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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, October 13, 2005, Vol. 8, No. 203

                            Headlines

A U S T R A L I A

BELCONAN CONSTRUCTIONS: Members Agree to Wind Up Firm
CASH KING: Ordered to Refund Customers
CRAFTER GOLFING: Appoints Official Liquidators
DELPHI RESOURCE: To Declare First, Final Dividend
DIRT DIGGERS: Court Orders Winding Up

DJ CARPENTRY: Creditors OK Liquidator's Appointment
DOSSIE INCORPORATED: Members Pass Winding Up Resolution
FELTEX CARPETS: Godfrey Eyes Pending Decision on Merger
FORTESCUE METALS: Inks Land Access Deal with Native Claimants
FORTESCUE METALS: To Undertake Equal Distribution of Capital

GLENGOR EXPORT: Members, Creditors to Get Liquidator's Report
GROEDEL KITCHENS: Decides to Close Business
HUDSON TIMBER: Judge Varies Previous Orders
JENNA CORPORATION: Creditors Opt for Voluntary Liquidation
JMP PLASTERING: Intends to Pay Dividend to Creditors

LAMBINA PASTORAL: Members General Meeting Fixed October 20
LARSA PTY: Kim Holbrook Named Liquidator
MAJESTIC HEIGHTS: Members Decide to Wind Up Operations
MAYNE GROUP: Anxiety Brews After Demerger News
MICARL PTY: Declares First, Final Dividend

MYER LIMITED: Great Dame to the Rescue
NORTHERN AIR: Liquidation Looms for Territory Carrier
PALMS AUSTRALIA: Placed Under Voluntary Liquidation
PRIMELIFE CORPORATION: Winding Up of Investment Scheme Completed
SKULL SPRINGS: Winding Up Process Initiated

STUNTZ PTY: Members, Creditors Convene to Discuss Liquidation
TELSTRA CORPORATION: Big Bankers Prepare to Pitch for Shares
VANDERLAY PTY: Winding Up Resolution Gets Members' Nod
W.C. REDGATE: Liquidator to Distribute Company Assets
WILLIAM SMITH: Final Meeting Fixed October 20


C H I N A  &  H O N G  K O N G

CHINA CONSTRUCTION: To Raise IPO Price Range
EASY FORTUNE: Prepares to Wind Up Business
EPOCH ENTERPRISE: Court Orders Winding Up
NEW WORLD: Notes Unusual Volume Movement
FIGI HK: Winding Up Process Initiated

PALAVIA LIMITED: Issues Debt Claim Notice
SAS NOMINEES: Creditors to Prove Claims by November 7
VALUE INDUSTRIES: Set to Cease Operations
YUEN CHAK: Court to Hear Liquidator's Application


I N D I A

DAEWOO INDIA: GM Drops Plans to Acquire Car Plant
ELECTROMAX FINANCE: RBI Cancels Certificate of Registration
INDIAN OIL: Appoints Auditors for 2005-06
WIMCO LIMITED: Releases AGM Results


I N D O N E S I A

CIPUTRA DEVELOPMENT: Launches Rights Issue to Restructure Debt
PERTAMINA: Fuel Subsidy Overpaid Due to Price Differences
PERTAMINA: To Spend IDR36 Trillion on Libya Exploration


J A P A N

DAIEI INCORPORATED: To Seek Marui's Help in Revival Plan
DELPHI CORPORATION: Files Voluntary Chapter 11 Reorganization
JAPAN AIRLINES: Provides Aid For Pakistan Earthquake Relief
MITSUBISHI MOTORS: MMNA Breaks Ad Campaign for Raider Truck
TOMEN CORPORATION: Shares Up 12% After Merger Report


K O R E A

ASIANA AIRLINES: Offers In-flight Internet Access


M A L A Y S I A

AVENUE CAPITAL: Issues New Shares for Listing, Quotation
CYGAL BERHAD: All EGM Resolutions Passed
DUOPHARMA BIOTECH: New Shares Up for Listing, Quotation
FABER GROUP: New Shares Set for Listing Today
FABER GROUP: ICULS Trading Suspended Effective October 14

GEORGE TOWN: Submission of Financial Statement Faces Delay
KEMAYAN CORPORATION: Unveils Results of Court Convened Meetings
METACORP BERHAD: Awaits Bourse Decision on Application
METROPLEX BERHAD: Court Moves Hearing for Application Next Week
PAN MALAYSIA: Unit Placed in Creditors' Voluntary Winding Up

PAN PACIFIC: Sees No Changes to Default Status
PSC INDUSTRIES: Unit Agrees to Foreclosure of Ordinary Shares
PSC INDUSTRIES: Updates on Default Status
SOUTHERN BANK: Moody's Eyes Possible Upgrade of D- Rating


P H I L I P P I N E S

ATLAS CONSOLIDATED: Toledo Copper Mine Nears Restart
LMG CHEMICALS: Local Government Lifts Closure Order
PILIPINO TELEPHONE: Clarifies Profit Report
PRIME ORION: To Restructure Bank Loans
UNIWIDE HOLDINGS: Axed Workers Enjoy Entitlements


S I N G A P O R E

FIRSTLINK INVESTMENTS: Court Issues Writ of Summons
G15 INVESTMENT: Court to Hear Winding Up Petition October 21
HUA KOK: Auditors Complete Review of 2005 Financial Results
MILLENIUM-WESTMONT: Set to Distribute Dividend
NATSTEEL LIMITED: Liquidates Inactive Subsidiary

NEOCORP INTERNATIONAL: Appoints Interim Judicial Managers
SOUTHERN CROSS: Creditors to Submit Debt Claims by November


T H A I L A N D

PICNIC CORPORATION: Details Investment in Summit Petroleum
POWER-P: Explains 20% Excess in Total Revenues
TPI POLENE: Books THB3,227Mln in 3Q Net Profit

     -  -  -  -  -  -  -  -

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

BELCONAN CONSTRUCTIONS: Members Agree to Wind Up Firm
-----------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Belconan Constructions Pty limited held on Sept. 7, 2005, it was
resolved that the Company be wound up, and Peter Paul Krejci of
GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW 2000
was appointed Liquidator for such purpose.

Dated this 7th day of September 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


CASH KING: Ordered to Refund Customers
--------------------------------------
The Federal Court of Australia has on Wednesday handed down a
judgment finding that a western Sydney finance broker and lender
engaged in misleading and deceptive conduct.

The case brought by the Australian Securities and Investments
Commission (ASIC) showed that the misconduct had occurred on
over 200 occasions.

Cash King Pty Ltd (Cash King) consented to Federal Court orders
restraining it from making representations or engaging in
conduct found to be misleading and deceptive, and in an
Enforceable Undertaking provided to ASIC, has also agreed to
repay amounts totaling over AU$170,000 to more than 50
customers.

ASIC's Executive Director of Consumer Protection, Mr Greg Tanzer
said Cash King overcharged its clients in a number of ways,
including arranging hidden commissions from one lender.

"Brokers and lenders have a duty to act fairly and honestly with
their clients," Mr. Tanzer said.

In making its orders, the Court relied on agreed facts,
including facts to the effect that Cash King had been misleading
or deceptive by:

(1) having a secret arrangement with a lender under which Cash
King increased the establishment fee payable by the customer and
received 65 per cent of the increased fee as a hidden
commission. (ASIC's investigation revealed that Cash King earned
additional commissions of over $2,000 from some clients in this
way);

(2) making some customers pay a brokerage fee when Cash King was
the lender and no broker was involved. It also charged some
customers legal fees when Cash King did not use a lawyer, and
therefore, did not incur any legal fees. (Inquiries made by ASIC
showed that the alleged legal fees exceeded $1,000 in some cases
and that the brokerage fees were around $700);

(3) placing advertisements which stated that there were `no
upfront fees' when this was not true. In fact, customers were
required to pay upfront fees and these fees were not refundable;

(4) overcharging customers by making them pay enforcement costs
and expenses that were higher than the costs and expenses it had
actually incurred, or by making them pay costs or a higher
interest rate for defaulting, when those consumers were not in
default; and

(5) sending letters to a number of customers offering to pay
partial `refunds' of overcharged amounts after ASIC's
investigation had commenced. Representations contained in the
letters suggested that ASIC considered partial refunds to be an
adequate remedy or to cure the misleading conduct when this was
not the case. ASIC's position was, in fact, that only a total
refund of the overcharged amount would be appropriate.

"Cash King's advertisements attracted clients in financial
difficulties, and those least able to protect their own
interests. Some of these people were worried about losing their
homes, and Cash King profited by charging them extra fees or
earning hidden commissions," Mr. Tanzer said.

"Compensation for customers, who were overcharged or misled is
an appropriate remedy. However, this case shows that people need
to be careful and get advice about refinancing when they are in
financial difficulty, especially if they use their home as
security. Sometimes people can end up paying costly fees to
lenders and brokers, and still end up in a position where their
home is at risk of being sold," Mr. Tanzer added.


CRAFTER GOLFING: Appoints Official Liquidators
----------------------------------------------
Notice is hereby given that at a General Meeting of Crafter
Golfing Services Pty Limited held on Sept. 5, 2005, it was
resolved that the Company be wound up voluntarily, and that
Russell Heywood-Smith be appointed Liquidator for such winding
up.

Dated this 5th day of September 2005

Russell Heywood-Smith
Liquidator
BDO Chartered Accountants & Advisers
248 Flinders Street, Adelaide SA 5000


DELPHI RESOURCE: To Declare First, Final Dividend
-------------------------------------------------
Delphi Resource & Technology Pty Limited will declare a first
and final dividend on Oct. 17, 2005.

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

Dated this 20th day of September 2005

Dougal McLay
Liquidator
PO Box 1595, Booragoon WA 6954
Phone: 08 9330 4658
Fax:   08 9330 9028


DIRT DIGGERS: Court Orders Winding Up
-------------------------------------
On Sept. 1, 2005, the Supreme Court of New South Wales ordered
the winding up of Dirt Diggers Excavations Pty Limited, and
appointed P. Ngan to be Liquidator of the Company.

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


DJ CARPENTRY: Creditors OK Liquidator's Appointment
---------------------------------------------------
Notice is hereby given that at a General Meeting of Members of
DJ Carpentry Services Pty Limited duly convened and held on
Sept. 8, 2005, members passed a Special Resolution to
voluntarily wind up the Company, and M. F. Cooper was appointed
Liquidator for the winding up.

Creditors confirmed the liquidator's appointment at a creditors'
meeting held that same day.

Dated this 12th day of September 2005

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


DOSSIE INCORPORATED: Members Pass Winding Up Resolution
-------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Dossie Incorporated Pty Limited held on Sept. 12, 2005, it was
resolved that the Company be wound up voluntarily and that for
such purpose, John William Woods, Chartered Accountant of 30
Davey Street, Hobart, Tasmania 7000 be appointed liquidator.

Dated this 13th day of September 2005

John W. Woods
Liquidator
Wilson Woods & Partners
Chartered Accountant
30 Davey Street, Hobart Tas 7000
Phone: 03 6223 4343


FELTEX CARPETS: Godfrey Eyes Pending Decision on Merger
-------------------------------------------------------
Godfrey Hirst is hoping to come up with a decision in the next
few weeks on whether or not to proceed with a merger with
competitor Feltex Carpets Limited, Dow Jones Newswires relates.

The two carpet rivals are due to meet in Melbourne on Monday to
continue discussions on Australia-based Godfrey Hirst's proposal
to merge their operations.

"We need to make headway now so we will be looking for some
genuine progress on Monday and, on the back of that, to decide
whether there's logic in proceeding," Godfrey Hirst finance
director Jim Walsh said.

Feltex had asked for time to consider Godfrey Hirst's merger
proposal while it undertakes a wide-ranging operational review
aimed at reviving its flagging fortunes.

CONTACT:

Feltex Carpets Ltd
Feltex Centre
145 Symonds Street
PO Box 2884
Auckland
Telephone: +64 9 379 1900
Fax: +64 9 379 1911
E-mail: feedback@feltex.com
Web site: http://www.feltex.com/


FORTESCUE METALS: Inks Land Access Deal with Native Claimants
-------------------------------------------------------------
The Pilbara Native Title Service, on behalf of the Yamatji
Marlpa Barna Baba Maaja Aboriginal Corporation (PNTS) and
Fortescue Metals Group Limited (Fortescue) announced that formal
agreement on "whole of claim" land access has been reached
between Fortescue and each of the three native title claimant
groups who have lodged native title claims over the areas
covered by Fortescue's Pilbara Iron Ore and Infrastructure'
mine, rail and port project (the Project). The agreements allow,
from a native title perspective, the immediate commencement of
the Project.

The three native title claimant groups are the Nyiyaparli People
(whose claim covers most of Fortescue's initial proposed mining
areas), the Palyku People (whose claim covers the balance of the
proposed mining area and a significant section of the proposed
Fortescue Rail corridor) and the Kariyarra People (whose claim
covers the remainder of the rail corridor and the port area at
Port Hedland). Each have executed with Fortescue, Land Access
Agreements, which together cover all the mines, port and rail of
the Project area.

These Agreements also create immediate and life-of-project
benefits for all the claimant groups in the Project area. They
also provide for the grant and renewal of all tenure required
for Fortescue's project, protection of Aboriginal cultural
heritage and environment, and employment opportunities for
Pilbara Aboriginal people as an outcome of a Vocational training
program to be established by Fortescue.

Fortescue and the PNTS thank the elders and the people of the
claimant groups for their consideration and support in the
signing of these important agreements.

CONTACT:

Fortescue Metals Group Limited
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au
Web site: http://www.fmgl.com.au/


FORTESCUE METALS: To Undertake Equal Distribution of Capital
------------------------------------------------------------
Fortescue Metals Group Limited advised that it has recently
mailed information to its shareholders relating to a proposal to
undertake an equal reduction in capital to provide for the
divestment of its wholly owned subsidiary Allied Medical Limited
through an "in specie" distribution of Allied shares to
Fortescue shareholders.

Fortescue's decision to review a range of divestment options for
Allied Medical is driven by the desire for the Company to
concentrate solely on the business of developing its Pilbara
Iron Ore and Infrastructure Project. The in specie distribution
is being presented to shareholders at the forthcoming Fortescue
Annuial Meeting on November 8, 2005.

If shareholders vote in favor of the share distribution
resolution and the Board rakes the decision to pursue the
disposal of Allied Medical.

Fortescue also advised that as reported in the West Australian
newspaper, it has made an application for prospective ground
known as Shovelanna Hill. The subject land is not part of
Fortescue's proposed mining area within the Chichester Ranges.


GLENGOR EXPORT: Members, Creditors to Get Liquidator's Report
-------------------------------------------------------------
Notice is hereby given that a meeting of the Members & Creditors
of Glengor Export Meats Pty Limited will be held on Oct. 20,
2005, 10:00 a.m. at the office of Hall Chadwick Chartered
Accountants, Level 29, 31 Market Street, Sydney NSW 2000.

BUSINESS:

(1) To receive the liquidator's report, being an account of the
acts and dealings and of the conduct of the winding up during
the liquidation.

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

(3) Any other business.

Dated this 5th day of September 2005

Geoffrey McDonald
Liquidator
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


GROEDEL KITCHENS: Decides to Close Business
-------------------------------------------
Notice is hereby given that at a meeting of creditors of Groedel
Kitchens Pty Limited held on Sept. 8, 2005, it was resolved that
the Company be wound up, and David Anthony Hurst and Andrew Hugh
Jenner Wily of Armstrong Wily, Chartered Accountants, Level 5,
75 Castlereagh Street, Sydney NSW 2000 were appointed
Liquidators for the winding up.

Dated this 19th day of September 2005

David A. Hurst
Andrew H. J. Wily
Liquidators
Armstrong Wily
Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


HUDSON TIMBER: Judge Varies Previous Orders
-------------------------------------------
The Board of Directors of Hudson Investment Group Limited (the
Company) announced that at a stay application hearing held
Monday, October 10, Justice Tobias varied the Orders previously
entered by Justice Einstein on September 13, 2005.

On September 22, 2005, Hudson Timber Products Limited, its
subsidiary companies, Australia Hardboards Limited and AH Bremer
Park Pty Limited (the Corporate Defendants) filed a Notice of
Appeal. The Corporate Defendants also filed a Notice of Motion
seeking orders that the Orders made by Justice Einstein on
September 13, 2005 be stayed, pending finalization of the
appeal.

The Corporate Defendants agreed that they would only press for a
stay of the orders that related to the granting of a mortgage in
the sum of AU$10 million to the Company. The Corporate
Defendants agreed not to seek a stay of the balance of the
orders made by Justice Einstein.

The Company and the Corporate Defendants were about to agree
that the orders in respect of the mortgage would be stayed,
pending finalization of the appeal, but only on the condition
that the Corporate Defendants:

(1) are restrained from selling, charging, assigning,
mortgaging, or otherwise dealing with or disposing of any of the
proceeds arising from a disposal of the Land (without first
obtaining the written consent of the Company); and

(2) are restrained from charging or mortgaging any part of the
Land (without first obtaining the written consent of the
Company).

The Company also sought agreement from the Corporate Defendants
that they would consent to the Company registering a non-lapsing
caveat over the Land. The Corporate Defendants refused to agree
to these terms, and so this issue needed to be dealt with by
Justice Tobias at Monday's application. After hearing
submissions from both sides, the Company was successful in its
arrangement and so the Corporate Defendants have been ordered by
the Court to consent to the registering of a non-lapsing caveat
over the Land.

The hearing of the Appeal has also been expedited and the Appeal
is expected to be heard in early 2006. The Company will be
filing a Notice of Cross Appeal, seeking to overturn Justice
Einstein's rulings in respect of the Bremer Share Sale aspect of
the litigation.

As a consequence of the hearing, the orders made on September
13, 2005 by Justice Einstein as follows, have now been
confirmed:

(1) a declaration that Bruce William McLeod did not have
authority to execute or enter into the First Deed of Amendment
to the Entitlement Deed dated June 20, 2001.

(2) a declaration that the First Deed of Amendment to the
Entitlement Deed is and has at all times been void.

(3) a declaration that in purporting to execute and enter into
the First Deed of Amendment to the Entitlement Deed, Bruce
William McLeod and Peter Cecil Holland (the Director Defendants)
contravened their duties as directors of the Company.

(4) a declaration that Bruce William McLeod did not have
authority to execute or enter into the Second Deed of Amendment
to the Entitlement Deed dated September 5, 2001.

(5) a declaration that the Second Deed of Amendment to the
Entitlement Deed is and has at all times been void.

(6) a declaration that in purporting to execute and enter into
the Second Deed of Amendment to the Entitlement Deed, the
Director Defendants, contravened their duties as directors of
the Company.

(7) An order that the Entitlement Deed dated June 8, 2001
between the company and Australian Hardboards Limited be
specifically performed.

(8) an order that Australian Hardboards Limited forthwith to the
extent not yet paid, pay AU$3.5 million to the Company in
accordance with the Entitlement Deed.

(9) an order that the Corporate Defendants and the Director
Defendants pay the Company's costs of the proceedings that
related to the issues of the Entitlement Deed.

(10)an order that the Company pay the Corporate Defendants costs
of the proceedings that related to the issues of the Bremer
Share agreement.

As previously advised, the costs awarded to the corporate
Defendants for the Bremer share sale agreement aspect of the
litigation were of a substantially lesser amount than the costs
of the Company for the Entitlement Deed aspect of the
litigation, and no costs order was made against the company in
favor of the Director Defendants in relation to the Bremer Park
share sale agreement part of the litigation.

CONTACT:

Hudson Timber Products Ltd.
Ground Floor
82 Waterloo Road
North Ryde NSW, 2113 Australia

PO Box 1950
Macquarie Centre NSW 2113 Australia

Phone: 02 8870 4600
Fax: 02 9805 0641
Web site: http://www.hudsontimber.com.au


JENNA CORPORATION: Creditors Opt for Voluntary Liquidation
----------------------------------------------------------
At a creditors' meeting of Jenna Corporation Pty Limited held on
Sept. 5, 2005, it was resolved that the Company be wound up
voluntarily.

Dated this 6th day of September 2005

Oren Zohar
Former Liquidator
KordaMentha
Phone: 08 9221 6999


JMP PLASTERING: Intends to Pay Dividend to Creditors
----------------------------------------------------
JMP Plastering Pty Limited will declare a dividend on Oct. 14,
2005.

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

Dated this 29th day of August 2005

Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5 15 Queen Street
Melbourne Vic 3000
Web site: http://www.worrells.net.au/


LAMBINA PASTORAL: Members General Meeting Fixed October 20
----------------------------------------------------------
Notice is hereby given that a general meeting of members of
Lambina Pastoral Pty Limited will be held on Oct. 20, 2005,
10:30 a.m. at the offices of mhm - a personal approach to
business, Level 1, 121 Greenhill Road, Unley, South Australia,
to present the Liquidator's account 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 2nd day of September 2005

M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road
Unley SA 5061


LARSA PTY: Kim Holbrook Named Liquidator
----------------------------------------
At a meeting of the creditors of Larsa Pty Limited duly convened
and held on Sept. 5, 2005, it was resolved that the Company be
wound up voluntarily, and Kim David Holbrook of Holbrook &
Associates Chartered Accountants, Level 2, 19 Pier Street,
Perth, Western Australia, was appointed Liquidator for such
purpose.

Dated this 6th day of September 2005

Kim D. Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


MAJESTIC HEIGHTS: Members Decide to Wind Up Operations
------------------------------------------------------
Notice is hereby given that at a general meeting of members of
Majestic Heights Corporation Pty Limited held on Sept. 6, 2005,
it was resolved that the Company be wound up voluntarily, and
that Graeme Trevor Lean, CPA, of G.T. Lean & Associates, The
Fitzgerald Centre, 424 Fitzgerald Street, North Perth WA 6006 be
appointed liquidator for such winding up.

Dated this 6th day of September 2005

Graeme T. Lean
Liquidator
G. T. Lean & Associates
The Fitzgerald Centre
424 Fitzgerald Street
North Perth WA 6006


MAYNE GROUP: Anxiety Brews After Demerger News
----------------------------------------------
Shares in healthcare conglomerate Mayne Group dived nearly 4
percent on Tuesday as brokers assess the firm's plan to split
its business into two, The Advertiser says.

Investors took the knife to Mayne Group, as shareholders
expressed dismay over the higher demerger costs and lower
dividend payment shown in the company's explanatory released.

Shareholders will vote on the fate of the demerger next month,
which will see the group split into two. The domestic healthcare
business will be known as Symbion Health and the international
pharmaceuticals division, Mayne Pharma.

Mayne said it aims to complete the demerger of Mayne Pharma from
Symbion Health before the end of this year.

Rival Sigma and international private equity firm Ironbridge
Capital have been named among several parties said to be
interested in buying parts of the Mayne Group. International
private equity firm Apax is reportedly also having a look.

CONTACT:

Mayne Group
Level 21/390 St Kilda Rd
Melbourne 3004
Phone: +613 9868-0700
Web site: http://www.maynegroup.com/


MICARL PTY: Declares First, Final Dividend
------------------------------------------
Micarl Pty Limited will declare a first and final dividend on
Oct. 14, 2005.

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

Dated this 5th day of September 2005

A. L. Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


MYER LIMITED: Great Dame to the Rescue
--------------------------------------
Coles Myer acknowledge the need for a Christmas campaign to
strengthen the position of the chain of stores of its ailing arm
Myer Limited over the holidays, Sydney Morning Herald says.

The retail giant will launch next month a new advertising
campaign featuring the "suburban housewife" Dame Edna Everage, a
character developed and played by actor Barry Humphries.

Mr. Humphries described the television and print advertisements
as the meeting of two great Dames, adding that it's business as
usual for Myer.

But nothing could be further from the truth, as parent company
Coles Myer is finalizing its information memorandum for
potential buyers of the beleaguered department store chain Myer.

The 13 parties that have expressed an interest in the chain
range from private equity firms Newbridge Capital and Catalyst
Investment Managers to South African retailer Edgars
Consolidated and former Coles Myer Chairman Solomon Lew.

The Myer family, which holds a 5-percent stake in the parent
company, is also an interested party, as is David Jones, which
is in initial talks with all of the private equity firms.

David Jones earlier this week signaled its intention to Myer by
signing French lingerie firm Simone Perele to an exclusive
supplier deal, cutting Perele's long-standing ties with Myer.

Last month, Myer reported an AU$15-million loss for the second
half of the last financial year and a profit margin of 1.25
percent, well below the AU$14.3 million profit of its rival,
David Jones.

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


NORTHERN AIR: Liquidation Looms for Territory Carrier
-----------------------------------------------------
Northern Air Charter is likely to go into liquidation, just
three months after being rescued by a southern businessman,
Northern Territory News reports.

The airline's former owner Philip George has admitted its
company would not be able to pay debts due to its dire financial
standing.

Northern Air Charter owes money to other airlines for the hire
of planes, fuel suppliers and maintenance companies.

Mr. George revealed the business had been sold to Melbourne -
based Australasian Jet, which had agreed to take on all of the
15 staff.  He denied he had avoided Northern Air's debts by
declaring the firm broke but selling the business to
Australasian Air. He stressed he had lost a hefty amount he
invested in the carrier.

Mr. George owned half of Northern Air Charter until July 1 when
he bought the rest from   Stefan Wood. He said he did not check
the airline's books until the taxation office had sent him an
unexpected bill for several hundred thousand dollars. He said he
believed he had done "one hell of a job" saving all the jobs.


PALMS AUSTRALIA: Placed Under Voluntary Liquidation
---------------------------------------------------
Notice is hereby given that at a general meeting of members of
Palms Australia Enterprises Pty Limited duly convened and held
on Sept. 6, 2005, members resolved to voluntarily wind up the
Company, and appointed Jennifer E. Low to be Liquidator for such
purpose.

Dated this 6th day of September 2005

Jennifer E. Low
Liquidator
Sheridans Chartered Accountants
Level 6, 40 St. George's Terrace
Perth WA 6000
Phone: 08 9221 9339


PRIMELIFE CORPORATION: Winding Up of Investment Scheme Completed
----------------------------------------------------------------
The Federal Court of Australia has made final orders completing
the winding up of an unregistered managed investment scheme (the
Scheme) involving the Montclaire Hostel and Primelife
Corporation Limited (Primelife) following proceedings brought by
the Australian Securities and Investments Commission (ASIC).

After considering a report from an independent accountant
concerning the past affairs of the Scheme as well as the views
of all investors, Mr. Justice Goldberg of the Federal Court of
Australia noted that the Scheme had been effectively wound up by
virtue of:

(1) a deed of settlement between Primelife and the Scheme
investors pursuant to which the principal asset of the Scheme
was sold back to Primelife; and

(2) the net proceeds of that sale, having been returned to
investors in the Scheme.

Following on from ASIC's investigation into the Scheme (amongst
a number of other similar schemes which are currently before the
Court), and having obtained orders for the winding up of the
Scheme, with the consent of the defendants to the proceedings,
ASIC had already ensured:

(1) the appointment of an independent accountant to review the
Scheme books and records so as to, amongst other things,
identify the assets and identity of investors in the Scheme and
to provide a report outlining the findings of this review to the
Court; and

(2) all investors receiving a copy of the report of the
independent accountant and having adequate opportunity to
consider proposals to wind up the Scheme and deal with the
Scheme Assets.

Given the completion of the above process, ASIC informed the
Court that it now saw its main role in the completion of the
winding up process as being to provide the Court with:

(1) relevant information concerning any proposals made about how
the Scheme should be wound up; and

(2) its views about any such proposals, including bringing to
the Court's attention any possible difficulties.

In these proceedings ASIC did not oppose the proposal put
forward by the investors about how the Scheme should be wound
up.

These final orders follow earlier orders made by Mr Justice
Goldberg of the Federal Court of Australia by consent on 1 June
2005, regarding these and five other ASIC proceedings.

"ASIC will continue its efforts to wind up each of the schemes
and to remove the continued risk posed by the ongoing existence
of schemes that do not comply with the Corporations Act. ASIC
will continue to work to ensure investors in these schemes
obtain both proper disclosure and protective rights over the
assets of the schemes," ASIC's Executive Director of
Enforcement, Ms Jan Redfern said.

Ms. Redfern reiterated that ASIC's proceedings should not cause
any disruption to the residents of the retirement villages and
aged care facilities operated by Primelife.
Background

On 23 September 2004, ASIC filed 37 proceedings in the Federal
Court of Australia seeking, amongst other things, orders that an
investigating accountant be appointed over each of the schemes
to report to the Federal Court to ascertain the position of each
of the schemes. ASIC also applied for the schemes to be wound
up.

ASIC alleges that the schemes are not registered, as required
under the Corporations Act. ASIC brought the Federal Court
proceedings against Primelife and a number of other defendants
including parties who, ASIC alleges, have been involved in
promoting and managing the schemes to a large number of
investors since 1997.

ASIC entered into terms of settlement with Primelife in the
proceedings on 1 April 2005.

While ASIC has entered into terms of settlement with Primelife,
the proceedings against the other defendants are ongoing. The
agreement with Primelife foreshadowed a further two proceedings
being brought by ASIC. In accordance with the agreement, ASIC
filed two further proceedings in the Federal Court of Australia
seeking similar relief on 22 June 2005.

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/


SKULL SPRINGS: Winding Up Process Initiated
-------------------------------------------
At a general meeting of Skull Springs Holdings Pty Limited held
on Sept. 6, 2005, it was resolved that the Company be wound up
voluntarily, and that Kim David Holbrook of Holbrook &
Associates Chartered Accountants, Level 2, 19 Pier Street,
Perth, Western Australia be appointed Liquidator for the winding
up.

Dated this 6th day of September 2005

Kim D. Holbrook
Holbrook & Associates
Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


STUNTZ PTY: Members, Creditors Convene to Discuss Liquidation
-------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Stuntz Pty Limited will be held on Oct. 20, 2005,
10:00 a.m. at Rodgers Reidy, Level 8, 333 George Street Sydney.

The purpose of the meeting is:

(a) To receive an account from the Liquidator.

(b) A resolution to destroy the books & records of the company.

(c) To consider any other business.

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


TELSTRA CORPORATION: Big Bankers Prepare to Pitch for Shares
------------------------------------------------------------
Investment bankers from all over the world are preparing to
battle for the Government's remaining 6.6 billion shares in
Telstra Corporation, The Age reports.

Senior executives of nine banks are expected to participate in
today' selection process to be conducted by four Finance
Department bureaucrats and two independent business people. The
process will last until Friday.

For big merchant bankers such as UBS, Goldman Sachs-JBWere and
JP Morgan, the prize is the huge deal itself and the
international kudos to be gained from having a lead position.

Bankers chosen may be given specific regions of operation -
Australia, Asia, Europe, the Americas.

How many will be selected, and announced in November, is
unknown, though, as before, a group of four is likely.

Telstra shares are worth a total of AU$27 billion, well below
the Government's original target of about AU$35 billion.

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/


VANDERLAY PTY: Winding Up Resolution Gets Members' Nod
------------------------------------------------------
Notice is hereby given that on Sept. 8, 2005, the following
special resolutions were passed:

That Vanderlay Pty Limited be wound up voluntarily relating to a
Creditors' Voluntary Winding Up, and that B. J. Marchesi,
Chartered Accountant of 332 St Kilda Road, Melbourne be
appointed Liquidator of the Company.

Dated this 8th day of September 2005

B. J. Marchesi
Liquidator
Bent & Cougle
Chartered Accountants
Level 5, 332 St Kilda Road
Melbourne Vic 3004


W.C. REDGATE: Liquidator to Distribute Company Assets
-----------------------------------------------------
At a General Meeting of W.C. Redgate & Sons Pty Limited held on
Sept. 9, 2005, the following Special Resolution was 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 liquidators so
desire.

Dated this 9th day of September 2005

Richard J. Wright
Liquidator
60 Brook Street
Muswellbrook NSW 2333


WILLIAM SMITH: Final Meeting Fixed October 20
---------------------------------------------
Notice is hereby given that a final meeting of the members of
William D. Smith (Holdings) Pty Limited will be held on Oct. 20,
2005, 10:00 a.m. at the offices of Jirsch Sutherland Chartered
Accountants. The purpose of the meeting is to have an account
laid before the members, showing them the manner in which the
winding up was conducted and the property of the Company
disposed of, and to hear any explanations that may be given by
the Liquidator.

Proxy forms may be obtained by contacting the Liquidator's
office.

Dated this 20th day of September 2005

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


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

CHINA CONSTRUCTION: To Raise IPO Price Range
--------------------------------------------
China Construction Bank has increased the size of its proposed
stock sale by as much as 6.7 percent to HK$63.6 billion, The
Standard reports.

The Beijing-based company is to price its upcoming initial
public offering (IPO) in Hong Kong at HK$1.90-2.40 per share, up
from a previous range of HK$1.80-2.25.

The number of shares to be sold remains unchanged at 26.5
billion shares or about 12 percent of CCB's total.

CONTACT:

China Construction Bank
25 Finance St.
Beijing, 100032, China
Phone: +86-10-6759-7114
Fax: +86-10-6360-3194
Web site: http://www.ccb.cn/portal/cn/home/index.html


EASY FORTUNE: Prepares to Wind Up Business
------------------------------------------
Easy Fortune Development Limited whose place of business is
located at 1/F, 18 Fuk Tsun Street, Tai Kok Tsui, Kowloon was
issued a winding up order notice by the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
September 28, 2005.

Date of Presentation of Petition: July 29, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


EPOCH ENTERPRISE: Court Orders Winding Up
-----------------------------------------
Epoch Enterprise Group Limited whose place of business is
located at Room 101, KCRC Hung Hom Building, 8 Cheong Wan Road,
Hung Hom, Kowloon was issued a winding up order notice by the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on September 28, 2005.

Date of Presentation of Petition: July 29, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


NEW WORLD: Notes Unusual Volume Movement
----------------------------------------
The Stock Exchange of Hong Kong has received a message from New
World Cyberbase Limited, which is reproduced as follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company has noted on the recent increase in the trading
volume of the shares of the Company and wishes to state that we
are not aware of any reasons for such increase.

Save as disclosed in the joint announcement of the Company and
New World Mobile Holdings Limited dated September 12, 2005, the
circular of the Company dated October 3, 2005 and the
announcement of the Company dated October 6, 2005, confirmed
that there were no other negotiations or agreements relating to
intended acquisitions or realizations which are discloseable
under rule 13.23, neither is the Board aware of any matter
discloseable under the general obligation imposed by rule 13.09,
which is or may be of a price-sensitive nature.

Made by the order of New World CyberBase Limited, the Board of
the directors of which individually and jointly accept
responsibility for the accuracy of this announcement.

New World Cyberbase Limited has current assets of HK$59.04
million for the year ended March 31, 2005, while its current
liabilities stood at HK$208.61 million, according to Chong Hing
Securities.

CONTACT:

New World Cyberbase Limited
21/F, Asia Orient Tower
Town Place, 33 Lockhart Road
Wanchai, Hong Kong  
Phone: 21388000  
Fax: 21388111  
Web site: http://www.nwcyberbase.com


FIGI HK: Winding Up Process Initiated
-------------------------------------
Figi HK Limited whose place of business is located at 8/F, 69
Jervoist Street, Sheung 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 28,
2005.

Date of Presentation of Petition: August 1, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


PALAVIA LIMITED: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the Creditors of Palavia Limited (In
Members' Voluntary Liquidation), which are being voluntarily
wound up, are required on or before the November 7, 2005 to send
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company.

If so required by notice in writing from the said liquidators to
prove their debts or claims at such time and place as shall be
specified in such notice, or 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 7th day of October 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


SAS NOMINEES: Creditors to Prove Claims by November 7
-----------------------------------------------------
Notice is hereby given that the Creditors of SAS Nominees
Limited (In Members' Voluntary Liquidation), which are being
voluntarily wound up, are required on or before the November 7,
2005 to send their names, addresses and descriptions, full
particulars of their debts or claims, as well as the names and
addresses of their solicitors (if any) to the Liquidators of the
said Company.

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 7th day of October 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street
Central, Hong Kong


VALUE INDUSTRIES: Set to Cease Operations
-----------------------------------------
Value Industries Limited whose place of business is located at
14/F Rays Industrial Building, 71 Hung To Road, Kwun Tong,
Kowloons was issued a winding up order notice by the High Court
of the Hong Kong Special Administrative Region Court of First
Instance on September 28, 2005.

Date of Presentation of Petition: August 1, 2005

Dated this 7th day of October 2005

ET O'Connell
Official Receiver


YUEN CHAK: Court to Hear Liquidator's Application
-------------------------------------------------
Yuen Chak Construction Company Limited hereby gives notice than
an application by the Official Receiver and Provisional
Liquidator will be heard before Master S. Kwang of the High
Court for consideration of the resolutions and determinations
(if any) of the first meetings of creditors held on April 14,
2005 and the adjourned first meeting of contributories held on
April 28, 2005 deciding the differences (if any), and making
such order of appointments as the court may think fit.

Date and Time of Hearing: 24th October 2005 (Monday) at 9:30
a.m.

Place of Hearing: High Court, High Court Building, No. 38
Queensway, Hong Kong.

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

Dated this 7th day of October 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


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

DAEWOO INDIA: GM Drops Plans to Acquire Car Plant
-------------------------------------------------
American carmaker General Motors has finally called off plans to
buy the defunct car plant at Surajpur in Uttar Pradesh (UP) from
the beleaguered Daewoo Motors India, TechWhack News reveals.

The U.S.-based auto giant blamed the government for delaying the
out-of-court settlement of Daewoo's lenders and the Asset
Reconstruction Company of India Ltd (ARCIL), the agency in
charge of the Daewoo facility sale.

The three major parties involved were ICICI Bank, Industrial
Development Bank of India (IDBI) and Exim Bank. ICICI and Exim
Bank have already sold their exposures to ARCIL while IDBI has
transferred its exposure to the stressed assets stabilization
fund to take care of the non-performing assets of the entity.

General Motors has already waited for around three long years in
hope of buying the plant and start producing their version of
the small car, which is so very popular in the Indian market.

The Daewoo plant in UP has production capacity of 85,000 cars a
year and was used to manufacture the cute little Daewoo Matiz.
With Daewoo gone, the plant is stuck between the creditors and
the potential parties interested in buying the property. GM
acquired the company and had shown interest in taking over the
manufacturing unit. However, it no longer would be the case.

CONTACT:

Daewoo Motors India Limited
A1 Surajpur Industrial Area
Surajpur 203 207
Dist: Gautam Buddh Nagar
Phone: 011 569801
Fax: +91-11-569203
Web site: http://www.daewoomtrs.com


ELECTROMAX FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------------
The Reserve Bank of India, has on September 26, 2005 cancelled
the certificate of registration issued to Electromax Finance
Private Limited (formerly known as Vinod Leasing Private
Limited) having its registered office at 7, Johari Apartments,
Ratnada, Jodhpur-342001 for carrying on the business of a non-
banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company. The business of a
non-banking financial institution is defined in clause (a) of
Section 45-I of the Reserve Bank of India Act, 1934.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


INDIAN OIL: Appoints Auditors for 2005-06
-----------------------------------------
Indian Oil Corporation Ltd (IOC) has informed BSE that the
Company being a Government Company, the Comptroller and Auditor
General of India (CAG) has appointed following Statutory
Auditors for the Company for the year 2005-06:

1. Suresh Chandra & Associates (No change)

2. M M Nissim & Co., in place of B K Khare & Co.

3. K K S & Co., in place of T K Chatterjee & Co.

CONTACT:

Indian Oil Company
G, Indian Oil Bhavan, 9, Ali Yavar Jung Marg,
Bandra E, Mumbai  
400051 Maharashtra  
Phone: 26427363     
Fax: 26443880   


WIMCO LIMITED: Releases AGM Results
-----------------------------------
Wimco Ltd has informed BSE that the members at the 82nd Annual
General Meeting (AGM) of the Company held on September 09, 2005,
inter alia, have accorded to the following:

1. Adoption of Balance Sheet as at March 31, 2005, the Profit &
Loss Account of the Company for the financial year ended on that
date, together with the Schedules and Notes as annexed thereto,
Reports of the Directors and Auditors Reports.

2. Re-appointment of Mr. C R Dua as Director of the Company,
liable to retire by rotation.

3. Appointment of M/s BSR & Co. (formerly, M/s Bharat S Raut &
Co), Chartered Accountant, Mumbai, as Auditors of the Company to
hold office from the conclusion of this AGM till the conclusion
of the next AGM of the Company.

4. Appointment of Mr. R Srinivasan, Mr. R Tondon, Mr. R K
Singhi, Mr. D Dutta and Mr. R L Auddy as Directors of the
Company, liable to retire by rotation.

5. Authorised the Board to keep the Registers and Index of
Members and copies of Annual Returns at the office of Karvy
Computershare Pvt Ltd, the Registrars and Share Transfer Agents
of the Company, subject to necessary provisions.

CONTACT:

Wimco Limited
Indian Mercantile Chambers,
1st Floor, Ramjibhai Kamani Marg,
Ballard Estate
Mumbai 400038  
Maharashtra  
Phone: 56316600     
Fax: 56314525   


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

CIPUTRA DEVELOPMENT: Launches Rights Issue to Restructure Debt
--------------------------------------------------------------
Property development group PT Ciputra Development plans to
launch a rights iussue as part of a creditors' agreement to
restructure the Company's IDR debt before year-end, reports
Bisnis Indonesia.

The Company has until December to carry out the agreement with
its creditors, wherein six subsidiaries and land property is to
be turned over to investors, while four units must change into
foreign investment (PMA) firms after creditors take over.

When the rights issue is completed, creditors are slated to own
58% of Ciputra Development, while the founding shareholders
would retain a 25% stake in the Company.

The Ciputra family presently holds 60% of Ciputra's stake, but
it will continue to be a controlling shareholder in the Company
since financial institutions would be holding the 58% stake to
be sold off.

CONTACT:

PT Ciputra Development Terbuka
Jalan Prof Dr Satrio Kav 6
Jakarta, 12940
Indonesia
Phone: +62 21 522 5858/21 522 6868
Fax:   +62 21 520 5262/21 527 4125
Email: investor@ciputra.com
Web site: http://www.ciputra.com


PERTAMINA: Fuel Subsidy Overpaid Due to Price Differences
---------------------------------------------------------
State oil firm PT Pertamina says that the reason for a IDR3.64
trillion cost difference in last year's fuel subsidy is a
differing price basis in the calculations, reports the Jakarta
Post.

According to Company Finance Director Alfred Rohimone, the price
difference comes when Pertamina buys the crude part of a
contractor's domestic market obligation (DMO) and uses a global
price to export the fuel. The Company sets off the subsidy
against revenues based on the DMO price and transfers the
additional revenues to the state, as crude oil is exported.

Pertamina Chief Controller Wahyu Susminto said that the Oil &
Gas Upstream Regulatory Agency required such procedure.

The Supreme Audit Agency (BPK) discovered that last year's fuel
subsidy may have been overpaid by IDR3.64 trillion in an audit
on fuel subsidies for 2004.

Ministry of Finance Director Mulia Nasution said, however, that
if they have paid too much for the fuel subsidy, they would just
carry it over to this year's account. He said that the Ministry
of Finance and the Ministry of Energy & Mineral Resources always
check Pertamina's requests for fuel subsidies before disbursing
any money.

The budget for fuel subsidies this year is IDR89.2 trillion, and
the government had already disbursed IDR78 trillion as of August
2005. Pertamina has asked for IDR14 trillion in subsidies this
month, but the request is currently pending approval.

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: To Spend IDR36 Trillion on Libya Exploration
-------------------------------------------------------
In order to start the development of two recently acquired oil
blocks in Libya, state-owned oil and gas firm PT Pertamina will
depend on its German partner Commerzbank AG to provide IDR36.41
trillion, the Jakarta Post reports.

The Company, which has a 30-year contract on the blocks, expects
to produce from 190,000 to 200,000 barrels/day for its Sirte
block in the Sahara desert, while its offshore block in Sabratah
is slated to produce 40,000 barrels of oil per day and up to 435
million standard cubic feet/day of gas.

According to Pertamina Vice-President Mustiko Saleh, Commerzbank
will finance the exploration 100%, in exchange for 45% of the
Company's production share. Pertamina will function as the main
operator and major stockholder with 55% stake in the project,
while the remaining 45% stake will be held by Commerzbank.

The Libyan government will get 11.7% from the Sabratah block and
8.8% from the Sirte block. Drilling is set to begin next year,
with the Sirte block to begin first as the onshore exploration
equipment is already in place. Mr. Saleh hopes to begin
production by 2009.


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

DAIEI INCORPORATED: To Seek Marui's Help in Revival Plan
--------------------------------------------------------
Daiei Incorporated has decided to ask department store operator
Marui Co. to aid its business rehabilitation by dispatching
personnel and advising on store operations, Kyodo News reports.

Marui will send a senior executive to the Ichikawa Colton Plaza,
one of Daiei's main stores, in Ichikawa, Chiba Prefecture, and
dispatch personnel to several other Daiei stores.

The struggling Japanese retailer has been selecting assets to
sell since it put together the rehabilitation program with help
from the state-run Industrial Revitalization Corp. of Japan in
2004.

CONTACT:

Daiei Incorporated
4-1-1, Minatojima Nakamachi,, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


DELPHI CORPORATION: Files Voluntary Chapter 11 Reorganization
-------------------------------------------------------------
Delphi Corporation (NYSE:DPH) announced that in order to
preserve the value of the company and complete its
transformation plan designed to resolve Delphi's existing legacy
issues and the resulting high cost of U.S. operations, Delphi
and 38 of its domestic U.S. subsidiaries filed voluntary
petitions for business reorganization under chapter 11 of the
U.S. Bankruptcy Code on Saturday in New York City.

Delphi's non-U.S. subsidiaries were not included in the filing,
will continue their business operations without supervision from
the U.S. courts and will not be subject to the chapter 11
requirements of the U.S. Bankruptcy Code. Delphi's global
management team will continue to manage both the U.S. and global
businesses.

Delphi expects to complete its U.S.-based restructuring and
emerge from chapter 11 business reorganization in early to mid-
2007.

"Our global operations, both U.S. and non-U.S., will continue
without interruption," said Robert S. "Steve" Miller, Delphi's
chairman and CEO. "Our customers all over the world can be
assured that we will continue to meet their scheduling, delivery
and production needs in a timely manner. Throughout this
reorganization of our U.S. businesses and beyond, we will be
intensely focused on continuing to provide all of our customers
with leading-edge technology, product development, superior
engineering, outstanding quality products and services, and
world-class customer support."

Delphi plans to finance its global operations going forward with
USD $4.5 billion in debt facilities plus additional committed
and uncommitted financing lines and/or securitization facilities
in Asia, Europe and the Americas. The financing includes USD
$2.5 billion borrowed from prepetition revolver and term loan
facilities and a commitment for up to USD $2 billion in senior
secured debtor-in-possession (DIP) financing from a group of
lenders led by JPMorgan Chase Bank and Citigroup Global Markets,
Inc. The company plans to obtain approval of an adequate
protection package for the benefit of its prepetition lenders as
part of the Company's overall financing activities.

The proceeds of the DIP financing together with cash generated
from daily operations and cash on hand will be used to fund
post-petition operating expenses, including its supplier
obligations and employee wages, salaries and benefits. The
overall liquidity available to Delphi (including more than USD
$1 billion on hand outside the U.S., which Delphi does not plan
to repatriate to fund U.S. operations) will support its global
operations outside the U.S. and help ensure the continued
adequacy of working capital throughout its global business
units.

"We took this action because we are determined to achieve
competitiveness for Delphi's core U.S. operations, and the key
to accomplishing that goal is reducing these costs as soon as
possible," said Miller. "We simply cannot afford to continue to
be encumbered by high legacy issues and burdensome restrictions
under current labor agreements that impair our ability to
compete. We must also realign our global product portfolio and
manufacturing footprint to preserve our core businesses. This
will require a substantial segment of our U.S. manufacturing
operations to be divested, consolidated or wound-down through
the chapter 11 processes. We believe the chapter 11 process will
provide the flexibility to address our legacy issues and allow
us to take advantage of the fundamental strength of our
businesses."

Miller said that Delphi has been engaged in constructive
discussions with representatives of its major unions, but was
unable to complete the necessary modifications to its collective
bargaining agreements without assistance from General Motors
Corporation or intervention of the U.S. courts. "Having been
unable to resolve our U.S. legacy issues out of court," Miller
said, "we determined it was in Delphi s best interest to address
the U.S. cost-structure issues through the chapter 11 process
now while our liquidity position is strong. We will be making a
further proposal this month to each of our unions to transform
our labor agreements to a competitive labor cost structure and
to address non-profitable and non-strategic U.S. operations. In
addition, we expect to address pension plans and health and
retiree benefits to align them with competitive benchmarks in
the industry and our transformation plan."

Delphi noted that its non-U.S. subsidiaries are generally
competitive, cash flow positive and experiencing high growth
opportunities. "One of our primary goals is to preserve and
continue the strategic growth in non-U.S. operations while we
address our U.S. cost structure issues through the chapter 11
process," said Miller. Delphi filed more than 40 "first-day"
motions along with its voluntary petitions covering Delphi's
employees and business operations, post-petition DIP financing,
continuing supplier relations, customer practices, certain
executory contracts, taxes and related matters, utilities,
retention of professionals and case administration matters. The
company said it expects that the Bankruptcy Court will hold
hearings on the first-day motions following the Columbus Day
holiday observed in the U.S. and, in the interim, will approve
bridge orders granting interim relief with respect to employees
and business operations, continuing vendor relations and
customer practices pending the Court's consideration of first-
day hearings. Delphi will issue a further press release this
weekend regarding the Bankruptcy Court's consideration of
Delphi's request for the entry of interim bridge orders and
providing further information about its chapter 11
reorganization cases including the date, time and location of
the hearing on Delphi's first day motions.

Among other matters, the relief anticipated from the Bankruptcy
Court this weekend and at the first day hearings next week would
permit the company to continue to pay wages, salaries and
current benefits of U.S. hourly and salaried employees and
certain retiree benefits without disruption and in the same
manner as before the filing. Similar relief for employees in
Delphi's subsidiaries outside the U.S. is not required because
they will continue to be paid in the ordinary course of business
without court supervision.

"The Board of Directors, the senior management team and I
greatly appreciate the loyalty and support of our employees,"
said Miller. "Their dedication and hard work are critical to our
success and integral to the future of Delphi."

Delphi also noted that the execution of its transformation plan
through the chapter 11 process may give rise to the incurrence
of additional prepetition claims as collective bargaining
agreements, executory contracts, retiree health benefits and
pension plans, and other liabilities of the company are
addressed and resolved to maximize stakeholder value going
forward. There is no assurance as to what values, if any, will
be ascribed in the chapter 11 cases as to the value of Delphi's
existing common stock and/or any other equity securities.
Accordingly, the company urges that the appropriate caution be
exercised with respect to existing and future investments in any
of these securities as the value and prospects are highly
speculative.

More information on Delphi's U.S. restructuring, including
access to Court documents and other general information about
the chapter 11 cases, is available at www.delphidocket.com.
Delphi has also set up two separate toll-free information lines:
one for specific supplier inquiries, 866-688-8679 or
248-813-2601, and another for employees, customers, shareholders
and other interested parties, 866-688-8740 or 248-813-2602.

The international operations of the Group include Canada,
Mexico, Europe, Middle East, Africa, Asia-Pacific and South
America. Non-U.S. subsidiaries are not included in the U.S.
filing and are not subject to court supervision or Chapter 11
Process.

For more information about Delphi and its operating
subsidiaries, visit Delphi's Media Room at www.delphi.com/media/

CONTACT:

Delphi Corporation

Asia Pacific Regional Headquarters
Shinjuku Nomura Bldg. 31F
Mail Box 3015
1-26-2 Nishi-Shinjuku
Shinjuku-ku, Tokyo 163-0569
Japan
Phone: [81] 42.549.7200
Fax: [81] 42.542.3018

World and North American Headquarters
5725 Delphi Drive
Troy, Michigan 48098-2815
USA
Phone: [1] 248.813.2000
Fax: [1] 248.813.2670


JAPAN AIRLINES: Provides Aid For Pakistan Earthquake Relief
-----------------------------------------------------------
Japan Airlines announced on Wednesday that it will provide free
cargo shipments of relief goods for earthquake aid in Pakistan
from Japanese government agencies, local governments in Japan
and public organizations, such as the Japanese Red Cross.

The airline does not fly to any destinations in Pakistan but
will carry relief goods and materials from airports in Japan to
destinations on the JAL overseas network in the Asia region such
as Singapore, Bangkok and Delhi, as requested by the agencies
concerned.

JAL will also provide free air transport on the JAL network for
staff of public organizations, such as the Japanese Red Cross
and official Japanese aid organizations that the airline has
worked with in the past, until further notice.

Details on shipping procedures are available from JAL offices in
Japan. These arrangements apply to relief goods and materials
sent from Japan only.

Standard & Poor's Ratings Services recently placed its 'BB-'
long-term credit ratings on Japan Airlines Corp. (JAL) and its
wholly owned subsidiary, Japan Airlines International Co. Ltd.,
on CreditWatch with negative implications, reflecting concerns
over the possible impact of a series of recent operational
safety problems on the company's financial profile.

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
www.jal.com/en/corporate


MITSUBISHI MOTORS: MMNA Breaks Ad Campaign for Raider Truck
-----------------------------------------------------------
Mitsubishi Motors North America (MMNA) today unveiled its
national advertising campaign to support the launch of its all-
new Raider midsize truck. Created by Mitsubishi's world-renowned
advertising agency, BBDO, the multi-media campaign's debut
television commercial will appear beginning the week of Oct. 3.
Commercials will air during Major League Baseball Divisional
Series, League Championship Series and the World Series, CBS
College Football, and NFL regional and national games, including
Monday Night Football.

The Raider ad campaign is directly in line with Mitsubishi's new
brand direction, celebrating the company's reputation for
standout styling, outstanding performance and world-class
engineering, while wrapping the product message in Japanese pop
culture imagery known as "J.Cool." In addition, the Raider ads
convey that this truck is distinctly different from others on
the road. For example, print ads show the truck in an aggressive
stance with Japanese Zen strokes in the background, with ad copy
reading "It will never, ever play nice with other trucks" and
"You must promise to only use it for good."

"The Raider ads are the next evolution of our hugely successful
new 'Driven to Thrill' brand campaign that started with the
Eclipse," said Dave Schembri, MMNA executive vice president of
sales and marketing. "They really position our product message
as uniquely Mitsubishi. The copy and creative shows the Raider
truck truly is the alpha male in its segment."

The first television commercial, a :30 spot titled "King of the
Hill," depicts the Raider in a Samurai-style showdown with a
not-identified competitive-brand truck. After ravaging the
hillside performing a slew of off-road maneuvers highlighting
the truck's prowess and capabilities, the Raider comes to a
face-off with another midsize truck. The scene is set to J.Cool
Taiko drum music, reinforcing the tone of the overall brand
campaign.

The spot also will be shown on FOX's "Best Damn Sports Show" in
conjunction with weekly college football preview segments and
live "Raider Tailgate" broadcasts with signage, on-air graphics
and logos. In addition, it will run in select markets over the
next month on primetime shows, including "Lost," "Desperate
Housewives," "Law & Order SVU," "The Apprentice," "CSI" and
"Saturday Night Live" and on major national cable networks such
as USA, TBS, TNT, FX, A&E, E!, Comedy Central, ESPN, FOX Sports
and FOX News. Additionally, the print campaign kicks off in
November issues of a number of consumer and auto enthusiast
publications slated to hit newsstands in the beginning of
October.

"We wanted to make a competitive statement about the all-new
Raider truck, but in a way consistent with our creative
approach," said Bill Bruce, EVP and executive creative director
at BBDO New York. "The new advertising embraces those elements
that are uniquely associated with Mitsubishi's 'J.Cool,' then
literally shows the competition react as it is challenged by the
new Raider."

In addition to print and television, outdoor, on-line and point-
of-sale materials also reinforce the excitement of owning and
driving a Mitsubishi Raider and incorporate J.Cool elements with
painted Zen strokes that emulate Japanese alphabet characters
and a truck's tire markings in the mud.

Raider print ads will appear in publications such as GQ, Maxim,
Men's Health, Rolling Stone, ESPN Magazine, Sports Illustrated,
Car and Driver, Motor Trend, Truck Trend and Road & Track, while
traditional outdoor billboard ads will show up in multiple
markets from September through November. The Raider's online
presence will be seen on AOL, Edmunds.com, Kelley Blue Book,
Yahoo autos and Yahoo sports as well as MSN.

The all-new 2006 Mitsubishi Raider is the second of three new
products MMNA will introduce in 12 months. Designed to appeal to
truck buyers and those looking for fresh alternatives to mid-
size sedans and SUVs, Raider is available in a combination of
extended and double cab body styles, two- and four-wheel drive
and equipped with six-passenger seating and class-leading rear
legroom.

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

CONTACT:

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


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


TOMEN CORPORATION: Shares Up 12% After Merger Report
-----------------------------------------------------
Shares of Tomen Corporation increased 12 percent at 231 yen on
Tuesday after a newspaper daily reported that it will merge in
April with Toyota Tsusho Corporation, according to Reuters.

Nihon Keizai reported on Saturday that Toyota Motor is set to
own over 20 percent of the merged company with Toyota Tsusho as
the surviving entity.

CONTACT:

Tomen Corporation
8-1, Marunouchi 3-chome
Chiyoda-ku, Tokyo
100-8320, Japan
Phone: 81-3-5288-2111
Fax: 81-3-5288-9100


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

ASIANA AIRLINES: Offers In-flight Internet Access
-------------------------------------------------
Some of Asiana Airlines Inc.'s flights are going to experience
Internet access later this month, provided by Connexion by
Boeing, reveals IDG News Service.

Flights between Seoul and other Asian cities and the U.S. are
the first to benefit from the offer.

According to Connexion by Boeing, the service will commence
later this month on Israel's El Al and is under preparation for
launch on Austrian Airlines and the United Arab Emirates' Etihad
Airways.

Connexion By Boeing, a unit of The Boeing Co., provides suitably
equipped aircraft with a satellite-linked Internet connection of
about 5M bps downstream from the Internet to the aircraft, and
1M bps upstream from the aircraft to the Internet.

The service can be offered throughout the aircraft via wired LAN
connections or wireless LAN, depending on the aircraft's
configuration. Users pay about US$30 for access throughout the
flight or about $10 for 30 minutes and $0.25 for each additional
minute.

Asiana flights offering the service include:

- OZ101/102 between Seoul and Tokyo on Mondays;

- OZ271/272 between Seoul and Seattle on Mondays, Wednesdays and
Fridays;

- OZ365/366 between Seoul and Shanghai on Fridays and

- OZ731 between Seattle and Ho Chi Minh City on Thursdays and
Sundays and

-  OZ732 between Ho Chi Minh City and Seoul on Mondays and
Fridays.

Asiana is the eighth airline that offers Boeing's in-flight
Internet access.  The other airlines are Japan's All Nippon
Airways Co. Ltd. and Japan Airlines System Corp.; Taiwan's China
Airlines Ltd.; Korean Air; Germany's Lufthansa AG; Singapore
Airlines Ltd. and SAS AB's Scandinavian Airline System.

CONTACT:

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


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

AVENUE CAPITAL: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Avenue Capital Resources Berhad advised that its additional
1,000 new ordinary shares of RM1.00 each arising from the
conversion of MYR1,000 nominal amount of Zero Coupon
Irredeemable Convertible Unsecured Loan Stocks 2002/2007 will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Thursday, October 13, 2005.


CYGAL BERHAD: All EGM Resolutions Passed
----------------------------------------
Cygal Berhad issued to Bursa Malaysia Securities Berhad an
update to the following proposals:

- Proposed Share Exchange;

- Proposed Debt Restructuring Comprising:

(I) Proposed Financial Institutions Scheme;

(II) Proposed Non Financial Institutions Scheme; and

(III) Proposed part settlement of amount owing to an offshore
financial institution;

- Proposed additional issue to Commerce International Merchant
Bankers Berhad;

- Proposed Rights Issue of Shares Together with Warrants;

- Proposed Acquisition of Property Development Companies; and

- Proposed delisting of Cygal and the listing of a new
investment holding company, Active Accord Sdn Bhd, which will be
converted into a public company

On behalf of Cygal, the shareholders have unanimously approved
the following:

(i) The Proposed Scheme of Arrangement as set out in the Notice
of Court Convened General Meeting (CCGM) dated September 19,
2005 at the CCGM of Cygal held on October 11, 2005; and

(ii) All the resolutions as set out in the Notice of
Extraordinary General Meeting (EGM) at the EGM of Cygal held on
the same date.

This announcement is dated 11 October 2005

CONTACT:

Cygal Berhad
Lot 4.21, 4th Floor,
Plaza Prima, 4 1/2 Mile,
Jalan Klang Lama,
Kuala Lumpur
Wilayah Persekutuan 58200
Telephone: 03-79839099
Fax: 03-79817629


DUOPHARMA BIOTECH: New Shares Up for Listing, Quotation
-------------------------------------------------------
Duopharma Biotech Bhd advised that its additional 687,500 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, October 13, 2005.


FABER GROUP: New Shares Set for Listing Today
---------------------------------------------
Faber Group Berhad informed that its additional 100,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR200,000 Nominal Value of 2000/2005 Irredeemable Convertible
Unsecured Loan Stocks into 100,000 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Thursday, October 13, 2005.

CONTACT:

Faber Group Berhad
20th Floor
Menara 2 Faber Towers,
Jalan Desa Bahagia
Taman Desa, Off Jalan Klang Lama
58100 Kuala Lumpur
Telephone: 03-76282888
Fax: 03-76282828


FABER GROUP: ICULS Trading Suspended Effective October 14
---------------------------------------------------------
Faber Group Berhad advised the following announcement to Bursa
Malaysia Securities Berhad.

(1) Trading of the ICULS 2000/2005 will be suspended with effect
from 9:00 a.m., Friday, October 14, 2005.

(2) The ICULS 2000/2005 will be removed from the Official List
of the Exchange with effect from 9:00 a.m., Wednesday, November
2, 2005.


GEORGE TOWN: Submission of Financial Statement Faces Delay
----------------------------------------------------------
George Town Holdings Berhad unveiled that pursuant to the
requirement of Paragraph 9.26(3)(b) of the Bursa Securities
Listing Requirement, the Company has not issued the Annual
Audited Accounts for financial period ended December 31, 2004 by
the due date of April 30, 2005, First Quarterly Report ended
March 31, 2005 by the due date of May 31, 2005, Annual Report
for financial period ended December 31, 2004 by the due date of
June 30, 2005 and Second Quarterly Report ended June 30, 2005 by
the due date of August 31, 2005 pursuant to Paragraph 9.22 and
9.23 of the Bursa Securities LR (collectively Financial
Statements).

The delay in the issuance of the Financial Statements was due to
the fact that the Company is still in the midst of working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected date to submit the abovementioned Financial
Statements will depend on the outcome of the said proposed
restructuring scheme. The consequences of non-compliance of the
requirements under Paragraph 9.22 and 9.23 of the Bursa
Securities LR may result in the Company being suspended and/or
delisted by Bursa Malaysia Securities Berhad pursuant to
Paragraph 16.02 and 16.09 of the Bursa Securities LR
respectively.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166
Fax: +60 3 7957 8471


KEMAYAN CORPORATION: Unveils Results of Court Convened Meetings
---------------------------------------------------------------
Public Merchant Bank Berhad (PMBB), on behalf of the Board of
Kemayan Corporation Berhad (KCB), advised that the results of
the Court Convened Meetings summoned pursuant to an order of the
High Court of Malaya under Section 176 of the Companies Act,
1965 for the Scheme Subsidiary Companies of KCB, which were held
on October 3, 4, 5, and 7, 2005, appended as Appendix I.

Click to view a full copy of Appendix I
http://bankrupt.com/misc/KemayanCorporation100705.doc

Messrs. Mega Corporate Services Sdn Bhd was appointed as the
independent scrutineers to verify all the votes at the polls
taken during the Court Convened Meetings.

This announcement is dated 11 October 2005.

CONTACT:

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


METACORP BERHAD: Awaits Bourse Decision on Application
------------------------------------------------------
Further to the announcement made on April 12, 2005 on Public
shareholding spread pursuant to paragraph 8.15 of the Listing
Requirements of Bursa Malaysia Securities Berhad, Metacorp
Berhad (Metacorp) advised that pursuant to Paragraph 8.15(1) of
the Listing Requirements of Bursa Malaysia Securities Berhad
(Bursa Securities), the public shareholding spread of Metacorp
according to the Record of Depositors as at September 21, 2005
was 24.85 percent, representing a shortfall of 0.15 percent from
the minimum public shareholding spread of 25 percent.

Metacorp was unable to regularize its public shareholding spread
within the extension of time of six (6) months which expires on
October 12, 2005. The number of public shareholders of Metacorp
holding not less than 100 shares was 5,209.

Metacorp had on October 7, 2005 notified Bursa Securities in
writing of its non-compliance of the public shareholding spread
requirement pursuant to Paragraph 8.15(1) of the Listing
Requirements of Bursa Securities and sought the approval of
Bursa Securities to grant a further extension of time of six (6)
months from the expiry date October 12, 2005, to rectify
Metacorp's public shareholding spread.

Metacorp and its major shareholders will continue to use its
best endeavour to place out shares to rectify its public
shareholding spread shortfall.

Metacorp is currently awaiting a written reply from Bursa
Securities on the application for a further extension of time to
comply with the public shareholding spread requirement.

CONTACT:

Metacorp Bhd   
22 Jalan 2/6,
Dataran Templer,
Bandar Baru Selayang
Batu Caves Selangor 68000
Malaysia
Telephone: 03-61201118   
Fax: 03-61205558


METROPLEX BERHAD: Court Moves Hearing for Application Next Week
---------------------------------------------------------------
Metroplex Berhad (M) informed Bursa Malaysia Securities Berhad
that the Kuala Lumpur High Court has on October 10, 2005
adjourned the hearing of the following applications to October
19, 2005:

(a) Morgan Stanley Emerging Markets, Inc. (MSEMI) application
for the appointment of a Provisional Liquidator for MB; and

(b) MB's application to strike out MSEMI's winding-up petition.

This announcement is dated 11 October 2005.


PAN MALAYSIA: Unit Placed in Creditors' Voluntary Winding Up
------------------------------------------------------------
Pan Malaysia Holdings Berhad (PMH) issued to Bursa Malaysia
Securities Berhad details of the creditors' voluntary winding-up
of subsidiaries of Pengkalen (UK) Plc (PUK) (In Liquidation).

(1) Introduction

The company advised the Bourse that two wholly owned
subsidiaries of PUK, namely, Central Cocoa Pte Ltd (CCPL) and
Wellon Distribution Pte Ltd (WDPL) had, at their respective
Extraordinary General Meetings both held on October 11, 2005,
passed resolutions to wind-up the companies by way of creditors'
voluntary winding-up (the Voluntary Winding-Up). Mr. Goh Ngiap
Suan care of Goh Ngiap Suan & Co. Pte Ltd has been appointed as
Provisional Liquidator for the two companies.

PUK is a 84.12 percent-owned subsidiary of PMH. PUK is currently
under creditors' voluntary winding-up.

(2) Details of the Subsidiaries Companies

Details of the subsidiaries of PUK are as follows:

Company Name          Date of                Country of     
                      Incorporation          Incorporation  

CCPL                  October 16, 1985       Singapore

WDPL                  May 19, 1982           Singapore



          Principal                 Cost of Investment
          Activities                Subsidiaries

          Dormant                   GBP638,902

          Dormant                   GBP31,945

(3) Effects of the Voluntary Winding-Up

When PUK was placed under creditors' voluntary winding-up in
2004, the consolidated financial statements of the PMH Group did
not deal with PUK and its subsidiaries from the date PUK was
placed under creditors' voluntary winding-up. Accordingly, the
Voluntary Winding-Up is not expected to have any material
financial or operational impact on the PMH Group for the current
financial year ending December 31, 2005.

(4) Rationale

The Voluntary Winding-up is pursuant to PMH's continuing
rationalization efforts to divest and wind-up non-core
businesses and focus its resources on core businesses and income
generating operations, and the creditors' voluntary winding-up
of PUK.

(5) Directors' and Major Shareholders' Interests

None of the Directors, major shareholders and persons connected
with the directors and major shareholders of PMH has any
interest, direct or indirect, in the Voluntary Winding-Up.

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
Fax: +60 3 2031 1299


PAN PACIFIC: Sees No Changes to Default Status
----------------------------------------------
On behalf of the Board of Directors of Pan Pacific Asia Bhd
(PPAB), Bursa Malaysia Securities Berhad advised on the Default
in Payment as at September 30, 2005 of PPAB and its subsidiaries
in accordance with the Practice Note 1/2001.

The Bourse also advised that there are no material changes in
PPAB's status of default from the date of the last announcement
until September 30, 2005.

To view a full copy of details in Payment Default, click
http://bankrupt.com/misc/PanPacificBerhad1001105.xls

CONTACT:

Pan Pacific Asia Bhd
5 Jalan SS 21/39 Damansara Uptown
Unit No. 602b Level 6, Tower B, Uptown 5
47400 Petaling Jaya, Selangor Darul Ehsan 47400
Malaysia
Telephone: +60 3 7727 8168
Fax: +60 3 7727 1622  
Web site: http://www.dno.no


PSC INDUSTRIES: Unit Agrees to Foreclosure of Ordinary Shares
-------------------------------------------------------------
Further to the announcement dated August 30, 2005 and the reply
to query dated September 27, 2005, the Board of Directors of PSC
Industries Berhad (PSCI) advised Bursa Malaysia Securities
Berhad that its subsidiary, Perstim Industries Sdn Bhd, has
agreed with Limaran Logistics Sdn Bhd (Limaran) for the
foreclosure of forty million (40,000,000) ordinary shares of
MYR1.00 each (Foreclosure Shares) in the capital of PSC-Naval
Dockyard Sdn Bhd (Dockyard) in final settlement of the 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.

In this regard, the Board had been informed by the Lender that
Limaran is in the process of acquiring the Term Loan from the
Lender, pending legal and regulatory clearance.

The Foreclosure Shares represent approximately 30.77 percent of
the paid up share capital of Dockyard. Upon the said
foreclosure, Dockyard will cease to be a subsidiary of PSCI.
After the said foreclosure, PSCI will hold in aggregate
63,000,002 shares in Dockyard, representing approximately 48.5
percent of the paid up share capital of Dockyard.

CONTACT:

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


PSC INDUSTRIES: Updates on Default Status
-----------------------------------------
Further to the announcement dated September 30, 2005 in relation
to the status of the default in payments of loans by PSC
Industries Berhad and certain of its subsidiaries, attached are
the details of defaulted payments as at August 30, 2005 for
attention.

To view a copy of Default in Payment Status, click
http://bankrupt.com/misc/PSCIndustries011105.doc


SOUTHERN BANK: Moody's Eyes Possible Upgrade of D- Rating
---------------------------------------------------------
Moody's Investors Service has placed Southern Bank Berhad's D-
bank financial strength rating (BFSR) on review for possible
upgrade. Southern Bank's Baa2/Prime-3 long-term/short-term
deposit and Baa3 subordinated debt ratings are unaffected, and
their outlooks remain stable.

The review for possible upgrade reflects Southern Bank's ability
to improve profitability, despite being a smaller bank in a
highly competitive environment, as well as its declining non-
performing loans (NPLs), most of which came with its acquisition
of a number of NPL-laden finance companies in 2000 and 2001.

While the bank's strength in the consumer- and small and middle-
market business segments and efforts in strengthening risk
management have underpinned its improving performance to date,
Moody's also recognizes Southern Bank's efforts at growing non-
interest income, which should serve to further diversify its
earnings base. For instance, Southern Bank has already
established strong market positions in wealth management
(through its unit trust and asset management operations) and in
credit cards (in both the issuing and merchant acquiring
businesses).

To this end, Southern Bank is awaiting regulatory and
shareholder approvals to acquire Asia General Holdings (AGH) --
a Singapore-incorporated regional insurance holding company with
operations in Singapore and Malaysia.

The BFSR review will examine the sustainability of Southern
Bank's core profits and trends in its asset quality. In
addition, because the AGH-acquisition could pose integration
challenges and dilute management resources, the review will also
look at how the insurance business will be integrated into
Southern Bank, the presence of any synergistic impacts on
earnings and the effect of its financing on its capital
structure.

The ratings affected are:

Bank financial strength rating of D-, on review for possible
upgrade

The ratings not affected are:

Foreign currency long-term/short-term deposit ratings of
Baa2/Prime-3 and foreign currency subordinated debt rating of
Baa3. The rating outlooks are stable.

Headquartered in Kuala Lumpur, Southern Bank had consolidated
group assets of MYR31.8 billion (US$ 8.4 billion) as at June 30,
2005.


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

ATLAS CONSOLIDATED: Toledo Copper Mine Nears Restart
----------------------------------------------------
The Toledo copper miner owned by Atlas Consolidated Mining and
Development Corporation will resume production in about a year,
The Manila Times reports.

The mine, which was previously shut down in due to a typhoon and
low metal prices, was rehabilitated owing to a strong demand
from China and other Asian industrial powerhouses.

An upswing in copper prices to record levels of nearly US$4,000
a ton were positive, but the mine would still need to turn a
profit during any future down cycle to avert the problems of the
past.

A typhoon in 1993, followed by heavy mudflows during a period of
low metals prices owing to a world supply glut left Atlas with
heavy debt. The copper price that year fell to less than
AU$2,000 a tonne.

A revamped Atlas has since bought back some Php8 billion in debt
before copper prices rebounded and started rehabilitation work
on the site.

Much of the old infrastructure remains at Toledo, Cebu. The
facility is expected to yield 175,000 tons a year of concentrate
containing about 50,000 tons of copper.

CONTACT:

Atlas Consolidated Mining and Development Corporation
7/F, Quad Alpha Centrum
125 Pioneer St., Mandaluyong City
Phone No:  635-2387/4495
Fax No:  633-3759; 634-2312
E-mail Address:  acmdcmla@info.com.ph


LMG CHEMICALS: Local Government Lifts Closure Order
---------------------------------------------------
Acting on the recommendation of the Multipartite Monitoring Team
(MMT) to the EXECOM to grant LMG Chemicals Corporation a formal
lifting of Closure Order as contained in their report, and
finding the same to be well-taken, the Closure Order dated
September 13, 2004 issued relative to the operation of your
business establishment is formally lifted.

It is understood that the lifting order shall be subject to
strict compliance with the conditions set forth in the previous
orders and that the same may be set aside should the September
10, 2004 incident is repeated wherein students and teachers in
San Joaquin Elementary School in Pasig suffered difficulty in
breathing and nausea resulting from the improper operation of
your Sulfuric Acid Plant.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


PILIPINO TELEPHONE: Clarifies Profit Report
-------------------------------------------
Pilipino Telephone refers to a Philippine Stock Exchange letter
of 11 October 2005 requesting confirmation of the information
contained in the news article entitled "Forex gains boost Piltel
profit in 9 months" published in the 11 October 2005 issue of
the Philippine Daily Inquirer.

The article reported in part that:

"The sustained strength of the peso against the Japanese yen in
the third quarter boosted the profit of Pilipino Telephone
Corporation by more than Php600 million in the first nine
months", said Debbie Tan, head of Piltel's investor relations
unit.

Tan said that by the end of the third quarter, the year-to-date
forex gains would be higher than the first half level.

PLDT President Napoleon Nazareno said the third quarter profit
of the country's biggest phone company would match, if not
surpass, the second quarter net earnings of Php8 billion."

Please be informed that Piltel is currently finalizing its
financial reports for the nine months ended September 2005 and
expects to announce the same on 7 November 2005. PLDT's
consolidated financial results are expected to be announced on 8
November 2005.

CONTACT:

Pilipino Telephone Corporation
G/F Mobiline Centre
6764 Ayala Avenue
1200 Makati City
Philippines
Telephone: 63 2 811 8888
Fax: 63 2 817 6888


PRIME ORION: To Restructure Bank Loans
--------------------------------------
Prime Orion Philippines Inc. is working to restructure its
loans, according to BusinessWorld.

The firm said it is in talks with a major creditor bank to
consider dacion en pago, or payment in kind, of some
collateralized assets to settle existing loans.

Prime Orion Chairman Felipe U. Yap and President and Chief
Executive Yuen Po Seng told shareholders the management aims to
complete the loan restructuring negotiations with other lenders
next year.

The company is in the course of business reformation, including
cost reduction and productivity enhancement programs to
strengthen core assets. It said it had made progress in the
rehabilitation of ailing unit Lepanto Ceramics Inc. and the debt
restructuring of loans.

Subsidiary Orion Brands International, Inc. earlier sold a 14-
percent stake in Pepsi-Cola Products Philippines, Inc. to Hong
Way Holdings, Inc. and Orion Land, Inc. as part of the group's
restructuring plan. The sale reduced Prime Orion's consolidated
ownership in Pepsi-Cola to 22.16 percent from 35.98 percent.

The company used the proceeds of the sale transactions to pay
inter-affiliate advances and acquire the loans of Lepanto
Ceramics from foreign creditors.

Orion Brands also acquired in May and June this year the
outstanding loans of Lepanto Ceramics to Hong Kong and Shanghai
Banking Corp. Ltd. and Bank of America. The acquisition settled
the group's loan and reduced its consolidated loans and
interest.

Another unit Tutuban Properties, Inc., the developer and manager
of Tutuban Center in Divisoria, Manila, posted a 6% growth in
rental revenues for the fiscal year 2005 to Php464 million from
Php438 million.

Prime Orion assured stockholders that the group will continue to
implement business strategies that will strengthen its core
competencies in its major operations.

CONTACT:

Prime Orion Philippines Inc.
20/F LKG Twr., 6801 Ayala Ave.,
Makati City , Philippines
Phone: 63 2 884 1106
Fax: 63 2 884 1409


UNIWIDE HOLDINGS: Axed Workers Enjoy Entitlements
-------------------------------------------------
Uniwide Holdings has started paying separation benefits to 269
retrenched workers of the Uniwide Sales Warehouse Club,
BusinessWorld reports.

The distressed firm has reportedly doled out around Php1.8
million to pay its initial batch of 64 former employees, who
were sacked after the collapse of the business. Claims range
from about Php10,000 to more than Php49,000.

Uniwide's offer, however, is significantly lower compared with
employees' claims, which union president, Deo M. Tiongson,
earlier said could reach as much as Php50 million including
longevity and loyalty claims. Some of the employees have worked
for Uniwide from 15 years to 28 years before being retrenched.

Labor and Employment Sec. Patricia A. Sto. Tomas earlier assumed
jurisdiction over Uniwide's supposed separation payments for
those that have served beyond six years, and certified the case
for compulsory arbitration by the labor relations body.

The commission's chairman, Benedicto Ernesto R. Bitonio, Jr.,
confirmed the case had already been raffled off but declined to
name the arbiter who will handle the case.

CONTACT:

Uniwide Holdings, Inc.
Upper Ground Floor Pearl Plaza Bldg.
0165 Quirino Avenue, Brgy. Tambo
Paranaque City
Telephone Number: (632)-851-12-58


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

FIRSTLINK INVESTMENTS: Court Issues Writ of Summons
---------------------------------------------------
Firstlink Investments Limited announced that a Writ of Summons
issued through the High Court of the Hong Kong Special
Administration Region was served on the Company by AsiaCorp
Development Limited (AsiaCorp) on Oct. 7, 2005.

AsiaCorp is seeking:

(1) A declaration that the Sharehoders' Agreement dated April
30, 2005 purportedly executed by the Company, AsiaCorp & Green
Salt Group Limited is binding & enforceable; and

(2) An injuction that the Company shall not cause or permit any
alteration to the register of directors of Green Salt Group
Limited unless and until prior written approval of the Plaintiff
has been observed.

The Company has instructed its solicitors in the Hong Kong
Special Administration Region to make an appearance.

The Compant will update shareholders when approriate.

By Order of the Board

Ling Yew Kong
Executive Chairman
Oct. 11, 2005

CONTACT:

Firstlink Investments Corporation Limited
6 Battery Road
Singapore 049909
Phone: 65 6448 6211
Fax:   65 6445 2506


G15 INVESTMENT: Court to Hear Winding Up Petition October 21
------------------------------------------------------------
Notice is hereby given that Desai Praful Jayantilal, a
contributory of G15 Investment Holdings Pte Limited, presented a
winding up petition against the Company to the Singapore High
Court on Sept. 26, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Oct.21, 2005, 10:00 a.m.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the Petition may appear at
the time of hearing by himself or his counsel for that purpose.

A copy of the Petition will be furnished to any Company creditor
or contributory requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at 13A Dunbar Walk, Singapore
459292.

The Petitioner's Solicitors is Messrs W S Goh & Co of 151 Chin
Swee Road, #10-13 Manhattan House, Singapore 169876

Messrs. W. S. Goh & Co.
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors Messrs. W S Goh &
Co, a notice in writing of his intention to do so. The notice
must state the name and address of the person, or, if a firm,
the name and address of the firm, and must be signed by the
person firm, or his or their solicitor (if any) and must served,
or, if posted, must be sent by post in sufficient time to reach
the solicitors not later than 12:00 p.m. of Oct. 20, 2005.


HUA KOK: Auditors Complete Review of 2005 Financial Results
-----------------------------------------------------------
Hua Kok International Limited refers to its full-year financial
statements released on Aug. 29, 2005.

The Company's (unaudited) net loss attributable to shareholders
in respect of the financial year ended June 30, 2005 was
estimated at SGD969,000. By comparison, Hua Kok's audited
accounts for the financial year ended June 30, 2005 reported the
net loss attributable to shareholders at SGD301,285.

The improvement in the aforesaid net loss figure before and
after audit was due largely to
the following reasons:

Minority Interest share of losses          SGD233,000
Adjustment for provision in Doubtful debts SGD234,000
Adjustment for provision in Stock          SGD201,000
Total reduction in FY2005 net loss         SGD668,000

By order of the Board
Phua Puay Heng, David
Company Secretary

Dated: Oct. 12, 2005

To view the Company's auditor report on its financial
statements, go to:

http://bankrupt.com/misc/tcrap_huakok101205.pdf

CONTACT:

Hua Kok International Limited
32 Sungei Kadut Way
Hua Kok Industrial Building
Singapore 728787
Phone: 65 63625667
Fax:   65 63653862
Email: info@huakok.com.sg
Web site: http://www.huakok.com.sg


MILLENIUM-WESTMONT: Set to Distribute Dividend
----------------------------------------------
Millenium-Westmont Pte Limited of 16 Raffles Quay, #14-02 Hong
Leong Building, Singapore 048581, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Millenium-Westmont Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 232 of 1998
Last day for receiving proofs: Oct. 21, 2005
Name  & address of Liquidator: Ong Yew Huat
c/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315

Dated the 7th day of October 2005

CONTACT:

Millenium-Westmont Pte Limited
16 Raffles Quay
#14-02 Hong Leong Building
Singapore 048581


NATSTEEL LIMITED: Liquidates Inactive Subsidiary
------------------------------------------------
Natsteel Limited announced that its subsidiary, Zhenjiang
Natsteel Calcific Products Limited was dissolved pursuant to
voluntary liquidation proceedings in the Peoples' Republic of
Chinam as it had become inactive after the transfer of its
business operations to another subsidiary, Zhongda Calcific
Products Limited. As such, Zhenjiang Natsteel ceased to be a
subsidiary of Natsteel Limited.

This voluntary liquidation does not affect the Company's
earnings per share and net tangible assets per share.

By Order of the Board

Lim Su-Ling
Company Secretary
Oct. 11, 2005

CONTACT:

NatSteel Limited
22 Tanjong Kling Road
Singapore 628048
Phone: 65 62651233
Fax:   65 62658317
Web site http://www.natsteel.com.sg


NEOCORP INTERNATIONAL: Appoints Interim Judicial Managers
---------------------------------------------------------
Neocorp International Limited announced that on Oct. 11, 2005,
the Singapore high Court granted an order to appoint Mr. Kon Yin
Tong and Mr. Wong Kian Kok of Messrs. Foo Kon Tan Grant Thornton
as the Company's Interim Judicial Managers.

By Order of Kon Yin Tong
Interim Judicial Manager
Neocorp International Limited

Dated 11 October 2005

CONTACT:

NeoCorp International Ltd
(formerly: Presscrete Holdings Ltd)
31 Changi South Avenue 2
Singapore 486478
Phone: 65 65429315
Fax:   65 65457880
Web site: http://www.neocorp.com.sg


SOUTHERN CROSS: Creditors to Submit Debt Claims by November
-----------------------------------------------------------
Notice is hereby given that the creditors of Southern Cross
Carriers (Pte) Limited, which is being wound up voluntarily, are
required on or before Nov. 7, 2005 to send in their names and
addresses and particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Company
liquidator.

If so required by notice in writing by the said liquidator, they
are to come in  by their solicitors or personally and prove
their debts or claims at such time and place as shall be
specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution made before such debts are proved.

Dated this 7th day of October 2005

Kawakubo Atsushi
Liquidator
c/o 16 Raffles Quay
#34-01/02 Hong Leong Building
Singapore 048581


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

PICNIC CORPORATION: Details Investment in Summit Petroleum
----------------------------------------------------------
Picnic Corporation Public Company Limited (PICNI) has invested
in Summit Surma Petroleum Co., Ltd. (SSP) which is an LPG
distributor in Bangladesh.

The investment details are as follows:

Seller: Cosmopolitan Traders Private Limited

Percentage of shareholding: 90 percent of SSP outstanding shares

Transaction Date: October 11, 2005

Transaction Value: 1 Million USD or about THB41 Million

Objective: To expand LPG distribution business to other counties
in the region.

Source of fund: Working capital
Transaction Size:

SSP net tangible assets equals as at June 30, 2005 (In House) to
2.0099 percent of PICNI and its subsidiaries
of June 30, 2005.

Net Book Value:

About THB116.91 Million Baht
(As of June 30, 2005) (In house)

Please be informed accordingly

Sincerely yours,
Mr. Nuttachai Aramrasameewanich
Managing Director

CONTACT:

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


POWER-P: Explains 20% Excess in Total Revenues
----------------------------------------------
As stated in the 2005 Second Quarter Interim Financial Statement
of Power-P Public Co. Ltd. the company posted a total revenue of
THB100.11 million and net profit of THB11.64 million while in
the same period of last year it had a total revenue of THB10.52
million and net profit of THB2.30 million.

Therefore, the company's net profit increased THB9.34 million or
about six times compared to last year's profit. Moreover, the
company's revenue structure of 2005 is totally different from
2004. The reasons of its operating results exceeding 20 percent
came from the increase of total revenue to THB89.59 million as
follow:

(1) Revenue from construction increased THB86.29 million due to
progression in each project which started from last quarter. The
company realized the revenue by percentage of completion of the
period.

(2) Income on project termination THB11.10 million came from
compensation of two terminated projects by two percent of each
contract.

(3) Interest income THB2.11 million came from loan to a venture
in Joint Venture UBC Power by issuing the promissory note with
interest rate MLR+1 percent.

(4) Gain on reversal of liabilities THB0.38 million came from
cost reduction of last year project from the subcontractor.

Please be informed accordingly
Sincerely Yours,
Mr. Phongsak Khongpanyakul
Deputy Managing - Accounting and Finance

CONTACT:

Power-P Public Company Limited   
Laopengnguan Bldg 1,
333 Vibhavadi Rangsit Road,
Chatu Chak, Bangkok    
Telephone: 0-2618-8555-7, 0-2618-8888   
Fax: 6188078, 6188140-2


TPI POLENE: Books THB3,227Mln in 3Q Net Profit
----------------------------------------------
TPI Polene Public Company Limited furnished to the Stock
Exchange of Thailand (SET) a report on the operating result of
the unreviewed consolidated financial statements for the third
quarter ended September 30, 2005, as follows:
         
In Q3/2005, consolidated sales and total revenues were at
THB5,598 million and 6,001 million compared to THB5,526 million
and THB5,886 million in Q3/2004, or increased by 1.29 percent
and 1.95 percent, respectively.

Consolidated EBITDA in Q3/2005 was at THB1,114 million compared
to THB1,274 million in Q3/2004, or decreased by 12.56 percent.
Normal operating profit in Q3/2005 was at THB394 million
compared to THB513 million in Q3/2004, or decreased by 23.18
percent.
         
In Q3/2005, the Company and its subsidiaries reported net profit
of THB3,227 million (or earning per share of THB4.10) compared
to net profit of THB141 million (or earning per share of
THB0.18) in Q3/2004, a substantial increase of 2,189.2 percent.

In Q3/2005, the Company realized gain on debt repurchase of
THB2,655 million, gain on foreign exchange of THB163 million and
interest expenses of THB357 million (by applying the accrued
default interest of THB162 million to reduce interest expenses
of THB519 million, in accordance with generally accepted
accounting principle in Thailand no.34).
         
For the first nine-month period of the year 2005, the Company
and its subsidiaries registered normal operating profit of
THB1,369 million compared to THB2,526 million in the same period
of the previous year, or decreased by 45.81 percent.  

Net profit for the first nine-month period of the year 2005 was
at THB3,730 million (or earning per share of THB4.74.) compared
to net profit of THB2,968 million (or earning per share of
THB3.88) in the same period of the year 2004, or increased by
25.68 percent.

As of September 30, 2005, the book value per share was THB48.96.
         
Please be informed accordingly.
        
Best regards,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

TPI Polene Public Company Limited   
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Web site: http://www.tpipolene.com
  





                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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 S. 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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