effect from
9.00 a.m., Wednesday, January 12, 2005.

CONTACT:

Nam Fatt Corporation Berhad
40B Persiaran Sultan Ibrahim
41300 Klang, Selangor Darul Ehsan 41300
Malaysia
Phone: +60 3342 0766
Fax: +60 3342 7830


NAUTICALINK BERHAD: Unveils Monthly Status Update
-------------------------------------------------
In compliance with the Practice Note No. 4/2001 (PN4),
Nauticalink Berhad (NB) announces that its corporate
restructuring scheme is now finally subject to the approval of
shareholders and scheme creditors at the forthcoming
Extraordinary General Meeting and the Court Convened Meetings to
be held on January 20, 2005.

CONTACT:

Nauticalink Berhad
8th Flr, Tower Block
Plaza Pekeliling
2, Jln Tun Razak
50400 Kuala Lumpur
Phone: 03-40431005
Fax: 03-40431058


PANGLOBAL BERHAD: Unveils Unit's Production Figures
---------------------------------------------------
PanGlobal Berhad announced that the production volume of coal of
its wholly owned subsidiary, Global Minerals (Sarawak) Sdn Bhd
for the month of December 2004 was 39,314.56mt.

CONTACT:

Panglobal Berhad
8 Lorong P Ramlee
Kuala Lumpur, 50250
MALAYSIA
Phone: +60 3 2031 9199
Fax: +60 3 2032 3977


RHB CAPITAL: Notes Additional Listing of Shares
-----------------------------------------------
RHB Capital Berhad's additional 6,625 new ordinary shares of
RM1.00 each arising from the Exercise of 6,625 Warrants
1994/2004 will be granted listing and quotation with effect from
9.00 a.m., Wednesday, January 12, 2005.

CONTACT:

Rhb Capital Berhad
Jalan Tun Razak
Kuala Lumpur, 50400
MALAYSIA
Phone: +60 3 9287 8888
Fax: +60 3 9280 6507


RHB CAPITAL: Releases Update on Proposed Bonds Issue
----------------------------------------------------
RHB Capital Berhad (RHB Capital) announces that all conditions
precedent for the Proposed Bonds Issue has been fulfilled and
accordingly, the said RHB Capital RM600 Million Serial Fixed
Rate Bonds will be issued on January 11, 2005.

This announcement is dated January 10, 2005.


SATERAS RESOURCES: Court OKs Restraining Order Extension
--------------------------------------------------------
Sateras Resources (Malaysia) Berhad announces that it has been
granted an extension of a restraining order (RO) from December
31, 2004 to January 28, 2005 by the Kuala Lumpur High Court of
Malaya pursuant to Section 176 of the Companies Act, 1965.

The extended Restraining Order was applied for to facilitate the
Proposed schemes, which was announced on May 12, 2003.

CONTACT:

Sateras Resources (Malaysia) Berhad
19 Jalan Pinang Kuala Lumpur,
Kuala Lumpur 50450
Malaysia Telephone: +60 2162 5288
Telephone: +60 2161 8529


TALAM CORPORATION: Issues Additional Listing of Shares
------------------------------------------------------
Talam Corporation Berhad's additional 114,350 new ordinary
shares of RM1.00 each issued pursuant to the Conversion of
1,143,500 irredeemable convertible preference shares will be
granted listing and quotation with effect from 9.00 a.m.,
Wednesday, January 12, 2005.

CONTACT:

Talam Corporation Berhad
5th Floor, Wisma Talam
52 Jalan Kampung Attap
50460 Kuala Lumpur, WP
Telephone number: 603-2732222
Fax number: 603-2731439


TRADEWINDS CORPORATION: Acquisition of Ambang Budi Sdn Bhd
----------------------------------------------------------
Tradewinds Corporation Berhad (TCB) refers to its announcements
dated May 13, 2003, July 3, 2003 and October 26, 2004 in
relation to the Acquisition of Ambang Budi Sdn Bhd (ABSB).

The Company announces that via its letter dated January 7, 2005
it waived the condition precedent that requires the category of
land use set out in the titles for the lands of ABSB to allow
for commercial and residential development, with effect from
November 30, 2004.

Accordingly, the condition precedents under the Sale of Shares
Agreement dated May 13, 2003 for the Acquisition of ABSB as
supplemented by a Supplemental Agreement dated July 3, 2003 and
letters dated January 19, July 2, October 13 and October 18,
2004 (the Agreement) have been fulfilled and the Acquisition of
ABSB is unconditional.

In addition, TCB has proposed and the vendors of ABSB namely
Encik Pakhruddin bin Sulaiman and Encik Ahmad Zaed bin Saleh
Hamdi have agreed via their respective letters dated January 7,
2005 to the following:
i. to change the certification date (being the date the auditors
certify the NTA value of ABSB), to be any business day agreed
between the parties not later than 35 (thirty five) business
days from the date the last conditions precedent are fulfilled;
and

ii. the indicative purchase consideration was based on the NTA
of ABSB as at February 28, 2003 after taking into consideration
the adjustments arising from the market value ascribed to its
lands, deferred tax arising from the revaluation and the impact
of ABSB's proposed disposal of a portion of its land
(Adjustments). The Adjustments were to be applied to the audited
NTA for the month immediately preceeding the fulfilment of the
last condition precedent of the Agreement i.e. October 31, 2004,
to compute the purchase consideration and compensation amount.
The Adjustments have been varied to reflect the implementation
of part of the proposed disposals of land and the payments
received thus far under the joint venture to develop ABSB's
lands.

All other terms and conditions of the Agreement remain
unchanged.
This announcement is dated January 10, 2005.

CONTACT:

Tradewinds Corporation Berhad
21st Floor Wisma Zelan
No. 1 Jalan Tasik Permaisuri
2 Bandar Tun Razak
Cheras, 56000 Kuala Lumpur


UMW HOLDINGS: Granted Listing of Additional Shares
--------------------------------------------------
UMW Holdings Berhad's additional 600,834 new ordinary shares of
RM1.00 each arising from the Exercise of 600,834 warrants
1005/2005 will be granted listing and quotation with effect from
9.00 a.m., Wednesday, January 12, 2005.

CONTACT:

UMW Holdings Berhad
3rd Floor The Corporate
No. 10 Jalan Utas (15/7)
Batu Tiga Industrial Estate
40200 Shah Alam
Selangor
Phone: 03-55191911
Fax: 03-55193890


WCT ENGINEERING: Notes Additional Listing of Shares
---------------------------------------------------
WCT Engineering Berhad's additional 36,000 new ordinary shares
of RM1.00 each issued pursuant to the Exercise of 36,000
warrants 2000-2005 will be granted listing and quotation with
effect from 9.00 a.m., Wednesday, 12 January 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266


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


COLLEGE ASSURANCE: Wants SEC to Scrap Reserves
----------------------------------------------
College Assurance Plans Philippines Inc. (CAP) is asking the
Securities and Exchange Commission (SEC) to scrap the actuarial
reserve liability (ARL) on all pre-need firms, ABS-CBN News
reports.

However, the SEC said CAP should present its formal proposal to
the Philippine Institute for Certified Public Accountants
(PICPA).

The industry source said CAP believed the ARL, which is the
present value of the pre-need firm's future liabilities, is
merely a contingent liability. CAP officials have questioned the
basis for the ARL, which stood at Php25.7 billion as of end-
2003.

The trust fund which serves as the guarantee the pre-need firm
would be able to meet future obligations is only Php8.5 billion.
This has resulted to a trust fund deficiency of Php17.2 billion.

The ARL is computed on the basis of assumptions on interest
rates, inflation rates, and percentage of lapsed plans or
contracts canceled due to incomplete payment and, in the case of
educational plans, tuition increases.

The pre-need firm will submit the proposed changes to the ARL
computation to the SEC this week.

CONTACT:

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


NATIONAL POWER: Debt Transfer Still Awaiting Creditor's Approval
----------------------------------------------------------------
Energy Secretary Vincent S. Perez has urged Japanese Finance
Minister Sadakazu Tanegaki to speed up the approval needed from
the Japan Bank for International Corporation (JBIC) on the
transfer of the debts of the National Power Corporation
(Napocor) to the Power Sector Assets and Liabilities Management
Corporation (PSALM), reports ABS-CBN News.

Mr. Perez said the Japanese finance minister took note of the
Country's tough efforts for power sector reforms.

JBIC, one of Napocor's major creditors, along with the Asian
Development Bank and the World Bank, has to approve the transfer
of Napocor's debts under the Electric Power Industry Reform Act
of 2001 (EPIRA).

The Philippine government said it would absorb by end-December
2004 about US$3.55 billion (Php200 billion) worth of bonds
issued by the Napocor to speed up the firm's privatization.

The Department of Finance in consultation with the Department of
Budget and Management and the Commission on Audit will identify
the specific debts to be assumed and the levels of annual debt
absorption.

PSALM awaits the consent of the Asian Development Bank.

CONTACT:

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


NATIONAL POWER: Sees Improved Power Generation This Year
--------------------------------------------------------
The National Power Corporation (Napocor) generated a total of
40,315 gigawatt hours (GWH), equivalent to 1 million kilowatt
hours, in 2004, 2.4 percent over that of 2003, and sold 36,742
GWH, an increase of 5 percent over the previous year.

In a press release, Napocor President Rogelio Murga said it
expects to increase power generation in 2005 by 4.52 percent or
42,138 GWH.

"We hope to sell 37,630 GWH in 2005 through more aggressive
marketing efforts, particularly direct connection," Mr. Murga
said.

During the past year, Napocor generated an additional capacity
of 45,670 diesel units and 180 KW wind hybrid unit of 45,850 KW.
Another set of 47,950 KW generating units is programmed for
2005, according to the report.

Quality legwork led to the Energy Regulatory Commission's
approval of Napocor's series of petition for power rates
rationalization, foremost of which was the September 2004 ERC
provisional authority of Php0.98 kwh (Return on Rate Base-Time
of Use) RORB-TOU.

"Hopefully this year, effective follow-ups will convince ERC to
approve NPC's originally requested increase of Php1.87 kwh,"
Murga said.

The Napocor President said annual generation of savings was also
realized while avoiding cost through prudential budget
management with the 2003 figure of Php13 billion as reference.


PHILIPPINE LONG: Notes Additional Listing of Shares
---------------------------------------------------
The Philippine Stock Exchange approved on June 14, 2000, the
application submitted by the Philippine Long Distance Telephone
Company to list additional 1,289,745 common shares, with a par
value of Php5.00 per share, to cover the Executive Stock Option
Plan (ESOP) of the Company, at an exercise price of Php814.00
per share.

In this connection, please be advised that a total of 1,970
common shares have been availed of and fully paid by the
optionees under the Company's ESOP.

In view thereof, the listing of the 1,970 common shares is set
for Wednesday, January 12, 2005. This brings the number of
common shares listed under the ESOP to a total of 337,066 common
shares.

The designated stock transfer agent is hereby authorized to
record and register in its books the above number of shares.

For your information and guidance,
MARIA ISABEL T. GARCIA
Head, Listings Department
Noted by:
JURISITA M. QUINTOS
Senior Vice President

CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers:  814-3552; 888-0188
Fax Number:  813-2292
Web site: http://www.pldt.com.ph


PRICESMART INCORPORATED: Unveils First Quarter Results
------------------------------------------------------
PriceSmart, Inc. announced its results of operations for the
first quarter of fiscal year 2005, which ended November 30,
2004, and December 2004 sales results.

For the first quarter of fiscal year 2005, total revenues
increased 5.9% to $156.7 million from $148.0 million in the
first quarter of fiscal year 2004. Net warehouse club sales
increased 6.5% to $153.0 million in the current quarter from
$143.7 million in the first quarter of fiscal year 2004. The
Company had an operating profit of $1.8 million in the quarter
compared to an operating loss of $4.0 million in the first
quarter last year. First quarter fiscal 2005 net loss
attributable to common stockholders was $2.5 million or ($0.24)
per diluted share compared to a net loss attributable to common
stockholders of $7.0 million or ($0.99) per diluted share in the
first quarter of fiscal 2004.

The Company had 26 warehouse clubs in operation at the end of
the first quarter (excluding 3 unconsolidated warehouse clubs in
Mexico that are owned through a 50/50 joint venture). In the
comparable period a year ago, the Company also had 26 warehouse
clubs in operation (excluding 3 unconsolidated warehouse clubs
in Mexico). During the quarter, the Company announced that it
had entered into an agreement to acquire land in San Jose, Costa
Rica for a planned fourth location in that market, which the
Company plans to open in the second half of calendar year 2005.

Commenting on the results for the quarter, Robert Price,
Chairman and Interim Chief Executive Officer, said, "We have
begun the new fiscal year in a positive direction. I am
encouraged by the growth in sales in the first quarter and the
sales results for December. Although there was a net loss of
$2.5 million for the quarter, our Company registered an
operating profit of $1.8 million compared to an operating loss
of $4.0 million in last year's first quarter. It is important to
keep in mind that we still have many challenges in certain
operations including Mexico and the Philippines. The financial
program, debt restructuring and rights offering, announced in
September is on track. We expect to raise at least $25 million
in additional capital from the rights offering which will
further strengthen the Company's balance sheet. I would also
like to briefly address some misleading reports that are
circulating in the Philippines regarding our operations there.
PriceSmart employs approximately 500 people in the Country and
considers the Philippines a key market. We have no plans to
close any PriceSmart warehouses in the Philippines and reports
that suggest otherwise are baseless."

Additionally, the Company announced that for the month of
December 2004, net sales increased 8.5% to $78.6 million from
$72.4 million in December a year earlier. For the four months
ended December 31, 2004, net sales increased 6.9% to $231.9
million from $217.0 million in the same period last year.

For the four weeks ended January 2, 2005, comparable warehouse
sales for warehouse clubs open at least 12 full months increased
8.4% compared to the same four-week period last year. For the
seventeen weeks ended January 2, 2005, comparable warehouse
sales for stores open at least 12 full months increased 7.4%.

About PriceSmart

PriceSmart, headquartered in San Diego, owns and operates U.S.-
style membership shopping warehouse clubs in Central America,
the Caribbean, and Asia, selling high quality merchandise at low
prices to PriceSmart members. PriceSmart now operates 26
warehouse clubs in 12 countries and one U.S. territory (four
each in Panama and the Philippines; three in Costa Rica; two
each in Dominican Republic, El Salvador, Guatemala, Honduras,
and Trinidad; and one each in Aruba, Barbados, Jamaica,
Nicaragua and the United States Virgin Islands).


                      PRICESMART, INC.
             CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED-AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)

                          Three Months Ended November 30,
                               2004              2003

Revenues:
Sales:
       Net warehouse          $153,026           $143,741
       Export                 233                505
     Membership income        2,362              2,113
     Other income             1,100              1,600

    Total revenues            156,721            147,959

    Operating expenses:
     Cost of goods sold:
       Net warehouse          129,522            125,623
       Export                 228                514
     Selling, general and
     administrative:

     Warehouse operations     19,728             20,423
  General and administrative  5,092              5,166
     Preopening expenses      --                 10
     Closure costs            367                220

    Total operating expenses  154,937            151,956

    Operating income (loss)   1,784             (3,997)

    Other income (expense):

     Interest income          596                636
     Interest expense        (2,926)            (2,849)
     Other income (expense)  (119)               (91)

    Total other expense       (2,449)            (2,304)

    Loss before (provision) benefit for
     income taxes, losses of unconsolidated
      affiliate and minority interest  (665)     (6,301)
    (Provision) benefit for income taxes (705)      52
    Losses of unconsolidated affiliate   (454)     (404)
    Minority interest                    (52)      512

    Net income (loss)                    (1,876)  (6,141)

    Preferred dividends                  648       840
    Net loss attributable to common
     stockholders                        $(2,524)  $(6,981)

    Loss per share - common stockholders:
     Basic                               $(0.24)   $(0.99)
     Diluted                             $(0.24)   $(0.99)

    Shares used in per share computation:

     Basic                               10,311    7,079
     Diluted                             10,311    7,079

                         PRICESMART, INC.
                   CONSOLIDATED BALANCE SHEETS
            (AMOUNTS IN THOUSANDS, EXCEPT SHARE DATA)

                              November 30, 2004 August 31, 2004
                                (Unaudited)

    ASSETS
    Current Assets:
      Cash and cash equivalents         $12,705      $34,410
      Short-term restricted cash        7,287        7,255
      Receivables, net of allowance for
       doubtful accounts of $2,514 and
       $1,550, respectively             1,662        2,196
      Merchandise inventories           86,637       62,820
      Prepaid expenses and other current assets
                                        10,888       10,185
    Total current assets                119,179      116,866

      Long-term restricted cash         22,040       28,422
      Property and equipment, net       176,083      173,420
      Goodwill, net                     23,071       23,071
      Deferred tax asset                15,718       16,009
      Other assets                      7,632        7,650

      Long-term receivables from
       unconsolidated affiliate         1,435        1,316
      Investment in unconsolidated affiliate 8,794   9,254

    Total Assets                        $373,952     $376,008

    LIABILITIES AND STOCKHOLDERS' EQUITY
    Current Liabilities:

      Short-term borrowings              $13,901     $13,412
      Accounts payable                   69,726      56,148
      Accounts payable to and advances
       received from related party       3,012       20,273
      Accrued salaries and benefits      4,802       4,496
      Deferred membership income         4,671       4,173
      Income taxes payable               1,908       747
      Deferred tax liability             584         592
      Other accrued expenses             9,435       15,972
      Long-term debt, current portion    15,433      16,503
    Total current liabilities            123,472     132,316
    Deferred rent                        1,373       1,260
    Accrued closure costs                3,955       3,932
    Long-term debt, related party        --          25,000
    Long-term debt, net of current portion 64,458    82,138

    Total liabilities                    193,258     244,646

    Minority interest                    3,570       3,483
    Commitments and contingencies        --          --

    Stockholders' Equity:
      Preferred stock, $.0001 par value
       (stated at cost), 2,000,000 shares
       authorized;
         Series A convertible
          preferred stock-20,000 shares
          designated, 0 and 20,000 shares
          issued and outstanding, respectively
          (liquidation preference of $0 and
          $21,867, respectively)          --         19,914
         Series B convertible preferred
          stock-30,000 shares designated,
          0 and 22,000 shares issued and
          outstanding, respectively
          (liquidation preference of $0 and
          $24,014, respectively)          --         21,975
        Common stock, $.0001 par value,
         45,000,000 shares authorized;
         17,961,452 and 7,775,655 shares
         issued and outstanding, respectively  2      1
        Additional paid-in capital       262,574     170,255
        Tax benefit from exercise of
         stock options                    3,379       3,379
        Notes receivable from stockholders (30)       (33)
        Deferred compensation            (1,712)      (1,932)
        Accumulated other comprehensive loss (17,199) (18,314)
        Accumulated deficit              (60,426)     (57,902)
        Less: treasury stock at cost;
         435,845 shares, respectively    (9,464)      (9,464)

    Total stockholders' equity           177,124      127,879

    Total Liabilities and Stockholders'
     Equity                             $373,952      $376,008

For further information, please contact Robert E. Price, Interim
Chief Executive Officer (858) 551-2336; or John M. Heffner,
Executive Vice President and Chief Financial Officer (858) 404-
8826.


PRICESMART INCORPORATED: Trial Court Finds No Reason for TRO
------------------------------------------------------------
The Pasig City Regional Trial Court has found no reason to issue
a temporary restraining order (TRO) to stop PSMT Philippines
Inc., the Philippine unit of PriceSmart Inc., from operating its
four warehouse shopping outlets in the Country, the Business
World reports.

But the minority shareholder, who is accusing the American
officers of PSMT of various irregularities, has vowed to pursue
a request for an injunction as well as the appointment of a
receiver and a management team to oversee the operations of
PSMT.

Businessman William Go and his Company E-Class Corporation
accused PriceSmart Inc. Chief Financial Officer John Heffner;
Benjamin M. Woods, PSMT President; Robert M. Gans, PSMT Vice-
President; and James Cahill, PSMT Chief Financial Officer and
Treasurer, of "systematically siphoning off Company funds in
favor of their foreign principal."

The complainants asked for Php5 million in actual damages,
Php750,000 as attorney's fees and litigation expenses, as well
as Php1 million in exemplary damages from each of the four
American defendants.

Both parties were required by the court to file the affidavits
of their respective witnesses on Thursday, and a hearing was
scheduled on January 17 for the cross-examination of witnesses.

E-Class and Mr. Go own 38 percent of the total capital stock of
PSMT Philippines while American-owned PriceSmart controls 52
percent.

PSMT has four warehouse shopping outlets: Fort Bonifacio Global
Center in Taguig, Alabang in Muntinlupa City, Aseana Business
Park in Paraaque City, and Congressional Ave. in Quezon City.

CONTACTS:

Pricesmart Inc.
9740 Scranton Road
San Diego, CA 92121
Phone: (858) 404-8800
Fax: (858) 581-4500
E-mail: jcahill@psmt.usa.com
Web Site: http://www.pricesmart.com

PSMT Philippines, Inc.
1781 Alabang Zapote Road, Filinvest
8/F Times Plaza Bldg., UN Ave. Cor. Taft Ave.
Ermita Manila
Phone no.: 8880433
Fax No.: 8880689


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


CAPITALAND LIMITED: Unit Subscribes Shares in Amber Fortess
-----------------------------------------------------------
The Board of Directors of CapitaLand Limited announced that its
indirect wholly owned subsidiary, CapitaLand Financial
Investments Pte Ltd., has on Jan. 7, 2005 subscribed for 2,900
ordinary shares of CNY1 each in the issued ordinary share
capital of Amber Fortess (M) Sdn Bhd for cash at par.

Amber is a private limited Company incorporated in Malaysia with
a total issued and paid-up share capital of RM10, 000
compromising 10,000 ordinary shares of RM1 each. The other
shareholders of Amber are unrelated to CapitaLand. Amber has not
commenced operations and its principal activity is that of
investment holding for real estate in Malaysia.

With the above subscription, CapitaLand holds 29% of the total
issued and paid-up share capital of Amber, and Amber has become
an indirect associated Company of CapitaLand.

The subscription is not expected to have any material impact on
the net tangible assets or earnings per share of CapitaLand
Group for the financial year ending Dec. 31, 2005.

By Order of the Board:
Tan Wah Nam
Company Secretary
Jan. 10, 2005


CHINA AVIATION (S): SGX Justifies Stake Sale Handling
-----------------------------------------------------
The Singapore Stock Exchange (SGX) justified its handling of
China Aviation Oil Holding Corporation's (CAOHC) disposal of its
15-percent stake in its unit, China Aviation Oil (Singapore)
Corporation (CAO), the Straits Times reports.

The SGX stressed the sale, which took place on Oct. 20, did not
violate its price disclosure requirement.

As the sale involved existing shares, the rules only required
that CAO's parent announce the sale and price within 48 hours of
the placement.

SGX chief executive Hsieh Fu Hua, however, declined to comment
on whether CAOHC went against its insider trading rules when it
sold CAO shares despite knowledge of CAO's trading losses.
Still, SGX has no plans at the moment to delist the oil trader.

CAO alarmed the financial sector late last year after it
reported a loss of US$550 million in oil trade derivatives.
Before it divulged its loss publicly, CAOHC sold 15 percent of
its shareholding in CAO at a discounted price of its then market
value.

CONTACT:

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


SCEC MAINTENANCE: Creditors to Submit Proofs of Debt by Feb.7
-------------------------------------------------------------
Notice is hereby given that the creditors of Scec Maintenance
(S) Pte Ltd, which is being wound up voluntarily, are required
on or before February 7, 2005 to send in their names and
addresses and particulars of their debt or claims, and the names
and addresses of their solicitors (if any) to the undersigned,
the liquidator of the said Company.

If so required by notice in writing by the said liquidator, they
are to come in personally or by their solicitors and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proved.

Toshiki Okamoto
Liquidator.
c/o 21 Jurong East Street 13
#03-02 CPF Jurong Building
Singapore 609646

This Singapore Government Gazette notice is dated January 7,
2005.


TIC PROPERTY: Falls Into Voluntary Liquidation
----------------------------------------------
Teckwah Industrial Corporation Ltd announced at the Singapore
Stock Exchange the voluntary liquidation of its subsidiary,
The Directors of Teckwah Industrial Corporation Ltd announced
that its wholly owned subsidiary, TIC Property Management Pte
Ltd. (TICPM), has proceeded with members' voluntary liquidation.

Mr. Lim Say Wan of Messrs Deloitte & Touche, 6 Shenton Way #32-
00 DBS Building Tower Two Singapore 068809, has been appointed
Liquidator of TICPM.

The voluntary liquidation of the subsidiary will have no impact
on the business or affairs of the Company.

By Order of the Board:
Ms. Lo Swee Oi
Company Secretary
Dated: Jan. 10, 2005


TSENG HOLDINGS: Passes Special Resolutions at EGM
-------------------------------------------------
At an Extraordinary General Meeting of the members of Tseng
Holdings Private Limited duly convened and held at 1
International Business Park, #04-13 The Synergy, Singapore
609917 on Monday, January 3, 2005 at 10:00 a.m. the following
Special Resolutions were duly passed:

Resolved:

(a) That Tseng Holdings Private Limited be wound up voluntarily.

(b) That Mr. Tay Joo Soon, Certified Public Accountants of 1
North Bridge Road, #13-03 High Street Centre, Singapore 179094
be and is hereby appointed Liquidator for the purpose of such
winding up; and that the said Liquidator be indemnified by the
Company against all costs, charges, losses, expenses and
liabilities incurred or sustained by him in the execution and
discharge of his duties in relation thereto.''

Tseng King Kian
Chairman

This Singapore Government Gazette notice is dated December 7,
2004.


TSENG HOLDINGS: Receiving Proofs of Claims Until Feb 4
------------------------------------------------------
Notice is hereby given that the creditors of Tseng Holdings
Private Limited, which is being wound up voluntarily, are
required on or before February 4, 2005 to send in their names
and addresses with particulars of their debt and claims, and the
names and addresses of their solicitors (if any) to the
undersigned of 1 North Bridge Road, #13-03 High Street Centre,
Singapore 179094, the Liquidator of the said Company.

If so required in writing from the said Liquidator, they are to
come in personally or by their solicitors and prove the said
debts or claims at such time and place as shall be specified in
such notice. In default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Tay Joo Soon, CPA
Liquidator

This Singapore Government Gazette notice is dated December 7,
2004.


YEW HOCK: Unveils Resolutions Passed at EGM
-------------------------------------------
At an Extraordinary General Meeting of Yew Hock Marine Pte Ltd
duly convened and held at 103 Defu Lane 10, Poh Lian Building 1,
Singapore 539223 on December 30, 2004 at 10:00 a.m., the
following resolutions were duly passed:

Special Resolution

(a) Resolved that the Company be wound up voluntarily pursuant
to section 290 of The Companies Act, Cap. 50.

Ordinary Resolutions
Resolved:
(b) That Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. William
Caven Hutchison of Foo Kon Tan Grant Thornton be and are hereby
appointed liquidators, jointly and severally, for the purpose of
the winding up.

(c) That the liquidators be remunerated for the work of winding
up the Company on their normal scale of professional fees.

Special Resolution
(d) That the liquidators be empowered to exercise any of the
powers given by sub-sections of (1) and (2) of section 272 of
the Companies Act, Cap. 50 and to distribute to members in
specie any part of the assets of the Company.

Chia Quee Hock
Chairman

This Singapore Government Gazette is dated January 7, 2005.



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


CAPETRONIC INTERNATIONAL: Details Exercise of Warrants
------------------------------------------------------
As Capetronic International (Thailand) Plc. issued 63,220,000
units of Warrants and these warrants were at 26th exercise date
on 30th December 2004.

The Company, herewith, advised the Stock Exchange of Thailand
(SET) the exercise of the warrants for the 26th exercise date as
per following details:

- Exercise ratio:  1 warrant has a right to subscribe 1.074
ordinary shares
- Exercise price: Baht 10 per share.
- Ordinary shares reserved to support the exercise: 67,898,280
shares.
- No. of warrant holders exercise: none.
- No. of warrant being exercised : none.
- Ordinary shares resulted from the exercise: none.
- Amount of money received from the share sale: none.
- Total remaining warrants listed in the Stock Exchange of
Thailand: 63,220,000 units.

Please be informed accordingly,

Yours sincerely,
(Pathrlap Davivongsa)
Chief Executive Officer

CONTACT:

Capetronic International (Thailand) Pcl
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao
Telephone:(038) 573161-72
Fax: (038) 573173-4


MANAGER MEDIA: Secures Court OK to Start Rehabilitation
-------------------------------------------------------
Manager Media Group (Public) Co., Ltd. advised the Stock
Exchange of Thailand (SET) that it has already submitted its
rehabilitation plan and received an order from Civil Court to
rehabilitate the Company. Hence, the Company would like to
relate the details of its rehabilitation plan execution.

Manager Media Group (Public) Co. Ltd. has issued and offered to
sell convertible unsecured debentures, specific bearer bond of
the Company at first issuance/2005 (CD2).  Redeemable due date
in 2010 to a Trading creditor according to the Company's
rehabilitation plan totaling 194,663 units per THB100.00 in
total value THB19,466,300.00 for paying to the Trading creditor
at THB19,465,778.30 on 7 January, 2005.

Please be informed accordingly.
Yours faithfully,
(Ms.Saowaluck Teeranujunyong)
Plan Adminstrator

CONTACT:

Manager Media Group Public Company Limited
102/1 Phra Athit Road,
Chanasongkhram, Phra Nakhon, Bangkok
Telephone: 0-2629-4488
Fax: 0-2629-4469
Web site: www.manager.co.th



SAFARI WORLD: SET Lifts Trading Halt
------------------------------------
The Stock Exchange of Thailand (SET) has posted the H sign
(trading halt) on the securities of Safari World Public Company
Limited (SAFARI) as from the first trading session of 10 January
2005.  This is because Phuket FantaSea Public Company Limited,
which SAFARI has a 99.97% holding of Phuket FantaSea's
authorized share capital will temporarily shut down its
operation. The SET has not received Company information for
dissemination.

It appears that SAFARI has now disclosed such information to the
SET. The SET therefore has lifted the H sign from the
securities of SAFARI as from the second trading session of
January 10, 2005.

CONTACT:

Safari World Public Company Limited
99 Moo 7, Liabkhlongsong Road,
Samwatawuntok,Min Buri, Bangkok
Telephone: 0-2518-1000-19
Fax: 0-2518-1022
Web site: http://www.safariworld.com


THAI ELECTRONIC: Unveils Appointment of New Director
----------------------------------------------------
Thai Electronic Industry Public Company Limited informed the
Stock Exchange of Thailand (SET) that on January 10, 2005, the
Board of Directors of the Company has passed the Board's
Resolution for appointing Mr. Katiya Kraikanchana to be the new
director of the Company to replace PILOT. OFF. Chongrak
Srihongse who has resigned from the directorship of the Company
since January 5, 2005.

In addition, the Board of Director has resolved to change the
authorized directors who can sign to bind the Company.

"Any two out of three of the following directors namely,
Mr.Vichien Phongsathorn, Mrs Duangthip Eamrungroj and Mr.Wiwat
Phongsathorn jointly sign together with the Company's seal
affixed."

The Company will arrange for the registration of changing the
Directors and also the authorization of directors who can sign
to bind the Company with the Ministry of Commerce accordingly.

For your kind acknowledgement
Yours sincerely
(Mr.Vichien Phongsathorn)
Director

CONTACT:

Thai Electronic Industry Pcl
1/10 Moo 4, Bangchan Industrial Estate,
Bang Kapi, Bangkok
Telephone: 0-2517-1276-8, 0-2517-1936
Fax: 0-2517-1937, 0-2518-1471


THAI ELECTRONIC: Names New Audit Committee
------------------------------------------
In a disclosure to the Stock Exchange of Thailand, the Board of
Directors announced that during the meeting of Thai Electronic
Industry Public Company Limited No.1 /2005, held on January 10,
2005 it has passed the Board Resolution in relation to the
appointment of the Audit Committee.

(1) The Board of Directors has appointed the members of audit
committee.

The names of members of the Audit Committee are:

Chairman of the Audit Committee       Mr.Udom Chatiyanont
Member of the Audit Committee         Mr.Suchai
Wattanatrinnanukul
Member of the Audit Committee         Mr.Katiya Kraikanchana

(2) The Audit Committee of the Company has the scope of duties
and responsibilities, and shall report to the Company's board of
directors as follows:

(i) To review the sufficiency, credibility and objectivity of
the financial reporting.

(ii) To review the adequacy and effectiveness of internal
control systems and internal audit functions.

(iii) To review compliance with the Securities and Exchange
Acts, Regulations of the SET, and any other relevant laws.

(iv) To consider and advise the appointment of the external
auditors including the audit fee by considering the
creditability.

(v) To consider compliance with all connected transaction
disclosures or the conflict- of-interests disclosures.

(vi) To take care of any other matters assigned to it by the
board of directors.

(vii) To report the activities of the audit committee in the
Company's annual report.

(3) The remaining terms of holding office

(3.1) Chairman of the Audit Committee shall have 3 years
remaining terms of holding office

(3.2) Member of the Audit Committee shall have 3 years remaining
terms of holding office.

The Company hereby certifies that the aforementioned members
meet all the qualifications prescribed by the Stock Exchange of
Thailand.

(Mr.Vichien Phongsathorn)
Director


THAI PETROCHEMICAL: To Ink MOU on January 17
--------------------------------------------
The plan administrators of Thai Petrochemical Industry Plc (TPI)
and new business partners of TPI is expected to sign a
memorandum of agreement cum January 17 for its capital-raising
shares allocation, Business Day relates.

The MOU was originally scheduled for signing December 28 last
year, but a disastrous tsunami hit six southern coastal
provinces of Thailand.

The Ministry of Finance is reportedly in the process of
allocating new shares of TPI to potential business partners,
including PTT Plc (PTT), the Country's largest oil conglomerate,
the Government Pension Fund (GPF) and the Government Savings
Bank (GSB). The ministry wants the three organizations to hold
at least a 60 percent stake in TPI.

Vayupak Fund 1 management said last week that it had set aside
THB4 billion baht in investment capital to buy new shares of
TPI, an unnamed source said.  The stake holding ratio of Vayupak
1 in TPI and the selling price of TPI's shares will be finalized
and set by mid-2005.

According to Suparut Kawatkul, Permanent Secretary for Finance
and chairman of the TPI capital-raising shares allocation
suggested to Vayupak Fund 1 to study the fund's investment
conditions and regulations and the possibilty of investing in
TPI as a business partner of the Ministry of Finance.  Upon
coming up with a conclusion, the outcome will have to be
proposed to the Cabinet for approval.

TPI's share allocation will be divided into two parts, the first
part will involve a 30 percent stake in TPI which will be
allocated to PTT, the second, a 30 percent stake in TPI which
will be offered to the Ministry of Finance's business partners,
including GPF and GSB.

Since TPI's plan administrator has to await for the completion
of TPI's due diligence before the offering price of TPI shares
is finalized, the scope of TPI's share allocation is widely set
at the preliminary stage.

TPI is currently restructuring a total of US$2.95 billion in
debt principal.  The finance ministry is acting as the
rehabilitation plan administrator of the heavily indebted
petrochemical firm.

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: http://www.tpigroup.co.th.







                            *********


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

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