---

        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

             Tuesday, September 27, 2005, Vol. 8, No. 191

                            Headlines

A U S T R A L I A

A.C.N. 084 152 429: Set to Declare Dividend
AIR NEW ZEALAND: Sets Issue Price on Dividend Reinvestment Plan
ALLSTATE EXPLORATIONS: Bank Accused of 'Monstering' Creditors
AYRSHIRE FLOORING: Liquidator to Detail Wind Up Manner
CCF PTY: Members Resolve to Wind Up Business

CEASEFIRE SPRINKLER: Enters Liquidation
DAVID NORMAN: Schedules Final Meeting on Oct. 4
EASTGATE GROVE: Members Decide to Close Operations
HADOLIGHT PTY: Liquidator to Distribute Company Assets
H.&M. MACHAR: Distributes Dividend to Creditors

INTERNATIONAL ELECTRIC: Court Orders Liquidation
JAMES HARDIE: Unions Take Asbestos Compo Case to Gov't
KADIS NOMINEES: Court Orders Winding Up
LEARNING NETWORK: Names Bill Acton Liquidator
MYSHINER PTY: Members, Creditors to Get Wind Up Report

O'S TRANSPORT: Appoints Official Liquidators
PACIFIC GROWTH: Creditors Asked to Submit Debt Claims
PEREIRA HOLDING: Wind Up Proceedings Initiated
PRO-PRINT AUSTRALIA: Members Opt for Voluntary Liquidation
QANTAS AIRWAYS: Submits to New Security Measures

MYER LIMITED: Stores May Turn Into Property Development
SANDARAMA PTY: Liquidator to Discuss Wind Up to Members
SANTOS LIMITED: Farmin, Share Subscription Completed
STRATHFIELD: Notes Conversion Ration Changes After Rights Issue
TELSTRA CORPORATION: Case May Put Crazy John's Deal at Risk

TIMBATOP PTY: Pays Out Dividend
TRI TECH: Shuts Down Business
ZXENAD PTY: Members Decide to Wind Up Business


C H I N A  &  H O N G  K O N G

ARTS TAISEI: High Court Orders Winding Up
ASCEND DYEING: Creditors' Proofs of Claims Due October 8
CELEASIA COMPANY: Prepares to Shut Down Business
CHARISMA FASHION: Court Issues Winding Up Notice
ELITE SHIPPING: Winding Up Hearing Set October 26

FIRST DRAGONCOM: Served More Writs of Summons
GOOD YIELD: Winding Up Process Initiated
HON KEI: Schedules Winding Up Hearing November 16
HON PO: First Half Net Loss Narrows to HK$6.34 Mln
NAM FONG: Swings to HK$146-Mln Net Profit

RFCI (HK) LIMITED: Creditors Meeting Fixed October 7
UNIVERSAL ENGINEERING: Poised to Cease Operations
* HK Banking System Outlook Stable to Positive, Says Moody's


I N D I A

BHARAT PETROLEUM: Bina Project Wins Tax Break
BHARAT PETROLEUM: In Talks with NCDEX for Furnace Oil Trading


I N D O N E S I A

PERTAMINA: Signs MOU with Malaysian Firm to Develop Projects
PERTAMINA: U.S. Hurricane Blocks Oil Imports


J A P A N

KANEBO LIMITED: To Dispose of Fashion Unit
MITSUBISHI MOTORS: Future in Australia Rests on New 380 Model
MITSUBISHI MOTORS: All-New 2006 Raider Truck Goes on Sale
NIKKATSU CORPORATION: Index Corp. to Take 70% Stake
SONY CORPORATION: Rating on Review for Possible Downgrade

SONY CORPORATION: Shares Tumble on Doubts Over Profit Recovery


K O R E A

ASIANA AIRLINES: Inks New Code Share Agreement
JINRO INDUSTRIES: Exits from Court Receivership
LG CARD: Sale Kicks Off Next Month


M A L A Y S I A

ANCOM BERHAD: Aims to Amend Articles of Association
DUOPHARMA BIOTECH: Bourse to List, Quote New Shares Today
HAP SENG: Buys Back Ordinary Shares
I-BERHAD: Acquires New Ordinary Shares
KENMARK INDUSTRIAL: Board Shelves Proposal

MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
MEDIA PRIMA: Completes Proposed Acquisition
MEDIA PRIMA: New Shares Up for Listing
METROPLEX BERHAD: Net Loss Shrinks in 2Q
MTD CAPITAL: Passes All AGM Resolutions

TANCO HOLDINGS: Court OKs Request to Hold Meeting
TANJONG PUBLIC: Updates on Proposed Investment
TELEKOM MALAYSIA: Adds New Shares for Listing, Quotation
TELEKOM MALAYSIA: Amends Call, Put Option Agreement
TRANSOCEAN HOLDINGS: Unit Inks SPA with A&P Acquarium System


P H I L I P P I N E S

ABS-CBN BROADCASTING: Court Junks GMA's Unfair Trade Complaint
ATLAS CONSOLIDATED: Postpones PSE Listing
COLLEGE ASSURANCE: Court OKs Debt Reprieve
LIGHT RAIL: WB Says Public-tender Offer Best Option for Gov't
MAYNILAD WATER: Gov't Wants Firm Placed on Auction Block

NATIONAL BANK: Confirms FSA's Administrative Actions
NATIONAL FOOD: Teams Up with PNP on Rice Supply, Prices Watch


S I N G A P O R E

ACCORD CUSTOMER: Announces Changes in its Board Committees
ACCORD CUSTOMER: Top Officials Accused of Cheating
BAN LIAN: Court Issuesd Winding Up Order
CITIRAYA INDUSTRIES: Court OKs Six-Week Restructuring Plan
FLEXTECH HOLDINGS: Creates Supplemental Agreement

OCEAN TRADERS: Creditor Seeks Winding Up
REGION AIR: Pays Dividend to Creditors


T H A I L A N D

PICNIC CORPORATION: SET Halts Trading of Securities
TONGKAH HARBOUR: Unveils New Audit Committee Members
BOND PRICING: For the Week 26 September to 30 September 2005

     -  -  -  -  -  -  -  -

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

A.C.N. 084 152 429: Set to Declare Dividend
-------------------------------------------
A.C.N. 084 152 429 will declare a first and final dividend on
Sept. 27, 2005.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims today,
Sept. 27, 2005. If they do not, they will be excluded from the
benefit of the dividend.

Dated this 25th day of August 2005

Anthony Sims
Liquidator
SimsPartners Chartered Accountants
Level 24, Australia Square
264 George Street
Sydney NSW 2000


AIR NEW ZEALAND: Sets Issue Price on Dividend Reinvestment Plan
---------------------------------------------------------------
On 29 August 2005 Air New Zealand Limited (Air New Zealand)
declared a final year dividend of 2.5 cents per ordinary share.
Air New Zealand now advised that it has set an issue price of
NZ$1.1472 per share for the purposes of calculating additional
share entitlements under Air New Zealand's Dividend Reinvestment
Plan.

In accordance with the terms of the Dividend Reinvestment Plan,
the issue price is 97.5% of the volume weighted average sale
price of Air New Zealand's ordinary shares (expressed in cents
and fractions of cents and converted into New Zealand dollars at
the rate displayed at 11.10am on the date of calculation on the
Reuters Monitor Screen Page RBNZ01) calculated on all sales of
shares (excluding large or unusual trades) which took place
through the NZSX and ASX on the first five trading days on which
the shares trade ex-entitlement on the NZSX for the dividend.

Shareholders who have elected to participate in the Dividend
Reinvestment Plan will apply all or part of their dividend to
subscribe for new Air New Zealand ordinary shares. The number of
additional ordinary shares that a participant in the Dividend
Reinvestment Plan will receive will be calculated by multiplying
the net dividend per share by the number of that participant's
participating shares and then dividing that number by the issue
price of NZ$1.1472.

Any fractional entitlements will be rounded down to the nearest
whole number. The ordinary shares issued pursuant to the
Dividend Reinvestment Plan will be allotted on the date the
dividend is paid, currently scheduled to be 29 September 2005.

For New Zealand tax resident shareholders the dividend is fully
imputed. No resident withholding tax is deducted. The dividend
of 2.5 cents per ordinary share can be fully reinvested.

For Australia tax resident shareholders the net dividend
(including a supplementary dividend of 0.4412 cents per ordinary
share (payable subject to any necessary approvals being
obtained), less non resident withholding tax) will be 2.5 cents
per ordinary share and this can also be fully reinvested. No
Australian franking credits will be allocated to the dividend
payments.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


ALLSTATE EXPLORATIONS: Bank Accused of 'Monstering' Creditors
-------------------------------------------------------------
A court appointed investigator is expected to come in to
determine whether Macquarie Bank "monstered" creditors of gold
miner Allstate Explorations into approving a deal for the
investment bank to buy AU$77 million on inter-company loans for
just AU$300,000, The Australian says.

An Allstate shareholder has called on the New South Wales (NSW)
Supreme Court to decide whether a special purpose administrator
should be appointed to review the deal, which effectively gave
the bank the first claim on Allstate's profits.

The miner, manager of the profitable Beaconsfield goldmine near
Launceston, fell into administration in June 2001.

Lawyers for Allstate and its administrators, Perth insolvency
firm Taylor Woodings, challenged the power of the court to
appoint a special purpose administrator to Allstate. But Honest
Remark, a family company owned by Allstate shareholder Jeffrey
Knapp, is seeking the replacement of Taylor Woodings.

While creditors have been repaid most of their claims, Allstate
shareholders are likely to receive nothing unless the company
shares, suspended since 2001, are relisted on the Australian
Stock Exchange.

Documents submitted to the court said the legal action was
supported by other Allstate shareholders, including Beaconsfield
Gold. But the biggest shareholder, Newmont Mining, has declined
to support the action.

Judge Paul Brereton summed up Honest Remark's lengthy claims,
saying the shareholder had accused Macquarie Bank of "monstering
everyone else to get its own way". But for the transfer of the
debt, Honest Remark would claim the Allstate group might now be
out of external control.

Honest Remark claims the administrator has refused to give it an
explanation for Macquarie's decision to promote voluntary
administration rather than appoint a receiver.

Counsel for Allstate, Michael Pembroke SC, said Honest Remark
would claim Macquarie's actions had effectively "pulled the rug"
from under the creditors and shareholders.

The case continues.


AYRSHIRE FLOORING: Liquidator to Detail Wind Up Manner
------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Ayrshire Flooring Pty Limited will be held at the
offices of Stephen Baker & Co., Suite 2, 98 Woolwich Road
Woolwich NSW 2110, on Oct. 4, 2005, 9:00 a.m. 4 October 2005, to
present the liquidator's final account and report and to give
any explanation thereof.

Dated this 29th day of August 2005

Stephen Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110


CCF PTY: Members Resolve to Wind Up Business
--------------------------------------------
Notice is hereby given that at a general meeting of CCF Pty
Limited held on Aug. 25, 2005, it was resolved that the Company
be wound up voluntarily, and that Michael Gerard McCann of Grant
Thornton Chartered Accountants, Level 4, Grant Thornton House,
102 Adelaide Street, Brisbane, be appointed Liquidator for such
purpose.

Dated this 25th day of August 2005

Michael G. McCann
Liquidator
Grant Thornton Chartered Accountants
Level 4, Grant Thornton House
102 Adelaide Street, Brisbane


CEASEFIRE SPRINKLER: Enters Liquidation
---------------------------------------
Notice is hereby given that at a meeting of members of Ceasefire
Sprinkler Systems Pty Limited held on Aug. 22, 2005, it was
resolved that the Company be wound up voluntarily, and that
Nicholas Crouch of Crouch Insolvency Chartered Accountants,
Level 28, St. Martins Tower, 31 Market Street, Sydney NSW 2000
be appointed Liquidator for the winding up.

Dated this 23rd day of August 2005

Nicholas Crouch
Crouch Insolvency Chartered Accountants
Level 28, St. Martins Tower
31 Market Street, Sydney NSW 2000


DAVID NORMAN: Schedules Final Meeting on Oct. 4
-----------------------------------------------
Notice is hereby given that the final meeting of the members of
David Norman Developments and Investment Co. Pty Limited will be
held on Oct. 4, 2005, 11:00 a.m. at the offices of Jones Condon
Chartered Accountants, Level 1, 34 Charles Street, Parramatta,
NSW to lay before the meeting an account showing the manner of
the winding up and disposal of the property of the Company, and
to give any explanation thereof.

Dated this 22nd day of August 2005

Schon Condon RFD
Liquidator
c/o Jones Condon
Chartered Accountants
Phone: 9893 9499


EASTGATE GROVE: Members Decide to Close Operations
--------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
Eastgate Grove Pty Limited held on Aug. 24, 2005, it was
resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 be appointed Liquidator for such
winding up.

Dated this 25th day of August 2005

Gregory S. Andrews
Liquidator
G. S. Andrews & Assocs.
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax:   03 9662 9544


HADOLIGHT PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Hadolight Pty Limited duly convened and held on Aug. 19, 2005,
the following special resolutions were passed:

That the Company be wound up voluntarily.

That the Liquidator may divide amongst the contributories (in
specie) any part of the Company.

Notice is hereby given that after 28 days from the date of this
announcement, the Liquidator shall proceed to distribute the
Company's assets. All creditors having claims against the
Company should furnish particulars of the claim by that date,
otherwise the Liquidator will proceed to distribute the assets
without regard to their claim.

Dated this 30th day of August 2005

G. G. Woodgate
Liquidator
c/o Woodgate & Co.
Phone: 02 9233 6088


H.&M. MACHAR: Distributes Dividend to Creditors
-----------------------------------------------
H.&M. Machar Pty Limited will declare a first and final dividend
on Sept. 28, 2005, in respect of the claims of its preferential
creditors.

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

Dated this 16th day of August 2005

N. Giasoumi
Liquidator
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road
Hawthorn 3122


INTERNATIONAL ELECTRIC: Court Orders Liquidation
------------------------------------------------
On Aug. 25, 2005, the Federal Court of Australia ordered the
provisional liquidation of International Electric Motors Pty
Limited, and appointed G. A. Crisp as the liquidator for the
winding up.

Dated this 26th day of August 2005

G. A. Crisp
Provisional Liquidator
c/o RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne Vic 3000


JAMES HARDIE: Unions Take Asbestos Compo Case to Gov't
------------------------------------------------------
The New Zealand Council of Trade Unions (CTU) will discuss with
the Government the in adequacy of compensation for asbestos
victims.

CTU President Ross Wilson said the Inquiry into James Hardie
Industries in Australia has sparked doubts about the adequacy of
compensation under New Zealand's Accident Compensation
Commission (ACC) for asbestos victims and other occupational
diseases.

If ACC succeeded in its appeal in the Lehmann case to deny
asbestos victims of lump sum compensation, the ACC scheme would
not meet the international minimum standards required by
International Labor Organization Convention 42.

"The ACC scheme then becomes nothing more than a shield to
protect companies like James Hardie from common law liability
for damages," Mr. Wilson said.

Even if the Lehmann decision was confirmed, the Australian
awards being discussed highlighted the relatively low level of
lump sum compensation under ACC.

"It is unacceptable for ACC to breach international legal
requirements by denying asbestos victims fair compensation."

There were also issues, which arose out of the failure of
Government agencies to implement recommendations of the report
of the 1991 Asbestos Advisory Committee, Mr. Wilson added.

CONTACT:

Investor and Analyst Inquiries:

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


KADIS NOMINEES: Court Orders Winding Up
---------------------------------------
On Aug. 22, 2005, the Supreme of New South Wales, Equity
Division ordered that Kadis Nominees Pty Limited be wound up,
and appointed Brial Silva to be Liquidator for such purpose.

Dated this 24th day of August 2005

Brian Silva
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


LEARNING NETWORK: Names Bill Acton Liquidator
---------------------------------------------
At a general meeting of the members of Learning Network
Australia Limited held on Aug. 20, 2005, the following special
resolution was passed:

That the members endorse the LNA Board of Directors'
recommendation to voluntarily wind up the Company. The
resolution was carried unanimously.

Bill Acton of Acton Campbell & Co., 198 Ross River Road,
Aitkenvale, Qld 4814 was appointed Administrator for the winding
up.

Dated this 31st day of August 2005

Debra Rule
Chairperson of the Board of Directors
c/o Learning Network Australia
1/39 Elgin Street, Alderley Qld 4051


MYSHINER PTY: Members, Creditors to Get Wind Up Report
------------------------------------------------------
Notice is hereby given that the final meeting of members and
creditors of Myshiner Pty Limited will be held on Oct. 4, 2005,
10:30 a.m. at the offices of Stephen Baker & Co., Suite 2, 98
Woolwich Road, Woolwich NSW 2110, to present the Liquidator's
account and report, and to give any explanation thereof.

Dated this 29th day of August 2005

Stephen Baker
Liquidator
Stephen Baker & Co.
Suite 2, 98 Woolwich Road
Woolwich NSW 2110


O'S TRANSPORT: Appoints Official Liquidators
--------------------------------------------
At an extraordinary general meeting of O'S Transport Pty Limited
convened and held on Aug. 23, 2005, Riad Tayeh and Antony de
Vries were appointed Joint Liquidators for the winding up of the
Company.

Dated this 23rd day of August 2005

Antony de Vries
Riad Tayeh
Joint Liquidators
de Vries Tayeh
c/o Level 3, 95 Macquarie Street
Parramatta NSW 2150


PACIFIC GROWTH: Creditors Asked to Submit Debt Claims
-----------------------------------------------------
Creditors of Pacific Growth Investments Pty Limited whose debts
or claims have not already been admitted, are required on or
before Sept. 30, 2005 to prove their debts or claims, and to
establish any title they may have to priority by delivering or
posting a formal Proof of Debt or claim in accordance with Form
535 or 536 containing their respective debts or claims to the
Company Liquidator. If they do not, they will be excluded from:

- the benefit of any distribution made before their debts or
claims are proved or their priority is established; and

- objecting to the distribution.

Dated this 23rd day of August 2005

Robert Hudson
Liquidator
KordaMentha (Qld)
Level 2, Corporate Centre One
2 Corporate Court, Bundall Qld 4217
Phone: 07 5574 1322
Fax:   07 5574 1433


PEREIRA HOLDING: Wind Up Proceedings Initiated
----------------------------------------------
Notice is hereby given that at a general meeting of members of
Pereira Holding Pty Limited held on Aug. 19, 2005 it was
resolved that the Company be wound up voluntarily, and Sule
Arnautovic was appointed Liquidator of the Company for such
purpose.

Dated this 29th day of August 2005

Sule Arnautovic
Liquidator
Jirsch Sutherland Chartered Accountants
Level 2, 84 Pitt Street
Sydney NSW 2000
Phone: 02 9233 2111
Fax:   02 9233 2144


PRO-PRINT AUSTRALIA: Members Opt for Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that at a meeting of members of Pro-print
Australia Pty Limited held on Aug. 22, 2005, it was resolved
that the Company be wound up voluntarily, and that Nicholas
Crouch of Crouch Insolvency Chartered Accountants, Level 28, St
Martins Tower, 31 Market Street, Sydney NSW 2000 be appointed
Liquidator for the winding up.

Dated this 22nd day of August 2005

Nicholas Crouch
Crouch Insolvency Chartered A ccountants
Level 28, St. Martins Tower
31 Market Street, Sydney NSW 2000


QANTAS AIRWAYS: Submits to New Security Measures
------------------------------------------------
Qantas Airways said that it supported the new security measures
for Australia's airports announced by the Prime Minister last
week.

The Chief Executive Officer of Qantas, Mr. Geoff Dixon, said the
new measures were consistent with Qantas' submission to the
Wheeler review of security and policing at Australia's airports.

He said Qantas also supported the integration of Federal and
State police activities under the control of dedicated Airport
Police Commanders at CTFR airports, and the deployment of State
police for general crime management.

"Given the considerable security costs already borne by airlines
- and particularly Qantas in Australia - we do not believe the
funding of additional measures should be another impost on the
industry," Mr. Dixon said.

"We therefore support Sir John Wheeler's recommendation that
Government fund the provision of general policing and the CTFR
function at Australian's 11 major airports," he said.

Mr. Dixon said that Qantas alone had spent more than $260
million on security measures in the last financial year - an
increase of more than 220 per cent on security costs for
2000/2001.

CONTACT:

Qantas Airways Limited
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


MYER LIMITED: Stores May Turn Into Property Development
-------------------------------------------------------
Coles Myer's boss has refused to rule out the possibility that
the stores of its flagship unit Myer Limited may be sold
separately paving the way for it to be bulldozed in a property
development.

Chief Executive John Fletcher told the Australian there is a
chance the Myer stores will not be sold as one. He said the firm
will still have to see the views of others, about the value they
have in the store, before the retailer could make a decision.

Coles Myer had received indications of interest from 13 parties
on possibly acquiring the group's struggling Myer department
stores.

Myer Limited has been underperforming in 2004-05, making AU$38.6
million for the year but losing AU$15 million in the second
half.

Coles Myer, Australia's biggest retailer, is calling for
interested parties to put in bids over the next few weeks as it
considers a sale, spin-off or retention of the 61 Myer stores.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


SANDARAMA PTY: Liquidator to Discuss Wind Up to Members
-------------------------------------------------------
Notice is given that a final meeting of members of Sandarama Pty
Limited will be held on Oct. 4, 2005, 12:00 p.m. at Level 13, 15
Lake Street, Cairns.

The purpose of the meeting is to receive the Liquidator's
account showing how the winding up was conducted and the
property of the Company disposed of, and to receive any
explanation of the account.

Accounts have been compiled in accordance with section 539(1),
and are available for inspection at Level 13, 15 Lake Street,
Cairns during normal business hours.

Dated this 10th day of August 2005

Gerry Mier
Liquidator
KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870
Phone: 07 4046 8888


SANTOS LIMITED: Farmin, Share Subscription Completed
----------------------------------------------------
Caspian Oil & Gas Limited announced that Santos International
Operations Pty Ltd (Santos), a wholly owned subsidiary of Santos
Limited, a major Australian oil and gas exploration and
production company, has completed its due diligence
investigations and executed contracts formalizing the previously
announced August 2005 letter agreement to:

- farm into Caspian's oil projects in the Kyrgyz Republic; and

- subscribe for 100 million fully paid ordinary shares at an
issue price of three cents per share to raise AU$3 million.

Santos has also exercised its option to subscribe for an
additional 40 million fully paid shares at an issue price of
five cents per share to raise an additional AU$2 million, taking
its equity in Caspian to approximately 17.7%.

A condition to the Santos Subscription Agreement requires
Caspian to settle its outstanding liabilities to the vendors of
the Kyrgyz oil projects immediately rather than on the deferred
basis previously agreed with the vendor. Consequently, Caspian
will now proceed to issue 30 million fully paid ordinary shares
and make payment of US$2 million in full and final settlement of
all liabilities to the vendor of the oil projects.

The Farmin Agreement provides for Santos to:

- sole fund, manage and operate staged work programs  up to the
value of US$28 million over all of the licenses to earn an 80%
interest in those projects over a period of approximately
four years; and

- pay a cash consideration of US$1 million for use of the
technical database relating to the Kyrgyz operations.

The Kyrgyz oil projects covering approximately 16,500 sq km are
currently owned 100% by Caspian subsidiary JSC Textonic. With
the exception of the Aksai prospecting license, they are
situated in the Fergana Basin, an established oil producing
region with a production history dating back over a century.

Three Santos teams have commenced work on the projects. Two
geological teams are assessing the geology on the deeper
prospects and one team is conducting a review of the production
potential from shallow structures on the northern Fergana
licenses.

Farm-in Arrangements

As outlined in the August 2005 announcement, there are
effectively two separate facets of the proposed joint venture
arrangement between Santos and the Company - a farmin to all of
the licenses, focusing on the deeper potential, and a farmin to
the shallow potential of some of the northern Fergana licenses
subject to a review of those projects.

Santos can incur staged expenditure of US$24 million as
indicated below to earn an 80% interest in all of the licenses,
excluding the shallow production potential down to 1,000m depth
on the northern Fergana licenses of Charvak, Ashvaz, East
Mailisu and West Mailisu.

- Minimum expenditure of US$3 million by December 31, 2006 on,
amongst other things, field work and data review, including the
planning of a targeted 2D seismic programme (Phase 1);

- Minimum expenditure of US$6 million by June 30, 2008 on 2D
seismic and/or the drilling of one or more wells (Phase 2); and

- Minimum expenditure of US$15 million by June 30, 2009 on
drilling programs (Phase 3).

At its sole discretion, Santos may withdraw from the farm-in at
the end of Phase 1 or end of Phase 2. If Santos elects to
withdraw before completing the US$24 million in expenditure it
does not retain any equity in the oil projects.

Santos has the discretion to change the content of the expected
work programme, in consultation with Caspian, as dictated by the
technical demands that emerge over the implementation of the
programme, whilst expending the committed amounts thereon.

Santos will completed a feasibility study by January 1, 2006 to
determine whether it will participate in the development of the
shallow northern prospects (defined as to a depth of up to
1,000m at the Charvack, East Mailisu, West Mailisu and Ashvaz
licenses). If its decides to proceed with the development,
Santos must sole fund expenditure of US$2 million by December
31, 2006 and a Caspian may develop these shallow structures on
its own or farm them out to another operator. This arrangement
has the potential to elevate Caspian to a producer status within
a relatively short period of time.

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


STRATHFIELD: Notes Conversion Ration Changes After Rights Issue
---------------------------------------------------------------
Strathfield Group Limited (Strathfield) recently completed a
successful rights issue to raise AU$13.9 million.

Under the conditions of Issue of Convertible Subordinated Notes,
which govern Strathfield's listed convertible notes (SRAG), the
conversion ration of the Notes changes as a result of the Rights
Issue.

The previous conversion ration was 1.096 shares for each one (1)
note.
The new conversion ratio is 1.361 shares for each one (1) note.

The issue price per note was 45 cents (conversion price) with
interest payable at 11% per annum in June and December, with a
maturity date of December 31st 2005. The notes may be converted
on a quarterly basis and on certain events occurring. As a
result of the above, the effective conversion price would be
approximately 33 cents per note.

The conversion ratio will only change in accordance with
conditions of issue, which include Rights Issue, Bonus Issue and
other forms of capital reconstruction.

CONTACT:

Strathfield Group Ltd
PO Box 1057,
Burwood North, NSW 2134
Australia
Head Office Phone: (02) 9747 7777
International: +61 2 9747 7777
Fax Head Office: (02) 9747 7882
Web site: http://www.strathfield.com


TELSTRA CORPORATION: Case May Put Crazy John's Deal at Risk
-----------------------------------------------------------
The fate of Telstra Corporation's AU$400-million phone revenue
hangs on the outcome of an AU$33-million lawsuit brought by
mobile dealer Crazy John's and due to be heard next year, The
Age reports.

The AU$33 million consists of two amounts - one for AU$21
million and the other for AU$12 million - that Telstra demanded
from Crazy John's, saying it had overpaid the dealer's trailing
commissions.

Crazy John's paid the first AU$21 million and immediately sued
for its return, alleging Telstra's billing system was inaccurate
and unable to substantiate the overpayment claim.

On the second demand for alleged overpayments in 2004, Crazy
John's applied for an injunction in the Federal Court in
Melbourne seeking a stay of payment until its preceding claim
against Telstra had been decided.

This application was dismissed on Friday by Justice Marck
Weinberg, who noted in his decision that "somewhat unusually in
a case of this type each party has filed voluminous affidavit
material".

The judge said there were "serious questions to be tried" and
that evidence suggested Telstra's accounting system had
failings.

Crazy John's contract with Telstra has until June 2007 to run,
but the dealer has confirmed that it is considering its options
and is likely to terminate its dealer contract and move to
become a mobile virtual network operator (MVNO), buying network
capacity from the best bidder among the four major mobile
carriers, Telstra, Optus, Hutchison and Vodafone.

Crazy John's services 500,000 customers which, though they were
signed up by the dealer, get their bills from Telstra.

Under an MVNO arrangement, even if Crazy John's bought its
network capacity from Telstra, billing and service would come
from Crazy John's.

CONTACT:

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne , Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


TIMBATOP PTY: Pays Out Dividend
-------------------------------
Timbatop Pty Limited will declare a first and final dividend for
its priority employee creditors on Sept. 28, 2005.

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

Dated this 23rd day of August 2005

W. B. Rangott
Liquidator
Rangott Slaven Hundy
Unit 12, Level 3, Engineering House
11 National Circuit, Barton ACT 2600
Phone: 02 6285 1430
Fax:   02 6281 1966


TRI TECH: Shuts Down Business
-----------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Tri Tech Refrigeration Pty Limited held on
Aug. 25, 2005, it was resolved that the Company be wound up
voluntarily and at a meeting of creditors held later that day,
it was resolved that Nicholas Giasoumi and Roger Darren Grant,
Registered Liquidators of Suite 8 260 Auburn Road, Hawthorn 3122
be appointed joint and several liquidators.

Dated this 25th day of August 2005

Nicholas Giasoumi
Roger D. Grant
Joint Liquidators
Dye & Rennie
Chartered Accountants
Suite 8, 260 Auburn Road
Hawthorn 3122


ZXENAD PTY: Members Decide to Wind Up Business
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Zxenad Pty Limited held on Aug. 26, 2005, it was resolved
that the Company be wound up voluntarily, and that Michael
Edward Slaven of Rangott Slaven Hundy, Level 3, Engineering
House, 11 National Circuit, Barton ACT 2600 be appointed
Liquidator for such purpose.

Dated this 6th day of September 2005

Michael E. Slaven
Liquidator
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit
Barton ACT 2600


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

ARTS TAISEI: High Court Orders Winding Up
-----------------------------------------
Arts Taisei Denki Limited whose place of business is located at
Room 2205, 22/F, 655 Nathan Road, Mongkok, Kowloon was issued a
winding up order notice by the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
September 14, 2005.

Date of Presentation of Petition: July 5, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


ASCEND DYEING: Creditors' Proofs of Claims Due October 8
--------------------------------------------------------
Ascend Dyeing Works Limited issued a notice of intended
preferential dividend in the High Court of the Hong Kong Special
Administrative Region Court of First Instance.

Registered Office and Liquidator's Address: 10th Floor,
Queensway Government Offices, 66 Queensway, Hong Kong.

Last Day of Receiving Proofs: October 8, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver & Liquidator


CELEASIA COMPANY: Prepares to Shut Down Business
------------------------------------------------
Celeasia Company Limited whose place of business is located at
Flat E, 19th Floor, Block 1, Kingswin Industrial Building, 42-50
Leo Muk Road, Kwai Chung, New Territories was issued a winding
up order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on September 12,
2005.

Date of Presentation of Petition: June 23, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


CHARISMA FASHION: Court Issues Winding Up Notice
------------------------------------------------
Charisma Fashion Company Limited whose place of business is
located at Flat D, 3/F, Wing Hin Factory Building, 226-228 Choi
Hung Road and 31-33 Ng Fong Street, Kowloon was issued a winding
up order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on September 14,
2005.

Date of Presentation of Petition: July 5, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


ELITE SHIPPING: Winding Up Hearing Set October 26
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Elite Shipping (HK) Company Limited by the High Court of Hong
Kong Special Administrative Region was on August 29, 2005
presented to the said Court by Proway Forwarding Inc. whose
registered office is situated at 428 S. Atlantic Blvd. #218,
Monterey Park, CA 91754, U.S.A.

The said Petition is directed to be heard before the Court at
9:30 a.m. on October 26, 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.

MESSRS. KING & COMPANY
Solicitors for the Petitioner
12th Floor, New World Tower 11
18 Queen's Road Central
Central, Hong Kong

Note: Any person who intends to appear on the hearing of the
said petition must serve on or send by post to the abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of October 25, 2005.


FIRST DRAGONCOM: Served More Writs of Summons
---------------------------------------------
The Board of First Dragoncom Agro-Strategy Holding Limited would
like to amend certain information as contained in the
announcement of the Company dated September 13, 2005.

Two writs of summons have been served on the Company, relating
to the two statutory demands mentioned in the announcement on
the Company dated September 13, 2005.

The Company is required to satisfy the claims stated in the two
writs of summons within 14 days after their respective service
on the Company. As at the date of this announcement, the Company
does not have the financial resources to satisfy in full the
claim stated in either of the two writs of summons.

Further announcements will be made to keep shareholders informed
of the developments.

By Order of the Board
First Dragoncom Agro-Strategy Holdings Ltd.
Lau Man Kin
September 22, 2005

Executive Director

At the request of the Company, trading in the securities of the
Company has been suspended from 9:30 a.m. on April 29, 2005 and
will remain suspended until further notice.

To view a full copy of this press release and the company's
September 13 announcement, please go to
http://bankrupt.com/misc/tcrap_dragoncomSep13report.pdf
http://bankrupt.com/misc/tcrap_draoncomSep22report.pdf

CONTACT:

First Dragoncom Agro-strategy Hold Ltd
Unit 2302, 23rd Floor
Far East Finance Centre
16 Harcourt Road
Admiralty, Hong Kong
Phone: 25265338
Fax: 25369223
Web site: http://www.dragoncom.com


GOOD YIELD: Winding Up Process Initiated
----------------------------------------
Good Yield Enterprises Limited whose place of business is
located at Flat D, 3/F, Wing Hin Factory Building, 226-228 Choi
Hung Road and 31-33 Ng Fong Street, Kowloon was issued a winding
up order notice by the High Court of the Hong Kong Special
Administrative Region Court of First Instance on September 14,
2005.

Date of Presentation of Petition: July 5, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


HON KEI: Schedules Winding Up Hearing November 16
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of Hon
Kei Industrial Company Limited by the High Court of Hong Kong
Special Administrative Region was on September 12, 2005
presented to the said Court by Hon Kei Industrial Company
Limited whose registered office is located at Flat 1, 2, 7 & 8,
7th Floor, Block A, Del Ya Industrial Centre, Shek Pai Tau Road,
Tuen Mun, New Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on November 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.

KNIGHT & HO
Solicitors for the Petitioner
Rooms 2207 - 2210, 22nd Floor
World-Wide House
19 Des Voeux 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 abovenamed,
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 abovenamed not
later than six o'clock in the afternoon of November 15, 2005.


HON PO: First Half Net Loss Narrows to HK$6.34 Mln
--------------------------------------------------
Hon Po Group (Lobster King) releases its financial results for
the business year ended June 30, 2005.

Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Both Audit Committee and Auditors

                                                (Unaudited )
                                  (Unaudited)       Last
                                 Current       Corresponding
                                 Period             Period
                                from 01/01/2005  from 01/01/2004
                               to 30/06/2005      to 30/06/2004
                               Note  ('000)       ('000)

Turnover                           : 88,577             156,615
Profit/(Loss) from Operations      : (6,253)            (29,213)
Finance cost                       : (64)               (886)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (6,341)            (32,049)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0433)           (0.0509)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (6,341)            (32,049)
Interim Dividend                   : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

1.  Basis of Preparation and Principal Accounting Policies

In preparing these condensed consolidated interim financial
statements, the directors of the Company have given careful
consideration to the future liquidity of the Group in light of
the Group's net liabilities of HK$33,456,000 at 30 June 2005 and
net loss of HK$6,341,000 for the six month period then ended.

Subsequent to period end, according to the First Placing
Agreement and Second Placing Agreement, the Company successful
raised general working capital and extra funding approximately
of HK$137 million in July 2005 and August 2005.

In light of the above, the directors of the Company have
prepared these condensed consolidated interim statements on a
going concern basis.

These condensed consolidated interim financial statements of the
Group have been prepared in accordance with Hong Kong Accounting
Standard (HKAS) 34: Interim Financial Reporting and other
relevant HKASs and Interpretations, the Hong Kong Financial
Reporting Standards (HKFRSs) issued by the Hong Kong Institute
of Certified Public Accountants (HKICPA) and the disclosure
requirements of Appendix 16 of the Rules Governing the Listing
of Securities on the Stock Exchange of Hong Kong Limited (the
Listing Rules).

CONTACT:

Hon Po Group (Lobster King) Limited
Units E&F, G/F, Phase 2
Kingsway Industrial Building
173-175 Wo Yi Hop Road
Kwai Chung, Hong Kong
Phone: 26102929
Fax: 26102622
Web site: http://www.honpo.com.hk


NAM FONG: Swings to HK$146-Mln Net Profit
-----------------------------------------
The Directors of Nam Fong International Holdings Limited
announces the unaudited consolidated results of the Company and
its subsidiaries for the six months ended June 30, 2005 as
follows:

Year end date: 31/12/2005
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                                 (Unaudited )
                                   (Unaudited )       Last
                                 Current         Corresponding
                                     Period         Period
                                from 01/01/2005  from 01/01/2004
                                to 30/06/2005      to 30/06/2004
                                  Note  ('000)       ('000)

Turnover                           : 49,809             9,589
Profit/(Loss) from Operations      : 156,300            (10,119)
Finance cost                       : (323)              (3,098)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : 146,068            (13,217)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : 0.1074             (0.0097)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : 146,068            (13,217)
Interim Dividend                   : NIL                NIL
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

The calculation of the basic earning per share is based on the
net profit for the period of approximately HK$146,068,000 (June
30, 2004: approximately loss HK$13,217,000) and on 1,360,00000
(June 30, 2004: 1,360,000,000) ordinary shares in issue during
the period.

Diluted earning per share is not presented because there were no
dilutive ordinary shares in existence for the six months ended
June 30, 2005 and 2004 and the share options outstanding during
period had no dilution effect on earning per share.

CONTACT:

Nam Fong International Holdings Limited
16/F, Dah Sing Financial Centre
108 Gloucester Road
Wanchai, Hong Kong
Phone: 25062322
Fax: 25061013


RFCI (HK) LIMITED: Creditors Meeting Fixed October 7
----------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Cap 32) that the first meeting of the
creditors of RFCI (HK) Limited will be held at 35/F., Two
Pacific Place, No 88 Queensway, Hong Kong on October 7, 2005 at
10:30 a.m. for the purposes of considering matters in relation
to Sections 241, 242, 243, 244 of the Companies Ordinance, with
the following agenda:

                               AGENDA

1. To consider the special resolution for winding up passed by
the above-named company.

2. To consider the Statement of Affairs and further matters
relevant to Creditors' Voluntary Winding Up of the abovenamed
Company pursuant to section 241-283 of the Companies Ordinance.

3. To nominate and appoint a liquidator for the purpose of
winding up the affairs and distributing the assets of the
company and fix his remuneration.

4. To nominate and appoint a committee of inspection.

5. Any other business.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be duly completed and
lodged at 35/F., Two Pacific Place, No. 88 Queensway, Hong Kong,
not later than 48 hours before the meeting or adjourned meeting
of which they are to be used.

Dated this 13th day of September 2005

By Order of the Board
JAMES VINCENT ROBERTSON
Director


UNIVERSAL ENGINEERING: Poised to Cease Operations
-------------------------------------------------
Universal Engineering & Construction Limited whose place of
business is located at 1601 Chater House, 8 Connaught Road
Central, Hong Kong was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 12, 2005.

Date of Presentation of Petition: July 12, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


* HK Banking System Outlook Stable to Positive, Says Moody's
------------------------------------------------------------
Moody's Investors Service says in a new report that the outlook
for the banking system in Hong Kong is stable to positive.

The rating agency had earlier in September placed the debt,
deposit and bank financial strength ratings of seven banks under
review for possible upgrade in view of the strengthening in
their financials and prospects.

"While these banks represent about 16% of the banking sector's
assets, they also account for about half of our rated banks in
Hong Kong and, as such, reflect the sector's encouraging
prospects and strong financial fundamentals," the report said.

The outlook is entitled "Prospects Are Better, Though Not All
Are Positive" and authored by Leo Wah, an Assistant Vice
President / Analyst at Moody's Hong Kong office.

The report looks at a wide range of themes, including the impact
of the turnaround in Hong Kong's economy; the challenge among
banks of maintaining profitability; the emergence of non-
interest income as a major income stream; rising cost bases; the
Chinese market, and the influenced exerted by the adoption of
new accounting standards.

"Banks in Hong Kong are now implementing expansionary strategies
as the economy and macro-banking environment continue to
improve," Wah says, adding, "This is built on the foundation of
strong capital support, stringent credit control and tight cost
bases, which allow them to remain largely unscathed despite
several serious tests over the past 10 years."

Hong Kong's banks compare well with some of their counterparts
in the region, the report says. Moody's expects strong capital
backing, liquid balance sheets, clean loan books and a stringent
regulatory system to remain intact, justifying the banks'
ratings, which are among the highest in the region.

At the same time, the bank cautions that challenges are apparent
as the operating environment differs from that seen in the past.

"Surging funding costs, continued competition-led pressure on
loan spreads and a shift in deposit mix restrain revenue
growth," the report says. "Such factors partially offset strong
wealth management-led fee income growth. At the same time, the
return of inflation prompts cost pressures."

Moody's foresees the cheap funding sources of the larger banks
positioning them to regain pricing power, but their smaller
counterparts could risk losing market share as higher funding
costs limit their pricing power.

The report also notes that the adoption of new accounting
standards from January 1, 2005 means that the volatility of
financials, including capital and, to a larger extent, earnings,
will increase as a number of key changes require the use of
marked-to-market or fair-value accounting.

The new standards cover a very wide range of areas, including
financial instruments, goodwill, provision charges, investment
properties, etc.

Hong Kong
Leo Wah
Asst Vice President - Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

Hong Kong
May Yan
Vice President - Senior Analyst
Financial Institutions Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


=========
I N D I A
=========

BHARAT PETROLEUM: Bina Project Wins Tax Break
---------------------------------------------
Loss-making Bharat Petroleum (BPCL) has received tax concessions
worth INR250 crore annually for its Bina refinery, Business
Standard reports.

The state government has granted the state oil refining and
marketing firm a 15-year sales tax waiver for the Bina project.

The refinery, located in Madhya Pradesh, processes 120,000
barrels per day.

Meanwhile, BPCL is also planning to extend its Mumbai-Indore
pipeline to Delhi with tap off points at Kota, Mathura and
Piyalaat for an estimated cost of INR80,000 lakh. The move is
aimed at meeting the requirements of the important northern
region markets at an economical cost.

BPCL is also putting up a project to manufacture lube oil-based
stock, set for completion next year.

Further, the Mumbai refinery has recently commissioned the
hydrocracker unit, the last part of the Refinery Modernization
Project (RMP).

After stabilization of this unit, BPCL would be able to process
12 million metric tonne per annum (MMTPA) of crude oil in this
refinery.

CONTACT:

Bharat Petroleum Corp. Ltd.
Bharat  Bhavan,
4 & 6 Currimbhoy Road,
Ballard Estate,
Mumbai 400001
Phone: 022-22713000/ 022-22714000
Fax: 022-22713874
E-mail: info@bharatpetroleum.com
Web site: http://www.bharatpetroleum.com/


BHARAT PETROLEUM: In Talks with NCDEX for Furnace Oil Trading
-------------------------------------------------------------
Bharat Petroleum Corporation Ltd. (BPCL) and the National
Commodity and Derivatives Exchange Ltd (NCDEX) are discussing
about the former's participation in the proposed delivery-based
future contracts in furnace oil, Business Line reports.

BPCL is a major player in the furnace oil sector, having one
refinery of its own in addition to its subsidiaries Kochi (KRL)
and Numaligarh (NRL) refineries.

NCDEX confirmed that the exchange was planning to launch
physical delivery backed futures in furnace oil and was
negotiating with a few other suppliers. It, however, did not
divulge the names of the companies involved.

BPCL sources confirmed that the company was talking with NCDEX
on the subject.

"NCDEX may come out with futures in furnace oil. We have
expressed a preliminary interest in participating in the same.
However, we are still working on an agreement about physical
delivery of the product, which will be crucial for participation
in such contracts," a senior BPCL official said.

Asked whether the company would also participate in Brent crude
futures launched by NCDEX, the sources said that BPCL currently
hedges risks by participating in future contracts in overseas
markets.

"We are yet to decide on participation in crude futures in the
domestic market."


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

PERTAMINA: Signs MOU with Malaysian Firm to Develop Projects
------------------------------------------------------------
State-owned oil and gas firm PT Pertamina signed a Memorandum of
Understanding with Dialog Grpuo Berhad on Sept, 22 2005,
according to the Bursa Malaysia Securities Berhad.

The MOU seeks cooperation between the two (2) parties for the
joint development of projects in Indonesia and other countries,
mainly in the areas of improving hydrocarbon recovery from
matured assets (oil and gas fields) of Pertamina and development
of petroleum terminals.

The MOU provides for the formation of a joint working team to
implement the objectives of the MOU.

Pertamina is a state-owned enterprise that acts as its national
petroleum company. It is involved in the whole spectrum of the
oil, gas and petrochemical industry, mainly in Indonesia.

CONTACT:

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


PERTAMINA: U.S. Hurricane Blocks Oil Imports
--------------------------------------------
State oil firm PT Pertamina had much difficulty importing oil
from the U.S. due to the recent hurrican Rita, Dow Jones
reports.

According to Pertamina trade  and marketing director Ari
Sumarno, The Company needs to import 15 million barrels of oil
for next month, but sofar it has managed to import only 95% of
the needed amount. Mr. Sumarno did not indicate what oil
products they were importing from the U.S.

The Company still needs around two cargoes of oil. One cargo is
equivalent to 600,000 to 800,000 barrels of oil.

Pertamina also has difficulty securing future imports, since the
onslahgt of strong hurricanes has also forced the U.S. to look
elsewhere for its fuel need so as to anticipate possible
disruptions. The Company has managed to secure only 60% of its
needed 14 million barrels of oil for the month of November.

The Company's supply problems are a reflection of the lack of
investment in the nation's oil exploration and production
sector, which means that Indonesia is a net oil importer this
year, despite being the sole Southeast Asian member of the
Orgainzation of Petroleum-Exporting Countries.


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

KANEBO LIMITED: To Dispose of Fashion Unit
------------------------------------------
Kanebo Limited plans to sell its fashion division that sells
world-known brands such as Lanvin and Fila on a licensed basis,
Japan Today reports.

The Industrial Revitalization Corporation of Japan is managing
the company's revival efforts and is expected to select the
division's acquirer by the year-end.

CONTACT:

Kanebo Limited
Fukuoka, Sapporo
3-20-20 Kaigan Minato Tokyo
108-8080 Japan
Web site: http://www.kanebo.co.jp/english/Index.htm


MITSUBISHI MOTORS: Future in Australia Rests on New 380 Model
-------------------------------------------------------------
The success or failure of Mitsubishi Motor's new 380 model will
resolve whether or not the carmaker has a future as a
manufacturer in Australia, Asia Pulse reports, citing outgoing
Chief Executive Tom Phillips.

Responding to a suggestion that Mitsubishi would live if the car
sold and would not live if it didn't, Mr. Phillips said: "yes".

The new model will have to meet sales targets of 32,000 vehicles
per annum, if Mitsubishi is to consider producing another car in
Australia.

Mr. Phillips said he was confident that the 380 would sell well
after its public launch on October 13.

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 Australia, Ltd. (MMAL)
Head Office: 1284 South Road
Clovelly Park South Australia, 5042 Australia
Phone: 08 8275 7443
Fax: 08 8275 7309
E-mail: careers@mmal.com.au
Web site: www.mitsubishi-motors.com.au


MITSUBISHI MOTORS: All-New 2006 Raider Truck Goes on Sale
---------------------------------------------------------
Mitsubishi Motors North America (MMNA) on September 23 announced
the pricing of the all-new 2006 Raider mid-size truck. With a
starting price of $19,180, the all-new Mitsubishi Raider pickup
offers buyers an exciting new choice in the light truck market.

Available in a combination of extended and double cab body
styles, two- and four-wheel drive and equipped with six-
passenger seating, the Raider will appeal to truck buyers and
those looking for fresh alternatives to mid-size sedans and
SUVs. Raiders will begin arriving in dealerships this weekend.

"The Raider is much more than the traditional utility-type truck
seen in the mid-size class," says Dave Schembri, executive vice
president of sales and marketing.  "With the distinctly-
Mitsubishi styling, exclusive DuroCross model and available
Sirius(R) Satellite Radio, Bluetooth(TM) hands-free phone
interface and a 508-watt high output audio system, this isn't a
pickup, it's a pick me up!"

The Raider also is the only mid-size import nameplate to offer a
potent V-8 engine that produces class-leading torque (290 lb-ft)
and towing capacity (6,500 lb.).  A 40 cubic foot cargo bed
provides one of the largest payload capacities (1,700 lb.) in
the mid-size truck segment.  The Raider boasts a spacious
interior with class-leading rear legroom.

Its dynamic look with an urban edge is highlighted by a sporty
"one line" flush profile and curved full surfaces complemented
by a distinctive hood, flared wheel arches and step-side style
fenders that give the Raider a toned, muscular physique.  A thin
upper grille and thick lower bumper provide the Raider with an
aggressive demeanor reminiscent of other Mitsubishi models.
New-generation headlamps and tail lamps round out the Raider's
standout design.

Raider's standout design is best represented by the DuroCross
trim line which features rugged styling accented by a skid-plate
style bumper, fog lights, black fender flares, side steps, a
durable bedliner, 17" wheels with off-road tires, exhaust tip,
sliding rear window and floormats.

Also available in LS and XLS trim lines, extended and double cab
configurations and various combinations of two- and four-wheel
drive, customers can easily match the Raider to their needs.  A
powerful 3.7-liter V-6 LS 2WD extended cab, with manual
transmission, starts at $19,180, while the 4.7-liter V-8
DuroCross 2WD extended cab with automatic transmission begins at
$25,440.  The XLS double cab with V-8 and automatic begins at
$30,675.  A High Output Audio Package is available for $1,845
and provides a 508-watt premium audio system with AM/FM/six-disc
CD with MP3, nine speakers and Sirius satellite radio with a
six-month pre-paid subscription.  Other XLS options include
leather trimmed bucket seats and side and curtain airbags.

The Raider holds the "Best Backed" mid-size truck distinction
with a five-year, 60,000-mile bumper-to-bumper new vehicle
warranty with roadside assistance that gives customers piece of
mind whether using the truck for utility purposes or cruising
the highway.

Mitsubishi Motors North America, Inc., (MMNA) is responsible for
all manufacturing, finance, sales, marketing, research and
development operations of Mitsubishi Motors Corporation in the
United States.  Mitsubishi Motors currently sells coupes,
convertibles, sedans, trucks and sport utility vehicles through
a network of approximately 570 dealers.  For more information,
contact the Mitsubishi Motors News Bureau at (888) 560-6672 or
visit http://media.mitsubishicars.com.

This is a company press release.

CONTACT:

Mitsubishi Motors North America Inc.
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020
Web Site: http://media.mitsubishicars.com


NIKKATSU CORPORATION: Index Corp. to Take 70% Stake
---------------------------------------------------
Index Corporation is set to acquire a 70 percent equity stake in
movie producer Nikkatsu Corporation from game maker Namco Ltd.
and another shareholder for a total of JPY7.429 million, Jiji
Press reports.

The transfer of the 49.53 million shares will take place on
September 28. The deal is based on a deal struck by Index, a
content provider for mobile phones, and Namco in early
September.

Following the share acquisition, Index will start distributing
Nikkatsu movies through its broadband services and participate
in Nikkatsu's movie-making business.

Nikkatsu effectively went bankrupt in 1993 by filing for court
protection under the Corporate Rehabilitation Law, and became a
Namco unit in 1997.

CONTACT:

Nikkatsu Corporation
28-12, HONGO 3-CHOME
BUNKYO-KU, TOKYO 113
JAPAN
Phone: +81 3 56891008
Fax: +81 3 56891045


SONY CORPORATION: Rating on Review for Possible Downgrade
---------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade the A1 ratings of Sony Corporation (Sony) and its
supported subsidiaries. The Prime-1 short-term rating of Sony
Global Treasury Services Plc is unaffected.

The rating action reflects Moody's concern whether Sony under
its new mid-term business plan will be able to regain the strong
profit and cash flow generation patterns seen in its past.

Sony announced its mid-term business plan on September 22, 2005,
including further restructuring measures. The company plans to
achieve a 5 percent operating profit margin for the fiscal year
to March 2008 on a consolidated basis.

Sony has taken restructuring measures in the last few years,
including factory closures and personnel cuts, incurring
restructuring charges of approximately JPY360 billion between
the fiscal year to March 2003 and 2005. However, price declines
of consumer electronics products - Sony's core business - have
been so fast that the division recorded successive operating
losses in the fiscal years to March 2004 and 2005.

Meanwhile, Sony's other businesses - game consoles, movies and
finance - have been generating stable profit, supporting the
electronics division.

In its review, Moody's will examine how quickly Sony can recover
the profitability of its electronics products segment and
whether the other segments can sustain the group's overall
profitability.

Sony Corporation, headquartered in Tokyo, is one of the world's
leading manufacturers of consumer electronics products.

Tokyo
Naoki Takahashi
VP - Senior Credit Officer
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100

Tokyo
Takahiro Morita
Managing Director
Rating Group
Moody's Japan K.K.
JOURNALISTS: (03) 5408-4110
SUBSCRIBERS: (03) 5408-4100


SONY CORPORATION: Shares Tumble on Doubts Over Profit Recovery
--------------------------------------------------------------
Shares of Sony Corporation fell 3 percent to a three-week low on
Monday after some analysts blasted its latest turnaround plan,
according to Reuters.

On Thursday, the consumer electronics maker unveiled plans to
cut about 7 percent of its global work force, sell more than $1
billion worth of assets and downsize or dispose of weak links in
its loss-making electronics unit.

"The market had high hopes for a bolder plan in terms of both
restructuring and product strategy. Investors were looking for
more specific measures, and disappointment seems to have set
in," said Kiyoshi Yamanaka, a fund manager at T&D Asset
Management.

Some analysts criticized Howard Stringer and Ryoji Chubachi,
Sony's recently appointed chief executive and president, for not
providing enough details on how it would revive its electronics
division, which accounts for two-thirds of group sales.

CONTACT:

Sony Corporation
7-35, Kitashinagawa
6-chome, Shinagawa-ku
Tokyo 141-0001, Japan
Phone: +81-3-5448-2111
Fax: +81-3-5448-2244


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

ASIANA AIRLINES: Inks New Code Share Agreement
----------------------------------------------
Asiana Airlines International will be considered the pioneer in
the South Africa route as it will commence daily flight between
Incheon and Johannesburg effective October 1, Digital Chosunilbo
relates.

The flight operates through code sharing with South African
Airways.  Asiana passengers who wish to take the route will have
to fly from Incheon to Hong Kong on Asiana planes, where they
change to South African aircraft for the Johannesburg leg of the
trip.

On the other hand, Asiana also inked a code share agreement with
Singapore Airlines.  The agreement would allow travelers to have
more flight choices.

Although the agreement would still apply to services between the
two cities, there are plans to expand the codeshare co-operation
to include trans-Pacific flights beyond Seoul, domestic
destinations in South Korea, intra-travel in North Asia and
flights beyond Singapore.

"The new codeshare cooperation reflects the ever growing
relationship with our Star Alliance partner, Asiana," said Huang
Cheng Eng, SIA executive vice president for marketing and the
regions.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114
Fax: +82 2 669 3170


JINRO INDUSTRIES: Exits from Court Receivership
-----------------------------------------------
Jinro Industries said it has bid goodbye from a two-year court
receivership, says Asia Pulse.

The company announced new management plans which signals
completion of its court receivership.  The plan includes
spending KRW30 billion on personnel training and developing the
R&D sector by 2008.

According to Jinro officials, the company aims to raise annual
sales to KRW180 billion this year, KRW250 billion and KRW350 in
year 2008 and 2010 respectively.

LS Group took over Jinro Industries last December which has been
under court receivership following the collapse of its parent
firm Jinro Co.  LS Group now holds 46 percent of the local cable
market.

Jinro Industries was formerly named as Jinro Cable Group.

CONTACT:

Jinro Industries Co., Ltd.
569 Boseong-Ri Pungse-Myeon Cheonan-Si
Chungnam 330-912
Korea (South)
Telephone: +82 41 559 4800
Fax:  +82 41 566 7919
Web Site: http://www.jinro-cable.co.kr/


LG CARD: Sale Kicks Off Next Month
----------------------------------
The Korea Development Bank (KDB) is currently formulating a
schedule for the sale of LG Card. Co., reveals The Korea Times.

KDB in charge for the sale of LG Card will soon announce the
procedure for the sale.

"We will pick a lead manager of the deal in October before
officially announcing the auction of the card company in
November," Laah Chong-gyu, an executive director at the KDB
said.

"We will fine tune final schedules for bidding procedures in
consultation with major shareholders."

Mr. Raah said the bank aims to complete the sale by next March,
but the bidding may be prolonged if no potential bidder could
meet the price requirements.

Creditors of LG Card hold 76 percent of the stake, and those who
are planning to invest in the card company should pay KRW4-
KRW4.5 trillion to acquire the said stakes.  The aspired bidding
price includes the premium on the handing over of management
rights.

Taking into consideration the high price compared to other
merger-and- acquisition cases, it would be possible that
creditors will sell only 51 percent of the stake, which is the
minimum percentage of a controlling shareholder.

KDB holds the largest percentage of LG Card's stake which is
22.93 percent.  The remainder is held by the National
Agricultural Cooperative Federation, Kookmin Bank, Woori Bank
and the Industrial Bank of Korea.

CONTACT:

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


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

ANCOM BERHAD: Aims to Amend Articles of Association
---------------------------------------------------
Ancom Berhad (Ancom) advised Bursa Malaysia Securities Berhad
that it proposes to:

(a) Seek the approval of its shareholders to renew the mandate
for the Company to purchase up to ten percent (10 percent) of
its issued and paid-up share capital on Bursa Malaysia
Securities Berhad (Bursa Securities) in accordance with the
provisions of Section 67A of the Companies Act, 1965, the
Company's Articles of Association and the Listing Requirements
of Bursa Securities (Proposed Share Buy-Back Mandate Renewal);
and

(b) Seek the approval of its shareholders to renew the mandate
in respect of recurrent related party transactions (RRPT) with
existing transacting related parties and a new mandate in
respect of RRPT with new transacting related parties under
Paragraph 10.09 of the Listing Requirements of Bursa Securities
(Proposed RRPT Mandate).

A Circular in relation to the above will be sent to the
shareholders in due course.

The Company also advised that it proposes to amend its Articles
of Association to enable it to implement electronic transfer of
remittance to an account provided by its shareholders as an
additional method for payment of dividend (Proposed Amendment).

The Proposed Amendment is subject to the approval of its
shareholders at the Company's forthcoming 36th Annual General
Meeting (AGM). Details of the Proposed Amendment will be
disclosed in the Notice of 36th AGM to be issued in due course.

This announcement is dated 23 September 2005.

CONTACT:

Ancom Berhad
Level 14, Uptown 1
No. 1 Jalan SS21/58
Damansara Uptown
47400 Petaling Jaya
Selangor
Telephone: 03-77252888
Fax: 03-77257791
Web site: http://www.ancom.com.my


DUOPHARMA BIOTECH: Bourse to List, Quote New Shares Today
---------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 740,500 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, September 27, 2005.


HAP SENG: Buys Back Ordinary Shares
-----------------------------------
Hap Seng Consolidated Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: September 23, 2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 2,000

Minimum price paid for each share purchased (MYR): 2.160

Maximum price paid for each share purchased (MYR): 2.190

Total consideration paid (MYR): 4,413.04

Number of shares purchased retained in treasury (units): 2,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 33,365,000

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

CONTACT:

Hap Seng Consolidated Berhad
No. 1A, Jalan 205
46050 Petaling Jaya
Selangor
Telephone: 03-7783 9888
Fax: 03-7781 6305


I-BERHAD: Acquires New Ordinary Shares
--------------------------------------
I-Berhad furnished Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back: September 23, 2005

Description of shares purchased:  Ordinary shares of MYR1.00
each

Total number of shares purchased (units): 20,000

Minimum price paid for each share purchased (MYR): 0.900

Maximum price paid for each share purchased (MYR): 0.900

Total consideration paid (MYR): 18,133.20

Number of shares purchased retained in treasury (units): 20,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,543,400

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

This announcement is dated 23 September 2005.

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


KENMARK INDUSTRIAL: Board Shelves Proposal
------------------------------------------
Kenmark Industrial Co (M) Berhad (Kenmark) issued to Bursa
Malaysia Securities Berhad details of the proposed private
placement of 50,000,000 new ordinary shares of MYR1.00 each in
Kenmark (Placement Shares) representing approximately 23.9
percent of the enlarged issued and paid-up share capital of the
company upon completion of the proposed private placement to
facilitate the proposed GDR programme (as defined below)
(Proposed Private Placement); and

- Proposed sponsorship of a Global Depository Receipt Programme
in Taiwan by Kenmark (Proposed GDR Programme)

(Collectively known as proposals)

The company refers to the announcement dated June 24, 2005
pertaining to the decision of the Board of Directors of the
Company (Board) to submit a fresh application to the Securities
Commission to seek its approval for the Proposals within three
(3) months from the date of the aforementioned announcement.

In respect of the above and having considered the current poor
market conditions for the Proposed GDR Programme in Taiwan, the
Board has decided to put the Proposals on hold.

This announcement is dated 23 September 2005.

CONTACT:

Kenmark Industrial Co., Ltd.
4, Jalan Wawasan Ampang 1/2
Ampang Selangor 68000
Malaysia
Telephone: 03-42948691
Fax: 03-42948692


MAXIS COMMUNICATIONS: Bourse to List, Quote New Shares
------------------------------------------------------
Maxis Communications Berhad informed that its additional 297,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation with effect from 9:00 a.m., Tuesday, September 27,
2005.

CONTACT:

Maxis Communications Bhd
Level 18, Menara Maxis
Kuala Lumpur City Centre
Off Jalan Ampang
50088 Kuala Lumpur
Malaysia
Phone: 03-23307000
Fax: 03-2330059


MEDIA PRIMA: Completes Proposed Acquisition
-------------------------------------------
Media Prima Berhad (MPB) issued to Bursa Malaysia Securities
Berhad an update to the proposed acquisition by Media Prima
Berhad of 50,000,000 ordinary shares of MYR1.00 each
representing the entire equity interest in CH-9 Media Sdn Bhd
(CH9) for an aggregate cash consideration of approximately
MYR41.440 million (Proposed Acquisition).

The company refers to the announcement dated June 10, 2005 in
relation to the Proposed Acquisition.

Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of MPB, advised that MPB has completed the
Proposed Acquisition on September 23, 2005.

This announcement is dated 23 September 2005.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,
47800 Petaling
Selangor
Phone: 03-77266333
Fax: 03-77280787
Web site: http://www.mediaprima.com.my/index.asp


MEDIA PRIMA: New Shares Up for Listing
--------------------------------------
Media Prima Berhad advised that its additional 162,100 new
ordinary shares of MYR1.00 each arising from the conversion of
243,150 Irredeemable Convertible Unsecured Loan Stocks 2003/2008
into 162,100 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, September 26, 2005.


METROPLEX BERHAD: Net Loss Shrinks in 2Q
----------------------------------------
Metroplex Berhad issued to Bursa Malaysia Securities Berhad a
copy of its unaudited second quarter financial statement for the
financial period ended July 31, 2005.

Summary of Key Financial Information
July 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/07/2005    31/07/2004      31/07/2005     31/07/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    34,796        67,496          63,188         140,473

(2) Profit/(loss) before tax

    -15,527       -25,865         -35,138        -24,616

(3) Profit/(loss) after tax and minority interest

    -16,718       -26,908         -36,816        -28,017

(4) Net profit/(loss) for the period

    -16,718       -26,908         -36,816        -28,017

(5) Basic earnings/(loss) per shares (sen)

    -1.85         -3.00           -4.08          -3.11

(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 (MYR)

        0.0800                     0.1200

To view a full copy of the financial statement, click
http://bankrupt.com/misc/MetroplexBerhad092605.xls

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


MTD CAPITAL: Passes All AGM Resolutions
---------------------------------------
MTD Capital Bhd informed Bursa Malaysia Securities Berhad that
all resolutions as set out in the Notice of the Twelfth Annual
General Meeting and Extraordinary General Meeting of MTD Capital
Bhd were duly passed at the Twelfth Annual General Meeting and
Extraordinary General Meeting of MTD Capital Bhd held at its
Registered Office at No. 26, Jalan 2/6, Dataran Templer, Bandar
Baru Selayang, 68100 Batu Caves, Selangor Darul Ehsan on Friday,
September 23, 2005.

This announcement is dated 23 September 2005.

CONTACT:

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


TANCO HOLDINGS: Court OKs Request to Hold Meeting
-------------------------------------------------
Tanco Holdings Berhad (Tanco) issued to Bursa Malaysia
Securities Berhad an update to the Proposed Debt Restructuring
Scheme under Section 176 of the Companies Act, 1965.

The Board of Directors of Tanco, disclosed that the High Court
of Malaya in Kuala Lumpur had on September 19, 2005 granted the
application by Tanco Holdings Berhad and its affected
subsidiaries' comprising JKMB Development Sdn. Bhd., Palm
Springs Development Sdn. Bhd., Palm Springs Resort Management
Berhad, Popular Elegance (M) Sdn. Bhd., Tanco Development Sdn
Bhd, Tanco Land Sdn Bhd, Tanco Properties Sdn Bhd, Tanco Resorts
Berhad and Tanco Club Berhad (collectively the Applicants) to
hold a court convened meeting pursuant to section 176 of the
Companies Act 1965.

The Application was filed vide Originating Summons No. D6-24-
250-2005. Under the said application the Applicants can convene
meetings for the scheme creditors of the Applicants (Scheme
Meetings) in Kuala Lumpur on or before January 13, 2006 or
within such other period as may be extended by the Honorable
Court.

This announcement is dated 23 September 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333
Fax: +60 3 6091 3188


TANJONG PUBLIC: Updates on Proposed Investment
----------------------------------------------
Tanjong Public Limited Company (Tanjong) issued to Bursa
Malaysia Securities Berhad details of the Proposed investment.

On December 23, 2004, Tanjong advised that its wholly owned
subsidiary, Pan Malaysian Pools Sdn Bhd (PMP), had entered into
a shareholders agreement with Intralot Holdings International
Limited dated December 21, 2004 to regulate their 50:50
participation in the equity interest of a joint venture company,
Uniclic Limited (Uniclic).

It was also announced then that Uniclic had entered into a
conditional shareholders agreement with Akva-Alliance LLC and
Bolford Developments Limited on December 21, 2004 (Conditional
Shareholders Agreement) pursuant to which Uniclic was to
participate in a 49 percent equity interest in Yuvenga JSC
(previously Yuvenga LLC) which had acquired all the rights and
benefits attached to and in a lottery licence issued by the City
of Moscow to operate an online lottery known as Moscow Olympic
Lottery.

Subsequently, on February 18, 2005, Tanjong further announced
that PMP had novated its entire 50 percent interest in Uniclic
to its wholly owned subsidiary, Ambleside Investments Limited
(Ambleside) pursuant to a deed of novation between PMP and
Ambleside dated February 17, 2005.

Further to the above, the Company advised that following the
satisfaction of the conditions precedent under the Conditional
Shareholders Agreement on September 20, 2005, Uniclic has
successfully completed its acquisition of the 49 percent equity
interest in Yuvenga JSC.

The Moscow Olympic Lottery is expected to be launched before the
end of 2005.

This announcement is dated 21 September 2005.


CONTACT:

Tanjong Public Limited Co.
Principal Office in Malaysia
Level 30, Menara Maxis
Kuala Lumpur City Centre
50088 Kuala Lumpur
Telephone: 03-23813388
Fax: 03-23813399


TELEKOM MALAYSIA: Adds New Shares for Listing, Quotation
--------------------------------------------------------
Telekom Malaysia Berhad informed that its additional 100,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation by
Bursa Malaysia Securities with effect from 9:00 a.m., Tuesday,
September 27, 2005.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S


TELEKOM MALAYSIA: Amends Call, Put Option Agreement
---------------------------------------------------
Telekom Malaysia Berhad (TM) issued to Bursa Malaysia Securities
Berhad details of the call and put option which requires or
entitles TM International (L) Limited (TMIL), a wholly owned
subsidiary of TM, to acquire up to an additional 52.7 percent
equity interest in PT Excelcomindo Pratama (Excelcomindo) for a
cash consideration of up to US$606.1 million (approximately
MYR2,297 million at an exchange rate of US$1.00:MYR3.79).

The company refers to the announcements dated December 9, 2004
and January 12, 2005 and the Circular issued by TM to its
shareholders on April 25, 2005.

On behalf of TM, Commerce International Banking Berhad disclosed
that on September 23, 2005, TMIL and PT Telekomindo Primabhakti
(Telekomindo) entered into an agreement to amend the Call and
Put Option Agreement dated January 11, 2005 as follows:

(a) Exercise Period

Under the Call and Put Option Agreement dated January 11, 2005,
Telekomindo may require TMIL to purchase up to 1,193,656 (52.7
percent) Excelcomindo shares (Option Shares) (Put Option), and
TMIL may require Telekomindo to sell to TMIL the Option Shares
(Call Option):

(i) Between 30 days after the completion of the proposed listing
of Excelcomindo to 120 days thereafter; or

(ii) If the proposed listing of Excelcomindo has not occurred by
September 30, 2005, within 30 days from October 1, 2005.

The above exercise period has been amended such that the Put
Option and Call Option may be exercised during the following
period instead:

(i) Immediately after the completion of the proposed listing of
Excelcomindo to 30 days thereafter; or

(ii) If the proposed listing of Excelcomindo has not occurred on
or before October 31, 2005, for a period of 25 days from
November 1, 2005.

(b) Payment Date

Under the Call and Put Option Agreement dated January 11, 2005,
in the event Telekomindo exercises the Put Option, TMIL is
required to deposit the option exercise price with an escrow
agent (Escrow Agent) agreed between TMIL and Telekomindo within
ten (10) business days of Telekomindo giving the Put Option
exercise notice to TMIL.

An additional phrase has been included in the Call and Put
Option Agreement which states that in the event the Put Option
exercise notice is delivered to the Escrow Agent less than ten
(10) business days prior to the 30th day after the proposed
listing of Excelcomindo, TMIL shall deposit the option exercise
price with the Escrow Agent by:

(i) The 30th day after the proposed listing of Excelcomindo; or

(ii) The 2nd business day after the delivery of the Put Option
exercise notice, whichever is later.

This announcement is dated 23 September 2005.


TRANSOCEAN HOLDINGS: Unit Inks SPA with A&P Acquarium System
------------------------------------------------------------
Transocean Holdings Berhad issued to Bursa Malaysia Securities
Berhad details of the Disposal of Property by a subsidiary.

The Board of Directors of Transocean Holdings Berhad (THB)
informed the Exchange that a subsidiary of the Company, namely
Transocean Biotec Research Sdn Bhd (Company No. 44271 A) (TBRSB
or the Vendor), had on September 21, 2005 entered into a Sale
and Purchase Agreement (SPA) with A & P Acquarium System (M) Sdn
Bhd (Company No. 370306 W) (ASSB or the Purchaser) for the
disposal of all that piece of land known as Lot No. 293, Mukim
4, Daerah Barat Daya, Pulau Pinang held under Geran Mukim
No.G.M. 2 measuring approximately 84,419.28 square feet (1.938
acres) (the Property) for a total consideration of Ringgit
Malaysia Seven Hundred and Forty Two Thousand Eight Hundred and
Eighty Nine and Sen Sixty Six (MYR742,889.66) only (hereinafter
referred to as the Disposal).

(2) Information on TBRSB

TBRSB was incorporated on 4 January 1979 as a private limited
company under the Companies Act, 1965. As at todate, TBRSB's
authorized share capital is MYR1,000,000.00 comprising 1,000,000
ordinary shares of MYR1.00 each, of which MYR715,000.00
comprising 715,000 ordinary shares of MYR1.00 have been issued
and are fully paid up.

TBRSB is presently a wholly owned subsidiary of Transocean
Biotec (M) Sdn Bhd (TBM) and 75 percent of the equity interests
in TBM are held by Transocean (M) Sdn Bhd, a wholly owned
subsidiary of THB.

The existing directors of TBRSB are Mr. Liew Yong Heong and Mr.
Tung Sing Hong who is also the Chairman and Managing Director of
the THB.

(3) Information on the Property

The Property under the Disposal is all that piece of land known
as Lot No. 293, Mukim 4, Daerah Barat Daya, Pulau Pinang held
under Geran Mukim No. G.M. 2 measuring approximately 84,419.28
square feet (1.938 acres).

TBRSB is the registered owner of the Property. The Property is
presently charged to Bank Bumiputra Malaysia Berhad vide persn
No. 85/1984 Jil 3 Fol 78 and persn No. 86/1984 Jil 3 Fol 79.

(4) Sale Consideration, Basis and Terms of Payment

The Property is sold at an agreed purchase price of Ringgit
Malaysia Eight and Sen Eighty (MYR8.80) only per square foot
totaling Ringgit Malaysia Seven Hundred and Forty Two Thousand
Eight Hundred and Eighty Nine and Sen Sixty Six (MYR742,889.66)
only (Total Sale Consideration).

The Total Sale Consideration was arrived at on a willing buyer
and willing seller basis and shall be payable by the Purchaser
to TBRSB in the following manner:

(4.1) Upon the execution of SPA, the Purchaser shall pay to the
Vendor the deposit sum of Ringgit Malaysia Seventy Four Thousand
Two Hundred and Eighty Eight and Sen Ninety Seven (MYR74,288.97)
only (hereinafter referred to as Deposit Sum), being a 10
percent deposit towards the Total Sale Consideration.
(4.2) The balance consideration of Ringgit Malaysia Six Hundred
Sixty Eight Thousand Six Hundred and Sen Sixty Nine
(MYR668,600.69) only (Balance Consideration) shall be payable by
the Purchaser to the Vendor within three months from the date of
the SPA with an extension of one month at interest rate of 6
percent per annum calculated on daily basis on the unpaid
balance.

(5) Effects of the Disposal

(5.1) Loss Per Share (LPS)

The Disposal is expected to result in a loss to THB Group of
MYR142,701.51 for the financial year ending May 31, 2006. The
Disposal is not expected to have any material effect on the
earnings / loss per share of the Company for the financial year
ending May 31, 2006.

(5.2) Net Tangible Assets (NTA) per share

The Disposal is not expected to have any material effect on the
NTA per share of the THB Group for the financial year ending May
31, 2006.

(5.3) Substantial Shareholders' Shareholding and Share Capital
of the Company

As the Total Sale Consideration will be satisfied entirely in
cash, there will be no effect on the Company's substantial
shareholders' shareholding and share capital of the Company.

(6) Details of the Disposal

(6.1) Expected loss arising from the Disposal

Based on the Total Sale Consideration of MYR742,889.66, the
Disposal is expected to result in a loss to THB Group amounting
to MYR142,701.51 for the financial year ending May 31, 2006.

(6.2) Utilization of Proceeds

The proceeds from the Disposal will be used to repay bank
borrowings secured against the same and inter-company loans.

(7) Approvals Required

No approval is required from the shareholders of THB given that
the Total Sale Consideration is below the applicable percentage
ratio requiring the approval of shareholders.

(8) Interests of Directors, Substantial Shareholders and/or
persons connected with them

None of the directors, substantial shareholders and/or persons
connected with them has any direct or indirect interest in the
Disposal.

(9) Rationale for the Disposal

As part of the de-gearing exercise of the Group, it will be the
best interests for the Company to dispose of the said non-income
generating assets and to proceed with the Disposal.

(10) Salient Features of the SPA

The salient terms and conditions of the SPA are as follows:

(i) 10 percent deposit of the Total Sale Consideration of
MYR74,288.97 (the Deposit) shall be payable by Purchaser to the
Vendor upon the execution of the SPA.

(ii) The Balance Consideration shall be payable by the Purchaser
to the Vendor within three months from the date of the SPA with
an extension of one month at interest of 6% per annum calculated
on daily basis on the unpaid balance.

(iii) The Vendor shall deliver vacant possession of the Property
to the Purchaser upon full payment of the Balance Consideration
by the Purchaser.

(iv) In the event the Purchaser fails to pay the Balance
Consideration, the Vendor is entitled to forfeit the Deposit
absolutely as agreed liquidated damages and not by way of
penalty and the Vendor shall at the same time of such
forfeiture, refund to the Purchaser a sum equal to all
installments of the balance purchase price (if any) already paid
by the Purchaser under the SPA up to the date of such default,
whereupon the SPA shall be treated as null and void.

(11) Statement by Directors

The Board of Directors is of the view that after having
considered the proposal from the Purchaser, the Disposal as
detailed in this announcement is in the best interest of THB
Group.

(12) Estimated Time Frame for Completion

The parties agree that the SPA must be completed within three
(3) months from the date of signing thereof with any extension
to be subject to mutual agreement.

(13) Departure from Policies and Guidelines on Issue/Offer of
Securities of the Securities Commission (SC Guidelines).

The SC Guidelines is not applicable as the Disposal is satisfied
wholly in cash and the said Disposal will not result in a
significant change in THB Group's business direction.

(14) Other Information

(14.1) Listing requirement of the minimum paid-up capital

As stipulated under the Securities Commission's Policies and
Guidelines on Issue/Offer of Securities and the Bursa Malaysia
Securities Berhad (Bursa Securities or the Exchange)'s Listing
Requirements, the minimum issued and paid-up capital of a
company listed on the Second Board of Bursa Securities shall be
MYR40.00 million.

On June 30, 2004, the Company was categorized as an
undercapitalized company as its paid-up share capital is
MYR29.00 million. The Exchange had approved the application of
the Company for extension of time until September 30, 2006 to
comply with Paragraph 8.16A of the Listing Requirements vide its
letter to the Company dated May 11, 2005.

(15) Documents Available for Inspection

A copy of the SPA dated September 21, 2005 is available for
inspection at the registered office of the Company at Suite
18.05, MWE Plaza, No. 8 Lebuh Farquhar, 10200 Penang during
normal office hours from Monday to Friday (except public
holidays) for a period of 2 weeks from the date of this
announcement.

This announcement is dated 21 September 2005.

CONTACT:

TransOcean Holdings Berhad
Wisma Transocean,
No. 46, Weld Quay,
Penang 10400
Telephone: 04-2622518
Fax: 04-2614843


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

ABS-CBN BROADCASTING: Court Junks GMA's Unfair Trade Complaint
--------------------------------------------------------------
The Supreme Court (SC) dismissed a damages complaint filed by
GMA Network Incorporated against its rival ABS-CBN Broadcasting
Corp. and cable firms Sky Cable, Sun Cable and Home Cable.

SunStar Daily reported that the SC's First Division also
affirmed the decision of the Quezon City Regional Trial Court
(RTC), which ruled that the National Telecommunication
Commission (NTC) has jurisdiction over the complaint for
damages.

The high court said that NTC is in the best position to judge
matters relating to the broadcasting industry since it has the
information, statistics and data peculiar to the TV broadcasting
industry.

The SC further said the complaint failed to state a cause of
action against ABS-CBN and other respondents that would prove
that they conspired to engage in unfair competition with GMA.

The case stemmed from GMA's claim that the respondent firm re-
channeled GMA's cable television broadcast on Feb. 1, 2003 in
order to arrest and destroy petitioner's upswing performance in
the TV industry.

Sky Cable and Sun Cable are wholly owned subsidiaries of Sky
Vision Corp., which is controlled by the Lopez Incorporated,
owners of the ABS-CBN. On the other hand, Home Cable is a
subsidiary of Unilink Communications Corporation and owned by
Mediaquest Holdings Incorporated, a company controlled by the
Pension Trust Fund of the Philippine Long Distance Telephone
(PLDT) employees.

GMA claimed the arbitrary re-channeling of its cable position
hurt its business operations, such that it failed to transmit
the signal of plaintiff GMA to their channels in clear audio
transmission leading to "noticeable dropouts and spillover of
extraneous sound and distorted visual presentation".

On July 15, 2003, Sky Cable and Sun Cable moved for dismissal of
the complaint on the grounds of a pending case lodged with the
NTC, which called for the same cause of action against the same
parties, except with ABS-CBN.

The Quezon City RTC, in its ruling, dismissed GMA's complaint as
it held that the resolution of legal issues raised in the
complaints required the determination of highly technical issues
over which the NTC has jurisdiction.

CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abs-cbnnews.com/


ATLAS CONSOLIDATED: Postpones PSE Listing
-----------------------------------------
Atlas Consolidated Mining and Development Corporation (the
Corporations), through its Executive Vice-President and Chief
Financial Officer, Mr. Martin C. Buckingham, was recently quoted
as having disclosed the postponement of the planned initial
public offering (IPO) of the Corporation's wholly-owned
subsidiary, Carmen Copper Corporation (CCC). This disclosure was
published in BusinessWorld on September 23-24, 2005.

The Corporation corrected the above newspaper report.

The statements were made in reaction to a question on the future
plans of the Corporation in the meeting of the Chamber of Mies
held last September 22, 2005. The Corporation, pleased with the
liberal interpretation by the Philippine Stock Exchange (PSE) of
its listing rules involving mining companies, is seriously
considering the listing of the shares of its wholly-owned
subsidiary, CCC, with the PSE on the last quarter of this year
or early next year, subject to the management's assessment of
the impact of the listing rules and securing the necessary
corporate approvals by ACMDC and/or CCC.

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


COLLEGE ASSURANCE: Court OKs Debt Reprieve
------------------------------------------
A local court has allowed College Assurance Plans Philippines
Inc. (CAP) to suspend payments to planholders and creditors,
BusinessWorld reports.

The ailing pre-need firm will resume tuition payments after the
Makati Regional Trial Court approves CAP's rehabilitation plan.

CAP said it will comply with the court's stay order, which was
issued on September 13. The pre-need provider also hopes for an
early approval of its rehabilitation plan filed early this
month.

The stay order also prohibits CAP from "selling, encumbering,
transferring or disposing, in any manner, any of its properties
except in the ordinary course of business." CAP is prohibited
from paying any of its outstanding liabilities as of the day it
filed for rehabilitation.

CAP assured its creditors and planholders that the suspension of
payments is only temporary and will only last for 180 days. The
objective of the stay order is for the court to determine how
satisfactorily protected are the planholders.

CAP earlier admitted in its rehabilitation petition that it
could not service its obligations to planholders as they fall
due with cash at only Php14.6 million as of end-2004 against
liabilities amounting to Php4.1 billion.

Obligations to 174,000 planholders for the first semester of
2005-2006 is pegged at Php1.2 billion.

CONTACT:

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


LIGHT RAIL: WB Says Public-tender Offer Best Option for Gov't
-------------------------------------------------------------
The World Bank's (WB) private-sector arm suggested that a
public-tender offer for the extension of the Light Rail Transit
1 to Cavite is the best possible deal for the government, Today
News reports.

The International Finance Corp. (IFC) said a public-tender offer
is much better than a Swiss challenge.

The IFC gave the National Government a US$650,000-worth grant
for a parallel study on the Swiss challenge for the project.
IFC's grant adds to the US$100,000 that the Light Rail Transit
Authority (LRTA) allotted for the studies on the extension
project.

In a Swiss challenge, bidders for the extension of the rail
system will be given a chance to submit their offers for the
project. The original proponent-the Canadian engineering-
construction firm SNC Lavalin Group Inc., in the case of LRT 1-
will have the right to match the best offer by other bidders.

The bids will be for the 12-kilometer extension of LRT from
Baclaran, Pasay City, to Bacoor, Cavite. The project also aims
to extend the rail system to Imus and Dasmari¤as, Cavite. LRT 1
runs from Monumento in Caloocan City to Baclaran.

The project has been stalled for the last five years but
officials are confident once the project is begun next year, it
can be completed between 2008 and 2010.

CONTACT:

Light Rail Transit Authority
Administration Building,
LRTA Compound, Aurora Boulevard,
Pasay City, Metro Manila,Philippines
Phone:+63 (2) 853-0041 to 60
E-mail: lrtamain@lrta.gov.ph
Web site: http://www.lrta.gov.ph


MAYNILAD WATER: Gov't Wants Firm Placed on Auction Block
--------------------------------------------------------
The National Government has decided to bid out Maynilad Water
Services Inc. to private investors, rather than let the
Metropolitan Waterworks and Sewerage System (MWSS) choose the
water concessionaire's next operator, BusinessWorld relates.

The government, however, admitted that the auction plan will
delay Maynilad's re-privatization by another six months. The
period will allow state-run MWSS to put together bid documents
and auction rules.

A source said the government is still in talks with consultants
for drafting of the bidding's terms of reference. The government
is also expected to meet with Ondeo, the French partner of
Lopez-controlled Benpres Holdings Corp in Maynilad previously,
to find out if the French firm wants to sell its stake.

MWSS is still not certain whether Maynilad would re-privatized
through formal bidding or via negotiations with interested
parties.

DMCI Holdings, in partnership with Australia's Macquarie and
Japan's Marubeni, signified its interest to bid for Maynilad.

Maynilad, which services the west zone concession of MWSS, used
to be a 60 percent-40 percent joint venture of Benpres and
Ondeo. But the concession was returned to MWSS in line with
Maynilad's financial rehabilitation.

Under the rehabilitation plan approved in court, Maynilad will
pay Php10 billion in debts to foreign and local banks. Last
July, the company already paid Php2.41 billion to its creditors.
It is required to pay another AU$26 million in 2006. The rest of
the debt will be paid over seven to eight years.

Maynilad must also pay concession fees to MWSS of around Php8
billion. In January MWSS already drew on Maynilad's US$120
million performance bond.

The rehabilitation plan also provides for the capital
restructuring of Maynilad, and the exit of Lopez-led Benpres
from the company.

CONTACT:

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


NATIONAL BANK: Confirms FSA's Administrative Actions
----------------------------------------------------
Philippine National Bank (PNB) issued an announcement in
reference to the news article entitled "PNB Japan branch under
fire" published in the September 23, 2005 issue of the
Philippine Daily Inquirer.

The article reported in part that:

"The Philippine National Bank's offshore branch in Tokyo is
under fire from Japan's Financial Services Agency (FSA) over
alleged mishandling of foreign exchange and remittance
transactions as well as the unauthorized sale of lottery
tickets. But PNB president Omar Mier yesterday said that the
bank would do whatever was needed to comply with the Japanese
regulators. Japanese authorities have ordered the branch to
submit an operations improvement plan by Oct. 21.

"The FSA found out that PNB, without permission from the
Japanese government, had set up service counters at travel
agencies frequented by Filipinos to help them send money home
and exchange currencies over the past year. The bank was also
suspected of involvement in unauthorized businesses at churches
and retail stores in Japan. This included the sale of
Philippines lottery tickets at its Tokyo branch and Nagoya
satellite office.

"The regulator also required PNB to submit a progress report
once every three months. The FSA is concerned that while PNB's
bank managers have been aware of such transactions and have even
informed the FSA about the matter themselves, they have let
those customers continue the operations without proper control
and identification.

Philippine National Bank (PNB), in its letters to the Philippine
Stock Exchange dated September 23, 2005 stated that:

We would like to advise that the news article is basically
correct, that there has been an examination of PNB's operations
in Japan by their Financial Services Agency (FSA) and that there
were certain required administrative actions, not sanctions, to
be undertaken by PNB. Corrective action is being properly
undertaken by PNB Tokyo Branch and the Nagoya sub-branch with a
view to have full compliance with the FSA's requirements."

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph/


NATIONAL FOOD: Teams Up with PNP on Rice Supply, Prices Watch
-------------------------------------------------------------
To avert diversion or overpricing of the government rice, the
National Food Authority (NFA) and the Philippine National Police
(PNP) shall hold joint monitoring of rice outlets both in minor
and major markets nationwide.

The integration of PNP personnel among NFA monitoring teams will
be undertaken to facilitate enforcement during market monitoring
since the NFA does not have police power to arrest grains
businessmen who will be found overpricing or diverting NFA rice.

This task force is being created since grains businessmen may
take advantage of the series of oil price increases and the
impending implementation of the expanded value added tax (E-VAT)
to overprice NFA rice and divert the same.

President Gloria Macapagal-Arroyo has instructed the NFA to
ensure that government rice gets to the hands of rightful
beneficiaries.

For more information on NFA programs, the public may send their
inquiries via the Text NFA Program through mobile number 0917-
6210927.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


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

ACCORD CUSTOMER: Announces Changes in its Board Committees
----------------------------------------------------------
Accord Customer Care Solutions Limited announces the following
changes to its Board committees, effective Sept. 23, 2005:

(i) the appointment of Mr. Mah Kah On as Chairman of the Audit
Committee. In this connection, Mr .Philip Eng will step down as
Chairman of the Audit Committee but will remain as a member of
the Audit Committee;

(ii) the appointment of Mr. David Ding as Chairman of both the
Remuneration Committee and the Nomination Committee; and

(iii) the appointment of Mr. Philip Eng as a member of both the
Remuneration Committee and the Nomination Committee.

Mr. Ding and Mr. Eng and Mr. Mah are independent non-executive
directors of the Company.

In consequence thereof, the composition of the Audit Committee,
the Remuneration Committee and the Nomination Committee of the
Company are as follows:

AUDIT COMMITTEE

(a) Mr. Mah Kah On (Chairman)
(b) Mr. David Ding
(c) Mr. Philip Eng


REMUNERATION COMMITTEE

(a) Mr. David Ding (Chairman)
(b) Mr. Mah Kah On
(c) Mr. Philip Eng


NOMINATION COMMITTEE

(a) Mr. David Ding (Chairman)
(b) Mr. Mah Kah On
(c) Mr. Philip Eng
(d) Mr. Henry Tan


BY ORDER OF THE BOARD

Woo Kah Wai
Company Secretary
Sept. 23, 2005

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


ACCORD CUSTOMER: Top Officials Accused of Cheating
--------------------------------------------------
Three former top officials of troubled company Accord Customer
Care Solutions Limited (ACCS) were charged with conspiracy to
cheat Finnish mobile phone firm Nokia by billing them improperly
of SGD4.3 million, reports Channel NewsAsia.

Former ACCS CEO Victor Tan, who founded the firm, was charged
with 44 counts of cheating, while ex-chief financial officer Yip
Hwai Chong and former general manager Ang Tse Aun Damien were
charged with 43 counts of cheating.

A total of 12 persons were charged last Sept. 23, 2005 in
relation to the case, but only the three officials were part of
the Company. Most of the 9others involved in the conspiracy were
branch managers of Nokia Care outlets in Singapore.

Acording to commercial affairs authorities, ACCS sent a total of
SGD4.3 million in phone repair bills to Nokia for phones that
were still under warranty from January to September 2004.

ACCS had been investigated by commercial affairs authorities
after Nokia terminated a contract to provide molbie phone repair
services in several countries. Founder Victor Tan resigned in
May this year after authorities investigated the alleged
overstatement of the Company's 2004 profits.

Mr. Tan will contest the cheating charges; a pre-trial
conference has been set for Oct. 3, 2005.

ACCS appointed Philip Eng as its chairman to help turn the
Company around, and has also appointed new management in order
to restore confidence. The Company posted a SGD7.1 million net
loss for January to June 2005, and expects to incur losses for
the remainder of the year.


BAN LIAN: Court Issuesd Winding Up Order
----------------------------------------
In the matter of Ban Lian Hong Realty (Pte) Limited,  the
Singapore High Court issued a winding up order against the
Company on Sept. 16, 2005, with the following details:

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

Shook Lin & Bok
Solicitors for the Petitioner

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

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


CITIRAYA INDUSTRIES: Court OKs Six-Week Restructuring Plan
----------------------------------------------------------
The Singapore High Court has given troubled recycler Citiraya
Industries six weeks to turn itself around, before allowing its
creditors to wind it up, reports Channel NewsAsia.

This is due to the fact that Citiraya has found two potentail
investors who are willing to invest SGD40 million into the
Company in exchange for shares. The Company had previously asked
for a three-month delay on its judicial management proceedings,
but was only granted a reprieve of six weeks.

Lawyers for the Company's creditors had agreed at the beginning
to give the Company time to come up with a rescue plan, and
initially suggested that two weeks was enough for the Company to
turn itself around. They appealed to the Court not to grant too
long a reprive, as doing so would deplete its finances.

Citiraya's lawyers argued that they had just recently manaaged
to secure the investment of two firms, and asked for a three-
month period to restructure the Company, as it was also
undergoing police investigations on the restatement of its
financial records.

Citiraya Industries was also given three weeks to come up with a
SGD6 million debt repayment scheme to its largest single
creditor, DBS Bank. DBS Bank has threatened to repossess two of
the Company's plants that it is hiolding as collateral on the
debt.

CONTACT:

Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com


FLEXTECH HOLDINGS: Creates Supplemental Agreement
-------------------------------------------------
Last May 13, 2004, Flextech Holdings Limited entered into a Sale
and Purchase Agreement with Messrs. Shen Hing Steven, Wu Sze
Wing, Au Wai Leung and Cheung Ting Chi, Tony to purchase the
entire issued capital of Dynax Digital Creation Limited (now
known as FE Global (North Asia) Limited (FEG NA).

The Company further announces that it was mutually agreed
between all the parties involved that Mr. Wu and Mr. Au would
leave the employment of FEG NA to pursue other opportunities,
effective Sept. 22, 2005. In this connection, the parties
involved entered into a supplemental agreement dated Sept. 22,
2005 to set out the terms of such disengagement.

To view the details of the Company's supplemental agreement,
click on:

http://bankrupt.com/misc/tcrap_flextech092605.pdf

CONTACT:

Flextech Holdings Limited
10 Collyer Quay #19-08
Ocean Building
Singapore 049315
Telephone: 65 62129629
Fax: 65 62129630
Web site: http://www.flextechholdings.com.sg


OCEAN TRADERS: Creditor Seeks Winding Up
----------------------------------------
Notice is hereby given that Hiap Shing Shipping Pte Limited, a
judgment creditor of Ocean Traders Pte Limited, presented a
winding up petition against the Company to the Singapore high
Court on Sept. 9, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Oct. 7, 2005, 10:00 a.m.

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 himself or his 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 Petitioners' address is 15 Pandan Road, Singapore 609263.

The Petitioners' solicitors are Messrs. Gurbani & Co. of No. 9
Temasek Boulevard, #17-01 Suntec Tower 2, Singapore 038989.

Dated this 13th day of September 2005

Gurbani & Co.
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors Messrs Gurbani &
Co., 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, 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 solicitors not later than 12:00 p.m. of Oct. 6,
2005 (the day before the day appointed for the hearing of the
Petition).


REGION AIR: Pays Dividend to Creditors
--------------------------------------
Region Air Pte Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Region Air Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 177 of 2003
Last day for receiving proofs: Oct. 7, 2005
Name  & address of Liquidators: Kon Yin Tong and Wong Kian Kok
Foo Kon Tan Grant Thornton
47 Hill Street
#05-01 Chinese Chamber of Commerce
& Industry Building
Singapore 179365


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

PICNIC CORPORATION: SET Halts Trading of Securities
---------------------------------------------------
The Stock Exchange of Thailand (SET) has ordered the trading
halt of Picnic Corporation Pcl. (PICNI) because significant
rumor is circulating in connection to the Company's takeover by
PETRONAS that might affect trading of its securities, but the
SET has not yet been officially informed.

Therefore, the SET has temporarily halted trading of the
Company's securities effective from morning trading session of
September 26, 2005 until the Company has clarified or disclosed
this material information to the SET.

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com


TONGKAH HARBOUR: Unveils New Audit Committee Members
----------------------------------------------------
The board of directors meeting of Tongkah Harbour PCL held on
September 21, 2005 passed a resolution to approve the
resignation of Mr. Prakit Pradipasen as Independent Director a
nd Audit Committee Chairman and appointing Mr. Kriang
Kietfuengfoo as Independent Director and Audit  Committee
Chairman effective September 21, 2005.

(1) Names of members of the Audit Committee are:

                             Remaining terms of holding office

Chairman of
the Audit
Committee     Mr. Kriang Kietfuengfoo     2 year(s) 2006

Member of
the Audit
Committee    Mr. Tiwa Sukumoljanta        1 year(s) 2005

Secretary of the Audit Committee- Mr. Chalermchai Martmuang

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

(1) Ensuring that all financial reporting is in accordance with
generally excepted accounting procedures.

(2) Ensuring timely and transparent regulatory compliance.

(3) Making informed recommendations regarding the Company's
accounting policies practices.

(4) Reviewing the scope, cost and results of internal and
external audits.

(5) Maintaining communication between the Board of Directors and
the Company's internal finance department and/or external
auditors.

(6) Assessing the adequacy of the Company's administrative,
operating and accounting controls and working suggestions for
possible improvement.

(7) Reviewing any matter that may potentially affect the
financial welfare of the company and/or connected transactions
involved with related companies.

(8) Reviewing and making recommendations in the company's
internal control.

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

Director
Mr. Ronald Ng Wai Choi
Director

CONTACT:

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




BOND PRICING: For the Week 26 September to 30 September 2005
------------------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     8
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     8
BIL Finance Ltd                       8.750%    10/15/05     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
Capital Properties Nz Ltd             8.500%     4/15/10     8
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     8
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     7
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     7
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
GPS Online Ltd                       10.000%     6/30/06     1
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     7
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Infrastructure & Utilities NZ Ltd     8.500%    11/15/15     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Riversdale Mining Ltd                 8.000%    12/31/05     2
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Sherlock Bay Nickel                  12.000%     9/01/07     1
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Strathfield Group                    11.000%    12/31/05     1
Sunshine Gas Company Ltd             12.000%     9/30/06     1
Sydney Gas Company                   12.000%     4/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/08     8
TrustPower Ltd                        8.500%     9/15/12     7
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


INDONESIA
---------

Indonesia Government Bond             9.500%     6/15/15    73
Indonesia Government Bond            10.000%     7/15/17    75

MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Holdings Bhd                4.000%    12/22/05     1
Berjaya Group Bhd                     5.000%    10/17/09     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Berjaya Sports Toto Bhd               8.000%      8/04/12    4
Camerlin Group Bhd                    5.500%      7/15/07    1
Crescendo Corporation Bhd             3.000%      8/25/07    1
Dataprep Holdings Bhd                 4.000%      8/06/07    1
Denko Industrial Corporation Bhd      5.000%      3/15/07    1
Eden Enterprises (M) Bhd              2.500%     12/02/07    1
EG Industries Bhd                     5.000%      6/16/10    1
Equine Capital Bhd                    3.000%      8/26/08    1
Fountain View Development Sdn Bhd     3.500%     11/03/06    1
Furqan Business Organization          2.000%     12/19/05    1
Gadang Holdings Bhd                   2.000%     12/24/08    1
Greatpac Holdings Bhd                 2.000%     12/11/08    1
Gula Perak Bhd                        6.000%      4/23/08    1
Hong Leong Industries Bhd             4.000%      6/28/07    1
Huat Lai Resources Bhd                5.000%      3/28/10    1
I-Berhad                              5.000%      4/30/07    1
Insas Bhd                             8.000%      4/19/09    1
Integrax Bhd                          3.000%     12/24/05    1
Kamdar Group Bhd                      3.000      11/09/09    1
Killinghall Bhd                       5.000%      4/13/09    1
Kosmo Technology Industrial Bhd       2.000%      6/23/08    1
Kretam Holdings Bhd                   1.000%      8/10/10    1
Kumpulan Jetson                       5.000%     11/27/12    1
LBS Bina Group Bhd                    4.000%     12/29/06    1
LBS Bina Group Bhd                    4.000%     12/31/07    1
LBS Bina Group Bhd                    4.000%     12/31/08    1
LBS Bina Group Bhd                    4.000%     12/31/09    1
Lebar Daun Bhd                        2.000%      1/06/07    4
Lion Diversified Holdings Bhd         2.000%      6/01/09    1
Media Prima Bhd                       2.000%      7/18/08    1
Mithril Bhd                           3.000%      4/05/12    1
Mithril Bhd                           8.000%      4/05/09    1
Mutiara Goodyear Development Bhd      2.500%      1/15/07    1
Naim Indah Corporation Bhd            0.500%      8/24/06    1
Nam Fatt Corporation Bhd              2.000%      6/24/11    1
Pantai Holdings Bhd                   5.000%      3/28/07    2
Pantai Holdings Bhd                   5.000%      7/31/07    2
Patimas Computers Bhd                 6.000%      2/19/06    1
Pelikan International Corp Bhd        3.000%      4/08/10    1
Poh Kong Holdings Bhd                 3.000%      1/20/07    1
Prinsiptek Corporation Bhd            2.000%     11/20/06    1
Puncak Niaga Holdings Bhd             2.500%     11/18/16    1
Ramunia Holdings                      1.000%     12/20/07    1
Rashid Hussain Bhd                    0.500%     12/24/12    1
Rashid Hussain Bhd                    3.000%     12/24/12    1
Rhythm Consolidated Bhd               5.000%     12/17/08    1
Silver Bird Group Bhd                 1.000%      2/15/09    1
Southern Steel                        5.500%      7/31/08    1
Tanah Emas Corporation Bhd            2.000%     12/09/06    1
Talam Corporation Bhd                 7.000%      4/19/06    1
Tap Resources Bhd                     2.000%      6/29/06    1
Tenaga Nasional Bhd                   3.050%      5/10/09    1
Time Engineering Bhd                  2.000%     12/25/05    1
VTI Vintage Bhd                       4.000%      8/22/06    1
WCT Land Bhd                          3.000%      8/02/09    1
Wah Seong Corp                        3.000%      5/21/12    3


SINGAPORE
---------

Sengkang Mall                         8.000%     11/20/12    1
Structural System Singapore          11.000%      6/30/07    1



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza
Dejito and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***