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

                     A S I A   P A C I F I C

             Wednesday, January 26, 2005, Vol. 8, No. 18

                            Headlines

A U S T R A L I A

AJ VERBUNT: To Wind Up Voluntarily
ANC PROPERTIES: To Declare Final Dividend February 10
ASCHAM INVESTMENTS: Final Meeting Fixed February 10
CTS QUALITY: Members, Creditors to Meet February 17
DESIGN APPLIED: Court Issues Winding Up Order

GAREN NSW: Appoints Receivers and Managers
LEICH PTY: Members Resolve to Wind Up Company
LIRISTIS HOLDINGS: Members, Creditors to Meet January 27
MILLARD AUSTRALIA: Final Dividend to be Declared February 1
MILLFORD UNITS: Members to Hear Liquidator's Report February 16

MODERN PROJECTS: To Convene Meeting February 11
NATIONAL AUSTRALIA: Former Traders Fail to Appear in Court
PADRIN FINANCIAL: Members Pass Resolution During Meeting
PURSEHOUSE HOLDINGS: Final Meeting Slated for February 11
QANTAS AIRWAYS: SingAir CEO Presses on Sydney-LA Route Issue

SHALA CORPORATION: To Declare Final Dividend February 15
ST GEORGE: Members Agree to Wind Up Company
SULTRAD PTY: Members Pass Resolution During Meeting
ULTRA AIR CONDITIONING: Picks Liquidator for Winding Up Purposes
ULTIMATE SOLUTIONS: To Hold Final Meeting February 17

WORKCASE INVESTMENT: To Convene Final Meeting February 11
YANDAMURRA PTY: Members Pass Resolution During Meeting


C H I N A  &  H O N G  K O N G

AURASOUND SPEAKERS: Court to Hear Liquidator's Application
CHINA GAS: Enters Into MOU with City Gas
HOP SING: Creditors to Meet February 15
HUNG TAI: Court to Hear Winding Up Petition on Feb. 2
KINING LIMITED: Receiving Proofs of Claims Until Feb. 4

MAU YIP: Court Issues Bankruptcy Order
SELCO SALVAGE: Members, Creditors Meetings Set Feb. 16


I N D O N E S I A

SEMEN GRESIK: Government Set to Ink MOU With Cemex


J A P A N

ASAHI MUTUAL: JCR Upgrades Ability to Pay Insurance to BB
ASHIKAGA BANK: Former Bank Managers Face Criminal Complaint
MITSUBISHI MOTORS: Unveils Production Figures for December 2004
MITSUBISHI MOTORS: Denies Report on Resignations of Top Execs
MITSUBISHI MOTORS: In Talks to Sell Nissan Cars

RESONA HOLDINGS: Moody's Upgrades Units' Ratings
TOBU RAILWAY: R&I Assigns BBB- to SB No. 61


K O R E A

DONG AH: Goldman Sachs to Buy Bad Loans
KOREA EXCHANGE: Appoints New President
KOREA EXCHANGE: Tallies KRW520 Billion Net Profit in 2004


M A L A Y S I A

ANTAH HOLDINGS: Must Disclose FY04 Report or Risk Suspension
AOKAM PERDANA: Unveils Production Figures for December
CEPATWAWASAN GROUP: Files Suit for Wrongful Payment
GOLDEN FRONTIER: Releases Shares Buy Back Notice
GULA PERAK: Director Deals in Securities During Closed Period

KUB MALAYSIA: Notes Details of Development Agreement
MTD CAPITAL: Posts Notice of Shares Buy Back
NALURI BERHAD: Acquires Shares in Timeless Image
NAUTICALINK BERHAD: Posts Resolutions Passed at EGM
OCEAN CAPITAL: Trading of Shares Suspended

PAN MALAYSIA: Posts Notice of Shares Buy Back
PANTAI HOLDINGS: Repurchases 16,000 Shares
POS MALAYSIA: Notes Resale, Cancellation of Treasury Shares
POS MALAYSIA: Releases Shares Buy Back Notice
POS MALAYSIA: Sells More Treasury Shares

TAP RESOURCES BERHAD: Appoints New Board of Directors
WCT ENGINEERING: Director Choo Tak Who to Deal in Securities
WCT ENGINEERING: Cheah Hon Kuen Intends to Deal in Securities
WCT ENGINEERING: Woon Yoke Sun Wishes to Deal in Securities
WCT ENGINEERING: Wong Lim Fong Plans to Deal in Securities

WCT ENGINEERING: Yap You Wai to Deal in Securities


P H I L I P P I N E S

COLLEGE ASSURANCE: Clears Land Titles for Asset-share Swap Deal
NATIONAL POWER: Addresses Concerns of Talomo Employees
NATIONAL POWER: Privatization Will Still Leave Debt
PHILIPPINE LONG: Unit to Invest Php201 Mln on Call Center


S I N G A P O R E

CHINA AVIATION (S): Presents Restructuring Scheme
CYBER VILLAGE: Posts Notice on Allotment and Issuance Shares
PANPAC MEDIA: Issues SG$10,000,00 Notes Due in 2007
RAHMONIC RESOURCES: Receives Winding Up Order
SIN TONG: Posts Notice of Winding Up Order

TIC PROPERTY: Creditors to Prove Debt by Feb. 21
TOAGOSEI ASIA: Releases Notice of Winding Up Order


T H A I L A N D

BANGKOK STEEL: Court Postpones Consideration of Rehab Plan
CAPETRONIC INTERNATIONAL: Gains Approval to Change Company Name
KRUNG THAI: Central Bank Wants to be Certain Before Filing Suit
THAI WAH: Issues Further Information on Connected Transactions

     -  -  -  -  -  -  -  -

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


AJ VERBUNT: To Wind Up Voluntarily
----------------------------------
At a general meeting of the members of the Company duly convened
and held at 68A Edward Street, Corowa NSW 2646 on December 16,
2004, a special resolution that AJ Verbunt Pty Ltd (In
Liquidation) A.C.N. 000 786 041 be wound up voluntarily was
passed by members.

Dated this 16th day of December 2004

Adrianus J. Verbunt
Petronella J. Verbunt
Liquidators
c/- Potts & Schnelle
25 Queen Street, Corowa NSW 2646


ANC PROPERTIES: To Declare Final Dividend February 10
-----------------------------------------------------
A first and final dividend is to be declared on February 10,
2005 for ANC Properties Pty Ltd (Subject To Deed Of Company
Arrangement) A.C.N. 083 778 278.

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

Dated this 20th day of December 2004

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


ASCHAM INVESTMENTS: Final Meeting Fixed February 10
---------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Ascham
Investments Pty. Limited (In Voluntary Liquidation) A.C.N. 002
645 990 will be held at Ruwald & Evans, Level 1, 1 Alfred
Street, Sydney on February 10, 2005 at 10:00 a.m. for the
purpose of laying before the meeting the liquidators' final
account and report and giving any explanation thereof.

Dated this 17th day of December 2004


CTS QUALITY: Members, Creditors to Meet February 17
---------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of CTS Quality
Building Products Pty Limited (In Liquidation) A.C.N. 091 403
379 will be held at the offices of Smith Hancock, Chartered
Accountants, Level 4, 88 Phillip Street, Parramatta, NSW 2150,
on Thursday, February 17, 2005, at 9:00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
Company disposed of and of hearing any explanations that may be
given by the Liquidator.

Dated this 15th day of December 2004

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


DESIGN APPLIED: Court Issues Winding Up Order
---------------------------------------------
On December 16, 2004 the Supreme Court of New South Wales,
Equity Division made an Order that Design Applied Systems
Technologies Pty Ltd (In Liquidation) A.C.N. 101 111 826 be
wound up by the Court and appointed me to be Liquidator.

Steven Nicols
Level 2, 350 Kent Street,
Sydney NSW 2000


GAREN NSW: Appoints Receivers and Managers
------------------------------------------
Australia and New Zealand Banking Group Limited A.B.N. 11 005
357 522 (ANZ) gives notice that on December 15, 2004 it
appointed Quentin James Olde and Ian Charles Francis, receivers
and managers of the charged property of Garen NSW Pty Limited
(The Company) A.C.N. 084 285 254 as defined in the Mortgage
Debenture given by the Company to ANZ.

Kemp Strang Lawyers
Level 14, 55 Hunter Street,
Sydney NSW 2000
Telephone: 9225 2500
Facsimile: 9225 2599


LEICH PTY: Members Resolve to Wind Up Company
---------------------------------------------
Notice is hereby given that, at a General Meeting of Members of
Leich Pty Limited (In Liquidation) A.C.N. 000 505 868 held on
December 17, 2004, it was resolved that the Company be wound up
voluntarily and that for such purpose Garry William Day,
Chartered Accountant, of Harley Russell and Day be nominated to
act as Liquidator for the purpose of the winding up.

Dated this 17th day of December 2004

Garry William Day
Liquidator
Harley Russell & Day
Chartered Accountants
Suite 2, 172 Liverpool Road,
Enfield NSW 2131
Telephone: (02) 9744 6922


LIRISTIS HOLDINGS: Members, Creditors to Meet January 27
--------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Liristis Holdings Pty Limited (In Liquidation) A.C.N. 003 829
203 will be held at the offices of Armstrong Wily & Co, Level 5,
75 Castlereagh Street, Sydney on January 27, 2005, at 10:00
a.m., for the purpose of having an account laid before them
showing the manner in which the winding up has been conducted
and the property of the Company disposed of and of hearing any
explanations that may be given by the Liquidator.

Dated this 16th day of December 2004

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


MILLARD AUSTRALIA: Final Dividend to be Declared February 1
-----------------------------------------------------------
A first and final dividend is to be declared on February 1, 2005
for Millard Australia Pty Limited (Subject To Deed Of Company
Arrangement) A.C.N. 095 454 596.

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

Dated this 20th day of December 2004

c/- Jones Condon
Chartered Accountants


MILLFORD UNITS: Members to Hear Liquidator's Report February 16
---------------------------------------------------------------
Notice is hereby given that a general meeting of the members of
Millford Units Pty Limited (In Liquidation) A.C.N. 064 447 758
will be held at 4 Belgrave Street, Manly NSW on Wednesday,
February 16, 2005 at 10:00 a.m. for the purpose of laying before
it an account showing how the liquidation has been conducted and
giving any explanation of the account.

C.D. Cameron
Liquidator


MODERN PROJECTS: To Convene Meeting February 11
-----------------------------------------------
Notice is hereby given that a meeting of the Members of Modern
Projects Pty Limited (In Liquidation) A.C.N. 053 765 905 will be
held at Hall Chadwick Level 29, 31 Market Street, Sydney NSW
2000 on February 11, 2005 at 11:00 a.m.

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

BUSINESS

(1) To receive a report from the Liquidator, being an account of
his acts and dealings and of the conduct of the winding up
during the period of the liquidation ending on 11 February 2005.

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

(3) Any other business.

Robert Elliott
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


NATIONAL AUSTRALIA: Former Traders Fail to Appear in Court
----------------------------------------------------------
Four foreign currency traders ousted by the National Australia
Bank Limited (NAB) over a trading scandal didn't show up in
Court Tuesday, reports the Australian Financial Review.

Luke Duffy, David Bullen, Gianni Gray and Vince Ficarra were
facing criminal charges arising from NAB's $360 million foreign
exchange loss.

The four were set to appear for the first time in Court No. 1 at
the Melbourne Magistrates' Court at 10 a.m. Tuesday. But due to
unknown reasons, they failed to show up on the scheduled date.

The Australian Securities and Investments Commission (ASIC)
filed cases against the men following a 12-month probe into
their alleged unauthorized trading between September 2003 and
January 2004.

Mr. Bullen and Mr. Ficarra each face 19 charges under the
Corporations Act and one under Section 82 of the Crimes Act,
while Mr. Duffy and Mr. Gray would face three charges each.

ASIC claims the four violated the federal law by dishonestly
using their positions to gain financial advantage.

Along with ASIC, investigations were also carried out by the
Australian Prudential Regulation Authority, auditor
PricewaterhouseCoopers and the Australian Federal Police.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com.au/


PADRIN FINANCIAL: Members Pass Resolution During Meeting
--------------------------------------------------------
Notice is hereby given that at a meeting of Padrin Financial
Services Pty Limited (In Liquidation) A.C.N. 089 884 560 held on
December 17, 2004, the following Special Resolution was passed:

That as the Company is unable to pay its debts as and when they
fall due, the Company be wound up voluntarily and that Daniel
Civil be appointed Liquidator for the purpose of such winding
up.

Daniel Civil
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


PURSEHOUSE HOLDINGS: Final Meeting Slated for February 11
---------------------------------------------------------
Notice is hereby given that the final meeting of Pursehouse
Holdings Pty Limited (In Liquidation) A.C.N. 000 698 840 will be
held at 9:00 a.m. on February 11, 2005, at Breeza Station,
Breeza NSW 2381, for the purpose of having laid before it by the
Liquidator an account showing how the winding up has been
conducted and the assets of the Company distributed and of
having an explanation of accounts of the Liquidator.

Andrew Pursehouse
Liquidator


QANTAS AIRWAYS: SingAir CEO Presses on Sydney-LA Route Issue
------------------------------------------------------------
Singapore Airlines Chief Executive Chew Choon Seng has launched
his most vocal attack so far on Qantas Airways' insistence to
keep exclusive the Sydney to Los Angeles route, according to The
Age.

With Transport Minister John Anderson due to reopen the long-
stalled Open Skies talks with the Singapore Government in mid-
February, Mr. Chew used his keynote speech at the launch of the
Airbus A380 super-jumbo to laud the virtues of operating the
A380 on a route Singapore cannot fly, Sydney to Los Angeles.

To further stress his point, Mr. Chew called two press
conferences. One dealt with Singapore Airlines' taking delivery
of the first A380 early next year, the other was on the
airline's desire to fly from the Australian east coast to the
US.

However, Qantas Chief Executive Geoff Dixon said it would be
unfair to grant Singapore Airlines the rights to fly to the
U.S., as Qantas was restricted to where it could fly to out of
Singapore.

CONTACT:

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


SHALA CORPORATION: To Declare Final Dividend February 15
--------------------------------------------------------
A first and final dividend is to be declared on February 15,
2005 for Shala Corporation Pty Limited (Subject To Deed Of
Company Arrangement) A.C.N. 063 221 536.

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

Dated this 11th day of January 2005

P. Ngan
Deed Administrator
Ngan & Co
Chartered Accountants
Level 5, 49 Market Street,
Sydney NSW 2000


ST GEORGE: Members Agree to Wind Up Company
-------------------------------------------
At a General Meeting of members of St George Gate & Fence Co Pty
Limited A.C.N. 000 140 876 duly convened and held at 70 Carmen
Drive, Carlingford NSW 2118 on December 15, 2004, the following
Special Resolution was passed:

That the Company be wound up voluntarily.

Dated this 15th day of December 2004

Yvonne M. Manners
Director
c/- Moore Stephens PMN
Level 6, 460 Church Street,
Parramatta NSW 2150


SULTRAD PTY: Members Pass Resolution During Meeting
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Sultrad Pty Ltd duly convened and held at 19 Horton Street,
Yagoona NSW 2199 on Monday, December 20, 2004 at 10:00 a.m., a
Special Resolution was passed that the Company be wound up
voluntarily and Peter Ngan was appointed Liquidator.

Dated this 20th day of December 2004

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


ULTRA AIR CONDITIONING: Picks Liquidator for Winding Up Purposes
----------------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Ultra Air Conditioning & Refrigeration (Victoria) Pty Limited
(In Voluntary Liquidation) A.C.N. 104 018 617 duly convened and
held at Level 1, 39 Barbara Street, Fairfield NSW 2165 on
Tuesday, December 14, 2004 at 10:00 a.m., a Special Resolution
was passed that the Company be wound up voluntarily and Peter
Ngan was appointed Liquidator.

Dated this 14th day of December 2004

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


ULTIMATE SOLUTIONS: To Hold Final Meeting February 17
-----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
that a joint meeting of the members and creditors of Ultimate
Solutions Pty Ltd (In Liquidation) A.C.N. 003 861 881 will be
held at the offices of Smith Hancock, Chartered Accountants,
Level 4, 88 Phillip Street, Parramatta, NSW 2150, on February
17, 2005, at 11:00 a.m., for the purpose of having an account
laid before them showing the manner in which the winding up has
been conducted and the property of the Company disposed of and
of hearing any explanations that may be given by the Liquidator.

Dated this 15th day of December 2004

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


WORKCASE INVESTMENT: To Convene Final Meeting February 11
---------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Act 2001, the final meeting of members of Workcase
Investment Scheme For Employees Pty Limited (In Liquidation)
A.C.N. 094 085 391 will be held at the offices of GPL Solutions,
Level 1, 86-90 Bay Street, Broadway, NSW on February 11, 2005 at
10:00 a.m. for the purpose of laying before the meeting the
liquidator's final account and giving any explanation of the
account.

Dated this 23rd day of November 2004

D. Watt
Liquidator
74 Lancaster Road,
Dover Heights NSW 2030


YANDAMURRA PTY: Members Pass Resolution During Meeting
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Yandamurra Pty Limited (In Liquidation) A.C.N. 001 209 990
held on December 9, 2004 it was resolved that the Company be
wound up voluntarily and that for such purpose Mr. Michael
Edward Slaven, Chartered Accountant of Rangott & Slaven, 1st
Floor, 14 Napier Close, Deakin ACT, be appointed Liquidator.

Dated this 21st day of December 2004

Margaret Mary Parker
Secretary


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C H I N A  &  H O N G  K O N G
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AURASOUND SPEAKERS: Court to Hear Liquidator's Application
----------------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of AuraSound Speakers Limited will be heard before
Master S. Kwang of the High Court for the consideration of the
resolutions and determinations of the first meeting of creditors
held on Sept. 10, 2004 and the adjourned first meeting of
contributories held on Sep. 21, 2004, deciding the differences
and making such order of appointments as the Court may think
fit.

The meeting will be held on March 10, 2005 at 9:30 a.m. to be
held at the High Court, High Court Building, No. 38, Queensway,
Hong Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

E.T. O'CONNELL
Official Receiver & Provisional
Liquidator

This The Standard notice is dated Jan. 21, 2005.


CHINA GAS: Enters Into MOU with City Gas
----------------------------------------
This announcement was made by the China Gas Holdings Limited
pursuant to Rule 13.09 of the Listing Rules. Reference is made
to the Company's announcement dated Jan. 11, 2005 in response to
an article appearing in Hong Kong Daily News on Jan. 11, 2005
reporting the possible subscription of Shares by the government
of Singapore, India and/or South Korea.

The Directors announced that the Company entered into the MOU
with City Gas, an independent third party, on 24 January 2005
and both parties have agreed to commence friendly negotiations
along the principles set out in the MOU in respect of a number
of strategic and business cooperation opportunities between the
parties.

Hereinbelow is a summary of the understanding between the
parties as set out in the MOU:

(1) the Company agreed in principle to cooperate with City Gas
as its strategic investor and City Gas consented in principle to
subscribe for new Shares amounting to no more than 10% of the
enlarged total issued share capital of the Company;

(2) the Company agreed to establish a gas management and service
joint venture Company in the PRC to be owned as to 49% by the
Company and as to 51% by City Gas; and

(3) the Company and City Gas agreed to cooperate in investing in
natural gas projects in the PRC through (i) investments by City
Gas in the Company's new natural gas projects; and (ii)
participation by City Gas in the Company's existing natural gas
projects.

City Gas is a Company engaged in the natural gas business and
wholly owned by Temasek Holdings, the exclusive pipeline gas
operator in Singapore. City Gas was formed in 1861 and has a
corporate history of over 140 years. It is one of the oldest
natural gas companies in Asia. City Gas currently supplies
pipeline gas to over 560,000 dwellings and 150,000 industrial
customers in Singapore. City Gas has technical and operational
know how in gas distribution and considerable knowledge,
experience and expertise in carrying out the business of
marketing and retailing as to commercial and domestic markets
within Singapore. City Gas also has a good service record
amongst its customers and other stakeholders.

Both parties have agreed in principle under the MOU to establish
a strategic cooperation committee to discuss further on the
transactions contemplated thereby and as set out above. There
cannot be any assurance that definitive agreement(s) will be
signed between the parties. The Company will make further
announcement(s) as and when appropriate to keep shareholders of
the Company informed.

The Directors wish to emphasize that since the MOU is not
legally binding and the transactions under the MOU may or may
not proceed, public investors and shareholders of the Company
are urged to exercise caution when dealing in the securities of
the Company.

The Directors wish also to inform the public and its
shareholders that the Company is still in discussions and
negotiations with the India Corporation (as defined in the
announcement of the Company dated Jan. 11, 2005).

No binding agreements or memorandum or letter of intent have
been yet been entered into between the Company and either the
Singapore Corporation or the India Corporation. The Directors
wish to emphasize that there is no assurance that the
discussions with India Corporation will materialize and
shareholders of the Company are urged to exercise caution when
dealing in the securities of the Company.

Further announcement(s) will be made as and when appropriate and
necessary to keep shareholders of the Company informed. Trading
in Shares on the Stock Exchange was suspended at the requested
of the Company from 9:30 a.m. on Jan. 24, 2005 pending the
release of this announcement. Application has been made to the
Stock Exchange for the resumption of trading in Shares at 9:30
a.m. on Jan. 25, 2005.

By order of the board of directors of
China Gas Holdings Limited
Liu Ming Hui
Managing Director
Hong Kong, 24 January 2005


HOP SING: Creditors to Meet February 15
---------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance, that a meeting of the creditors of Hop Sing
Consultants Limited will be held at Room 1901-2, Park-In
Commercial Centre, 56 Dundas Street, Mongkok, Kowloon, Hong Kong
on Feb. 15, 2005 at 10:00 a.m. to consider the Statement of
Affairs, to confirm the appointment of Liquidator(s) and to
consider any other matters relevant to the voluntary winding up
of the Company pursuant to Sections 241, 242, 243, 244 and 255A
of the Companies Ordinance.  

Creditors may vote either in person or by proxy. Proxies used at
the meeting must be lodged at Room 1901-2, Park-In Commercial
Centre, 56 Dundas Street, Mongkok, Kowloon, Hong Kong not later
than 4:00 p.m. on the day before the meeting or adjourned
meeting at which they are to be used.

By Order of The Board of:
Winson Corporate Services Limited

Represented by:
Lee Kwok On, Alexander
Director

This notice is dated Jan. 14, 2005.


HUNG TAI: Court to Hear Winding Up Petition on Feb. 2
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Hung Tai Transportation Development Limited by the High Court of
Hong Kong Special Administrative Region was on Dec. 3, 2004
presented to the said Court by Cosmos Tech Limited whose
registered office is situated at Room 601, 6th Floor, Eastern
Harbour Centre, 28 Hoi Chak Street, Quarry Bay, 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.

Johnnie Yam, Jacky Lee & Co.
Solicitors for the Petitioner
5th Floor, San Toi Building
137-9 Connaught Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the above named,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the above named not
later than six o'clock in the afternoon of Feb. 1, 2005.

This notice is dated Jan. 14, 2005.


KINING LIMITED: Receiving Proofs of Claims Until Feb. 4
-------------------------------------------------------
Notice is hereby given that a first and final preferential
dividend, and a first and final ordinary dividend are intended
to be declared by Kining Limited.

If no creditor does not establish one's claim to the
satisfaction of the Liquidators on or before Feb. 4, 2005, or
such later date as the Liquidators may fix, your claim will be
expunged, and we shall proceed to make dividend payment without
regard to such claim.

Kong Chi How, Johnson
Joint and Several Liquidator

This notice is dated Jan. 14, 2005.


MAU YIP: Court Issues Bankruptcy Order
--------------------------------------
Notice is hereby given that a Bankruptcy Order against Kong Lap
Yip trading as Mau Yip Construction was made on Jan. 12, 2004.

All debts due to the estate should be paid to the undersigned.

ET O'CONNELL
Official Receiver

This The Standard notice is dated Jan. 21, 2005.


SELCO SALVAGE: Members, Creditors Meetings Set Feb. 16
------------------------------------------------------
Notice is hereby given pursuant to section 247 of the Companies
Ordinance that an Annual Meetings of the members and creditors
of Selco Salvage Limited will be held at 20th Floor, Prince's
Building, Central, Hong Kong on Feb. 16, 2005 at 10:00 a.m. and
creditors at 11:00 a.m. for the purpose of having laid before
the meetings by the liquidators an account of his acts and
dealings and the conduct of the winding-up of the above Company
during the preceding year.

Graeme A. Jack
Liquidator

Note: Forms of general and special proxy are enclosed with the
notice for use at the meeting, if desired. To be valid, a proxy
must be lodged with the liquidator at 20th Floor, Prince's
Building, Central, Hong Kong no later than 4:00 p.m. on the day
before the meeting or adjourned meeting at which it is to be
held.

This notice is dated Jan. 14, 2005.


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


SEMEN GRESIK: Government Set to Ink MOU With Cemex
--------------------------------------------------
An agreement was scheduled to be signed between Indonesia and
Mexican cement giant Cemex, Reuters reports. The agreement will
underscore the possibility of Jakarta not relinquishing its
majority stake in PT Semen Gresik Tbk.

"Tomorrow the government will sign an MoU (memorandum of
understanding) with Cemex which states that the government will
not back away from 51 percent ownership of Semen Gresik,"
Reuters quoted State Enterprise Minister Sugiharto as saying
Monday.

Cemex did not give out a comment on the announcement made by the
Indonesian government, but a recent statement made by the
executives said they were in talks with Jakarta to find a
solution to their dispute over majority control of state-run
Gresik.

Hector Medina, Cemex's executive vice president for planning and
finance, told a conference call with analysts earlier this month
the conversations with Indonesia intended to reach an "amicable
resolution."

According to Mr. Sugiharto, the government is hoping to persuade
Cemex to build a new factory to increase output so domestic
demand for cement could be met.

In a recent TCR-Asia Pacific report Cemex, which already holds
around 25 percent of the shares of Gresik, has earlier filed a
suit with an international arbitration Court accusing the
government of failing to meet the contract under which it is
given the right to buy the government stake in state-owned Semen
Gresik.

CONTACT:

PT Semen Gresik (persero) Terbuka
Jalan Veteran
Gresik 61122
Indonesia
Telephone:  +62 31 398 1731-2/1745
Fax: +62 31 398 3209/3972 2264  
Web site: http://www.americanstandard.com/


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


ASAHI MUTUAL: JCR Upgrades Ability to Pay Insurance to BB
---------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has upgraded the
rating on the ability to pay insurance claims of Asahi Mutual
Life Insurance Company from BB- to BB.

Rationale:

JCR upgraded the rating for Asahi Mutual Life by one notch to
BB- in July 2004, given the dissolution of deferral of payment
of interest on foundation funds. JCR upgraded this time again
the rating by one notch as it came to a conclusion that Asahi
Mutual Life had gotten out of the strongly difficult conditions
in the past where it suffered from rapid increase in surrender
and deterioration in the financial structure.

However, the capital is still weak. It is still vulnerable to
fluctuations in stock prices and currency exchange rates,
although the investment risk lowered with the balance of stocks
held by it being reduced. Burden for loss due to introduction of
accounting for impairment of fixed assets is expected to be
large. And it should be kept in mind that Asahi Mutual Life will
face difficulty in increasing capital with redemption of
foundation funds being taken into account.

JCR considers that Asahi Mutual Life should improve the capital
sharply to raise creditworthiness further.

CONTACT:

Asahi Mutual Life Insurance Company
7-3 Nishi-Shinjuku 1-Chome
Shinjuku-Ku 163-8611, Tokyo 163-8611
Japan  
Phone: +81 3 3342 3111
Web site: http://www.asahi-life.co.jp/


ASHIKAGA BANK: Former Bank Managers Face Criminal Complaint
-----------------------------------------------------------
Former managers of failed Ashikaga Bank are likely to be charged
for inflating core capital for fiscal 2000, according to The
Asahi Shimbun.

An independent committee investigating mismanagement at the
collapsed bank is planning to file a criminal complaint against
former officials for tampering the bank's accounts.

The committee discovered that in the financial statements
submitted in June 2001, the bank underreported future losses on
bad loans and declared an overly optimistic earnings forecast.

For the year ending March 2001, Ashikaga Bank posted JPY135.2
billion and claimed capital of JPY368.2 billion. In addition,
the bank forecast huge tax refunds over a five-year period from
April 2001, which enabled the bank to paint such a rosy
financial picture.

Based on the dubious financial statements, bank managers decided
to pay a total of JPY1.1 billion in dividends to preferred
shareholders. But sources said the bank lacked the resources to
afford such a payment.

The investigation committee, which was established in February
last year, is looking whether managers reported the large amount
of deferred tax assets even with the knowledge the bank was
likely to tally losses based on its bad loans. The act would
constitute a violation of the Commercial Code and the Securities
and Exchange Law.

CONTACT:

Ashikaga Bank Limited (The)
1-25 Sakura 4-Chome
Utsunomiya 320-8610, Tochigi 320-8610
Japan  
Phone: +81 28 622 0111
Fax: +81 28 625 5546  
Web site: http://www.ashikagabank.co.jp/


MITSUBISHI MOTORS: Unveils Production Figures for December 2004
---------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) announced production,
domestic sales and export results for December 2004 and for the
calendar year 2004. Overall domestic sales for the calendar year
totaled 255,221 units, 30.5 percent below the level reached in
2003, while the global total exceeded 1.4 million units.

December 2004 results

Total global production attained 104,821 units, a decline of
11.6 percent from December 2003. Domestically, 49,127 units were
produced in the month, 17.9 percent less than the same period
last year. Commercial vehicle production saw a 16.1 percent
rise, but the overall figure fell due to lowered output of
passenger cars.

Sales in Japan reached 18,500 units, a figure that exceeds the
targeted goal of 60 percent of last year's sales for the month.
This was driven by good results for commercial vehicles, in
particular minicars such as the Minicab truck and van. Overall,
commercial minicar sales came to 4,820 units or 84.7 percent of
last year's figures.

Overseas production for the month was relatively stable,
reaching 55,694 units, a total that represents 94.7 percent of
the amount manufactured last year. European production surged
ahead by 17.8 percent to 6,868 units, while Asian production
remained steady at 39,649, or 99 percent of last year's figure
for December. Production in North America was adjusted, and
reduced by 29.8 percent to 6,692 units.

Exports from Japan were off by 21.8 percent at 34,358 units.
Europe continued its relatively strong performance with 10,352
units shipped, a year-on-year decrease of 1.5 percent. Exports
to Asia were down by 42.6 percent, however, for a total of 3,245
units, while exports to North America reached 5,877 units, or
61.3 percent less than the year before.

Calendar year 2004 results

Global production reached 1,413,403 units, a 10.6 percent
reduction, as the substantial growth in Asia and Europe was
offset by declines in North America and Japan. Domestically,
market share for the year was 4.4 percent.

Total domestic production was 639,883 units, 14.6 percent behind
2003's total. Although production in commercial vehicles was up
by 3.4 percent, this gain was displaced by a 17.5 percent drop
in passenger car production.

Growth of exports to Europe, as well as production in the
region, was robust. 113,025 units were shipped to the area, a
16.2 percent increase. This was driven by gains in Russia, where
30,037 units were sold or 69.7 percent over 2003, and the
introduction of the Grandis minivan to the European market.
Production also jumped by 15.8 percent to 95,697 units, lead by
manufacturing of the Colt, which hit the market in May, 2004.

In Asia, 513,762 units were produced, a slight decrease of 1.4
percent. This occurred due to the tightening of monetary policy
in China, resulting in lower than expected sales, which caused
an 18 percent reduction in production. But this was countered by
a 28 percent rise in production in Thailand, driven by expanded
exports to Europe.

In North America, the move away from fleet sales and the
adjustment to inventory required a reduction in output, which
reached 113,307 units or 34.8 percent off last year. This also
resulted in fewer exports, which stood at 44,000, 62.2 percent
down from 2003.

To view a summary of the production figures, click on:
http://bankrupt.com/misc/TCRAP_MITSUBISHIMOTORS012505.pdf

CONTACT:

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


MITSUBISHI MOTORS: Denies Report on Resignations of Top Execs
-------------------------------------------------------------
Mitsubishi Motors Corporation (MMC) denied a media report that
the embattled automaker has called for the resignation of its
president and chairman, Bloomberg relates.

On Saturday, the Nihon Keizai Shimbun reported that MMC asked
Chairman Yoichiro Okazaki, Vice Chairman Koji Furukawa and
President Hideyasu Tagaya to resign to take responsibility after
the automaker was forced to seek a financial bailout for a
second time.

MMC stressed there is no truth in what has been reported. It
added that contrary to the media report, the Company is on
schedule to unveil a revival plan this month.

The ailing carmaker, which is struggling to repay its debt worth
JPY1.14 trillion (US$11.1 billion), was seeking at least JPY500
billion in extra funds from sister companies at the Mitsubishi
group.

The additional funding is expected to be included in the new
rehabilitation plan, which will be presented to MMC's board on
Jan. 27.


MITSUBISHI MOTORS: In Talks to Sell Nissan Cars
-----------------------------------------------
Mitsubishi Motors Corporation (MMC) is negotiating a deal for
Nissan Motor Co. to supply luxury cars for sale under the
Mitsubishi brand, The Japan Times reports.

The two carmakers are holding talks on the details of the
proposed supply contract for the President and Cima models. The
specifics would include prices, supply period and the volume of
vehicles to be supplied.

Earlier, MMC agreed to more than double its supply of
minivehicles to Nissan for sale under the Nissan brand.

Struggling MMC is working to finalize the deal, which is
expected to boost MMC's sales as Nissan has a lineup of luxury
car models with strong brand recognition among customers.

Should the agreement push through, MMC will either downsize or
halt output of its own luxury models.

Meanwhile, the two automakers are also considering setting up a
joint venture to push development and production of
minivehicles.

The minivehicle deal calls on MMC to supply 36,000 minicars of
the eK series a year, starting in the April-September first half
of fiscal 2005, in addition to the Minicab commercial vehicles
it currently supplies to Nissan.


RESONA HOLDINGS: Moody's Upgrades Units' Ratings
------------------------------------------------
Moody's Investors Service has upgraded to A3 from Baa2 Resona
Bank, Ltd.'s (Resona Bank) and Saitama Resona Bank, Ltd.'s
(Saitama Resona Bank) long-term deposit ratings and Resona
Bank's senior unsecured debt rating, and upgraded to D- from E
their bank financial strength ratings (BFSR). Subordinated debt
ratings of Resona Bank were also upgraded to Baa1 from Baa3.

The banks' Prime-2 short-term bank deposit ratings were not
under review and remain unchanged. The preferred stock rating
for AB International Cayman Trust was upgraded to Ba3 from Caa1,
and will remain under review for further possible upgrade. The
rating outlook is now stable for both BFSR and credit ratings.
This rating action concludes the review for possible upgrade
initiated in December 17, 2004.

The BFSR upgrade recognizes Resona Bank's progress in improving
its balance sheet risk profiles, operating efficiency and bottom
line profitability. Moody's notes that over the last two years,
the group's risk management discipline under its new management
has progressed markedly, benefiting from replenished capital
availability as a result of injection of government capital in
2003. Ratings of Saitama Resona Bank have been equalized to
those of Resona Bank in view of their strong linkage.

The bank's risk culture has evolved as well, underpinning the
strategic reduction of large corporate credits and equity and
the shifting of capital from relatively volatile and capital-
intensive corporate banking activities. Preferred stock rating
upgrade reflects the recovery of Resona Holdings' (RHD)
distributable profit and the high likelihood that its preferred
dividend payment will be resumed in the FY2005.

However, the BFSR continues to factor in RHD unique capital
structure constraining that entity's future capital and
franchise enhancement. RHD's capital structure is underpinned by
a large amount of government common and preferred capital
(approximately JPY2.8 trillion), which will likely pressure
management to repurchase those preferred stocks purchased by the
Japanese government in 1999 on the mandatory conversion dates
starting in 2009. In Moody's view, this would likely consume
large portion of RHD's future retained internal earnings under
normal operating assumptions.

As a result, RHD's capitalization profile continues to limit its
ability to expand its franchise relative to other Japanese mega-
banks. Its franchise value compared to the other mega-banks'
also remains unchanged, despite its competitive trust business
franchise.

Although Resona's domestically focused operations are
diversified among Tokyo, Saitama and Osaka and the Resona Group
is aiming at greater segmentation in its retail and middle
markets to ensure competitive differentiation, the lack of an
investment banking vehicle and the directional ambiguity
reflected by four key operating commercial banks existing under
RHD makes Resona's franchise weaker than mega-banks'.

The government preferred capital injected in 2003 has no
mandatory conversion date and is therefore more permanent than
other such capital. It thus currently allows RHD more flexible
capital management. However, its sheer size will continue to
present the challenge of normalizing its capital structure
beyond 2009, which will require RHD to explore other types of
capitalization alternatives in addition to repurchasing the
capital from its retained earnings.

The upgrade of credit ratings to A3 also factored in Resona
Bank's improved BFSR and Moody's expectation that the bank would
receive government support in case of distress. Government
support is given less weight in Resona Bank's credit rating than
in the other Japanese mega-banks' due to Resona's smaller size,
weaker franchise value and lack of international operations.

Further upward movement of the BFSR could stem from, among other
things, more progress in improving underlying operating
profitability and expanding franchise value, as well as further
reduction in credit and market risk levels and concentration.
If, on the contrary, the group's credit expense/preprovision
profit deteriorated substantially and its risk appetite
materially grew with the aim of generating higher revenue, there
could be negative rating pressure.

The following ratings were upgraded:

Resona Bank, Ltd.: bank financial strength rating to D- from E,
long-term deposit rating to A3 from Baa2, senior unsecured debt
rating to A3 from Baa2, senior subordinated debt rating to Baa1
from Baa3, junior subordinated debt rating to Baa1 from Baa3

Saitama Resona Bank, Ltd.: bank financial strength rating to D-
from E, long-term deposit rating to A3 from Baa2

Asahi Finance (Cayman) Ltd.: senior and junior subordinated debt
ratings to Baa1 from Baa3

Daiwa International Finance (Cayman) Ltd.: senior subordinated
debt rating to Baa1 from Baa3

Daiwa PB Limited: junior subordinated debt rating to Baa1 from
Baa3


The following rating was upgraded and remains under review for
possible upgrade

AB International Cayman Trust: preferred stock rating to Ba3
from Caa1


The following ratings are unaffected by the review:

Resona Bank Ltd.: Prime-2 short-term deposit rating

Saitama Resona Bank Ltd.: Prime-2 short-term deposit rating

Resona Trust & Banking Co., Ltd.: C bank financial strength
rating, A3 and Prime-1 long and short-term deposit ratings

CONTACT:

Resona Holdings Inc.
2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337


TOBU RAILWAY: R&I Assigns BBB- to SB No. 61
-------------------------------------------
Rating and Investment Information, Inc. (R&I), has assigned the
following rating of Tobu Railway Co., Ltd.

Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
R&I RATING: BBB-

RATIONALE:

The railroad business earns stably about 60 percent of the cash
flow of Tobu Railway Co., Ltd. The Company has a large service
area with lines extending from central Tokyo to Saitama
Prefecture and out to Tochigi Prefecture and Gunma Prefecture in
northern Kanto. The hinterland of the Company's service area
includes the tourist spots of Nikko and Oze.

Tobu Railway has been proactive in improving the convenience of
its transport network, and it has many lines with direct links
to other lines. Its core Tobu Isesaki Line, Nikko Line and Tobu
Tojo Line is directly linked to the Tokyo Metro lines. Tobu Tojo
Line plans to link to the No. 13 New Tokyo Metro Line(Ikebukuro
- Shibuya) in the future. Also, the direct train from JR East,
from Shinjuku to Nikko and the Kinugawa-onsen district is
planned. The hinterland of the Company's lines has a rich
natural environment, and demand from hikers, including those in
the upper age bracket, can also be expected in the future.

Meanwhile, Tobu Railway's financial structure has significant
weaknesses. This is because Tobu Department Store subsidiaries
indulged in excessive financing during the bubble period, and
costs for the disposal of losses have climbed to a significant
sum. Under the Tobu Group Restructuring Plan, the Company is
focusing its management resources on streamlining a bloated
balance sheet. It is making no exceptions even for good quality
subsidiaries, as demonstrated by the sale of Tobu Gas Co., Ltd.
and Tobu Drug.

In the past, the Company's bus and leisure businesses were
sectors that sustained continuous deficits and put pressure on
the Company's cash flow. Thanks to drastic measures to cut fixed
costs, however, the balance sheets in those sectors have shown
improvement. As a result of these measures and the support of a
stable cash flow generated by the railroad business, the
financial structure is beginning to show steady improvement.

R&I RATINGS:
ISSUER: Tobu Railway Co., Ltd. (Sec. Code: 9001)
Long-term Debt
New Issue (Issued under the Shelf Registration scheme)
ISSUE:
Bonds Rated   Issue Date   Redemption    Issue Amount(mln)
Unsec. Str.
Bonds No. 61  Feb 04, 2005 Feb 04, 2008  JPY10,000

Notes/Financial covenants:

(1) negative pledge clause, which covers other unsecured
domestic bonds the firm issued or may issue in the future
(2) profit maintenance clause
(3) a change of security status clause

R&I RATING: BBB-
Senior Long-term Credit Rating: BBB-

An R&I Senior Long-term Credit Rating is an opinion regarding an
issuer's overall capacity to pay its entire financial
obligations, without taking into account the degree of recovery
of specific obligations.

A Senior Long-term Credit Rating will be assigned to all
issuers. Ratings for individual issues may differ from the
Senior Long-term Credit Rating depending on the terms and
conditions of the issue.

CONTACT:

Tobu Railway Co Ltd
1-2 Oshiage 1-Chome
Sumida-Ku 131-8522, Tokyo 131-8522
Japan  
Phone: +81 3 3621 5055
Fax: +81 3 3621 5161  
Web site: http://www.tobu.co.jp/english/index.html


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


DONG AH: Goldman Sachs to Buy Bad Loans
---------------------------------------
Samil Pricewaterhouse Coopers on Monday designated Goldman Sachs
as the single negotiator to take over KRW1.2 trillion in bad
debts of Dong Ah Construction Industrial, the Korea Times
reports.

The decision came after the World Star consortium, former
preferred bidder, discontinued its takeover plan a week ago.

Goldman Sachs was the second preferred bidder after offering
KRW290 billion as the purchasing price, while the World Star
consortium offered KRW550 billion.

On Jan. 13, Lone Star Funds, majority shareholder in Korea
Exchange Bank (KEB), pulled out of an auction to take over the
non-performing loans of Dong Ah Construction Industrial, whose
main creditor is KEB.

CONTACT:

Dong Ah Construction Industrial Co., Ltd.
120-23 Sosomun-dong
Chung-gu, Seoul 100-110
Korea (South)  
Phone: +82 2 3709 2114
Fax:   +82 2 3709 0000  
Web site: http://www.dongah.co.kr/


KOREA EXCHANGE: Appoints New President
--------------------------------------
The board of Korea Exchange Bank (KEB) has nominated its chief
vice president as new president, Yonhap News reports.

Mr. Richard Wacker replaced Mr. Robert Fallon, who had been
controlling operations since January 2004, according to KEB,
adding that the board held an emergency meeting to promote Mr.
Wacker to the presidency but that Mr. Fallon will retain his
chairmanship of the board.

KEB did not provide the reason for the replacement, but analysts
said it may be linked to the languid pace of KEB's downsizing
program and its failure to be picked as the prime bidder for the
debt sale of bankrupt Dong-Ah Construction and Industrial Co.  

Lone Star had been pushing to cut around 1,000 jobs since last
year, but Fallon managed to cut only 472 jobs as of Jan. 24 due
to the labor union's opposition.

Sources said that the appointment of Mr. Wacker, who led a
massive job-cut program at a GE subsidiary, is expected to
accelerate the bank's job reduction plan, adding that he may
help Lone Star to pave the way for selling its stake in KEB
after November this year.

CONTACT:

Korea Exchange Bank (Exchange: Korea)
181 2-ga Ulchiro, Chung-gu
Seoul, 100-793, South Korea
Phone: +82-2-729-8000
Fax:   +82-2-752-3141
Web site: http://www.keb.co.kr/english/index.htm


KOREA EXCHANGE: Tallies KRW520 Billion Net Profit in 2004
---------------------------------------------------------
Korea Exchange Bank (KEB) (KSE:04940), South Korea's fifth-
largest lender, posted a net profit of KRW520 billion last year,
according to Asia Pulse.

The bottom line represents a reversal from the bank's KRW214
billion loss in 2003, Robert Fallon said in an address marking
his departure.

KEB board members decided on Jan. 24 to replace Fallon with
senior vice president Richard Wacker, reportedly over KEB's
languid pace on job cuts and its failure to support Lone Star's
buying of debts by a local construction firm.

Lone Star, a U.S. equity fund, has controlled KEB since October
2003 when the fund acquired a 51 % stake in the bank.


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


ANTAH HOLDINGS: Must Disclose FY04 Report or Risk Suspension
------------------------------------------------------------
Pursuant to Paragraph 9.23(b) of Bursa Malaysia Securities
Berhad's Listing Requirements (Bursa Securities LR), Antah
Holdings Berhad is required to furnish Bursa Securities its
Audited Accounts for public release, within a period not
exceeding four (4) months from the close of the financial year,
which was on or before Oct. 31, 2004.

Pursuant to the Policy relating to the delay in the submission
of financial statements dated Aug. 27, 2004 issued by Bursa
Securities, the Company announces the following:

(a) Antah has yet to submit its Audited Accounts as at the date
of this announcement;

(b) Antah is able to submit its Audited Accounts on or before
the expiry of the three (3) months from the due date, i.e. on or
before Jan. 31, 2005;

(c) In the event that Antah is unable to submit its Audited
Accounts within the stipulated time line, i.e. on or before Jan.
31, 2005, the trading in the securities of Antah will be
suspended on the market day following the expiry of three (3)
months from Oct. 31, 2004 which is on Feb. 2, 2005 and shall
only be uplifted on the market day following the submission of
the Audited Accounts; and

(d) The reason for failing to submit its Audited Accounts is due
to the External Auditors, Messrs. BDO Binder requiring more time
to review certain aspects of the financial statements of the
Company.

CONTACT:

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

This announcement is dated Jan. 24, 2005.


AOKAM PERDANA: Unveils Production Figures for December
------------------------------------------------------
Aokam Perdana Berhad announces that Company production for the
month of December 2004 was 196,138.22 m2 of veneer and 207.75m3
of mouldings.

CONTACT:

Aokam Perdana Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 3466
Fax:   +60 3 2166 3455


CEPATWAWASAN GROUP: Files Suit for Wrongful Payment
---------------------------------------------------
Cepatwawasan Group Berhad and subsidiary Prolific Yield Sdn Bhd
filed a civil suit with the Kuala Lumpur High Court against the
following persons (former directors):

1. Tengku Dato' Kamal Ibni Sultan Sir Abu Bakar (NRIC: 611008-
06-5021) - 1st Defendant

2. Lt Kol Tengku Dato' Kamarul Zaman Ibni Sultan Sir Abu Bakar
(NRIC: 621104-06-5135) - 2nd Defendant

3. Kassim bin Mohamed Ali (NRIC: 570718-10-5915) - 3rd Defendant

4. Abdul Rahim bin Sendiri (NRIC: 460708-06-5203) - 4th
Defendant

5. Opti Temasek Sdn. Bhd. (Company No. 650698-D) - 5th Defendant

6. Yip Kum Wah (NRIC: 390923-08-5783) - 6th Defendant

7. Lee Ah Lan (NRIC: 501002-05-5394) - 7th Defendant

8. Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) -
8th Defendant

9. Yip Fook Yian (NRIC: 701106-08-5557) - 9th Defendant

10. Yip Chee Meng (NRIC: 690422-08-5771) - 10th Defendant

11. Yip Ha @ Yip See Khow (NRIC: 2708621) - 11th Defendant

12. Chew Poh Kong (also known as Paul Hew) (NRIC No. 460810-08-
5075) - 12th Defendant;

13. Hew Yen Fatt (also known as Patrick Hew) (NRIC No. 550131-
10-5555) - 13th Defendant;

14. Tan Sri Datuk Chai Kin Kong (NRIC NO. 590825-06-5179) - 14th
Defendant;

15. Dato Chua Tiong MOON (NRIC NO. 590831-06-5179) - 15th
Defendant;


16. Chai Kim Chong (NRIC NO. 620118-06-5035) - 16th Defendant;

17. Chai Woon Chet (also known as Eddie Chai) - 17th Defendant;
and

18. Tan Kok Aun (NRIC NO. 580522-08-5907) - 18th Defendant.

for the recovery of RM13 million which was wrongfully and
fraudulently paid out by the former directors of Prolific Yield
Sdn. Bhd. to Opti Temasek Sdn. Bhd. as advance; and

RM3 million which was wrongfully and fraudulently paid to a
Sheikh Abdul Rahim bin Sheikh Hassan (NRIC: 681026-06-5133) as
advance with no interest and no fixed term of repayment,

The Board of Directors of the Company announces that the Learned
Judge has directed the relevant parties to file written
submissions for the inter-parte hearing of the Mareva Injunction
against the 9th to 13th Defendants. The Court has fixed Apr. 25,
2005 for decision of the said hearing.

In respect of the inter-parte hearing of the Mareva Injunction
against the 8th Defendant, the Court has fixed Apr. 25, 2005 for
hearing and extended the validity of the Mareva Injunction
against the 8th Defendant as he has yet to be located.

CONTACT:

Cepatwawasan Group Berhad
Lot 39-40, Block C
Taman Indah Jaya Shophouses
Mile 4, North Road
P O Box 1562
90717 Sandakan
Sabah, Malaysia
Phone: 089-271775/ 089-221569
Fax:   089-220881

This announcement is dated Jan. 24, 2005.


GOLDEN FRONTIER: Releases Shares Buy Back Notice
------------------------------------------------
Golden Frontier Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 24,
2005.
  
Date of buy back: 24/01/2005

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

Total number of shares purchased (units):              4,000

Minimum price paid for each share purchased (RM):      0.670

Maximum price paid for each share purchased (RM):      0.680

Total consideration paid (RM):                    2,720.28

Number of shares purchased retained in treasury (units): 4,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 1,282,000

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 Jan. 24, 2005.


GULA PERAK: Director Deals in Securities During Closed Period
-------------------------------------------------------------
Gula Perak Berhad (GPB) is now in the closed period for dealing
in its securities pending the announcement of its results for
the Third Quarter ended Dec. 31, 2004.

The Company announced that it received the following
notification from Director Dato'Mustapha bin Buang on his
intention to deal in GBP securities during the closed period.
The details of his current interests in the Company securities
are as follows:

Securities: Ordinary shares at RM1.00

Direct Interest: 1,800,000

% of Shares:             0.70%

Indirect Interest:       0

% of shares:             0

Details of the transaction will be announced to Bursa Malaysia
within One (1) full trading day after the transaction.

CONTACT:

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


KUB MALAYSIA: Notes Details of Development Agreement
----------------------------------------------------
KUB Malaysia Berhad advised that on Jan. 19, 2005, the Company
surrendered the rights to develop and operate new A&W
restaurants in Malaysia and Thailand respectively granted under
the Development Agreement entered between the Company, A&W
Restaurants, Inc. (AWRI) and Yorkshire Global Licensing
Netherlands, B.V. (YGL) on Sept.5, 2001.

The aforesaid rights were surrendered pursuant to the business
takeover by Yum! Restaurants International (Yum!) from YGL and
Yum! current policy of not granting exclusivity to its other
franchisees of all its brand.

However, the Company shall continue to enjoy its right to
operate all its existing A&W restaurants located in Malaysia and
Thailand respectively.

CONTACT:

KUB Malaysia Berhad
No. 6, Block H
Jalan 65C
Off Jalkan Pahang Barat
53000 Kuala Lumpur
Malaysia
Phone: 03-421 4121
Fax:   03-423 3090


MTD CAPITAL: Posts Notice of Shares Buy Back
--------------------------------------------
MTD Capital Berhad disclosed details of its shares buy back on
Jan. 24, 2005 to the Bursa Malaysia Securities Berhad.

Date of buy back: 24/01/2005

Description of shares purchased: Ordinary shares of RM1/- each

Total number of shares purchased (units):             41,000

Minimum price paid for each share purchased (RM):      2.600

Maximum price paid for each share purchased (RM):      2.660

Total consideration paid (RM):                  108,998.50

Number of shares purchased retained in treasury (units): 41,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,242,100

Adjusted issued capital after cancellation
(no. of shares) (units): 0

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Phone: +60 3 6189 9022
Fax: +60 3 6187 7898
Web site: http://www.mtdcap.com/


NALURI BERHAD: Acquires Shares in Timeless Image
------------------------------------------------
Naluri Berhad (Naluri) announced that the Company had on Jan.
24, 2005, acquired two (2) ordinary shares of RM1.00 each,
representing 100% of the issued and paid-up share capital of
Timeless Image Sdn Bhd (TISB) for a total cash consideration of
RM2.00.

Information on TISB

TISB was incorporated on Jan. 4, 2005 in Malaysia under the
Companies Act, 1965 as a private limited Company. The authorized
share capital of TISB is RM100,000.00 divided into 100,000
ordinary shares of RM1.00 each and the issued and fully paid-up
share capital is RM2.00 divided into 2 ordinary shares of RM1.00
each.

Activity of TISB

TISB will be principally involved in investment holdings.

Financial Effects

The Acquisition will not have any effect on the earnings, net
tangible assets, share capital and substantial shareholders'
shareholdings of Naluri.

Directors' and Substantial Shareholders' Interest

None of the directors and/or substantial shareholders and/or
persons connected with a director or substantial shareholder has
any interest, whether direct or indirect, in the Acquisition.

CONTACT:

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

This announcement is dated Jan. 24, 2005.


NAUTICALINK BERHAD: Posts Resolutions Passed at EGM
---------------------------------------------------
Nauticalink Berhad (NB) announced that at its Extraordinary
General Meeting (EGM) held on Jan. 20, 2005, the Company
shareholders had duly passed all the resolutions pertaining to
the proposed Disposal of Asia Slipway & Engineering Sdn Bhd, the
proposed Restructuring Scheme and the proposed Share Exchange as
set out in the Notice of EGM dated Dec. 30, 2004.

On the same day following the EGM, at the meeting of
shareholders and subsequently, the meeting of scheme creditors
of NB summoned pursuant to an order of the High Court of Malaya
(Court Convened Meeting), the shareholders and scheme creditors
of the Company approved the proposed scheme of arrangement in
respect of the proposed Share Exchange and the proposed Debt
Restructuring respectively as set out in the Notice of the Court
Convened Meetings dated Dec. 30, 2004.

Additionally, at the Court Convened Meeting of scheme creditors,
it was announced that referring to the conversion terms for the
irredeemable convertible unsecured loan stocks (ICULS) to be
issued under the proposed Debt Restructuring, as set out in
Section 2.3.4 on page 36 of the Explanatory Statement to
shareholders and scheme creditors and circular to shareholders
in relation to the proposed Restructuring Scheme dated Dec. 30,
2004, an amendment should be made as follows:
"The ICULS may be converted into new Orion Shares ..... at any
time after the commencement of the 1st anniversary of the Issue
Date of the ICULS .....", instead of the 2nd anniversary.

CONTACT:

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


OCEAN CAPITAL: Trading of Shares Suspended
------------------------------------------
Trading in Ocean Capital Berhad's securities has been suspended
effective from 2.43 p.m., Monday, Jan. 24, 2005 until further
notice.

The Malay Mail published on Jan. 24, 2005 the winding up
petition of Ocean Capital Berhad.

CONTACT:

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


PAN MALAYSIA: Posts Notice of Shares Buy Back
---------------------------------------------
Pan Malaysia Corporation Berhad disclosed to the Bursa Malaysia
Securities Berhad details of its shares buy back on Jan. 24,
2005.
  
Date of buy back: 24/01/2005

Description of shares purchased: Ordinary shares of RM0.50 each

Total number of shares purchased (units): 3,800,000

Minimum price paid for each share purchased (RM): 0.445

Maximum price paid for each share purchased (RM): 0.470

Total consideration paid (RM): 1,729,524.94

Number of shares purchased retained in treasury (units):
3,800,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 14,650,000

Adjusted issued capital after cancellation
(no. of shares) (units): 0
  
CONTACT:

Pan Malaysia Industries Berhad
14/F MUI Plaza, Jalan P. Ramlee,
50250 Kuala Lumpur
Malaysia
Phone: (60) 3244-1470
Fax:   (60) 3244-7789


PANTAI HOLDINGS: Repurchases 16,000 Shares
------------------------------------------
Pantai Holdings Berhad disclosed details of its shares buy back
to the Bursa Malaysia Securities Berhad.
  
Date of buy back: 24/01/2005

Description of shares purchased: Ordinary shares of RM1.00 each

Total number of shares purchased (units): 16,000

Minimum price paid for each share purchased (RM): 0.910

Maximum price paid for each share purchased (RM): 0.920

Total consideration paid (RM): 14,719.72

Number of shares purchased retained in treasury (units): 16,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 25,426,800

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

Pantai Holdings Berhad
3rd Floor, Block B
Pantai Medical Centre
No. 8 Jalan Bukit Pantai
59100 Kuala Lumpur
Malaysia
Phone: 03-22879822
Fax:   03-22873822
Web site: http://www.pantai.com.my/


POS MALAYSIA: Notes Resale, Cancellation of Treasury Shares
-----------------------------------------------------------
In a disclosure to Bursa Malaysia Securities Berhad, Pos
Malaysia & Services Holdings Berhad issued a notice of resale
and cancellation of its treasury shares on Jan. 20, 2005.


Date of shares sold from: 12/01/2005  to: 20/01/2005

Date of shares cancelled from:  to:
     
Number of treasury shares sold (units): 490,000.00

The minimum price at which the treasury shares were sold
(RM):          2.690

The maximum price at which the treasury shares were sold
(RM):          2.820

Total consideration received for the treasury shares sold
(RM):  1,346,656.00

The name of the Stock Exchange through which the treasury shares
were sold: Bursa Malaysia Securities Berhad

Total number of shares still in treasury (units): 36,098,000

Number of treasury shares cancelled (units):

Total issued capital as diminished:

Date lodged with registrar of companies: 24/01/2005

Lodged by: Pos Malaysia & Services Holdings Berhad


POS MALAYSIA: Releases Shares Buy Back Notice
---------------------------------------------
Pos Malaysia & Services Berhad disclosed details of its shares
buy back on Jan. 24, 2005 to the Bursa Malaysia Securities
Berhad.

Date of transaction: 24/01/2005

Total number of treasury shares sold (units): 100,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM): 2.660

Maximum price paid for each share sold (RM): 2.710

Total amount received for treasury shares sold (RM): 268,000.00

Cumulative net outstanding treasury shares as at to-date
(units): 35,998,000

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

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
Kuala Lumpur, 50400
Malaysia
Phone: +60 3 2166 2323
Fax:   +60 3 2166 2266


POS MALAYSIA: Sells More Treasury Shares
----------------------------------------
POS Malaysia & Services Holdings Bhd said it had sold 100,000 of
its treasury shares to the market for RM268,000, adding to the
number of its treasury stocks sold since the start of this year
according to The Star Malaysia.

In a disclosure to Bursa Malaysia, the Company said it sold
shares at prices ranging from RM2.66 to RM2.71. After the sale,
the Company still held 35.998 million of its own stock as
treasury shares, it added.

In a separate announcement, Pos Malaysia said it had sold
490,000 of its treasury shares to the market for a total of
RM1.35mil from Jan 1-20 at prices ranging from RM2.69 to RM2.82.  

At the end of that period, Pos Malaysia said it held 36,098,000
treasury shares.


TAP RESOURCES BERHAD: Appoints New Board of Directors
-----------------------------------------------------
TAP Resources Berhad announced that Mr. Yee Ia Howe and Encik
Mohd Ariff bin Amran Hmdi have resigned as Executive Directors
of the Company effective Jan. 24, 2005.

Following the above changes, the composition of the Board shall
now comprise the following:-

1) Dato' Dr Abdul Razak bin Abdul (Executive Chairman)

2) Mr. Ong Tee Kein (Executive Director)

3) Mr. Cho See Yoo (Executive Director)

4) Mr. Yap Chi Keong (Executive Director)

5) Encik Mohd Mahyudin bin Zainal (Non-Independent & non-
executive Director)

6) Encik Roslan bin Mohd Salleh (Independent & non-executive
Director)

7) Encik Endee bin Zakari (Independent & non-executive Director)

8) Datuk Lim Yu Ming JP (Independent & non-executive Director)

CONTACT:

TAP Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax:   03-79811329


WCT ENGINEERING: Director Choo Tak Who to Deal in Securities
------------------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005, it received
notification from a Director on his intention to deal in WCT
securities during this closed period. The details of his current
interests in the Company securities are set out below:

Name of Director: Mr.
Direct Interest No. of Shares:   Nil  
  
Indirect Interest No. of Shares: Nil

Direct Interest No. of CRDS-A:   Nil

Indirect Interest No. of CRDS-A: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Cheah Hon Kuen Intends to Deal in Securities
-------------------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company informs Bursa Malaysia Securities Berhad that on
Jan. 24, 2005, it received notification from a Director on his
intention to deal in WCT securities during this closed period.
The details of his current interests in the Company securities
are set out below:

Name of director: Mr. Cheah Hon Kuen

Direct Interest No. of Shares:      Nil

Indirect Interest No. of Shares:    Nil

Direct Interest No. of Warrants:    Nil

Indirect Interest No. of Warrants:  Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Woon Yoke Sun Wishes to Deal in Securities
-----------------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announced that on Jan. 24, 2005 it received
notification from a Principal Officer on her intention to deal
in WCT securities during this closed period. The details of her
current interests in the Company securities are set out below:

Name of Director: Ms. Woon Yoke Sun

Direct Interest No. of Shares:     Nil

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Wong Lim Fong Plans to Deal in Securities
----------------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company announces that on Jan. 24, 2005 it received
notification from a Principal Officer on her intention to deal
in WCT securities during this closed period. The details of her
current interests in the Company securities are set out below:

Name of Principal Officer: Ms. Wong Lim Fong

Direct Interest No. of Shares:      90,200 (0.07%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   15,800 (0.05%)

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


WCT ENGINEERING: Yap You Wai to Deal in Securities
--------------------------------------------------
WCT Engineering Berhad (WCT) is now in the closed period for
dealing in its securities pending the announcement of its
results for the Fourth Quarter ended Dec. 31, 2004.

The Company informs Bursa Malaysia Securities Berhad that on
Jan. 24, 2005 it received notification from a Principal Officer
on his intention to deal in WCT securities during this closed
period. The details of his current interests in the Company
securities are set out below:

Name of Principal Officer: Mr. Yap You Wai

Direct Interest No. of Shares:     10,600 (0.009%)

Indirect Interest No. of Shares:   Nil

Direct Interest No. of Warrants:   Nil

Indirect Interest No. of Warrants: Nil

This announcement is dated Jan. 24, 2005.


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


COLLEGE ASSURANCE: Clears Land Titles for Asset-share Swap Deal
---------------------------------------------------------------
College Assurance Plans Philippines Incorporated (CAP) has
cleared the titles of the properties it plans to use for an
asset-share swap with certain property firms, according to
Business World.

The pre-need firm submitted to the Securities and Exchange
Commission Monday the titles of key properties, which will be
used to boost its capitalization.

The titles are for a Php6-billion property in Quezon owned by
businessman Romeo Roxas and for lands in Cavite that Fil-Estate
Properties Incorporated will transfer to CAP in exchange for
subscription of CAP shares worth Php796.3 million.

Although CAP submitted the titles to SEC Monday, the pre-need
firm has yet to file them.

CAP was required to submit clean titles to the properties in
relation to its application to beef up its capital stock to Php8
billion from Php300 million.

The SEC earlier turned down a request of the property firms for
more time to determine which land titles were questionable and
to issue separate titles for properties that could be used for
the swap.

The commission said the titles needed to be cleaned before the
application for the increase in capital stock could be accepted
and approved.

CONTACT:

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


NATIONAL POWER: Addresses Concerns of Talomo Employees
------------------------------------------------------
The National Power Corporation (Napocor or NPC) announced at its
web site that is moving to address the concerns of its employees
at the Talomo hydroelectric power plant, in the light of the
facility's impending turnover to its new owner, Hydro Electric
Corporation (Hedcor).

Last January 13, no less than Senior Vice President Silvano C.
Zanoria personally visited the Talomo plant to listen to the
concerns of the plant personnel. SVP Zanoria was accompanied by
Ms. Rhoda B. Sabelita, Manager of the Human Resource Management
Department, and Mr. Alfonso A. Aliga, NPC's consultant for the
Employee Transformation Program.

In his meeting with SVP Zanoria, Talomo Plant Manager Joe Chavez
said that Talomo employees fully understand and accept the fact
that the plant will soon be operated by its new owner, Hedcor,
and that concurrent with this, their employment with NPC will
officially end.

NPC has 23 employees in Talomo.

Mr. Chavez relayed to SVP Zanoria the employees' request that
they be considered in the event of some job vacancies at the
Mindanao Generation Regional Office. To this, SVP Zanoria
replied that while the employees' request was fair and
acceptable, they should also remember that given NPC's strict
"nohiring" policy, no new positions might not be available in
MinGen, even if there are vacancies.

Mr. Chavez also belied rumors that Talomo personnel are planning
to go to Court over the turnover issue.

According to him, the said NPC employees cannot afford to
sustain an expensive legal battle, and would rather use their
time and resources in finding new jobs.

As for the NPC employees who are currently living at the NPC
housing quarters within the Talomo plant, SVP Zanoria assured
that they can continue staying at their quarters until July this
year. Ms Sabelita for her part said that the HR will implement a
fast-track clearance procedure for the benefit of the affected
employees.

Located in Tugbok, Davao City, Talomo was the first generation
asset to be privatized by PSALM since the enactment of the EPIRA
in 2001. Hedcor tendered an offer of US$1.37 million for the
plant, besting the two other bidders (Eco Tech Industrial Supply
Corporation and Harty, Inc.) who participated in the March 25,
2004 public bidding.

CONTACT:

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


NATIONAL POWER: Privatization Will Still Leave Debt
---------------------------------------------------
A Philippine senator said that the National Power Corporation
(Napocor) will still be immersed in debt despite its
privatization set this year, Asia Pulse says.

Sen. Miriam Defensor Santiago declared the privatization would
still leave more than Php500 million (US$9.02 million) in debt,
which means that the government will have to continue borrowing
money.

As of press time, Napocor has total debt of Php1.3 trillion.

Sen. Santiago is in agreement that Napocor's assets should be
dispose of as soon as possible. But she stressed that the
bidding process should be transparent and follow principles of
procedure.

She said if the bidding and award of generation and transmission
facilities were to be rushed, it will attract conspiracy between
business groups in order that the bid price will be lower than
the market value.

"This has happened many times in the private sector and we do
not want this to happen in the public sector," Sen. Santiago
said.


PHILIPPINE LONG: Unit to Invest Php201 Mln on Call Center
---------------------------------------------------------
A subsidiary of Philippine Long Distance and Telephone Co.
(PLDT) is pouring in Php201.6 million for a call center venture
in Iloilo City, reports The Philippine Daily Inquirer.

EPLDT Ventus Inc. is putting up a 300-seat call center to be
located at Iloilo Supermart-Molo in Iloilo City.

The project will provide customer contact services and all forms
of business process services for the purpose of requirements of
clients and customers in or outside the Philippines through
various multi-media or personal access services.

EPLDT Ventus Inc. is targeting clients in the United States,
Canada, Europe, Australia, New Zealand and other English-
speaking countries.

It will offer inbound product inquiries, inbound technical
support, e-mail handling, web chat, web-co-browsing, outbound
sales, outbound collections, data entry, business process
outsourcing services as well as other services its clients may
require.

EPLDT Ventus Inc., which is initially investing Php201.6 million
for server and function equipment, software, office equipment,
pre-operating expenses and working capital, is expected to
generate employment for 447 people during the initial year.

Employment for the project, however, is projected to reach 513
employees at full capacity on the fifth year.

EPLDT Ventus, Inc. is scheduled to start commercial operations
by March 2005.
     
CONTACT:

Philippine Long Distance Telephone Co.
Ramon Cojuangco Building
Makati Avenue, Makati City
Telephone Numbers: 814-3552; 888-0188
Fax Number: (0632) 813-2292
Web site: http://www.pldt.com.ph


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



CHINA AVIATION (S): Presents Restructuring Scheme
-------------------------------------------------
China Aviation Oil (Singapore) Corporation Ltd refers to its
earlier announcement made on Dec. 10, 2004 in respect of the
approval granted by the High Court of Singapore for an extension
of time to submit the proposed Scheme of Arrangement.

The Company announced that pursuant to the Order of Court dated
Dec. 10, 2004 in Originating Summons No. 1539 of 2004/W, the
Company has filed an affidavit in the High Court today,
exhibiting a copy of the Scheme with a list of creditors and
their debts and details of the proposed Chairman, date, time and
place for a meeting of the Company's creditors. Copies of the
affidavit and the proposed Scheme will be sent to all known
creditors shortly.

The principal terms of the proposed Scheme comprise:

(a) A cash injection in the aggregate of up to US$100,000,000
from China Aviation Oil Holding Company (CAOHC) and a new
investor into the Company by way of fresh equity to the Company
on terms to be agreed between CAOHC, the New Investor and the
Company for the purposes of contributing to the working capital
of the Company and the upfront cash distribution to the
creditors.

(b) An upfront cash distribution of US$100,000,000 to the
creditors comprising:

     (i) US$70,000,000 from the cash injection set out in
paragraph (a) above; and

    (ii) US$30,000,000 cash to be derived from the existing
assets of the Company

(c) CAOHC shall be treated like the other unsecured creditors of
the Company in the Scheme with respect to its shareholder loan
of US$118 million.

However, as a gesture of goodwill, CAOHC will not participate in
the cash distribution and the deferred debt but will convert its
debt at a discount as specified in the Scheme to shares in the
Company, at a price to be agreed by CAOHC, the New Investor and
the Company.

(d) The restructuring of creditors' debt in the amount of
US$120,000,000 into a deferred debt repayable annually over a
period of 8 years which is to be derived from cash flows from
the operations of the Company and/or dividends from the
Company's shareholdings in investments and/or sale of assets of
the Company, at the Company's absolute discretion.

(e) The irrevocable waiver, release, discharge and
extinguishments of all rights, interests and claims by the
creditors against the Company in relation to the balance waived
debt of the Company.

The Company has been informed that CAOHC has invited Temasek
Holdings (Private) Limited to participate in the fresh equity
injection and the two parties have been engaged in and continue
to be engaged in discussions with respect to the proposed
investment.

The Company presently intends to convene the creditors' meeting
on Jun. 10, 2005, for the creditors to consider and approve,
with or without modification, the proposed Scheme. After the
proposed Scheme is filed, the Company will meet with creditors
to explain and discuss the proposed Scheme. At the same time,
the Company will in due course advertise and call for Proofs of
Debt from creditors for purposes of adjudication of all claims
against the Company.

In addition, the Company will continue to engage in discussions
and negotiations with CAOHC and New Investor with respect to the
proposed cash injection by way of fresh equity from CAOHC and
New Investor.

The Company will, in due course, send the Notice of the
Creditors' meeting, giving not less than 14 days' notice, by
post to the creditors and advertise the same in the English and
Chinese language newspapers in Singapore.

A copy of the explanatory statement to the Scheme will also be
circulated to creditors together with the Notice of the
Creditors' meeting.

The Company would like to highlight that this proposed Scheme is
subject to the approval of the creditors, CAOHC and the relevant
authorities in China, including but not limited to the State-
owned Assets Supervisory and Administrative Commission in China
and such other regulatory bodies in the various jurisdictions as
may be relevant.

In addition, the proposed equity restructuring of the Company's
shares and the proposed fresh equity injection from CAOHC and
New Investor, are also subject to the approval of SASAC, CAOHC,
New Investor, the Singapore Exchange Securities Trading Limited,
minority shareholders of the Company and such other regulatory
authorities/bodies in the various jurisdictions as may be
relevant.

By Order of the Board
Adrian Chang
Company Secretary
24 January 2005


CYBER VILLAGE: Posts Notice on Allotment and Issuance Shares
------------------------------------------------------------
Cyber Village Holdings Limited released a notice at the
Singapore Stock Exchange on its allotment and issuance of shares
pursuant to exercise of options under the Company's employee
share option scheme.

The Board of Directors of Cyber Village Holdings Limited wishes
to announce the allotment and issue of an aggregate of 55,000
ordinary shares of SG$0.05 each in the share capital of the
Company on Dec. 28, 2004, at the subscription price of SG$0.05
each, pursuant to the exercise of options granted under the
Cyber Village Employee Share Option Scheme. The new shares have
been listed and quoted on the Singapore Exchange.

The new shares rank pari passu in all respects with all the
existing ordinary shares of the Company.

Upon the issue of the new shares, the number issued and paid-up
shares in the share capital of the Company increased to
164,566,000 ordinary shares of SG$0.05 each.

Submitted by:
Tony Pua Kiam Wee
Chief Executive Officer


PANPAC MEDIA: Issues SG$10,000,00 Notes Due in 2007
---------------------------------------------------
Panpac Media Group Limited issues up to SG$10,000,000 in
principal amount of unsecured SG$ notes due 2007 at an issue
price of 100 per cent, of the principal amount of such notes and
use of proceeds from the notes.

The Company refers to our announcements dated Aug. 13, 2004,
Sep. 3, 2004, Sept. 29, 2004, Oct. 6, 2004, Oct. 12, 2004, Oct.
21, 2004, Nov. 3, 2004, Dec. 3, 2004, Dec. 21, 2004, Dec. 28,
2004, Dec. 31, 2004, Jan. 10, 2005, Jan. 14, 2005 and Jan. 17,
2005 and the Circular to shareholders dated Aug. 20, 2004
relating to the issue by the Company to Quantum Capital Asset
Management Limited of up to SG$10,000,000 in principal amount of
unsecured SG$ notes due 2007.

All capitalized terms herein shall have the same definition as
used in the said Circular to shareholders dated Aug. 20, 2004.
The Board of Directors of the Company hereby wishes to announce
that all the notes under the Issue have been fully drawn down
and converted into ordinary shares of SG$0.05 each in the issued
share capital of the Company.

To-date, approximately SG$6.1 million of the net proceeds from
the Issue has been utilized for acquisitions and working capital
in China.

None of the Directors or the substantial shareholders has any
direct or indirect interest in the transaction.

Submitted on behalf of the Board of Directors by:
Ricky Ang Gee Hing
Executive Vice-Chairman and Managing Director


RAHMONIC RESOURCES: Receives Winding Up Order
---------------------------------------------
Notice is hereby given that a Winding Up Order was made for
Rahmonic Resources Pte Ltd on Jan. 14, 2005.

Name and address of Liquidator: Tan Suah Pin
S P TAN & CO
133 New Bridge Road #25-03/08
Singapore 059413

Jacob Mansur & Pillai
Solicitor for the Petitioner

Note:

(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.

This Singapore Government Gazette notice is dated Jan. 20, 2005.


SIN TONG: Posts Notice of Winding Up Order
------------------------------------------
In the Matter of Sin Tong Lee Company (Private) Limited a
Winding Up Order was made on Jan. 14, 2005.

Name and address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
45 Maxwell Road #05-11/#06-11
The URA Centre (East Wing)
Singapore 069118

Rajah & Tann
Solicitors for the Petitioner

Note:
(a) All creditors of the above named Company should file their
proof of debt with the liquidator who will be administering all
affairs of the Company.

(b) All debts due to the above named Company should be forwarded
to the liquidator.

This Singapore Government Gazette notice is dated Jan. 20, 2005.


TIC PROPERTY: Creditors to Prove Debt by Feb. 21
------------------------------------------------
Notice is hereby given that the creditors of the Tic Property
Management Pte Ltd, whose debts or claims have not already been
admitted, are required on or before Feb. 21, 2005 to submit
particulars of their debts or claims and any security held by
them to the undersigned.

This should be done by delivering or sending through the post to
the undersigned at the address below a formal Proof of Debt in
accordance with Form 77 containing their respective debts or
claims.

In default of complying with this notice creditors will be
excluded from the benefit of any distribution made before their
debts or claims are proved or their priority is established and
from objecting to the distribution.

Lim Say Wan
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

This Singapore Government Gazette notice is dated Jan. 20, 2005.


TOAGOSEI ASIA: Releases Notice of Winding Up Order
--------------------------------------------------
In the Matter of Toagosei Asia Pte Ltd. a Winding Up Order was
made on Jan. 14, 2005.

Name and address of Liquidator: Mr. Saw Meng Tee
care of Saw Meng Tee & Co., of
1 North Bridge Road
#23-01 High Street Centre
Singapore 179094

Rajah & Tann
Solicitors for the Petitioner

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

(b) All debts due to the above named Company should be forwarded
to the liquidator.

This Singapore Government Gazette notice is dated Jan. 20, 2005.


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

BANGKOK STEEL: Court Postpones Consideration of Rehab Plan
----------------------------------------------------------
Bangkok Steel Industry Public Company Limited (BSI) advised the
Stock Exchange of Thailand (SET) that the Central Bankruptcy
Court ordered the business rehabilitation of BSI and appointed
Economic Intellect and C.J. Morgan Co., Ltd. to be the planners
in order to prepare the rehabilitation plan for BSI on April 19,
2005, the Company announced that:

The Central Bankruptcy Court fixed the date to consider BSI's
rehabilitation plan on January 24, 2005 at 9:30 a.m.  As the
first creditor, Bangkok Bank Plc., has filed a protest against
the rehabilitation plan, the Central Bankruptcy Court,
therefore, postpones the consideration on the mentioned plan
from January 25 to February 7, 2005 at 9:30 a.m.  

The planners would inform the SET further on the reasons and
will let you know the result of the consideration further.

Please be informed accordingly.

Yours sincerely,
Economic Intellect Co., Ltd.
C.J. Morgan Co., Ltd.
Planners

CONTACT:

Bangkok Steel Industry Public Company Limited   
United Flour Mill Bldg,
205 Rajawong Road,
Samphanthawong Bangkok    
Telephone: 0-2226-0088, 0-2226-0680, 0-2226-6120-29   
Fax: 0-2224-7698, 0-2222-7497   
Web site: http://www.bangkoksteel.co.th


CAPETRONIC INTERNATIONAL: Gains Approval to Change Company Name
---------------------------------------------------------------
According to the resolution of the Extraordinary General
Meeting of Shareholders No.2/2004 held on January 17, 2005,
there is an approval for the change of the Company's name from
Capetronic International (Thailand) Public Company Limited to:

Wyncoast Industrial Park Public Company Limited

The Company has processed and completed the registration of the
name change on 21 January 2005 and changed of the Company symbol
to WIN.

Please be informed accordingly.

CONTACT:

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


KRUNG THAI: Central Bank Wants to be Certain Before Filing Suit
---------------------------------------------------------------
The Bank of Thailand is mulling whether to take legal action
against Krung Thai Bank Pcl over possible misconduct in past
lending, Business Day relates, citing Central Bank Governor M.R.
Pridiyathorn Devakula.

The central bank was planning to file a suit against two present
KTB directors, Suchai Jaovisidha and Machima Kunjara Na Ayudhya,
as well as former director and president Viroj Nualkhair for
possible involvement in reckless lending and which were
reportedly present during internal deliberations to approve
large loans that had been singled out by regulators for
scrutiny.  

"There is some evidence. But it is not yet concrete enough for
us to file a suit right away," Mr. Pridiyathorn said. "I need to
look at two or three more points, and it could take several more
weeks."

In the event that the bank regulators have gathered enough
evidence for possible legal action, it could then be filed with
the National Counter Corruption Commission, with either KTB or
the central bank itself as the plaintiff.

However, Suparut Kawatkul, the Finance Ministry's permanent
secretary and head of a committee analysing KTB's asset quality,
denied any knowledge of possible legal action by the central
bank.

According to him the THB46 billion questionable loans had
already been fully audited and in most cases, restructured as
performing loans.  However, he stressed that the work of the
committee was not parallel with that of the central bank's
investigation on the 12 loans, whether it was inappropriately
made.

Last year, the central bank ordered KTB to submit additional
information on 12 large corporate loans.

CONTACT:

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

THAI WAH: Issues Further Information on Connected Transactions
--------------------------------------------------------------
Thai Wah Public Company Limited by Thai Wah Group Planner
Company Limited (TWGP) as the Plan Administrator would like to
provide further information to the Stock Exchange of Thailand
(SET) concerning certain connected transactions as disclosed in
the Company's financial statements for the period ended
September 30, 2004.

Reference is also made to the Company's Extraordinary General
Meeting No. 1/1995 (EGM) held on October 19, 1995 which approved
the granting of loans and guarantees in the amount not exceeding
to THB1.3 billion and THB2.0 billion respectively to the
Company's subsidiary and associated companies.

Connected Transactions:

- Loans and advances to Thai Wah Plaza Limited (TWPL), a
subsidiary of the Company, amounting to THB332 million

Based on the approval from the EGM, the Company extended loans
and advances to TWPL with an aggregate amount of THB332 million
as at September 30, 2004

As a significant portion of TWPL's borrowings are in U.S.
Dollars, TWPL was not able to meet its debt obligations when the
Thai Baht was floated following the Thai financial crisis in
1997.

Consequently, in 2000 TWPL successfully filed a petition for
business reorganization with the Central Bankruptcy Court.

However, TWPL's reorganization plan was abrogated by the Court
in 2004.

On December 27, 2004 the Court approved an amendment to the
Business Reorganization Plan of the Company pursuant to the
resolution of the creditor's meeting held on December 20, 2004.

The amendment relates to the sale of the Company's shares in
TWPL including other related assets and that such buyer is
required to procure that TWPL repays the Company a total of
THB251 million (amongst other terms and conditions).

A detailed explanation of the amendment can be found in TWGP's
letter to the Stock Exchange of Thailand dated 13 January 2005.

- Guarantee Agreement

Reference is made to the disclosure made by the Company on 11
July 1997 concerning a connected transaction in which the
Company signed a Guarantee Agreement in respect of a Promissory
Note issued by TWPL in favour of Natsteel Properties Pte. Ltd.
(Natsteel).

Following the issuance of the Promissory Note to Natsteel, on
July 11, 1997 Natsteel assigned all its rights and interests
under the Promissory Note to Everen Investments Pte. Ltd.
(Everen).

As a result of the assignment, the Company's obligations under
the Guarantee Agreement are to be performed for the benefit of
Everen.  Everen's claim in relation to the Guarantee Agreement
has been approved by the official receiver and has been provided
in the Business Reorganization Plan of the Company.

On December 27, 2004 the Court approved an amendment to the Plan
pursuant to the resolution of the creditor's meeting held on
December 20, 2004.

The amendment relates to the sale of the Company's shares in
TWPL including other related assets and that such buyer is
required to procure that Everen releases all the claims against
the Company in relation to the Guarantee Agreement (amongst
other terms and conditions).

A detailed explanation of the amendment can be found in TWGP's
letter to the Stock Exchange of Thailand dated January 13, 2005.

- Loans and advances to Mae Joe Land Company Limited (MJ)
amounting to THB13.27 million

Based on the approval from the EGM, the Company extended loans
and advances to MJ totaling THB29.7 million and the aggregate
amount as at September 30, 2004 is THB13.27 million.

MJ is a land holding Company in which the Company owns 49.99
per cent of MJ's total issued and paid-up shares.  In accordance
with the Plan approved by the Court in 2001, MJ's land is
designated as one of the non-core assets of the Company to
be sold and such proceeds to be repaid to the Company's
creditors.  In 2003 all the land owned by MJ were successfully
sold and leased and 87% of the proceeds received by MJ were
paid to the Company.

As MJ's shareholder's equity is presently in the deficit and
there is no indication that it is able to repay the remaining
debt to the Company, the Company has fully set up a provision
for the remaining debt.


Please be informed accordingly.

Faithfully yours,
(Kuan Chiet)
Class A Director
Thai Wah Group Planner Company Limited
As the Plan Administrator of Thai Wah Public Company Limited

CONTACT:

Thai Wah Public Company Limited
21/63-64, 21/66A, 21/68 Thai Wah Tower I, 21st, 22nd, 24th
floor, South Sathorn, Tungmahamek, Sathorn, Bangkok 10120
Telephone: 0-2285-0040, 0-2285-0241-56   
Fax: 0-2285-0269-70   
Website: http://www.thaiwah.com


                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Copyright 2005.  All rights reserved.  ISSN: 1520-9482.

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                 *** End of Transmission ***