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

                     A S I A   P A C I F I C

             Monday, January 31, 2005, Vol. 8, No. 21

                            Headlines

A U S T R A L I A

DICKER HOLDINGS: Members Agree to Wind Up Company
DISTRIBUTION PTY: Court Appoints Steven Nicols as Liquidator
FORMER GLORY: Lays Out Agenda for Joint Meeting
GPZ GYPROCK: Appoints Creditor to Wind Up Company
HAMPDEN HOTEL: To Wind Up As Members Voluntary Liquidation

ICSA T: Members Pass Special Resolution to Wind Up Company
KEJO PTY: Creditors Should Prove Claims by February 1
KOALA PRINTING: To Undergo Winding Up Proceedings
MAHON INVESTMENTS: Members to Meet February 17
MEDIA WORLD: Inventor Faces AU$35-Mln Class Action

MITSUBISHI AUSTRALIA: May Get Bailout from Parent Firm
NEWMANS INSTALLATIONS: Lays Out Agenda for Final Meeting
PRECISION GARAGES: Appoints Liquidator for Winding Up Purposes
QANTAS AIRWAYS: Seeks New Alliance with Air NZ
QANTAS AIRWAYS: Keen on Cheap U.S. Flights

QUANTUM ELECTRICAL: Faces Winding Up Proceedings
RNFC INVESTMENTS: Members Pass Resolution During Meeting
S.E.S. ELECTRICAL: Appoints Stephen Gower Baker as Liquidator
SNIDER AND DEAN: Picks Liquidator to Wind Up Company
TRAVELSEARCH AUSTRALASIA: Names Liquidators

TORHOLD PTY: To Convene Final Meeting February 16
UK COAL NO.1: To Wind Up Voluntarily
WINDMORE PTY: Court Issues Winding Up Order
YERA PTY: Appoints Liquidator to Wind Up Company



C H I N A  &  H O N G  K O N G

HONG KEE: Court Issues Bankruptcy Order
HUA CHIAO: Members AGM Slated for Feb. 25
KINGSWAY DECORATION: Members, Creditors Meetings Fixed Feb. 3
LUCKY STATE: Court to Hear Winding Up Petition on Jan.7
PONOC TRADING: Creditors Required to Prove Debt by Feb. 22

SBFI HONGKONG: Receiving Proofs of Debt Until Feb. 7
VIRGIN HOLDINGS: Creditors Must Submit Claims by Feb. 21
VIRGIN RETAIL: Creditors Have Until Feb. 21 to Prove Debt
WENG HENG: Winding Up Hearing Slated for Feb. 16


I N D O N E S I A

ASIA PULP: MRA on Units to Take Effect Before April
BANK GLOBAL: Depositors to Get Third Party Fund Payment
INDOFOOD SUKSES: Eyes a Slight Drop in 2004 Net Profit
TELEKOMUNIKASI INDONESIA: To Receive Aid from Two Firms
* Licenses of Four Insurance Companies Revoked


J A P A N

ASHIKAGA BANK: To Warn Auditor Over Insufficient Review
FUJI KAWAGUCHIKO: Enters Bankruptcy
ISHIKAWAJIMA-HARIMA HEAVY: Fitch Downgrades Rating to 'BB'
MITSUBISHI MOTORS: Union to Demand Record-Low Bonuses
MITSUBISHI MOTORS: Discusses Row with DaimlerChrysler

NIKKO BUILDING: To Undergo Dissolution After Spin-off
SUPIDO SUTA: Begins Bankruptcy Proceedings
TAKARA COMPANY: JCR Places Bonds Under Credit Monitor as BBB


K O R E A

SSANGYONG MOTOR: Emerges from Debt Workout Scheme


M A L A Y S I A

AMSTEEL CORPORATION: Seeks Approval for Units' Disposal
CHG INDUSTRIES: Awaits Restructuring Scheme Approval
FORESWOOD GROUP: MITI OKs Proposed Revival Program
INTAN UTILITIES: Discloses Default Status Update
KAI PENG: Clarifies Notice of Book Closure

LANKHORST BERHAD: Aborts Proposed Private Placement of Shares
LANKHORST BERHAD: Notes Suspension of Shares Trading
LION INDUSTRIES: Proposed Unit Disposal Subject to Approval
NAM FATT: Discloses Listing of Additional Shares
OCEAN CAPITAL: Fails to Receive Winding Up Petition

PAN MALAYSIA: Repurchases Additional Shares
PAN MALAYSIA: Posts Shares Buy Back Notice
POS MALAYSIA: Set to List More Shares Today
POS MALAYSIA: Notes Resale of Treasury Shares
PUTERA CAPITAL: Unveils FY04 Quarterly Results

SRIWANI HOLDINGS BERHAD: Exits PN4 Condition
SRIWANI HOLDINGS: Updates on Restructuring Plan
SRIWANI HOLDINGS: Legal Suits Won't Affect Restructuring Plan
SUREMAX GROUP: Unveils FY04 Quarterly Results
TENCO BERHAD: Issues Update on Unit Litigation

UMW HOLDINGS: Granted Listing of Additional Shares
WCT ENGINEERING: To List More Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Board Approves Stock Option Plan
ATLAS CONSOLIDATED: In Talks with Chinese on Reopening Mine
COLLEGE ASSURANCE: Promises It Won't Default
PRICESMART INCORPORATED: Top Execs Under Fire for Estafa


S I N G A P O R E

BANDUNG SHIPPING: Enters Winding Up Proceedings
ENG YICK: Winding Up Hearing Slated for Feb. 11
FORWARD INVESTMENT: Court to Hear Winding Up Petition on Feb.18
HARLEY INVESTMENTS: Second Creditors Meeting Set Feb. 16
WEE POH: Sells Upper Thomson Road Property


T H A I L A N D

INTER FAR EAST: Unveils Committee Changes
K.C. PROPERTY: Unveils Resolution of Board Meeting
K.C. PROPERTY: Details Appointment of Audit Committee

     -  -  -  -  -  -  -  -

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A U S T R A L I A
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DICKER HOLDINGS: Members Agree to Wind Up Company
-------------------------------------------------
At a General Meeting of Dicker Holdings Pty Limited (In
Liquidation) A.C.N. 000 495 108, duly convened and held at 65
Gungah Bay Road, Oatley, 2223 on December 22, 2004, the
following Special Resolution was passed:

That the Company be wound up voluntarily.

Dated this 22nd day of December 2004

Peter Cannell Baines Larcombe
Liquidator
Larcombe Legal
Solicitors
3/3 Waratah Street,
Mona Vale NSW 2103


DISTRIBUTION PTY: Court Appoints Steven Nicols as Liquidator
------------------------------------------------------------
On December 17, 2004 the Supreme Court of New South Wales,
Equity Division made an Order that Distribution Pty Ltd (In
Liquidation) A.C.N. 081 345 860 be wound up by the Court and
Appointed Steven Nicols to be Liquidator.

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


FORMER GLORY: Lays Out Agenda for Joint Meeting
-----------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Former Glory Stone Restoration Pty Limited (In
Liquidation) A.C.N. 086 889 778 will be held at the offices of
Freshwater Management Pty Ltd, Suite 8A Freshwater Village
Plaza, 1-3 Moore Road, Harbord on February 1, 2005 at 9:30 a.m.

AGENDA

To have an account laid before the meeting showing the manner in
which the winding up has been conducted and the property of the
Company disposed of and hearing any explanation that may be
given by the Liquidator.

Dated this 3rd day of January 2005

Brian P. Dunphy
Liquidator
Freshwater Management Pty Ltd
PO Box 663, Harbord NSW 2096


GPZ GYPROCK: Appoints Creditor to Wind Up Company
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of GPZ Gyprock Fixers Pty Limited (In Liquidation) A.C.N. 003
821 216 held on December 20, 2004, it was resolved that the
Company be wound up voluntarily and at a meeting of creditors
held on the same day it was resolved that for such purpose,
Martin J. Green of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 be appointed Liquidator.

Dated this 23rd day of December 2004

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street,
Sydney NSW 2000


HAMPDEN HOTEL: To Wind Up As Members Voluntary Liquidation
----------------------------------------------------------
At a General Meeting of Hampden Hotel Pty. Limited A.C.N. 000
067 701, duly convened and held at Level 4/47 Neridah Street
Chatswood on December 22, 2004 the following Special Resolution
was passed:

That the Company be wound up as a Members' Voluntary Liquidation
and that the assets of the Company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 22nd day of December 2004

F. Butkovich
Liquidator
PO Box 1480,
Chatswood NSW 2057


ICSA T: Members Pass Special Resolution to Wind Up Company
----------------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
ICSA T Australia Pty Limited (In Voluntary Liquidation) A.C.N.
097 321 894 duly convened and held at Level 5, 49 Market Street,
Sydney NSW 2000 on Friday, December 24, 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 29th day of December 2004

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


KEJO PTY: Creditors Should Prove Claims by February 1
-----------------------------------------------------
A first and final dividend is to be declared on March 8, 2005
for Kejo Pty Limited (Subject To Deed Of Company Arrangement)
A.C.N. 088 783 260.

Creditors whose debts or claims have not already been admitted
are required on or before 1 February 2005 to formally prove
their debts or claims. If they do not, they will be excluded
from the benefit of the dividend.

Dated this 4th day of January 2005

Robert Moodie
Deed Administrator
c/- Rodgers Reidy
Chartered Accountants
Level 8, 333 George Street,
Sydney NSW 2000


KOALA PRINTING: To Undergo Winding Up Proceedings
-------------------------------------------------
Notice is hereby given that at a meeting of Koala Printing And
Stationery Company Pty Limited (In Liquidation) A.C.N. 105 388
449 held on December 21, 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 Robert
Moodie be appointed Liquidator for the purpose of such winding
up.

Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


MAHON INVESTMENTS: Members to Meet February 17
----------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Mahon Investments Pty
Limited (In Liquidation) A.C.N. 008 406 013 will be held at the
offices of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW
2000 on February 17, 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 11th day of January 2005

Paul A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


MEDIA WORLD: Inventor Faces AU$35-Mln Class Action
--------------------------------------------------
Shareholders of failed firm Media World Communications have
filed a class action suit against the inventor who sold
allegedly bogus compression technology to the Company, The Age
says.

Lawyers representing the disgruntled shareholders lodged with
the Victorian Supreme Court an AU$35-million class action
against Adam Clark, his companies and others, for misleading and
deceptive representations. The plaintiffs claim the product
prospectus did not contain all the necessary information.

Maurice Blackburn Cashman senior partner Bernard Murphy said the
claim relied on provisions in the Corporations Act, the Trade
Practices Act, The Australian Securities and Investments
Commission Act and the Fair Trading Act of Victoria.

Media World was placed into administration in September after
its "breakthrough" Adams Platform compression technology was
revealed to be no improvement on existing technology.


MITSUBISHI AUSTRALIA: May Get Bailout from Parent Firm
------------------------------------------------------
Mitsubishi Motors Australia could see AU$200 million of debt
wiped away in a multi-billion dollar bailout of its parent
Company in Japan, reports The Advertiser.

The Adelaide-based carmaker could enjoy a huge debt waiver under
a revised global revival plan, designed to return the Company to
profitability.

The amended plan would detail the help for Mitsubishi Motors
would get from Mitsubishi group firms may put the car producer
under the control of Mitsubishi Heavy Industries.

The expected bailout to Australia, however, would not change
plans to shut down the Company's Lonsdale engine plant in
Adelaide this year.

Instead, the bailout would help offset current debts and costs
associated with the AU$600 million development of the new,
locally built Galant car due for release in the fourth quarter
of this year.

CONTACT:

Mitsubishi Motors Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 AUSTRALIA
Phone: 08 8275 7443
Fax: 08 8275 7309
Email: careers@mmal.com.au
Website: www.mitsubishi-motors.com.au


NEWMANS INSTALLATIONS: Lays Out Agenda for Final Meeting
--------------------------------------------------------
Notice is given that a final meeting of members and creditors of
Newmans Installations Pty Ltd (In Liquidation) A.C.N. 057 052
203 will be held at the offices of Lawler Partners, Level 7, 1
Margaret Street, Sydney, on Monday, February 14, 2005 at 11:00
a.m.

AGENDA

(1) To have an account of the Company's winding up laid before
the meeting, and to hear any explanations that may be given by
the liquidator.

Dated this 21st day of December 2004

C. Wykes
Liquidator
c/- Lawler Partners
Level 7, 1 Margaret Street,
Sydney NSW 2000


PRECISION GARAGES: Appoints Liquidator for Winding Up Purposes
--------------------------------------------------------------
Notice is hereby given that at a meeting of Precision Garages
And Sheds Pty Limited (In Liquidation) formerly trading as All
Sheds A.C.N. 082 497 256 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 Robert
Moodie be appointed Liquidator for the purpose of such winding
up.

Robert Moodie
Liquidator
c/- Rodgers Reidy
Level 8, 333 George Street,
Sydney NSW 2000


QANTAS AIRWAYS: Seeks New Alliance with Air NZ
----------------------------------------------
National flag carrier Qantas Airways is seeking an alternative
alliance to the now-defunct plan to tie-up with Air New Zealand,
reports The Independent Business Weekly.

The Australian airline said it is "continuing to evaluate
alternative alliance opportunities" with Air NZ and has yet to
reach any conclusions.

In September, the High Court of Auckland junked a formal tie-up
between Qantas and Air NZ. However, the Australian Competition
Tribunal approved the proposed partnership soon after.

Both carriers have since been considering how to co-operate
outside regulatory requirements in areas such as cargo code-
sharing, maintenance and inventory supply.

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


QANTAS AIRWAYS: Keen on Cheap U.S. Flights
------------------------------------------
Qantas Airways is considering establishing a low-cost long-haul
airline to serve routes from Australia to the U.S. and even
Europe, relates the Sydney Morning Herald.

Qantas Chief Executive Geoff Dixon toys with the idea amid
speculation that the Company's leisure carrier, Australian
Airlines, could replace Qantas on longer routes with the low-
cost airline already pushing its crews to fly longer sectors.

However, Mr. Dixon failed to say whether Qantas would be the
first airline to set up such a carrier, given talk that rival
Virgin Blue could announce such a carrier very soon.


QUANTUM ELECTRICAL: Faces Winding Up Proceedings
------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Members of Quantum Electrical Services (Ncle) Pty Ltd A.C.N.
077 818 485 held on December 23, 2004 it was resolved that the
Company be wound up voluntarily.

Dated this 11th day of January 2005

Anthony Maher
Liquidator
Ground Floor, 184 Parry Street,
Newcastle NSW 2302


RNFC INVESTMENTS: Members Pass Resolution During Meeting
--------------------------------------------------------
At a general meeting of the members of RNFC Investments Pty
Limited (In Liquidation) A.C.N. 000 934 681 duly convened and
held at Suite 103, 16-18 Cambridge Street, Epping NSW on
December 10, 2004, the special resolution set out below was duly
passed:

That the Company be wound up voluntarily.

Dated this 16th day of December 2004

Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


S.E.S. ELECTRICAL: Appoints Stephen Gower Baker as Liquidator
-------------------------------------------------------------
At a meeting of Members held on December 21, 2004, it was
unanimously resolved, pursuant to Section 491(1) of the
Corporations Act, that S.E.S. Electrical Pty Limited (In
Liquidation) A.C.N. 007 774 307 wound up and Stephen Gower Baker
be appointed Liquidator.

Stephen Baker & Co
Chartered Accountant
Suite 2, 98 Woolwich Road,
Woolwich NSW 2110
Telephone: (02) 9817 6427
Facsimile: (02) 9879 0964


SNIDER AND DEAN: Picks Liquidator to Wind Up Company
----------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a meeting of the members of Snider And Dean Pty
Limited (In Liquidation) A.C.N. 000 031 363 will be held at the
offices of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW
2000 on February 17, 2005 at 12:00 p.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 11th day of January 2005

Paul A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street,
Sydney NSW 2000


TRAVELSEARCH AUSTRALASIA: Names Liquidators
-------------------------------------------
Notice is given that Anthony Warner and Ivor Worrell, Registered
Liquidators, of Worrells, Level 3, 333 George Street, Sydney NSW
2000, were appointed Liquidators of Travelsearch Australasia Pty
Limited (In Liquidation) A.C.N. 099 992 846 at a general meeting
of the Company's members on December 22, 2004.

Dated this 24th day of December 2004

Anthony Warner
Liquidator
Worrells
Solvency & Forensic Accountants
Web site: http://www.worrells.net.au


TORHOLD PTY: To Convene Final Meeting February 16
-------------------------------------------------
Notice is hereby given pursuant to Section 509 of the
Corporations Act 2001 that a final meeting of the members of
Torhold Pty Ltd (In Voluntary Liquidation) A.C.N. 003 155 646
will be held at the offices of Worrells, Solvency & Forensic
Accountants, Level 3, 333 George Street, Sydney NSW 2000, on
February 16, 2005 at 10:30 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 hearing any explanations that may be given by the
Liquidator.

Dated this 22nd day of December 2004

Anthony Warner
Liquidator


UK COAL NO.1: To Wind Up Voluntarily
------------------------------------
At a general meeting of the members of UK Coal Australia No. 1
Pty Limited (In Liquidation) A.C.N. 073 075 662 held
concurrently at UK Coal PLC, Harworth Park, Blyth Road,
Harworth, Doncaster, South Yorkshire DN11 808 on December 21,
2004, a special resolution that the Company be wound up
voluntarily was passed.

David Clement Pratt
Timothy James Cuming
Liquidator
Level 15, 201 Sussex Street,
Sydney NSW 1171


WINDMORE PTY: Court Issues Winding Up Order
-------------------------------------------
On December 14, 2004 the Supreme Court made an Order that
Windmore Pty Limited (In Liquidation) trading as Gasmiser
Automotive Products A.C.N. 002 410 915 be wound up and appointed
me to be Official Liquidator.

Mark Roufeil
Gavin Thomas & Partners
Level 9, 31 Market Street, Sydney


YERA PTY: Appoints Liquidator to Wind Up Company
------------------------------------------------
Notice is hereby given that pursuant to section 509 of the
Corporations Law, the final meeting of members of Yera Pty Ltd
(In Liquidation) A.C.N. 000 215 645 will be held at the offices
of Paul and Brett Services, 286 Conadilly Street, Gunnedah on
February 11, 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 24th day of December 2004

Timothy James Brett
Liquidator
Paul & Brett Services Proprietary
286 Conadilly Street,
Gunnedah NSW 2380


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HONG KEE: Court Issues Bankruptcy Order
---------------------------------------
Notice is hereby given that a Bankruptcy Order against Au Kwon
Luen trading as Hong Kee Cleaning was made on Jan. 12, 2005.

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

ET O'CONNELL
Official Receiver

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


HUA CHIAO: Members AGM Slated for Feb. 25
-----------------------------------------
Notice is hereby given that, pursuant to Section 238 of the
Companies Ordinance (Chapter 32), the Annual General Meeting of
the Members of Hua Chiao Commerical Limited will be held at Room
1701, 17th Floor, Hutchison House, 10 Harcourt Road, Central,
Hong Kong on Feb. 25, 2005 at 4:00 p.m. for the purpose of
receiving an account of the Liquidators' act and dealings and of
the conduct of the winding-up of the Company during the
preceding year.

Yeo Boon Ann
Joint and Several Liquidator

This notice is dated Jan. 21, 2005.


KINGSWAY DECORATION: Members, Creditors Meetings Fixed Feb. 3
-------------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the Hong
Kong Companies Ordinance, the Annual Meetings of Members and
Creditors of Kingsway Decoration & Engineering Company Limited
will be held at 8/F, Allied Kajima Building, 138 Gloucester
Road, Wanchai, Hong Kong on Feb. 3, 2005 at 2:30 p.m. and 3:00
p.m., respectively for the purpose of having laid before the
meeting by the Liquidators an account of their acts and dealings
and of the conduct of the winding-up during the year ended Feb.
2, 2005.

Stephen Briscoe
Joint and Several Liquidator

Note: Creditors or members may vote either in person or by
proxy. To be valid, a proxy must be lodged at 7/F, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong no later than
4:00 p.m. on the day before the meeting or adjourned meeting at
which the voting is to be held.

This Quamnet notice is dated Jan. 21, 2005.


LUCKY STATE: Court to Hear Winding Up Petition on Jan.7
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lucky State Limited by the High Court of Hong Kong Special
Administrative Region was on Jan. 7, 2005 presented to the said
Court by Lee Chi Hung care of 3rd Floor, Crocodile House 1, 50
Connaught Road Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
Mar. 16, 2005.

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

Yam & Company
Solicitors for the Petitioner
3rd Floor, Crocodile House 1
50 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 the 15th day of March
2005.

This notice is dated Jan. 21, 2005.


PONOC TRADING: Creditors Required to Prove Debt by Feb. 22
----------------------------------------------------------
Notice is hereby given that the Creditors of Ponoc Trading
Company Limited, which is being voluntarily wound up, are
required on or before Feb. 22, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the undersigned.

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

Chow Tak Cheung
Liquidator
Room 1002-5, Peninsula Square
18 Sung On Street
Hunghom, Kowloon
Hong Kong

This notice is dated Jan. 21, 2005.


SBFI HONGKONG: Receiving Proofs of Debt Until Feb. 7
----------------------------------------------------
Notice is hereby given that the Creditors of SBFI Hongkong
Limited, which is in Creditors' Voluntary Liquidation, are
required (if they have not already done so), on or before the
close of business on Feb. 7, 2005 to send their names, addresses
and descriptions, full particulars of their debts or claims, as
well as the names and addresses of their solicitors (if any) to
the undersigned at 27th Floor, Alexandra House, 16-20 Chater
Road, Central, Hong Kong.

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

Jacky Chung Wing Muk
Edward Simon Middleton
Joint and Several Liquidators

This notice is dated Jan. 21, 2005.


VIRGIN HOLDINGS: Creditors Must Submit Claims by Feb. 21
--------------------------------------------------------
Notice is hereby given that the Creditors of Virgin Holdings
(Hong Kong) Limited, which are being voluntarily wound up, are
required on or before Feb. 21, 2005 to send in their names,
addresses and descriptions, full particulars of their debts or
claims to the Liquidators of the said Companies.

If so required by notice in writing from the Liquidators, they
are to come in personally or by their Solicitors and prove their
debts or claims at such time and place specified in such notice.
In default thereof, such creditors will be deemed to waive all
of such debts or claims and the Liquidators will be entitled
seven days after the above date, to distribute the funds
available or any part thereof to the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated Jan. 21, 2005.


VIRGIN RETAIL: Creditors Have Until Feb. 21 to Prove Debt
---------------------------------------------------------
Notice is hereby given that the Creditors of Virgin Retail
Holdings (Pacific) Limited, which are being voluntarily wound
up, are required on or before Feb. 21, 2005 to send in their
names, addresses and descriptions, full particulars of their
debts or claims to the Liquidators of the said Companies.

If so required by notice in writing from the Liquidators, they
are to come in personally or by their solicitors and prove their
debts or claims at such time and place specified in such notice.
In default thereof, such creditors will be deemed to waive all
of such debts or claims and the Liquidators will be entitled
seven days after the above date, to distribute the funds
available or any part thereof to the Members.

Suen Pui Yee
Iain Ferguson Bruce
Liquidators
11th Floor, Prince's Building
10 Chater Road, Central
Hong Kong

This notice is dated Jan. 21, 2005.


WENG HENG: Winding Up Hearing Slated for Feb. 16
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Weng Heng Investment Company Limited by the High Court of Hong
Kong Special Administrative Region was on Dec. 14, 2004
presented to the said Court by Umbrella Finance Company Limited
whose registered office is at 15th Floor, Three Exchange Square,
8 Connaught Road Central, Hong Kong.

The said Petition will be heard before the Court at 9:30 a.m. on
Feb. 16, 2005.

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

Clifford Chance
Solicitors for the Petitioner
29th Floor, Jardine House
One Connaught Place
Central, Hong Kong

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

This notice is dated Jan. 21, 2005.


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


ASIA PULP: MRA on Units to Take Effect Before April
---------------------------------------------------
The Master Restructuring Agreement (MRA) on three units of Asia
Pulp & Paper (APP) is expected to take effect before April, AFX
Asia relates.

The end of January target is going to be missed in order for the
operating units and their creditors to have more time to
complete the necessary documentation to make the restructuring
effective.

Since March of 2001, APP's four Indonesian units have defaulted
on US$6.7 billion combined debt.  The MRA was signed in 2003 by
a group of creditors representing 40 percent of debt owed by the
APP units.  But for the scheme to become effective, it needs at
least a 90 percent support from creditors.

APP and a number of foreign creditors who opposed the scheme
underwent a legal tussle. But APP said that by December 3 last
year, private and public creditors representing about 93 percent
of US$4.7 billion worth of debt had voted in support of the MRA.

The MRA covers the restructuring of debts owed by APP units PT
Indah Kiat Pulp & Paper, PT Pabrik Kertas Tjiwi Kimia and PT
Pindo Deli and Paper Mills.

But the bonds issued by Indah Kiat and PT Lontar Papyrus worth
US$100 million and US700 million respectively was excluded in
the US$4.7 billion debt, as well as the rupiah bondholders who
had agreed to the MRA scheme earlier in September.

CONTACT:

Asia Pulp & Paper Company Ltd.
69 Loyang Dr.
508958 Singapore
Phone: +65-6477-6118
Fax: +65-6477-6116
Web site: http://www.asiapulppaper.com


BANK GLOBAL: Depositors to Get Third Party Fund Payment
-------------------------------------------------------
Bank Negara Indonesia (BNI) is tasked to return the third party
funds held by the liquidated Bank Global, under blanket
guarantee provided by the government, Asia Pulse reported.

Depositors of Bank Global will be paid starting February 3 and
expects to finish the process in six months, BNI Director Supomo
said.  The third party fund is estimated to be around IDR800
billion.

According to Mr. Supomo, BNI may gain from the assignment as
based on past experience, most such depositors will choose to
put their money in BNI.  The bank was given the same assignment
in a similar case involving Bank Dagang Bali and Bank

Bank Global rocked by financial scandal involving its top
management was liquidated in December.

CONTACT:

PT Bank Negara Indonesia Terbuka
Jalan Jenderal Sudirman Kav 1
Jakarta, 10220
Indonesia
Phone: +62 21 2511946
Fax: +62 21 2511214
Web site: http://www.bni.co.id


INDOFOOD SUKSES: Eyes a Slight Drop in 2004 Net Profit
------------------------------------------------------
PT Indofood Sukses Makmur projects a slight decrease in its 2004
net profit as a result of a tougher competition in the noodle
market, relates The Jakarta Post.

Although Indofood's sales increased by nine percent to IDR17.9
trillion from IDR16.5 trillion, its net profit dropped to IDR603
billion (US$65.94 million) in 2003, from IDR803 billion in the
previous year.

"Revenue increased between 4 percent and 5 percent last year,"
Fransiscus Welirang, the Company's Vice President said. "But the
net profit is slightly lower than the previous year."

According to Indofood there is tough competition in the market.
Detergent-maker Wings Group entered the noodle business in 2003
and its Wing's Mie Sedap noodle brand costs a fifth less than
Indofood's Indomie and Sarimi brands.  The competition is eating
Indofood's market share.

In the first nine months of last year, Indofood's profit fell 37
percent to IDR284.6 billion from IDR453.5 billion in the same
period the year before, following a drop in the rupiah that made
it more expensive to pay its foreign-currency debt and import
wheat. Sales rose 0.9 percent to IDR13.1 trillion in the period.

Indofood is currently fighting to redeem $280 million of bonds
issued by its Mauritius-based subsidiary Indofood International
Finance Ltd. through a court in the United Kingdom, said Mr.
Welirang.  The noodle maker hopes to get a decision in late
February or early March.

The court petition came following a termination of a tax treaty
between Indonesia and Mauritius in January, which increased the
tax on the island-based bonds to about 20 percent from the
previous 10 percent.

The Company feels that under the contract, it is entitled to
redeem the notes, due in 2007, following the change of policy,
while the holders feel otherwise.

Indofood said their rights were clearly outlined before them by
the competent lawyers they hired.

CONTACT:

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


TELEKOMUNIKASI INDONESIA: To Receive Aid from Two Firms
-------------------------------------------------------
Two financial institutions are willing to help state-owned PT
Telekomunikasi Indonesia (Telkom) attain a fast-tracked debt
payment, according to Antara News.

The help from Bank of Korea and the other unnamed financial
institution would enable Telkom pay its 2005 debt at US$112
million before it matures in July 2005.

"The two financial institutions, one of which is Bank of Korea,
are expected to fulfill their commitment soon," Rinaldi
Firmansyah, Telkom`s finance director, said on the sidelines of
the State Enterprises Summit on Tuesday.

The decision was made to avoid losses incurred by its exchange
rate gains as the result of its foreign currency debts in 2004.
To pay the debts, the firm could use its internal cash supply
and bank loans.

CONTACT:

P.T. Telekomunikasi Indonesia (Persero)
Jalan Japati No 1
Bandung 40133
Indonesia
Phone: +62 22 452 1108
Fax: +62 22 452 1408
Web site: http://www.telkom.co.id/


* Licenses of Four Insurance Companies Revoked
----------------------------------------------
The Finance Ministry has revoked the licenses of PT Asuransi
Securindo Adhigama, PT AJ Namura Life and PT Asuransi Kharisma
Persada Raya, for failure to improve their financial condition,
reports Asia Pulse, citing Insurance Director General Firdaus
Djaelani.

The four companies failed to meet the minimum limit for risk
based capital (RBC) of 120 percent. The RBC is needed to cover
risks of default, cash flow mismatch, currency mismatch, claims
worse than expected and insufficient premium.

Four more companies will most likely have their licenses for the
same reason, while six other companies facing financial problems
are placed under surveillance.


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


ASHIKAGA BANK: To Warn Auditor Over Insufficient Review
-------------------------------------------------------
The Financial Services Agency (FSA) is poised to issue a warning
against ChuoAoyama Audit Corp. for its inadequate internal
control measures concerning audits of the failed Ashikaga Bank,
Japan Today says, citing Kyodo News.

The financial watchdog found insufficient third-party review of
audit results prior to their release. In addition, the FSA
determined the ChuoAoyama was lax in preparing legal documents
recording the review process.

The warning by FSA will urge the auditing firm to employ
operational improvements, including stepped-up internal reviews.

Ashikaga Bank collapsed in 2001 after its officials mismanaged
and tampered the bank's accounts. It was discovered that in the
financial statements submitted in June 2001, the bank
underreported future losses on bad loans and declared overly
optimistic earnings forecast.

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/


FUJI KAWAGUCHIKO: Enters Bankruptcy
-----------------------------------
Golf course operator Fuji Kawaguchiko Kurabu K.K. has entered
bankruptcy, says Teikoku Databank America.

The firm, headquartered in Minamitsuru-Gun, Yamanashi 401-0320,
left total liabilities of US$166.67 million.

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


ISHIKAWAJIMA-HARIMA HEAVY: Fitch Downgrades Rating to 'BB'
----------------------------------------------------------
Fitch Ratings, the international rating agency, has downgraded
Japan-based Ishikawajima-Harima Heavy Industries Co., Ltd's
(IHI) Senior Unsecured foreign currency rating to 'BB' from
'BBB-' (BBB minus). The Outlook remains Negative.

The downgrade reflects a combination of factors, including
Fitch's concerns over the substantial actual and potential
future losses relating to cost over-runs associated with
overseas project contracts, principally in the Shipbuilding &
Offshore and Energy & Plant divisions. The cost over-runs also
call into question the quality of IHI's risk controls and
project management capabilities. Similarly, the Logistics &
Structure division suffered substantial project cost over-runs
in the first half for the fiscal year ending March 2005, leading
to a divisional operating loss of JPY9.2 billion.

Additionally, the downgrade reflects Fitch's assessment that
management does not yet appear to have addressed in a
transparent and sufficiently rapid or effective manner the
structural industry changes that have been negatively affecting
a number of IHI's core operating divisions over the past several
years. Specifically, the structural issues include the increased
competition from lower-cost Korean and Chinese shipbuilders
(affecting the Shipbuilding & Offshore division), the continuing
decline in domestic public works spending (Logistics &
Structure), and the ongoing decline in capital expenditure by
domestic power companies that will continue to affect the Energy
& Plant division. Additionally, IHI's industrial manufacturing
business, which is influenced by the private sector capital
investment cycle, also exhibits structurally weak margins,
leading Fitch to question the long-term viability of this
business.

While management has taken steps to address the issues relating
to the overseas problem contracts, IHI's substantial FYE04
losses (JPY23.2bn operating loss) continued in H1 FYE05. The
Company reported an interim operating loss of JPY11.8bn,
compared with the JPY4.0bn profit a year ago. IHI's credit
metrics have shown fairly dramatic deterioration as a result of
these losses, with its net debt/EBITDA ratio increasing to 30.9x
at FYE04 from 6.2x at FYE03 and EBITDA/interest coverage falling
to 2.2x from 14.7x. While a modest improvement in metrics may be
seen at FYE05, assuming that project-related losses reduce, they
are very unlikely to recover to historical levels in the near
term, given a continuing weak earnings outlook and management's
plan to maintain borrowings at current levels at least until
FYE08.

Fitch's concerns are mitigated to some extent by the reasonably
strong levels of order backlogs in certain divisions, which help
underpin top-line revenues, and the Company's renewed focus on
cost management. Additionally, the agency understands that
contract pricing and project management issues largely relate to
projects commenced prior to 2004. However, the absence of any
improvement in financial performance to date has led Fitch to
maintain its Negative Outlook on the rating, reflecting an
assessment that risks remain on the downside.

IHI is the third largest Japanese diversified heavy
manufacturing Company, with a network of six operating
divisions, including Energy & Plant, Aero-Engine & Space,
Logistics Systems & Structures, Shipbuilding & Offshore,
Industrial Manufacturing, and Other activities.

CONTACT:

Ishikawajima-Harima Heavy Industries Co Ltd (IHI)
IHI Environment and Energy
Shin-Otemachi Bldg
2-1, Ohtemachi 2-chome
Chiyoda-ku, 100-8182    Tokyo
Japan
Telephone: (+81) 3 - 3244 5111
Facsimile: (+81) 3 - 3244 5131
E-mail: webmaster@ihi.co.jp
Web site: www.ihi.co.jp/ihi/products/ene-env-e/index.htm


MITSUBISHI MOTORS: Union to Demand Record-Low Bonuses
-----------------------------------------------------
Mitsubishi Motor Corporation's labor union will demand record-
low bonuses during the forthcoming labor-management talks in
light of various defect cover-ups and recalls, according to
Kyodo News.

The union opted to seek annual bonuses equivalent to three
months' pay and not to demand a unified basic wage hike for the
third straight year. The union is set to officially decide on
this year's wage and bonus demands Feb. 14.

The union's leadership agreed to demand a minimum level of wages
sufficient to sustain employee living standards, in a bid to
help Mitsubishi Motors recover from a series of scandals,
recalls and dwindling sales.

Last year, the union reached an accord with the automaker's
management on annual bonuses equivalent to three months' pay.
But due to its dismal performance, the Company was forced not to
pay winter bonus, equivalent to 1.5 months' wages.

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: Discusses Row with DaimlerChrysler
-----------------------------------------------------
Mitsubishi Motors Corporation (MMC) and DaimlerChrysler AG are
negotiating to resolve a dispute over who should bear the costs
of defect cover-up scandals that led to fatalities, related The
Wall Street Journal.

The ailing automaker, which is struggling to pull itself out
from the mire, is seeking to conclude the discussions by the end
of the month ahead of a public announcement of its revival
plans.

Resolution of the dispute is critical for MMC, as it works to
turn its business around. MMC believes settling the claim with
the German-American carmaker will clear up uncertainty at the
firm.

DaimlerChrysler, which owns 20 percent of MMC, earlier told the
Japanese carmaker it reserved the right to claim damages over
the defect cover-ups that led to deaths. Daimler sees itself as
a victim of the cover-up, which may have contributed to the
deterioration in the value of DaimlerChrysler's holdings in
truck maker Mitsubishi Fuso. Mitsubishi Motors disclosed
DaimlerChrysler's claim last year through a notice to the Tokyo
Stock Exchange.

Due to MMC's cash flow woes, an all-cash settlement may not be
possible for the embattled firm. Instead, MMC offered other
alternatives such as turning over assets to DaimlerChrysler,
including its ownership in factories or even its stake in
Mitsubishi Fuso.

Both parties confirmed they are negotiating but said no
agreement has been reached.


NIKKO BUILDING: To Undergo Dissolution After Spin-off
-----------------------------------------------------
At a management committee meeting on January 27, 2005, Nikko
Cordial Corporation resolved to spin-off the whole business of
The Nikko Building Co., Ltd., one of Nikko's consolidated
subsidiaries, to a newly created Company and then dissolve Nikko
Building after the said spin-off.

Details of the resolution are as follows:

(1) Background of dissolution

From the perspective of business efficiency in Nikko group,
Nikko decided to cause the whole businesses of Nikko Building,
whose main operations are to hold and manage real estate used by
Nikko group for business purpose, to be succeeded by the New
Company by spin-off, and then dissolve Nikko Building after the
said spin-off.

(2) About The Nikko Building Co., Ltd.

Head Office:  6-5, Nihonbashi Kabuto-cho, Chuo-ku, Tokyo
President:  Hiroaki Sugioka
Business Description: property management service, sale of real
estate, real-estate leasing
Capital: JPY600 million
Shareholders: Nikko Cordial Corporation 100%

(3) Schedule

Spin-off and dissolution are scheduled on April 1, 2005.
The dissolution will cause only little impact on Nikko's
consolidated financial results.


SUPIDO SUTA: Begins Bankruptcy Proceedings
------------------------------------------
Supido Suta K.K. has entered bankruptcy with total liabilities
of US$65.05 million, according to Teikoku Databank America.

The firm, engaged in the manufacturing of motor vehicle parts
and accessories, is based in Yao-shi, Osaka 581-0039.

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


TAKARA COMPANY: JCR Places Bonds Under Credit Monitor as BBB
------------------------------------------------------------
The Japan Credit Rating Agency Limited (JCR) has placed the
rating on the bonds of Takara Company Limited under Credit
Monitor as BBB.

Issues Amount(bln) Issue Date    Due Date       Coupon
bonds no.1 JPY7        Feb. 28, 2003 Feb. 28, 2006  1.20%

Rationale:

Takara announced today the downward revision of the forecasts
for the operating results for fiscal 2004 ending March 31, 2005.
According to the forecasts, the revenue will be JPY100 billion,
down from the originally forecasted amount of JPY110 billion.
The pretax loss before extraordinary items and net loss are
expected to increase from the original JPY3.5 billion and JPY2.8
billion to JPY9.6 billion and JPY10.5 billion, respectively.

Takara hammered out countermeasures against sharp deterioration
in the performance for the first half of fiscal 2004 due to drop
in offshore sales of Beyblade. These measures include focus on
sales places and standard product lines. Takara aimed to improve
performance in and after the current half fiscal year. However,
it failed to introduce the leading items into the market
centering on toy business. As a result, it failed to achieve the
numerical target for the revenue. This is a primary cause of the
downward revision.

JCR announced the downgrade of the rating for Takara on December
29, 2004 from BBB+ to BBB, removing it from Credit Monitor. The
losses to be incurred are larger than expected.
Accordingly, JCR placed the rating for Takara under Credit
Monitor.

JCR will examine the prospect for the earnings over the
intermediate term and financial health of Takara to be reflected
on the rating. The outlook for the rating is considered
negative, however.


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


SSANGYONG MOTOR: Emerges from Debt Workout Scheme
-------------------------------------------------
South Korea's Ssangyong Motor has emerged from a five-year
creditor-led debt workout program, Asia Pulse says.

Company creditors finalized the sale of the ailing automobile
Company to China's Shanghai Automotive Industry Corporation
(SAIC) for KRW591 billion, according to main creditor Chohung
Bank.  The Chinese automobile firm has completed payment
and secured a 48.92% stake, equivalent to 59 million shares, in
Ssangyong, the bank said.

"At the same time, the creditors have been able to retrieve
their funds while all employees of Ssangyong have been
retained," said Chohung in a statement.

Ssangyong, which specializes in sports utility vehicles and
large sedans, was placed under a debt-restructuring program by
creditors in 1999 when parent Daewoo Group collapsed. The
automobile Company is South Korea's fourth largest automaker and
commands some 10 % of the country's auto market.

CONTACT:

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


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


AMSTEEL CORPORATION: Seeks Approval for Units' Disposal
-------------------------------------------------------
Amsteel Corporation Berhad (Amsteel) refers to its announcements
made on Nov. 9, Dec. 9, and Dec. 13, 2004 in relation to the
proposed disposal of 100% equity interest in Lion Ipoh Parade
Sdn Bhd (LIPSB), and the proposed disposal of 70% equity
interest in Lion Seremban Parade Sdn Bhd (LSPSB).

The Company announced that Bank Negara Malaysia had, via its
letter dated Jan. 25, 2005, which was received on Jan. 26, 2005,
approved the advance to LIPSB and LSPSB by Focal Quality Sdn
Bhd, a wholly owned subsidiary of purchasing Company TMW Lion
GmbH, to settle the inter-Company balances owing by LIPSB and
LSPSB to Sea World Attraction Sdn Bhd and Masbeef Sdn Bhd, both
subsidiaries of Amsteel, respectively.

As at the date of this Announcement, the Proposed Disposals are
subject to the approvals being received from:

(i) the shareholders of Ayer Keroh Resort Sdn Bhd, Masbeef Sdn
Bhd and their ultimate holding Company, Amsteel;

(ii) the Securities Commission; and

(iii) the security trustee of Amsteel Group's lenders, the
facility agent and/or holders of the bonds and debts issued by
Amsteel pursuant to the group wide restructuring scheme
affecting the Amsteel group of companies.

Unless otherwise stated, defined terms used in this Announcement
shall carry the same meaning as defined in the previous
announcements.

CONTACT:

Amsteel Corporation Berhad
165 Jalan Ampang
Kuala Lumpur, 50450
Malaysia
Phone: +60 3 2162 2155/2161 3166
Fax:   +60 3 2162 3448

This announcement is dated Jan. 27, 2005.


CHG INDUSTRIES: Awaits Restructuring Scheme Approval
----------------------------------------------------
Further to CHG Industries Berhad's (CHG) previous announcement
made pursuant to Practice Note No.1/2001 of the Listing
Requirements of Bursa Malaysia Securities Berhad (Bursa
Securities) dated April 7, 2004, the Company updates that the
Debt Restructuring Agreement dated July 9, 2003 (DRA) has been
terminated in April 2004.

Notwithstanding the same, the default in interest payments as
has been detailed in the Company's announcements dated Feb. 4,
March 4, and April 7, 2004 remains undischarged. The reasons for
such default have since been explained in the Company's Feb. 4,
2004 announcement.

In the Company's efforts to address the aforesaid default in
payments, it entered into a fresh restructuring agreement with
Linmax Group Sdn Bhd and several other third parties to
undertake a revised corporate and debt restructuring exercise,
which involved, amongst others, a scheme of arrangement with the
Companies' lenders. See announcement dated June 4, 2004.

This restructuring exercise was subsequently aborted and
immediately replaced with the current restructuring exercise.
See announcement dated Sept. 2, 2004.

In regard to the present restructuring scheme, the Company
wishes to update as follows:

Further to the announcement on Dec. 14, 2004 in relation to the
Restraining Order pursuant to section 176(10) of the Companies
Act, 1965, the Company announces that it had made the necessary
application to the Kuala Lumpur High Court to seek for an
extension of the existing Restraining Order which expired on
Friday.

Further the Company is also awaiting the approval of the
Securities Commission and other relevant authorities in relation
to its Proposed Debt and Corporate Restructuring Scheme, which
were submitted on Dec. 24, 2004. The proposed debt restructuring
of the financial institution creditors, comprising all the
lender banks of the CHG Group, except for hire purchase
creditors (FI Creditors), as outlined in the report of the
Independent Financial Advisor, KPMG Corporate Services Sdn Bhd
which forms part of the Scheme to be effected pursuant to
Section 176 of the Companies Act, 1965 in respect of debts owing
to the FI Creditors had been (following the termination of the
DRA in April 2004) based on the cut-off date as of Dec. 31,
2003. As at Dec. 31, 2003, the debts to be restructured are
estimated at RM190,236,292 (inclusive of accrued interest of
RM7,626,811).

Presently, the Company is preparing to file the application
pursuant to Section 176(1) of the Companies Act, 1965, to seek
the necessary Order from the High Court to convene the Court
Convened Meetings of the Creditors and the Members in regard to
the respective schemes of arrangement envisaged in the present
corporate and debt restructuring scheme.

CONTACT:

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

This announcement is dated Jan. 27, 2005.


FORESWOOD GROUP: MITI OKs Proposed Revival Program
--------------------------------------------------
Reference is made to the announcement dated Dec. 8, 2004 on the
revisions to the Proposed Corporate and Debt Restructuring
Scheme of Foreswood Group Berhad (FGB).

FGB announced that the Ministry of International Trade and
Industry (MITI) had, via its letter dated Jan. 26, 2005, taken
note and has no objections to the revisions to the Proposed
Corporate and Debt Restructuring Scheme as announced on Dec. 8,
2004.

The MITI's approval is subject to FGB obtaining the approval
from the Securities Commission for the revisions to the Proposed
Corporate and Debt Restructuring Scheme.

CONTACT:

Foreswood Group Berhad
Level 4, B59
Taman Sri Sarawak Mall
Jalan Tunku Abdul Rahman
93100 Kuching , Sarawak
Malaysia
Phone no: 6082-428626
Fax no:   6082-423626

This announcement is dated Jan. 27, 2005.


INTAN UTILITIES: Discloses Default Status Update
------------------------------------------------
Further to the announcement dated Dec. 27, 2004 and pursuant to
Paragraphs 9.02 and 9.04 (1) of the Listing Requirements and
Practice Note No. 1/2001, Intan Utilities announces the summary
of the borrowings in default and the steps taken to address the
defaults by IDS Electronics Sdn. Bhd. and IDS Technology Sdn
Bhd, 70% effectively-owned subsidiaries of Intan Utilities
Berhad, details of which are as per attached.

For further information, click on:

http://bankrupt.com/misc/tcrap_intan012805.xls

CONTACT:

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


KAI PENG: Clarifies Notice of Book Closure
------------------------------------------
Reference is made to the Notice of Book Closure announcement
dated Jan. 26, 2005 by Kai Peng Berhad (KPB) and it is hereby
clarified that the Compensation Shares referred therein are in
respect of the new ordinary shares of RM1.00 each in KPB.

CONTACT:

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

This announcement is dated Jan. 27, 2005.


LANKHORST BERHAD: Aborts Proposed Private Placement of Shares
-------------------------------------------------------------
Lankhorst Berhad (LB) refers to the announcements made on April
28, 2004 and July 27, 2004 in relation to the Proposed Placement
of up to 10% of the issued and paid-up share capital of the
Company.

On behalf of the Board of Directors of LB, Commerce
International Merchant Bankers Berhad (CIMB) advised that the
Company's Board of Directors has resolved to abort the Proposed
Placement as the placees that were identified previously for the
placement have decided not to participate in the Proposed
Placement. In view of the Proposed Placement being aborted,
CIMB's role as the adviser to LB ceases effective immediately.

CONTACT:

Lankhorst Berhad
Tingkat 6, Bangunan UMNO Selangor
Persiaran Perbandaran
Seksyen 14
40000 Shah Alam, Selangor
Malaysia

This announcement is dated Jan. 27, 2005.


LANKHORST BERHAD: Notes Suspension of Shares Trading
----------------------------------------------------
Trading in Lankhorst Berhad's securities was suspended with
effect from Thursday, Jan. 27, 2005, 2:58 p.m., until further
notice.

The Malay Mail published on Jan. 27, 2005, the winding up
petition of Company subsidiary Lankhorst M&E Sdn Bhd.


LION INDUSTRIES: Proposed Unit Disposal Subject to Approval
-----------------------------------------------------------
Lion Industries Corporation Berhad refers to the announcements
made on Nov. 9 and Dec. 9, 2004 in relation to the proposed
disposal of 100% equity interest in Lion Klang Parade Berhad
(LKPB), and announces that Bank Negara Malaysia had via its
letter dated Jan. 25, 2005 and received by the Company on Jan.
26, 2005, approved the advance to LKPB by Focal Quality Sdn Bhd,
a wholly-owned subsidiary of the Purchaser, to settle the inter-
Company balances owing by LKPB to LLB Harta (M) Sdn Bhd.

As at the date of this announcement, the Proposed Disposal of
LKPB is subject to the approval, where applicable, being
received from the security trustee, the facility agent and/or
holders of the bonds and debts issued by the Company pursuant to
the group wide restructuring scheme affecting the Group, for the
Proposed Disposal of LKPB.

CONTACT:

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


NAM FATT: Discloses Listing of Additional Shares
------------------------------------------------
Nam Fatt Corporation Berhad's additional new ordinary shares of
RM1.00 each issued pursuant to the Conversion of RM77,000
irredeemable convertible unsecured loan stocks 2003/2011 into
77,000 new ordinary shares will be granted listing and quotation
effective Monday, Jan. 31, 2005, 9:00 a.m.

CONTACT:

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


OCEAN CAPITAL: Fails to Receive Winding Up Petition
---------------------------------------------------
As at Jan. 27, 2005, Ocean Capital Berhad has not received the
winding-up petition served by Wayrex Sdn Bhd. As such the
Company can't inform the Bursa Malaysia of the date of the
presentation of the winding-up petitions and the date the
winding-up petitions were served.

According to the advertisement on winding-up petition, the
petition was presented at the Kuala Lumpur High Court on Dec. 6,
2004, and the date of hearing is on March 8, 2005.

The amount claimed by Wayrex Sdn Bhd according to Section 218
notice dated Oct. 4, 2004 is RM275,877.64 and there was no
interest claim. The petition was filed by Messrs T.J.Chin & Co,
the solicitors for Wayrex Sdn. Bhd. The claim by Wayrex Sdn Bhd
is for the debt due from Ocean Subsidiaries for the purchase of
merchandise stocks. The debt arose due to insufficient fund
available in Ocean subsidiaries for which the debt recorded. The
claimed amount does not include any interest costs. The
petitioner had demanded the outstanding debt to be paid
immediately.

Ocean Capital would file an application to stay the winding-up
proceeding and try to strike out the petition. The Company is
insolvent and the petition served had no operational and
financial impact on the Group. At this point in time, the
Company expected to incur legal fees of approximately
RM40,000.00.

CONTACT:

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

This announcement is dated Jan. 27, 2005.


PAN MALAYSIA: Repurchases Additional Shares
-------------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on Jan. 27, 2005 to the bursa Malaysia Securities
Berhad.

Date of buy back: 27/01/2005

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

Total number of shares purchased (units): 100,000

Minimum price paid for each share purchased (RM): 0.460

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

Total consideration paid (RM): 46,574.89

Number of shares purchased retained in treasury (units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 18,575,000

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


PAN MALAYSIA: Posts Shares Buy Back Notice
------------------------------------------
Pan Malaysia Corporation Berhad disclosed details of its shares
buy back on Jan. 25, 2005 to the Bursa Malaysia Securities
Berhad.

Date of buy back from: 18/01/2005

Date of buy back to: 25/01/2005

Total number of shares purchased (units): 18,150,000

Minimum price paid for each share purchased (RM):  0.430

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

Total amount paid for shares purchased (RM): 8,214,777.22

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury
(units): 18,150,000

Total number of shares retained in treasury
(units): 18,150,000

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 27/01/2005

Lodged by: Pan Malaysia Corporation Berhad


POS MALAYSIA: Set to List More Shares Today
-------------------------------------------
Pos Malaysia & Services Holdings Berhad's additional 207,000 new
ordinary shares of RM1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation
effective Monday, Jan. 31, 2005, 9:00 a.m.

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: Notes Resale of Treasury Shares
---------------------------------------------
In a disclosure to the Bursa Malaysia Securities Berhad, Pos
Malaysia & Services issued a notice of resale and cancellation
of treasury shares on Jan, 27, 2005.

Date of transaction: 27/01/2005

Total number of treasury shares sold (units): 200,000

Total number of treasury shares cancelled (units):

Minimum price paid for each share sold (RM): 2.650

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

Total amount received for treasury shares sold (RM): 531,460.00

Cumulative net outstanding treasury shares as at to-date
(units): 35,538,000

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


PUTERA CAPITAL: Unveils FY04 Quarterly Results
----------------------------------------------
Putera Capital Berhad released its unaudited quarterly report
for the financial period ended Nov. 30, 2004.

                SUMMARY OF KEY FINANCIAL INFORMATION
                            30/11/2004

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

                  QUARTER                    PERIOD
        30/11/2004    30/11/2003     30/11/2004    30/11/2003

1  Revenue
           6,244         10,279        19,548        30,749
2 Profit/(loss) before tax
          -4,383         -5,562        -7,806        -6,893
3  Profit/(loss) after tax and minority interest
          -4,365         -5,186        -7,779        -6,919
4  Net profit/(loss) for the period
          -4,365         -5,186        -7,779        -6,919
5  Basic earnings/(loss) per shares (sen)
            -6.43         -7.82         -11.45       -10.43
6  Dividend per share (sen)
           0.00             0.00        0.00        0.00

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

7  Net tangible assets per share (RM)

          0.2125            0.3104

To view the full report, go to:

http://bankrupt.com/misc/tcrap_putera1012805.xls

http://bankrupt.com/misc/tcrap_putera2012805.doc

CONTACT:

Putera Capital Berhad> Kawasan Perindustrian Kamunting,
Lot 3545,
Peti Surat No. 18,
34600 Kamunting,
Taiping, Perak
Malaysia
Phone: 05-8914155
Fax: : 05-8914145
Web site: http://www.putera.biz/


SRIWANI HOLDINGS BERHAD: Exits PN4 Condition
--------------------------------------------
Sriwani Holdings Berhad announced the following:

(i) that trading of Sriwani's 2,424,282 ordinary shares of
RM1.00 each arising from the Capital Reduction and Consolidation
will resume effective Monday, Jan. 31, 2005, 9:00 a.m.

(ii) that Sriwani's ICPS-A, ICPS-B1, ICPS-B2 and ICPS-C (ICPSs)
issued as follows:

363,642,355 ICPS-A issued pursuant to the Rights Issue;

(b) 36,459,703 ICPS-B1 issued pursuant to the Creditors Scheme
and Additional Issue;

(c) 36,459,703 ICPS-B2 issued pursuant to the Creditors Scheme
and Additional Issue; and

(d) 22,472,574 ICPS-C issued pursuant to the Creditors Scheme,
MA Sepang Debt Settlement and Additional Issue

will be admitted to the Official List of the Exchange and
listing and quotation of the ICPSs on the Main Board under the
"Trading/Services" sector on a "Ready" basis pursuant to the
Rules of the Exchange will be granted effective Monday, Jan. 31,
2005, 9.00 a.m.

(iii) that Sriwani's additional 79,289,615 new ordinary shares
of RM1.00 each (Sriwani shares), issued as follows:

(a) 7,272,847 shares issued pursuant to the Restricted Issue;

(b) 22,626,635 shares issued pursuant to the Rights Issue;

(c) 31,208,315 shares issued pursuant to the Creditors Scheme;
and

(d) 18,181,818 shares issued pursuant to the Assets Injection

will be granted listing and quotation effective Monday, Jan. 31,
2005, 9:00 a.m.

The Stock Short Name, Stock Number and ISIN Code of the ICPSs
are as follows:

ICPS Stock Short Name Stock Number ISIN code

ICPS-A SRIWANI-PA 5177PA MYL5177PAJC1
ICPS-B1 SRIWANI-PB 5177PB MYL5177PBJC9
ICPS-B2 SRIWANI-PC 5177PC MYL5177PCJC7
ICPS-C SRIWANI-PD 5177PD MYL5177PDJC5

Kindly be advised that the ICPSs are prescribed securities.
Dealings in the aforesaid ICPSs should be carried out in
accordance with Securities Industry (Central Depositories) Act,
1991 and the Rules of Bursa Malaysia Depository Sdn Bhd.

Only "free securities" can be utilized for settlement of trades
involving the above ICPSs.

In view that Sriwani has regularized its financial condition and
no longer triggers any of the criteria under paragraph 2.0 of
PN42001, Sriwani will be reclassified from the "PN4 Condition"
sector to the "Trading/Serivces" sector the trade restriction on
the securities of Sriwani will be uplifted effective Monday,
Jan. 31, 2005, 9:00 a.m.

CONTACT:

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


SRIWANI HOLDINGS: Updates on Restructuring Plan
-----------------------------------------------
Sriwani Holdings Berhad (SHB) refers to the announcements dated
July 1, 2004 and Jan. 3, 2005 pertaining to the Company's public
shareholding spread upon completion of the alternative
restructuring plan of SHB to regularize its financial condition
and the status of the implementation of the Alternative
Restructuring Plan respectively.

The Company announced the following:

(i) placement exercises (details of which were announced on May
12, 2004) have been carried out by Multi Esprit Sdn Bhd, Yeoh
San Hai and Stuart Saw Teik Siew and pursuant thereto, SHB has
complied with the public shareholding spread requirement of
Bursa Malaysia Securities Berhad, that at least twenty-five
percent (25%) of the total number of ordinary shares of SHB is
in the hands of a minimum of 1,000 public shareholders holding
not less than 100 shares each; and

(ii) the notices of allotment have been issued and dispatched to
respective allottees of the new ordinary shares of RM1.00 each
in SHB and irredeemable convertible preference shares (ICPS)-A
pursuant to the rights issue of SHB. Accordingly, all relevant
securities in SHB, including the ICPS-A, ICPS-B1, ICPS-B2 and
ICPS-C, have been duly issued pursuant to the Alternative
Restructuring Plan. At present, the securities are pending the
requotation of the entire issued and paid-up capital of SHB on
the Main Board of Bursa Securities.

            The principal terms of the ICPS-A, ICPS-B1, ICPS-B2
and ICPS-C issued pursuant to the Alternative Restructuring Plan
are set out in Tables 1, 2, 3 and 4 respectively.

For more information, go to:

http://bankrupt.com/misc/tcrap_sriwanih012805.doc

This announcement is dated Jan. 27, 2005.


SRIWANI HOLDINGS: Legal Suits Won't Affect Restructuring Plan
-------------------------------------------------------------
Sriwani Holdings Berhad (SHB) refers to the announcement dated
Oct. 11, 2004 pertaining to the legal suit filed against SHB and
the announcements dated May 27 and June 14, 2004 by Naluri
Berhad (Naluri) pertaining to the legal suits filed against
Atlan Holdings Bhd (AHB), Atlan Properties Sdn Bhd (APSB),
Pengurusan Danaharta Nasional Berhad (Danaharta), Danaharta Urus
Sdn Bhd (Danaharta Urus), Danaharta Managers Sdn Bhd (Danaharta
Managers), the Special Administrators (SAs) of Naluri and Naluri
relating to the Alternative Restructuring Plan.

The Company announced that the Directors of SHB are of the
opinion that the abovementioned legal suits will not have any
material impact on the implementation of the Alternative
Restructuring Plan. Details of the legal suits together with the
legal opinion from the relevant solicitors are as follows:


(iii) On Oct. 9, 2004, SHB and Naluri, amongst others, were
served with a Petition (No. D-26-88-2004) together with a
Summons in Chambers (Inter Partes) and an affidavit in support
dated 6 October 2004 by Messrs Bodipalar Ponnudurai Nathan,
advocates and solicitors acting for Adenan bin Ismail, a
shareholder of Naluri seeking, amongst others, the following
orders:

(a) That any resolutions passed by the shareholders and/or
directors of Naluri approving the alleged related party
transactions set out in the petition be cancelled; and

(b) That SHB do pay to Naluri the monies paid to SHB and/or the
financial institutions who received monies pursuant to the
alleged related party transactions as set out in the Petition.

At the hearing held on Nov. 23, 2004, the Court had directed all
parties to file in written submissions in respect of the
injunction against AHB and/or APSB and striking out applications
by Dec. 16, 2004 and the respective parties submission in reply
by Jan. 7, 2005. The Court fixed the matter for clarification on
Jan. 28, 2005.

In relation to the said legal suit, the relevant solicitors have
opined that the Petition is unsustainable or will, in all
probability fail.

SHB is only a party to the legal suit set out in (iii) above.

This announcement is dated Jan. 27, 2005.


SUREMAX GROUP: Unveils FY04 Quarterly Results
---------------------------------------------
Suremax Group Berhad released its unaudited quarterly report for
the financial period ended Nov. 30, 2004.

                 SUMMARY OF KEY FINANCIAL INFORMATION
                            30/11/2004

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

                  QUARTER                    PERIOD
        30/11/2004    30/11/2003     30/11/2004    30/11/2003
1  Revenue
           4,122          8,109          4,122        8,109

2 Profit/(loss) before tax
          -1,072            146         -1,072          146

3  Profit/(loss) after tax and minority interest
          -1,075             36         -1,075           36

4  Net profit/(loss) for the period
          -1,075             36         -1,075           36

5  Basic earnings/(loss) per shares (sen)
              -1.63           0.05          -1.63         0.05

6  Dividend per share (sen)
           0.00             0.00        0.00        0.00

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

7  Net tangible assets per share (RM)

          0.5225            0.5388


To view the full report, go to:

http://bankrupt.com/misc/tcrap_suremax1012805.xls

http://bankrupt.com/misc/tcrap_suremax2012805.doc

CONTACT:

Suremax Group Berhad
Level 7, Menara Melenium
Jalan Damanlela
Pusat Bandar Damansara
Damansara Heights
50490 Kuala Lumpur
Malaysia
Phone: 03-20957077
Fax:   03-20949940


TENCO BERHAD: Issues Update on Unit Litigation
----------------------------------------------
Tenco Berhad (Tenco) avised that further to its announcement
made on Dec. 12, 2003, the Senior Assistant Registrar of the
High Court of Malaya at Shah Alam has on Jan. 26, 2005 allowed
the application for summary judgement filed by Ipmuda Utara Sdn
Bhd (IUSB) against Company subsidiary Westech Sdn Bhd (WSB), via
Shah Alam High Court Suit No. MT3-22-861-2003. In the
circumstances, judgment for the following sums has been entered
against WSB:

(a) principal sum of RM354,182.77;

(b) accrued interest amounting to RM377,852.13 as at 31/08/2003;

(c) interest on RM354,182.77 at the rate of 1.5% per month
calculated from 01/09/2003 until date of full settlement; and

(d) costs of the action on a solicitor-client basis.

WSB being dissatisfied with the said decision of the Senior
Assistant Registrar has instructed its solicitors to lodge an
appeal against the said decision and accordingly, a Notice of
Appeal to Judge in Chambers has been immediately filed by WSB'S
solicitors on Jan. 26, 2005. A hearing date has yet to be fixed
for WSB'S said Notice of Appeal to Judge in Chambers.

CONTACT:

Tenco Berhad
No. 5, Jalan Pelabur 23/1
40000 Shah Alam, Selangor
Malaysia
Phone: (60) 3 541 0612
Fax:   (60) 3 541 0132


UMW HOLDINGS: Granted Listing of Additional Shares
--------------------------------------------------
UMW Holdings Berhad's additional 767,635 new ordinary shares of
RM1.00 each arising from the Exercise of 767,635 Warrants
1995/2005 will be granted listing and quotation effective
Monday, Jan. 31, 2005, 9.00 a.m.

CONTACT:

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


WCT ENGINEERING: To List More Shares
------------------------------------
WCT Engineering Berhad's additional 65,000 new ordinary shares
of RM1.00 each issued pursuant to the Exercise of 65,000
warrants 2000-2005 will be granted listing and quotation
effective Monday, Jan. 31, 2005, 9:00 a.m.

CONTACT:

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


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

ATLAS CONSOLIDATED: Board Approves Stock Option Plan
----------------------------------------------------
The Board of Directors of Atlas Consolidated Mining and
Development Corporation (the Company) in a Special Meeting held
today January 27, 2005, at which meeting a quorum was present
and acted throughout, approved a proposal to grant Stock Options
to directors and qualified officers and employees of the Company
at par value of Php10.00 per share and under such terms and
conditions as Management shall subsequently formulate and submit
for approval by the Board of Directors, the Stockholders and the
Securities and Exchange Commission (SEC).

NOEL T. DEL-CASTILLO
Corporate Secretary and Treasurer

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph
Auditor:  SyCip, Gorres, Velayo & Company
Transfer Agent:  Stock Transfer Service, Inc.


ATLAS CONSOLIDATED: In Talks with Chinese on Reopening Mine
-----------------------------------------------------------
Atlas Consolidated Mining and Development Corporation said it
was discussing with Chinese mining groups the possible
resumption of operations in its copper mine in Toledo City,
Cebu, reports The Philippine Daily Inquirer.

The mining Company told the Philippine Stock Exchange that the
unnamed Chinese groups had expressed strong interest to get
involved in the reopening of the mine.

Atlas' board, likewise, advised that the it has approved an exit
agreement with the Toledo Mining Corporation (TMC) in which TMC
relinquishes its right to earn an interest in the Toledo copper
mine project.

The agreement will enable other groups to participate in the
project, while TMC will be refunded for advances it made to date
pursuant to Atlas' previous announcement on June 16, 2004.

The deal also allows TMC to focus on nickel mining, in
particular, the development of the Company's Berong and Ulugan
nickel projects in Palawan. Atlas will retain its interest in
future nickel operations.

The cost of reopening the mine is estimated at US$170 million,
inclusive of a 50-megawatt power plant. At current metal prices,
the mine is expected to generate US$150 million in foreign
exchange annually.


COLLEGE ASSURANCE: Promises It Won't Default
--------------------------------------------
College Assurance Plans Philippines Incorporated (CAP) has
assured the public that it will not default on obligations,
according to The Philippine Star.

The pre-need firm made the promise to plan holders and the
general public as it dismissed reports it was on the verge of
bankruptcy.

"In our 24 years of serving Filipino families, CAP has never
defaulted in its obligations. With the solutions in place, CAP
would like to assure the public that it will not default. If CAP
was able to meet its maturing obligations when its
capitalization was only Php300 million, it should be able to
deliver the services with its increased Php8 billion
capitalization," CAP first vice-president Bobby Caf‚ said.

CAP educational plan holders reported that schools were
rejecting their plans as the Company has been rumored to be
going under. An earlier SEC reportedly showed CAP having a trust
fund deficiency of about Php17.2 billion, with the pre-need
provider's actuarial reserve liability totaling Php25.7 billion
and only Php8.5 billion in its trust fund.

CAP said that it has paid school fees amounting to Php11.3
billion for the 174,720 students who have held or are still
holding its plans. It currently pays for some 90,230 CAP
scholars in college.

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


PRICESMART INCORPORATED: Top Execs Under Fire for Estafa
--------------------------------------------------------
Top officials of PriceSmart Incorporated are facing criminal
charges of estafa for "illegal disbursement and misappropriation
of funds for its local arm, PSMT Philippines (PSMT)," according
to Today.

The minority shareholders of PSMT have filed with the Pasig City
Prosecutor's Office a lawsuit against the California-based
Company's senior executives for authorizing several questionable
and unsupported disbursements in favor of PriceSmart.

The named respondents for the estafa complaint were PSMT
Philippines president Benjamin Woods, PSMT vice president Robert
Gans, former PSMT treasurer James Cahill, PSMT treasurer John
Hefner, PSMT controller Zeus Aboy, and several John Does. The
respondents were responsible for the day-to-day operations
including the allocation of payments of the obligations of PSMT
Philippines.

Based on an audit report of Punongbayan & Araullo, the
complainants claimed PSMT paid unauthorized stewardship fees of
Php30.15 million to PriceSmart for the period of November 2002
up to December 2003.

In the estafa complaint, the minority stockholders said a
purchasing agency agreement between PriceSmart and E-Class was
later executed dated September 1, 2003 to legalize and justify
the remittances of stewardship fees that were not originally
covered by any agreement.

The cover-up, however, appears to have been crudely done because
it was notarized on August 19, 2003 or even before the date of
the execution on September 1. Even without authority from the
board, Woods signed the purchasing agency agreement on behalf of
PSMT Philippines.

The complainants alleged that PSMT management led by Woods
"orchestrated acts of mismanagement and illegal disbursements."

The issue prompted PSMT's minority shareholders to ask the Pasig
Regional Trial Court to appoint a receiver and a management
committee to prevent further business reverses and eventual
closure.

CONTACTS:

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

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


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


BANDUNG SHIPPING: Enters Winding Up Proceedings
-----------------------------------------------
Notice is given that a Petition for the Winding Up of Bandung
Shipping Pte Ltd by the High Court was on the 13th day of
January 2005, presented by Intercontinental Specialty Fats Sdn
Berhad of Lot 4 Solok Hishamudin 9/20, Kawasan Selat Klang
Utara, Port Klang Selangor, Darul Ehsan, Malaysia, the
Petitioning Creditor and that the said Petition is directed to
be heard before the Court sitting at 10.00 o'clock in the
forenoon on February 4, 2005.

Any Creditor or Contributory of the said Company desiring 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
the purpose, and 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.

The Petitioner's address is Intercontinental Specialty Fats Sdn
Berhad, Lot 4 Solok Hishamudin 9/20, Kawasan Selat Klang Utara,
Port Klang Selangor, Darul Ehsan, Malaysia
The Petitioner's solicitors are UniLegal LLC of 24 Raffles
Place, #19-06 Clifford
Centre, Singapore 048621.

UNILEGAL LLC
Solicitors for the Petitioner.
04.135.RKS.ISF3.001.he

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
UniLegal LLC of 24 Raffles Place, #19-06 Clifford Centre,
Singapore 048621, notice in writing of his intention so to do.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person of 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 twelve o'clock noon of
the 3rd day of February 2005 (the day before the day appointed
for the hearing of the Petition).


ENG YICK: Winding Up Hearing Slated for Feb. 11
-----------------------------------------------
Notice is hereby given that a Petition for the Winding Up of Eng
Yick Holdings Pte Ltd Company by the High Court was on the 14th
day of January 2005 presented by Bank Of China Limited (formerly
known as Bank Of China) being the successor in-title Of The
Kwangtung Provincial Bank, a bank incorporated in The People's
Republic of China and having a place of business at 4 Battery
Road, Bank of China Building, Singapore 049908, a creditor and
that the Petition is directed to be heard before the Court
sitting at Singapore at 10.00 o'clock in the forenoon on
February 11, 2005.

Any creditor or contributory of the Company desiring to support
or oppose the making of an Order on the Petition may appear at
the time of hearing by themselves or their Counsel for that
purpose. A copy of the Petition will be furnished to any
creditor or contributory of the Company requiring the copy of
the Petition by the undersigned on payment of the regulated
charge for the same.

The Petitioner's address is 4 Battery Road, Bank of China
Building, Singapore
049908.

The Petitioner's solicitors are Messrs RAJAH & TANN of 4 Battery
Road, #15-01 Bank of China Building, Singapore 049908.

Dated this 19th day of January 2005.

Messrs RAJAH & TANN
Solicitors for the Petitioner.

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors,
Messrs Rajah & Tann of 4 Battery Road, #15-01 Bank of China
Building, Singapore 049908, notice in writing of his intention
to do so. The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
(if any) and must be served, or, if posted must be sent by post
in sufficient time to reach the Petitioner's solicitors not
later than twelve o'clock noon of 8th February 2005 (the working
day before the day appointed for the hearing of the Petition).


FORWARD INVESTMENT: Court to Hear Winding Up Petition on Feb.18
---------------------------------------------------------------
Notice is hereby given that a petition for the winding up of
Forward Investment Pte Ltd by the High Court was, on Jan. 18,
2005, presented by The Hong Kong and Shanghai Banking
Corporation Limited.

The petition will be heard before the Court sitting at Singapore
at 10:00 a.m. on Feb. 18, 2005.

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

The Petitioner is a Company incorporated in the Hong Kong SAR
and having its Singapore registered branch office at 21 Collyer
Quay, #14-01 HSBC Building, Singapore 049320.

The Petitioner's solicitors are Messrs Allen & Gledhill of One
Marina Boulevard #28-00, Singapore 018989.

Allen & Gledhill
Solicitors for the Petitioner

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to Mr. Desmond Ho of the
above named Allen & Gledhill, Solicitors for the Petitioner,
notice in writing of his intention to do so. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitor (if any) and must be served,
or, if posted, must be sent by post in sufficient time to reach
the above named not later than twelve o'clock noon of Feb. 17
2005.

This Singapore Government Gazette notice is dated Jan. 19, 2005.


HARLEY INVESTMENTS: Second Creditors Meeting Set Feb. 16
--------------------------------------------------------
Notice is hereby given the second meeting of the creditors of
the Harley Investments Pte Ltd will be held at 20 Cecil Street,
#12-02 & 03 Equity Plaza, Singapore 049705 on Wednesday, Feb.
16, 2005 at 11:00 a.m. for the following purposes:

Agenda

(1) To apprise creditors of the status of Liquidation;

(2) To appoint a Committee of Inspection; and

(3) Any other matters.

DON M HO, FCPA
Liquidator
c/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
20 Cecil Street
#12-02 & 03 Equity Plaza
Singapore 049705
Tel: 6532 0320 (8 lines)
Fax: 6532 0331

Note: To entitle you to vote thereat, your proof of debt must be
lodged at the Registered Office of the Company c/o Don Ho &
Associates not less than forty-eight hours before the time for
that purpose in the notice conveying the meeting at which it is
to be used.

This Singapore Government Gazette notice is dated Jan. 27, 2005.


WEE POH: Sells Upper Thomson Road Property
------------------------------------------
The Board of Directors of Wee Poh Holdings Limited announced
that Wee Poh Construction Co. (pte.) Ltd., a wholly owned
subsidiary of the Company, has on Nov. 25, 2004, granted an
option to Kent Corp (S) Pte Ltd to purchase WPC's property at
213 Upper Thomson Road, Singapore 574348. The Option was
exercised on Dec. 8, 2004.

Nature of the Property:

The Property is a 5-storey commercial cum residential building
with a total strata floor area of approximately 620 square
meters.

The Sale Price:

The sale price of the Property of SG$2,350,000 (excluding goods
and services tax) was arrived at on a willing seller willing
buyer basis and is to be satisfied in cash.

Terms and Conditions of the Sale

The Property was sold:

(a) on an ''as is where is" basis; and

(b) subject to the general conditions of "The Singapore Law
Society's Conditions of Sale 1999".

Value of the Property
The audited net book value of the Property as at 30 June 2004
was SG$3,000,000., on Sep. 9, 2004, DTZ Debenham Tie Leung (SEA)
Pte. Ltd. a firm of professional valuers, valued the Property at
SG$3,000,000 on open market basis.

Loss from the Sale
Based on the audited net book value of the property as at Jun.
30, 2004, the aggregate loss attributable to the sale was
SG$650,000. Given the weak property market, the Sales Price is
the best offer, which WPC and its sale agent can procure.

Effect on net tangible assets over share and earning's over
share.
The sale has no material effect on the net tangible assets per
share of the Company as at the end of, or the earnings per share
of the Company for, the most recent completed financial year.

Ratios calculated pursuant to Clause 1006 of the Singapore
Exchange Trading Limited Securities Listing Manual

Clause 1006(a) -The net asset value of the Property compared
with the Group's net asset value is not meaningful because both
the net asset value of the Property and the Group are negative
figures.

Clause 1 006(b) -The net profits attributable to the Property
compared to the Group's net profits is not meaningful because it
was not rented out third parties and because the Group suffered
a loss for its most recently completed financial year.

Clause 1 006 (c) -The proposed selling price of the Property
compared with the Company's market capitalization is
approximately 9.64% (based on the selling price of SG$2.35
million and the Company's market capitalization of approximately
SG$24.39 million as Dec. 22, 2004).

Clause 1006(d) -This is not relevant as there is no acquisition
by the Group.

Waiver from SGX-ST:

The Company has obtained a confirmation from SGX-ST on Jan. 11,
2005 that the Transaction is not a "Major Transaction" under
Rule 1014 of the SGX-ST Listing Manual and does not require
shareholders' prior approval for the Transaction.

Completion:

The proposed completion of the Transaction is set on the day
falling eight (8) weeks after the date on which the waiver from
SGX-ST is obtained.

Interests of Directors and Substantial Shareholders
None of the directors or substantial shareholders of the Company
has an interest, direct or indirect, in the Transaction.

By Order Of The Board
Wong Teck Kill
Chairman


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


INTER FAR EAST: Unveils Committee Changes
-----------------------------------------
Inter Far East Planner Company Limited, as the plan
administrator of Inter Far East Engineering Public Company
Limited, advised the Stock Exchange of Thailand (SET) that it
was required to increase the directors to meet the Articles of
Association stating that directors should not be less than five
persons.

Now, the Department of Business Development Ministry of Commerce
has completed the registration of changes during its January 25,
2005 Board of Directors consist of:

(1) Mr. Narong Taychachaiwong
(2) Mr. Sukhato Poummalee
(3) Mr. Damri Aimmanoj
(4) Mr. Yanyong Sonthimas
(5) Mr. Somnuk Laiwejpitaya
(6) Mrs. Somjai Viriyabanditkul
(7) Mr. Suthep Dansiriviroj
(8) Mr. Apichai Anukularmphai
(9) Mr. Sutee Satanasathaporn
(10) Mr. Somchai Jaitrong

Please be informed accordingly

Sincerely yours,
Mr. Narong Taychachaiwong
(Mr. Narong Taychachaiwong)
Inter Far East Planner Company Limited
The plan administrator

CONTACT:

Inter Far East Engineering Pcl
29 Soi Jitranukhroh,
Ramkhamhaeng 22 Road, Bang Kapi Bangkok
Telephone: 0-2318-3272
Fax: 0-2318-0574
Web site: http://www.ifct.co.th


K.C. PROPERTY: Unveils Resolution of Board Meeting
--------------------------------------------------
K.C. Property Public Company Limited advised the Stock Exchange
of Thailand (SET) that the Board of Directors' Meeting No.1/2005
of the Company held on January 25, 2005 has resolved to:

(1) Approved the scope of duties and responsibilities of the
Board of Directors.

(2) Approved the scope of duties and responsibilities of the
Audit Committee.

(3) Approved the scope of duties and responsibilities of the
Executive Board of Directors.

(4) Approved the scope of duties and responsibilities of the
President.

(5) Agreed with the adequacy of the Company's internal control
system.

(6) Approved the appointment of Kim Eng Securities (Thailand)
Public Company Limited as the Financial Advisor and Lead
Underwriter to underwrite the Company's increased capital issues
on a firm basis.

Please be informed accordingly.

Yours sincerely,
Mr.Somchai Vanavit
(Executive Vice President)

CONTACT:

K.C. Property Public Company Limited
18/1 Moo 11, Ramkhumheang Road
Saphan Sung Bangkok
Telephone: 0-2373-7788
Fax: 0-2373-4965


K.C. PROPERTY: Details Appointment of Audit Committee
-----------------------------------------------------
The Extraordinary Shareholders' Meeting of K.C. Property Public
Company Limited held on January 17, 2005 and the Board of
Directors Meeting No. 1/2005, held on January 25, 2005 have
passed the resolution on the appointment of the Audit Committee:

(1) Name Members of the Audit Committee

Chairman of the Audit Committee: Mr. Sunthorn Artamnuayviapas

Member of the Audit Committee: Mr. Panja Senadisai

Member of the Audit Committee: Miss Wilaiporn Pansrimangkorn

Secretary: Miss Pailin Dejworapat

(2) The Audit Committee of the Company has the following scope
of duties and responsibilities and shall report to the Company's
Board of Directors.

(1) To review the correctness and sufficiency of the Company's
financial report, both quarterly and annually, by coordinating
with the auditor and the management who are responsible in
preparing the financial reports.

The Audit Committee may request the auditor to review or audit
any transactions which are materially significant.

(2) To review the suitability and effectiveness of the Company's
internal control system and internal audit functions.

(3) To review the Company's compliance with the law on
Securities and Exchange Acts, regulations of the Stock Exchange
of Thailand, and any other relevant regulation and law.

(4) To consider, select and propose to appoint the Company's
external auditor and audit fee, by taking into account the
credential, supporting staffs, capacity and experience of the
auditing office.

(5) To consider the correctness and adequacy of disclosure for
both related transactions and conflict of interest transactions.

(6) To perform any other duties, as assigned by the Board of
Directors, given acceptance from the Audit Committee. i.e.
reviewing the financial policies, risk management and business
codes of conduct with the management. Some important reports
required by the regulations to be disclosed to the public, such
as the analysis and management report, etc.

(7) To prepare the Audit Committee report, to be certified by
the Chairman of the Audit Committee, and disclose it in the
Company's annual report.

- The opinion regarding the preparation and disclosure the
Company's financial data, its correctness, completeness and
reliability.

- The opinion regarding the sufficiency of the Company's
internal control.
- The reason to believe that the Company's auditor is suitable
to be appointed for another term.

- The opinion regarding compliance to the rules governing the
security and exchange, the regulations of Security Exchange or
laws governing the Company's business.

- Any other reports that shareholders or investors should know
under the scope of performance of Audit Committee assigned by
the Board of Directors.

(3) The terms of holding office.

(i) Chairman 2 years

(ii) Members 2 years

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

Mr. Apisit Ngarmachariyakul
Director

Mr. Somchai Vanavit
Director





                            *********


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

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