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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

             Thursday, January 13, 2005, Vol. 8, No. 9

                            Headlines

A U S T R A L I A

ADECCO GEMVALE: Members to Meet January 20
AUTO RANGE: Appoints Creditor for Winding Up Purposes
DAYMAN HOLDINGS: To Declare Final Dividend January 24
DREWMERE PTY: Members and Creditors to Hold Meeting January 14
FOURCO PTY: Members Agree to Wind Up Company

FROST MARINE: Final Combined Meeting to Convene January 17
GEELONG BUILDING: To Declare Tenth Dividend February 8
GLEN JAHNKE: Sets Final Combined Meeting January 17
HENSTEP CORPORATION: Appoints Liquidator from Ferrier Hodgson
KAREE INVESTMENTS: Final Meeting Slated for January 14

METALWORTH PTY: To Declare Final Dividend January 18
MICHALAS PAINTING: Members Agree to Wind Up Company
MONDILIBI PTY: Appoints Liquidator for Winding Up Purposes
ORIENT EXPRESS: EGM Resolves to Wind Up Company
ORFORD'S GOURMET: To Declare Final Dividend January 18

PYRAMID BUILDING: To Declare Final Dividend February 8
ROBERT FROST: Members, Creditors to Meet January 17
SAFEWATCH SECURITY: To Hold Meeting January 18
TRIDENT AIR: EGM Resolves to Wind Up Company
WESTSUN BUILDERS: Members to Hear Explanation of Liquidator


C H I N A  &  H O N G  K O N G

BEGIN BRAVE: Court to Hear Winding Up Petition on Feb. 2
CHANTELL FASHION: Winding Up Hearing Set Feb 2
CHINA GAS: In Talks on Planned Stake Sale to Singapore, India
FAME LOYAL: Posts Winding Up Notice
G.K. CORPORATE: Schedules Bankruptcy Petition Hearing on Feb. 16

LAWS NIKSON: Creditors Meeting Slated for Jan. 21
NGUY CAN: Enter Winding Up Proceedings
SHAKHAL PUN'S: Court Issues Bankruptcy Order
WELLINK FOOD: Receives Winding Up Order
WIDE WISE: Court to Hear Winding Up Petition on January 19


I N D O N E S I A

BANK PERMATA: StandChart Wants Additional Stake
DIRGANTARA INDONESIA: Snags Order for Commercial Jet Design


J A P A N

DAIEI INCORPORATED: To Create Task Force to Draw Biz Strategies
MATSUSHITA ELECTRIC: Keeping Hopes Up in 2005
MISAWA HOMES: Could Fall to JPY138 Bln in Debt
MITSUBISHI FUSO: Major Redesign Marks 2005 Models
MITSUBISHI MOTORS: Top Ad Agencies Compete for Account

MITSUBISHI MOTORS: 2006 Raider Storms U.S. Import Truck Market
SEIBU RAILWAY: Prosecutors Grill Ex-execs About Scam
SEIBU RAILWAY: Committee Considers Plan to Merge with Kokudo


K O R E A

DAEWOO HEAVY: Committee Oks Stake Sale to Doosan
THRUNET COMPANY: Holds Final Talks with Hanaro
KOOKMIN BANK: Shuts Down 90 Branches in 2 Years Time


M A L A Y S I A

ANTAH HOLDINGS: Releases Litigation Update
ASIAN PAC: RAM Reaffirms B2 Rating
CONSOLIDATED FARMS: Unit Receives Writ of Summon
FURQAN BUSINESS: Danaharta OKs Restructuring Scheme
GENERAL SOIL: Details Supplemental Restructuring Agreement

GOLDEN FRONTIER: Buys Back 1,000 Shares
HAP SENG: Notes Resale, Cancellation of Treasury Shares
NAIM INDAH: Unveils Additional Shares Listing
NAUTICALINK BERHAD: Details Restructuring Scheme
OLYMPIA INDUSTRIES: Unit Defaults on Tax Payments

PAN PACIFIC: Updates Default Status
SRIWANI HOLDINGS: Unveils Results of Renounceable Rights Issue
SURIA CAPITAL: Clarifies Financial Results
TENAGA NASIONAL: Lists Additional Shares
UNITED CHEMICAL: Discloses Default Status Update


P H I L I P P I N E S

COLLEGE ASSURANCE: Signs US$300 Mln Loan Pact with U.S. Investor
PHILIPPINE LONG: First Pacific Launches US$199-Mln Notes Issue
PHILIPPINE LONG: First Pacific Offers US$150-Mln Bonds
SANITARY WARES: SEC Questions Company's "Sudden" Insolvency


S I N G A P O R E

CHINA AVIATION (S): Faces Third U.S. Lawsuit
DAVNET SINGAPORE: Issues Notice Of Dividend
HO WAH: Corrects Data Entry Error
LIVING SYSTEMS: Posts Dividend Notice
PENGUIN BOAT: Issues Notice Pursuant to Rule 704

SELCO SHIPYARD: Releases Fourth Interim Dividend Notice
WEARNES INTERNATIONAL: To Hold AGM on Jan. 27
YEW HOCK: Creditors to Submit Claims by Feb. 7


T H A I L A N D

JASMINE INTERNATIONAL: To Resume Trading of Securities
KRUNG THAI: Details Transfer of Substandard Assets to TAMC
NATURAL PARK: Releases Board Resolution on Share Swap
THAI ELECTRONIC: Unveils Appointment of Audit Committee

     -  -  -  -  -  -  -  -

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


ADECCO GEMVALE: Members to Meet January 20
------------------------------------------
Notice is given that a final meeting of the member of Adecco
Gemvale Constructions Pty Ltd (In Voluntary Liquidation) A.C.N.
004 532 414 will be held at Level 1, 161 Collins Street,
Melbourne, Victoria, on January 20, 2005 at 10:00 a.m.

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

Dated this 2nd day of December 2004

G.C. Ridgeway
Liquidator
c/- Level 1, 161 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9038 3164


AUTO RANGE: Appoints Creditor for Winding Up Purposes
-----------------------------------------------------
At a General Meeting of Auto Range Quality Cars Pty Ltd (In
Liquidation) A.C.N. 001 824 540, duly convened and held at
13/432 Chapel Road, Bankstown, NSW on December 2, 2004 the
following Special Resolutions were passed:

(a) That the Company be wound up as a Members' Voluntary Winding
Up and that Suzanne Maree Jakovich of 14 Central Avenue,
Chipping Norton, NSW be appointed liquidator of the Company for
the purposes of such winding up.

(b) That the liquidator be and is hereby authorized to
distribute in specie such assets of the Company as he may deem
fit.

Dated this 2nd day of December 2004

Suzanne Maree Jakovich
Liquidator
14 Central Avenue, Chipping Norton NSW


DAYMAN HOLDINGS: To Declare Final Dividend January 24
-----------------------------------------------------
A first and final dividend is to be declared on January 24, 2005
in respect of wages, superannuation and annual leave of former
employees of Dayman Holdings Pty Ltd (In Liquidation) (The
Company) formerly trading as Reynolds Stratagem A.C.N. 009 309
460.

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

Dated this 3rd day of December 2004

Dino Travaglini
Liquidator
Moore Stephens BG
Level 3, 12 St Georges Terrace,
Perth WA 6000


DREWMERE PTY: Members and Creditors to Hold Meeting January 14
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Drewmere Pty Ltd (In Liquidation) A.C.N. 010 363
032 will be held at PPB Chartered Accountants, Level 4, 31
Sherwood Road, Toowong Qld at 11.00 a.m. on Friday, January 14,
2005.

The purpose of the meeting is to:

(a) Show the manner in which the property of the Company has
been disposed of;

(b) Lay the accounts before the meeting;

(c) Hearing any explanation that may be given by the Liquidator;
and

(d) Approve the destruction of the books and records of the
Company upon approval by the Australian Securities and
Investment Commission.

Dated this 1st day of December 2004

Andrew Fielding
Liquidator
PPB Chartered Accountants & Business
Reconstruction Specialists
Level 4, 31 Sherwood Road, Toowong Qld 4066


FOURCO PTY: Members Agree to Wind Up Company
--------------------------------------------
Notice is hereby given that at a meeting of creditors of Fourco
Pty Ltd (Administrators Appointed) A.C.N. 101 181 819 convened
pursuant to Section 439A of the Corporations Act 2001 held on 26
November 2004, it was resolved that the Company be wound up and
pursuant to Section 446A(4) of the Corporations Act 2001, John
Ross Lindholm of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Victoria was appointed Liquidator.

Dated this 2nd day of December 2004

J.R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


FROST MARINE: Final Combined Meeting to Convene January 17
----------------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Frost Marine Services Pty. Ltd. (In
Liquidation) formerly trading as Dockside Marine Engineering
A.C.N. 103 664 437 will be held at the offices of Jessup &
Partners, Accountants & Business Advisors, St James Place, Level
3, 155-157 Denham Street, Townsville, Queensland 4810 on Monday,
January 17, 2005 at 11:00 a.m.

AGENDA

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

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 3rd day of December 2004

Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile: (07) 4721 4513


GEELONG BUILDING: To Declare Tenth Dividend February 8
------------------------------------------------------
A tenth dividend is to be declared on February 8, 2005 for
Geelong Building Society Limited (In Liquidation) A.C.N. 087 822
213.

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

Dated this 2nd day of December 2004

G.P. Meredith
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


GLEN JAHNKE: Sets Final Combined Meeting January 17
---------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Glen Jahnke Trade Services Pty Ltd (In
Liquidation) A.C.N. 097 828 674 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 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


HENSTEP CORPORATION: Appoints Liquidator from Ferrier Hodgson
-------------------------------------------------------------
Notice is hereby given that at a meeting of creditors of Henstep
Corporation Pty Ltd (Administrators Appointed) A.C.N. 105 325
657 convened pursuant to Section 439A of the Corporations Act
2001 held on 26 November 2004, it was resolved that the Company
be wound up and pursuant to Section 446A(4) of the Corporations
Act 2001, John Ross Lindholm of Ferrier Hodgson, Level 29, 600
Bourke Street, Melbourne, Victoria was appointed Liquidator.

Dated this 2nd day of December 2004

J.R. Lindholm
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


KAREE INVESTMENTS: Final Meeting Slated for January 14
------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Karee Investments Pty Ltd (In Liquidation) A.C.N. 009 840 331
will be held at the offices of William Buck, Level 16, 120
Edward Street, Brisbane on Friday, January 14, 2005 at 10:00
a.m.

AGENDA:

(1) Receive a report by the Liquidator on how the winding up of
the Company has been conducted and the property of the Company
has been disposed of;

(2) General business.

Dated this 2nd day of December 2004

Neville G. Halligan
Liquidator
c/- William Buck
Level 16, 120 Edward Street,
Brisbane Qld 4000


METALWORTH PTY: To Declare Final Dividend January 18
----------------------------------------------------
A dividend is to be declared on February 18, 2005 for Metalworth
Pty Ltd (In Liquidation) A.C.N. 055 090 652.

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

Dated this 30th day of November 2004

Trevor John Schmierer
Liquidator
c/- Knights Insolvency Administration
14th Floor, 241 Adelaide Street,
Brisbane Qld 4000
Telephone: (07) 3004 3200


MICHALAS PAINTING: Members Agree to Wind Up Company
---------------------------------------------------
At a general meeting of the members of Michalas Painting &
Tiling Contractors Pty Ltd (The Company) A.C.N. 092 753 243 duly
convened and held at the 22 Victoria Street, Diamond Creek on
November 29, 2004, the Special Resolution set out below was duly
passed:

That the Company be wound up voluntarily.

Dated this 29th day of November 2004

S. Michalas
Director
c/- RSM Bird Cameron
Chartered Accountants
Level 8, 525 Collins Street,
Melbourne Vic 3000
Telephone: (03) 9286 1800
Facsimile: (03) 9286 1899


MONDILIBI PTY: Appoints Liquidator for Winding Up Purposes
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Mondilibi Pty Limited (In Liquidation) A.C.N. 004 114 498 duly
convened and held at 7 Chisholm Street, Wangaratta, on December
1, 2004, a Special Resolution that the Company be wound up
voluntarily was passed by members and G.M. Rambaldi was
appointed Liquidator.

Dated this 2nd day of December 2004

G.M. RAMBALDI
Liquidator
Pitcher Partners
Level 6, 161 Collins Street, Melbourne Vic 3000


ORIENT EXPRESS: EGM Resolves to Wind Up Company
-----------------------------------------------
Notice is given that at an extraordinary general meeting of
members of Orient Express Travel Service (Qld) Pty Ltd (In
Liquidation) A.B.N. 84 054 656 129 held on the 3rd day of
December 2004 it was resolved that the Company be wound up
voluntarily and that Andrew Leonard Dunner, Chartered
Accountant, 23 Erin Street, Richmond Victoria 3121 be appointed
liquidator of the Company for the purposes of the winding up.

Dated this 3rd day of December 2004

A.L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond Vic 3121
Telephone: (03) 9428 1888


ORFORD'S GOURMET: To Declare Final Dividend January 18
------------------------------------------------------
A first and final dividend is to be declared on January 18, 2005
for Orford's Gourmet Selection (Wa) Pty Ltd (In Liquidation)
A.C.N. 094 551 416.

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

Dated this 3rd day of December 2004

C.M. Williamson
Liquidator
Hall Chadwick
Level 40, BankWest Tower, 108 St George's
Terrace, Perth WA 6000


PYRAMID BUILDING: To Declare Final Dividend February 8
------------------------------------------------------
A tenth dividend is to be declared on 8 February 2005 for
Pyramid Building Society Limited (In Liquidation) A.C.N. 087 822
204.

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

Dated this 2nd day of December 2004

G.P. Meredith
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street,
Melbourne Vic 3000


ROBERT FROST: Members, Creditors to Meet January 17
---------------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Robert Frost Maintenance Services Pty.
Ltd. (In Liquidation) formerly trading as Frost Heavy Machinery
Maintenance A.C.N. 101 430 380 will be held at the offices of
Jessup & Partners, Accountants & Business Advisors, St James
Place, Level 3, 155-157 Denham Street, Townsville, Queensland
4810 on Monday, January 17, 2005 at 12:00 p.m.

AGENDA

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

(2) Any other business which may be lawfully considered with the
foregoing.

Dated this 3rd day of December 2004

Ian David Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street,
Townsville Qld 4810
Telephone: (07) 4772 3515
Facsimile: (07) 4721 4513


SAFEWATCH SECURITY: To Hold Meeting January 18
----------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a Final Meeting of Members and Creditors
of Safewatch Security Australia Pty Ltd (In Liquidation) A.C.N.
093 529 947 will be held in the Boardroom, Venn Milner & Co
Chartered Accountants, Suite 1, 43 Railway Road, Blackburn, Vic
3130 on Tuesday, January 18, 2005 at 11:00 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator.

Dated this 1st day of December 2004

Leonard A. Milner
Liquidator


TRIDENT AIR: EGM Resolves to Wind Up Company
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Trident Air Conditioning Services Pty Ltd (In
Liquidation) A.C.N. 090 983 181 held on December 2, 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, Richard Herbert
Judson of Judson & Co, Chartered Accountants, Level 1, 10 Park
Road, Cheltenham be appointed liquidator.

Dated this 2nd day of December 2004

Richard Herbert Judson
Liquidator
Judson & Co
Chartered Accountants
Suite 4, Level 1, 10 Park Road,
Cheltenham Vic 3192
Telephone: 9585 4155


WESTSUN BUILDERS: Members to Hear Explanation of Liquidator
-----------------------------------------------------------
Notice is given that pursuant to Section 509(1) of the
Corporations Act 2001, a Final Meeting of Members and Creditors
of Westsun Builders Pty Ltd (In Liquidation) A.C.N. 005 262 457
will be held in the Boardroom, Venn Milner & Co Chartered
Accountants, Suite 1, 43 Railway Road, Blackburn, Vic 3130 on
Thursday January 20, 2005 at 11:00 a.m.

The purpose of the meeting is to lay accounts before it showing
the manner in which the winding up has been conducted and the
property of the Company has been disposed of and of hearing any
explanation that may be given by the Liquidator.

Dated this 8th day of December 2004

Leonard A. Milner
Liquidator


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


BEGIN BRAVE: Court to Hear Winding Up Petition on Feb. 2
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Begin Brave Limited by the High Court of Hong Kong Special
Administrative Region was on Dec. 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 whose
registered office is situated at the 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
Feb. 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.

Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
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 Jan. 7, 2005.


CHANTELL FASHION: Winding Up Hearing Set Feb 2
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Chantell Fashion Company Limited by the High Court of Hong Kong
Special Administrative Region was on Dec. 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
whose registered office is situated at the 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
Feb. 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.

Anthony Chiang & Partners
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
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 Jan. 7, 2005.


CHINA GAS: In Talks on Planned Stake Sale to Singapore, India
-------------------------------------------------------------
The Board of China Gas Holdings Limited makes this announcement
in response to an article appearing in today's Hong Kong Daily
News reporting the possible subscription of shares of the
Company by the government of
Singapore, India and/or South Korea.

The Board would like to reiterate that it has always been the
Group's corporate strategy to seek appropriate business and
investment opportunities in the natural gas projects and to look
for those well-established natural gas corporations to become
strategic investors of the Company.

The Board wishes to inform the public and its shareholders that
the Company has recently been in preliminary negotiations with
two corporations which are not connected persons (as defined in
the Rules Governing the Listing of Securities on The Stock
Exchange of Hong Kong Limited including one government-owned gas
corporation in Singapore and one government-owned gas
corporation in India for exploring the possibility of (i)
Singapore Corporation and India Corporation to become strategic
investors of the Company; and (ii) the formation of joint
venture companies between the Company with Singapore Corporation
and with India Corporation respectively for the development of
natural gas projects in China.

As at the date of this announcement, no blinding agreements or
memorandum or letter of intent have been entered into between
the Company and Singapore Corporation or India Corporation.
Such Possible Cooperation Plan remains a possibility and is yet
to be finalized. Further announcement will be made as and when
appropriate and necessary and will comply fully with the
relevant disclosure requirements under the Listing Rules.

As there is no assurance that the Possible Cooperation Plan will
be proceeded and the Possible Cooperation Plan will be
materialized, shareholders and investors shall exercise caution
when dealing in the shares of the Company.

Save for and apart from the Possible Cooperation Plan, the Board
confirmed that there are no negotiations or agreements relating
to intended acquisitions or realizations, which are to be
disclosed under rule 13.23, neither is the Board aware of any
matter that is to be disclosed under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of the Board, the Directors of the Company
collectively and individually accept responsibility for the
accuracy of this announcement.

By Order of the Board
Liu Ming Hui
Managing Director
Hong Kong, Jan. 11, 2005


FAME LOYAL: Posts Winding Up Notice
-----------------------------------
Fame Loyal Corporation Limited posted its notice of winding up
by the Hong Kong High Court at The Standard Jan. 7, 2005.

Registered Office / Principal Place of Business: Shop R-1, 2/F,
Tin Ma Court Comm Ctr, Tin Ma Court, Wong Tai Sin, Kln

Date of Order: Dec. 22, 2004

Date of Presentation of Petition: Nov. 3, 2004

E T O'CONNELL
Official Receiver


G.K. CORPORATE: Schedules Bankruptcy Petition Hearing on Feb. 16
----------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
G.K. Corporate Fashion (HK) Limited by the High Court of Hong
Kong was on Dec. 13, 2004 presented to the said Court by Lam
Tuen Chi of 4/F., 52 Po Tung Road, Sai Kung, New Territories,
Hong Kong.

The said petition will be heard before the Court at 9:30 a.m. on
Feb. 16, 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.

Betty Chan
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of February 15, 2005.

This The Standard notice is dated Jan. 6, 2005.


LAWS NIKSON: Creditors Meeting Slated for Jan. 21
-------------------------------------------------
That a meeting of the creditors of Law's Nikson Company Limited
will be held on Jan. 21, 2005 at 3:00 p.m. on Room 9C, 139
Hennessy Road, Hong Kong for the purposes provided for in
Sections 241 to 244 of the Companies Ordinance. Creditors may
vote either in person or by proxy.

Law Tat Shing
Director

This notice is dated Jan. 4, 2005.


NGUY CAN: Enter Winding Up Proceedings
--------------------------------------
The Hong Kong High Court issued Nguy Can & Fils (China) Company
Limited a notice of winding up thru The Standard on Jan. 7,
2004.

Registered Office / Principal Place of Business: Room 2501, 25th
Floor, Bartlock Centre, 3 Yiu Wa Street, Causeway Bay, Hk

Date of Order: Dec. 28, 2004

Date of Presentation of Petition: Feb. 9, 2004

E T O'CONNELL
Official Receiver


SHAKHAL PUN'S: Court Issues Bankruptcy Order
--------------------------------------------
Notice is hereby given that a Bankruptcy Order against Pun
Pitambar Trading as Shakhal Pun's Construction Company was made
on Dec. 22, 2004.

All debt due to the estates should be paid to the undersigned.

E T O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 1, 2005.


WELLINK FOOD: Receives Winding Up Order
---------------------------------------
The Hong Kong High Court issued Wellink Food Company Limited a
notice of winding up.

Registered Office / Principal Place of Business: Rm G, 2nd
Floor, Fu Cheung Centre, 5-7 Wong Chuk Yeung St, Fotan, Nt

Date of Order: Dec. 28, 2004

Date of Presentation of Petition: Oct. 4, 2004

E T O'CONNELL
Official Receiver


WIDE WISE: Court to Hear Winding Up Petition on January 19
----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Wide Wise Hong Kong Limited by the High Court of Hong Kong
Special Administrative Region was on Nov. 3, 2004 presented to
the said Court by Chan Hing Hang and was amended on November 26,
2004 by Chan Hing Hang whose residential address is situated at
Flat C, 12th Floor, Block 3, Phase 2, Belvedere Garden, Tsuen
Wan, New Territories, Hong Kong.

The said Petition will be heard before the Court at 10:00 a.m.
on Jan. 19, 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.

A. M Mui & Kwan
Solicitors for the Petitioner
Offices 2315-2316, 23rd Floor
Jardine House
1 Connaught Place, 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 January 18, 2005.

This notice is dated Jan. 7, 2005.


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


BANK PERMATA: StandChart Wants Additional Stake
-----------------------------------------------
Standard Chartered Bank (StandChart) has indicated its intention
to take an additional stake in PT Bank Permata, reports Asia
Pulse.

StandChart wants to increase its stake in the state-owned bank,
in which its consortium with Astra International already has a
62 percent controlling stake.

StandChart said it will bid for the additional 26.17 percent in
Bank Permata, which the state-owned PT Perusahaan Pengelola Aset
(PPA) plans to divest.

The proceeds of the Permata shares sale will be used to
strengthen the bank's capital.

CONTACT:

PT Bank Permata Terbuka
Jalan Jend Sudirman Kav 27
Gedung Bank Bali
Jakarta 12920
Indonesia
Phone: +62 21 523 7899
Fax: +62 21 250 0680


DIRGANTARA INDONESIA: Snags Order for Commercial Jet Design
-----------------------------------------------------------
PT Dirgantara Indonesia has received from a Malaysian firm an
AU$50 million worth of order for a design and prototype of an
NMX-1 commercial jet aircraft for six passengers, according to
Asia Pulse.

Aero Nimbus expects the order to be fulfilled by the end of
2006. The aircraft designed by Dirgantara will then undergo a
test flight for certification.

The aircraft can carry six passengers, is 15 meters long and can
fly over a distance of 1,300 miles from Kuala Lumpure to Hong
Kong in three hours flat.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax: 62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com


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


DAIEI INCORPORATED: To Create Task Force to Draw Biz Strategies
---------------------------------------------------------------
Ailing retailer Daiei Incorporated and the state-backed
corporate turnaround body have decided to establish an interim
task force this week to formulate business strategies until a
new management is in place, Japan Today says.

Initially, the task force will comprise 20 mid-career employees
from Daiei and the Industrial Revitalization Corporation of
Japan (IRCJ). The number will later be increased between 40 and
50.

Earlier, Daiei and the IRCJ revealed a plan to ask the troubled
retailer's main creditor banks to waive 81 percent of its
unsecured debt.

The IRCJ says estimated the total debt waivers to reach JPY405
billion, some 81 percent of the unsecured portion of the
retailer's debt. The corporate turnaround body has also
concluded that Daiei's debt is comparatively high based on its
earnings ability, which prompted it to decide to ask lenders to
forgive a large portion of its debt.

After protracted negotiations, the IRCJ finally approved on Dec.
28 a restructuring program for Daiei that would see the
retailer's banks provide nearly US$6 billion in aid.

CONTACT:

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


MATSUSHITA ELECTRIC: Keeping Hopes Up in 2005
---------------------------------------------
Matsushita Electric Industrial Company vowed to improve its
financial health in fiscal 2005 despite its bleak outlook for
the global electronics industry, relates The Japan Times.

In his first news conference of the year, Matsushita President
Kunio Nakamura said, "The first half of fiscal 2005 will be very
tough. But we will implement every conceivable cost-cutting
measure to achieve an operating margin of at least 4 percent,
despite the triple price increases of oil, raw materials and
yen."

He said the Company will implement cost reductions totaling
JPY60 billion through improved production efficiency.

Matsushita, famous for its Panasonic brand, forecast the global
electronics market would shrink 1 percent in fiscal 2005 after
growing 10 percent in the current fiscal year.

Mr. Nakamura said the slowdown in fiscal 2005, starting in
April, would be seen in computer chips and cell phones.

CONTACT:

Matsushita Electric Industrial Co Ltd (Panasonic)
1006, Oaza Kadoma
Kadoma-shi, Osaka 571-8501
Japan
Phone: +81 6 6908 - 1121
Fax: +81 6 6908 2351


MISAWA HOMES: Could Fall to JPY138 Bln in Debt
----------------------------------------------
Misawa Homes Holdings Incorporate is predicted to fall deeper
into the red in fiscal 2004 with a negative net worth of
JPY168.4 billion, Kyodo News says.

The figure was included in the outline of a rescue package for
the embattled homebuilder.

However, the negative net worth is expected to be offset by the
end of fiscal 2005 if financial institutions would agree to
extend financial aid to Misawa.

Misawa is currently starting to revive its business under the
auspices of the state-backed Industrial Revitalization
Corporation of Japan (IRCJ). Under the turnaround program,
Misawa will dispose of land and other properties to pare its
assets to JPY285.1 billion in March 2006 from JPY505.1 billion
as of March 2004.

On Tuesday, Misawa and the IRCJ met with the homebuilder's
creditor financial institutions, asking for their cooperation in
implementing the IRCJ-led rescue program.

The state corporate turnaround agency requested about 70 of
Misawa's creditors to waive their loans to the homebuilder.

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: Major Redesign Marks 2005 Models
-------------------------------------------------
From class 3 to class 7, eight new Mitsubishi Fuso cabover
models reflect significant upgrades in performance, handling,
durability, comfort, aesthetics, and value.

The new line-up of 2005 Mitsubishi Fuso cabover medium-duty
trucks evidence enhancements and upgrades, including a road-to-
roof redesign for the FE models.

Eight models cover weight ratings from class 3 through class 7,
and address virtually every vocational need from dry freight,
refrigerated delivery, landscaping and delicate cargo transport
to auto recovery, heavy duty hauling, municipal roadwork and
snow plowing.

The line includes not only standard chassis designs for class 3
through class 7, but also a low profile model, a 7-passenger
crew cab model, an air-suspension option, and the only 4-
wheeldrive medium duty cabover in the industry.

"This is the most extensive redesign we've undertaken in nearly
ten years," says Robert McDowell, executive vice president and
COO of Mitsubishi Fuso Truck of America, Inc.
(MFTA).

"Every year, of course, we make incremental improvements based
on customer feedback and our own technological developments. But
for this year, we asked the designers to approach their class 3,
4 and 5 efforts with a clean sheet of paper. We asked them to
put everything they've learned into these new FE vehicles, and I
think what they've been able to accomplish will surprise
everyone."

To view the entire release, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIFUSO011204.pdf

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: Top Ad Agencies Compete for Account
------------------------------------------------------
Mitsubishi Motors North America (MMNA) today announced the six
advertising agencies that will advance to the next round of the
selection process, in which the winner will be named as the auto
manufacturer's agency of record.  BBDO North America of New
York,
Cramer-Krasselt of Chicago, Publicis & Hal Riney of San
Francisco, Temerlin McClain of Dallas and Publicis West of
Seattle join the incumbent agency, Deutsch of Los Angeles, who
has elected to participate in the selection process.

"We are pleased to have the top advertising agencies in the
country competing for our business," said Kevin Mayer, MMNA's
director of advertising.

"With the introduction this week of the new sporty Eclipse and
Raider truck at the North American International Auto Show
(NAIAS), our product lineup is stronger than ever -- and we're
confident we've tapped into the best of the advertising world to
help us best disseminate our future messages to consumers."

Site checks and interviews with the six agencies will take place
during the week of January 17.  A final decision is still on
schedule to be made March 1.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States and Canada.  Mitsubishi Motors sells coupes,
convertibles, sedans and sport utility vehicles through a
network of approximately 650 dealers.

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: 2006 Raider Storms U.S. Import Truck Market
--------------------------------------------------------------
In a bold move to capture the new generation of truck buyers
with upscale tastes, urban style and a passion for performance,
Mitsubishi Motors North America, Inc. (MMNA) on Monday unleashed
its 2006 Raider midsize truck at the North American
International Auto Show.

Embodied in the Raider DNA is Mitsubishi's vision of what a
light truck can be, redefining the traditional pickup in terms
of youthful design, content and quality. Its aggressive exterior
design and sophisticated interior amenities stand out from the
crowd, seizing the essence of Mitsubishi in spirit and function.

The Raider is yet another example of the automaker's ability to
develop a distinctive product for a unique consumer group. It is
designed for younger, affluent truck buyers who have a strong
sense of purpose and exhibit the confidence needed to get them
where they want to go in life.

Despite its stylish look, there is no question that power and
toughness are not compromised in Mitsubishi's vision of a
midsize truck. The Raider evolved from the base architecture of
the 2005 Dodge Dakota, whose lineage is long known for its
power, performance and reliability. True to its heritage, the
Raider is the only midsize import nameplate pickup truck to
offer a 4.7-liter V8 engine.

Available in extended and double cab versions, two- and four-
wheel drive and potent V6 and V8 engines, the Raider feeds its
target audience's insatiable appetite for adventure and fun.

Mitsubishi's re-entry into the truck market rounds out its model
lineup that features world-class sedans, SUVs and sporty cars,
including the Galant, Endeavor and Eclipse -- each a standout in
its respective import segment.

"Whether at work or play, our target buyers have a real passion
for everything they do each day, and the Raider captures this
sense of unbridled excitement and purpose in the truck they
drive," said Rich Gilligan, CEO of Mitsubishi Motors North
America.

"The Raider takes them where they want to go in style, with no
excuses."


SEIBU RAILWAY: Prosecutors Grill Ex-execs Over Scam
---------------------------------------------------
Public prosecutors interrogated former executives of Seibu
Railway Company and Kokudo Corporation over the railway
operator's tampered financial statements, reports The Yomiuri
Shimbun.

The prosecutors questioned former Seibu Railway executives in
charge of its shares, as well as former Kokudo executives,
including a former senior managing director who was a close aide
to former Kokudo Chairman Yoshiaki Tsutsumi.

Kokudo sold Seibu Railway shares to 70 companies and two
individuals before the railway firm admitted in October that its
had underreported its financial statements since 1957.

The percentage of Seibu Railway's outstanding shares held by its
major shareholders, including Kokudo, surpassed 80 percent for
many years, despite listing rules prohibiting major shareholders
from owning more than an 80 percent stake in a Company. By
underreporting the percentage in its statements, Seibu Railway
was able to conceal such irregularities.

The Tokyo District Public Prosecutors office believes that the
falsified accounts and the sale of Seibu Railway shares by
Kokudo executives aware of the wrongdoing may constitute a
violation of the Securities and Exchange Law, including insider
trading.

On. Dec. 17, the Tokyo Stock Exchange delisted Seibu Railway for
reporting false accounts.

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: Committee Considers Plan to Merge with Kokudo
------------------------------------------------------------
A committee studying ways to overhaul the controversial Seibu
Railway Company group is planning to merge Seibu Railway with
the group's top shareholder Kokudo Corporation, according to
Jiji Press.

The committee, chaired by Ken Moroi, is expected to nominate
Mizuho Corporate Bank vice president Takashi Goto to manage the
reorganized Seibu group. Mizuho Corporate Bank is a unit of
Mizuho Financial Group, the Seibu group's main creditor.

Sources said the merger plan has gained unanimous support from
Seibu's main creditors.

The committee has also considered different schemes such as
making Seibu Railway Kokudo's subsidiary, or to set up a holding
Company. However, neither of these ideas appears to be feasible
as Kokudo remains in the red amid rapid decline of the value of
its real estate assets, including ski and golf resorts.


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


DAEWOO HEAVY: Committee Oks Stake Sale to Doosan
------------------------------------------------
The Public Fund Oversight Committee has approved the sale of a
51 percent stake in Daewoo Heavy Industries & Machinery (DHIM)
during a meeting Monday, The Korea Times relates.  The committee
supervises public funds and has the right to issue the final
approval for the sale.

Korea Asset Management Corp. (KAMCO) which is in charge of the
sale of DHIM will sell its 31 percent stake to the Doosan
Consortium led by Doosan Heavy Industries & Construction while,
the remaining 20 percent will come from state-run Korea
Development Bank (KDB).

Doosan is expected to acquire the stakes at about KRW22,137 per
share, the oversight committee said.  The sale will generate a
total of KRW1.89 trillion ($1.8 billion) for some 85.7 million
shares of DHIM.

Due diligence on DHIM is scheduled to begin for five weeks as
soon as Doosan and the KAMCO sign the final sales contract.

Under the sales contract the government is required to
compensate Doosan up to as much as KRW250 billion if any
financial liabilities held by the DHIM were uncovered during the
due diligence process.

KAMCO officials plan to wrap up the sales procedure by the end
of March, when Doosan is expected to have fully paid for the
DHIM shares.

The sale of DHIM to Doosan will likely contribute to greatly
strengthen the local defense and heavy machinery industries and
enable the government to recover larger funds since the sale
price of DHIM is higher than the market price.

The Doosan Consortium outbid six other contenders including the
Hyosung Group and a consortium led by mobile phone Company
Pantech that includes Daewoo Heavy workers.

CONTACT:

Daewoo Heavy Industries & Machinery Ltd.
14-34 Youido-Dong, Youngdungpo-Gu,
Seoul 150-010
Republic of Korea
Web site: http://www.dhiltd.co.kr/eng/index.asp


THRUNET COMPANY: Holds Final Talks with Hanaro
----------------------------------------------
Hanaro Telecom Inc. engaged in last-minute talks with creditors
of Thrunet Co. Inc. Tuesday in an attempt to reach a compromise
on the sale of Thrunet, according to Asia Pulse.

Hanaro was chosen Monday as preferred bidder for the bankrupt
Company, requested creditors to fine-tune the price.  Both
companies agreed to let Hanaro sign a formal deal, reportedly
estimated to be worth about KRW490 billion (US$466 million), by
Jan. 20.

Following the due diligence on Thrunet's asset value, Hanaro
found some concerns about the ailing broadband operator and
wants to cut the proposed price within a range of five percent.

"Still, some details have not been worked out, but we are
expecting the negotiations to be completed well," said the
source, who asked not to be named.

The deal if completed will be considered a cornerstone of South
Korea's efforts to restructure its overcrowded telecoms
industry.  But the acquisition would still be subject for
approval by the country's antitrust regulator.

After Hanaro reports its acquisition of Thrunet to the
regulator, the Fair Trade Commission will examine whether the
merged entity abides by antitrust regulations.  The regulator
will nullify the deal if serious problems for consumers and
competitors are found.

CONTACT:

Thrunet Co. Ltd.
Address:  1337-20 Seocho-2dong, Seochu-ku
Seoul 137-751, South Korea
Phone: +82-2-3488-8114
Fax: +82-2-3488-8770


KOOKMIN BANK: Shuts Down 90 Branches in 2 Years Time
----------------------------------------------------
To step up efforts on closing down unprofitable branches,
Kookmin Bank has already closed down 90 branches nationwide
without conducting subsequent manpower restructuring, reports
The Korea Times.

Kookmin's branches were reduced to 1,144 at the end of 2004 from
the previous 1,234 at the end of 2002. Around 64 branches for
consumer financing was closed, a reduction from 1,056, to 992.
The only increase in branches was an additional 14 locations for
wealth management banking (from two to 16).

Kookmin's woes began during its merger with Housing & Commercial
Bank in November 2001.

In the beginning of 2002, more problems emerged under former
President Kim Jung-tae's effort to inflate assets. Kookmin
increased the number of branches for corporate financing by 200
percent from 72 in November 2001 to 222 in July 2002.

"As the profitability continued to decline, we pushed for
closedowns or mergers between branches from the end of 2002," a
bank official said, hinting at more branch shutdowns over the
next few years.

The bank official said Kookmin's strategies is directly opposite
to those of major competitors which are poised to increase their
manpower and branches in a desperate bid to compete with Kookmin
Bank.

This year, Kookmin will likely cut its payroll this in line with
president Kang Chung-won's commitment to manpower restructuring.

In an attempt to raise its profitability per banker, Kookmin is
expected to conduct an unprecedented dismissal through a
voluntary retirement program.

Contrary to what is believed to be workable for Kookmin, an
official said payroll cuts will not always ensure
competitiveness.  He said the problems should be attributed to
growing lack of competitiveness to mismanagement by executives.

However, Kookmin unionized workers seem to agree that it is
necessary to cut the bank's manpower.

CONTACT:

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


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


ANTAH HOLDINGS: Releases Litigation Update
------------------------------------------
The Board of Directors of Antah Holdings Berhad announces the
following updates on the status of its involvement in litigation
for the period from December 11, 2004 to January 10, 2005. The
involvement in litigation has been divided into three categories
namely financial institutions, non-financial institutions and
corporate guarantee as listed under the table below.

The Company had on 27 November, 2004 obtained the approval of
its Scheme Creditors, where Techvance Marketing Sdn. Bhd. is one
of the Scheme Creditors for the Proposed Debt Restructuring
pursuant to Section 176(1) of the Companies Act, 1965.

For more information, go to
http://bankrupt.com/misc/tcrap_antah011305.doc

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


ASIAN PAC: RAM Reaffirms B2 Rating
----------------------------------
Rating Agency Malaysia (RAM) has reaffirmed the B2 rating of
Asian Pac Holdings Berhad's RM298.25 million Redeemable
Convertible Secured Loan Stocks (RCSLS), while revising its
outlook from stable to positive. The positive rating outlook
reflects the Group's improving business profile, underscored by
the commendable performances of its property projects. Its
proposed acquisitions to replenish its land bank via a
combination of share issuance and minimal cash payment has also
been given due consideration. This, coupled with the proposed
restructuring exercise to address its considerable accumulated
losses and to simultaneously fortify its balance sheet, Asian
Pac should emerge on a stronger financial footing.

Asian Pac's maiden property development in Kepong Entrepreneurs'
Park (KEP) has fared well, chalking up total sales of RM434.6
million as at end-November 2004; this project is now nearing
completion. Moving into 2005, Asian Pac will be kept busy with
Phase 1 of its 23-acre residential project, LeVenue and Desa
Park City, which mostly consists of 3-storey terrace and semi-
detached houses that cater to the middle- to higher-income
market. Initial response to LeVenue has been encouraging; more
than 70% of its 111 units had been sold within 3 months of its
registration drive in August 2004. Besides that, Asian Pac is
also actively developing its first high-end project, Sutera
Bukit Tunku, in the exclusive residential enclave of Bukit
Tunku, Kuala Lumpur.

Elsewhere, to address its massive accumulated losses, Asian Pac
unveiled a proposed restructuring exercise in March 2004
(currently awaiting the Securities Commission's approval) that
entails a capital-reduction exercise by canceling RM0.80 of its
RM1.00 par value and setting off its share premium reserves
against its accumulated losses. Meanwhile, Asian Pac also seeks
to strengthen its balance sheet through the issuance of shares
and Irredeemable Convertible Unsecured Loan Stocks (ICULS) for
the Group's proposed land acquisitions and Employee Share Option
Scheme (ESOS).

Financially, Asian Pac is expected to return to profitability in
FYE 31 March 2005 (FY 2005). It is also envisaged to generate
sufficient operating cash flow to meet its interest obligations
on the RCSLS in both FY 2005 and FY 2006. However, the agency
highlighted that it would still not be able to fully redeem the
principal sum of the RCSLS upon maturity in December 2005, based
purely on the cash flow contributed by KEP and the Sutera Bukit
Tunku development. Moreover, contributions from Sutera Bukit
Tunku may take longer to flow through, as prospective buyers
remain cautious about Asian Pac's yet-to-be-established
reputation as a high-end property developer. Although its
LeVenue project is expected to do well, RAM do not anticipate
any significant contribution from this project as it is still
relatively new.

Analyst
Chan Lai Fong
(603) 7628 1038
laifong@ram.com.my

CONTACT:

Asian Pac Holdings Berhad
11th Floor Menara SMI
No. 6 Lorong P Ramlee
50250 Kuala Lumpur
Tel: 03-2070 5152
Fax: 03-2070 5195


CONSOLIDATED FARMS: Unit Receives Writ of Summon
-------------------------------------------------
The Board of Directors of Consolidated Farms Berhad announced
that Consolidated Feedmill Sdn Bhd (CFSB), its wholly owned
subsidiary, had been named as defendant in Writ of Summon, dated
1 December, 2004, filed by Novus International Pte. Ltd. (Novus)
in the Session Court of Kuala Lumpur and served on CFSB on
January 11, 2005.

The suit is in respect of goods sold and/or delivered to CFSB.
Novus had claimed for the amount of US$23,550/- (equivalent to
RM89,490/- based on the exchange rate of 3.8 as at 3 June, 2004)
from CFSB, together with interest of 8.0% per year, from the
date of filing of the Writ until full resolution, costs and any
other relief to be granted by the Court. The mention date for
the suit against CFSB has been fixed on 16 February 2005.

The Company had on 6 December, 2004 been granted a restraining
and stay order (RO) for a period of 90 days effective from 6
December, 2004 to 5 March, 2005 by the High Court of Malaya at
Kuala Lumpur pursuant to Section 176(10) of the Companies Act,
1965.

CONTACT:

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

This announcement is dated January 11, 2005.


FURQAN BUSINESS: Danaharta OKs Restructuring Scheme
---------------------------------------------------
The Board of Directors of Furqan Business Organisation Berhad
(FBO), announced that Pengurusan Danaharta Nasional Berhad
(Danaharta) had on 20 December 2004 agreed to the informal
restructuring for debt repayment of its direct wholly owned
subsidiary Company, Austral Amalgamated Bhd. Modified Workout
Proposal as detailed below:

1. Reclassification of the non-core Danau Kota Lands (as listed
below) to core-assets and transferring the corresponding
Guaranteed Secured Term Loans (GSTL) and Non Guaranteed
Convertible Secured Term Loans (NGCSTL) to core-assets related
debts. The reclassified core-assets shall be retained by FBO's
subsidiaries for development. All terms and conditions shall
remain as per the Modified Workout Proposal.

Property
9 units of shophouses at Danau Kota Land identified as H.S. (D)
96331-96333, 96341, 96353, 96354, 96362, 96363 and 96392
Development land at Danau Kota Land held under H.S.(D) 68317 Lot
No. 2732, Mukim Setapak Daerah Kuala Lumpur

GSTL (RM')
16,836,364

NGCSTL (RM')
339,936.05

Property
Development land at Danau Kota Land held under H.S.(D) 50129 Lot
No. PT 437, Mukim Setapak Daerah Kuala Lumpur

GSTL (RM')
20,800,000

NGCSTL (RM')
4,786,283.25

Property
Development land at Danau Kota Land held under H.S. (D) 50128,
PT 436, Mukim of Setapak 54,325,600 12,500,851.42

GSTL (RM')
54,325,600

NGCSTL (RM')
12,500,851.42

2. The reclassification of the core-assets below to non-core
assets (stated below) shall be allowed for withdrawal/disposal
at Danaharta's discretion and the respective withdrawal/disposal
sum shall be treated as full and final settlement sum for the
corresponding Guaranteed Secured Term Loan and Non Guaranteed
Convertible Secured Term Loan for which the reclassified non-
core asset is charged. All fees/expenses in connection with the
withdrawal of the said assets shall be borne by Danaharta.

Property
Unconverted Development land held under Johor Government
Agriculture Lease 294, Lot 947, Mukim of Pulai, District of
Johor Bahru

GSTL (RM')
25,600,000

NGCSTL (RM')
5,890,810.16

Property
Development land held under Geran No. 37880, Lot No. 1942, CT
No. 8864, Lot No. 1115, CT No. 21372 Lot No. 2061, CT No. 21373
Lot No. 2062, CT No. 6090 Lot No. 1263, CTNo. 6091 Lot No. 1264,
Geran No. 9630 Lot No. 1728 all of Mukim Serendah, District of
Hulu Selangor

GSTL (RM')
36,000,000

NGCSTL (RM')
8,283,951.79

3. To allow for full waiver of Non Guaranteed Convertible
Secured Term Loan in relation to core-assets (Danau Kota)
related debts in an aggregate of RM20,235,226.92.

4. Waiver of Danaharta's entitlement to 80% super normal profits
arising from the development of the core-assets.

The above approval is subject to:

a. The balance of the redemption sum of RM1,514,700.00 for two
units of shophouses at Danau Kota Lands, which were sold for
RM1,683,000.00 is to be channeled to Danaharta as partial
repayment for Guaranteed Secured Term Loan of RM16,836,364.00.
The sold properties are identified as H.S. (D) 96332 P.T. No.
6361 and H.S.(D) 96333 P.T. No. 6362, Mukim of Setapak, District
Kuala Lumpur.

b. The reclassification of two core-assets to non-core assets
and transferring the corresponding Guaranteed Secured Term Loans
and Non Guaranteed Convertible Secured Term Loans to non-core
assets related debts accordingly. The reclassified non-core
assets shall be allowed for withdrawal/disposal at Danaharta's
discretion and the respective withdrawal/disposal sum shall be
treated as full and final settlement sum for the corresponding
Guaranteed Secured Term Loan and Non Guaranteed Convertible
Secured Term Loan for which the non-core asset are charged as
security to the respective Guaranteed Secured Term Loans and Non
Guaranteed Convertible Secured Term Loans. All fees/expenses in
connection with the withdrawal of the said assets shall be borne
by Danaharta.

c. That Power of Attorney be granted to Danaharta for the
disposal of all the non-core assets. The Power of Attorney shall
be in form and substance acceptable to Danaharta and shall be
executed by 31 January 2005.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GENERAL SOIL: Details Supplemental Restructuring Agreement
----------------------------------------------------------
General Soil Engineering Holdings Berhad refers to its earlier
announcements dated 23 May 2003, 14 October 2003 and 13 February
2004 in relation to the proposed restructuring scheme.

The Company had on 11 January 2005 entered into a third
supplemental restructuring agreement (Third Supplemental RA)
with the KTI Vendors and DJM Vendors to supplement and vary
certain terms and conditions of the Restructuring Agreement.

Pursuant to the Third Supplemental RA, the revised proposed
restructuring scheme to be undertaken by Gensoil will now entail
the following:

(i) Proposed Restructuring Scheme, of which details are set out
in the announcements dated 14 October 2003 and 13 February 2004;
and

(ii) Proposed restricted issue of up to 2,097,637 free warrants
(Newco Warrants) of K.T.I. Bina Berhad, a Company incorporated
to facilitate the implementation of the Proposed Restructuring
Scheme (Newco) to certain entitled shareholders of Gensoil,
further details of which are set out in Section 2.2 below
(Proposed Restricted Issue of Newco Warrants).

For more information, go to
http://bankrupt.com/misc/tcrap_generalsoil011205.doc

CONTACT:

General Soil Engineering Holdings Berhad
346, Jalan Tuanku Abdul Rahman
50100 Kuala Lumpur
Phone: 03-2698 9888
Fax: 03-2693 8580/670

This announcement is dated January 11, 2005.


GOLDEN FRONTIER: Buys Back 1,000 Shares
---------------------------------------
Golden Frontier Berhad announced the details of its shares buy
back on January 11, 2005.

Date of buy back: 11/01/2005

Description of shares purchased:  Ordinary Shares of RM1.00 Each

Total number of shares purchased (units): 1,000

Minimum price paid for each share purchased (RM): 0.685

Maximum price paid for each share purchased (RM): 0.685

Total consideration paid (RM): 698.28

Number of shares purchased retained in treasury (units): 1,000

Number of shares purchased which are proposed to be cancelled
(units): 0

Cumulative net outstanding treasury shares as at to-date (units)
:1,273,000

Adjusted issued capital after cancellation (no. of shares)
(units):

CONTACT:

Golden Frontier Berhad
No 11 Lorong Kinta
10400 Penang,
Malaysia
Phone: +60 4 226 2226
Fax: +60 4 228 2890

This announcement is dated January 11, 2005.


HAP SENG: Notes Resale, Cancellation of Treasury Shares
-------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Hap Seng
Consolidated Berhad issued a notice of resale and cancellation
of treasury shares on January 11, 2005.

Date of transaction: 11/01/2005

Total number of treasury shares sold (units):

Total number of treasury shares cancelled (units): 10,000

Minimum price paid for each share sold (RM):

Maximum price paid for each share sold (RM):

Total amount received for treasury shares sold (RM):

Cumulative net outstanding treasury shares as at to-date (units)
: 32,634,100

Adjusted issued capital after cancellation/resale (no. of
shares) (units): 590,025,900

cc: Securities Commission

CONTACT:

Hap Seng Consolidated Berhad
No 1A Jalan 205
Petaling Jaya, Selangor Darul Ehsan 46050
MALAYSIA
Phone: +60 3 7783 9888
Fax: +60 3 7781 6305


NAIM INDAH: Unveils Additional Shares Listing
---------------------------------------------
Naim Indah Corporation Berhad's additional 119,000 new ordinary
shares of RM1.00 each arising from the conversion of 119,000
nominal value of RM0.20 irredeemable convertible unsecured loan
stocks 2003/2006 into 199,000 new ordinary shares will be
granted listing and quotation with effect from 9.00 a.m.,
Friday, 14 January 2005.

CONTACT:

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


NAUTICALINK BERHAD: Details Restructuring Scheme
------------------------------------------------
The Board of Directors of Nauticalink Berhad (NB) announced the
execution of the following:

(i) An extension letter duly executed on 6 January 2005 between
Perbadanan Nasional Berhad (PNS), Kosmo Seraya Sdn Bhd (Kosmo)
and the shareholders of Kosmo to further extend the period for
fulfilment of the conditions precedent as set out in the PNS
Share Sale Agreement dated 7 August 2003 and as amended by the
Supplemental PNS Share Sale Agreement dated 17 August 2004
entered into between PNS, Kosmo and the shareholders of Kosmo,
to 31 March 2005; and

(ii) An extension letter duly executed on 6 January 2005 between
PNS and Orion Unggul Sdn Bhd (Orion), to further extend the
period for fulfillment of the conditions precedent as set out in
the Loan Stocks Sale Agreement dated 7 August 2003 and as
amended by the Supplemental Loan Stocks Sale Agreement dated 17
August 2004 entered into between PNS and Orion, to 31 March
2005.

Further developments in relation to the Proposed Restructuring
Scheme will be made known to the Bursa Malaysia Securities
Berhad in due course.

CONTACT:

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

This announcement is dated January 11, 2005.


OLYMPIA INDUSTRIES: Unit Defaults on Tax Payments
-------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
announced that its wholly owned subsidiary, Olympia Land Berhad
(OLB) has on 10 January 2005 received a Writ and Statement of
Claims filed by the Government of Malaysia. The amount claimed
is RM14,278,973.18 together with interest at the rate of 8% per
annum.

The claim was for defaulted tax and penalties for the years of
assessment from 1995 to 2000. The total cost of investment of
the Company in OLB amounts to RM19,620,280. There is no further
financial and operational impact on the OIB Group as the said
amount demanded had been fully provided in the accounts of OLB.
The payment of the defaulted tax and penalties is expected to be
settled after the completion of the Proposed Restructuring
Schemes of the Company and Mycom Berhad.

The solicitors of OLB will be taking the necessary defense
actions on its behalf. Meanwhile, OLB is still in the midst of
discussions with the Inland Revenue Board for an out-of-court
settlement.

CONTACT:

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


PAN PACIFIC: Updates Default Status
-----------------------------------
Pan Pacific Asia Berhad announced that there are no material
changes in the Company's status of default from the date of its
last announcement until 31 December 2004.

For more information, go to
http://bankrupt.com/misc/tcrap_panpacific011305.xls

CONTACT:

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


SRIWANI HOLDINGS: Unveils Results of Renounceable Rights Issue
--------------------------------------------------------------
Sriwani Holdings Berhad (SHB) announces that as at the close of
acceptance and payment for the renounceable rights issue of
22,626,635 new ordinary shares of RM1.00 each at 5 p.m. on 6
January 2005, total acceptances and excess applications received
for the Rights Issue was for 29,812,169 Rights Shares and
470,392,820 ICPS-A.

This represents an over-subscription of 7,185,534 Rights Shares
and 106,750,465 ICPS-A or 31.75% and 29.35% respectively over
the total number of 22,626,635 Rights Shares and 363,642,355
ICPS-A available for subscription under the Rights Issue.

Details of acceptances and excess applications received at the
close of acceptance and payment for the Rights Issue at 5.00
p.m. on 6 January 2005 are set out in Table 1.

Table 1

Details of acceptances and excess applications:

               No. of Rights  % of total   No. of    % of total
                    Shares        issue      ICPS-A    issue

Acceptances    20,109,030  88.87     323,189,877 88.87

Excess applications 9,703,139   42.88   147,202,943 40.48

Total applications  29,812,169  131.75  470,392,820 129.35
received

Total number of Rights Shares and ICPS-A provisionally allotted
                    (22,626,635) (100.00) (363,642,355) (100.00)

Over-subscription    7,185,534    31.75 106,750,465   29.35

CONTACT:

Sriwani Holdings Berhad
Wisma Sriwani, 418 Chulia Street
10200 Penang
Telephone: 04-2628535
Fax: 04-2614076
Web site: http://www.sriwani.com.my

This announcement is dated 11 January 2005.


SURIA CAPITAL: Clarifies Financial Results
------------------------------------------
With reference to its 30 November 2004 announcement relating to
Interim Financial Statements for the 9 months period ended 30
September 2004, Suria Capital Holdings Berhad informed that the
Earning Per Share figure computed was based on "RM1" as the
denominator instead of on "Sen" as per the heading.

The announced figures on Page 1 and Page 17 {Note 27(a)} are as
follows:

Note 3 months ended 9 months ended
30.9.2004 30.9.2003 30.9.2004 30.9.2003
RM RM RM RM
Earnings per ordinary
share (sen)

Basic 27(a) 0.0056 (0.0007) 0.0081 0.0008

The figures to these pages should read as follows:

Note 3 months ended 9 months ended
30.9.2004 30.9.2003 30.9.2004 30.9.2003
RM RM RM RM
Earnings per ordinary
share (sen)

Basic 27(a) 0.56 (0.07) 0.81 0.08

CONTACT:

Suria Capital Holdings Berhad
Kompleks Karamunsing Km 2.4 Jalan Tuaran
Kota Kinabalu, Sabah, Sabah 88300
MALAYSIA
Phone: +60 88 256 736
Fax: +60 88 256 410


TENAGA NASIONAL: Lists Additional Shares
----------------------------------------
Tenaga Nasional Berhad's additional 374 new ordinary shares of
RM1.00 each arising from the conversion of US$100 nominal value
of the 5-year (2002/2007) guaranteed exchangeable bonds issued
by its unit TNB Capital (L) Ltd, will be granted listing and
quotation with effect from 9.00 a.m., Thursday, 13 January 2005.

CONTACT:

Tenaga Nasional Berhad
129 Jalan Bangsar
Kuala Lumpur, 59200
Malaysia
Phone: +60 3 2296 5566
Fax: +60 3 2283 3686


UNITED CHEMICAL: Discloses Default Status Update
------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) announced that there are no new significant developments
in relation to the various default in payment.

The Company would like to further provide an update on the
details of all facilities currently in default in compliance
with Section 3.1 of Practice Note No. 1/2001.

For more details, go to
http://bankrupt.com/misc/tcrap_united011305.xls

This announcement is dated January 11, 2005.


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


COLLEGE ASSURANCE: Signs US$300 Mln Loan Pact with U.S. Investor
----------------------------------------------------------------
College Assurance Plan Phils. Inc. has signed a US$300-million
loan agreement with The First American Investment Ltd., ABS-CBN
News reports.

CAP Director Robert John Sobrepena said the Company had signed a
memorandum of agreement with the U.S. investor firm, adding that
the loan, which will be drawn down over 10 months, will mature
in 10 years. A four-year grace period will be given to CAP, with
repayment starting on the fifth year.

"The shareholders are borrowing the loan and all the proceeds
would go to the trust fund. The draw down on the loan would be
used to pay the tuition and the benefits of plan holders, while
the burden of repayment would go to shareholders," he said.

Bank of Commerce, which is partly owned by the pre-need Company,
will be the escrow and trustee bank for the loan deal, which
would be backed by the Metro Rail Transit bonds.

The loan agreement has yet to be approved by the Securities and
Exchange Commission (SEC). According to an SEC source, the loan
would only address CAP's liquidity problems, but the Company has
to comply with other requirements of the SEC.

Mr. Sobrepena said there is investor interest in CAP, but that
investors first want to see CAP's dealer's license renewed
before investing. The SEC did not renew CAP's license, which
expired last Sept. 30, due to the pre-need firm,s failure to
beef up its trust fund.

CAP still has to file its application for capital increase at
the commission, which would reflect the infusion of a P6-billion
property owned by businessman Romeo Roxas in the CAP trust fund
to increase Company assets. The SEC did not accept the
application last year, since some of the land titles were not
clean; portions of the property are allotted for agrarian
reform.

However, Sobrepena said there may be no need for the property
infusion, once the SEC considers its proposals to change the
actuarial reserve liability (ARL).

CAP's ARL amounted to Php25.7 billion as of end-2003, while its
trust fund assets were only Php8.5 billion. This resulted in a
trust fund deficiency of Php17.2 billion. CAP, however, contends
that the computation overstated its ARL by 41% in 2003.

As this developed, Company officials said that there was no need
to present the proposal to buy out plan holders, as there is
already a provision on CAP's policies allowing the plan holders
to avail of that option. The option would also allow plan
holders to pre-terminate their plans and recover part of their
investments. CAP reported this proposal to the regulatory board
last week, and views it as a "win-win" situation for everyone.

CONTACT:

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


PHILIPPINE LONG: First Pacific Launches US$199-Mln Notes Issue
--------------------------------------------------------------
First Pacific Company Limited has launched a US$199 million five
(5) year Zero Coupon Exchangeable Notes (the Notes) through its
wholly-owned subsidiary, First Pacific Finance Limited (FPF).
The Notes are unsecured obligations of FPF and are guaranteed by
First Pacific.

The five-year Notes will have zero coupon and a yield to
maturity of 5.625 percent per annum. Investors have the option
to put the Notes to FPF at 118.11 percent of par value on the
third anniversary of the Notes. However, FPF can buy back the
Notes for cash starting from the fourth year if the value of the
common shares of Philippine Long Distance Telephone Company
(PLDT) exchangeable into the Notes trade at a price higher than
30 percent of the principal and accreted redemption premium of
the Notes.

The Notes will carry a conversion premium of 21 percent on the
day of launch, which translates into a conversion price of Pesos
1,645.6 per common share of PLDT. On maturity, the conversion
price would accrete to Pesos 2,171.7 per common share of PLDT.
In the event conversion in full happens, the Notes will exchange
into approximately 6.8 million common shares of PLDT,
representing approximately 4 per cent of its total outstanding
common shares. Under the terms of the Notes, First Pacific has
the option to settle in cash the Exchange Rights of the Note
holders.

The net proceeds are estimated to be approximately US$194
million and will be used by First Pacific for general corporate
purposes including acquisitions in line with the Company's
principal strategic objectives, repayment of debt and working
capital (however, no specific acquisition is currently
contemplated).

M. V. Pangilinan, Managing Director and Chief Executive Officer
of First Pacific, commented that "These Exchangeable Notes
enable First Pacific to optimize the value of one of its core
assets, i.e. its shareholding in PLDT, to raise financing on
attractive terms. The Notes represent an efficient form of
financing for us, with the aggregate value of the Notes in
excess of the market value of the underlying PLDT common shares.
Also, the Notes represent unsecured obligations at interest
rates that are comparatively lower than our historic
cost of borrowing. On the whole, this financing exercise will
strengthen our financial position and supply us with the
resources to grow our investments, as well as capture potential
expansion opportunities available in the region."

Mr. Pangilinan added: "Let me emphasize that First Pacific has
no plans whatsoever of disposing or relinquishing our
substantial interest in PLDT. There are cash settlement options
under the Notes, which we can use to satisfy the exchange
rights, thereby enabling us to maintain our current investment
level in PLDT. This is simply a financing exercise and it is
fully our intention to maintain our present level of investment
in PLDT."

CONTACTS:

Sara Cheung Tel: (852) 2842 4336
Assistant Vice President
Group Corporate Communications
First Pacific Company Limited
Web site: http://www.firstpacco.com

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

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_pldt011205.pdf


PHILIPPINE LONG: First Pacific Offers US$150-Mln Bonds
------------------------------------------------------
First Pacific Finance Ltd., a guaranteed financing unit of First
Pacific Company Ltd. (0.142.HK), is offering US$150 million of
bonds exchangeable into the shares of Philippine Long Distance
Telephone Company (PLDT), Dow Jones reports, citing lead manager
UBS.

The terms are as follows:

Amount:           $150 million
Increase Option:  $50 million
Maturity:         Jan. 18, 2010
Coupon:           0%
Issue Price:      100
Final Redemption Price: 128.79 to 131.97
Initial Exchange Price: PHP1,632 to PHP1,100, representing a 20%
to 25% premium to the reference share price of PHP 1,360
Payment Date:     Jan. 18, 2005
Yield to put:     5.125% to 5.625%
Put option:       Puttable at 116.39 to 118.11 Jan. 18, 2008
Call Option:      Callable from Feb. 1, 2008
Guarantor:        First Pacific Company Ltd.
Debt Ratings:     Unrated
Denominations:    $10,000
Listing:          Singapore
Interest:         Semiannual


SANITARY WARES: SEC Questions Company's "Sudden" Insolvency
-----------------------------------------------------------
The Securities and Exchange Commission (SEC) will review the
disclosures and financial statements of Sanitary Wares
Manufacturing Corporation (Saniware) to determine whether or not
the Company violated disclosure rules, the Manila Bulletin
reports.

A SEC official said that the Commission will look into
Saniware's quarterly reports to confirm whether it had disclosed
signs of financial trouble before deciding to file for
insolvency last November.

The official said the SEC was alerted when after filing for a
third quarter financial statement in November last year, the
Company suddenly filed for insolvency and eventual dissolution.

Saniware cited that financial difficulties brought about its
decision to shut down its manufacturing plant and file for a
petition in court for insolvency; the SEC official said that
there should have been indications of the financial trouble in
earlier financial reports.

Saniware Director Norman Livingstone disclosed that the firm's
operating losses through the first nine months of the year 2004
amounted to R89.5 million. "Despite the best efforts of our
local team, our financial condition prohibits us from securing
the necessary substantial funding to upgrade our plant and
maintain manufacturing operations in this market," he said.

CONTACT:

Sanitary Wares Manufacturing Corporation
Concha Cruz Drive
Barrio Almanza, Las Pi¤as City
Tel. No: 842-8950 to 55; 842-8738 to 40
Fax No: 809-3617
E-mail Address: asi.ph@amstd.com
Auditor: SyCip, Gorres, Velayo & Company
Transfer Agent: Bank of the Philippine Islands


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


CHINA AVIATION (S): Faces Third U.S. Lawsuit
--------------------------------------------
Beleaguered China Aviation Oil (S) Corporation is again facing
its third lawsuit in the United States, reveals Channel News
Asia.

The lawsuit, which followed other class actions filed by Lerach
Coughlin Stoia Geller Rudman Robbins, as well as Murray, Frank
and Sailer LLP, was lodged with a New York court by law firm
Cristopher J. Gray P.C. on behalf of clients who bought stocks
between February 5 and November 30 last year.

The three lawsuits all concerned CAO's non-disclosure of its
huge oil derivatives losses totaling US$550 million. They accuse
CAO of issuing false and misleading statements regarding the
Company's business prospects and hid essential information from
the public.

The plaintiffs, likewise, pointed out that the misleading
statements have helped CAO' parent firm, China Aviation Oil
Holding Corporation, to complete its 20-percent stake sale with
the knowledge of upcoming losses.

The three suits claimed CAO lacked the needed risk management
control in order to regulate its hedging and trading.

Christopher J. Gray has called for any investor interested to be
the lead plaintiff to lodge a petition with the court not later
than March 7.

Locally, CAO is facing a lawsuit by a consortium of Indonesian
businessmen, Satya Capital, for failing to honor an agreement to
purchase the 20.6 percent stake in Singapore Petroleum
Corporation it earlier pledged to acquire.

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


DAVNET SINGAPORE: Issues Notice Of Dividend
-------------------------------------------
Davnet Singapore Pte Ltd issued a notice of dividend at the
Singapore Government Gazette on Jan. 7, 2005.

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424

Amount per centum: 1.152 cents to a dollar

First and final or otherwise: First and final dividend

When payable: Jan. 10, 2005

Where payable: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424


HO WAH: Corrects Data Entry Error
---------------------------------
Ho Wah Genting corrected a previous entry's data entry error at
the Singapore Stock Exchange.

The Company refers to the previous announcement relating to
Madam Wong Song Siew's subscription of 250,000 new ordinary
shares in the Company.

The firm wishes to clarify that Madam Wong Song Siew had
subscribed for 25,000,000 new ordinary shares in the Company and
not 250,000 new ordinary shares as announced.

Submitted by:
Wong Chin Chong David
Director


LIVING SYSTEMS: Posts Dividend Notice
-------------------------------------
Living Systems Asia Pte Ltd posted it dividend notice at the
Singapore Government Gazette on Jan. 7, 2005.

Address of Registered Office: c/o Tay Swee Sze & Associates
30 Robinson Road #04-01 Robinson Towers Singapore 048546

Amount per centum: SG$0.208

First and final or otherwise: First and Final

When Payable: Jan. 14, 2005

Where Payable: c/o Tay Swee Sze & Associates
30 Robinson Road
#04-01 Robinson Towers
Singapore 048546

Tay Swee Sze
Liquidator


PENGUIN BOAT: Issues Notice Pursuant to Rule 704
------------------------------------------------
Penguin Boat International Limited issued a notification
pursuant to rule 704 at the Singapore Stock Exchange.

Pursuant to Rule 704(11) of the Listing Manual of the Singapore
Exchange Securities Trading Limited, we confirm that none of the
persons holding managerial positions in Penguin Boat
International Limited or any of its principal subsidiaries is
related to a director or chief executive officer or substantial
shareholder of the Company.

By order of the Board
Chuang Sheue Ling
Company Secretary
Jan. 11, 2005


SELCO SHIPYARD: Releases Fourth Interim Dividend Notice
-------------------------------------------------------
Selco Shipyard Pte Ltd released its Fourth Interim Dividend at
the Singapore Government Gazette on Jan. 7, 2005.

Address of Registered Office: 8 Cross Street #11-00 PWC Building
Singapore 048424

Court: High Court of the Republic of Singapore

Number of Matter: Companies Winding Up No. 125 of 1986

Amount per centum: 1.00 cent to a dollar

First and final or otherwise: Fourth interim dividend

When payable: Jan. 10, 2005

Where payable: c/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424


WEARNES INTERNATIONAL: To Hold AGM on Jan. 27
---------------------------------------------
Wearnes International (1994) Limited released at the Singapore
Stock Exchange a notice of its annual general meeting.

Notice is hereby given that the 21st Annual General Meeting of
the shareholders of Wearnes International 1994) Limited will be
held at 65 Chulia Street, OCBC Centre, #50-00, Singapore 049513
on Thursday, Jan. 27, 2005 at 10:30 a.m. for the following
purposes:

As Ordinary Business:
(1) To receive and adopt the Audited Accounts for the year ended
Sep. 30, 2004 together with the Reports of the Directors and
Auditors.

(2) To declare a final dividend and a special dividend for the
year ended Sep. 30, 2004 as recommended by the Directors.

(3) To approve payment of Directors' fees of S$168,750 for the
year ended Sep. 30, 2004. (2003: SG$155,000).

(4) (a) To re-elect Mr. Soh Yew Hock, a Director retiring under
Article 91 of the Company's Articles of Association.
Note: Mr. Soh Yew Hock, if re-elected will remain as a member of
the Remuneration Committee and will be considered as a non-
independent director.

(b) To re-appoint Mr. Tang I-Fang, a Director retiring under
Section 153(6) of the Companies Act, Cap.50 to hold office from
the date of this Annual General Meeting until the next Annual
General Meeting.

Note: Mr. Tang I-Fang, if re-elected will remain as a member of
the Audit Committee and Nominating Committee and will be
considered a non-independent director.

(c) To re-appoint Mr. Tom Yee Lat Shing, a Director retiring
under Section 153(6) of the Companies Act, Cap. 50 to hold
office from the date of this Annual General Meeting until the
next annual General Meeting.

Note: Mr. Tom Yee Lat Shing, if re-elected will remain as
Chairman of the Audit Committee, and a member of the Nominating
Committee and Remuneration Committee and will be considered an
independent director.

(5) To appoint auditors and authorize the Directors to fix their
remuneration.

As Special Business:
(6) To consider and, if thought fit, to pass the following
resolution as an Ordinary

Resolution:
"That authority be and is hereby given to the Directors of the
Company to:
(a) (i) issue shares in the capital of the Company whether by
way of rights, bonus or otherwise; and/or (ii) make or grant
offers, agreements or options that might or would require shares
to be issued, including but not limited to the creation and
issue of (as well as adjustments to) warrants, debentures or
other instruments convertible to shares, at any time and upon
such terms and conditions and for such purposes and to such
persons as the Directors may in their absolute discretion deem
fit; and

(b) (notwithstanding the authority conferred by this Resolution
may have ceased to be in force) issue shares in pursuance of any
Instrument made or granted by the Directors while this
Resolution was in force, provided that,

(1) the aggregate number of shares to be issued pursuant to this
Resolution (including shares to be issued in pursuance of
instruments made or granted pursuant to this Resolution) does
not exceed 50% of the issued share capital of the Company (as
calculated in accordance with sub-paragraph (2) below), of which
the aggregate number of shares to be issued other than on a pro-
rata basis to shareholders of the Company (including shares to
be issued in pursuance of Instruments made or granted pursuant
to this Resolution) does not exceed 20% of the issued share
capital of the Company (as calculated in accordance with sub-
paragraph (2) below);

(2) (subject to such manner of calculation as may be prescribed
by the Singapore Exchange Securities Trading Limited) for the
purpose of determining the aggregate number of shares that may
be issued under sub-paragraph (1) above, the percentage of
issued share capital shall be based on the issued share capital
of the Company at the time this Resolution is passed, after
adjusting for:

      (a) new shares arising from the conversion or exercise of
any convertible securities or share options or vesting of share
awards which are outstanding at the time this Resolution is
passed; and

      (b) any subsequent consolidation or subdivision of shares;

(3) in exercising the authority conferred by this Resolution,
the Company shall comply with the provisions of the Listing
Manual of the Singapore Exchange Securities Trading Limited for
the time being in force (unless such compliance has been waived
by the Singapore Exchange Securities Trading Limited) and the
Articles of Association for the time being of the Company; and

(4) (unless revoked or varied by the Company in general meeting)
the authority conferred by this Resolution shall continue in
force until the conclusion of the next Annual General Meeting of
the Company or the date by which the next Annual General Meeting
of the Company is required by law to be held, whichever is the
earlier."

(7) To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:

"That authority be and is hereby given to the Directors to allot
and issue from time to time such number of shares in the capital
of the Company as may be required to be issued pursuant to the
exercise of the options granted under the Wearnes International
Executives' Share Option Scheme provided that the aggregate
number of shares to be issued pursuant to the ESOS shall not
exceed 10% of the issued ordinary share capital of the Company
from time to time."

(8) To consider and, if thought fit, to pass the following
resolution as an Ordinary Resolution:

"That authority be and is hereby given to the Directors to offer
and grant options pursuant to the Wearnes International Share
Option Scheme and to allot and issue from time to time such
number of shares in the capital of the Company as may be
required to be issued pursuant to the exercise of the options
granted under the SOS provided that the aggregate number of
shares to be issued pursuant to the SOS shall not exceed 15% of
the issued ordinary share capital of the Company from time to
time."

By Order of the Board
Ong Kim Teck
Company Secretary
Singapore
Jan. 11, 2005

Notes:
(1) Pursuant to Section 181 of the Companies Act, Cap. 50, a
member entitled to attend and vote at the Meeting is entitled to
appoint a proxy (whether a member or not) to attend and vote in
his stead.

(2) Proxies must be deposited at the Registered Office of the
Company, 45 Leng Kee Road, Singapore 159103, not less than 48
hours before the time fixed for the Meeting.

Additional information relating to items of Special Business
The Ordinary Resolution in item 6 above, if passed, will renew
the authority for the Directors, effective until the next Annual
General Meeting, to issue shares, make or grant instruments
convertible into shares and to issue shares pursuant to such
instruments, up to an amount not exceeding, in total, 50% of the
issued share capital of the Company, of which up to 20% may be
issued other than on a pro-rata basis to shareholders. For
determining the aggregate number of shares that may be issued,
the percentage of issued share capital will be calculated based
on the issued share capital of the Company at the time that this
Resolution is passed, after adjusting for new shares arising
from the conversion or exercise of any convertible securities or
share options or vesting of shares awards, which are outstanding
or subsisting at the time that this Resolution is passed, and
any subsequent consolidation or subdivision of shares.

The Ordinary Resolution in item 7 above, if passed, will renew
the authority for the Directors to issue shares in the Company
pursuant to the exercise of options granted under the Wearnes
International Executives' Share Option Scheme not exceeding 10%
of the issued share capital of the Company from time to time.

Although this Scheme was discontinued on Dec. 31, 2004,
subsisting options granted prior to that date remain exercisable
in accordance with the terms of the scheme.

The Ordinary Resolution in item 8 above, if passed, will renew
the authority for the Directors to issue shares in the Company
upon the exercise of options granted under the Wearnes
International Share Option Scheme not exceeding 15% of the
issued share capital of the Company from time to time. This
scheme came into operation on Jan. 1, 2005.


YEW HOCK: Creditors to Submit Claims by Feb. 7
----------------------------------------------
Notice is hereby given that the creditors of Yew Hock Marine Pte
Ltd, which is being wound up voluntarily, are required on or
before Feb. 7, 2005 to send in their names and addresses and the
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the liquidators, c/o
Foo Kon Tan Grant Thornton at 47 Hill Street, #05-01 Chinese
Chamber of Commerce & Industry Building, Singapore 179365.

If so required by the liquidators, they are to come in and prove
their debts or claims as shall be specified or in default will
be excluded from the benefits of any distribution made before
such proof.

Kon Yin Tong
Wong Kian Kok
Joint Liquidators

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


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


JASMINE INTERNATIONAL: To Resume Trading of Securities
------------------------------------------------------
Starting January 13, 2005 the Stock Exchange of Thailand (SET)
would allow the securities of Jasmine International Public
Company Limited (JAS) to be traded on the SET after finishing
capital increase procedures.

Name: JAS

Issued and Paid up Capital

Old: THB8,318,393,300
New: THB8,318,447,300
Par Value: THB1
Allocate to: 54,000 warrants of existing shareholders (JAS-W2)
exercise to 54,000 common shares
Ratio: 1:1
Exercise Price: THB0.50
Exercise Date: December 30, 2004

CONTACT:

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


KRUNG THAI: Details Transfer of Substandard Assets to TAMC
----------------------------------------------------------
Krung Thai Bank Public Company Limited advised the Stock
Exchange of Thailand (SET) that as stipulated in the Thai Asset
Management Corporation Royal Ordinance B.E.2544 (2001), Section
30, a financial institution or assets management Company with
the Financial Institutions Development Fund or any combined
government agencies or state enterprises as its shareholders
holding more than fifty percent of paid-up registered capital
shall transfer all its substandard assets as at December 31,
2000 to the Thai Asset Management Corporation (TAMC) within the
period of time specified by the TAMC.

In this regard, the Board of Directors of Krung Thai Bank Public
Co. Ltd, at its meeting No. 15/2544 (576) on October 17, 2001
passed its resolution to ratify the approval of the transfer of
all substandard debtors to TAMC as mentioned above. Initially
there will be about 60,000 cases/debtors and THB80,000 million
of outstanding debts in total.  Of these figures, the Bank
already transferred them 25 times. As for the 26 the transfer
scheduled for 14 January 2005, it consists of the following
details:

Serial   Date  Number of   Book Value  Transfer  Transfer
Number         case in                 Price in  price to
                                  Million Baht   Million Baht

Outstanding

26   Jan. 14, 2005  1     961.19     410.40        42.69%

Note:

Information on transfer as at January 14, 2005 is estimated
figures since it is still in the transfer process and for the
following transfer, exact date and amount have not been fixed as
yet.

Upon the Bank's transfer of substandard debtors to TAMC, it has
to complete verifying the asset prices to be initially repaid
within 180 days.

If TAMC sees that such prices are correct, it will issue a
letter confirming the asset prices to be primarily paid to the
Bank within 7 days.

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

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

- Promissory note (P/N) issuing date according to the date of
asset transfer and due date of repayment upon the expiration of
10 years from the P/N issuing date with an aval by the Financial
Institutions Development Fund.

However, TAMC may exercise its right to redeem the P/N before
its maturity.

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

In addition, the above transactions are categorized as related-
party transactions but they are exempted according to Clause 8
(1) of the announcement of the Stock Exchange of Thailand (SET)
governing disclosure of related-party transactions, and the size
of the transaction when being fully transferred according to the
estimate will account for the rate of approximately 8.22 percent
of the Bank's total assets whereby  the Bank  does not have to
comply with the SET's announcement governing the acquisition or
disposal of assets of a registered Company.

Please be informed accordingly.

Yours sincerely,
Mr.Somanat Chutima
Senior Executive Vice President

CONTACT:

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


NATURAL PARK: Releases Board Resolution on Share Swap
-----------------------------------------------------
Natural Park Public Company Limited advised the Stock Exchangeo
Thailand (SET) that the Board of Directors meeting on January
11, 2005 has considered the following:

(1) Considered the opinion of the independent financial advisor,
Siam City Securities Company Limited (Independent Financial
Advisor), on the appropriateness of the price and of the
transaction for the acquisition of ordinary shares of City
Realty Company Limited (City Realty) and waiver of tender offer
for all shares of the Company due to the Independent Financial
Advisor has issued the latest opinion on January 11, 2005 that
the share swap ratio of City Realty and the Company is not fair
and appropriate.

The Independent Financial Advisor deemed the share swap ratio to
be 1 share of City Realty to 30.28-41.95 share of the Company.

Consequently, the Company has requested the shareholder of City
Realty led by Mr. Chali Sophonpanich (Interested Investor) to
consider to revise the share swap ratio in accordance with the
latest opinion of the Independent Financial Advisor.

The Interested Investor has replied to the Company that the
share swap ratio could not be changed from 1 share of City
Realty to 55.91 share of the Company as stated in the letter
from Mr. Chali Sophonpanich on behalf of the Interested Investor
dated January 11, 2005.

The Board of Director of the Company has acknowledged the
opinion of the Independent Financial Advisor and the
confirmation of the existing share swap ratio by the Interested
Investor and has an opinion that the investment of the Interest
Investor is still beneficial to the Company as notified to the
Stock Exchange of Thailand and the Office of the Securities
Exchange Commission.

However, the share swap ratio, as mentioned in the latest
opinion of the Independent Financial Advisor that will
materially resulted in the dilution effect and the declined
wealth of the existing shareholders, the Board of Directors of
the Company has an opinion that the share swap ratio is not fair
and inappropriate.

Therefore, the Board of Directors of the Company would like to
inform the shareholders to carefully consider the opinion of the
Independent Financial Advisor on the price and appropriateness
of the transaction before considering to approve the Interested
Investor to invest in the Company in the Extraordinary
Shareholders Meeting No. 1/2005, which will be held on February
11, 2005.  Nonetheless, the decision of the shareholders on such
meeting is considered to be final.

(2) Consider to approve the payment of ordinary shares of the
Bangkok Metro Public Company Limited (BMCL) within February 18,
2005.

Reference to the resolution of the Board of Directors meeting
No. 25/2004 on December 13, 2004 regarding the approval for the
postponement of the payment for share increase in BMCL of
24,705,109 shares at the price of THB3 per share totaling
THB74,115,327.

On January 4, 2005, BMCL has issued a letter to the Company to
approve the postponement of the payment for share increase of
BMCL within 18 February 2005 and bear interest at 1 year fixed
deposit rate of Krung Thai Bank Public Company Limited, which
equivalent to 1 percent per annum, calculated from December 28,
2004 until the payment date.

The Board of Directors of the Company has approved according to
the condition proposed by BMCL as previously mentioned.

Please be informed accordingly.

Yours Sincerely,
Natural Park Public Company Limited
(Mr. Thowthawal Subhavanich)
Chief Financial Officer

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


THAI ELECTRONIC: Unveils Appointment of Audit Committee
-------------------------------------------------------
With reference to the Report on Names of Members and Scope of
Performance of the Audit Committee of Thai Electronic Industry
Public Company Limited as attached. The Company submits to the
Stock Exchange of Thailand (SET) the following additional
information:

(1) At present, Mr.Udom Chatiyanont and Mr. Suchai
Vatanatrinakul are the Independence Directors having no
participation in management of the Company's business.

(2) At present, Mr.Vichien Phongsathorn is the Managing Director
of the Company.

For your kind acknowledgement

Best Regards,
(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





                            *********


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

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