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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

             Friday, October 21, 2005, Vol. 8, No. 209

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: New Chief to Axe 600 Workers
AIR NEW ZEALAND: Mulls Merger to Fight Competition
AUSTRAL COAL: 7th Supplementary Bidder's Statement Provided
AUSTRAL COAL: Takeovers Panel Wins Reprieve
AUSTRALIAN WOOL: Boss Denies Insolvency Claim

AXION DEVELOPMENT: Members Resolve to Wind Up Firm
BUSINESS EXPRESS: Unlicensed Adviser Faces Court
C.O.N. HOLDINGS: Liquidator to Distribute Company Assets
CORPAK INTERNATIONAL: Final Meeting Fixed October 28
CUSTOM COURIERS: Court Orders Winding Up

DIETSCH-TATTERSHALL: Appoints Official Liquidator
ENEVER TRANSPORT: Members, Creditors to Review Wind Up Report
GRAPHITI GRAPHICS: Winds Up Business
J&H QUALITY: Placed Under Voluntary Liquidation
J&J MECHANICAL: Declares Dividend Today

LAIKEN FLOORING: Court Releases Winding Up Order
LAMOTTA PTY: Winding Up Process Initiated
LONGCAPE INVESTMENTS: Final Meeting Slated for October 28
MBL CORPORATION: Declares First, Final Dividend
MULTIPLEX: Founder to Miss AGM Once Again

MUSICMART PTY: Members Pass Winding Up Resolution
NATIONAL AUSTRALIA: Ex-Financial Planner to Face Trial on Fraud
PIONEER CONCRETE: Members Decide to Liquidate Operations
PREMIER TOOLING: Members, Creditors Review Liquidator's Report
PROBEN PTY: Inability to Pay Debts Prompts Wind Up

QANTAS AIRWAYS: To Make Fleet Decision in December
RADAR HOTELS: Intends to Pay Dividend to Creditors
ROD & JACKIE: Enters Liquidation
WHITCOURT PTY: Leonard Milner Named Liquidator
* Sydney Liquidator Agrees to Cancel Registration

* Negative Rating Migration Triggers Actions on Australian CDOs


C H I N A  &  H O N G  K O N G

BEIJING INVESTMENT: To Undergo Winding Up Process
BEIJING MEDIA: Notes Unusual Price, Volume Movements
CHINA CONSTRUCTION: Says Comments by SEC's Cox 'Irresponsible'
CHINA CONSTRUCTION: Offering Falls Short of Expectations
EMMASON LIMITED: Receives Winding Up Order

HONDEX PROPERTIES: Prepares to Cease Operations
HONG KONG JEWELLERY: Ordered to Shut Down Business
SILVER TARGET: Winding Up Hearing Set November 23
SUN INNOVATION: Considering Capital Reorganization
WIN CHANCE: To Appoint Liquidators


I N D I A

BHARAT PETROLEUM: Tax Bureau Freezes Accounts


I N D O N E S I A

PERTAMINA: Cepu Block Deal Hits Deadlock
PERTAMINA: Relies on East Java Oil Fields to Boost Output


J A P A N

DAIEI INCORPORATED: Agrees to Sell Outlet to Lone Star
HITACHI LIMITED: Unveils Adjustment to Convertible Bonds
JAPAN AIRLINES: Tourism Unit to Operate in UAE
MITSUBISHI MOTORS: DaimlerChrysler Optimistic on Expanding Ties
SANYO ELECTRIC: Shares Fall to 26-Year Low on Goldman Rating

USUI DEPARTMENT: IRCJ Offloads Entire Equity
VICTOR COMPANY: S&P Revises Rating Outlook To Negative


K O R E A

DOOSAN GROUP: Prosecution Grills Chairman Over Controversy


M A L A Y S I A

AMSTEEL CORPORATION: To Convene AGM 2nd Week of November
AMSTEEL CORPORATION: Put and Call Option Lapses
ANCOM BERHAD: Buys Back 700,200 Shares
BELL & ORDER: EGM Slated for November 10
CHASE PERDANA: In Rescheduling Talks with RCSLS Holders

DUOPHARMA BIOTECH: Details TMSB Dealings in Shares
GULA PERAK: Unveils Directors Dealing in Securities
HONG LEONG: Liquidator to Cease Unit's Operations
KEMAYAN CORPORATION: Unit Disposes of Property
MAGNUM CORPORATION: Purchases Ordinary Shares

PETALING TIN: Explains Unusual Market Activity
PILECON ENGINEERING: Mulls Cap Reduction, Share Consolidation
POLY GLASS: Receives Notification of Director's Dealings
POS MALAYSIA: Issues New Shares for Listing, Quotation
TAP RESOURCES: Parties Agree to Extend Completion of Acquisition

WAH SEONG: Unit Fully Purchases Kanssen Shares
WCT ENGINEERING: Unveils Resolutions Passed at EGM


P H I L I P P I N E S

ALCAN PACKAGING: Shuts Down RP Operations
BAYAN TELECOMMUNICATIONS: Expects Revenues to Miss Target
MANILA ELECTRIC: Explains Lifting of TRO on VAT
NATIONAL POWER: Economic Zones Enjoy Special Rates
UNIOIL RESOURCES: Provided Copy of Amended Financial Report

UNIOIL RESOURCES: Annual Stockholders Meeting Set Nov. 15


S I N G A P O R E

FIRSTLINK INVESTMENTS: Issues Update on Unit's Liquidation
FLEXTECH HOLDINGS: Unit Struck Off from Commission
IMAJE LIMITED: To Receive Claims Until Next Month
MEDIASTREAM LIMITED: Court Allows Judicial Management Extension
NATSTEEL LIMITED: Unveils New Office Address

PERALATAN BIOSAINS: Pays Dividend to Creditors
SCHULZ PTE: Intends to Distribute Dividend
W7 PTE: Liquidator Sets Deadline for Debt Claims Submission


T H A I L A N D

THAI AIRWAYS: SET Allows Trading of Shares
THAI DURABLE: SET Suspends Trading of Shares
THAI DURABLE: Clarifies Sale of New Shares
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

AIR NEW ZEALAND: New Chief to Axe 600 Workers
---------------------------------------------
Air New Zealand's new chief executive has announced plans to
slash 600 maintenance jobs amid a recent profit downgrade,
Sydney Morning Herald reports.

Rob Fyfe, who joined the carrier last week, said Air NZ needed
to cut its cost base further by outsourcing the heavy
maintenance of its long-haul fleet to either Asia or Europe.

The airline predicts it will be able to cut its engineering
workforce by almost a third by not doing the major maintenance
on Boeing 767s, 747s and its new 777s in New Zealand.

The proposal could come into effect as early as February with
most of the 600 Air New Zealand Engineering Services jobs lost
in Auckland.

Air NZ blamed the move on increased competition, declining
internal work and its inability to secure long-term external
customers. It will decide on the proposal in mid-December after
a two-month consultation with unions and staff.

Air NZ shares slumped 3.5 cents to 99 cents on the Australian
Stock Exchange (ASX) after the airline slashed its full-year
profit outlook to a pretax and abnormal profit of NZ$100 million
(US$93 million).

While Air NZ was on track with its program to slash NZ$245
million in costs by 2007, Mr. Fyfe said it now had to move from
the "front end" to the "engine room" to cut costs. Outsourced
maintenance was expected to save NZ$100 million over five years.

The move also prompted questions about Qantas's plans to shift
maintenance work offshore. Qantas already has scouted various
locations in Asia.

One possible contender for Air NZ's and Qantas's heavy
maintenance work is Hong Kong Aircraft Engineering Company
(HAECO). It already does line maintenance for Qantas.

CONTACT:

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


AIR NEW ZEALAND: Mulls Merger to Fight Competition
--------------------------------------------------
National flag carrier Air New Zealand is planning to merger its
mainline and low-cost freedom carriers into a single unit, in a
bid to boost its presence in the fiercely competitive trans-
Tasman market, according to The Australian.

New chief executive Rob Fyfe said the move would offer
"considerable cost savings" and aimed to tackle the problem of
overcapacity in markets where pricing was often undervalued.

"We are looking at the opportunity to leverage the very
extensive business processes and low-cost structures we have
available in Freedom and looking at the opportunity to extend
those across the entirety of our Tasman operation," Mr. Fyfe
said.

Air NZ is currently consulting with staff, which will be
affected by the proposed merger. The carrier said it is looking
at ways to combine the aircraft that currently operate under Air
NZ and the aircraft that currently operate with Freedom, into a
merged single business unit that will realize some significant
cost savings.


AUSTRAL COAL: 7th Supplementary Bidder's Statement Provided
-----------------------------------------------------------
This document is a seventh Supplementary Bidder's Statement by
Centennial Coal Company Limited to its Bidder's Statement dated
March 9 2005 (the Original Statement) in relation to its offer
(the Offer) under a takeover bid for all of the ordinary shares
in Austral Coal Limited ABN21 069 071 816 (Austral).

Centennial has also issued supplementary bidder's statements
dated March 23, April 5 and 13, August 23, September 9 and
October 7, 2005. The Original Statement and each supplementary
bidder's statement (together the Earlier Statements) were lodged
with the Australian Securities and Investments Commission (ASIC)
on, respectively, March 9 and 23, April 5 and 13, August 23,
September 9 and October 7, 2005.

This Seventh Supplementary Bidder's Statement is to be read
together with the Earlier Statements and prevails over the
Earlier Statements to the extent there is any inconsistency
between, on the one hand, this Seventh Supplementary Bidder's
Statement and, on the other, the Earlier Statements.

Unless the context requires otherwise, words and expressions
defined in the Original Statement have the same meanings in this
Seventh Supplementary Bidder's Statement.

This Seventh Supplementary Bidder's Statement is to be lodged
with ASIC on October 20, 2005. Neither ASIC nor any of its
officers takes any responsibility for the contents of this
Seventh Supplementary Bidder's Statement.

1. Newstan Production Update

Attached as Annexure A to this Seventh Supplementary Bidder's
Statement is an announcement in relation to a production update,
dated October 19, 2005.

2. Authorization

This Seventh Supplementary Bidder's Statement has been approved
by a resolution unanimously passed at a meeting of the Directors
of Centennial held on October 19, 2005.

Attachment:
http://bankrupt.com/misc/tcrap_australcoal102005.pdf.

CONTRACT:

Austral Coal Limited
ACN 069 071 816
Level 18, 25 Bligh Street Sydney
NSW 2000 Australia
Telephone: 61+02+8256-4700
Facsimile: 61+02+9235-0997
E-mail: info@austcoal.com.au
Web site: http://www.austcoal.com.au


AUSTRAL COAL: Takeovers Panel Wins Reprieve
-------------------------------------------
The Federal Court in Melbourne on Wednesday granted an
extension, from October 14 to October 28, 2005, of the period in
which the Panel may take a declaration of unacceptable
circumstances under section 657A of the Corporations Act 2001 in
the review proceedings known as Austral Coal 02 (RR).

CONTACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au


AUSTRALIAN WOOL: Boss Denies Insolvency Claim
---------------------------------------------
The deputy chairman of Australian Wool Innovation (AWI) has
dismissed a claim the company was headed for insolvency, The
Weekly Times reports.

Brian van Rooyen said suggestions of AWI falling into insolvency
were "false and irresponsible".

Last week, Australia Woolgrowers Association chairman Chick
Olsson said AWI was running up debt and heading for insolvency.

Mr. van Rooyen said the comment was particularly irresponsible
after AWI director Wal Merriman had advised Mr. Olsson about two
weeks ago that AWI was financially sound.

The AWI board was concerned about the impact Mr. Olsson's
comments could have on AWI's suppliers and trading partners and
other stakeholders such as the Federal Government and those
paying wool levies.

CONTACT:

Australian Wool Innovation Limited
Head office
Level 5, 16-20 Barrack Street
Sydney NSW 2000
Australia
Phone: +61 2 9299 5155
Fax: +61 2 9299 9880
E-mail: info@woolinnovation.com.au
Web site: http://www.wool.com.au

Postal address:
GPO Box 4177
Sydney NSW 2001
Australia


AXION DEVELOPMENT: Members Resolve to Wind Up Firm
--------------------------------------------------
Notice is hereby given that on Sept. 21, 2005, a special
resolution was passed to voluntarily wind up Axion Development
Corporation Pty Limited, and creditors resolved that John
William Cunningham and John Richard Park of Ramsay Clout, Suite
2, 63 The Esplanade, Cotton Tree, be and are appointed Joint and
Several Liquidators for such winding up.

Dated this 23rd day of September 2005

John R. Clout
John W. Cunningham
Ramsay Clout
Joint Liquidators
Suite 2, 63 The Esplanade
Cotton Tree


BUSINESS EXPRESS: Unlicensed Adviser Faces Court
------------------------------------------------
An unlicensed financial adviser who raised more than AU$1
million from three elderly investors in Sydney and Newcastle has
been committed to stand trial after an investigation by the
Australian Securities and Investments Commission (ASIC).

Mr. Donald Richard Maxwell, of Busby in New South Wales, was on
Tuesday ordered by the Downing Centre Local Court in Sydney to
stand trial in the District Court at Sydney on a charge brought
by ASIC.

It is alleged Mr.. Maxwell carried on a financial services
business, namely Business Express Success Techniques, without an
Australian financial services license.

It is alleged that between June 2002 and June 2003, Mr. Maxwell
operated the business and raised AU$1.1million through this
business from three elderly investors in relation to property
developments.

The property developments consisted of residential apartment
blocks around New South Wales, including in Five Dock, Waitara
and Gosford.

The development companies, including Central Development Group
Pty Ltd and Oceanwalk Projects Pty Ltd, were later placed into
liquidation. The investors have not recovered their funds.

The matter has been adjourned to 28 October 2005.

The Commonwealth Director of Public Prosecutions is prosecuting
the matter.


C.O.N. HOLDINGS: Liquidator to Distribute Company Assets
--------------------------------------------------------
Notice is hereby given that at a General Meeting of C.O.N.
Holdings Pty Limited held on Sept. 16, 2005 the following
special resolutions were passed:

That the Company be wound up voluntarily.

That the Company assets may be distributed in specie to the
members.

Dated this 16th day of September 2005

Richard Auricht
Liquidator
Richard Auricht Chartered Accountant
242 Grenfell Street, Adelaide SA 5000
Phone: 08 8223 1033


CORPAK INTERNATIONAL: Final Meeting Fixed October 28
----------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Corpak International Pty Limited will be held on
Oct. 28, 2005, 10:00 a.m. at the offices of Lawler Partners,
Level 7, 1 Margaret Street, Sydney NSW 2000, to present the
Liquidator's account showing the manner of the winding up and
the disposal of the property of the Company, and to hear any
explanations that may be given by the Liquidator.

Dated this 27th day of September 2005

R. W. Whitton
Liquidator
Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000


CUSTOM COURIERS: Court Orders Winding Up
----------------------------------------
On Sept. 19, 2005, the Supreme Court of New South Wales ordered
the winding up of Custom Couriers Pty Limited, and appointed
Joseph Sleiman to be Liquidator of the Company.

Joseph Sleiman
Liquidator
Sleiman & Co.
Level 8, 65 York Street
Sydney NSW 2000


DIETSCH-TATTERSHALL: Appoints Official Liquidator
-------------------------------------------------
Notice is hereby given that at a meeting of members of Dietsch-
Tattershall Products & Racks Pty Limited held on Sept. 16, 2005,
it was resolved that the Company be wound up voluntarily, and
that Shabnam Amirbeaggi of Crouch Insolvency Chartered
Accountants, Level 28, St. Martins Tower, 31 Market Street,
Sydney NSW 2000 be appointed Liquidator.

Dated this 16th day of September 2005

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


ENEVER TRANSPORT: Members, Creditors to Review Wind Up Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Enever Transport Services Pty Limited will be held
on Oct. 28, 2005, 9:00 a.m. at the office of Nicholls & Co.
Chartered Accountants, Suite 103, 1st Floor, Wollundry Chambers,
Johnston Street, Wagga Wagga, New South Wales, to receive the
Liquidator's account showing how the winding up was conducted
and the property of the Company disposed of, and to hear any
explanation which may be given by the Liquidator.

Dated this 13th day of September 2005

Stephen Jay
Liquidator
c/o Nicholls & Co.
Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


GRAPHITI GRAPHICS: Winds Up Business
------------------------------------
Notice is hereby given that at a General Meeting of Members of
Graphiti Graphics Pty Limited held on Sept. 15, 2005, it was
resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 be appointed Liquidator for the
winding up.

Dated this 19th day of September 2005

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


J&H QUALITY: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of J&H Quality Kitchens Pty Limited held on Sept. 16,
2005, it was resolved that the Company be wound up voluntarily.

At a meeting of creditors held on the same day, Daniel I.
Cvitanovic of Daniel I. Cvitanovic Chartered
Accountant, Level 1, 121-123 Crown Street, Wollongong NSW 2500
was appointed Liquidator for the winding up.

Dated this 16th day of September 2005

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


J&J MECHANICAL: Declares Dividend Today
---------------------------------------
J&J Mechanical Truck Repairs Pty Limited will declare a first
and final dividend today, Oct. 21, 2005.

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

Dated this 24th day of August 2005

Antony de Vries
Liquidator
de Vries Tayeh
PO Box 218, Parramatta NSW 2124


LAIKEN FLOORING: Court Releases Winding Up Order
------------------------------------------------
On Sept. 19, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Laiken Flooring Pty Limited be wound up,
and appointed R. J. Porter to be the Company liquidator.

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


LAMOTTA PTY: Winding Up Process Initiated
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Lamotta Pty Limited held on Sept. 20, 2005, it was resolved
that the Company be wound up voluntarily, and that William
Balfour Rangott of Rangott Slaven Hundy, Level 3, Engineering
House, 11 National Circuit, Barton, ACT be appointed Liquidator
for such purpose.

Dated this 4th day of October 2005

William B. Rangott
Rangott Slaven Hundy
Level 3, Engineering House
11 National Circuit, Barton ACT


LONGCAPE INVESTMENTS: Final Meeting Slated for October 28
---------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Longcape Investments Pty Limited will be held on
Oct. 28, 2005, 10:30 a.m. at the offices of Pitcher Partners,
Level 17, 140 St. Georges Terrace, Perth, for the following
purposes:

AGENDA

(1) To consider the matters raised in the Liquidators' Final
Circular to Members and Creditors.

(2) To consider, and if thought fit, approve the Liquidators'
account of receipts and payments for the liquidation period.

(3) To consider any other matter.

Dated this 19th day of September 2005

Vincent Smith
Liquidator
C/o Pitcher Partners
Level 17, 140 St. Georges Terrace
Perth


MBL CORPORATION: Declares First, Final Dividend
-----------------------------------------------
MBL Corporation (Aus) Pty Limited will declare a first and final
dividend today, Oct. 21, 2005.

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

Dated this 15th day of September 2005

B. K. Hamilton
Liquidator
Level 2, 171 Macquarie Street
Hobart Tas 7000
Phone: 03 6224 4660
Fax:   03 6224 0545


MULTIPLEX: Founder to Miss AGM Once Again
-----------------------------------------
The 72-year-old founder of Multiplex Group will not be able to
attend the company's annual meeting for the second time, The
West Australian reports.

Fellow Multiplex directors were reportedly advised this week
that John Roberts would miss the November 2 meeting in Sydney
because of ill health.

Mr. Roberts has been receiving regular kidney dialysis treatment
for a diabetic condition he has suffered for many years.

After founding Multiplex in 1962, Mr. Roberts stepped aside as
chief executive in late 2002 and appointed son Andrew Roberts to
run the company as the family-owned Multiplex prepared for a
stock exchange listing.

In May, Mr. Roberts relinquished his position as executive
chairman as part of a broader management shake-up. He is now
only a director of Multiplex, but is still regarded as having a
significant influence over the company, particularly its
ambitious push into the U.K. and Europe.

It was reported in July that Mr. Roberts, who has indemnified
Multiplex for AU$50 million of its Wembley Stadium losses, had
assured British Minister for Sports Richard Caborn the stadium
would be completed on time for a January 21 handover next year.

CONTACT:

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


MUSICMART PTY: Members Pass Winding Up Resolution
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of members of Musicmart Pty Limited held on Sept. 15, 2005, it
was resolved that the company be wound up voluntarily, and
Leonard A. Milner of Venn Milner & Co., Suite 1, 43 Railway
Road, Blackburn Vic 3130 was appointed Liquidator at a
creditors' meeting held that same day.

Dated this 15th day of September 2005

Leonard A. Milner
Liquidator
Venn & Milner & Co.
Suite 1, 43 Railway Road
Blackburn Vic 3130


NATIONAL AUSTRALIA: Ex-Financial Planner to Face Trial on Fraud
---------------------------------------------------------------
Mr. Paul Drakos, 53, from the Central Coast in New South Wales,
appeared in the Downing Centre Local Court on Wednesday and was
committed to face trial on 14 criminal charges brought by the
Australian Securities and Investments Commission (ASIC).

Mr. Drakos was an authorized representative of the National
Australia Bank Limited (NAB) from October 1994 until August
2001, the period in which the alleged crimes were committed.

Mr. Drakos faces eight counts of obtaining a financial advantage
by deception, two counts of fraudulent misappropriation and four
counts of making and using false documents.

An ASIC investigation found that between 1997 and 2001 Mr.
Drakos made recommendations to a number of his former NAB
clients to invest in BSI Corp, an entity based in the Bahamas.
BSI Corp was not a NAB approved investment product.

ASIC alleges that investments valued at more than $4.7 million
were lost. NAB has made restitution to most of Mr. Drakos'
former NAB clients who lost their investments. Mr. Drakos
operated out of the Hornsby branch of the NAB, and his clients
were mainly from the North Shore of Sydney and surrounding
suburbs.

ASIC permanently banned Mr. Drakos from acting as a
representative of a dealer or investment adviser in January
2004.

Mr. Drakos' bail was continued on condition that he does not
apply for a new passport or travel documents and does not
approach points of overseas departure. Mr. Drakos was also
ordered to report to Gosford Police Station each week, reside at
his current address and report any change of address to ASIC.

Mr. Drakos will reappear in the Sydney District Court on 28
October 2005.

CONTACT:

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


PIONEER CONCRETE: Members Decide to Liquidate Operations
--------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of the members of Pioneer Concrete (S.A.) Pty Limited held on
Sept. 15, 2005, it was resolved that the Company be wound up
voluntarily, and that Ross Edward Cooke, Chartered Accountant of
Ross Cooke & Co., 8 Brunel Street, East Malvern, Vic. 3145, be
appointed Liquidator for such purpose.

Dated this 20th day of September 2005

Ross E. Cooke
c/o Ross Cooke & Co.
8 Brunel Street, East Malvern Vic 3145


PREMIER TOOLING: Members, Creditors Review Liquidator's Report
--------------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Premier Tooling Pty Limited will be held on Oct.
28, 2005, 11:00 a.m. at the offices of Jones Condon Chartered
Accountants, Level 1, 34 Charles Street, Parramatta NSW, to lay
before the meeting an account showing the manner of the winding
up and disposal of the Company property, and to give any
explanation thereof.

Dated this 16th day of September 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
c/o Jones Condon
Chartered Accountants
Phone: 02 9893 9499


PROBEN PTY: Inability to Pay Debts Prompts Wind Up
--------------------------------------------------
Notice is hereby given that at a meeting of Proben Pty Limited
held on Sept. 19, 2005, the following Special Resolution was
passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Daniel Civil and
Peter Rodgers be appointed Joint Liquidators for such winding
up.

Daniel Civil
Peter Rodgers
Joint Liquidators
c/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


QANTAS AIRWAYS: To Make Fleet Decision in December
--------------------------------------------------
Qantas Airways Limited will decide on its potential AU$20
billion (US$15.22 billion) investment on 100 aircraft on
December 7, according to Asia Pulse.

The national flag carrier is expected to submit on that day a
fleet recommendation to the board for the 100-aircraft
commitment.

Qantas plans to cut AU$3 billion in costs by 2008 and is
expected to spend as much as AU$20 billion on the new fleet.

The carrier said in August it was considering a number of
options including Boeing 787 and Airbus A350 aircraft for use on
medium-haul international, trans-Tasman and Australian domestic
routes.

It was also mulling "ultra-long range" variants of the Boeing
777 and Airbus A340 to operate on hub-busting routes.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339


RADAR HOTELS: Intends to Pay Dividend to Creditors
--------------------------------------------------
Radar Hotels Pty Limited will declare a first dividend on Oct.
24, 2005.

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

Dated this 12th day of September 2005

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


ROD & JACKIE: Enters Liquidation
--------------------------------
At a general meeting of the members of Rod & Jackie Pty Limited,
held on Sept. 16, 2005, the following Special Resolution was
passed:

That on the winding up of the Company (subject to the payment of
its debts, liabilities and liquidation costs) of liquidation,
its assets be distributed among the members in specie (in whole
or in part) according to their rights and interest in the
Company, or in accordance with a special resolution of the
members; and

That the Company be wound up voluntarily; and

That Mark Christopher Hall and Timothy James Clifton, Chartered
Accountants of Level 10, 26 Flinders Street, Adelaide be
appointed Joint and Several Liquidators for the winding up.

Timothy J. Clifton
Mark C. Hall
Joint Liquidators
Chartered Accountanta
Level 10, 26 Flinders Street
Adelaide


WHITCOURT PTY: Leonard Milner Named Liquidator
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Whitcourt Pty Limited held on Sept. 15, 2005,
it was resolved that the Company be wound up voluntarily, and
creditors appointed Leonard A. Milner of Venn Milner & Co. of
Suite 1, 43 Railway Road, Blackburn Vic 3130 to be Liquidator at
a creditors' meeting held later that day.

Dated this 15th day of September 2005

Leonard A. Milner
Liquidator
Venn Milner & Co.
Suite 1, 43 Railway Road
Blackburn Vic 3130


* Sydney Liquidator Agrees to Cancel Registration
-------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
cancelled the registration of Mr. Adrian Howard Abbott, of
Abbotts Accountants Advisory Pty Ltd, as a liquidator.

ASIC agreed to cancel Mr. Abbott's registration as a liquidator
to resolve concerns that he had not complied with certain
obligations under the Corporations Act, and professional
standards in relation to the administration of Pinemaze Pty Ltd.

In particular, ASIC was concerned that:

- Mr. Abbott's section 439A report in relation to the
administration of Pinemaze (relating to the requirement for
administrators to convene a meeting and inform creditors)
contained deficiencies;

- Mr. Abbott failed to advertise creditors meetings within the
time period required by the legislation; and

- Failed to lodge the deed of company arrangement with ASIC
within a practicable time.

Mr. Abbott does not agree with the issues which have been raised
by ASIC, however, he has requested that ASIC cancel his
registration as a liquidator to address its concerns.

"ASIC will act to ensure that liquidators fulfill their legal
obligations in order to give creditors full information," Mr.
Mark Steward, Deputy Executive Director of Enforcement said.

"Liquidators must be fully aware of their statutory
responsibilities and meet the reporting and other requirements
of the law. ASIC will pursue those who fail to do so in order to
protect the public."

A liquidator who has had their registration cancelled cannot
legally practice as a registered liquidator.


* Negative Rating Migration Triggers Actions on Australian CDOs
---------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it had
lowered the ratings on eight synthetic collateralized debt
obligations (CDOs) and taken CreditWatch action on a further
seven synthetic CDOs, following a review of credit rating
migration within the underlying reference portfolios (see list).

The recent bankruptcy filing of Delphi Corp. (Delphi), the
U.S.'s largest manufacturer of automotive components, is the
main reason for these rating actions. The reference portfolios
of 29 Australian CDOs reference Dephi, 15 of which have had
their ratings affected.

The rating and CreditWatch actions also reflect the impact of a
number of corporate rating actions over the past month,
experienced by commonly referenced credits in Australian
synthetic CDO portfolios, which has raised the expected scenario
loss rate to levels not commensurate with the current ratings of
each transaction.

The rating actions taken on the affected transactions are as
follows:

TRANSACTION                                RATINGS
                                           TO:
FROM:
Aphex 2005-11                              A
AA-/Watch Neg
Security Holding Investment
    Entity Linking Deals Pty Ltd. 6        AA-/Watch Neg
AA/Watch Neg
Security Holding Investment
    Entity Linking Deals Pty Ltd. 7        A-/Watch Neg
A/Watch Neg
Security Holding Investment
    Entity Linking Deals Pty Ltd. 8        BB+
BBB-
Security Holding Investment
    Entity Linking Deals Pty Ltd. 14       BB+
BBB-/Watch
Neg
Select Access Investments Ltd. 2003-9      AA+
AAA/Watch Neg
Select Access Investments Ltd. 2003-10     A/Watch Negative
AA/Watch Neg
Select Access Investments Ltd. 2004-3      A+/Watch Neg
AA/Watch Neg

The CreditWatch actions taken on the affected transactions are
as follows:

TRANSACTION                                RATINGS
                                           TO:
FROM
Green Forest 2004-12                       AAA/Watch Neg
AAA
Nexus3 Notes                               BBB/Watch Dev
BBB/Watch Neg
Security Holding Investment
    Entity Linking Deals Pty Ltd. 10       AAA/Watch Neg
AAA
Security Holding Investment
    Entity Linking Deals Pty Ltd. 12       AA/Watch Neg
AA
Security Holding Investment
    Entity Linking Deals Pty Ltd. 13       A/Watch Neg
A
Security Holding Investment
    Entity Linking Deals Pty Ltd. 24       AA-/Watch Neg
AA-
Wollemi 2005-1 Trust                       AAA/Watch Neg
AAA

Ratings are statements of opinion, not statements of fact or
recommendations to buy, hold, or sell any securities. Standard &
Poor's (Australia) Pty. Ltd. does not hold an Australian
financial services license under the Corporations Act 2001. Any
rating and the information contained in any research report
published by Standard & Poor's is of a general nature. It has
been prepared without taking into account any recipient's
particular financial needs, circumstances, and objectives.
Therefore, a recipient should assess the appropriateness of such
information to it before making an investment decision based on
this information.


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

BEIJING INVESTMENT: To Undergo Winding Up Process
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Beijing Investment Limited by the High Court of Hong Kong
Special Administrative Region was on September 22, 2005
presented to the said Court by The World Realty Limited whose
registered office is situated at Top Floor, Chinachem Golden
Plaza, 77 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.

The said Petition is to be heard before the Court at 9:30 a.m.
on November 30, 2005.

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

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

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Suites 1505-1508, 15th Floor
Chinachem Golden Plaza
No. 77 Mody Road
Kowloon, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 29, 2005.


BEIJING MEDIA: Notes Unusual Price, Volume Movements
----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Beijing Media Corporation 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 the recent increases in the price and
trading volume of the shares of the Company and wishes to state
that, other than the matters disclosed in the announcements of
the Company dated 3, 12 and October 17, 2005, we are not aware
of any reasons for such increases.

The company also confirms that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are disclosable under Rule 13.23, neither is the board
aware of any matter disclosable under the general obligation
imposed by Rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of Beijing Media Corporation Limited the Board
of the directors of which, other than Mr. Sun Wei and Mr. Liao
Li who was not reachable at the time of issuing this message,
individually and jointly accept responsibility of the accuracy
of this statement.

CONTACT:

Beijing Media Corporation Limited
24/F, Prince's Building
Central, Hong Kong


CHINA CONSTRUCTION: Says Comments by SEC's Cox 'Irresponsible'
--------------------------------------------------------------
China Construction Bank (CCB), which is planning an initial
public offering (IPO) on October 27, said that comments by U.S.
SEC Chairman Christopher Cox were "inappropriate" and
"irresponsible", AFX News reports.

Last week Mr. Cox said CCB didn't seek a U.S. listing because
the lender could not meet regulatory requirements of the New
York Stock Exchange.

In a statement posted on the bank's website, CCB said it never
applied to list in the United States and added, "(w)hether or
not we met the regulatory standards of another country is
irrelevant as we chose to list in Hong Kong".

The Chinese lender also said in the statement that its financial
reports were compiled according to international accounting
standards and were audited by an independent external auditor.

CCB will be the largest shares offer in the world so far this
year and the biggest on the Hong Kong Stock Exchange.

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


CHINA CONSTRUCTION: Offering Falls Short of Expectations
--------------------------------------------------------
China Construction Bank (CCB) received less than HK$150 billion
retail orders for its initial public offering (IPO), short of
market expectations, The Standard reported on Thursday.

Its Hong Kong public offering, which closed on Wednesday,
received more than 40 times, but less than 50 times, more than
the number of available shares for the retail tranche, people
familiar with the IPO said.

Philip Securities Director Louis Wong said the worse-than-
expected response to the retail tranche was because of the
sudden increase of CCB's IPO price and the stock market slump.


EMMASON LIMITED: Receives Winding Up Order
------------------------------------------
Emmason (Far East) Limited whose place of business is situated
at 23rd Floor, Lever Tech Centre, 69-71 King Yip Street, Kwun
Tong, Kowloon was issued a winding up order notice by the High
Court of the Hong Kong Special Administrative Region Court of
First Instance on October 5, 2005.

Date of Presentation of Petition: August 9, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


HONDEX PROPERTIES: Prepares to Cease Operations
-----------------------------------------------
Hondex Properties Limited whose place of business is situated at
Rm C, 18th Floor, China Overseas Building, 139 Hennessy Road,
Wanchai, 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 October 5, 2005.

Date of Presentation of Petition: August 8, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


HONG KONG JEWELLERY: Ordered to Shut Down Business
--------------------------------------------------
Hong Kong Jewellery Co. Limited whose place of business is
situated at Rm 1002, 10th Floor, Tai Yau Building, 181 Johnston
Road, Wanchai, 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 October 5, 2005.

Date of Presentation of Petition: August 9, 2005

Dated this 14th day of October 2005

ET O'Connell
Official Receiver


SILVER TARGET: Winding Up Hearing Set November 23
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Silver Target Industries Limited by the High Court of Hong Kong
Special Administrative Region was on September 21, 2005
presented to the said Court by Bank of China (Hong Kong) Limited
(the successor banking corporation to Kincheng Banking
Corporation pursuant to Bank of China (Hong Kong) Limited
(Merger) Ordinance (Cap.1167) whose registered office is
situated at 14th Floor, Bank of China Tower, 1 Garden Road, Hong
Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on November 23, 2005. Any creditor or contributory of
the said company desirous to support or oppose the making of an
order on the said petition may appear at the time of hearing by
himself or his counsel for that purpose.

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

CHU & LAU
Solicitors for the Petitioner
2nd Floor, The Chinese General
Chamber of Commerce Building
No. 24-25 Connaught Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of November 22, 2005.


SUN INNOVATION: Considering Capital Reorganization
--------------------------------------------------
Sun Innovation Holdings Limited is in preliminary negotiation
with two shareholders of the company for a possible acquisition
and disposal of certain equipment, Infocast News reports.

The Company is also considering undergoing a potential capital
reorganization. No agreement regarding the potential acquisition
and disposal and capital reorganization has been entered into.

The Group is engaged in installation, maintenance and servicing,
manufacturing and trading of fire prevention suppression systems
and equipment and property investment.

CONTACT:

Sun Innovation Holdings Limited
3rd Floor, Chung Nam Building
1 Lockhart Road, Wan Chai
Hong Kong
Phone: 27366068
Fax: 27366101


WIN CHANCE: To Appoint Liquidators
----------------------------------
Mr. Lai Kar Yan Derek and Mr. Mark Chapman of 26th Floor, Wing
On Centre, 111 Connaught Road Central, Hong Kong and Wickhams
Cay 1, P. O. Box 3083, Road Town, Tortola, British Virgin
Islands respectively, hereby give you notice that they have been
appointed liquidators of Win Chance Limited (In Liquidation)
jointly and severally by virtue of a resolution in writing duly
passed by the sole member of the Company on September 30, 2005.

Their appointment as liquidators was approved at a subsequent
meeting of the creditors of the Company held on October 14,
2005.

Dated this 17th day of October, 2005

LAI KAR YAN DEREK
MARK CHAPMAN
Joint and Several Liquidators
26th Floor, Wing On Centre
111 Connaught Road Central
Hong Kong


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

BHARAT PETROLEUM: Tax Bureau Freezes Accounts
---------------------------------------------
The Delhi government's Value Added Tax (VAT) department on
Wednesday attached four bank accounts of Bharat Petroleum
Corporation Limited (BPCL) to recover nearly INR24 crores in
outstanding taxes, according to Delhi Newsline.

Sources in the department said the dues arise out of sales to a
group designated as "extended first-point dealer".

Sources also said BPCL did not have to pay tax directly in such
deals. Instead, the dealers had to pay tax and give forms that
serve as proof of sale, to BPCL, which in turn had to submit
them to the government.

However, BPCL had not got back with the forms regarding 2002-'04
sales to the group of dealers, who had earlier defaulted on tax
payments. BPCL had been warned by tax officials in April 2004.

Three months ago, the department asked BPCL to deposit the forms
in lieu of about INR24 cr tax - INR10 cr for 2002-03 and INR12
cr for `03-04 - plus interest. The accounts in SBI's Delhi
branch were sealed after BPCL lost an appeal with Delhi
government's tax tribunal and missed an October 15 deadline.

A BPCL spokesperson said the dispute is being contested in the
High Court.

CONTACT:

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


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

PERTAMINA: Cepu Block Deal Hits Deadlock
----------------------------------------
State-owned oil and gas firm PT Pertamina can't seem to reach an
agreement with its U.S. partner, ExxonMobil Corporation, on the
Cepu oil block, Reuters News reports.

In an update to the ongoing negotiations between the two firms,
they appear to be deadlocked on who would operate the oil block
located in East Java. Pertamina had earlier proposed to manage
the Cepu block for the first five years of operation, which was
rejected by ExxonMobil.

The government had finally ended a four-year long dispute over
the development of the Cepu block last month, when it signed a
contract with both Pertamina and ExxonMobil to develop the block
for 30 years. But development cannot begin unless both firms
finalize negotiations on who will operate the project.

According to Pertamina spokesman Abadi Poernomo, the two parties
are still negotiating on who would operate Cepu block.

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: Relies on East Java Oil Fields to Boost Output
---------------------------------------------------------
Pertamina is relying on production from two new oil fields
located in East Java to raise its crude oil output, reports Dow
Jones, citing Mines & Energy Minister Purnomo Yusgiantoro

However, Minister Purnomo added, signficant output will not be
seen in the short term, as state-owned oil firm PT Pertamina has
yet to come to an agreement with its partner ExxonMobil
Corporation to operate the oil block in Cepu, East Java.

The other oil block that Pertamina is considering is in Jeruk
field, East Java, with an expected ouput of50,000-100,000
barrels/day.

The country's crude oil output is slated to rise to 1.11 million
barrels/day next year, following a gross production increase of
60,000 barrels daily from other oil fields. Minister Purnomo
said, however, that such is not enough to compensate for the
recent drop in oil output. They would still need to increase
production/import more fuel cargoes to keep up with domestic and
foreign demand.


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

DAIEI INCORPORATED: Agrees to Sell Outlet to Lone Star
------------------------------------------------------
Daiei Incorporated has agreed to sell the first of 54 outlets
being closed under a government-run bailout, Bloomberg News
reports.

The retailer will sell its downtown Hiroshima store to Lone Star
Funds -- a buyout firm that owns a bank, golf resorts and hotels
in Japan.

The company plans to shut down about 50 struggling stores by
February, while its surviving stores are expected to focus on
food and rent out space to tenants. The retailer will offer
voluntary retirement to 1,100 of its workers in early November.

CONTACT:

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


HITACHI LIMITED: Unveils Adjustment to Convertible Bonds
--------------------------------------------------------
Hitachi, Ltd. (TSE: 6501/NYSE: HIT) recently announced the
adjustment of the amount to be paid upon exercise of the Stock
Acquisition Rights (the Conversion Price) of Series A Zero
Coupon Convertible Bonds due 2009 (the Series A Convertible
Bonds), which the Company issued on October 19, 2004.

1. Adjustment to the Conversion Price

(1) Name of the Convertible Bonds
Series A Zero Coupon Convertible Bonds due 2009

(2) New Conversion Price: 822 yen

(3) Former Conversion Price: 1,009 yen

2. Effective Date: October 19, 2005

3. Reason for Adjustment

The Conversion Price is adjusted pursuant to the terms and
conditions of the Series A Convertible Bonds.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com


JAPAN AIRLINES:  Tourism Unit to Operate in UAE
-----------------------------------------------
JAL Hotels Co. Ltd., a tourism unit of Japan Airlines Co. Ltd,
signed a hotel management agreement on October 19 with ACICO
International Real Estate Development Co. and announced that JAL
Hotels will open two hotels in the United Arab Emirates
(U.A.E.): Nikko Fujairah Resort & Spa in December 2006, and
Hotel Nikko Tower Dubai in December 2007. JAL Hotels Co., Ltd.
will be the first Japanese company to operate hotels in the
U.A.E.

Nikko Fujairah Resort & Spa will be opened in Fujairah, located
on the picturesque East Coast, of the U.A.E., 75 km east of
Dubai. Fujairah, one of the seven Emirates, is a resort
development on the Arabian Sea and is eager to be one of the
best diving resort in the Arab countries. The five-star-resort
hotel is being built on a 540-meter private beach. All of its
nine buildings, including those housing the guest rooms,
restaurants and diving center, will be lined up facing the
beach. The hotel will have 262 guest rooms; multi-functional
rooms which can be used for banquets and conferences;
restaurants; fitness center and spa; diving center; indoor
diving pool; outdoor pool; and children's recreation room. The
area is ideal for scuba diving and attracts many divers and
other visitors from Dubai and the West Coast, especially on
weekends. Construction has started, and the hotel opening is
planed for December 2006.

Hotel Nikko Tower Dubai will be built in a premium location on
the Sheikh Zayed Road, the main street of Dubai, near the Dubai
world trade center, the international convention center and the
newly developed prestigious Dubai International Financial City
(DIFC). It is only 15 minutes by car from the Dubai
International Airport. The 487-room 57-story hotel, is one of
the twin towers that stands next to the other 50-story office
tower. The five-star deluxe hotel will offer a broad range of
restaurants, including Japanese cuisine, teppan grill, Asian
cuisine, and other international flavors. The other facilities
will include business club with 17 banquet and meeting rooms,
outdoor pool, and spa & fitness facilities. Construction has
begun, and opening is planned for December 2007.

This is a company press release.

CONTACT:

JAL Bldg.
2-4-11, Higashishinagawa,
Shinagawa-ku, Tokyo 104-0002
JAPAN
Telephone: +81-3-3458-3910
Facsimile: +81-3-3458-3950


MITSUBISHI MOTORS: DaimlerChrysler Optimistic on Expanding Ties
---------------------------------------------------------------
DaimlerChrysler AG is willing to expand joint projects with
Mitsubishi Motors Corporation, regardless of what happens to its
stake in the ailing Japanese carmaker, Japan Times reports.

"We are optimistic that we will find further areas of
cooperation," Dieter Zetsche said in an interview with the media
on the sidelines of the 39th Tokyo Motor Show, which was opened
to the media Wednesday.

Mr. Zetsche will replace Juergen Schrempp as DaimlerChrysler's
Chief Executive in January.

In April 2004, DaimlerChrysler ceased to provide financial
assistance to embattled MMC, and its 37 percent stake in the
beleaguered automaker has since shrunk to about 12 percent.

CONTACT:

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


SANYO ELECTRIC: Shares Fall to 26-Year Low on Goldman Rating
------------------------------------------------------------
Shares of Sanyo Electric Co. fell 4.4 percent on Friday after
Goldman Sachs Group Inc. recommended selling the stock because
the resignation of the company's Chief Financial Officer may
delay efforts to revive earnings, Bloomberg News reports.

The shares decline was the lowest since December 1978.

Chief Financial Officer Yoichiro Furuse quit on October 7, a
week after the Osaka-based company widened its annual loss
forecast to JPY140 billion ($1.21 billion) from an earlier JPY92
billion estimate.

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


USUI DEPARTMENT: IRCJ Offloads Entire Equity
--------------------------------------------
The Industrial Revitalization Corporation of Japan (the IRCJ)
has resolved to sell the equity it holds in Usui Department
Store K.K. (Usui Department Store).

1. Background

On August 28, 2003 the IRCJ approved an application for
assistance by Usui Department Store under Article 22, Clause 3
of the Industrial Revitalization Corporation Act of 2003. On
October 31, 2003 the IRCJ reached agreement on the purchase of
Usui Department Store's debt under Article 25, Clause 1 of the
same act, and in January 2004 a capital decrease and subsequent
recapitalization was implemented. Since then, the IRCJ has been
supporting the operational management of Usui Department Store
in cooperation with the assistance of Mitsukoshi Ltd. in the
area of sales.

A certain amount of progress has been made toward
revitalization, enabling the IRCJ to begin preparations for and
reach agreement on the sale of its equity to Mitsukoshi. A sale
contract with Mitsukoshi has been formed, and in line with this
contract the transfer of shares is expected to take place by the
end of October 2005.

2. Capital amounts, etc.

The IRCJ, through a capital injection of �20 million, currently
holds ordinary shares amounting to 20.0% of voting rights in
Usui Department Store. Following this sale, the IRCJ will retain
no shares in Usui Department Store.

3. Comment from the State Ministers in charge of the Industrial
Revitalization Corporation of Japan None expressed.

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Phone: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp


VICTOR COMPANY: S&P Revises Rating Outlook To Negative
------------------------------------------------------
Standard & Poor's Ratings Services (S&P) revised its outlook on
its long-term corporate credit rating on Victor Company of Japan
Ltd. (JVC Corp.) to negative from stable, reflecting growing
uncertainties over the recovery of the company's profitability.
At the same time, Standard & Poor's affirmed its 'BBB-' long-
term corporate credit and debt ratings, and its 'A-3' short-term
credit rating on the company.

On Oct. 14, 2005, JVC Corp. lowered its forecast for
consolidated operating profit to JPY7 billion for fiscal 2005
(ending March 31, 2006) from JPY25 billion, and estimated a net
loss of �11.5 billion from a net profit of JPY7 billion. The
downward revision is mainly attributable to weaker performance
of its DVD recorder and display businesses than initially
expected, resulting from a delay in product development and
trouble with defective components.

The company announced that it would accelerate its business
restructuring plan, including an increased labor cut of 700
employees from 500, company reorganization, and reform of
product development.

"An underlying factor of the lower profit forecast is JVC
Corp.'s weak ability to develop competitive products and
introduce them to the market in a timely manner, and so it may
take some time for the company to recover its profitability,"
said Standard & Poor's credit analyst Katsuyuki Nakai.

"Although cost reduction efforts will have certain effects, it
is crucial for JVC Corp. to enhance its product development
capability to achieve a full-scale recovery in profitability,"
Mr. Nakai said.

"If parent company, Matsushita Electric Industrial Co. Ltd.
(A+/Stable/A-1), steps up support to JVC Corp. for product
development and cost reductions, it should have a positive
impact," added Mr. Nakai. "However, unless the parent company
provides stronger support, it will not be easy for JVC Corp. to
achieve a recovery in profits."

JVC Corp.'s financial profile is sound, as evidenced by its
ratio of net debt to capital of 31.6% at the end of June 2005.
The company aims to achieve positive free cash flow and maintain
its sound financial profile throughout fiscal 2005 by reducing
inventory and capital expenditure. Progress in reducing
inventory is critical for an improvement in cash flow. Also,
maintaining capital expenditure and product development within
an appropriate level will be important factors for the company
to enhance its competitiveness.

JVC Corp. may be downgraded if its performance further
deteriorates during fiscal 2005 or if it becomes unlikely that
its profitability will recover in fiscal 2006. The rating would
also come under pressure if JVC Corp.'s financial profile
deteriorates due to failure to achieve free cash flow targets in
fiscal 2005, additional restructuring costs, or prolonged
weakness in cash flow generation. A weakening of parent support
would also be a negative factor.

CONTACT:

Victor Company of Japan
12, Moriya-cho, 3-chome, Kanagawa-ku
Yokohama 221-8528, Japan
Phone: +81-45-450-1445
Fax: +81-45-450-1425


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

DOOSAN GROUP: Prosecution Grills Chairman Over Controversy
----------------------------------------------------------
The Doosan Group chairman underwent intensive questioning
Thursday about his involvement in the conglomerate's alleged
slush fund scandal, according to Asia Pulse.

According to the prosecutors, Park Yong-sung presented himself
at the Seoul Central District Prosecution's Office at 10:20 a.m.
"in the capacity of a criminal suspect" in connection with the
alleged corruption scandal.

"I feel sorry for the controversy surrounding Doosan. I'll
faithfully go through the questioning by the prosecution," Mr.
Park told reporters, entering the prosecution building.

Doosan Group has been under investigation for alleged widespread
corruption, including the suspected slush fund case.

Aside from Chairman Park, his eldest son, Park Chin-won and
younger brother, group vice chairman Park Yong-maan have
undergone questioning on the same charges at the Seoul District
prosecution over the past week.

Park Chin-won is suspected of pocketing about KRW2 billion in
slush funds that Donghyun Engineering, a Doosan affiliate raised
since 2000.

According to prosecution sources, Park Yong-maan and Park Chin-
won allegedly admitted to their role in the creation of some
slush funds.

With the reported admission, the investigation will now be
focused on how the money was funneled into the pockets of the
Park family and what they used it for, sources said.

The investigation will center on charges that Doosan Chairman
Park and other family members could have misappropriated the
alleged slush funds for personal purposes, including tax
payments and living expenses.

Mr. Park will also be questioned about illicit window dressing
valued at about KRW17.5 billion.

"Chairman Park will be allowed to return home later in the day
after questioning. If there are contradictions in testimonies,
vice chairman Park Yong-maan and other members of the Park
family will again be called in," he said.

Should the prosecution find evidence that one or two members of
the Park family orchestrated the creation of slush funds, they
make seek a warrant next week.


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

AMSTEEL CORPORATION: To Convene AGM 2nd Week of November
--------------------------------------------------------
Notice is hereby given that the Thirtieth Annual General Meeting
of Amsteel Corporation Berhad will be held at the Meeting Hall,
Level 48, Menara Citibank, 165 Jalan Ampang, 50450 Kuala Lumpur
on November 14, 2005 at 12:15 p.m. for the following purposes:

AGENDA

(1) To receive and adopt the Directors' Report and Audited
Financial Statements for the financial year ended June 30, 2005.
(Resolution 1)

(2) To approve the payment of Directors' fees amounting to
MYR149,700 (2004: MYR202,000). (Resolution 2)

(3) To re-elect Directors:

(i) In accordance with Article 98 of the Company's Articles of
Association, the following Directors retire by rotation and,
being eligible, offer themselves for re-election:

Y. Bhg. Lt. Jen (B) Datuk Seri Abdul Manap bin Ibrahim
(Resolution 3)

Mr. M. Chareon Sae Tang @ Tan Whye Aun (Resolution 4)

(ii) In accordance with Article 99 of the Company's Articles of
Association, Mr. Ong Kek Seng who was appointed during the
financial year retires and, being eligible, offers himself for
re-election. (Resolution 5)

(4) To consider and if thought fit, pass the following
resolution pursuant to Section 129(6) of the Companies Act, 1965
as an ordinary resolution:

"THAT Y. Bhg. Jen (B) Tan Sri Dato' Zain Mahmud Hashim who
retires pursuant to Section 129(2) of the Companies Act, 1965 be
and is hereby re-appointed Director of the Company to hold
office until the next annual general meeting." (Resolution 6)

(5) To re-appoint Auditors to hold office until the conclusion
of the next annual general meeting and to authorise the
Directors to fix their remuneration. (Resolution 7)

(6) Special Business

To consider and if thought fit, pass the following resolutions
as ordinary resolutions:

(6.1) Authority to Directors to issue shares

"THAT pursuant to Section 132D of the Companies Act, 1965 and
subject to the approval of all relevant authorities being
obtained, the Directors be and are hereby empowered to issue
shares in the Company at any time and upon such terms and
conditions and for such purposes as the Directors may, in their
absolute discretion deem fit, provided that the aggregate number
of shares issued pursuant to this resolution does not exceed 10%
of the issued capital of the Company for the time being and that
such authority shall continue in force until the conclusion of
the next annual general meeting of the Company." (Resolution 8)

(6.2) Proposed Renewal of Shareholders' Mandate for Recurrent
Related Party Transactions

"THAT approval be given for the Company and its subsidiary
companies to enter into the recurrent related party transactions
of a revenue or trading nature which are necessary for its day-
to-day operations as detailed in paragraph 3.3 (Recurrent
Transactions) and with those related parties as detailed in
paragraph 3.2 of the Circular to Shareholders of the Company
dated October 20, 2005 subject to the following:

(i) The transactions are in the ordinary course of business and
are on terms not more favorable to the related parties than
those generally available to the public and are not to the
detriment of the minority shareholders of the Company; and

(ii) Disclosure is made in the annual report of the breakdown of
the aggregate value of transactions conducted pursuant to the
shareholders' mandate during the financial year, amongst others,
based on the following information:

(a) The type of Recurrent Transactions made; and

(b) The names of the related parties involved in each type of
Recurrent Transactions made and their relationship with the
Company;

AND THAT authority conferred by this ordinary resolution shall
continue to be in force until:

(i) The conclusion of the next annual general meeting of the
Company at which time it will lapse, unless by a resolution
passed at the meeting, the authority is renewed;

(ii) The expiration of the period within which the next annual
general meeting after that date is required to be held pursuant
to Section 143(1) of the Companies Act, 1965 (but shall not
extend to such extension as may be allowed pursuant to Section
143(2) of the Companies Act, 1965); or

(iii) Revoked or varied by resolution passed by the shareholders
in general meeting;

whichever is the earlier,

AND THAT the Directors be authorized to complete and do all such
acts and things (including executing such documents as may be
required) to give effect to the transactions contemplated and/or
authorized by this ordinary resolution." (Resolution 9)

(7) To transact any other business for which due notice shall
have been given.

By Order of the Board

Chan Poh Lan
Wong Phooi Lin
Secretaries
Kuala Lumpur
October 20, 2005

Notes:

(1) Proxy

- A member entitled to attend and vote at the Annual General
Meeting is entitled to appoint a proxy to attend and vote
instead of him. A proxy need not be a member of the Company. The
instrument appointing a proxy must be in writing under the hand
of the appointor or his attorney duly authorized in writing or,
if the appointor is a corporation, either under seal or the hand
of an officer or attorney duly authorized.

- An instrument appointing a proxy executed in Malaysia need not
be witnessed. The signature to an instrument appointing a proxy
executed outside Malaysia shall be attested by a solicitor,
notary public, consul or magistrate.

- The instrument of proxy shall be deposited at the Registered
Office of the Company, Level 46, Menara Citibank, 165 Jalan
Ampang, 50450 Kuala Lumpur not less than forty-eight (48) hours
before the time for holding the meeting.

- Form of Proxy sent through facsimile transmission shall not be
accepted.

(2) Resolution 8

This authorization will empower the Directors of the Company to
issue shares in the Company up to an amount not exceeding in
total 10% of the issued share capital of the Company. This
authority, unless revoked or varied at a general meeting, will
expire at the conclusion of the next annual general meeting of
the Company.

(3) Resolution 9

This approval will allow the Company and its subsidiary
companies to enter into recurrent related party transactions of
a revenue or trading nature with those related parties as set
out in paragraph 3.2 of the Circular to Shareholders dated 20
October 2005, which are necessary for the Group's day-to-day
operations and are in the ordinary course of business and on
normal commercial terms which are not more favourable to the
related party than those generally available to the public and
are not to the detriment of the minority shareholders of the
Company.

CONTACT:

Amsteel Corporation Bhd
Malaysia
Phone: 60 3 2162 2155
Fax: 60 3 2164 1036
Web site: http://www.lion.com.my


AMSTEEL CORPORATION: Put and Call Option Lapses
-----------------------------------------------
Amsteel Corporation Berhad issued to Bursa Malaysia Securities
Berhad the following announcements:

(1) Disposal of 5,000,002 ordinary shares of MYR1.00 each fully
paid representing more than 50 percent but less than 51 percent
of the issued and paid-up ordinary share capital of Inverfin Sdn
Bhd (Inverfin) to Menara Citi Holding Company Sdn Bhd (MCHC)

(2) Put Option by Amsteel to MCHC and Call Option by MCHC to
Amsteel in respect of the remaining 2,000,001 ordinary shares of
MYR1.00 each fully paid in Inverfin owned by Amsteel (Put and
Call Options)

(hereinafter referred to as the proposals)

Reference is made to the announcements on October 18, 1999,
October 26, 1999, November 5, 1999, February 14, 2000, March 14,
2000 and June 27, 2000 in respect of the Proposals. The Board of
Directors of Amsteel Corporation Berhad (Amsteel) advised that
the Put and Call Options which has a tenure of six years
commencing from October 18, 1999 had expired on October 18,
2005.

At the close of the business on October 18, 2005, none of the
parties to the Put and Call Options exercise their options.
Hence, the Put and Call Options lapsed on October 18, 2005 and
the same does not have any effect on the earnings and net
tangible assets of the Amsteel Group.


ANCOM BERHAD: Buys Back 700,200 Shares
--------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad details
of its shares buy back with the following details:

Date of buy back from: October 5, 2005

Date of buy back to: October 14, 2005

Total number of shares purchased (units): 700,200

Minimum price paid for each share purchased (MYR): 0.640

Maximum price paid for each share purchased (MYR): 0.685

Total amount paid for shares purchased (MYR): 470,849.14

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

Number of shares purchased retained in treasury (units): 700,200

Total number of shares retained in treasury (units): 15,129,400

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

Total issued capital as diminished:

Date lodged with registrar of companies: October 19, 2005

Lodged by:

PFA Corporate Services S/B
Level 14, Uptown 1,
D'sara Uptown 47400PJ

CONTACT:

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


BELL & ORDER: EGM Slated for November 10
----------------------------------------
Avenue Securities Sdn Bhd, on behalf of Bell & Order Berhad,
advised Bursa Malaysia Securities Berhad that an Extraordinary
General Meeting will be held on Thursday, November 10, 2005 at
10:00 a.m. at The Summit Hotel Subang USJ, Persiaran Kewajipan
USJ 1, 47600 UEP Subang Jaya, Selangor.

To view a full copy of the Notice of EGM, click
http://bankrupt.com/misc/BELLORDEREGM101905.pdf

This announcement is dated 19 October 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


CHASE PERDANA: In Rescheduling Talks with RCSLS Holders
-------------------------------------------------------
Further to our announcement made on September 16, 2005 pursuant
to PN1 of the Listing Requirements of Bursa Malaysia Securities
Berhad, the Board of Directors of Chase Perdana Berhad (CPB)
stated that CPB is still in discussions with all the Redeemable
Convertible Secured Loan Stock (RCSLS) holders and the trustee
for the redeemable convertible unsecured loan stock (RCULS)
holders, with regard to the rescheduling of the second
anniversary redemption to RCSLS holders and 3.5 percent coupon
payments to both RCSLS and RCULS holders due on July 18, 2005.

This announcement is made on 19 September 2005.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2718 3700
Fax: +60 3 2094 0503


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

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

Date of         Name of   Description of  No. of     Transaction
Transaction     Party     Transaction     Shares     price per
                                        Acquired/    share
                                        Disposed

October 18, 2005  TMSB    Acquisition    108,500     2.7800


GULA PERAK: Unveils Directors Dealing in Securities
---------------------------------------------------
Gula Perak Berhad advised Bursa Malaysia Securities Berhad that
it had on October 12, 2005 received a notice from Mr. Lim Soo
Ka, a son to a Director of GPB, Tan Sri Dato' Lim Cheng Pow,
that he has entered into the following dealing in the securities
of the Company.

Click to view details
http://bankrupt.com/misc/GulaPerakBerhad101905.pdf

CONTACT:

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


HONG LEONG: Liquidator to Cease Unit's Operations
-------------------------------------------------
Further to Hong Leong Industries Berhad's (HLI) announcement
dated March 7, 2003 in connection with the Member's Voluntary
Liquidation of Mai Kah Corporation Sdn Bhd (MKC), a wholly owned
subsidiary of the Company, HLI informed Bursa Malaysia
Securities Berhad that the Liquidator of MKC had convened a
Final Meeting to conclude the Member's Voluntary Liquidation of
MKC.

A Return by Liquidator Relating to Final Meeting was lodged on
October 18, 2005 with the Companies Commission of Malaysia and
the Official Receiver, and on the expiration of 3 months after
the said lodgement date, MKC will be dissolved.

This announcement is dated 19 October 2005.

CONTACT:

Hong Leong Industries Berhad
Level 9, Wisma Hong Leong
18, Jalan Perak
50450 Kuala Lumpur
Malaysia
Phone: 03-2164 2631
Fax: 03-2164 2514
Web site: http://www.hongleong.com


KEMAYAN CORPORATION: Unit Disposes of Property
----------------------------------------------
Kemayan Corporation Bhd provided Bursa Malaysia Securities
Berhad with details of the proposed disposal of a charged land
and building by Kemtrad Holdings Sdn Bhd, a subsidiary of the
company.

(1) Introduction

The Board of Directors of Kemayan Corporation Berhad (KCB)
advised that Kemtrad Holdings Sdn Bhd (KHSB), a subsidiary of
KCB had on October 18, 2005 entered into a Sale and Purchase
Agreement (SPA) with NCT Forwarding & Shipping Sdn Bhd (the
Purchaser or NCT) for a proposed disposal of a parcel of land
described as Country Lease No. 015382591 together with an
industrial building erected thereon situated at Mile 5 1/2,
Jalan Kolombong, Kolombong Industrial Area, Inanam in the
District of Kota Kinabalu, Sabah (the Property) measuring
approximately 2.63 acres for a total purchase consideration of
MYR3,470,000.00 (the Purchase Price) (the Proposed Disposal).

(2) Details of the Proposed Disposal

(2.1) Information on the Property

The Property is described as Country Lease No. 015382591 having
an area of approximately 2.63 acres together with an industrial
building erected thereon situated at Mile 5 1/2, Jalan
Kolombong, Kolombong Industrial Area, Inanam in the District of
Kota Kinabalu, Sabah.

KHSB acquired the Property on April 3, 1995 with an original
cost of investment of MYR2,250,000.00. The age of the industrial
building is approximately 19 years. As at May 31, 2005, the
Property's net book value stood at approximately
MYR3,442,000.00.

The Property was formerly charged to OCBC Bank (Malaysia) Bhd
(OCBC) and was subsequently transferred to Pengurusan Danaharta
Nasional Bhd (Danaharta). The Property has been included as part
of the Proposed Restructuring Scheme of KCB and its scheme
subsidiary companies, including KHSB.

Currently the Property is being tenanted and generating rental
income of MYR15,000.00 per month.

(2.2) Information on the Purchaser

NCT was incorporated in Malaysia on 4 March 1988 as a private
limited company under the Companies Act, 1965. To date, NCT has
an authorized share capital of MYR5,000,000.00 divided into
5,000,000 ordinary shares of MYR1.00 each and its issued and
paid-up share capital is MYR5,000,000.00 divided into 5,000,000
ordinary shares of MYR1.00 each.

NCT's principal activities are forwarding and cargo handling
agents, investment holding, renting of properties and hiring of
equipment and vehicles, general investment and renting of
trailers and prime movers.

(3) Salient Terms of the Spa

(3.1) Liabilities assumed by the Purchaser

The Property will be sold to the Purchaser free from all
encumbrances but subject to all conditions whether express or
implied (if any) in the document of title at the Purchase Price
upon the terms and conditions as stipulated in the SPA.

(3.2) Basis of the Purchase Price

The Purchase Price of MYR3,470,000.00 was arrived at on a
willing-buyer willing-seller basis after taking into
consideration the valuation undertaken by Messrs. Henry Butcher
Lim & Long (Sabah) Sdn Bhd based on depreciated replacement cost
of similar properties as indicated by Messrs. Henry Butcher Lim
& Long (Sabah) Sdn Bhd, in its valuation report dated August 8,
2003.

(3.3) Terms of Payment

The Purchase Price shall be paid by the Purchaser in the
following manner:

(a) Earnest Money of MYR69,400.00 which has been paid by the
Purchaser to Danaharta;

(b) Upon execution of the SPA, a sum of MYR277,600.00 shall be
paid to Danaharta; and

(c) Within ninety (90) days from the fulfillment of the
Conditions Precedent or within thirty (30) days from the date
the Purchaser is informed of the stamp duty payable, whichever
is later, the Purchaser shall pay the balance of MYR3,123,000.00
(the Balance Purchase Price) to Danaharta.

In the event the Purchaser fails to pay the Balance Purchase
Price within the time stipulated in 3.3(c), KHSB shall grant an
extension of thirty (30) days to the Purchaser PROVIDED ALWAYS
that the Purchaser shall pay KHSB an interest at the rate of 10
percent per annum on the balance outstanding calculated on a
daily basis from the expiry of an extension of thirty (30) days
till the date the Balance Purchase Price is fully paid to
KHSB/Danaharta.

(3.4) Real Property Gains Tax (RPGT)

KHSB hereby irrevocably authorized the Purchaser's solicitors,
Messrs. Shelley Yap Leong Tseu Chong Chia & Co to retain a sum
of MYR173,500.00 on account for payment of the RPGT, if any.

(4) Rationale for the Proposed Disposal of Property

The Proposed Disposal of the Property will allow Danaharta to
partially recover its debts from KHSB in addition to the new
ordinary shares of MYR1.00 each and the Irredeemable Convertible
Unsecured Loan Stocks in Jawira Holdings Berhad to be issued to
Danaharta under a proposed debt settlement, which formed part of
the Proposed Restructuring Scheme undertaken by KCB and its
scheme subsidiary companies, including KHSB.

(5) Effect of the Proposed Disposal of Property

(5.1) Issued and paid-up share capital and shareholding of
substantial shareholders

The Proposed Disposal will be settled in cash and thus it will
not have any effect on the issued and paid-up share capital and
shareholdings of the substantial shareholders of KCB. As per
Register Shareholders of the Company, there is no substantial
shareholder recorded.

(5.2) Earnings

KCB Group is expected to realize a capital gain of approximately
MYR28,000.00 (before deduction of any expenses to be incurred to
complete the transaction) from the Proposed Disposal for the
financial year ending May 31, 2006.

(5.3) Net Tangible Assets (NTA)

The Proposed Disposal is not expected to have any material
effects on the proforma NTA of KCB Group for the financial year
ending May 31, 2006.

(6) Approvals Required

The Proposed Disposal is subject to the followings:

(i) The approvals of the directors and shareholders of the
Purchaser;

(ii) The approvals of the directors and shareholders of KHSB;

(iii) The approvals of the Securities Commission, if required;

(iv) A Court order, if applicable, approving the sale and
purchase pursuant to Section 176 of the Companies Act, 1965;

(v) Written undertaking from Danaharta that upon full payment of
the Purchaser Price, Danaharta shall discharge any and all its
interests, claims and demand in the said Property and any other
claims and demands against KHSB; and

(vi) Any other approval from relevant authorities (if required).

The above approvals must be satisfied within three (3) months
from the date of the SPA, with an automatic extension of another
one (1) month or such other extended period as may be mutually
agreed in writing, by the parties involved.

(7) Directors' and Major Shareholders Interests

None of the Directors and/or major shareholders of KCB or
persons connected to them have any interest in the Proposed
Disposal.

(8) Directors' Recommendation

The Board of Directors of KCB, having considered all aspects of
the Proposed Disposal believes that the Proposed Disposal is in
the best interest of the Company.

(9) Estimated Timeframe for Completion

The Proposed Disposal is expected to be completed by February
2006.

(10) Departure from the Securities Commission's Policies and
Guidelines on issue/of securities (SC Guidelines)

There is no departure from SC Guidelines in respect of the
Proposed Disposal.

(11) Documents Available for Inspection

The SPA and the valuation report by Messrs. Henry Butcher Lim &
Long (Sabah) Sdn Bhd are available for inspection at KCB's
office at 10th Floor, Menara Kemayan, 160, Jalan Ampang, 50450
Kuala Lumpur.

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888
Fax: +60 7 236 5307


MAGNUM CORPORATION: Purchases Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: October 19, 2005

Description of shares purchased: Ordinary shares of MYR0.50 each

Total number of shares purchased (units): 250,000

Minimum price paid for each share purchased (MYR): 1.990

Maximum price paid for each share purchased (MYR): 2.000

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 250,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 67,735,000

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

CONTACT:

Magnum Corporation Berhad
No 8 Jalan Munshi Abdullah
50100 Kuala Lumpur, 50100
Malaysia
Telephone: +60 3 2698 8033
Fax: +60 3 2698 9885


PETALING TIN: Explains Unusual Market Activity
----------------------------------------------
Bursa Malaysia Securities Berhad has on October 19, 2005 issued
an Unusual Market Activity query on the trading of Petaling Tin
Berhad's securities.

In this respect, investors are advised to take note of the
Company's reply to the above UMA query which will be posted at
Bursa Malaysia's website under the company announcements,
http://announcements.bursamalaysia.comwhen making their
investment decision.

Click to view in full details the UMA query
http://bankrupt.com/misc/PetalingTinBerhad101905.pdf

CONTACT:

Petaling Tin, Berhad
No 8 Lorong P Ramlee
Level 19 Menara PanGlobal
50250 Kuala Lumpur 50250
Malaysia
Telephone: +60 3 2026 4491
Fax: +60 3 2026 3106


PILECON ENGINEERING: Mulls Cap Reduction, Share Consolidation
-------------------------------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Pilecon Engineering Berhad (Pilecon) will be held at
Dewan Bunga Raya, No. 2, Jalan U1/26, Seksyen U1, Hicom-
Glenmarie Industrial Park, 40150 Shah Alam, Selangor Darul Ehsan
on Friday, November 11, 2005 at 10:00 a.m. to consider and, if
thought fit, to pass the following resolutions, with or without
modifications:

Special Resolution - Proposed Capital Reduction and Proposed
Share Consolidation

"THAT, subject to the approval of the unsecured creditors of
Pilecon to the proposed scheme of arrangement at the Court
Convened Meeting held on August 3, 2005 pursuant to Section 176
of the Companies Act, 1965, confirmation of the High Court of
Malaya (Court) and contingent upon the passing of Ordinary
Resolutions 1, 2 and 3, and subject to the approvals of the
Securities Commission (SC), Bursa Malaysia Securities Berhad
(Securities Exchange) and any other relevant authorities, for
the purpose of giving effect to the Proposed Capital Reduction
and the Proposed Share Consolidation (hereinafter defined)
(whether in its original form or with or subject to any
modification, addition or condition or revaluations and/or
amendments imposed by the SC, the Securities Exchange, the Court
or any other relevant authorities), approval is hereby
unconditionally given and confirmed by the shareholders of the
Company for:

all of the existing issued and paid-up share capital of Pilecon
of MYR199,821,007 comprising 399,642,014 ordinary shares of
MYR0.50 each in Pilecon (Pilecon Shares) to be reduced to
MYR99,910,503 comprising 399,642,014 ordinary shares of MYR0.25
each by the cancellation of MYR0.25 from the par value of each
of Pilecon Share (fractions, if any, to be disregarded)
(Proposed Capital Reduction);

forthwith and contingent upon the said reduction of capital
taking effect, the said 399,642,014 ordinary shares of MYR0.25
each in Pilecon to be consolidated such that two (2) ordinary
shares of MYR0.25 each in Pilecon shall be consolidated into one
(1) ordinary share of MYR0.50 in par value, upon which the sum
of MYR0.50 shall be credited as having been fully paid-up,
thereby consolidating the 399,642,014 ordinary shares of MYR0.25
each into 199,821,007 ordinary shares of MYR0.50 each (Proposed
Share Consolidation);

AND THAT the Directors of the Company be and are hereby
authorized to do all acts and things to give effect to the
Proposed Capital Reduction and the Proposed Share Consolidation
with full power to assent to any condition, modification,
variation, revaluation and/or amendment (if any) as may be
imposed or required by the SC, the Securities Exchange, the
Court or other relevant authorities (provided always that the
conditions, modifications, variations, revaluations and/or
amendments (if any) are not to the detriment of the members of
the Company);

AND FURTHER THAT the Directors are hereby duly authorized to
take all steps and do all acts and things in any manner as they
may deem necessary or expedient in connection with the Proposed
Capital Reduction and the Proposed Share Consolidation".

Ordinary Resolution 1 - Proposed Rights Issue

"THAT, subject to the approval of the unsecured creditors of
Pilecon to the proposed scheme of arrangement at the Court
Convened Meeting held on August 3, 2005 pursuant to Section 176
of the Companies Act, 1965, confirmation of the Court and
contingent upon the passing of the Special Resolution and
Ordinary Resolutions 2 and 3, and subject to the approvals of
the SC, the Securities Exchange, and any other relevant
authorities, for purpose of giving effect to the Proposed Rights
Issue (hereinafter defined) (whether in its original form or
with or subject to any modification, addition or condition, or
revaluation and/or amendments imposed by the SC, the Securities
Exchange, the Court and/or relevant authorities), the Directors
be and are hereby authorized to provisionally allot by way of a
renounceable rights issue of up to 279,749,409 new Pilecon
Shares at par, payable in full upon acceptance, on the basis of
seven (7) new Pilecon Shares for every five (5) existing Pilecon
Shares held after the Proposed Capital Reduction and the
Proposed Share Consolidation (Proposed Rights Issue) to persons
whose names appear in the Record of Depositors at the close of
business on a date to be determined by the Directors;

AND THAT all fractions of new ordinary shares, if any, are to be
disregarded and shall be dealt with by the Directors in such
manner and in such terms as they may deem beneficial to the
Company;

AND THAT such new ordinary shares to be issued pursuant to the
Proposed Rights Issue shall, upon allotment and issue, rank pari
passu in all respects with the existing Pilecon Shares in issue
then save and except that they shall not be entitled to
participate in any dividends, rights, allotments and/or other
distributions that may be declared, made or paid before the
allotment date of the new Pilecon Shares;

AND THAT to utilize the proceeds from the Proposed Rights Issue
for such purposes and in such manner as set out in Section 3.3.3
of Part A of the Circular to Shareholders of Pilecon dated
October 20, 2005 (Circular);

AND THAT the Directors be and are hereby authorized to give
effect to the Proposed Rights Issue with full power to assent to
any condition, modification, variation, revaluation and/or
amendment (if any) as may be imposed or required by the SC, the
Securities Exchange, the Court or other relevant authorities
(provided always that the conditions, modifications, variations,
revaluations and/or amendments (if any) are not to the detriment
of the members of the Company);

AND FURTHER THAT the Directors are hereby duly authorized to
take all steps and do all acts and things in any manner as they
may deem necessary or expedient in connection with the Proposed
Rights Issue".

Ordinary Resolution 2 - Proposed Debt-Restructuring Scheme

"THAT, subject to the approval of the unsecured creditors of
Pilecon to the proposed scheme of arrangement at the Court
Convened Meeting held on 3 August 2005 pursuant to Section 176
of the Companies Act, 1965, confirmation of the Court and
contingent upon the passing of the Special Resolution and
Ordinary Resolutions 1 and 3, and subject to the approvals of
the SC, the Securities Exchange and any other relevant
authorities, for the purpose of giving effect to the Proposed
Debt-Restructuring Scheme (hereinafter defined) set out in
Appendix VI of the Circular (whether in its original form or
with or subject to any modification, addition or condition, or
revaluation and/or amendments imposed by the SC, the Securities
Exchange, the Court and/or relevant authorities), approval is
hereby unconditionally given and confirmed by the shareholders
of the Company for:

the implementation of a scheme of arrangement under Section 176
of the Companies Act, 1965, for Pilecon to settle a portion of
its debt amounting to MYR258,483,707 in aggregate owing to the
unsecured creditors of Pilecon to be satisfied by the
combination of a cash settlement of MYR60,000,000, the
conversion of debt amounting to MYR20,000,000 into new Pilecon
Shares at a conversion price based on the weighted average price
for the five (5) market days immediately prior to the completion
date of the Proposed Debt-Restructuring Scheme or the par value,
whichever is higher, the issue of MYR120,000,000 nominal value
of 5% redeemable convertible secured loan stocks at 100 percent
of its nominal value (RCSLS) and the issue of MYR58,483,707
nominal value of five (5)-year 5 percent irredeemable
convertible unsecured loan stocks at 100 percent of its nominal
value (ICULS) (collectively referred to as the Proposed Debt-
Restructuring Scheme) as described in Appendix VI of the
Circular;

AND THAT the new Pilecon Shares to be issued pursuant to the
Proposed Debt-Restructuring Scheme and the conversion of the
RCSLS and ICULS shall, upon allotment and issue, rank pari
passu, in all respects with the existing Pilecon Shares in issue
then, except that they will not be entitled to any dividends,
rights and/or distributions, the entitlement date of which is
prior to the date of allotment of the said new Pilecon Shares;

AND THAT the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to and implement the Proposed
Debt-Restructuring Scheme with full power to assent to any
conditions, modifications, variations, revaluation and/or
amendments (if any), as may be imposed or required by the SC,
the Securities Exchange, the Court and any other relevant
authorities (provided always that the conditions, modifications,
variations, revaluations and/or amendments (if any) are not to
the detriment of the members of the Company);

AND FURTHER THAT the Directors are hereby duly authorized to
take all steps and do all acts and things in any manner as they
may deem necessary or expedient in connection with the Proposed
Debt-Restructuring Scheme".

Ordinary Resolution 3 - Proposed Exemption

"THAT, subject to the approval of the unsecured creditors of
Pilecon to the proposed scheme of arrangement at the Court
Convened Meeting held on August 3, 2005 pursuant to Section 176
of the Companies Act, 1965, confirmation of the Court and
contingent upon the passing of the Special Resolution and
Ordinary Resolutions 1 and 2, and subject to the approvals of
the SC and any other relevant authorities, for the purpose of
giving effect to the Proposed Exemption (hereinafter defined)
(whether in its original form or with or subject to any
modification, addition or condition, or revaluation and/or
amendments imposed by the SC and/or relevant authorities),
approval is hereby unconditionally given to Tradefast Properties
Limited (Tradefast) and the person acting in concert with it,
namely Tan Hock Keng (PAC) for the exemption under Practice Note
2.9.1 of the Malaysian Code on Take-overs and Mergers, 1998 from
the obligation to undertake a mandatory offer to acquire the
remaining Pilecon Shares in the Company not already owned by
Tradefast and the PAC upon completion of the Proposed Rights
Issue (Proposed Exemption);

AND THAT the Directors of the Company be and are hereby
authorized to do all such acts and things and to execute all
necessary documents to give effect to and implement the Proposed
Exemption with full power to assent to any conditions,
modifications, variations, revaluation and/or amendments (if
any), as may be imposed or required by the SC and any other
relevant authorities (provided always that the conditions,
modifications, variations, revaluations and/or amendments (if
any) are not to the detriment of the members of the Company);

AND FURTHER THAT the Directors are hereby duly authorized to
take all steps and do all acts and things in any manner as they
may deem necessary or expedient in connection with the Proposed
Exemption".

By Order of the Board
Lee Li Li
LS 0008667
Company Secretary
October 20, 2005
Selangor Darul Ehsan

Notes:

(1) A member of the Company entitled to attend and vote at the
above EGM is entitled to appoint a proxy or proxies to attend
and vote in his stead. A proxy need not be a member of the
Company and the provision of Section 149(1)(b) of the Act shall
not apply to the Company.

(2) Where a member appoints more than one proxy, the
appointments shall be invalid unless he/she specifies the
proportions of his/her holdings to be represented by each proxy.

(3) The instrument appointing a proxy shall be in writing under
the hand of the appointer or his attorney duly authorized in
writing or, if the appointer is a corporation, this form must be
executed under its Common Seal or under the hand of an officer
or attorney duly authorized in writing.

(4) The instrument appointing a proxy together with the power of
attorney or other authorities, if any, under which it is signed
or a notarially certified copy thereof shall be deposited at the
Registered Office of the Company at No. 2, Jalan U1/26, Seksyen
U1, Hicom-Glenmarie Industrial Park, 40150 Shah Alam, Selangor
Darul Ehsan not less than forty-eight (48) hours before the time
set for holding the EGM or any adjourned thereof.

This announcement is dated 19 October 2005.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888
Fax: +60 3 7804 3888


POLY GLASS: Receives Notification of Director's Dealings
--------------------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of the
Bursa Malaysia Securities Berhad, this is to notify that Poly
Glass Fibre (M) Berhad (the Company) has on October 19, 2005
received a notification dated October 19, 2005 from Mr. Fong Wah
Kai, the Executive Director of the Company in relation to his
indirect acquisition of 50,100 ordinary shares of MYR1.00 each
in the Company as per the information below:

Date of Dealing: October 18, 2005

Consideration for the dealing: MYR0.135 per ordinary share

Amount of Securities acquired: 50,100 ordinary shares of MYR1.00
each

Percentage of Securities acquired: 0.03 percent

Total number of Securities and percentage held after
acquisition:

Direct: 5,611,500 (3.51%)

Indirect: 51,919,700 (32.45%)

Dated this 19th day of October 2005.

CONTACT:

Poly Glass Fibre (M) Bhd
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460
Fax: 04-3996197


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that ist
additional 191,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation with effect from 9:00 a.m., Friday,
October 21, 2005.

CONTACT:

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


TAP RESOURCES: Parties Agree to Extend Completion of Acquisition
----------------------------------------------------------------
Tap Resources Berhad (TAP) furnished Bursa Malaysia Securities
Berhad details of the acquisition of further shares in associate
company, Pola Unik Sdn Bhd (Proposed Acquisition).

Further to the announcement made on July 20, 2005 in relation to
the above, the Board of Directors of TAP advised that TAP and
the Vendor had on October 18, 2005 mutually agreed to extend the
completion of the Shares Sale Agreement entered into between the
Company and the vendor, Yusoff bin Berahim, for a further period
of three (3) months as both parties require more time to
complete the Proposed Acquisition.

CONTACT:

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


WAH SEONG: Unit Fully Purchases Kanssen Shares
----------------------------------------------
Wah Seong Corporation Berhad (WSC) details to Bursa Malaysia
Securities Berhad the Put and Call Option arrangement between
PPSC (HK) Limited (PPSCHK), PPSC Industrial Holdings Sdn Bhd
(PPSCIH) and Investright Limited (Investright) for the option to
acquire up to a maximum of 612,993 ordinary shares of US$1.00
each (Kanssen Shares) representing approximately 21.87 percent
of the total issued and paid up share capital of Kanssen
(Yadong) Pipe Coating Services Limited (Kanssen) at the option
price of approximately HKD149.84 (equivalent to approximately
MYR72.22) per Kanssen Share, which shall be satisfied in cash.

Further to the announcements made by Hwang-DBS Securities Berhad
for and on behalf of the Company on April 12, 2005, June 16,
2005, August 16, 2005 and October 17, 2005, the Board of
Directors of WSC informed the Exchange that PPSCHK, a wholly
owned subsidiary of PPSCIH which in turn is a 64.48 percent
subsidiary of WSC, had on October 19, 2005 completed its
purchase of 177,561 Kanssen Shares from Investright,
representing 6.34 percent equity interest in Kanssen pursuant to
Investright's Second Put Option Notice to PPSCHK on October 17,
2005 in respect of the Put/Call Option Deed dated June 16, 2005,
for a purchase consideration of HKD26,606,469.77 (equivalent to
MYR12,616,787.96 based on the exchange rate of HKD1.00 to
MYR0.4742 as at 18 October 2005, being a date prior to this
announcement).

This announcement is dated 19 October 2005.

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212
Fax: +60 3 2288 1272


WCT ENGINEERING: Unveils Resolutions Passed at EGM
--------------------------------------------------
The Board of Directors of WCT Engineering Berhad advised Bursa
Malaysia Securities Berhad that the following resolutions
proposed at the Company's Extraordinary General Meeting held on
Wednesday, October 19, 2005 have been duly passed:

Ordinary Resolution

- Proposed Amendments to the Articles of Association of the
Company

Ordinary Resolution 1

- Proposed Bonus Issue

Ordinary Resolution 2

- Proposed Amendments to the By-Laws of the existing Employees'
Share Option Scheme of WCT Engineering Berhad

Ordinary Resolution 3

- Proposed Allocation of Options to Y. Bhg Dato Capt.Ahmad
Sufian @ Qurnain Bin Abdul Rashid

Ordinary Resolution 4

- Proposed Allocation of Options to Choe Kai Keong

Ordinary Resolution 5

- Proposed Allocation of options to Cheah Hon Kuen

Ordinary Resolution 6

- Proposed Allocation of options to Choo Tak Woh

Ordinary Resolution 7

- Proposed Allocation of additional options to Liang Kai Chong

This announcement is dated 19 October 2005.

CONTACT:

WCT Engineering Berhad
12, Jalan Majistret U1/26
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park
40150 Shah Alam, Selangor Darul Ehsan, Malaysia
Telephone: 603-7805 2266
Fax: 603-7804 9877
E-mail: wctbhd@wcte.com.my


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

ALCAN PACKAGING: Shuts Down RP Operations
-----------------------------------------
Canada-based Alcan Packaging Starpack Corp. has decided to pull
out its operations in the Philippines due to soaring production
costs, BusinessWorld says.

Alcan President Austen Kernohan said the company will focus on
tobacco packaging as it is no longer profitable to maintain its
food packaging business in the country.

The company, which is one of the top three flexible packaging
companies in the Philippines, assured major clients including
Nestle Philippines that it would still meet their business needs
through Alcan Packaging facilities in Asia.

High import taxes on plastics have contributed to soaring
production packaging costs in the Philippines.

The Philippine Plastics Industry Association earlier warned the
companies operating in the Philippines will close shop if the
tariff distortion in the petrochemical industry not resolved.


BAYAN TELECOMMUNICATIONS: Expects Revenues to Miss Target
---------------------------------------------------------
Bayan Telecommunications Inc. (Bayantel) forecasts Php5.5
billion revenues this year, lower than its original Php6-billion
target as it continues to restructure operations, BusinessWorld
reports.

The company had an earlier internal target of Php6 billion but
rationalization of its revenue stream would make it difficult
for the firm to meet the goal.

The telco, which last year earned Php5.46 billion, is
aggressively restructuring its revenue stream.

The company plans to expand in other areas to capture additional
growth as it noted that growth in the landlines business is
tapering off.

Bayantel, which has been under receivership since 2003, plans to
expand by using internally generated funds.

CONTACT:

Bayan Telecommunications Inc.
Investor Relations
3/F BayanTel Corporate Center
Maginhawa corner Malingap Streets
Teacher's Village East, Diliman
Quezon City 1101, Philippines
Fax: (632) 449-2174
Web site: http://www.bayantel.com.ph


MANILA ELECTRIC: Explains Lifting of TRO on VAT
-----------------------------------------------
The Manila Electric Company (Meralco) said it will have to wait
for the issuance of the effective date of the value added tax
(VAT) by the Department of Finance (DoF) or the Bureau of
Internal Revenue (BIR) following the Supreme Court's lifting of
the temporary restraining order (TRO) on the VAT.

Meralco also has to await all the implementing guidelines of the
VAT on the energy sector to be issued by the DoF. BIR and the
Energy Regulatory Commission (ERC). It is expected that the BIR
will issue a Revenue Memorandum Circular (RMC) including
probable amendments or supplements to Revenue Regulation (RR)
No.14-2005. The ERC, on the other hand, will issue its own
Resolution.

Meralco VAT Implementation Task Force Chairman Atty. Anthony
Rosete emphasized that the VAT is revenue neutral to Meralco and
that all VAT collections will accrue to the government.

"We would like to stress that we will merely comply with law and
implement whatever order will given to us by the government."
Mr. Rosette. He added that the VAT component to be reflected in
the Meralco bill, is therefore only a pass through charge.

Meralco, for the time being, has to wait for the final
guidelines from the DoF, BIR and the ERC before it is able to
discuss the details on how the VAT implementation will be
carried out.

"As soon as we receive these guidelines, we will inform our
customers accordingly," Mr. Rosette concluded.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


NATIONAL POWER: Economic Zones Enjoy Special Rates
--------------------------------------------------
State-owned National Power Corporation (Napocor) has given
discounts to at least seven economic zones in the country since
August, according to The Philippine Daily Inquirer.

The special rates were implemented in response to calls for more
competitive electricity prices for exporters.

Napocor President Cyril del Callar confirm the power firm has
been offering special and competitive rates to the Subic Bay
Freeport Zone in Zambales province, the Clark Special Economic
Zone in Pampanga, the Cavite Export Processing Zone, the Bataan
Export Processing Zone, the Baguio City Export Processing Zone
and the Mactan I and II Export Processing Zones in Cebu.

Napocor was also considering providing discounts to export-
oriented enterprises in industrial estates. These special
discounts would help boost the competitiveness of the export
sector. The rates are still subject to negotiation.

Napocor is also offering special rates to distressed industries.

CONTACT:

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


UNIOIL RESOURCES: Provided Copy of Amended Financial Report
-----------------------------------------------------------
Unioil Resources & Holdings Company Inc. (UNI) provided the
Philippine Stock Exchange a copy of its Amended Quarterly
Report, using SEC Form 17-Q, for the quarter ended June 30,
2005.

A copy of UNI's Amended Quarterly Report is available for
downloading at:
http://bankrupt.com/misc/tcrap_unioilreport102005.pdf.

CONTACT:

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


UNIOIL RESOURCES: Annual Stockholders Meeting Set Nov. 15
---------------------------------------------------------
The Annual Stockholders' Meeting of Unioil Resources & Holdings
Company Inc. (the Corporation) will be held on Tuesday, November
15, 2005, 10:00 a.m., at the Roces Room, Club Filipino
Eisenhower Street corner Club Filipino Avenue, Greenhills, San
Juan, Metro Manila, at which meeting the following matters will
be taken up:

1.  Call to Order;
2.  Notice of Quorum;
3.  Reading and Approval of the Annual Stockholders' Meeting
held on October 3, 2003;
4.  Report of the Management;
5.  Approval and Ratification of all Acts and Resolutions of the
Board of Directors and Management for the Period from October 4,
2003 to November 15, 2005;
6.  Election of Members of the Board of Directors for 2005-2006;
7.  Appointment of External Auditor;
8.  Other Matters;
9.  Adjournment

The Organizational Meeting of the new Board of Directors will be
held immediately after the Annual Stockholders' Meeting.

By resolution of the Board of Directors, the close of business
on Tuesday, October 18, 2005, has been fixed as the record date
for the determination of the stockholders entitled to notice of,
and to vote at, the Annual Stockholders' Meeting and any
adjournment thereof.

All stockholders who do not expect to attend the meeting in
person are urged to fill in, date, sign and return the enclosed
proxy to the Corporation, at its Principal Office, not later
than October 26, 2005, in accordance with Amended Implementing
Rules and Regulations of the Securities Regulation Code. Proxies
received after the said deadline will not be recorded. Corporate
stockholders are requested to attach to the proxy instrument
their respective Secretary's Certificates containing the Board
Resolution vis-a-vis the authority of their proxies. Management
is not asking you for a proxy and you are not requested to send
management a proxy. All proxies submitted on or before the
deadline shall be validated by a Committee of Inspectors on
November 9, 2005, at the Principal Office of the Corporation.


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

FIRSTLINK INVESTMENTS: Issues Update on Unit's Liquidation
----------------------------------------------------------
Firstlink Investments Corporation Limited refers to the
announcement on Aug. 12, 2005 and announces that at the hearing
on Oct. 18, 2005 in respect of the application for the winding
up of Green Salt Group Limited (GSGL) issued by Asiacorp
Development Limited, the following orders were made by the High
Court of Justice British Virgin Islands, namely:

a) that the application by Asiacorp to wind up GSGL be adjourned
to Nov. 22, 2005;

b) that GSGL shall maintain the status quo of its shareholding
in two principal subsidiaries, namely Amtrosden & Capital
Treasure until further order of the Court, and GSGL is to take
the necessary steps to procure the status quo of the
subsidiaries' interest in Qinghai Province Salt Industry Limited
on similar terms.

The Company further announces that on Oct. 15, 2005, it
commenced legal proceedings in the High Court of the Hong Kong
Special Administrative Region against GSGL, Asiacorp, Cheung Che
Kin, Foo Chi Ming, Ngu Tieng Ung, and others seeking a
declaration that the Shareholders Agreement dated April 30,
2005, Deed of Novation dated April 29, 2005 & Share Mortgage
Deed dated April 29, 2005 purportedly executed by the Company
under its common seal be declared null & void.

Shareholders will be updated on any further developments when
appropriate.

By Order of the Board

Ling Yew Kong
Executive Chairman

CONTACT:

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


FLEXTECH HOLDINGS: Unit Struck Off from Commission
--------------------------------------------------
Flextech Holdings Limited announced that its dormant subsidiary
CommerceNow Sdn Berhad was deregistered from the Companies
Commission of Malaysia.

The deregistration of CommerceNow Berhad is not expected to
affect the Company's earnings and net tangible assets per share
for the financial year ending Dec. 31, 2005.

By Order of the Board

Chow Kek Tong
Chief Financial Officer
Dated: Oct. 20, 2005

CONTACT:

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


IMAJE LIMITED: To Receive Claims Until Next Month
-------------------------------------------------
Notice is hereby given that the creditors of Imaje (Singapore)
Limited are required on or before Nov. 13, 2005 to send in their
names and addresses and the particulars of their debts or claims
and the names and addresses of their solicitors (if any) to the
Company Liquidator at c/o 2 Mistri Road, #12-01 HMC Building,
Singapore 079624.

If so required by notice in writing from the said Liquidator,
they are by their solicitors or personally to come in and prove
the said 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 14th day of October 2005

Teh Kwang Hwee
Liquidator
C/o 2 Mistri Road, #12-01 HMC Building
Singapore 079624


MEDIASTREAM LIMITED: Court Allows Judicial Management Extension
---------------------------------------------------------------
On Aug. 23, 2005, Mediastream Limited announced that it entered
into an agreement dated Aug. 19, 2005 with certain parties to
acquire the entire share capital in Opus IT Services Pte
Limited. The acquisition agreement is conditional, inter alia,
upon the vendors (& their concert parties) receiving a waiver
from the Securities Industry Council (SIC) of their obligation
to make a mandatory offer for the shares in the Company not held
by them (& their concert parties) upon completion of the
transactions contemplated under the acquisition agreement
(whitewash waiver).

The Company announced that in a letter dated Oct. 14, 2005, the
DIC granted the whitewash waiver, subject to certain conditions
such as the presence of the Company's independent shareholders
at a general meeting to vote on the approval of a resolution to
waive their rights to receive a general offer from the vendors,
as well as the appointment of an independent financial adviser
to advise the shareholders on the resolution. In such case, the
Company has appointed MS Corporate Finance Pte Limited to be its
independent adviser. Shareholders are advised not to take any
action which may be prejudicial to their interests.


The Company also announces that the Singapore High Court granted
thge following orders in a court order dated Oct. 13, 2005:

a) that the Company judicial mananger be allowed an extension
from June 21, 2005 to Jan. 21, 2006 to convene a meeting; and

b) that the judicial management order be enforced on April 19,
2006.

By order of Timothy James Reid
Judicial Manager
Oct. 19, 2005

CONTACT:

MediaStream Limited (formerly: Form Holdings Limited)
39 Tampines Street 92
MediaStream Building
Singapore 528883
Phone: 65 6788 7888
Fax:   65 6787 1238
Email: info@mediastreamsg.com
Web site: http://www.mediastreamsg.com


NATSTEEL LIMITED: Unveils New Office Address
--------------------------------------------
Natsteel Limited announced that effective Oct. 19, 2005, the
Company's registered office address will be at 77 Robinson Road,
#27-00 SIA Building, Singapore 068896.

BY ORDER OF THE BOARD

Lim Su-Ling
Company Secretary
Oct. 19, 2005


CONTACT:

Natsteel Limited
77 Robinson Road
#27-00 SIA Building
Singapore 068896
Phone: 65 6536 1000
Fax:   65 6536 1008
Web site: http://www.nsl.com.sg/


PERALATAN BIOSAINS: Pays Dividend to Creditors
----------------------------------------------
Peralatan Biosains (S) Pte Limited, formerly of 1002 Jalan Bukit
Merah, #07-05 Bukit Merah Industrial Estate, Singapore 159456,
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Peralatan Biosains (S) Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 157 of 1999
Last day for receiving proofs: Oct. 28, 2005
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Chan Wang Ho
Assistant Official Receiver


SCHULZ PTE: Intends to Distribute Dividend
------------------------------------------
Schulz (SEA) Pte Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Schulz (SEA) Pte Limited
Number of Matter: Companies Winding Up No. 157 of 1999
Last day for receiving proofs: Nov. 14, 2005
Name  & address of Liquidator: Mr Don M Ho, FCPA.
C/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Phone: 65 6532 0320 (8 lines).
Fax:   65 6532 0331

Dated this 14th day of October 2005


W7 PTE: Liquidator Sets Deadline for Debt Claims Submission
-----------------------------------------------------------
Notice is hereby given that the creditors of W7 Pte Limited,
which is being wound up voluntarily, are required on or before
Nov. 18, 2005 to send in their names and addresses and the
particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the Company
liquidators.

If so required from the liquidators, they are to come in and
prove their debts or claims as shall be specified. In default
thereof, creditors will be excluded from the benefits of any
distribution made before such proof.

Dated: Oct. 18, 2005

Aw Eng Hai
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
c/o Foo Kon Tan Grant Thornton
47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building
Singapore 179365


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

THAI AIRWAYS: SET Allows Trading of Shares
------------------------------------------
Starting October 21, 2005, the Stock Exchange of Thailand
(SET) allowed the securities of Thai Airways International
Public Company Limited (THAI) to be traded on the SET after
finishing capital increase procedures.

Name: THAI

Paid up Capital

Old: THB16,988,881,500

Number of common share: 1,698,888,150 shares

New: THB16,988,897,500

Number of common share: 1,698,889,750 shares

Par Value: THB10

Allocate to: Employee Securities Option Plan (ESOP) of THAI
total 1,600 shares

(1) Type-one warrants (THAI-WA) 650 units exercise to 650 common
shares

(2) Type-two warrants (THAI-WB) 950 units exercise to 950 common
shares

Exercise Ratio: 1 warrant: 1 ordinary share

Exercise Price: THB15

Exercise Date: October 3, 2005

CONTACT:

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


THAI DURABLE: SET Suspends Trading of Shares
--------------------------------------------
The Stock Exchange of Thailand (SET) had ordered the trading
suspension of Thai Durable Group Public Company Limited (TDT)
from the morning session of October 17, 2005 pending receipt of
significant information on the allocation of the new ordinary
shares amounting 141.905 million shares to the Shareholders'
group who might be connected persons.

Besides, the offer price is THB0.88 which is below the market
price. The said information might be a connected transaction by
the SET's rules and regulation.

Now, the Company has clarified or disclosed the relevant
material information, which has been broadly disseminated
through the SET's disclosure systems. Thus, the SET permitted
resumption of trading of TDT from the morning session of
October 20, 2005 onwards.

Due to the refusal of three investors on subscription of TDT' s
new shares allotment, the SET would like to inform TDT's
shareholders and general investors to study TDT's upcoming board
of directors resolution about the new allotment to private
placement (PP).

CONTACT:

Thai Durable Group Pcl
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn
Telephone: 0-2463-0024, 0-2463-2293-6
Fax: 0-2463-3821


THAI DURABLE: Clarifies Sale of New Shares
------------------------------------------
The Stock Exchange of Thailand (SET) requested Thai Durable
Group Public Company Limited to clarify the information on the
sale of 141,905,000 new shares (or 26.25 percent of the paid-up
capital after the increase of capital) to three persons i.e.
Miss Lalit Denduangrudee, Mr. Chanchai Denduangrudee and Miss
Yan Wai Man, which may be considered as a related transaction
under the regulations of the SET.

The Company clarified that on the date the Board of Directors
Meeting considered and resolved to approve the allocation of
shares to the aforesaid persons, Miss Lalit Denduangrudee and
Mr. Chanchai Denduangrudee were not related persons of the
Company because their shares and the shares held by the
shareholders who may deemed as persons in the same group are not
more than ten percent of the paid-up capital of the Company.

However, on the date of the 2005 Annual Shareholders Meeting on
April 29, 2005, Miss Lalit Denduangrudee and Mr. Chanchai
Denduangrudee were related persons of the group of major
shareholders of the Company (holding shares more than ten
percent of the paid-up capital of the Company) so this
transaction may be considered as related transaction for which
the Company is required to take action under the regulations of
the SET and to propose this transaction to a shareholders
meeting.

Furthermore, the Company hereby explains the reason for the
decrease in the number of shares held by the group of major
shareholders as at April 29, 2005, causing such transaction to
be considered as a transaction undertaken with related persons.
This is because during the period from August to September 2005,
the group of major shareholders accepted the transfer of shares
from Miss Yan Wai Man and disposed of their shares on the SET
resulting in the shares held by such major shareholders to
decrease to become less than ten percent of the paid-up capital.

Finally, as at September 2, 2005 such group of major
shareholders held shares representing 4.23 percent of the
paid-up capital of the Company so they are no longer major
shareholders of the Company.  The Board of Directors Meeting on
October 14, 2005 reexamined the information of the group of
major shareholders.

Additionally, the Company further informed the SET that on
October 19, 2005, the Company was informed of the refusal to
subscribe to all new shares by such major shareholders due to
the operation period and higher cost.

In this regard, the Company shall hold a Board of Directors
Meeting to be informed of this matter and reconsider the
reallocation of new ordinary shares.  The Company will
subsequently inform the SET and investors of the result of the
consideration.

Furthermore, the Company did not intend to take any action
contrary to the regulations and notifications of the SET.
However, the Company will pay greater attention to the
consideration and operation to be in line with the guidelines,
regulations and notifications of the SET.

Please be informed accordingly.

Sincerely yours,
Thai Durable Group Public Company Limited
Mrs. Phakarat Visudhimark
Managing Director



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
  Company                      Ticker    ($MM)          ($MM)
  ------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group Co. Ltd 000030    -182.94      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Informatics Holdings Ltd         INFO      -6.73       27.59
Shenz China Bi-A               000017      -206.9      50.08
Shenz China Bi-B               200017      -206.9      50.08
Sichuan Topsoft Investment     000583     (-45.54)    228.05
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT      (-62.86)     360.72


MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Panglobal Bhd                   PGL       (-50.36)     189.92

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22
Benpres Holdings Corp.          BPCP       35.72       850.58

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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