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

                     A S I A   P A C I F I C

          Thursday, September 29, 2005, Vol. 8, No. 193

                          Headlines

A U S T R A L I A

ALSCAF PTY: Members Agree to Wind Up Firm
AUSSIEPOL PTY: Pays Out Dividend Today
BABEL TOWER: Members Decide to Close Operations
BOXOLA PROPRIETARY: Creditors Asked to Submit Debt Claims
COASTAL RADIATOR: Creditors Appoint Liquidator

COLCHESTER GR: Liquidator to Explain Winding Up to Members
CR INDUSTRIES: Members Opt for Voluntary Liquidation
DINHAO ENTERPRISES: To Distribute Final Dividend
EDCOM REAL: Former Liquidator's Conviction Stands
GLEBE FARM: Robert Whitehouse Named Liquidator

GRASSO HOLDINGS: Winds Up Business
GREENSTRAW PTY: Declares Dividend
HELEN O'GRADY: Liquidator to Distribute Company Assets
HUNTER VINEYARD: Members, Creditors Meet to Discuss Winding Up
INCITEC PIVOT: Orica Still Undecided on Stake Sale

KEYSBOROUGH KITCHENS: Court Orders Winding Up
MISTER MUNDY'S: Members Decide to Cease Operations
MULTIPLEX: Sells Slice of Retirement Venture
MYER LIMITED: Boss Says She's Here to Stay
MYER LIMITED: David Jones Eyes Some Stores

NATIONAL AUSTRALIA: Aims to Stabilize, Rebuild Australian Biz
PASALA INTERNATIONAL: Schedules Final Meeting October 5
PETER FOLEY'S: Court Issues Winding Up Order
PRIMELIFE CORPORATION: Makes Placement to BT; Takes Aevum Stake
PURITY CONSERVATION: Members Pass Winding Up Resolution

QANTAS AIRWAYS: To Share Passengers with Jetstar
QANTAS AIRWAYS: Traffic Up 7.2% in August
TELSTRA CORPORATION: Future Unclear in NZ
TELSTRA CORPORATION: Fitch Says Rules to Weigh on Telecoms
UGOTIT FILM: Members, Creditors to Review Wind Up Report

WEDMIN PTY: Placed Under Voluntary Liquidation


C H I N A  &  H O N G  K O N G

BANK OF CHINA: UBS Mulls US$500-Mln Investment
BEIJING SECURITIES: SASAC, UBS, IFC to Aid Restructuring
EASTRICH INDUSTRIAL: Prepares to Shut Down Business
GREAT WILL: Court Releases Winding Up Order
GOOD POINT: Winding Up Hearing Slated for November 16

HONG KONG PHARMACEUTICAL: Updates Business Restructuring Scheme
JDC CORPORATION: Winding Up Hearing Fixed October 27
JOYASIA DEVELOPMENT: To Shut Down Operations
KNOWN POINT: Court to Hear Winding Up Petition October 26
NEW HARVEST: Poised to Cease Operations

SUN TUNG: Prepares to Wind Up Business
* S&P Upgrades Seven Chinese Financial Institutions


I N D I A

AASTHA BROADCASTING: Debarred Access to Capital Market
DUNCANS INDUSTRIES: Wants to Surrender ITA Membership
MCI SECURITIES: SEBI Bans Firm Over Fraudulent Activities


I N D O N E S I A

BANK MANDIRI: Government to Sell Minor Stake
INDOFOOD SUKSES: Delays IDR1.75-Trillion Bond Issue
PERTAMINA: Boosts Daily Output to 190,000 Kiloliters
PERTAMINA: Wants to Extend Testing of Gasoline Cargoes

    
J A P A N

HUIS TEN: Aims to Restore Profit in 2008
KANEBO LIMITED: Bidders Boil Down to 10
MITSUBISHI MOTORS: Unveils New Corporate Slogan
MITSUBISHI MOTORS: Exhibits at 39th Tokyo Motor Show
SANYO ELECTRIC: To Shut Down Hyogo Factory

SANYO ELECTRIC: Enters Alliance With ESPN
SONY CORPORATION: R&I Places Rating on Monitor
TOSHIBA CORPORATION: Delays U.S. HD DVD Player Launch
UFJ HOLDINGS: Revises Financial FY/2005 Forecast
UFJ HOLDINGS: Unveils Full Redemption of Subordinated Bonds

UFJ HOLDINGS: Issues Receipt of Merger Approval


K O R E A

HANARO TELECOM: Likely to Gain Approval on Thrunet Merger
JINRO LIMITED: Bids Court Receivership Farewell


M A L A Y S I A

AYER HITAM: Bourse Sets Out Delisting Criteria
CEPATWAWASAN GROUP: Court Moves Hearing Early Next Year
CONSOLIDATED FARMS: Net Loss Shrinks to MYR5,336,000
DUOPHARMA BIOTECH: Unveils TMSB's Dealing in Shares
GADANG HOLDINGS: Amends Units' Number of Subscribed Shares

KEMAYAN CORPORATION: Court Revises Summon
MBF HOLDINGS: Hearing on Appeal Set for Next Month
MEDIA PRIMA: NTV7 Creditors OKs Proposed Scheme
PANTAI HOLDINGS: Bourse to Grant Listing, Quotation of Shares
POS MALAYSIA: New Shares up for Listing, Quotation

PPB GROUP: Updates Wind Up Order Served on Units
PSC INDUSTRIES: Clarifies News Article in the Edge
TAP RESOURCES: Board Seeks Extension of Time to Pay Dues
TENAGA NASIONAL: Adds New Shares for Listing, Quotation


P H I L I P P I N E S

MAKATI MEDICAL: Decision on Debt Restructure at Standstill
NATIONAL POWER: Unlikely to Sign TSC with Meralco This Month
NATIONAL POWER: Gov't Opens Bidding for More Power Plants
PACIFIC PLANS: Accuses PEPC of Harassment
UNIOIL RESOURCES: SEC Slaps Php100,000-Fine for Late Filing


S I N G A P O R E

ALLGREEN PROPERTIES: Issues New Shares Under Share Option Scheme
CITIRAYA INDUSTRIES: Two More Charged in Ongoing Case
LIFETIME OF HOLIDAYS: Pays Dividend to Creditors
PB INTERIOR: Creditor Seeks Winding Up
UNITED FIBER: Appoints CFO, Director

WING TAI: To Hold AGM, EGM October 13


T H A I L A N D

THAI AIRWAYS: Lashes at Singapore Air's Lower Fuel Surcharge

     -  -  -  -  -  -  -  -

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

ALSCAF PTY: Members Agree to Wind Up Firm
-----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Alscaf Pty Limited held on Aug. 29, 2005, it
was resolved that the Company be wound up voluntarily.

Dated this 31st day of August 2005

Ross Doherty
Liquidator
4 Surrey Place, Kareela NSW 2232
Phone: 02 9521 3351
Fax:   02 9528 0216


AUSSIEPOL PTY: Pays Out Dividend Today
--------------------------------------
Aussiepol (ACT) Pty Limited will declare a final dividend today,
Sept. 29, 2005.

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

Dated this 6th day of September 2005

E. M. Senatore
Liquidator
Senatore Brennan Rashid
Level 7, 28 University Avenue
Canberra ACT 2601
Phone: 02 6214 6700
Fax:   02 6214 6799


BABEL TOWER: Members Decide to Close Operations
-----------------------------------------------
Notice is hereby given that at a general meeting of Babel Tower
Developments 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


BOXOLA PROPRIETARY: Creditors Asked to Submit Debt Claims
---------------------------------------------------------
Notice is given that the creditors of Boxola Proprietary
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 sending through the post a formal proof of debt or
claim in accordance with Form 535 or 536 containing their
respective debts or claims to the Company Liquidator.

In default thereof, they will be excluded from the benefit of
any distribution made before their debts or claims are proved,
or their priority is established and from objecting to
distribution.

Dated this 31st day of August 2005

Frank Butkovich
Liquidator
Level 4, 47 Neridah Street
Chatswood NSW 2067


COASTAL RADIATOR: Creditors Appoint Liquidator
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Coastal Radiator Services Pty Limited held on
Aug. 29, 2005, it was resolved that the Company be wound up
voluntarily and at a creditors' meeting held on the same day, it
was resolved that Daniel I. Cvitanovic of Daniel I. Cvitanovic
Chartered Accountant, Level 1, 121-123 Crown Street, Wollongong
NSW 2500 be appointed Liquidator for such winding up.

Dated this 29th day of August 2005

Daniel I. Cvitanovic
Liquidator
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500


COLCHESTER GR: Liquidator to Explain Winding Up to Members
----------------------------------------------------------
Notice is given that a final meeting of members of Colchester GR
Pty Limited will be held on Oct. 5, 2005 at the offices of Ernst
& Young, 120 Collins Street, Melbourne.

The purpose of the meeting is to lay an account before it,
showing the manner of the winding up and disposal of the
property of the Company, and to hear any explanation that
may be given by the Liquidator.

Dated this 15th day of August 2005

John Georgakis
Liquidator
Ernst & Young
120 Collins Street
Melbourne Vic 3000
Phone: 03 9288 8000


CR INDUSTRIES: Members Opt for Voluntary Liquidation
----------------------------------------------------
At a general meeting of the members of CR Industries Pty Limited
held on Aug. 25, 2005, a special resolution that the Company be
wound up voluntarily was passed.

Stephen G. Longley
David L. McEvoy
Liquidators
Freshwater Place, 2 Southbank Boulevard
Melbourne Vic 3001


DINHAO ENTERPRISES: To Distribute Final Dividend
------------------------------------------------
Dinhao Enterprises Pty Limited will declare a first and final
dividend on Sept. 30, 2005.

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

Dated this 22nd day of July 2005

Scott Pascoe
Liquidator
SimsPartners
Chartered Accountants
Level 24, Australia Square
264 George Street
Sydney NSW 2000


EDCOM REAL: Former Liquidator's Conviction Stands
-------------------------------------------------
Mr. John Henderson Jackson, a former Adelaide-based liquidator,
has been refused leave to appeal against his conviction on
charges arising from an investigation by the Australian
Securities and Investments Commission (ASIC) into his conduct as
a receiver and manager of Edcom Real Estate Pty Ltd (Edcom).

The refusal by the Supreme Court of South Australia to grant Mr.
Jackson leave to appeal means that his conviction and sentence
of three years jail, wholly suspended upon entering into a
recognizance in the amount of AU$2,000 to be of good behavior
for a period of two years commencing 1 July 2005, remains.

On five occasions between December 1999 and April 2000, Mr.
Jackson fraudulently converted money belonging to Edcom totaling
AU$26,190 by transferring it to his personal bank accounts and
then using this money for his own benefit.

"This decision affirms the requirement for liquidators to keep
the assets of administrations they are conducting separate from
their own affairs and to ensure that payments for their own work
are accounted for and fully approved in accordance with the
Corporations Act," ASIC's Deputy Executive Director of
Enforcement, Mr. Allen Turton said.

"ASIC will not hesitate to pursue those who misuse their
positions of trust for their own benefit," Mr. Turton added.

The charges were prosecuted by the Commonwealth Director of
Public Prosecutions.


GLEBE FARM: Robert Whitehouse Named Liquidator
----------------------------------------------
At an Extraordinary General Meeting of The Glebe Farm Pty
Limited held on Aug. 26, 2005, the members resolved to wind up
the Company voluntarily, and to appoint Robert P. Whitehouse of
Wise Lord & Ferguson Chartered Accountants, 1st Floor, 160
Collins Street, Hobart 7000 as Liquidator of the Company.

Dated this 26th day of August 2005

Robert P. Whitehouse
Liquidator
Wise Lord & Ferguson
Chartered Accountants
1st Floor, 160 Collins Street
Hobart Tas 7000
Phone: 03 6223 6155


GRASSO HOLDINGS: Winds Up Business
----------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Grasso Holdings Australia Pty Limited held on
Aug. 25, 2005, it was resolved that the Company be wound up
voluntarily.

At a meeting of creditors held later that day, it was resolved
that Nicholas Giasoumi and Roger Darren Grant of Suite 8 260
Auburn Road, Hawthorn 3122 be appointed Joint and Several
Liquidators of the Company.

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


GREENSTRAW PTY: Declares Dividend
---------------------------------
Greenstraw Pty Limited will declare a first and final dividend
on Sept. 30, 2005.

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

Dated this 24th day of August 2005

M. H. Lyford
Liquidator
Lyfords
Ogilvie House, 12 Kintail Road
Applecross WA 6153


HELEN O'GRADY: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of the members of Helen O'Grady
International Pty Limited duly convened and held on Aug. 29,
2005, the following special resolutions were passed:

(i) That the Company be wound up voluntarily.

The resolution was unanimously carried.

(ii) That the Liquidators shall distribute (in cash or in
specie) the Company assets to the Shareholders, in accordance
with the Articles of Association.

The resolution was unanimously carried.

Clifford Stuart Rocke and Andrew Birch of PPB, Level 1, 5 Mill
Street, Perth were appointed as Joint and Several Liquidators
for such winding up.

Dated this 6th day of September 2005

Andrew Birch
Clifford S. Rocke
Joint Liquidators
PPB
Level 1, 5 Mill Street
Perth


HUNTER VINEYARD: Members, Creditors Meet to Discuss Winding Up
--------------------------------------------------------------
A final meeting of members and creditors of Hunter Vineyard
Services Pty Limited will be held on Oct. 5, 2005, 10:30 a.m. at
the offices of Crouch Insolvency, Level 28, St. Martins Tower,
31 Market Street, Sydney NSW for the purpose of attending to
statutory duties.

Dated this 30th day of August 2005

Nicholas Crouch
Liquidator
Crouch Insolvency
Level 28, St. Martins Tower
31 Market Street, Sydney NSW


INCITEC PIVOT: Orica Still Undecided on Stake Sale
--------------------------------------------------
Mining and explosives group Orica Limited (ORI) has yet to
decide whether or not it will dispose of its 70-percent interest
in struggling fertilizer producer Incitec Pivot Limited (IPL),
reports Egoli News.

Media reports earlier said that Orica could use the proceeds of
the Incitec stake sale to help it pay for the acquisition of
parts of Norwegian explosives firm Dyno Nobel.

But Orica stressed that no decision has been made by the Orica
board regarding divestment of its stake in IPL.

Orica said it continued to monitor its investment in Incitec and
reiterated that any future decision as to its holding in Incitec
would be based upon the groups financial performance.

Orica did acknowledge that it has engaged investment bank Morgan
Stanley to review options for Orica's stake in Incitec, and that
confidential exploratory discussions with a range of potential
parties had taken place.

CONTACT:

Incitec Pivot Limited
ABN 42 004 080 264
70 Southbank Boulevard
Southbank
Victoria
Australia 3006
Telephone: + 61 3 8695 4400
Facsimile: + 61 3 8695 4419
Web site: http://www.incitecpivot.com.au/


KEYSBOROUGH KITCHENS: Court Orders Winding Up
---------------------------------------------
On Aug. 29, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Keysborough Kitchens Pty
Limited, and appointed Hugh Charles Thomas of BKR Walker
Wayland, 8th Floor, 55 Hunter Street, Sydney NSW 2000 to be
Liquidator of the Company.

Dated this 30th day of August 2005

Hugh C. Thomas
Liquidator
BKR Walker Wayland
8th Floor, 55 Hunter Street
Sydney NSW 2000


MISTER MUNDY'S: Members Decide to Cease Operations
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Mister Mundy's Restaurant and Bar 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 for
such purpose.

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


MULTIPLEX: Sells Slice of Retirement Venture
--------------------------------------------
Babcock & Brown Limited has acquired Multiplex Limited's 45%
interest in the Development Joint Venture between Primelife
Corporation Limited, Multiplex and Babcock & Brown.

Primelife understands that, as part of the transaction,
Multiplex has sold its 4 million shares in Primelife for
AU$1.25, 2.6 million of which have been acquired by Babcock &
Brown.

Primelife and Babcock & Brown will continue and where
appropriate, expand the Development Joint Venture.

This will allow Primelife to build on its position as a leader
in the seniors living market, through reducing the risks
associated with the acceleration of its development pipeline.

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


MYER LIMITED: Boss Says She's Here to Stay
------------------------------------------
Myer Limited chief Dawn Robertson assured her staff that she is
not leaving the department store chain to seek jobs in her
native United States, according to the Sydney Morning Herald.

Ms. Robertson told 22,000 Myer and Megamart staff in Australia
of her dismay over the media's interpretation of her daughter's
desire to study in the U.S. as a signal of her departure.

Ms. Robertson, who was recruited by Coles Myer chief executive
John Fletcher in May 2002, pointed out that she has bought a
house in Melbourne, has permanent residency and another daughter
who lives here.

The lady boss dismissed reports that she was planning to leave
Myer as "untrue and pure gossip". She added she had signed on
with Myer to rebuild the business and she wanted to see it
through.

Her future has come under the microscope since Mr. Fletcher
announced last month that the 61 Myer stores could be sold. The
parent company, ColesMyer Limited is looking at either spinning
off the underperforming department stores or retaining them.

Mr. Fletcher said this week that Coles Myer had received
interest from 13 parties keen to run the rule over Myer. The
potential bidders are believed to include South African retailer
Edgars Consolidated, former Coles Myer director Solomon Lew and
private equity groups such as CVC Asia Pacific and United
States-based Newbridge Capital.

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


MYER LIMITED: David Jones Eyes Some Stores
------------------------------------------
Upmarket retailer David Jones Limited has signified interest in
some department stores operated by Myer Limited, Dow Jones
reports.

David Jones Chief Executive Officer Mark McInnes said the
group's adviser, Gresham Partners, had expressed David Jones'
interest to Coles Myer's adviser Carnegie Wylie for "up to 10"
Myer stores.

He added that David Jones has negotiated possible deals with
several private equity groups likely interested in the Myer
department store chain.

Coles Myer Chief Executive John Fletcher told reporters last
week that 12 to 13 groups, including offshore retailers and
private equity investors, have expressed an interest in the Myer
assets.

Fletcher said the company is in no rush to make a decision on
whether to sell or keep the underperforming division, although
indicated a decision may be made by December or January.

Coles Myer plans to send out an information memorandum to
potential bidders by the third week of October.
     

NATIONAL AUSTRALIA: Aims to Stabilize, Rebuild Australian Biz
-------------------------------------------------------------
A comprehensive plan to stabilize and rebuild the NAB's
Australian business was outlined in a market update by the
Executive Director and Chief Executive of the National's
Australian operations, Mr. Ahmed Fahour.

"We are half-way through a three year turnaround," Mr. Fahour
said.

"We have the right people in place and they are focused on the
right things. We have broadly stabilized the business and are
now embarking on the rebuilding phase."

Highlights of the briefing include a three-year plan to:

(1) Release new products and improve customer service in
Australia

(2) Complete the integration and restructuring of the Australian
businesses

(3) Invest AU$1.8 billion in rebuilding the Australian business,
and

(4) Having regard to the AU$1.8 billion investment, keep
underlying cost growth in the Australian business under 3% per
annum

Four key priorities for the next three years include:

Helping our customers fulfill their aspirations

"We have a clear purpose: to help our customers fulfill their
aspirations," Mr. Fahour said. "We are freeing up our people to
achieve this, by simplifying processes and policies.

"We are also committed to reinvesting in skills and capability
development, including new quality management approaches and
systems that improve both the employee and customer experience.

"We will continue to launch market-leading, customer-focused
products.  New products such as the Business Cash Maximiser,
Personal Project Loan and iSaver Account have been launched
recently."

Rebuilding critical infrastructure

"As announced in May, we are also reinvesting AU$1.8 billion
over three years in rebuilding the business," Mr. Fahour said.

"This will go to product and service innovation, building
infrastructure, and compliance/regulatory issues.

"In 2006 and beyond, the investment mix will shift towards
projects that give us bottom line returns and rejuvenate our
systems and infrastructure. This includes investments in our
Retail branch network, re-engineering of our lending processes
and building new products and services for our customers."

Becoming cost-competitive

"We are still inefficient compared to best practice," Mr. Fahour
said. "We intend to keep underlying cost growth under 3% per
annum on average over the next three years."

Early gains have been achieved through a number of initiatives
including the integration of support functions across the
business, cancellation of low-value projects and reduction in
the use of consultants.

The 1000 job reductions announced in May have been completed.

Longer-term, value-adding initiatives include process re-
engineering to free up capacity, simplification of technology
architecture and rationalization of suppliers. We will 'right-
source' to ensure functions are performed in-house or externally
in Australia or overseas as appropriate and this will mean
another 1000 job reductions over the next two years, as
announced in May.

Managing our portfolio of businesses

"Each of the NAB's business units is at a different starting
position, and each has a plan to become truly competitive," Mr.
Fahour said.

Business & Private Banking:

Business and Private is very strongly positioned. Features of
the growth strategy include:

- Further specialization in specific industry groups;
- Greater banker empowerment and authority;
- Cross-sell into transaction banking and wealth management.

Retail Banking:

The Retail business faces reinvigorated incumbents and a raft of
new competitors. A major improvement program will include:

- Re-investment and training for sales and service;
- Re-investing in and upgrading our branches;
- Profit and Loss accountability to be managed by new local area
markets;
- Increased sales capabilities to be put back into major
outlets.

Wealth Management:
The Wealth Management business enjoys a strong brand and market
position. There will be a strong focus on:

- Improving service levels;
- Revitalizing the 'manager of managers' platform;
- Investment in product innovation;
- Cross-sell into the bank channel.

These plans will ensure the Wealth Management business
participates in the exciting growth opportunities available to
it.

CONTACT:

Geoff Lynch
Head of Media Relations Australia
Phone: 03 8634 1564
Mobile: 0405 319 819  

Hany Messieh
Group Manager, Investor Relations
Phone: 03 8641 2312
Mobile: 0414 446 876

Samantha Evans
External Relations Manager
Phone: 03 8641 4982
Mobile: 0404 883 509

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


PASALA INTERNATIONAL: Schedules Final Meeting October 5
-------------------------------------------------------
Notice is given that an Annual General Meeting and Final Meeting
of Pasala International Pty Limited will be held
contemporaneously on Oct. 5, 2005, 10:30 a.m. at St. Michaels
(Jacaranda Room), 120 Collins Street, Melbourne.

The purpose of the meetings is to lay accounts before it,
showing the manner in which the winding up was conducted and the
property of the Company disposed of, approve liquidator fees,
and to hear any explanation that may be given by the Liquidator.

Dated this 19th day of August 2005

John Goergakis
Liquidator
Ernst & Young
Chartered Accountants
Level 27, 120 Collins Street
Melbourne Vic 3000


PETER FOLEY'S: Court Issues Winding Up Order
--------------------------------------------
On Aug. 30, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Peter Foley's Holdings Pty Limited be
wound up, and appointed R. J. Porter to be Liquidator for such
purpose.

R. J. Porter
Liquidator
Moore Stephens
Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


PRIMELIFE CORPORATION: Makes Placement to BT; Takes Aevum Stake
---------------------------------------------------------------
Primelife Corporation Limited on Wednesday agreed to make an
AU$10m private placement of shares to BT Financial Group at
AU$1.20 per share.

The placement will see BT become a substantial shareholder
(7.1%) in Primelife.

In a related transaction, Primelife has today acquired BT's 6.6%
interest in retirement and aged care operator, Aevum Limited, at
AU$1.40 per share.

This will result in Primelife becoming the second largest
shareholder in Aevum.

CONTACT:

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


PURITY CONSERVATION: Members Pass Winding Up Resolution
-------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members and creditors of Purity Conservation Centre
(Springvale) Pty Limited held on Aug. 25, 2005, it was resolved
that the Company be wound up voluntarily, and that Joseph
Loebenstein, Chartered Accountant and Registered Liquidator of
Loebenstein Insolvency Services Pty Limited 203 Balaclava Road,
Caulfield North, Victoria, be appointed liquidator of the
Company.

Dated this 25th day of August 2005

Joseph Loebenstein
Liquidator
203 Balaclava Road, Caulfield North Vic 3161


QANTAS AIRWAYS: To Share Passengers with Jetstar
------------------------------------------------
Qantas Airways is trying to get more passengers aboard its low-
cost offshoot, Jetstar Asia, the Sydney Morning Herald reports.

The Australian carrier is seeking a code-share agreement with
the Singapore-based budget carrier for flight to Thailand and
India.

Qantas has applied for a five-year code-share with loss-making
Jetstar, just days after they latter announced plans to launch
services from Singapore to Bangalore and Phuket next month.

Its application to the International Air Services Commission for
a code-share on flights to Kolkata, Qantas said the deal would
"enhance Qantas's competitive offering and complement broader
efforts to develop the rapidly growing Australia-India market".

Qantas launched services from Sydney to Mumbai last December.
Jetstar Asia launched services to Kolkata last month, a
destination Qantas has not flown to since the 1960s.

Given the 10-month-old Jetstar Asia is yet to make a profit, the
code-share is no doubt aimed at getting more passengers to fly
the airline through Qantas's largest overseas hub - Singapore.

Qantas has applied for 300 code-share seats a week to Kolkata
from December 1. This is about 20 per cent of Jetstar Asia's
capacity to the subcontinent.

Qantas has also applied for a code-share for Jetstar Asia on
flights to Bangkok and Phuket.

No code-share agreement has so far been sought with Qantas's
other Singaporean airline venture, Valuair.

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


QANTAS AIRWAYS: Traffic Up 7.2% in August
-----------------------------------------
Qantas Airways Limited saw its group passenger traffic grow 4.2
percent in August, Reuters reports.

The national flag carrier, however, admitted its domestic
operations suffered due to tye sprouting of budget airlines.

Qantas said group seat load factor, which measures how
successfully it fills the seats on its in aircraft, was 75.2
percent, up 1.1 percentage points on a year ago. But its full-
service domestic carrier, competing against its own budget
airline Jetstar and budget rival Virgin Blue , had a 3.4 percent
fall in revenue passenger kilometres (RPKs), an industry
standard which measures seats sold and distance flown.

Jetstar's revenue passenger kilometres soared 41.6 percent.

The number of passengers Qantas' full-service domestic airline
carried was down 5.3 percent to 1.34 million. Jetstar had a 26.2
percent rise in passengers carried to 405,000. Virgin Blue
carried 1.2 million passengers in August, up 10.7 percent.

Jetstar's load factor was 74.7 percent, up from 71.5 and
compared to 78.2 percent for Virgin Blue. Qantas' full-service
domestic carrier load factor was 78.3 percent, down 1.9 points
on a year ago.

A copy of Qantas' preliminary traffic and capacity statistics
for August is available for downloading free of charge at:
http://bankrupt.com/misc/tcrap_qantasairways082805.pdf


TELSTRA CORPORATION: Future Unclear in NZ
-----------------------------------------
Telstra Corporation is looking to cut non-profitable services in
New Zealand, The Age has learned.

The telco is beating a retreat from its troublesome AU$1.5-
billion investment in New Zealand.

Allan Freeth, chief executive of TelstraClear, the telco's
Trans-Tasman offshoot, said the company would focus on
profitability and service. He said the company will not offer
resale services just to prove it's in the market.

Telstra has spent AU$1.5 billion in New Zealand since 1995 but
has been unable to secure a profitable foothold, partly because
the Government has not deregulated enough to allow new entrants
to compete strongly.

In 2004, Telstra made a profit of only NZ$2 million on revenue
of NZ$716 million, which grew only 3.5 percent, compared with
the 15-20 per cents analysts say it should expect.

Now, after a review that Mr. Freeth implemented when he took the
top job in May, it seems these poor figures will no longer be
tolerated.

Mr. Freeth said Telstra's board was committed to New Zealand and
the company would continue to offer services on fixed-line
networks it had installed in Christchurch, Wellington and
central Auckland.

For some time, Telstra has planned of building its own national
mobile network estimated to cost NZ$500 million (AU$450 million.
But analysts doubt the proposed investment is worthwhile.

A Telstra spokesman said the future of the mobile business and
the 1200 people TelstraClear employs was still under review.

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/


TELSTRA CORPORATION: Fitch Says Rules to Weigh on Telecoms
----------------------------------------------------------
Fitch Ratings on Wednesday said that the next couple of months
will be one of the more defining periods for both the Australian
telecom industry and Telstra Corporation.

In a corporates conference held earlier today in Melbourne, the
agency said a continuing acute competitive landscape coupled
with new and onerous regulations will impact Telstra's future
earnings and likely scupper any plans that Telstra may have had
to undertake a large share buyback over and above existing
initiatives.

On the other hand, Fitch said, the industry should not expect
much respite from current competitive dynamics, while future
investment could also be threatened.

"The threat of currently proposed regulations and Telstra
undertaking a significant (additional) share buyback are both
negative for its rating prospects, however it's unlikely that
both will occur simultaneously (at least in the near- to- medium
term). Even with rating pressure persisting Telstra is still
viewed as a solid 'A' category credit," said Jonathan Cornish,
Fitch's Asia-Pacific head of TMT.

Also speaking at the conference, Carolyn Martin, Senior Director
in the Asia-Pacific Corporates team, discussed Australian
corporate hybrids, drawing from the US experience. She said it
was likely that the step-up, reset and conversion features,
which are prevalent in many Australian hybrids, provide the
issuer with an incentive to buyback or redeem certain types of
hybrid issues. These features may minimize the amount of equity-
credit that Fitch will allocate to them when evaluating their
impact on the issuer's senior debt rating.

"As there has been limited seasoning of these types of
Australian hybrids and the market is yet to face a significant
credit stress, there is still some uncertainty as to how issuers
will react when faced with a low share price, weak financial
position or poor liquidity at the time of reset," Ms. Martin
said. "However, it is clear from examples in the U.S. that when
companies in financial distress are faced with profound equity
dilution, they are inclined to use their scarce cash resources
to buyback or redeem securities that threaten extreme dilution.

Moving on to the industrial and consumer sectors, Associate
Director in Fitch's Corporates team, Philip Miall, said that
although the credit cycle seems to have passed its peak for
Australian consumer and industrial corporates, Fitch views the
overall credit outlook as stable. "The agency sees the primary
threats to credit quality as being M&A activity and potential
for aggressive capital management initiatives, although other
less prominent concerns remain, such as economic shocks," said
Mr. Miall.


UGOTIT FILM: Members, Creditors to Review Wind Up Report
--------------------------------------------------------
A final meeting of the members and creditors of Ugotit Film
Services Pty Limited will be held on Oct. 5, 2005, 11:00 a.m. at
the offices of Crouch Insolvency, Level 5, 82 Elizabeth Street,
Sydney NSW, for the purpose of attending to statutory duties.

Dated this 9th day of August 2005

Nicholas Crouch
Liquidator
Crouch Insolvency
Level 5, 82 Elizabeth Street
Sydney NSW


WEDMIN PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at a meeting of members of Wedmin
Pty Limited held on Aug. 26, 2005, the following special and
ordinary resolutions were passed:

That the Company be wound up as a members' voluntary
liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
Desire; and that Ian James Purchas be appointed Liquidator of
the Company.

Dated this 29th day of August 2005

Ian J. Purchas
Liquidator
Star Dean-Willcocks
GPO Box 3969, Sydney NSW 2001
Phone: 02 9223 2944


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

BANK OF CHINA: UBS Mulls US$500-Mln Investment
----------------------------------------------
UBS and Bank of China (BOC) will enter a mutually beneficial
strategic co-operation relationship covering the development of
investment banking and securities products and services in China
and for Chinese clients.

UBS Investment Bank will invest USD500 million (CHF645 million)
in BOC.

The co-operation agreement and investment cement the long-
standing relationship between Bank of China and UBS. The two
parties have agreed to be preferred partners in various
investment banking and related securities business areas in
China and for Chinese clients. In addition, the two parties will
cooperate in operational matters relating to these business
areas.

Commenting on the transaction, UBS CEO, Peter Wuffli, said, "We
regard this agreement as a natural development of our long-term
relationship with Bank of China. The combination of Bank of
China's brand, distribution and customer base with UBS's
products, services and experience will be powerful."

The transaction is subject to regulatory approvals in the PRC.

The investment is part of UBS's strategic approach of pursuing a
number of ventures in the China markets aiming to capture growth
potential.

This is a company press release.

CONTACT:

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


BEIJING SECURITIES: SASAC, UBS, IFC to Aid Restructuring
--------------------------------------------------------
Beijing SASAC, UBS and the International Finance Corporation
(IFC) are in discussions to restructure the operations of
Beijing Securities Co. Ltd into an entity to be managed by UBS.

The restructuring proposal, approved by the State Council, would
see the new securities company providing, among other services,
domestic debt and equity underwriting in China. Additionally,
and distinct from other Sino-foreign joint ventures, the new
company will be able to conduct secondary trading and
distribution in both equity and debt markets and domestic wealth
management services in China.

In a company press release, UBS expects to invest up to RMB 1.7
billion (USD210 million, CHF272 million) in return for its
equity stake in the restructured operation. The restructuring
will occur through the transfer of certain assets to a new
company that will possess the licenses necessary to operate
across a breadth of areas unparalleled in other Sino-foreign
joint ventures. Such a structure shields UBS from any legacy
liabilities.

The parties are united in their view that the restructuring
proposal represents a unique opportunity to benefit their
respective stakeholders, to assist in advancing the process of
reform in China's securities industry, and to establish a
powerful precedent for the successful implementation of such
restructurings.

"This proposal, in addition to UBS's existing QFII facility and
funds management joint venture (UBS SDIC Funds Management) in
China, is a key element of UBS's strategy for the Chinese
domestic securities market. It represents a dynamic and
innovative new approach to the restructuring of the securities
industry on the part of China's Government and regulators. We
look forward to working with our partners and the regulators to
make this vision a reality," said Peter WUFFLI, UBS Chief
Executive Officer.

CONTACT:

UBS Securities Asia Limited
China World Tower 1
1 Jian Guo Men Wai Avenue
Beijing 100004, China
Telephone: +86-10-6505 0088


EASTRICH INDUSTRIAL: Prepares to Shut Down Business
---------------------------------------------------
Eastrich Industrial Limited whose place of business is located
at UG/F, Block 1, Provident Centre, 21-33 Wharf Road, North
Point, 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 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


GREAT WILL: Court Releases Winding Up Order
-------------------------------------------
Great Will Enterprise Limited whose place of business is located
at Restaurant Building, Tai Hing Estimate, Tuen Mun, 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 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


GOOD POINT: Winding Up Hearing Slated for November 16
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Good Point Clothing Export Limited by the High Court of Hong
Kong Special Administrative Region was on September 7, 2005
presented to the said Court by Hoi Shun Knitting Factory Limited
whose registered office is situate at Room 510, Kwai Cheong
Centre, 40-52 Kwai Cheong Road, Kwai Chung, 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.

CHARLES YEUNG CLEMENT LAM LIU & YIP
Solicitors for the Petitioner
13th Floor, Grand Building
18 Connaught Road Central
Central, Hong Kong
Phone: 2521 3483   
Fax: 2810 5581

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.


HONG KONG PHARMACEUTICAL: Updates Business Restructuring Scheme
---------------------------------------------------------------
Reference is made to the announcement of Hong Kong
Pharmaceutical Holdings Limited dated October 14, 2004, which
referred to the appointment of the Provisional Liquidators made
pursuant to the Order.

Pursuant to the Order, the Provisional Liquidators may, inter
alia, exercise the powers of the Board, take into their custody
and protect the assets of the Company and carry on and stabilize
the operations of the Group, including facilitating a
restructuring of the Company.

The Provisional Liquidators announced that the Company, the
Provisional Liquidators, the Investor and the
Escrow Agent entered into the Restructuring Agreement on
September 7, 2005 for the implementation of the Restructuring
Proposal.

As an integral part of the Restructuring Proposal, the Company,
the Provisional Liquidators and the Investor also entered into
the Subscription Agreement on the same date, pursuant to which
the Investor has agreed to subscribe for and the Company has
agreed to issue and allot the Subscription Shares and the
Subscription Preference Shares.

REASONS FOR THE RESTRUCTURING PROPOSAL

The Group has been suffering losses and running at net operating
cash outflow position in recent years and has been relying on
loans and borrowings to finance its business operations. As
disclosed in the interim report of the Company for the six
months ended September 30, 2003 dispatched on January 16, 2004,
the net losses of the Group for the six months ended September
30, 2003 amounted to approximately HK$59.3 million. Based on the
Group's management accounts, the unaudited consolidated net
tangible liabilities of the Group were approximately HK$131.4
million as at September 30, 2004.

Goldon Investment Limited, a creditor of the Company, filed the
Petition against the Company on September 21, 2004. On September
27, 2004, the trustee for Umbrella filed an application for the
appointment of Provisional liquidators. On October 13, 2004, the
High Court of Hong Kong pursuant to the Order appointed the
Provisional Liquidators.

Since their appointment, the Provisional Liquidators have had
discussions with a number of potential investors interested
in facilitating a restructuring for the Company. The Provisional
Liquidators are of the view that, after taking into
consideration the current financial position of the Group and
alternative restructuring proposals received from potential
investors, the Restructuring Proposal represents the best option
available to the Company and its various stakeholders.

The primary objectives of the Restructuring Proposal are to
inject working capital into the Group, to restructure the
Group's business operations with a particular emphasis on Nam
Pei Hong and to compromise and discharge the Group's unaudited
indebtedness of approximately HK$203.2 million based on the
Group's management accounts as at 30 September 2004.

The Provisional Liquidators are of the view that the
Restructuring Proposal provides more favorable terms for all of
the Company's stakeholders than other proposals received by the
Provisional Liquidators from other potential investors and
therefore represents the best option currently available to the
Company and its stakeholders. If the Restructuring Proposal is
not successfully implemented, the Provisional Liquidators
consider it unlikely that the Company will receive a viable
alternative restructuring proposal. In those circumstances there
is a strong likelihood that the Company will be wound up.

The successful implementation of the Restructuring Proposal is
likely to be the only means by which the Company's stakeholders
will recover any return from their investment in the Company.
Trading in the New Shares will be resumed subject to the
fulfillment of certain conditions, including, among other
matters, the passing of the relevant resolutions on the Capital
Restructuring, the Subscription, the removal and appointment of
directors under the Restructuring Proposal by the Shareholders
at the SGM, the withdrawal of all winding petitions, if any,
filed against any member of the Restructured Group, the
restoration of public float and the issue of this announcement.

For more information, go to
http://bankrupt.com/misc/tcrap_hongkongpharmaceutical092805.pdf

CONTACT:

Hong Kong Pharmaceutical Holdings Limited
Shun Tak Centre, 200 Connaught Road
Rm 2603 26th Floor China Merchants Tower
Central
HONG KONG  
Phone: +852 2827 6268
Fax: +852 2970 2608  
Web site:  http://www.hkpharma.com.hk


JDC CORPORATION: Winding Up Hearing Fixed October 27
----------------------------------------------------
Notice is hereby given that the Creditors of JDC Corporation
(General Contractor), which is being compulsorily wound up, are
required on or before October 27, 2005 to send their names,
addresses and descriptions, full particulars of their debts or
claims, as well as the names and addresses of their solicitors
(if any) to the Liquidators of the said Company at 8th Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong.

If so required by notice in writing from the said liquidators
they are to prove their debts or claims at such time and place
as shall be specified in such notice.

In default thereof, they will deemed to waive all of such debts
or claims and the Liquidators will be entitled seven days after
the above date, to distribute the funds available or any part
thereof to the Members.

Dated this 23rd day of September 2005

KONG CHI HOW, JOHNSON
Liquidator


JOYASIA DEVELOPMENT: To Shut Down Operations
--------------------------------------------
Joyasia Development Limited whose place of business is located
at Unit A2, 11th Floor Federal Centre, 77 Sheung On Street, Chai
Wan, 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 14, 2005.

Date of Presentation of Petition: July 18, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


KNOWN POINT: Court to Hear Winding Up Petition October 26
---------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Known Point Limited by the High Court of Hong Kong Special
Administrative Region was on August 31, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am 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.

ANTHONY CHIANG & PARTNERS
Solicitors for the Petitioner
3903 Tower 2, Lippo Centre
89 Queensway
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the 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 the 25th day of
October 2005.


NEW HARVEST: Poised to Cease Operations
---------------------------------------
New Harvest Corporation Limited whose place of business is
located at M/F, 45 Tai Pa Street, Tsuen Wan, 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 14, 2005.

Date of Presentation of Petition: July 20, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


SUN TUNG: Prepares to Wind Up Business
--------------------------------------
Sun Tung Lok Caterers (Management & Consultant) Limited whose
place of business is located at Rm 1401, 14th Floor Leighton
Centre, No. 77 Leighton Road, Causeway Bay, 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 14, 2005.

Date of Presentation of Petition: July 19, 2005

Dated this 23rd day of September 2005

ET O'Connell
Official Receiver


* S&P Upgrades Seven Chinese Financial Institutions
---------------------------------------------------
Standard & Poor's Ratings Services said today that it had raised
its counterparty credit ratings on seven Chinese financial
institutions (see list below).

The long-term foreign currency ratings on Bank of China Ltd.,
China Construction Bank Corp., and Industrial and Commercial
Bank of China were raised to 'BBB+' from 'BBB-' and the short-
term ratings were raised to 'A-2' from 'A-3'. The outlook on the
long-term ratings is stable.

The public information (pi) rating on Agricultural Bank of China
was raised to 'BBBpi' from 'BBpi'.

The long-term foreign currency rating on Bank of Communications
was raised to 'BBB-' from 'BB+'. The outlook is stable. The
outlook on the previous rating was positive.

The long-term foreign currency rating on CITIC Group was raised
to 'BB+' from 'BB'. The outlook is stable.

The pi rating on Guangdong Development Bank Co. Ltd. was raised
to 'Bpi' from 'CCCpi'.

At the same time, Standard & Poor's raised the bank fundamental
strength ratings on Bank of China Ltd., China Construction Bank
Corp., Industrial and Commercial Bank of China, and Bank of
Communications to 'C' from 'D+'. This reflects expectations of a
material improvement in the performance of these banks over the
near term.

"The rating actions reflect the banks' solid progress in
improving their financial profiles," said Standard & Poor's
credit analyst Ryan Tsang.

This is reflected in their enhanced risk management processes
and improving asset quality, earnings and capital positions.

"Government support remains an important factor underpinning the
ratings," said Standard & Poor's credit analyst Chew Ping.

Moreover, foreign investment in the institutions is unlikely to
diminish the importance of these banks to China's banking
system.

Forthcoming IPOs and stronger regulatory supervision will
increase market discipline and accelerate the pace of reform.
Standard & Poor's expects Chinese banks to benefit from recent
and future foreign investment through the transfer of
intellectual property and technology, as well as an influx of
capital resources. However, the country's banking sector,
particularly city commercial banks and credit co-operatives,
continues to face challenges.

BOC, CCB, and ICBC

The rating actions on Bank of China, China Construction Bank and
Industrial and Commercial Bank of China largely reflect the
potential improvement in these banks' fundamental strength and
risk management capability by building on their existing risk
management platforms. All three banks are preparing for IPOs and
upgrading their risk management capability. An IPO by itself is
unlikely to cause the government to significantly reduce its
support for the bank making the offer. Standard & Poor's expects
government support for these banks to continue over the medium
term.

Agricultural Bank of China

The rating action on Agricultural Bank of China reflects the
bank's role in supporting China's weak agricultural sector and
rural economy. It also factors in expectations that the Chinese
government will provide adequate support to the bank to rebuild
its fragile financial profile in the near term.

Bank of Communications

The rating action on Bank of Communications largely reflects the
strong likelihood that its closer partnership with the HSBC
group will improve the bank's performance and generate other
benefits in future. The bank's corporate governance, internal
controls, risk management capabilities, and skill at managing
its retail banking business are likely to benefit most from this
developing partnership. The rating also reflects the
government's support, which is likely to decline at a pace
faster than for state owned commercial banks. The stable outlook
reflects the likelihood that additional benefits from the HSBC
partnership will continue to emerge over the medium term.
Prospective near-term improvements, however, are already
factored into the rating.

CITIC Group

The rating action on CITIC Group reflects the increasing
possibility that the government will provide extraordinary
support for the company under its financial sector reform
program, given CITIC's relationship with the state.

The rating also recognizes that the group's efforts to repair
CITIC Industrial Bank's fragile balance sheet are having some
effect, and that its attempt to restructure its non-financial
businesses is also progressing. The stable outlook reflects the
likelihood that the group's performance will bottom out and turn
around over the medium term. Benefits from the group's
structural reform are likely to materialize over the longer
term, but performance is unlikely to significantly improve in
the near term without extraordinary government support.

Guangdong Development Bank

The rating action on Guangdong Development Bank reflects the
likelihood that the bank will become solvent through various
forms of government support. The possibility of external
support, such as foreign investment, cannot be ruled out.

All of the counterparty credit ratings take into account
Standard & Poor's expectations of how the Chinese government is
likely to respond if an individual institution or the wider
banking system falls into distress.

In addition to specific factors affecting individual
institutions, positive industry developments are also a
supporting factor.

In previous years, Standard & Poor's classified banking industry
risk in China as among the most challenging globally.
Substantial challenges remain, but it is evident that
improvements in the system are ongoing and entrenched.
The factors considered when assessing industry risk include the
structure of the system, the customer base, regulations, and
bank ownership structures.

The regulatory regime is highly likely to continue to improve,
and this will be an increasingly strong supportive factor in the
ratings on financial institutions. The effectiveness of
regulatory supervision is likely to continue to grow stronger,
building on an overhaul of the regulatory regime over the past
two years. The regulatory regime is becoming increasingly risk-
focused, and has improved capability and tools. These changes
have gradually forced financial institutions to focus on risk
management and controls, and on building sustainable growth.

Challenges facing the regulators include adjusting their
approach and tools to provide effective supervision in a fast-
changing and increasingly complex business environment. They
also need to build a better mechanism to allow closure of weak
institutions without causing systemic risk.

The banking sector attracts significant foreign investment
because of its perceived potential. A total of 16 foreign
financial institutions have invested or are committed to
investing about US$15 billion in three state owned commercial
banks, six joint stock commercial banks, and seven city
commercial banks. Potential investors continue to look for
opportunities, and foreign ownership in Chinese banks is likely
to grow.

While the capital-hungry banks welcome additional capital, it is
secondary in importance to the improvement in corporate culture,
business practices, and risk management that strategic investors
may provide. The infusion of sophisticated business practices
and advanced risk management technology can help Chinese banks
improve more quickly than they would without the participation
of foreign strategic investors. However, these potential
benefits are products of trust, cooperation, and hard work
between banks and investors, and cannot be taken for granted.

With encouragement and direction from the regulators, banks are
increasingly focusing on balancing risk, profitability, and
sustainable growth. Some major banks are adopting a more
comprehensive asset liability management process to manage their
businesses and risks. Credit risk management, an area of major
weakness for many banks in the system, has improved
significantly. Further institutionalization and experience
building, however, are required to solidify the progress made so
far. Some major banks have started to analyze credit information
in a more sophisticated manner to better understand the risk and
sensitivities of their exposure. In addition, major banks
continue to refine their criteria for recognizing NPLs, and this
could help them to identify potential problems earlier in the
economic cycle and act accordingly. Major banks are also
tackling their weak operational risk controls and updating their
human resources policies to increase their competitiveness.

The profitability of major banks is improving, but remains a
soft spot. Improving asset quality and efficiency have boosted
pre-tax profitability, but a heavy tax burden eradicates a
significant portion of those improvements. The quality of the
capitalization of major banks is likely to continue to improve,
and their capitalization measures are becoming more meaningful
as a serious shortfall in provisions for impairment is being
addressed or better accounted for.

Many of these positive trends are likely to continue, although
challenges remain. Banks are still enhancing the quality of
their information, as well as improving their commercial credit
skills and risk management experience. A high level of latent
risk is embedded in the system's fast-expanding credit exposure,
largely because of rapid expansion in the past few years.

Government polices and macroeconomic conditions, including asset
and oil price volatility, could have a negative impact on banks'
asset quality and profitability. The sector is unlikely to be
severely affected, however, as the government's increased
ability to manage economic conditions is likely to prevent any
major policy-induced shock.


                           To               From
Agricultural Bank of China
Counterparty credit rating BBBpi/--/--      BBpi/--/--

Bank of China
Counterparty credit rating BBB+/Stable/A-2  BBB-/Positive/A-3
BFSR                       C                D+

Bank of Communications
Counterparty credit rating BBB-/Stable/--   BB+/Positive/--
BFSR                       C                D+

China Construction Bank
Counterparty credit rating BBB+/Stable/A-2  BBB-/Positive/A-3
BFSR                       C                D+

CITIC Group
Counterparty credit rating BB+/Stable/B     BB/Stable/B

Guangdong Development Bank
Counterparty credit rating Bpi/--/--        CCCpi/--/--

Industrial and Commercial
Bank of China
Counterparty credit rating BBB+/Stable/A-2  BBB-/Positive/A-3
BFSR                       C                D+

CONTACT:

Primary Credit Analysts:
Ryan Tsang, CFA, Hong Kong (852) 2533-3532;
ryan_tsang@standardandpoors.com  
Ping Chew, Singapore (65) 6239-6345;
ping_chew@standardandpoors.com


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

AASTHA BROADCASTING: Debarred Access to Capital Market
------------------------------------------------------
Securities and Exchange Board of India (SEBI), via an order
dated September 06, 2005 has debarred Aastha Broadcasting
Network Limited (Aastha) and 39 other entities, including ATN
Telefilms Ltd., CMM Ltd., etc., from dealing in securities and
accessing the capital market till January 14, 2007.

These entities were associated with the irregular preferential
allotment of shares made by Aastha in August 2000. Further, the
shares allotted in the preferential allotment and lying in the
demat accounts of 17 entities forming part of the 39 entities
specified above, which were frozen by an earlier interim order
of SEBI dated January 15, 2004 and confirmed by an interim order
dated June 15, 2004, has been continued till January 14, 2007.

Aastha has been charged with violating the provisions of Clause
13.5A and 13.3 of the SEBI (Disclosure and Investor Protection)
Guidelines, 2000 and Aastha along with the 39 other entities has
been charged with violating the provision of Regulation 5(1) and
6(a) of SEBI (Prohibition of Fraudulent and Unfair Trade
Practices Relating to Securities market) Regulations, 1995.

SEBI has observed the following relating to the Aastha and the
nature of its conduct in the context of the preferential
allotment made by it:

"Aastha has in a clever subterfuge, put in place a chain of
entities for engineering a web of transfers and retransfers
among them in a bid to create a make-believe of fund-rolling the
preferential allotment, when there was actually no infusion of
funds for the large part of the allotment."

"The entire exercise of circulating the same funds to impart a
seeming verisimilitude to otherwise a process of punk financial
engineering is part of colorable devise and "it will be
difficult for judicial process to accord its approval to it"."

"Aastha is one such case wherein an irregular preferential
allotment was noticed. But for the freezing of shares issued
vide preferential allotment by an order of SEBI, there was every
possibility of the same to have been off-loaded into the market,
further contaminating it."

The full text of the above order is available on the web site:
http://www.sebi.gov.in.


DUNCANS INDUSTRIES: Wants to Surrender ITA Membership
-----------------------------------------------------
Beleaguered Duncans Industries of the G P Goenka Group is
seeking to exit the Indian Tea Association, according to
Business Line.

Duncans has already sent a letter seeking to give up its
membership with ITA, the apex body of tea planters.

Duncans had apparently peeved at the apathy showed by ITA
towards growers in West Bengal.

Newly elected ITA Chairman Percy Siganporia said the ITA will
review Duncan's plea, adding that the decision would be taken
later after taking views fro all quarters.

CONTACT:

Duncans Industries Limited
97, Park Street,
KOLKATA 700016
India
Phone: 91 33 220 2185
Fax: 91 33 248 6021


MCI SECURITIES: SEBI Bans Firm Over Fraudulent Activities
---------------------------------------------------------
Securities and Exchange Board of India (SEBI) has passed an
order dated September 15, 2005 prohibiting MCI Securities
Private Limited with immediate effect from buying, selling or
dealing in securities in any manner whatsoever either for
themselves or for their clients, till further orders are passed
by SEBI in this regard.

The order has been passed by the Whole Time Member, SEBI against
the above-mentioned entity for allegedly duping investors to the
tune of INR50 crores by misrepresentation and fictitious means.

The Company has falsely claimed itself to be an Approved
Intermediary under Securities Lending Scheme, 1997 of SEBI,
whereas in fact the entity is not registered with SEBI in that
capacity.

The full text of the order is available free of charge at:
http://bankrupt.com/misc/tcrap_mcisecurities092805.pdf.

CONTACT:

MCI SECURITIES PVT. LTD.
C/o. G.S.Abhyankar & Co.,
147,Temple Bar Bldg. 2nd Floor,
Above Khyber Restaurant ,
M.G.Road,Fountain,
Mumbai 400 023
E-mail: vmshah12@bom9.vsnl.net.in
Web site: http://www.mcisecurities.com/


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

BANK MANDIRI: Government to Sell Minor Stake
--------------------------------------------
The Indonesian government is planning to sell minor stakes in
state-owned PT Bank Mandiri this year, in order to meet a IDR3.5
trrillion target in privatization revenue for 2005, reports AFX
News.

According to Minister for Economic Affairs Aburizal Bakrie, the
government also plans to sell stakes in other state-owned firms
in order to reach its privatization target. However, it may sell
only 5% to 8% of its stake as it wants to retain a makority
stake in the bank.

Although the government has yet to sell assets under its state
budget program, it is not uncommon to hold stake sales in order
to cover the budget deficit. In Indonesia's case, the budget
deficit is expected to reach IDR19.73 trillion next year.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


INDOFOOD SUKSES: Delays IDR1.75-Trillion Bond Issue
---------------------------------------------------
Noodle maker PT Indofood Sukses Makmur Tbk postponed a planned
IDR1.75 trillion bond issue that had been delayed several times
before, partly due to bad market conditions, Reuters News
reports.

Indofood Sukses director Djoko Wibowo said that the market is
not conducive to a bond sale right now, and bondholders had also
rejected the buyback plan to reacquire the bonds. Finance
director Thomas Tjhie said that uncertainties in its plan to
redeem the bonds prompted the Company to delay it once again
until prices stabilize. He also said that they are not hurrying
to issue the bonds.

The delayed bond issue was part of the Company's plan to finance
a buyback of IDR2.9 trillion in five-year bonds issued by its
Mauritius-based unit. Indofood had already bought back IDR1. 55
trillion of the bonds.  

Indonesia concluded a tax treaty with Mauritius, where the bonds
were issued, which which would have led to a 20% increase in
witholding tax on the bonds. The Company tried to get a court
order to buy back the bonds, but the court ruled agaisnt the
Company; it now awaits the decision to determine whether to
appeal or not.

CONTACT:

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


PERTAMINA: Boosts Daily Output to 190,000 Kiloliters
----------------------------------------------------
An impending near 50% increase in fuel prices has spurred a
panic buying for precious fuel, forcing state-owned oil and gas
firm PT Pertamina to increase its output to 190,000 kiloliters
per day, reports the Jakarta Post.

The government is palling to increase fuel prices by almost 50%
on Oct. 1, 2005, so as to reduce a balloning state budget
deficit.

According to Pertamina spokesman Abadi Poernama, however, the
Company must restrain its fuel supply so as not to exceed its
quota for subsidized fuel, currently at 59.6 million kiloliters.
He added that the Company is slated to supply fuel directly to
consumers instead of passing through distributors in order to
meet demand and stabilize prices, as well as to avoid fake
distributors who sell the subsidized fuel to industry users.

With global oil prices reaching as high as USD85 per barrel due
to the recent hurricanes that have hit the U.S., Pertamina is
trying not to buy more fuel products at the moment. It is still
5% short of its fuel imports next month, and still needs to
import around one million barrels of oil.

The Company plans to keep its reserve fuel stocks at the 22-day
level until the end of the year.

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: Wants to Extend Testing of Gasoline Cargoes
------------------------------------------------------
State oil firm PT Pertamina wants to extend the complusory
testing of gasoline cargoes to other ports after finding that
two cargoes in a Cilacap port were off-specification, Dow Jones
reports.

The Company discolvered two fuel cargoes (of 200,000 barrels
each), which were suppsed to contain an octane level of 88 RON,
actually contained a lower octaner level of around 84 RON, and
its distillation failed to meet Indonesia's reuqirements; hence,
the Company was prompted to conduct a compulsory testing of
gasoline cargoes in Cilacap.

The Company wants to test the cargoes of its other ports, as
well, if its is feasible, as it has yet to establish a timeframe
to set up testing facilities and conduct the tests.

Pertamina usually imports low-octane gasoline, but was forced to
buy fuel from a European trader and an oil major on behalf of a
Chinese state-owned trader, in order to boost imports to its
Cilacap port, which was undergoing a partial shutdown for
maintenance.

Pertamina has agreed to buy the two off-specification cargoes at
a lower price, and the traders who sold the fuel must absorbo
the costs of bleinding the two cargoes onboard vessels in
Cilacap to meet Indonesian specifications.
    

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

HUIS TEN: Aims to Restore Profit in 2008
----------------------------------------
Theme park operator Huis Ten Bosch Co. expects a turnaround in
fiscal 2008 with the help of Nomura Principal Finance Co., as
part of its new business plan, Japan Today reports.

Huis Ten President Motohiro Higashisono said in a news
conference that his company also aims to boost the number of
visitors to 2.40 million in fiscal 2008 through March 2009 from
the 2.02 million in fiscal 2004, which ended in March this year.

CONTACT:

Huis Ten Bosch Co.
1-1 Huis Ten Bosch cho
Sasebo-shi, Nagasaki
Japan
International Sales Department
E-mail: intsales@huistenbosch.co.jp


KANEBO LIMITED: Bidders Boil Down to 10
---------------------------------------
Ten Japanese and foreign firms groups have submitted bids as the
state-backed corporate bailout agency on Tuesday closed the
second of a series of tenders to pick Kanebo Ltd.'s
rehabilitators, Japan Today reports.

Although the 10 are the successful bidders in the first tender
held in mid-August, many jointly submitted the second bids due
to the high cost of purchasing Kanebo.

Kanebo is valued at more than JPY400 billion.

CONTACT:

Kanebo Limited
Address:  20-20 Kaigan 3-chome, Minato-ku
Tokyo 108-8080, Japan  
Phone: +81-3-5446-3002
Fax: +81-3-5446-3027


MITSUBISHI MOTORS: Unveils New Corporate Slogan
-----------------------------------------------
Mitsubishi Motors Corporation has created a new corporate slogan
for Japan and will start using it in television commercials and
other domestic advertising from September 30.

Reflecting Mitsubishi Motors corporate philosophy of delivering
"the utmost driving pleasure and safety," the "Kuruma zukuri no
genten e" (meaning "Pursuing the Origins of Car Engineering" in
English. The English phrase will not be used in the company's
marketing efforts) corporate slogan promises customers that the
company is firmly committed to car building activities that
treasure the qualities traditionally associated with the
Mitsubishi Motors brand.

As used in the phrase, "genten", or "origins", refers to: (1) As
a member of society, contributing by placing customers first;
(2) Affirming the car building strengths Mitsubishi Motors has
cultivated over the years and the qualities that identify the
Mitsubishi Motors brand.

The new corporate slogan will spur Mitsubishi Motors: (1) To
continue building cars that deliver outstanding on and off-road
performance, which is the essential appeal of the automobile,
and continue car building activities that realize levels of
safety, reliability and durability that inspire confidence in
and encourage customers to use Mitsubishi brand cars; (2) To
continue addressing environmental challenges with full
sincerity.

The new corporate slogan was chosen after the company invited
all employees to submit suggestions, which totaled 1,126
entries, as a way of conveying through their actions their
determination to honor the above stated promise to the customer.

The winning corporate slogan does not point to some regressive
longing for the past. Rather it refers to the commitment by
every employee of giving careful and thorough consideration to
what customers are really seeking in their car purchases and
then supplying cars and service that surpass customer
expectations, while at the same time retaining the superior
qualities and assets that identify and characterize car
development and manufacturing at Mitsubishi Motors.

The Outlander SUV and i next-generation minicar, to be launched
in October and January respectively, will be the first
Mitsubishi Motors products to embody the spirit and principles
advocated in "Kuruma zukuri no genten e." The corporate slogan
will also serve as the theme for the Tokyo Motor Show where the
company will be exhibiting concept cars and near-future
technologies.

"Kuruma zukuri no genten e": Selection process

The new corporate slogan was selected in an in-house
competition. 1,126 employees submitted entries that went through
a selection process including steps such as in-house polling.
Six finalists then went into the final selection stage. Finally,
"Kuruma zukuri no genten e" was chosen by a judging panel
including company president Osamu Masuko.

Comment by Osamu Masuko, president of Mitsubishi Motors
Corporation

"Genten", or "origins", is not used here in the sense of wanting
to return to the past. Rather, it conveys the company's firm
resolve to engage in car building activities that treasure the
qualities traditionally associated with the Mitsubishi Motors
brand and also represents our corporate ideals of "driving
pleasure" and "safety." I hope that each and every one of us at
Mitsubishi Motors is able through his and her actions to convey
to the customer the resolve reflected in the new corporate
slogan.

This is a company press release.

CONTACT:

Mitsubishi Motors Corporation
Address:  2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0014


MITSUBISHI MOTORS: Exhibits at 39th Tokyo Motor Show
----------------------------------------------------
Mitsubishi Motors Corporation will be showing a number of
concept cars, a proprietary next-generation electric vehicle
(MIEV) and other technologies, rally machines, welfare cars and
current production models at the 39th Tokyo Motor Show.

Held at Makuhari Messe in Chiba Prefecture just outside Tokyo,
the 39th Tokyo Motor Show is open to the public from October 22
through November 6, with press and media days October 19 and 20.

Mitsubishi Motors will be exhibiting a total of 17 cars (14
during press days) on its stand. Special show models include:
the MITSUBISHI Concept-X, a concept car with styling that raises
the bar on performance car looks, boasts Mitsubishi's 4WD-based
Super All Wheel Control (S-AWC1) vehicle dynamics control
system, and is the very embodiment of "driving pleasure"; the
MITSUBISHI Concept-D:5 (world premiere), a go-anywhere, high-
performance concept car that embodies the company's "utmost
safety" ideal; and, the innovative new-age i minicar. Current
production models on display will include the brand new
Outlander SUV to be launched on October 17, which achieves an
exquisite marriage between sporty lines unprecedented on an SUV
and outstanding versatility and utility.

For further information, please contact:

Mitsubishi Motors Corporation
16-4, Konan 2-chome, Minato-Ku, Tokyo 108-8410 Japan
Fumio Nishizaki / Shingo Kimura
Public Relations and Investor Relations Department
Phone:03-6719-4275
Fax: 03-6719-0059
Web site: http://www.mitsubishi-motors.com


SANYO ELECTRIC: To Shut Down Hyogo Factory
------------------------------------------
Sanyo Electric plans to close a factory in Hyogo prefecture by
the end of March 2006, as part of its cost cutting scheme, Japan
Today reports.

The plant in Hyogo used to produce household appliances, but it
stopped production a couple of years ago. The 29-hectare
property will be sold, the report said.

Meanwhile, The Nihon Keizai newspaper reported that Sanyo's net
loss in the year to March would likely widen to JPY200 billion
($1.77 billion), double the firm's forecast of JPY92 billion,
due to increased inventory valuation losses and an acceleration
in planned job cuts.

CONTACT:

Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086


SANYO ELECTRIC: Enters Alliance With ESPN
-----------------------------------------
ESPN and Sanyo Electric Co. Ltd. have announced plans for SANYO
to produce the first wireless handset in the Mobile ESPN
portfolio and unveiled the much-anticipated SANYO MVP, a
multimedia phone with unparalleled styling and functionality
built exclusively for ESPN.

Targeted to avid sports fans, the SANYO MVP is designed to work
on a high-speed "EVDO" (Evolution Data Optimized) wireless
network, enabling it to deliver the world of ESPN at ultra-fast
speeds. It features a unique industrial design, with a jet-black
housing and bold accent elements in ESPN's signature red.

Initial limited online availability of Mobile ESPN and the SANYO
MVP is scheduled in time for the holidays with a nationwide
retail launch in February 2006.

The SANYO MVP will give Mobile ESPN users one-touch, real-time
access to personalized sports content, including the ESPN
BottomLine scores and headlines service; Gamecast - a live,
graphical representation of games; player and team statistics;
ESPN video clips and game highlights; ESPN commentary and
analysis; sports alerts and fantasy updates. Among its myriad
features, the multimedia SANYO MVP will also offer a high-
resolution color display; external color picture caller ID;
built-in 1.3 megapixel digital camera with flash; video
recording capabilities; MP3 music player; 16MB miniSD memory
card and voice recorder.

"Mobile ESPN has been built to deliver the best wireless sports
content to our fans, and we are extremely proud to go to market
with the SANYO MVP as our launch phone," said Manish Jha, senior
vice president and general manager of Mobile ESPN. "The content,
the performance and the aesthetic of the SANYO MVP represent the
best in wireless technology and will help effectively translate
ESPN's leadership in sports to the wireless medium."

The SANYO MVP is designed to operate on a new CDMA wireless
network technology referred to as "EVDO", which provides
Broadband-like download speeds. This enables extremely fast
access to ESPN's sports content, as well as fast Internet
browsing, email access and downloads.

Utilizing a 2.1-inch, 260K-color QVGA LCD, the main display of
SANYO MVP is larger, has a richer color palette and delivers
three times as much resolution as a conventional cell phone
display -- making it ideal for viewing detailed box scores,
stats, images and video. It also has a 1.1-inch, 260K-color
external LCD for quickly referencing key information and for
Picture Caller ID.

"The rich feature set of the SANYO MVP is especially well-suited
for delivering the Mobile ESPN experience," said Andy Kodera,
senior vice president and general manager of SANYO Fisher
Company's Wireless Communications Division. "Its EVDO
capability, high-quality LCD displays and stereo headset make it
perfect for watching sports content, while its advanced digital
imaging and memory card features make it perfect for capturing
the many wonderful moments that surround any live sporting
event. We are very happy that ESPN selected SANYO to team on
developing this inaugural device."

The imaging and audio-capture capabilities of the SANYO MVP
include a built-in 1.3 Megapixel camera with a flash, digital
zoom and macro switch for up-close pictures. It is PictBridge-
enabled, allowing a user to connect directly to a PictBridge-
compatible photo printer and make 4" x 6" prints without ever
using a PC. The MVP can also shoot QCIF-resolution digital
video, supporting clips up to 30-seconds long for wireless
sharing or clips up to two hours long for storing on the miniSD
memory card, depending on the card size used.

The SANYO MVP also has a built-in MP3/AAC/AAC+ music player and
a digital voice recorder with hours of playback and record time
available (depending on the memory card size used).

The SANYO MVP comes with a 16MB miniSD memory card and a miniSD-
to-SD adapter included. MiniSD cards up to 1GB are available
optionally. The miniSD card not only provides an extremely
convenient way to save and transfer pictures, videos, music and
voice recordings, it also enables the phone to be used as a mass
storage device, much like a "pen drive", when used together with
the included USB cable.

Other key features of the SANYO MVP include a high-quality
speakerphone, voice-activated dialing, a WAP 2.0 Web browser,
Java (J2ME) functionality, a personal information manager, and a
host of additional tools and available downloads.

About ESPN Mobile

ESPN Mobile is the division of ESPN Inc. devoted to extending
the ESPN brand and content over the wireless medium. It includes
two distinct business units:

Mobile ESPN - The first national wireless phone service provider
targeted to sports fans, Mobile ESPN will offer unparalleled
sports programming and entertainment from ESPN on unique ESPN-
branded mobile handsets.

ESPN Mobile Publishing - Access to ESPN content from ESPN Mobile
Publishing is available through licensing agreements with every
major domestic wireless carrier, as well as internationally in
Japan and Mexico. ESPNsoccernet.com and ESPN Deportes also
provide licensed content, including ESPN Soccer GameCast and an
ESPN Deportes photo gallery.

About SANYO

SANYO Electric Co., Ltd. (NASDAQ: SANYY) is a $24 billion
manufacturer and distributor of consumer and commercial
electronics, including multimedia and telecommunication
products. Based in Chatsworth, California, SANYO Fisher Company
(a division of SANYO North America Corporation, a subsidiary of
SANYO Electric Co., Ltd.) markets PCS phones, audio systems,
portable and mobile electronics, televisions, DVD
players/recorders, dictation devices, digital cameras, digital
media cameras, home appliances, LCD projectors, security video
equipment and air conditioning systems.
  
CONTACT:

ESPN
Ashley Swadel,
Phone: 212-448-4953
E-mail: ashley.swadel@espn3.com
646-282-1595 (Mobile phone during CTIA through
September 29)
or
Rebecca Gertsmark
Phone: 212-515-1148
E-mail: rebecca.gertsmark@espn3.com
202-446-3265 (Mobile phone during CTIA through
September 29)
or
GBL Public Relations for Sanyo
Beverly Steinberg
Phone: 714-777-2760
E-mail: GBL@speakeasy.net  


SONY CORPORATION: R&I Places Rating on Monitor
----------------------------------------------
Rating and Investment Information, Inc. (R&I), has placed the
following ratings on the Rating Monitor with a view to
downgrading Sony Corporation and Sony Life Insurance Co. Ltd.

Sony announced on September 22, a mid-term management plan and a
downward revision for the consolidated forecast for the period
ending in March 2006. This is the second downward revision on
the consolidated forecast after the one in July, and it projects
a net loss due to an additional asset impairment write-downs
related to CRT televisions primarily in the U.S. and additional
early retirement program expenses.

Since fiscal 2000, Sony embarked on a large scale structural
reform twice, emphasizing on the electronics operation, however,
and the recovery in profitability has been delaying. Sony will
post another 210 billion yen for the structural reform and will
stride on cost reductions through cutting human resources and
selecting business operations. However, the business environment
for flat panel televisions and portable audio equipment is
likely to remain severe amid a significant drop in prices. R&I
considers that it will take some time, possibly not before the
year ending in March 2007, until the company shows a recovery in
profitability, and therefore, has placed the rating on the
Rating Monitor with a view to downgrading.

The rating of Sony Life has also been placed on the Rating
Monitor since the rating is restrained by the creditworthiness
of the Sony Group, including its capital ties with the group.

CONTACT:

Rating and Investment Information, Inc.
Nihonbashi 1-chome Bldg.
1-4-1, Nihonbashi
Chuo-ku, Tokyo 103-0027
Japan
Credit Rating Division
Phone: 03-3276-3419
Fax 03-3276-3420
Web site: http://www.r-i.co.jp


TOSHIBA CORPORATION: Delays U.S. HD DVD Player Launch
-----------------------------------------------------
Toshiba Corporation said it would postpone the launch of next-
generation HD DVD players in the United States market to around
February or March, revising its prior plan for a year-end start
date, according to Reuters.

The company still planned to introduce HD DVD players in the
Japanese market by year-end.

CONTACT:

Toshiba Corporation
Keisuke Ohmori,
Phone: +81-3-3457-2105
Web site: http://www.toshiba.co.jp/contact/media.htm


UFJ HOLDINGS: Revises Financial FY/2005 Forecast
------------------------------------------------
UFJ Holdings Inc. (UFJ) gave notice that UFJ has revised its
non-consolidated and consolidated financial forecast for the
interim period ending September 30, 2005, which was announced on
May 25, 2005. Revised forecasts are as follows:

1. Non-consolidated forecast:

Billion of yen   Operating Income   Ordinary Profit  Net Income

Prior Forecast      16.0              9.0               9.0
(May 25, 2005)

Revised Forecast    16.0              9.0             375.0          
(Change)            (-)               (-)            (+366.0)

% Change             -                 -               +4,066.7%

Reason for the revision

Due to the recovery in the profitability of UFJ Bank Limited,
the value of the UFJ Bank shares that UFJ holds has increased.
As a result, UFJ is expected to post an extraordinary gain as
the amount in the reserves for investment losses related to UFJ
Bank shares is reversed. Accordingly, UFJ revises its non-
consolidated net income forecast as above.

2. Consolidated forecast:

Billions of Yen  Operating Income   Ordinary Profit   Net Income

Prior Forecast    1,080.0            260.0             140.0
(May 25, 2005)

Revised Forecast  1,080.0            290.0             335.0
(Change)          (-)                (+30.0)          (+195.0)

% Change          -                  +11.5%            +139.3%

Reason for the revision Ordinary profit and net income of UFJ
Bank and UFJ Trust Bank Limited are upwardly revised from the
prior forecasts because of the larger than expected reversal of
credit-related expenses. Accordingly, UFJ revises its
consolidated ordinary profit and net income forecast as above.

Please refer to the Appendix regarding the financial forecasts
of UFJ Bank and UFJ Trust at
http://bankrupt.com/misc/tcrap_ufj0928A.pdf


UFJ HOLDINGS: Unveils Full Redemption of Subordinated Bonds
-----------------------------------------------------------
UFJ Holdings, Inc. hereby gives notice that UFJ has agreed with
relevant authorities to redeem JPY 100,000 million subordinated
bonds subscribed by The Resolution and Collection Corporation by
exercising option for redemption at the end of September prior
to maturity. By the redemption, all the subordinated bonds of
UFJ Group issued to the government (total issue amount: JPY
350,000 million) will have been fully redeemed. Outline of the
subordinated bonds to be redeemed prior to maturity:

Governing law          Financial Reconstruction Law

Name: Second series perpetual unsecured subordinated bonds of
UFJ Holdings, Inc. with clause for redemption prior to maturity
(Original issuing company: The Sanwa Bank, Limited)

Original issue amount: JPY 100,000 million

Redemption amount: JPY 100,000 million

Interest rate: 6-month yen LIBOR + 0.34% (Until September 30,
2004)
               6-month yen LIBOR + 1.34% (On and after October
1, 2004)

Date of redemption: September 30, 2005

This is a company press release.


UFJ HOLDINGS: Issues Receipt of Merger Approval
-----------------------------------------------
On September 27, 2005, Mitsubishi Tokyo Financial Group, Inc.
(MTFG; President and CEO: Nobuo Kuroyanagi) and UFJ Holdings,
Inc. (UFJ; President and CEO: Ryosuke Tamakoshi), as well as The
Mitsubishi Trust and Banking Corporation (MTB; President: Haruya
Uehara) and UFJ Trust Bank Limited (UFJ Trust Bank; President:
Shintaro Yasuda), announced that they have received approval for
merger from Japan's Minister for Financial Services under
Article 30 Clause 1, and Article 52 Clause 35 Paragraph 1 of the
Banking Law.

Outline of the new holding company:

Date of Merger : October 1, 2005

Company name: Mitsubishi UFJ Financial Group, Inc.

Location of Headquarters: 7-1, Marunouchi 2-chome, Chiyoda-ku,
Tokyo

Representative: President and CEO: Nobuo Kuroyanagi

Capital: JPY1.3830 trillion

Outline of the new trust bank:

Date of Merger: October 1, 2005

Company name: Mitsubishi UFJ Trust and Banking Corporation

Location of Headquarters: 4-5, Marunouchi 1-chome, Chiyoda-ku,
Tokyo

Representative: President: Haruya Uehara

Capital: JPY324.2 billion

This is a company press release.


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

HANARO TELECOM: Likely to Gain Approval on Thrunet Merger
---------------------------------------------------------
Hanaro Telecom Inc. may get the government's approval to merge
with smaller rival Thrunet Co., Asia Pulse reveals.

Hanaro applied on September 14 to merge with Thrunet. The
government has only three months to decide on the application,
according to the Ministry of Information and Communication.

Hanaro is currently controlled by American International Group
Inc. and Newbridge Capital Ltd.  The group reportedly decided to
buy Thrunet for KRW490 billion in a bid to compete with KT
Corp., which is the dominant market player.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Web site: http://www.hanaro.com


JINRO LIMITED: Bids Court Receivership Farewell
-----------------------------------------------
A local court has released Jinro Ltd. from court receivership
Tuesday, Asia Pulse said.

After more than two years under court receivership, Jinro can
now spread its wings and get back on track.  The company has
appointed Ha Jin-Hong, president of Hite Brewery Co. as its new
chief executive officer.  Mr. Ha led the task force on the
acquisition of Jinro.

"Jinro has been reborn as a financially strong business," the
company said in a statement.

"It will try to boost corporate value by restructuring its
operations."

To reach this goal Jinro will step up efforts to normalize
itself by improving product quality, boosting customer
satisfaction, cutting costs and increasing exports, the company
said.

Jinro was at the brink of bankruptcy following the collapse of
its parent Jinro Group.  The soju maker's debt reached KRW2
trillion.

Hite Brewery, South Korea's largest brewer, bought Jinro in June
for KRW3.43 trillion in the nation's biggest ever corporate
takeover.

CONTACT:

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


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

AYER HITAM: Bourse Sets Out Delisting Criteria
----------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad had received a letter
dated September 22, 2005 from Bursa Malaysia Securities Berhad
(Bursa Securities), informing the Company that Bursa Securities
noted that the Company had on August 17, 2005 made its Requisite
Announcement (RA) pursuant to Practice Note No. 4/2001.

After having considered all the facts and circumstances of the
matter including the written and oral representations of the
Company and upon consultation with the Securities Commission,
Bursa Securities has decided that given the fact that the
Company had made the RA on August 17, 2005, to grant an
extension of time of 2 months from the date of the RA for the
Company to submit its regularization plans to the relevant
authorities for approval. (Extended Time Frame).

AHTIN must proceed to implement its regularization plans
expeditiously within the timeframes stipulated by the relevant
authorities in the event it obtains all relevant authorities'
approval necessary for the implementation of its regularization
plans.

Bursa Securities' decision is without prejudice to Bursa
Securities' right to proceed to de-list the securities of AHTIN
from the Official List of Bursa Securities in the event:

(a) AHTIN fails to submit its proposed regularization plans to
the relevant authorities within 2 months from the date of the
RA;

(b) AHTIN fails to obtain the approval from any of the
regulatory authorities necessary for the implementation of its
regularization plans; or

(c) AHTIN fails to implement its regularization plans within the
time frame or extended time frames stipulated by the relevant
authorities.

Where any of the above event occurs, a decision on whether to
de-list the securities of AHTIN from the Official List of Bursa
Securities will only be made after due consideration of all the
facts and circumstances of the case, including any written
representation that is filed by AHTIN (if any) provided that the
same is made within 7 days from the occurrence of any one of the
above events.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633
Fax: +60 3 2031 6920


CEPATWAWASAN GROUP: Court Moves Hearing Early Next Year
-------------------------------------------------------
Cepatwawasan Group Berhad issued to Bursa Malaysia Securities
Berhad an update to the announcement dated June 17, 2005
regarding the Civil Suit No D3-24-83-2004 in respect of the
committal proceeding against the former directors of the company
namely:

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

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

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

(40 Abdul Rahim bin Sendiri (NRIC: 460708-06-5203)

for breach of an undertaking given to the Court on July 5, 2004
by the former directors undertaken not to make capital
commitment, investment and acquisition and not to dispose off
assets of the Company in particular its plantations and plants
until the disposal of the Extraordinary General Meeting by
notice dated March 23, 2004.

However, between July 9, 2004 and August 5, 2004, the former
directors have transferred a total sum of MYR16,000,000.00 to
third parties who have no dealing with the company and therefore
breached the undertaking given to the Court, the Board of
Directors of the Company advised that the Court has adjourned
the hearing of the contempt proceedings to January 26, 2006 as
the solicitors for the aforesaid directors have mistaken today's
hearing date as mention date and hence are not ready to proceed
with the hearing.

Dated this 27th day of September 2005.

CONTACT:

Cepatwawasan Group Bhd.
Malaysia
Phone: 60 89 272 773
Fax: 60 89 272 772
E-mail: cptgrp@tm.net.my


CONSOLIDATED FARMS: Net Loss Shrinks to MYR5,336,000
----------------------------------------------------
Consolidated Farms Berhad furnished Bursa Malaysia Securities
Berhad a copy of its unaudited second quarter financial report
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  

    544            2,108         936             8,409

(2) Profit/(loss) before tax  

    -5,360         -17,671       -10,879         -29,050
  
(3) Profit/(loss) after tax and minority interest  

    -5,336         -15,436       -10,829         -26,068

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

    -5,336         -15,436       -10,829         -26,068

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

    -25.53          -73.87       -51.82          -124.74

(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)  

     -2.6200                   -2.1000

To view a full copy of the financial report, click
http://bankrupt.com/misc/ConsolidatedFarmsBhd-2Qresults.xls

To view a full copy of the notes to FS, click
http://bankrupt.com/misc/ConsolidatedFarmsBhd2Qnotes.doc

CONTACT:

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

   
DUOPHARMA BIOTECH: Unveils TMSB's Dealing in Shares
---------------------------------------------------
Duopharma Biotech Berhad (Duopharma) issued to Bursa Malaysia
Securities Berhad an update to the Conditional Mandatory Offer
by Tekan Maju Sdn Bhd (TMSB), a wholly owned subsidiary of
Chemical Company of Malaysia Berhad, to acquire up to 92,490,610
Duopharma Shares (Offer Shares) not already owned by TMSB and
persons acting in concert for a cash offer price of MYR2.80 per
offer share.

Pursuant to Section 36 of the Code, Duopharma Biotech Berhad
issued to Bursa Malaysia Securities Berhad the dealings by TMSB
in the Duopharma Shares. The details of the dealings are set out
in the table below:

Date of     Name of   Description    No. of   Transaction
Transaction  Party    of             shares    price
                      Transaction    acquired  per
                                    /disposed  share

27-09-2005   TMSB    Acquisition     343,000   2.7700


GADANG HOLDINGS: Amends Units' Number of Subscribed Shares
----------------------------------------------------------
Further to the announcement dated January 11, 2005 in respect of
the investment in India, Gadang Holdings Berhad informed Bursa
Malaysia Securities Berhad that its wholly owned subsidiary,
Gadang Engineering (M) Sdn Bhd's subscription of 198,980 equity
shares of Indian Rupees Ten (INR10) each in the share capital of
Gadang Engineering and Construction (India) Private Limited
(GECI) should represent 95.2 percent of the proposed enlarged
share capital of GECI instead of 55 percent as announced.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara
52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


KEMAYAN CORPORATION: Court Revises Summon
-----------------------------------------
The Board of Directors of Kemayan Corporation Berhad (KCB)
advised Bursa Malaysia Securities Berhad that on September 14,
2005, the Appeal No: 02-679-2000: Visionlead Sdn Bhd Vs Kuwaljit
& 53 others was heard and allowed by the Court of Appeal with
cost to be borned by Visionlead Sdn Bhd (VLSB), a subsidiary of
the Company.

The Court has instructed that the Originating Summon to be
converted to a Writ of Summon wherein a new trial date will be
fixed.

The Board of Directors of KCB deliberated and sought
clarifications on the outcome of the appeal and was advised by
its solicitors that it is originally intended to be a full trial
without witnesses based on Originating Summon. However, the
Court of Appeal judges decided to amend the Originating Summon
to Writ of Summon instead.

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar
Taman Tasek
80200 Johor Bahru
Johor
Telephone: 07-2362390  
Fax: 07-2365307


MBF HOLDINGS: Hearing on Appeal Set for Next Month
--------------------------------------------------
MBF Holdings Berhad advised Bursa Malaysia Securities Berhad
that MBf Leasing Sdn Bhd (the Defendant) had appealed against
the stay of execution which was granted to MBfH and MBf Trading
Sdn Bhd on September 1, 2005.

This appeal had been fixed for hearing on October 3, 2005 which
will be heard together with the Plaintiffs' appeal against the
decision of the summary judgement.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
27 September 2005

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


MEDIA PRIMA: NTV7 Creditors OKs Proposed Scheme
-----------------------------------------------
Media Prima Berhad (MPB) issued to Bursa Malaysia Securities
Berhad an update to the entry into a Collaboration and
Assistance Agreement by the company with Natseven TV Sdn Bhd
(NTV7), Synchrosound Studio Sdn Bhd, Questseven Dot Com Sdn Bhd
(Service Companies) and certain shareholders of the service
companies, namely Datuk Seri Dr. Mohamed Effendi Bin Norwawi,
Encorp Services Sdn Bhd and Awansia Corporation Sdn Bhd
(collaboration and assistance agreement).

The company refers to the announcement dated July 13, 2005 in
relation to the entry of MPB into the Collaboration and
Assistance Agreement.

Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of MPB, advised that the scheme creditors of
NTV7, (being creditors of NTV7 which fall under the proposed
restructuring and settlement of debts owing by NTV7 to the said
creditors of NTV7 by way of a scheme of compromise and
arrangement pursuant to Section 176 of the Companies Act, 1965
(Proposed Debt Restructuring Scheme) have on, September 27,
2005, approved the Proposed Debt Restructuring Scheme.

This announcement is dated 27 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


PANTAI HOLDINGS: Bourse to Grant Listing, Quotation of Shares
-------------------------------------------------------------
Pantai Holdings Berhad advised that its additional:

(i) 4,273,228 new ordinary shares of MYR1.00 each arising from
the conversion of MYR4,701,800 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 into 4,273,228 New
Ordinary Shares; and

(ii) 469,300 new ordinary shares of RM1.00 each issued pursuant
to the Employees' Share Option Scheme;

will be granted listing and quotation with effect from 9:00
a.m., Thursday, September 29, 2005.

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282
Fax: +60 3 2094 4528


POS MALAYSIA: New Shares up for Listing, Quotation
--------------------------------------------------
POS Malaysia & Services Holdings Berhad informed that its
additional 105,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Thursday,
September 29, 2005.

CONTACT:

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


PPB GROUP: Updates Wind Up Order Served on Units
------------------------------------------------
PPB Group Berhad issued to Bursa Malaysia Securities Berhad the
following updates:

(I) Members' voluntary winding-up of indirect wholly owned
subsidiaries:

(i) Chemquest International Pte Ltd (CQI); and

(ii) Garbagemaster Pte Ltd (GM)

(II) Provision of financial assistance / related party
transaction

- waiver of amounts owing by indirect wholly owned subsidiaries

(1) Introduction

Pursuant to Paragraph 9.19(20), Part J of Chapter 9 of the
Listing Requirements, PPB Group Berhad (PPB) issued an update to
the members' voluntary winding-up of CQI and GM and the proposed
appointment of Mr. Kon Yin Tong, Mr. Wong Kian Kok and Mr. Aw
Eng Hai of Messrs Foo, Kon Tan Grant Thornton, Singapore as
Liquidators of CQI and GM (the Winding-up).

Both CQI and GM are indirect wholly owned subsidiaries of
Chemquest Sdn Bhd (CQSB), a 55 percent subsidiary of PPB.

Pursuant to Paragraph 8.23(2)(b), Part I of Chapter 8 of the
Listing Requirements, PPB also advised that the following
waivers by Chemquest (Overseas) Limited (CQOL) and CQI on
September 27, 2005 of amounts owing to them (Waiver of Amounts
Owing) prior to the proposed commencement of the Winding-up as
follows:

Waived by Due from Amount (SGD) RM equivalent

(i) CQOL CQI 33,000 74,398

(ii) CQOL GM 26,000 58,617

(iii) CQI GM 498,811 1,124,569

(2) Information On CQOL

CQOL was incorporated in The British Virgin Islands on December
2, 1994. The authorised share capital of CQOL is USD5 million
comprising 5 million ordinary shares of USD1.00 each, of which
4,737,565 ordinary shares have been issued and fully paid-up.

CQOL, an investment holding company, is a wholly owned
subsidiary of CQSB.

(3) Information on CQI

CQI was incorporated in Singapore on September 22, 1999. The
authorised share capital of CQI is SGD2,000,000 comprising
2,000,000 ordinary shares of SGD1.00 each, of which 1,000,000
ordinary shares have been issued and fully paid-up.

CQI, an investment holding company, is a wholly owned subsidiary
of CQOL.

(4) Information on GM

GM was incorporated in Singapore on November 3, 1999. The
authorised share capital of GM is SGD1,000,000 comprising
1,000,000 ordinary shares of SGD1.00 each, of which 500,000
ordinary shares have been issued and fully paid-up.

GM is a wholly owned subsidiary of CQI and was engaged in
collection, storage and disposal of refuse, rubbish and waste
before it ceased business operations in December 2000.

(5) Rationale for the Winding-Up

CQI has been inactive as GM has ceased business operations in
December 2000.

(6) Financial Effects of the Waiver of Amounts Owed And Winding-
Up

(a) Share Capital

The Winding-up and Waiver of Amounts Owing will not have any
effect on the share capital of PPB.

(b) NTA

The Winding-up and Waiver of Amounts Owing will not have a
material effect on the NTA of the PPB Group based on its latest
audited consolidated balance sheet as at December 31, 2004.

(c) Earnings

The Winding-up and Waiver of Amounts Owing are not expected to
have a material effect on the earnings of the PPB Group for the
financial year ending December 31, 2005.

(7) Interests of Directors, Major Shareholders and Persons
connected with them

Save as disclosed below, none of the Directors or major
shareholders of PPB or persons connected to them has any
interest, direct or indirect, in the Waiver of Amounts Owing:

Names of Major Shareholder          

Kuok Brothers Sdn Bhd (KBSB)

Nature of Interest

KBSB has 39.79 percent direct and indirect interest in PPB and
45 percent indirect interest in CQOL held through CQSB.

Name of Director

Datuk Oh Siew Nam
(Executive Chairman)

Nature of Interest

Datuk Oh is a Director of KBSB and has direct and/or indirect
interest in the shares of PPB and KBSB.

Name of Director

Dato' Lim Chee Wah

Nature of Interest

Dato' Lim is a Director of KBSB and has direct and/or indirect
interest in the shares of PPB and KBSB.

Name of Director

Mr. Tan Yew Jin

Nature of Interest

Mr. Tan is a Director of KBSB and has direct and/or indirect
interest in the shares of PPB and KBSB.


PSC INDUSTRIES: Clarifies News Article in the Edge
--------------------------------------------------
PSC Industries Berhad (PSCI) clarified to Bursa Malaysia
Securities Berhad the article entitled "Boustead's Buy Raises
Question" appeared in page 1 and 18 of the Edge of September 26,
2005 in particular, the following:

"That is unless PSCI does not own 79.9 percent of the Dockyard.
Speculation is rife that there could have been an internal
restructuring of the Company between April and July this year,
which led to Limaran Logistics holding 30 percent of the
Dockyard."

The Company informed the Bourse that as was announced by the
Company on August 30, 2005, a subsidiary of PSCI, Perstim
Industries Sdn. Bhd. (Borrower), had failed to repay principal
and interest of a term loan facility of US$31,578,947 (Term
Loan) granted by Credit Suisse, Labuan Branch (Lender) under a
facility agreement dated June 11, 2002.

By a letter dated August 29, 2005, the Lender has declared an
event of default and has given notice that the Lender may
enforce all or part of the security for the Term Loan. The
security for the Term Loan includes a fixed charge over 27
million ordinary shares of PSC-Naval Dockyard Sdn Bhd (Dockyard)
and a floating charge over the assets of the Borrower.

By the said letter dated August 29, 2005, the Lender has
converted the floating charge into a fixed charge. The other
assets of the Borrower include another 40 million shares in
Dockyard.

Then on September 19, 2005, PSCI received a letter from Limaran
Logistics Sdn Bhd (Limaran) claiming that Limaran had acquired
or was in the process of acquiring the Term Loan from the
Lender. At the same time, Limaran had indicated that it intended
to foreclose on some or all of the shares of Dockyard charged to
the Lender as security for the Term Loan.

On September 21, 2005, PSCI wrote to the Lender to seek
confirmation whether the Lender had indeed sold the Term Loan to
Limaran. The Lender has not replied yet. As such, PSCI is not
able to verify Limaran's status in respect of the Term Loan and
the security in respect thereof.

The Company shall disclose to the Exchange of any subsequent
development.

To view a full copy of the query letter, click
http://bankrupt.com/misc/PSCIndustriesBerhad092705.pdf

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


TAP RESOURCES: Board Seeks Extension of Time to Pay Dues
--------------------------------------------------------
Further to the announcement made on September 15, 2005 on
Practice Note No. 1/2001, the Board of Directors of Tap
Resources Berhad (TAP) informed Bursa Malaysia Securities Berhad
that the Company had on September 21, 2005, received a letter
dated September 21, 2005 from one of the Redeemable Convertible
Secured Loan Stock (RCSLS) Holders, Hong Leong Bank Berhad.

The letter was demanding all the outstanding payments (including
coupon for the period 1/1/2005 to 30/6/2005 and the mandatory
redemption of RCSLS which was due on June 30, 2005) (outstanding
payment) within seven (7) days from the date of Hong Leong
Bank's letter, failing which, they will proceed to declare an
event of default on the RCSLS-C and enforce the security
documents accordingly.

The Board had proposed to Hong Leong Bank for extension of time
to settle the outstanding payment.

Further development if any, will be announced accordingly.

CONTACT:

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


TENAGA NASIONAL: Adds New Shares for Listing, Quotation
-------------------------------------------------------
Tenaga Nasional Bhd informed that its additional 8,342,800 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme will be granted listing and quotation with
effect from 9:00 a.m., Thursday, September 29, 2005.

CONTACT:

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


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

MAKATI MEDICAL: Decision on Debt Restructure at Standstill
----------------------------------------------------------
Makati Medical Center and its creditors remained deadlock on the
proposed restructuring of the hospital's Php1.2-billion debts,
The Philippine Star has learned.

As a precondition to the debt restructuring, the bank creditors
demand a fresh capital infusion worth Php300 million,
specifically from the group of Makati Med chair Manuel V.
Pangilinan.

But Mr. Pangilinan reportedly joined Makati Med as chairman, not
as an investor, and that his intention was simply to
professionalize the medical institution which includes having a
new set of board of directors. He stressed that he under no
obligation to invest Php300 million into the ailing institution.

Mr. Pangilinan reportedly considered making Smart Communications
an investor. But later he realized that the move might create an
uproar among creditors of Smart and Philippine Long Distance
Telephone Co. (PLDT), both of which he is a director. Using
Metro Pacific Corp., of which Mr. Pangilinan is the CEO and
managing director, is still an option.

Meanwhile, Makati Med's management is still in talks with other
creditors for possible loans to raise the Php300 million as well
as to service part of its debts. Currently, the hospital is only
paying interests on its Php1.2-billion debt.

Makati Med president Gabby Mendoza is confident the hospital
will get new money, so it is ruling out application for
suspension of debt payments.

Development Bank of the Philippines (DBP), which has a Php350-
million exposure in the Makati Med, was tapped to advise the
hospital in restructuring of its loans.

Makati Med is facing financial difficulties after it discovered
that it had been incurring losses for the past three years. The
hospital only found out in December that it had incurred Php300
million in losses over a three-year period starting 2003.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


NATIONAL POWER: Unlikely to Sign TSC with Meralco This Month
------------------------------------------------------------
State-owned National Power Corporation (Napocor) and its biggest
client, Manila Electric Co. (Meralco), are not likely to ink a
transition supply contract (TSC) by the end of September, The
Philippine Star reports.

Contrary to the forecast of Energy Secretary Raphael P.M.
Lotilla, Meralco head of utility economics Ivanna dela Pena said
there would be no signing of a formal agreement before the end
of this month since the heads of the two power firms are
attending a convention in India and would be back on October 2.

Sec. Lotilla earlier said he expects the Napocor and Power
Sector Assets and Liabilities Management Corp. (PSALM) to
complete negotiations on 70 percent or more of the power supply
contracts between Napocor and distribution utilities (DUs) by
the end of this month.

Meralco used to source about 85 percent of its power requirement
from Napocor by virtue of a long-term supply contract, which
expired last year. Now, the power distributor is committed to
enter only to a one-year TSC with Napocor.

CONTACT:

National Power Corporation
Quezon Ave., East Triangle, Diliman
Quezon City, Metro Manila, Philippines
Phone: +63-2921-3541
Fax:   +63-2921-2468
Web site: http://www.napocor.gov.ph/


NATIONAL POWER: Gov't Opens Bidding for More Power Plants
---------------------------------------------------------
The agency tasked to sell the state's power assets has on
Tuesday formally declared the bidding for National Power
Corporation's (Napocor) hydroelectric and geothermal power
facilities, The Manila Times reports.

The Power Sector Assets and Liabilities Management Corp. (PSALM)
announced that the hydroelectric power complex composed of the
100-megawatt Pantabangan hydroelectric power plant and the 12-
megawatt Masiway hydroelectric plant, and the geothermal
facility, consisting of the 275-megawatt Tiwi geothermal power
plant and the 425.73-megawatt MakBan geothermal power plant are
up for auction.

PSALM is calling all interested parties to conduct due diligence
of the complexes from October 3 to November 25 and from October
3 to December 5. Entities planning to pursue their bids are also
required to post irrevocable letters of credit amounting to US$2
million and US$9 million, respectively, for the hydroelectric
and geothermal plants.

Last week PSALM said it targets to sell nine plants before the
end of the year to comply with the Electric Power Industry
Reform Act (EPIRA), which requires the sale of Napocor's 70-
percent generating capacity by the first quarter of next year.


PACIFIC PLANS: Accuses PEPC of Harassment
-----------------------------------------
The opposition filed by the Parents Enabling Parents Coalition
(PEPC) against Pacific Plans' license application is mere
harassment, the pre-need firm told The Philippine Star.

The ailing pre-need firm said the opposition is intended to
sabotage the interest of the 400,000 fixed planholders of its
dissolved unit, Lifetime Plans Inc.

Pacific Plans claimed that the group of opposing members within
the pre-need firm's 34,000 open-ended planholders wanted to
destroy the welfare of the majority of the planholders, who has
chosen to back a rehabilitation application now pending before
the Makati Regional Trial Court.

Pacific Plans spokesperson Jeanette C. Tecson said the court
does not prohibit the company from pursuing its line of business
and the application for a license is in fact in conjunction with
the spirit of its rehabilitation petition that the company
should stay afloat, continue with its business, go on with its
corporate life and serve its remaining planholders.

Meanwhile, Pacific Plans remains firm in its position that there
is no fraud in the spin-off into Lifetime Plans.

Ms. Tecson said the Securities and Exchange Commission (SEC)
merely made an allegation of fraud before the rehabilitation
court and hence has not been established.

CONTACT:

Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


UNIOIL RESOURCES: SEC Slaps Php100,000-Fine for Late Filing
-----------------------------------------------------------
The corporate watchdog on Wednesday imposed a Php100,000 penalty
on Unioil Resources and Holdings Company due to the firm's
failure to file its 2004 annual report on time, Today News
reveals.

The embattled petroleum and minerals explorer was unable to beat
a deadline set by the Securities and Exchange Commission (SEC)
because of the considerable amount of time it took for its
external auditor to review the book's of Unioil's subsidiaries.

One subsidiary, Westmont Investment Corporation, had to undergo
a re-audit.

Unioil has requested SEC to withdraw the penalty since the firm
is still squirming its way out of its financial crisis.

Earlier this month, the Philippine Stock Exchange lifted a
suspension order on trading of the company's shares after the
firm complied with reporting requirements and paid the
corresponding fines for delayed reports.

CONTACT:

Unioil Resources & Holdings Company Inc.
6/F, Saguittarius Building
H.V. dela Costa St.
Salcedo Village, Makati City
Phone:  893-5718
Fax:  893-5718



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S I N G A P O R E
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ALLGREEN PROPERTIES: Issues New Shares Under Share Option Scheme
----------------------------------------------------------------
Allgreen Properties Limited announced the issue and allotment of
an aggregate of 35,000 ordinary shares of SGD0.50 each in the
capital of the Company, at the subscription price of SGD0.95
each, pursuant to the exercise of options granted under the
Allgreen Share Option Scheme 2002.

The new shares were listed and quoted on the Singapore Exchange
on Sept. 22, 2005.

The new shares issued will rank pari passu in all respects with
the Company's existing shares.

Upon the issue of the above shares, the number of issued and
paid-up shares in the capital of the Company is increased to
1,052,331,000 ordinary shares of SGD0.50 each.

By Order of the Board
Ms Isoo Tan
Company Secretary
Sept. 27, 2005

CONTACT:

Allgreen Properties Limited
Kim Seng Promenade #05-02
Great World City
Singapore 237994
Phone: 65 6733 2822
Fax:   65 6738 3800
Web site: http://www.allgreen.com.sg


CITIRAYA INDUSTRIES: Two More Charged in Ongoing Case
-----------------------------------------------------
In an ongoing investigation against troubled electronics waste
recycling firm Citiraya Industries Limited, two people were
recently charged with falsifying accounts, reports Channel
NewsAsia.

Mr. Tan Lianf Chye, director of trading firm Albertex, was
charged with 53 counts of faking the accounts of two private
firms, while accounts clerk Joanna Aw Meng Choo was charged with
31 counts of faking the documents of three colluding firms.

Mr. Tan faces a maximum 7-year prison sentence and/or a fine,
and Ms. Choo faces a similiar sentence.

The Company's former assistant general manager Ng Teck Boon had
not decided as of his pre-trial conference last Sept. 21 whether
to claim trial or not due to new developemts in the case,
according to his lawyer.

Four more employees of firms that are clients of Citiraya
Industries Limited were also charged wiuth bribery, and are due
back in court for sentencing soon.

CONTACT:

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


LIFETIME OF HOLIDAYS: Pays Dividend to Creditors
------------------------------------------------
Lifetime of Holidays (S.E.A.) Pte Limited, formerly of 197B
Thomson Road, Goldhill Centre, Singapore 307635, posted a notice
of intended dividend at the Government Gazette, Electronic
Edition with the following details:

Name of Company: Lifetime of Holidays (S.E.A.) Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 32 of 1992
Last day for receiving proofs: Oct. 7, 2005
Name  & address of Liquidator: Lau Chin Huat
c/o Blk 150A, Mei Chin Road #02-00
Singapore 140150

Dated: Sept. 23, 2005


PB INTERIOR: Creditor Seeks Winding Up
--------------------------------------
Notice is hereby given that CHUBB Singapore Pte Limited, a
creditor of PB Interor Builder Pte Limited, presented a winding
up petition against the Company at the Singapore High Court on
Sept. 15, 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 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 Company requiring the same by the
undersigned on payment of the regulated charge for the same.

The Petitioners' address is at 207 Kallang Bahru, Singapore
339343.

The Petitioners' solicitors are Messrs. Wong Yoong Phin & Co of
19 Carpenter Street #05-01, Singapore 059908.

Dated this 23rd day of September 2005.

Messrs. Wong Yoong Phin & Co.
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs.
Wong Yoong Phin & Co, notice in writing of his intention so to
do. The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors (if
any) and must be served, or if posted, must be sent by post in
sufficient time to reach the solicitors not later than 12:00
p.m. on Oct. 6, 2005 (the day before the date appointed for the
hearing of the Petition).


UNITED FIBER: Appoints CFO, Director
------------------------------------
United Fiber System Limited announces that Mr. Choo Lye Heng has
been appointed as the Company's Chief Financial Officer (CFO)
and Executive Director effective Sept. 26, 2005.

With the appointment of Mr. Choo as the Company's CFO and
Executive Director, Mr. Choo shall step down as the Chairman of
both the Audit Committee and the Nominating Committee of the
Company effective Sept. 26, 2005. The Board would like to
express its appreciation to Mr Choo for his contributions to the
Company during his term as Chairman of the said Committees.

By order of the Board
Kishore Dass
Chief Executive Officer
Sept. 27, 2005

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg

  
WING TAI: To Hold AGM, EGM October 13
-------------------------------------
Wing Tai Holdings Limited announced that the Company will hold
its 41st Annual General Meeting (AGM) on Oct. 13, 2005, 10:30
a.m. at Casuarina Suite B, Raffles Hotel, 1 Beach Road,
Singapore 189673, to recieve its audited accounts for the
financial year ended June 30, 2005, approve directors' fees, re-
elect directors and transact any other business.

The Company will also hold an Extraordinary General Meeting
(EGM) on the same day, Oct.13, 2005, 11:30 a.m. or as soon as
its annual general meeting is concluded, in order to renew a
share purchase mandate.

To view the Company's AGM and EGM Notices, go to:

http://bankrupt.com/misc/tcrap_wingtai1092805.pdf

http://bankrupt.com/misc/tcrap_wingtai2092805.pdf

CONTACT:

Wing Tai Holdings Limited
107 Tampines Road
Singapore 535129
Phone: 65 62809111
Fax:   65 63838940
Web site: http://www.wingtaiasia.com.sg


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T H A I L A N D
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THAI AIRWAYS: Lashes at Singapore Air's Lower Fuel Surcharge
------------------------------------------------------------
Thai Airways International (THAI) considered Singapore Airlines'
(SIA) move to charge substantially lower fuel surcharges as
unethical, Bangkok Post reveals, citing Wallop Bhukkanasut,
vice-president for sales and distribution at Thai Airways.

According to Mr. Wallop, the strategy was a breach of the ethics
guidelines of the Board of Airlines Representatives in Thailand
(BAR), in which both airlines are members.

Thai Airways has filed a complaint about SIA to the BAR, and had
asked for a benchmark on fuel surcharges to be followed by all
airline members.

Mr. Wallop warned that SIA's strategy would only worsen the
plight of the aviation industry which is already suffering from
the effects of soaring jet fuel bills.

The surcharge offered by Singapore Airlines is only $15 per
sector for flights between Singapore and other cities in
Southeast Asia including Bangkok, Jakarta and Manila compared
with $25 charged by Thai Airways for regional flights.

The surcharge was contrary to what Singapore Air said on the
paper that it would charge $50 per sector for all other flights.

For instance, on the Singapore-Tokyo and Singapore-Osaka
services, SIA charges $23, compared with $36 imposed by Japan
Airlines and All Nippon Airways on the same routes, according to
industry sources.

In any case, most airlines' fuel surcharges are below the levels
that prevailing oil prices would merit.

Thai Airways for instance should be charging $28-$29 per sector
for regional flights and $78-$79 for long-haul services, against
the $50 levy currently in effect.

Thai absorbs THB1.2 billion per month in costs for charging
lower fuel surcharges that it should.

The THB4.77 billion loss that Thai Airways reported for the
third quarter ending in June was attributed to high oil prices.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173






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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
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