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

                     A S I A   P A C I F I C

             Thursday, November 3, 2005, Vol. 8, No. 218

                            Headlines

A U S T R A L I A

AFFORDABLE CHASING: Failure to Pay Debt Prompts Winding Up
A.G. WHITMORE: Schedules Final Meeting November 10
AIR NEW ZEALAND: To Launch New Economy Service
ANVIL MINING: Kilwa Ghosts Continue to Haunt Firm
BAKERY REPAIRS: Members Pass Winding Up Resolution

BEEBY COMMUNICATIONS: Appoints Official Liquidator
BRAKE TECHNOLOGIES: Intends to Pay Final Dividend
CAPRAL ALUMINIUM: Welcomes New Chairman
CITY PAINTING: Liquidator to Present Report to Members
COASTLINE CONCRETING: Winds Up Business

DL FARM: Creditors Confirm Liquidators' Appointment
ENGINEERING SERVICES: Wind Up Process Initiated
ERG GROUP: Answers Market Queries
EVANS & TATE: Rebuffs Calneggia Board Play
FINISHCORP PTY: Court Orders Winding Up

FOSTER'S WINE: To Sell Geyserville Winery; Inks Coppola Deal
HODGES TRANSPORT: Declares First, Final Dividend
JODIE LOGISTICS: Decides to Close Business
MANTAS FARMS: Court Issues Winding Up Order
MONAAD CORPORATION: Creditors Convene to Review Liquidation

MULTIPLEX: Losses Prompt Multiplex Stake Sale
NEW STAR: Placed Under Voluntary Liquidation
PUTT MACDONALD: Danny Vrkic Named Liquidator
QANTAS AIRWAYS: Tries to Alleviate Staff's Fears
RASOR PTY: Declares Dividend Today

ROLVENDEN PTY: Liquidator to Distribute Company Assets
SANTOS LIMITED: Bags Acreage Adjoining Caldita Gas Discovery
SHIRLEY PASTORAL: Enters Liquidation
TOWER LIMITED: Recovery Stalled by Another Profit Warning
WD KEIR: Liquidator to Explain Winding Up to Members, Creditors


C H I N A  &  H O N G  K O N G

ADVERTISING CONCEPTS: Prepares to Close Business
ASIA PACIFIC ALLIANCE: Court Issues Winding Up Order
BANK OF CHINA: Expands Scope of RMB Business in Hong Kong
BANK OF CHINA: BOC Chairman Defends Temasek Stake Purchase
BOE TECHNOLOGY: Losses Worsen in Q3/2005

CENTRAL SHEEN: High Court Orders Winding Up
FLEDGELING NOMINEES: Issues Notice to Creditors to Prove Debts
JAPAN ASIA: To Declare Final Dividend
MAK KEE: Intends to Declare Final Dividend
SCHOLARS' GROUP: Winding Up Hearing Set December 14

SURGETRADE LIMITED: Set to End Operations
WINFUL INTERNATIONAL: Appoints Joint Liquidators


I N D I A

RANBAXY LABORATORIES: Insists on Exclusivity Period for Drug


I N D O N E S I A

ASIA CELLULAR: Securities Firm to File Bankruptcy Petition
DUTA PERTIWI: Receives 'BBB-' Rating from Pefindo
SEMEN CIBINONG: Loss Widens on Currency's Decline


J A P A N

FUJITSU LIMITED: Shares Fall After Glitch Halts Tokyo Exchange
HITACHI LIMITED: Launches Hitachi Global Center in India
MITSUBISHI MOTORS: Launches Accessories Program for U.S. Market
MITSUBISHI MOTORS: October U.S. Sales Up Year Over Year
MITSUBISHI MOTORS: U.S. Unveils Custom Concepts at SEMA Show

NIPPON SHEET: BB+ Ratings on Watch Negative on Possible Takeover
PIONEER CORPORATION: S&P Places BBB Ratings on Watch Negative
SANYO ELECTRIC: Appoints Koichi Maeda as New VP
SANYO ELECTRIC: Shares Up 12.5% After VP Appointment


K O R E A

LG CARD: Union Expresses Concern over Potential Buyers
MANDO CORPORATION: Halla Head Eyes 73.11 Stake


M A L A Y S I A

AMTEL HOLDINGS: AAV Concludes Disposal of Shares
ANTAH HOLDING: Retains Audited Financial Statements
AYER HITAM: Clarifies Q4 Deviation of NLATAMI
BRIGHT PACKAGING: Books MYR1,234Mln Net Loss in Q4
BUKIT KATIL: Explains Variance of Results

CHG INDUSTRIES: Court Grants Restraining Order
GEORGE TOWN: Details Notation of Operations of BFC Bank
KAI PENG: Clarifies Variance of Group Tax Loss
KEMAYAN CORPORATION: Unveils Current Foreign Shareholdings
KIG GLASS: Sets Out Reason of Default

KUMPULAN EMAS: Unveils Actions Taken to Recover Losses
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
MEDIA PRIMA: Replies to Bourse's Query
NORTH BORNEO: Sees No Changes to Financial Status
PAN MALAYSIA: Court Moves Hearing of Case to December

PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
POHMAY HOLDINGS: Directors Outline Regularization Plan
POLY GLASS: In Talks with Auditors Re Financial Statements
POS MALAYSIA: Bourse to List, Quote New Shares
PSC INDUSTRIES: Formulates Debt Restructuring Proposal

PUTERA CAPITAL: Posts MYR3,318,000 Q1 Net Loss


P H I L I P P I N E S

NATIONAL BANK: Exceeds 2004 Net Income by Php139 Mln
NATIONAL BANK: SC Upholds Ruling on Excess Tax Payments
NATIONAL POWER: Regulatory Issues Stall Privatization
NATIONAL POWER: Two Hydro Power Plants Draw 24 Investors
NATIONAL TRANSMISSION: May Lose Php1 Bln Due to ERC Mandate

SOLVIC INDUSTRIAL: High Costs Prompt Closure


S I N G A P O R E

GERMAN DISTRICENTRE: Creditor Files for Judicial Management
LINDETEVES-JACOBERG: Director Quits Commitee
NEOCORP INTERNATIONAL: Unit Appoints Provisional Liquidator
NEWCALL COMMUNICATIONS: Intends to Pay Dividend
SOH BENG: Creditor Seeks Winding Up

SUREBIND ASIA: Court Issues Winding Up Order


T H A I L A N D

ADVANCE PAINT: Strives to Exit from REHABCO Sector
NATURAL PARK: Replies to SET Inquiry
PRASIT PATANA: Chief Executive Quits Post
SIAM AGRO-INDUSTRY: Court Moves Hearing to November 18
THAI PETROCHEMICAL: Administrators OKs ESOP Terms, Conditions

     -  -  -  -  -  -  -  -

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

AFFORDABLE CHASING: Failure to Pay Debt Prompts Winding Up
----------------------------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Affordable Chasing Pty Limited held on Oct. 5, 2005, the
following Special Resolution was passed:

That as it will not be able to pay its debts within 12 months,
the Company be wound up by a Creditors Voluntary Winding Up.

Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed Liquidator of the Company.

Dated this 7th day of October 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


A.G. WHITMORE: Schedules Final Meeting November 10
--------------------------------------------------
Notice is hereby given that the final meeting of members of A.G.
Whitmore Holdings Pty Limited will be held on Nov. 10, 2005,
11:00 a.m. at 42 Alice Street, Turramurra, to present the
Liquidator's final account and report, and to give an
explanation thereof.

Dated this 30th day of September 2005

D. L. Bull
Liquidator
42 Alice Street, Turramurra 2074
Phone: 02 9487 6642


AIR NEW ZEALAND: To Launch New Economy Service
----------------------------------------------
Air New Zealand will introduce a new economy service on three of
its trans-Tasman routes, which includes more efficient ticketing
and more comfortable seating, The Age reveals.

The airline says it has had "huge success" with its Pacific
Premium Economy service on long-haul routes to San Francisco,
Los Angeles and London.

The success of the added comfort, extra leg room and convenience
of a priority check-in has prompted the company to introduce the
service on its Sydney, Melbourne and Brisbane routes to Auckland
on all Boeing 747 and 777 flights, and on all Airbus A320
flights between Brisbane and Auckland, Wellington and
Christchurch.

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/


ANVIL MINING: Kilwa Ghosts Continue to Haunt Firm
-------------------------------------------------
Anvil Mining claimed human rights groups had placed "undue
pressure" on the World Bank to probe into the firm's operations
in the Democratic Republic of Congo (DRC), Sydney Morning Herald
reveals.

The controversial miner released a quarterly report on Tuesday.
In the report, the company said its lawyers considered it
unlikely that legal action would be initiated over an incident
last October in which Congolese military used Anvil trucks and
aircraft to attack more than 100 villagers in Kilwa town.

Locals also claimed that some holes, which have been earlier dug
by Anvil to help maintain its road system, were used as mass
graves.

Anvil has since explained its role in the Kilwa massacre in
presentations to diplomats and the Australian Federal police. It
has strongly denied the accusations against it, saying it had no
choice but provide some of its vehicles for use by the DRC Army
Forces, because it was instructed to do so.

Anvil has told the non-governmental organizations that it hired
a South African company to develop protocols on how to respond
if it were similarly threatened in the future. It would inform
the international community immediately if the army tried to
seize its assets again.

Meanwhile, area tribal chiefs reportedly said they did not blame
the company for the Kilwa killings.

The United Nation mission in the DRC recently released a report
about the Kilwa incident, but noted Anvil declined to share its
internal investigation because of "anticipated legal action
against the company".

The UN said the incident "provides the opportunity of issuing a
reminder to all the international investors in the DRC
concerning their responsibility with regard to the promotion and
respect of human rights and ethical principals".

CONTACT:

Anvil Mining Limited
2nd Floor, 35 Ventnor Avenue
West Perth WA 6005
Australia
Telephone: +(61 8) 9481 4700
Fax: +(61 8) 9481 4800
E-mail: anvil@anvil.com.au
Web site: http://www.anvil.com.au/


BAKERY REPAIRS: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Bakery Repairs Pty Limited held on Oct. 6, 2005, it was
resolved that the Company be wound up voluntarily, and that
Robyn Erskine & Peter Goodin of Brooke Bird & Co. Chartered
Accountants, 471 Riversdale Road, Hawthorn East, 3123, be
appointed Liquidators for such purpose.

Robyn Erskine
Peter Goodin
Liquidators
Brooke Bird & Co.
Insolvency Practitioners
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666


BEEBY COMMUNICATIONS: Appoints Official Liquidator
--------------------------------------------------
At a meeting of the members of Beeby Communications Pty Limited
held on Oct. 6, 2005, it was unanimously resolved that the
Company be wound up, and that Stephen Gower Baker be appointed
Liquidator for the winding up.

Stephen G. Baker
Liquidator
Stephen Baker & Co. Chartered Accountants
Suite 2, 98 Woolwich Road, Woolwich NSW 2110
Phone: 9817 6427
Fax:   9879 0964


BRAKE TECHNOLOGIES: Intends to Pay Final Dividend
-------------------------------------------------
Brake Technologies Pty Limited will declare a final dividend on
Nov. 4, 2005.

Creditors who were unable to prove their debts or claims will be
excluded from the benefit of the dividend.

Dated this 8th day of September 2005

P. Newman
Liquidator
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne Vic 3000


CAPRAL ALUMINIUM: Welcomes New Chairman
---------------------------------------
The Directors of Capral Aluminium Limited announced that Mr.
John Crabb who has been Chairman since April 16, 2002 has
stepped down from his position as Chairman of the Company
effective November 1, 2005 but will remain on the Board.

Mr. Phillip Arnall, a director since February 2002, has been
appointed to the position of Chairman of the Board.

The Directors wish to thank Mr. Crabb for his leadership during
his term as Chairman.

CONTACT:

Capral Aluminium
71 Ashburn Road, Bundamba QLD 4304
PO Box 768, Booval BC QLD 4304
PO Box 768, Booval BC QLD 4304
Phone: 61 7 3816 7000
Fax: 61 7 3816 7111
Web site: http://www.capral.com.au/


CITY PAINTING: Liquidator to Present Report to Members
------------------------------------------------------
Notice is hereby given that the final meeting of Members of City
Painting Services Pty Limited will be held on Nov. 10, 2005,
11:00 a.m. at the offices of Antony de Vries and Riad Tayeh at
Level 3, 95 Macquarie Street, Parramatta, to lay before the
meeting the Liquidator's final account and report, and to give
any explanation thereof.

Dated this 6th day of October 2005

Riad Tayeh
Liquidator
Level 3, 95 Macquarie Street
Parramatta


COASTLINE CONCRETING: Winds Up Business
---------------------------------------
Notice is hereby given that at an Extraordinary General Meeting
of Coastline Concreting & Formwork Pty Limited held on Oct. 5,
2005, the following Special Resolution was passed:

That as it will not be able to pay its debts within 12 months,
the Company be wound up by a Creditors' Voluntary Winding Up.

Stephen Jay of Nicholls & Co. Chartered Accountants, Suite 103,
1st Floor, Wollundry Chambers, Johnston Street, Wagga Wagga, NSW
was appointed Liquidator of the Company.

Dated this 11th day of October 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


DL FARM: Creditors Confirm Liquidators' Appointment
---------------------------------------------------
Notice is hereby given that at a General Meeting of the members
of DL Farm Investments Pty Limited held on Oct. 10, 2005,
members passed a Special Resolution to wind up the Company
voluntarily, and P. Ngan and G. Parker were appointed Joint and
Several Liquidators for such purpose.

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

Dated this 14th day of September 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


ENGINEERING SERVICES: Wind Up Process Initiated
-----------------------------------------------
Notice is hereby given that on Oct. 7, 2005, the following
Special Resolution was passed:

That Engineering Services & Personnel Pty Limited be wound up
voluntarily relating to a Creditors' Voluntary Winding Up, and
that B. J. Marchesi, Chartered Accountant of 332 St. Kilda
Road, Melbourne be appointed Liquidator for such winding up.

Dated this 10th day of October 2005

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


ERG GROUP: Answers Market Queries
---------------------------------
In response to numerous calls from investors and ERG customers
regarding the current suspension of ERG shares, the ERG Group
advised the market of the following.

(1) ERG's shares are currently under a voluntary suspension from
trade;

(2) ERG is currently in the process of a capital raising of
approximately AU$30 million;

(3) ERG has been conducting investor presentations in connection
with the capital raising; and

(4) ERG expects to make a further announcement later this week,
which we expect will include a request to lift the trading
suspension.

CONTACT:

ERG Group
247 Balcatta Road
Balcatta WA 6021 Australia
Phone: +61 8 9273 1100
ERG Group: +61 8 9273 1208
Cards Systems: +61 8 9273 1127
Transit Systems: +61 8 9344 3686
E-mail: enquiries@erggroup.com
Web site: http://www.erggroup.com/


EVANS & TATE: Rebuffs Calneggia Board Play
------------------------------------------
Evans & Tate (E&T) is opposing a board tilt backed by former
executive Mike Calneggia, according to The West Australian.

The winemaker's rejection came despite shareholder concern that
ANZ Bank has to tight a grip on the troubled winemaker's
boardroom.

E&T has effectively blocked the election of experienced
insolvency lawyer Paul Edgar to the board at the annual meeting
on November 30 by withholding its endorsement, saying it does
not need another director.

However, Mr. Calneggia said he was concerned that E&T was now
being run for the benefit of its biggest creditor, ANZ Bank,
which is owed more than AU$100 million. Since ANZ put insolvency
firm KordaMentha's turnaround arm into the winemaker five months
ago with a brief to restructure its balance sheet, E&T's board
has been overhauled with the ousting of executive chairman
Franklin Tate and the appointment of two outside directors -
Amadeus Energy chairman Robert Scott and Bell Potter Securities
head of corporate Peter Wallace.

Mr. Edgar has been nominated by Mr. Calneggia's Westralian
Nominees, which is contracted to supply E&T with up to AU$28
million of grapes over nine years. E&T Chairman John Hopkins
acknowledged Mr. Edgar's experience but said his nomination had
come too late and the company had secured a well-balanced five-
person board.

But Mr. Calneggia, who is managing director of listed wine group
Australian Wine Holdings and was operations manager of E&T
between 1999 and 2001, said he was not surprised the company was
not backing Mr. Edgar.

"E&T has wine guys on the board but what they don't have is
someone who can deal with a corporate restructure dealing with a
number of interested stakeholders," he said.

Mr. Calneggia said the board still included several directors
who had been at E&T as it slipped into trouble.

CONTACT:

Evans & Tate
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
E-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


FINISHCORP PTY: Court Orders Winding Up
---------------------------------------
On Oct. 4, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Finishcorp Pty Limited, and
appointed R. J. Porter to be the Company's Official Liquidator.

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


FOSTER'S WINE: To Sell Geyserville Winery; Inks Coppola Deal
------------------------------------------------------------
Foster's Group announced that it intends to sell its Geyserville
winery in California, and its global wine business, Foster's
Wine Estates (FWE), has entered into a purchase agreement with
The Coppola Companies.

The Purchase agreement is due to close escrow in February 2006,
pending completion of due diligence. The facility is to be sold
as a going concern, with the Coppola Companies acquiring staffed
production and bottling facility restaurant, and tasting
room/gift shop. The consideration is subject to a
confidentiality agreement between the parties.

The sale of the facility follows a wide-ranging review of
Foster's global wine trade business, the outcomes of which were
announced to the market in June 2004. The review recommended a
number of measures to improve the capital efficiency of the
business, to better align the future supply of fruit in North
America with forecast demand, and included the disposal of
certain non-strategic assets in California and Australia.

Foster's will retain ownership of the Chateau Souverain brand,
well known for its award-winning Alexander Valley and Sonoma
County-appelated wines. The brand will be moved from the
Geyserville winery to the company's historic Asti Winery near
Cloverdale, which is currently being redesigned and updated.
With the completion of the Asti redesign, and FWE's plans to
consolidate most of its bottling into a new facility in Napa due
to open in early 2006, the capacity available at the Geyserville
facility is no longer required.

"The Geyserville winery is a great property, but we also have
Asti which is being redesigned to perfectly match the small-lot
winemaking needs of the Chateau Souverain brand," commented
Foster's Wine Estates Managing Director, Jamie Odell.

"As we indicated after the wine trade review last year, we are
focusing on driving revenue growth through brand building and
innovation, while improving the capital efficiency and
flexibility of our supply chain. We will retain and continue to
grow the Chateau Souverain brand and we will maintain the wine
quality and distinctiveness it's known for. We know the
Geyserville facility will be in good hands with its new owners."

Foster's Wine Estates (FWE), is the world's leading premium wine
business. Formed in 2005 when parent company Foster's Group
acquired Southcorp Wines and merged it with its existing
Beringer Blass Wine Estates subsidiary, Foster's Wine Estates
has Australian and Californian roots dating back to the 19th
century. It produces and markets an international portfolio of
premium quality, branded wines - with Beringer, Linemans,
Penfolds, Rosemount Estate and Wolf Blass being the best known
and most widely distributed. Other key market-leading or
boutique brands include Chateau St. Jean, Chateau Souverain,
Castello di Gabbiano, Etude Wines, Greg Norman Estates, Stag's
Leap Winery, and Matua Valley.

CONTACT:

Foster's Wine Estates
77 Southbank Boulevard
Southbank, Victoria 3006
Australia
Telephone: +61 3 8626 3300
Fax: +61 3 8626 3450
Web site: http://www.fosters.com.au/


HODGES TRANSPORT: Declares First, Final Dividend
------------------------------------------------
Hodges Transport Services Pty Limited will declare a first and
final dividend on Nov. 4, 2005.

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

Dated this 5th day of September 2005

Paul Cook
Liquidator
Level 4, 18 Elizabeth Street
Hobart Tas 7000
Phone: 03 6223 2555
Fax:   03 6223 2556
Email: info@pjc.com.au


JODIE LOGISTICS: Decides to Close Business
------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Jodie Logistics held on Oct. 3, 2005, it was
resolved that the Company be wound up voluntarily.

At a creditors' meeting held that same day, Nicholas Giasoumi
and Roger Darren Grant, Registered Liquidators of Suite 8 260
Auburn Road, Hawthorn 3122 were appointed Joint and Several
Liquidators of the Company.

Dated this 3rd day of October 2005

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


MANTAS FARMS: Court Issues Winding Up Order
-------------------------------------------
On Oct. 6, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Mantas Farms Pty Limited be wound up, and
appointed Steven Nicols to be Liquidator of the Company.

Steen Nicols
Liquidator
Level 2, 350 Kent Street
Sydney NSW 2000


MONAAD CORPORATION: Creditors Convene to Review Liquidation
-----------------------------------------------------------
Notice is given that a meeting of the creditors of Monaad
Corporation Pty Limited will be held on Nov. 10, 2005, 11:00
a.m. at the offices of SimsPartners, Level 4, 12 Pirie Street,
Adelaide SA 5000, for the following purposes:

AGENDA

To consider the final report from the Joint and Several
Liquidator regarding the conduct of the liquidation, including
particulars of asset realization and investigation into the
Company's affairs.

Dated this 28th day of September 2005

Nick Cooper
Liquidator
SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000


MULTIPLEX: Losses Prompt Multiplex Stake Sale
---------------------------------------------
A major fund manager has sold its stake in Multiplex Limited
ahead of yesterday's annual general meeting, The Advertiser has
learned.

Tyndall Asset Management has given up its right to probe
Multiplex on the Wembley Stadium debacle, political donations
and lack of long-term incentives for executives, as it recently
sold its interest in the embattled construction giant.

Multiplex's annual report released in August revealed that a
company called Tasman Asset Management, which is part of
Tyndall, had held about seven million shares worth more than
AU$20 million.

Tyndall does not comment on its investments and a spokesman for
Multiplex was not aware of the sale.

It is likely Tyndall made a loss on the deal, given Multiplex
shares are now trading at barely half what they were at various
stages of the past financial year, the period in which the stake
appears to have been bought.

Analysts believe that Multiplex must build a more transparent
operational structure in order to attract institutional
investors back to the share register.

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


NEW STAR: Placed Under Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of New Star Body Repair Pty Limited held on Oct.
3, 2005, it was resolved that the Company be wound up
voluntarily, and Nicholas Giasoumi and Roger Darren Grant,
Registered Liquidators of Suite 8 260 Auburn Road, Hawthorn 3122
were appointed Joint and Several Liquidators for such winding
up.

Dated this 3rd day of October 2005

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


PUTT MACDONALD: Danny Vrkic Named Liquidator
--------------------------------------------
Notice is hereby given that at a general meeting of members of
Putt MacDonald Pty Limited held on Oct. 6, 2005, it was resolved
that the Company be wound up voluntarily, and that Danny Vrkic
be appointed Liquidator for such purpose.

Dated this 18th day of October 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co. - Wollongong
Chartered Accountants
Level 3, 6-8 Regent Street
Wollongong NSW 2500
Phone: 02 4225 2545
Fax:   02 4225 2546


QANTAS AIRWAYS: Tries to Alleviate Staff's Fears
------------------------------------------------
Qantas Airways assured its workforce it is not a "union basher",
according to the Sydney Morning Herald.

Qantas Chief Executive Geoff Dixon stressed the carrier has no
plans to weaken the power of the 15 trade unions with which it
deals despite being an outspoken supporter of the Federal
Government's controversial plans to change the industrial
relations system.

After announcing plans of massive job cuts, Mr. Dixon declined
to specify which part of the proposed labor legislation he
liked. But he said unions and Qantas' 38,000 workers had nothing
to fear.

Details of the proposed laws were expected to be tabled in
Federal Parliament yesterday.

Unions have concerns that Qantas will use the changes to slash
overtime and penalty payments and water down the redundancy
provisions for staff.

There are fears employees may not be entitled to redundancy
provisions if they do not take up a new job offer in a new
business unit, or subsidiary airline, set up by Qantas. It is
thought Qantas's plans to set up a long-haul Jetstar
International could use this tactic.

However, Mr. Dixon played down this prospect, saying the carrier
has always maintained and grown its existing businesses despite
the establishment of new entities. But he conceded Qantas did
not get along with all unions.

Tempers will be tried next week when Qantas starts enterprise
bargaining discussions with the Australian Manufacturing Workers
Union.

Mr. Dixon warned last week Qantas would have to gain
efficiencies and workplace improvements among its maintenance
workers or the company would send the work overseas.

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


RASOR PTY: Declares Dividend Today
----------------------------------
Rasor Pty Limited will declare a first and final dividend today,
Nov. 3, 2005.

Creditors who were unable to prove their debts or claims will be
excluded from the benefit of the dividend.

Dated this 13th day of September 2005

Danny Vrkic
Liquidator
c/o Jirsch Sutherland & Co Wollongong
Level 3, 6-8 Regent Street
Wollongong NSW 2500


ROLVENDEN PTY: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of the members of Rolvenden Pty Limited
held on Oct. 4, 2005, the following Special Resolutions were
passed:

That the Company be wound up under the provisions applicable to
a Members' Voluntary Liquidation, and that Angela Ann Gaffney be
and is hereby appointed Liquidator for such purpose.

That the Liquidator is hereby authorized to distribute (in
specie) such of the assets as she sees fit, on such conditions
as she deems necessary to any one or more of the members of the
Company.

Dated this 4th day of October 2005

D. G. Corke
Director
c/o RSM Bird Cameron
1st Floor, 8 St. Georges Terrace
Perth WA 6000


SANTOS LIMITED: Bags Acreage Adjoining Caldita Gas Discovery
------------------------------------------------------------
Santos Limited announced that it has been awarded exploration
permit NT/P69, located in the Timor Sea adjacent to exploration
permit NT/P61 that contains the recent Caldita gas discovery.

Exploration permit NT/P69 is in the Bonaparte Basin offshore
Northern Territory, approximately 310 kilometers north-northwest
of Darwin, and contains the previously discovered Lynedoch gas
resource.

"This additional exploration acreage further enhances Santos'
position in the emerging northern Australian LNG province,"
Santos Managing Director, Mr. John Ellice-Flint, said.

"The new permit is of particular interest in light of the recent
Caldita gas discovery in the adjoining block," he said.

Both the NT/P69 and NT/P61 permits are jointly held by a wholly
owned Santos subsidiary, Santos Offshore Pty Ltd (40%), and an
affiliate of ConocoPhillips (60% and operator).

CONTACT:

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


SHIRLEY PASTORAL: Enters Liquidation
------------------------------------
Notice is hereby given that at a general meeting of Shirley
Pastoral Co Pty Limited held on Oct. 7, 2005, it was resolved
that the Company be wound up voluntarily, and that Michael
Edward Slaven, Chartered Accountant of Rangott Slaven Hundy,
Unit 12, Level 3 Engineering House, 11 National Circuit, Barton
ACT, be appointed Liquidator for such purpose.

Dated this 18th day of October 2005

Michael E. Slaven
Rangott Slaven Hundy
Unit 12, Level 3 Engineering House
11 National Circuit
Barton ACT


TOWER LIMITED: Recovery Stalled by Another Profit Warning
---------------------------------------------------------
Tower Limited's turnaround plans have suffered a major setback
after a recent profit warning, Sydney Morning Herald reports.

The dual-listed life insurer said its second-half operating
earnings from its risk businesses such as general, health and
life insurance in New Zealand would fall by about NZ$8 million
(AU$7.5 million) because of problems relating to a "decline in
service levels".

Tower also said operating earnings in the Australian business
for the second half were also likely to be "marginally below"
those of the first half.

Tower's operating earnings forecast for the full year of NZ$30.5
million to NZ$32.5 million is about NZ$12 million below
analysts' expectations.

The company suffered heavy brand damage in 2003 after losses and
write-downs forced the insurer to quickly raise NZ$200 million
to cut debt and shore up its solvency.

The insurer's results bounced back to black in 2004, helped by a
recovery in its Australian operations. However, problems
continue to plague its New Zealand business.

Tower chief executive Jim Minto said yesterday that the company
had restored service levels - although it had proved difficult
in a "tight" employment market in New Zealand - and had
undergone a major clean-out of senior and second-level
management earlier this year.

Mr. Minto admitted the problems in New Zealand would have an
effect on profit results next year, although "one would hope
that it is quite moderated".

Mr. Minto was appointed chief executive of the whole group in
February after overseeing a turnaround in the Australian
operations.

CONTACT:

TOWER Limited
PO Box 352, Wellington,
NEW ZEALAND
Telephone: +64 4 472 6059
Facsimile: +64 4 498 7903
E-mail: investor-relations@towerlimited.com
Web site: http://www.towerlimited.com/


WD KEIR: Liquidator to Explain Winding Up to Members, Creditors
---------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of WD Keir Pty Limited will be held on Nov. 10, 2005,
11:00 a.m. at the office of Nicholls & Co. Chartered
Accountants, Suite 6, 459 Peel Street, Tamworth NSW 2340, to
present the Liquidator's account showing the winding up of the
Company and disposal of the property of the Company, and to hear
any explanation which may be given by the Liquidator.

Dated this 7th day of September 2005

A. R. Nicholls
Liquidator
Nicholls & Co.
Suite 6 459 Peel Street
Tamworth NSW 2340


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

ADVERTISING CONCEPTS: Prepares to Close Business
------------------------------------------------
Advertising Concepts International Limited whose place of
business is situated at Rm 803 8th Floor Wing on Centre 111
Connaught Road Central Hong Kong was issued a winding up order
notice by the High Court of the Hong Kong Special Administrative
Region Court of First Instance on October 19, 2005.

Date of Presentation of Petition: August 23, 2005

Dated this 28th day of October 2005

Lee Mei Yee May
Acting Official Receiver


ASIA PACIFIC ALLIANCE: Court Issues Winding Up Order
----------------------------------------------------
Asia Pacific Alliance Limited whose place of business is
situated at Units 205-206 Good Harvest Air Freight Centre 70-78
Sung Wong Toi Road Tokwawan 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 19,
2005.

Date of Presentation of Petition: August 24, 2005

Dated this 28th day of October 2005

Lee Mei Yee May
Acting Official Receiver


BANK OF CHINA: Expands Scope of RMB Business in Hong Kong
---------------------------------------------------------
Bank of China (Hong Kong) Limited (BOCHK) welcomed the
announcement on November 1 by the People's Bank of China (PBOC)
regarding the expansion of the scope of RMB business in Hong
Kong. BOCHK will work closely with PBOC and the Hong Kong
Monetary Authority (HKMA) in relation to the clearing services
to ensure that the local banking sector can launch the newly
expanded RMB business very soon in Hong Kong.

Mr. He Guangbei, Vice Chairman and Chief Executive of BOCHK,
said, "The Central People's Government agrees to expand the
scope of RMB business in Hong Kong is another major step in the
reform and liberalisation of RMB. The expansion of RMB business
in a steady and orderly manner is conducive to further
strengthening the economic integration between Hong Kong and the
Mainland of China, and providing greater convenience to the
people of both places amid the ever increasing cross-border
flows. The closer financial cooperation between Hong Kong and
the Mainland will also help enhance Hong Kong's status as an
international financial center."

The PBOC today announced the approval of the expansion of the
scope of RMB business in Hong Kong. These include: designated
merchants can open RMB deposit accounts and conduct one-way
exchange of their RMB deposits into Hong Kong dollars. The
categories of merchants defined as designated merchants will
also be expanded. Hong Kong residents can open RMB current
accounts and make payments for consumer spending in Guangdong
Province by cheques, subject to a limit. The limits applicable
to the exchange of personal RMB cash and RMB remittances by Hong
Kong residents will be increased. The cap on credit limit for
RMB cards issued by participating banks will be removed. The
issuing banks according to market practice will determine credit
limits.

Mr. He said, "BOCHK was appointed in December 2003 by PBOC as
the RMB Clearing Bank in Hong Kong. With the support and
assistance of the PBOC and the HKMA, as well as the cooperation
of the banking sector, the clearing service has been operating
very steadily and smoothly. Hong Kong people can therefore enjoy
good RMB service provided by the local banking sector. In
addition, the RMB notes circulated in Hong Kong can be channeled
back to the Mainland in an effective way. The experience we have
gained over the previous year definitely provide us a solid
foundation for the further expansion of RMB business in Hong
Kong as approved by the Central People's Government."

"In accordance with the expanded scope of the RMB business,
BOCHK as the Clearing Bank will discuss with the Mainland and
local relevant institutions on related details and schedules
while conducting all the necessary technical arrangements. On
the other hand, we will have constant communications with Hong
Kong participating banks, amend the Settlement Agreement and
provide operational guidelines to them," said Mr He. "We will
continue to commit to providing a fair, timely, accurate and
professional RMB clearing service for the Hong Kong
participating banks, thus ensuring an expanded RMB business to
local individual and corporate clients," Mr He reiterated.

With the approval of the PBOC, Hong Kong banks have been allowed
to offer customers with personal RMB services, including
deposits, exchange, remittance and RMB cards business, since
February 2004. Mr He believed that the local banking sector will
soon be well-prepared for the launch of the newly expanded RMB
services for the customers.

BOCHK was appointed as the RMB Clearing Bank by the PBOC on
December 24, 2003. Being a listed commercial bank with a solid
base and a good reputation, BOCHK enjoys various unique edges.
These include a good track record of operating RMB business. It
has also been undertaking the role of foreign currency notes
delivery across the border for years. Furthermore, it is
experienced in handling clearing business between Hong Kong and
the Mainland of China, with an efficient cross-border clearing
system and strong contingency backup capabilities. What is more,
it has extensive network and connection in Hong Kong and the
Mainland of China, as well as profound knowledge in the
financial policies and regulations of both places. All these
help lay down a solid foundation for BOCHK to act as the RMB
Clearing Bank.

About Bank of China (Hong Kong) Limited

Bank of China (Hong Kong) Limited ("BOCHK"), established on 1
October 2001, is a leading listed commercial banking group in
Hong Kong. With about 280 branches and 450 ATMs and other
distribution channels in Hong Kong, it offers a comprehensive
range of financial products and services to retail and corporate
customers. BOCHK is one of the three banknote issuing banks in
Hong Kong and serves as a Chairman Bank of the Hong Kong
Association of Banks on a rotational basis. In addition, BOCHK
has 14 branches and sub-branches in the Mainland of China to
provide cross-border banking services to customers in Hong Kong
and the Mainland.

BOC Hong Kong (Holdings) Limited, BOCHK's holding company, began
trading on the main board of the Stock Exchange of Hong Kong on
July 22, 2002, with stock code "2388", ADR OTC Symbol: "BHKLY".

CONTACT:

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


BANK OF CHINA: BOC Chairman Defends Temasek Stake Purchase
----------------------------------------------------------
The President of the Bank of China has defended plans by Temasek
Holdings and Royal Bank of Scotland to invest a combined US$4.7
billion in the lender following reports of opposition within the
government to the stake, Dow Jones Newswire reports.

Caijing magazine reported that Central Huijin Investment Co,
state-owned Bank of China's major shareholder, had blocked the
deal amid worries that large and wide-ranging investments by
Temasek posed a threat to China's financial stability.

BOC President Li Lihui told the Financial Times that the
regulatory approval process "might take a bit of time".

But he said deals with Temasek and Royal Bank of Scotland was in
line with international best practice.


BOE TECHNOLOGY: Losses Worsen in Q3/2005
----------------------------------------
Chinese screen maker BOE Technology Group Co. Ltd. (BOE) posted
a net loss of CNY379.07 million ($47 million) for the three
months through September, versus a net loss of CNY46.22 million
in the same quarter last year, according to Reuters.

The maker of thin-film-transistor liquid-crystal-display (TFT-
LCD) panels sank into the red last year after a worldwide glut
hammered global prices for the display panels.

As competition intensifies, the company plans to spend $2
billion building a second TFT-LCD production line, while
pondering an overseas share listing to bankroll expansion.

CONTACT:

BOE Technology Group Ltd.
10 Jiuxianqiao Rd., Chaoyang, Beijing , China
Phone: 86 10 6437 0756
Fax: 86 10 6436 6264
Web site: http://www.boe.com.cn


CENTRAL SHEEN: High Court Orders Winding Up
-------------------------------------------
Central Sheen Development Limited whose place of business is
situated at 10C Tower 2 No. 1 Braemar Hill Road North Point Hong
Kong was issued a winding up order notice by the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on October 19, 2005.

Date of Presentation of Petition: August 25, 2005

Dated this 28th day of October 2005

Lee Mei Yee May
Acting Official Receiver


FLEDGELING NOMINEES: Issues Notice to Creditors to Prove Debts
--------------------------------------------------------------
Notice is hereby given that the creditors of Fledgeling Nominees
Limited (In Members' Voluntary Liquidation), which is being
voluntarily wound up, are required (if they have not already
done so), on or before December 6, 2005, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors, if any, to the undersigned.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove their 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 before such debts
are proved.

Dated this 21st day of October, 2005

LO WAI TSUN
Joint and Several Liquidator
27th Floor, Chater House
8 Connaught Road Central
Hong Kong


JAPAN ASIA: To Declare Final Dividend
-------------------------------------
Notice is hereby given that a dividend is intended to be
declared in Japan Asia Re Limited (In Creditors' Voluntary
Liquidation). Creditors who have not proved their debts to 2/F,
Wing Yee Commercial Building, 5 Wing Kut Street, Central, Hong
Kong by November 19, 2005 will be excluded from this dividend.

Dated this 31st October 2005

Lau Siu Hung
Ng Chun Kong
Joint and Several Liquidators


MAK KEE: Intends to Declare Final Dividend
------------------------------------------
Notice is hereby given that a dividend is intended to be
declared in Mak Kee Limited (In Creditors' Voluntary
Liquidation). Creditors who have not proved their debts to 2/F,
Wing Yee Commercial Building, 5 Wing Kut Street, Central, Hong
Kong by November 19, 2005 will be excluded from this dividend.

Dated this 31st October 2005

Lau Siu Hung
Ng Chun Kong
Joint and Several Liquidators


SCHOLARS' GROUP: Winding Up Hearing Set December 14
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Scholars' Group of Schools Limited by the High Court of Hong
Kong Special Administrative Region was on October 12, 2005
presented to the said Court by Donora Company Limited whose
registered office is situate at 45th Floor, Sun Hung Kai Centre,
No. 30 Harbour Road, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 14, 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.

Baker & McKenzie
Solicitors for the Petitioner
14th Floor, Hutchison House
Central, Hong Kong
Phone: 2846 1888
Fax: 2845 0476

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 December 13, 2005.


SURGETRADE LIMITED: Set to End Operations
-----------------------------------------
Surgetrade Limited whose place of business is situated at Rm 14
10/F Sino Industrial Plaza 9 Kai Cheung Road Kowloon Bay 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 19, 2005.

Date of Presentation of Petition: August 24, 2005

Dated this 28th day of October 2005

Lee Mei Yee May
Acting Official Receiver


WINFUL INTERNATIONAL: Appoints Joint Liquidators
------------------------------------------------
Notice is hereby given that an order of the High Court of the
Hong Kong Special Administrative Region dated October 3, 2005,
Ho Kwan Yiu, Junius and Ho Wai Fung both of 18th Floor, Henley
Building, 5 Queen's Road, Central, Hong Kong, were appointed as
the Joint and Several Liquidators of Winful International
(Holding) Limited (In Liquidation) without a Committee of
Inspection.

Dated this 1st day of November, 2005

HO KWAN YIU JUNIUS
HO WAI FUNG
Joint and Several Liquidators of
Winful International (Holding) Limited
(In liquidation)


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

RANBAXY LABORATORIES: Insists on Exclusivity Period for Drug
------------------------------------------------------------
Despite a U.S. a recent U.S. court ruling, Ranbaxy Laboratories
Limited said it was entitled to the 180-day exclusivity period
for cholesterol-lowering agent Pravastatin 80 mg, even as it was
preparing to make its case for another drug Simvastatin 80 mg,
Asia Pulse reports.

On October 21, a U.S. court ruled in favor of Teva
Pharmaceuticals' exclusivity for other strengths (10mg, 20mg,
40mg) of Pravastatin tablets, as a result of which the US FDA is
expected to reverse its decision on Pravastatin that the 180 day
exclusivity was "triggered and had expired".

Loss-making Ranbaxy, however, insisted it was the first to file
a Paragraph IV Certification for Pravastatin 80 mg and is thus
entitled to exclusivity for this particular tablet strength when
it launched the product.

"As a consequence of this decision, it appears that Teva will
have exclusivity for 10 mg, 20 mg and 40 mg tablet strengths
that will allow for commercialization at the time that the basic
patent expires on April 20, 2006," Ranbaxy said.

On another cholesterol-lowering agent Simvastatin, Ranbaxy said:
"As anticipated, on October, 24, the US FDA denied Ranbaxy's
citizen petition requesting the relisting of two patents that
had been delisted for Simvastatin tablets, or that it maintain
its 180 day exclusivity until after it has commercially launched
the 80 mg tablet strength."

CONTACT:

Ranbaxy Laboratories Ltd.
Plot No. 90, Sector 32
Gurgaon - 122001 (Haryana), India
Phone : +91-124-5135000
Fax : +91-124-5106490
E-mail: secretarial@ranbaxy.com
Web site: http://www.ranbaxy.com


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

ASIA CELLULAR: Securities Firm to File Bankruptcy Petition
----------------------------------------------------------
State-owned investment and securities firm PT Danareksa
Sekuritas plans to file a bankruptcy petition against
telecommunications firm PT Asia Cellular Satelit (Aces) due to
the Company's unwillingness to pay its massive debt, reports the
Jakarta Post.

ACES had obtained a IDR375 billion debt in 1998, and was
uncooperative in the settlement of such debt, according to
Danareksa president Lin Che Wei.

Danareksa is now in talks with its lawyers on filing the
bankruptcy petition, which is expected to be completed soon.

CONTACT:

PT Asia Cellular Satellite
CYBER Building, 5th Floor
Jl. Kuningan Barat No. 8
Jakarta 12710, Indonesia
Phone: +62 21 520 9810
Fax:   +62 21 520 9811


DUTA PERTIWI: Receives 'BBB-' Rating from Pefindo
-------------------------------------------------
Pefindo affirmed its ratings of PT Duta Pertiwi Tbk. (DUTI) and
its Bond IV/2003 at "idBBB-".

The ratings are supported by the Company's strong market
position in commercial centers and landed residential segments,
and well-diversified portfolios.

The Company's declining cash flow protection level, however, has
mitigated the ratings. The recent increases in inflation and
interest rates might also slow down the demand for property
products in the near to medium terms, which can subsequently
affect the business performance of property companies in
general.

Incorporated in 1972, DUTI is the property arm of Sinar Mas
Group (SMG), one of the largest and diversified groups in
Indonesia. The Company has many interests in number of property
projects, such as commercial centers, apartments, office
buildings, landed residential estates and hotels. DUTI was also
among the first to exploit strata title sales opportunities for
retail spaces in Indonesia, with the initial launching of ITC
Mangga Dua-Jakarta in 1989. As of June 2005, SMG through PT
Ekacentra Usahamaju, PT Paraga Artamida, and PT Sinar Mas
Tunggal held 85.65% ownership at the Company, while the
remaining of 14.35% shares is owned by public.

Supporting factors for the above ratings are:

(1) Strong market position in the commercial and landed
residential segments.

The Company's market position, particularly in commercial and
landed residential segments, has been consistently strong for
years. In the commercial segment, the Company is regarded as a
pioneer in introducing a new concept of super block trade center
called ITC that was initially developed in 1989 at Mangga Dua
area in North Jakarta. The Company's concept to build this type
of trade centers is to provide modern and convenience places for
trading transactions. Up until now, the concept has been widely
accepted and well-known among customers. Following the
successful launching of ITC Mangga Dua project, DUTI has further
expanded and developed another 9 commercial trade centers in
several other areas and regions, of which seven of them have
been fully completed, while the remaining two namely ITC
Surabaya and Mangga Dua Surabaya are still under construction.
Except for ITC Surabaya, Mangga Dua Surabaya, and ITC Depok,
most of the commercial shop houses and kiosks in the super
blocks have already been sold out.

Meantime, in landed residential segment, DUTI is also considered
successful with several small to big property projects such as
Banjar Wijaya, Taman Permata Buana, Kota Bunga, Kota Wisata, and
Legenda Wisata. In August 2005, DUTI has launched its newest and
largest landed residential project namely Grand Wisata in Bekasi
area. This project is expected to become the Company's icon in
landed residential segments in the following years ahead. Out of
more than 1,000 hectares (ha) of land bank, the Company is in
progress to develop about 10% of the area. As of June 2005, the
Company recorded total sales backlog of IDR1.9 tn, of which
about IDR1.1 tn was coming from landed residential segment.

(2) Well-diversified portfolios. DUTI's property portfolio is
relatively well diversified in terms of location and product-
types. DUTI offers a wide range of products from shop-houses and
kiosks, landed residential, apartment, office building, to
hotels. In terms of revenues stream, property sales still
dominated the Company's revenues with an average contribution of
about 77% in the past five years. The remaining portion of
income was coming from the recurring rental and hotel income.
The existence of recurring revenues should provide more
sustainable revenues for the Company.

Mitigating factors for the above rating are:

(1) Declining cash flow protection level. DUTI's cash flow
protection ratio has been slightly weakening due to the decline
in operating profit and increase in bank borrowings. The
Company's EBITDA has declined by 25% in 2004 due to lower
revenues booked, while total debt climbed by almost 100%. As a
result, EBITDA to total debt declined to 0.1x in 2004 from 0.2x
in 2003, and remained stable at 0.1x in 1H05. Meantime, DUTI's
interest coverage measured by EBITDA/IFCCI ratio declined from
1.6x in 2003 to 1.2x in 2004 and 1.1x in 1H05. The Company has a
plan to reduce its debts going forward, but the improvement of
coverage ratios remain to be seen.

(2) Worsening macroeconomic indicators. As inflation and
interest rate go up recently, demand for property products might
decline that in general can affect business performance of
property companies. Historically, the growth and development of
property sector have been proven to be very sensitive to the
changes in macro economic environment.

PEFINDO assigned a "stable" outlook to the Company's bond
ratings. The Company's on-going projects at Legenda Wisata,
Grand Wisata, and other commercial centers are expected to
support itss sales performance going forward, although sales
might be slowing due to weakening macroeconomics indicators.

CONTACT:

PT Duta Pertiwi Tbk.
ITC Mangga Dua LT. 7 - 8
Jl. Mangga Dua Raya
Jakarta 14430
Indonesia
Phone:(021) 601 9788
Fax:  (021) 601 8555


SEMEN CIBINONG: Loss Widens on Currency's Decline
-------------------------------------------------
Cement producer PT Semen Cibinong posted a hefty IDR435.5
billion net loss for the first nine months of 2005 due to the
weakeing of the local rupiah in the last quarter, the Jakarta
Post reports.

The Company's recent loss is 14.8% wider than its stated
IDR379.2 billion net loss for the same period last year.

A declining rupiah resulted in higher costs on its outstanding
foreign-dominated debts, leading to the increased net loss. The
Company had to convert revenues derived in local currency in
order to service its foreign debts. The Company's liabilities as
of September amounted to IDR5.68 trillion.

On the bright side, Semen Cibinong posted a 29.4% increase in
sales to IDR2.27 trillion from IDR1.75 trillion last year.
Higher cement prices and increased sales volume led to an
increase in revenue, with the Company's gross profit increased
by almost 50% from IDR143.6 billion to IDR291.7 billion.

CONTACT:

PT Semen Cibinong
9th-10th-11th Floor, Bidakara Building
Jl. Jend. Gatot Subroto Kav. 71-73, Pancoran
Jakarta Selatan 12870, DKI Jakarta
Phone: 62 (021) 83793220
Fax:   62 (021) 83793221
Web site: http://www.semen-cibinong.com


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

FUJITSU LIMITED: Shares Fall After Glitch Halts Tokyo Exchange
--------------------------------------------------------------
Shares of Fujitsu Limited fell 3.3 percent to JPY727 after a
glitch on Tuesday halted computer systems supplied by the
company to the Tokyo Stock Exchange (TSE), Bloomberg News
reports.

The TSE was forced on Tuesday to suspend equity trading for the
first time ever, after an upgrade to handle record transactions
caused a breakdown in the bourse's computer system.

"The systems and software were developed jointly with the Tokyo
Exchange, so it's difficult to say who's at fault," Fujitsu
spokesman Toshiaki Koike said.

"All upgrades are also carried out jointly."

FUJITSU LIMITED
Public & Investor Relations
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783


HITACHI LIMITED: Launches Hitachi Global Center in India
--------------------------------------------------------
Hitachi Ltd. (NYSE:HIT) announced the formation the Hitachi
Global Solutions Center (GSC) in India to begin operations on
November 1. Kazuo Furukawa, Executive Vice President and head of
Hitachi's Information & Telecommunication Systems Group,
announced the opening of the Hitachi GSC, formed in alliance
with Intelligroup (US:ITIG) and Satyam Computer Services
(NYSE:SAY). The Center will serve as a backbone for Hitachi
group companies' global development and sourcing capability,
helping to provide its customers with high quality, cost
effective IT solutions.

"The move to globalization is driving the need for a seamless
global solution capability spanning systems development through
operations," said Furukawa. "Hitachi's establishment of the
Hitachi GSC in India leverages our partners' technical skills,
English language capability, and experience in multinational
projects. This is in the spirit of the recent India-Japan ICT
Forum, established between the governments of Japan and India to
promote more trade in the IT sector."

Hitachi has steadily built its global solutions business over
the past 5 years. In 2000, Hitachi established U.S.-based
Hitachi Consulting, which has grown to become a leading business
and IT consultancy. Also in 2002, Hitachi established Hitachi
Information Systems (Shanghai) in China to provide system
development services for the China-based operations of Japanese
companies.

Now, the Hitachi GSC will serve as the foundation for Hitachi's
global solutions business, especially global outsourcing
services. The Center provides IT systems development,
maintenance, and support for enterprise applications, supporting
a blended offshore/onsite staffing model. The Hitachi GSC begins
operations with 200 people, initially supporting Japanese and
U.S.-based global companies, with plans to grow its capacity to
at least 1000 people in the next two years.

"Hitachi Consulting has used a team approach that combines both
on-site and off-shore to help our clients quickly realize a
return on their IT investments for a number of years," said
Michael Travis, President and COO of Hitachi Consulting. "The
Hitachi GSC now gives us the scale to address the broader
solutions needs of our large, global clients."

About Hitachi Consulting

As Hitachi, Ltd.'s (NYSE:HIT) global consulting company, Hitachi
Consulting is a recognized leader in delivering proven business
and IT solutions to Global 2000 companies across many
industries. We leverage decades of business process, vertical
industry, and leading-edge technology experience to understand
each company's unique business needs. From business strategy
development through application deployment, our consultants are
committed to helping clients quickly realize measurable business
value and achieve sustainable ROI.

Hitachi Consulting's client base includes nearly 30 percent of
the Fortune 100 as well as many leading mid-market companies. We
offer a client-focused, collaborative approach and transfer
knowledge throughout each engagement. For more information, call
877-664-0010 or visit www.hitachiconsulting.com.

Hitachi Consulting -- Inspiring your next success!r

About Hitachi

Hitachi, Ltd., (NYSE:HIT), headquartered in Tokyo, Japan, is a
leading global electronics company with approximately 347,000
employees worldwide. Fiscal 2004 (ended March 31, 2005)
consolidated sales totaled 9,027.0 billion yen ($84.4 billion).
The company offers a wide range of systems, products and
services in market sectors including information systems,
electronic devices, power and industrial systems, consumer
products, materials and financial services.

CONTACT:

Hitachi Consulting
Jim Budkie
Phone: 513-939-0312
E-mail: jbudkie@hitachiconsulting.com

or

Weber Shandwick Worldwide
David Nieland
Phone: 972-830-2663
E-mail: dnieland@webershandwick.com

Web site: http://www.hitachi.com


MITSUBISHI MOTORS: Launches Accessories Program for U.S. Market
---------------------------------------------------------------
Mitsubishi Motors North America (MMNA) announced the much-
anticipated rollout of the Ralliart performance parts and
accessories program for the North American market in conjunction
with the 2005 Specialty Equipment Market Association (SEMA)
Show.

The parts program premieres on Yahoo!, through Yahoo! Autos
Custom (http://autos.yahoo.com/custom)-- a new site created
specifically for automotive performance enthusiasts. The debut
features a sweepstakes where the winner receives a one-of-a-kind
2006 Mitsubishi Lancer Evolution with Ralliart parts, and
culminates with the Yahoo! Autos Custom Challenge, a unique
head-to-head competition, sanctioned by NOPI Motorsports,
between two customized Lancer Evolutions on the famous Las Vegas
Strip.

Ralliart is the motorsports arm of Mitsubishi and will provide
additional performance and appearance features, such as more
powerful engines, suspensions and special exterior enhancements
on Ralliart vehicles. "Ralliart allows us to apply the knowledge
we've gained from our renowned racing heritage to street
vehicles," said Wayne Killen, vice president, marketing for
MMNA. "For years, enthusiasts have been trekking the globe for
genuine Ralliart performance parts to customize Mitsubishi
vehicles. True factory Mitsubishi Ralliart parts will now be
available right here in North America."

As part of the Yahoo! Autos sponsorship, Mitsubishi decked out a
2006 Lancer Evolution customized with Ralliart performance parts
for the promotion. This vehicle will be given away in a special
sweepstakes in conjunction with SEMA (details can be found on
the Yahoo! Autos Custom site). This unique Lancer Evolution was
customized with Ralliart parts as a collaboration between the
Mitsubishi Performance Parts team with support from the
Mitsubishi Motors' design center in Cypress, Calif.

The Yahoo! Autos Custom Challenge, sanctioned by NOPI
Motorsports, features a competition between two highly modified
Mitsubishi Lancer Evolutions on the famous Las Vegas Strip. Two
of NOPI Drag Racing Association's top drivers, Paul Efantis and
Chris Rado, battle in a three-day contest to create the fastest,
hottest-looking Evo in existence. The event concludes on Nov. 4,
at 2 a.m. in a head-to-head challenge on a 1/8-mile section of
the Las Vegas Strip for this first-of-its-kind, late-night
spectacle.

"The tuner culture has been gaining immense popularity in recent
years," said Dan Sims, general manager for Mitsubishi Motors'
Cypress design center. "By generating excitement through Yahoo!
Autos Custom, Mitsubishi can inspire the creative vehicle
individuality that today's customizing consumers crave."

"The phased rollout will begin with Ralliart parts and
components offered for the Lancer Evolution and the new U.S.-
built 2006 Eclipse, the perfect sports platforms for serious
tuning," stated Don Swearingen, vice president, parts for MMNA.

"In time, more Mitsubishi vehicles can be customized through the
Ralliart performance parts and accessories program. While the
Mitsubishi performance parts group will use some existing global
Ralliart parts, we are seeking partners in North America for
official production agreements to start producing all-new
Ralliart parts as early as spring of 2006."

The Ralliart performance parts and accessories program will fall
into three categories: limited full warranty (similar to current
Genuine Mitsubishi Parts and Accessories); limited warranty; and
parts subject to no warranty. Exclusive vendors selected to work
with Mitsubishi to develop parts and accessories will have
racing heritage and are required to have in-house engineering
and testing capabilities. Interested vendors can email
Mitsubishi at Ralliart@mmsa.com.

A new Mitsubishi Web site, www.ralliartusa.com, will feature
various racing videos, a Lancer Evolution photo history gallery
and photos of Ralliart parts in development. Features will be
added to the Web site as the program develops. The Web site goes
live Tuesday, Nov. 1.

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

CONTACT:

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


MITSUBISHI MOTORS: October U.S. Sales Up Year Over Year
-------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) reported October
sales of 9,292 units, a 1 percent increase from October 2004 and
a 3 percent increase from last month's sales volume.

Mr. David Schembri, Executive Vice President of sales and
marketing at Mitsubishi Motors North America, said he is pleased
with the year-over-year increase. "Our new vehicles, part of a
26-month product offensive, are leading our resurgence in
sales," said Schembri. "Eclipse continues to exceed our most
optimistic projections, and the all-new Raider pickup truck,
introduced in October, is off to a good start."

Galant was the volume leader in October with 2,184 units sold
and up 14 percent from last month. The Eclipse closed with 2,172
units sold in October -- up 206 percent from last year. The
Lancer also fared well this month with 1,616 units sold, up 12
percent from last month and 29 percent from October 2004.

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

CONTACT:

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


MITSUBISHI MOTORS: U.S. Unveils Custom Concepts at SEMA Show
------------------------------------------------------------
Mitsubishi Motors North America, Inc. (MMNA) is creating new
thrills and inspiration for the tuner market by unveiling six
new concept vehicles at the 2005 Specialty Equipment Market
Association (SEMA) Show.  Mitsubishi also announced today the
rollout of a new Ralliart performance parts and accessories
program for the North American market.

"The Mitsubishi Lancer Evolution and prior-generation Eclipses
are well established in the tuner market because they provide
great performance and are easily modified," said Wayne Killen,
MMNA vice president of marketing.  "These six concepts, based on
the all-new 2006 Eclipse sporty coupe and Raider midsize pickup
truck, demonstrate several possibilities for an enthusiast who
wants to customize these great models."

Three of the concepts were created by Mitsubishi Motors' design
center in Cypress, Calif. -- the Eclipse Ralliart, Rally Raider
and the Street Raider. A fully accessorized Raider illustrates
how factory-designed accessories can optimize the Raider truck.
Mitsubishi also is highlighting the creativity of partner tuners
by showcasing the Road Race Engineering Eclipse and the Rockford
Fosgate Eclipse at the Mitsubishi booth.

Eclipse Ralliart Concept

Ralliart is the motorsports arm of Mitsubishi Motors
Corporation. Worldwide, Ralliart vehicles feature enhanced
performance, specialty equipment and sporty styling elements
that include more powerful engines, sport-tuned suspensions as
well as special fascia and styling cues.  The best-selling
import coupe for the past 15 years, Eclipse was redesigned for
2006 -and Mitsubishi design engineers wasted no time giving
Eclipse the Ralliart treatment.

"To be considered Ralliart, a vehicle must offer improved engine
performance and handling, sportier styling, interior
enhancements and bold paint," explained Dan Sims, general
manager of MMNA's design center.  "The Eclipse Ralliart concept
passes that test with flying colors."

Special attention was paid to increasing horsepower and torque,
adding all-wheel drive capability for improved power in a
variety of driving conditions while minimizing weight.  To boost
horsepower to an estimated 400 hp, a turbocharged 4G63 engine
was borrowed from the Lancer Evolution and supplemented with a
custom air intake and other HKS performance parts.  The concept
Eclipse's rally prowess is enhanced with the all-wheel drive
system currently available on the Endeavor and Lancer Evolution
as well as a six-speed manual transmission.  Lightweight carbon
fiber was used extensively in the roof, hood, fascias and front
fenders.

The custom exterior is enhanced by Hot Red Mica paint, specially
formulated by PPG for this concept.  The Eclipse Ralliart rides
on 20-inch high-performance carbon fiber wheels with AVS Sport
Yokohama tires.  Interior enhancements include Recaro
performance seats trimmed with leather and Alcanterra suede,
four-point restraints, racing gauges and a Rockford Fosgate
premium sound system.

Rally Raider

Inspired by a grueling intercontinental rally, Mitsubishi
created the Rally Raider concept, styled to look like it could
compete in the annual Dakar Rally that starts in Europe, spans
the deserts of northern Africa and culminates weeks later in
Dakar, the Senegal capital.

"The Rally Raider is the state-of-the-art, off-road truck,
equally at home in Baja or the Dakar Rally," Sims said.

The 40 percent scale-model concept calls for a custom tube
chassis, integral racing cage and carbon fiber body work.  The
fenders are pushed out five inches to accommodate a wider track,
double wishbone four-wheel independent suspension and 19-inch
forged race wheels shod with 35-inch off-road racing tires.
Mitsubishi's 3.8-liter MIVEC V-6, modified for racing duty,
would power the rally truck, and massive 14-inch brakes with
four-piston calipers enhance braking capability.  Underbody skid
plates protect against harsh and unpredictable racing
conditions.

Street Raider

Starting with a 2006 Mitsubishi Raider double cab pickup truck,
Mitsubishi designers transformed it into the ultimate, hot rod
street truck.

"While the Rally Raider concept is intended for performance
extremists who aren't afraid to get dirty, the Street Raider
stands out with its 'clean shaven' appearance.  It is designed
to be the ideal truck for towing your EVO to the track in
style," said Sims.

Inspired by classic customizers and hot rodders, Mitsubishi
designers "shaved" the door handles, fuel filler door and other
body protrusions for the Street Raider's smooth look.  The front
and rear bumpers are blended flush with the body, and the custom
grille is accented with black chrome.  PPG White Tech Pearl
paint coats the exterior for a provocative but clean appearance.
The interior is customized with brown and pearl white leather
trim and a premium Rockford Fosgate sound system for the
ultimate in modern comfort and entertainment.

Overall ride height has been lowered two inches.  The Street
Raider's custom air suspension provides agile handling and an
aggressive appearance while preserving the truck's payload
capacity.  Designed exclusively for the Street Raider, seven-
spoke alloy wheels are matched to 22-inch tires all around.

"Accessorized" Raider

A 2006 Raider also will be outfitted with genuine Mitsubishi
parts and accessories, featuring parts designed by the same MMNA
design team that designed the Raider.  The truck showcases many
available accessories, including a bed liner, bed extender, hood
protector, fender flares and a four-inch exhaust finisher.

Road Race Engineering Eclipse

Mitsubishi is displaying creations from two partner tuners
within its SEMA booth.  Road Race Engineering of Sante Fe
Springs, Calif., has stripped down and modified an all-new 2006
Eclipse GT to U.S. Touring Car Championship (USTCC) racing
specifications.  Mitsubishi's high-output 3.8-liter SOHC MIVEC
V-6 engine (6G75) is supplemented with several Road Race
Engineering performance parts such as cold air intake,
programmable fuel controller and exhaust system.  Exterior
graphics were provided by Modern Image.

Rockford Fosgate Eclipse

A leader in aftermarket car audio systems for 25 years, Rockford
Fosgate teamed with Mitsubishi to offer their first factory-
installed system in the 2006 Eclipse.  Now Rockford Fosgate is
demonstrating how tuners can further amplify sound with
aftermarket options, including four PUNCH(R) 400-watt
subwoofers, PUNCH(R) front and rear speakers, 300- and 400-watt
amplifiers and a 3Sixty interactive signal processor.  This
concept also sports 20-inch Urban Racer Type 10 wheels, enhanced
suspension and brakes, tuned intake and exhaust and custom
exterior paint.

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

     ECLIPSE RALLIART

     Exterior:
     -- Hot Red Mica paint (by PPG)
     -- Carbon fiber roof panel
     -- Carbon fiber hood
     -- Carbon fiber front fenders
     -- Carbon fiber front and rear fascias
     -- Carbon fiber rear wing
     -- Carbon fiber mirrors
     -- 20 x 9 carbon fiber wheels
     -- AVS Sport 255/35R20 Yokohama tires

     Interior:
     -- Recaro leather and Alcanterra trimmed seats
     -- Custom harness bar
     -- Four-point harnesses
     -- Rear seat delete
     -- Rear seat filler panel with integrated storage
     -- Lancer Evolution steering wheel
     -- Racing gauges
     -- Rockford Fosgate sound system

     Performance:
     -- Turbocharged 4G63 engine (inline 4-cyl.)
     -- Estimated 400 hp
     -- All-wheel drive
     -- HKS turbocharger kit
     -- HKS 264 cams
     -- Custom 2.75-inch turbo-back exhaust
     -- Custom air intake
     -- ARP head studs
     -- HKS air-fuel controller
     -- High-flow fuel pump
     -- High-flow injectors
     -- HKS dyno tuned
     -- Endeavor rear suspension
     -- Lancer Evolution VIII rear differential
     -- Evo VIII MR 6-speed manual transmission
     -- RPS triple plate carbon-fiber clutch
     -- Road Race Engineering/Muellerized coil-over kit
     -- Brembo brakes:  front:  8-piston calipers, 15-inch
slotted rotors
                        rear:   4-piston calipers, 13.5-inch
slotted rotors

     RALLY RAIDER

     Exterior:
     -- Carbon fiber exterior
     -- Ladder frame
     -- Integral racing cage that holds spare tires
     -- Fenders widened five inches
     -- 19-inch forged race wheels
     -- 35-inch off-road racing tires
     -- Aerodynamic bed fairing
     -- Underbody skid plates
     -- Ralliart Red paint

     Interior:
     -- Specially-built racing cage

     Performance:
     -- Highly modified 3.8-liter MIVEC V-6 twin turbo built to
Dakar Rally-
        racing specifications
     -- Full-time all-wheel drive
     -- Wider track
     -- Heavy duty, double wishbone, 4-wheel independent long-
travel
        suspension
     -- Two long-travel off-road racing shocks per wheel w/
remote reservoirs
     -- Front and rear 14-inch brakes w/ 4-piston calipers

     STREET RAIDER

     Exterior:
     -- "Shaved" street rod exterior body concept
     -- White Tech Pearl paint (by PPG)
     -- Ride height lowered two inches
     -- Large, aggressive tires
        - front: 265/40 22
        - rear: 305/ 40 22
     -- 22-inch, 7-spoke alloy wheels
     -- Flush front and rear bumpers
     -- Unique front grille w/ black chrome insert
     -- Lowered side sills, front lower air dam and flush rear
bumper
     -- "Shaved" door handles and fuel filler door
     -- Dual exhausts and flush license plate integrated into
rear bumper
        fascia

     Interior:
     -- "Modern comfort" concept
     -- Brown and Pearl White leather w/ black chrome accents
     -- Alcanterra headliner
     -- Relaxed comfort "first class seating" front and rear
     -- Rockford Fosgate sound system

     Performance
     -- 4.7-liter V-8
     -- Tuned dual exhausts
     -- Custom air suspension for aggressive stance and
cornering while
        preserving payload capability

     "ACCESSORIZED" RAIDER

     The following accessories that appear on this 2006 Raider
concept for
     SEMA are only some of those available as genuine Mitsubishi
parts and
     accessories.

     Exterior:
     -- Bed liner
     -- Side steps
     -- Hood protector
     -- Bed rail protectors
     -- Bed extender
     -- Front fascia skid plate
     -- Trailer hitch
     -- Fender flares
     -- Mud guards
     -- Tire locks
     -- License plate frame with logo
     -- 4-inch exhaust finisher
     -- Side window deflectors
     -- Tow hooks

     Interior:
     -- Logo floor mats
     -- Door scuff plates

     ROAD RACE ENGINEERING ECLIPSE

     Exterior:
     -- 2006 Eclipse GT built to U.S. Touring Car Championship
racing
        specifications
     -- Graphics by Modern Image
     -- Carbon Trix front lower lip spoiler
     -- Rotora 3-D2 GT carbon fiber wing
     -- UV Blue paint

     Interior:
     -- Road Race Engineering FIA-approved custom roll cage
     -- Fully de-contented interior
     -- Racetech FIA-approved Kevlar competition seat with 5-
point harness
     -- Zeitronix data-logging display
     -- Greddy oil pressure and coolant temperature gauges

     Performance:
     -- ACT 6 Puck Extreme clutch
     -- ACT 6 XACT Chromoly flywheel
     -- Quaife limited slip differential
     -- RC Engineering big bore throttle body
     -- Road Race equal length headers
     -- Road Race exhaust system
     -- Road Race cold air intake
     -- Fluidyne aluminum radiator
     -- Road Race programmable fuel controller
     -- Road Race-Muellerized coilover suspension system
     -- Progress Group front and rear sway bars
     -- Energy Suspension bushings
     -- Road Race SS brake lines
     -- Rotora big brake kit (front and rear)
          - 13-inch slotted directional floating discs
          - ceramic H2 race pads
          - 4-piston metallic blue calipers
     -- Enkei RP03 19 x 8.5 wheels
     -- Toyo T1-R 245/35/19 tires (street spec)

     ROCKFORD FOSGATE ECLIPSE

     Exterior:
     -- Custom paint by Drew Brother Customs
     -- 20-inch Urban Racer Type 10 wheels
     -- Toyo Proxy 235/35 20 tires

     Interior:
     -- Four Rockford Fosgate PUNCH(R) 400-watt subwoofers
     -- Rockford Fosgate PUNCH(R) front-door speakers
     -- Rockford Fosgate PUNCH(R) rear speakers
     -- Rockford Fosgate 3Sixty interactive signal processor
     -- Rockford Fosgate 300-watt amplifier
     -- Rockford Fosgate 400-watt amplifier
     -- Enduratex perforated vinyl inserts on charcoal leather
with matched
        dash/door pieces

     Performance:
     -- Custom intake and exhaust by UMS Tuning
     -- Stop-Tech 4-wheel high-performance brakes
     -- Tein suspension with high-performance coilovers


NIPPON SHEET: BB+ Ratings on Watch Negative on Possible Takeover
----------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB+' long-term
corporate credit and debt ratings on Nippon Sheet Glass Co. Ltd.
on CreditWatch with negative implications, following the
company's approach to acquire U.K.-based Pilkington PLC
(BBB/Watch Neg/A-2).

Standard & Poor's placed its ratings on Pilkington on
CreditWatch with negative implications on Oct. 31, 2005 (see
"Research Update: Pilkington 'BBB/A-2' Ratings On Watch Neg On
Possible Takeover Offer From Nippon Sheet Glass", published Oct.
31, 2005).

"The discussions are at a very preliminary stage and no details
have been disclosed. However, if Nippon Sheet Glass needs a high
level of financing for a successful bid, depending on the
financing vehicle, the rating on the company could be negatively
affected," said Standard & Poor's credit analyst Makiko
Yoshimura.

Nippon Sheet Glass is lagging its peers in global operations,
given that major global sheet glass manufacturers, including
Pilkington, have established global production bases and sales
channels. Although Nippon Sheet Glass is the largest shareholder
of Pilkington with a 20% stake, so far no clear synergy between
Nippon Sheet Glass and Pilkington has been identified. If a
successful bid is made, Nippon Sheet Glass will be able to
obtain wide-scale overseas business and customer bases through
Pilkington, and its business franchises will likely be enhanced
as a result.

However, Nippon Sheet Glass may require �300 billion for the
acquisition, according to media reports. If this is the case,
the company's financial profile will be affected negatively
under certain financing schemes, and its credit quality will
likely deteriorate.

Standard & Poor's will resolve the CreditWatch listing after
assessing the impact of the acquisition on Nippon Sheet Glass's
business and financial profile. Depending on the progress of the
discussions between Nippon Sheet Glass and Pilkington, the
rating on Nippon Sheet Glass may remain on CreditWatch for more
than 90 days. If Nippon Sheet Glass's credit quality
deteriorates from the acquisition, the rating on the company
could be lowered by one notch or more.

CONTACT:

Nippon Sheet Glass Company
2-1-7 Kaigan, Minato-ku
Tokyo 105-8552, Japan
Phone: +81-3-5443-9522
Fax: +81-3-5443-9566


PIONEER CORPORATION: S&P Places BBB Ratings on Watch Negative
-------------------------------------------------------------
Standard & Poor's Ratings Services (S&P) placed its 'BBB' long-
term corporate credit and senior unsecured debt ratings on
Pioneer Corp. on CreditWatch with negative implications,
following the company's weaker profit forecast for fiscal 2005
(ending March 31, 2006) due to the stagnant performance of its
home electronics business.

The CreditWatch placement is also based on the possible
substantial deterioration in the company's financial profile due
to cost burdens arising from business restructuring measures
scheduled to be announced in a few weeks, as well as weak
operating performance.

Pioneer revised its forecast for fiscal 2005 from an operating
profit of JPY8 billion to an operating loss of JPY25 billion,
mainly due to fiercer competition and stronger price pressures
in its home electronics segment, which includes plasma displays
and DVD recorders.

"The competition in digital home electronics continues to be
fierce, and Pioneer may not be able to easily recover its
profitability in this segment. Furthermore, although Pioneer's
car electronics business is relatively sound, profitability in
this segment is also under pressure due to strong competition,"
said Standard & Poor's credit analyst Fusako Nagao.

Pioneer still maintains a sound ratio of net debt to capital of
7.5% as of September 30, 2005. However, the ratio is likely to
rise by at least 10% by the end of March 2006, since net debt is
likely to increase as a result of weaker cash flow from
deterioration in the company's performance. In addition, the
company will face an additional cost burden following the
business-restructuring plan to be announced in late November or
early December 2005. Restructuring costs may lead to further
deterioration of not only profitability but also its financial
profile.

The company intends to implement full-scale business
restructuring, especially on unprofitable businesses such as its
plasma display and DVD recorder segments. Key issues in
resolving the CreditWatch status will be the possible impact of
restructuring costs on the company's financial profile, as well
as the prospects for profit recovery, its competitiveness, as
well as growth strategy under the new structure. Given the
company's strong balance sheet, any downgrade is expected to be
within one notch.

CONTACT:

Pioneer Corporation
Phone: +81-3-3494-1111
Fax: +81-3-3495-4431
Web site: http://www.pioneer.co.jp/ir-e/


SANYO ELECTRIC: Appoints Koichi Maeda as New VP
-----------------------------------------------
Sanyo Electric Co., Ltd. (SANYO) announces the appointment of a
New Officer and Vice President effective November 1, 2005.

Officer & Vice President: Koichi MAEDA

Date of Birth:  December 20, 1948 (56 years old)

Education: March 1971

Graduated in Economics from Kyoto University

Work History: April 1971 Joined Sumitomo Bank (Currently,
Sumitomo Mitsui Bank)

June 2002: Deputy Executive Officer, Credit Department II,
Senior Officer, Sumitomo Mitsui Bank

June 2003:  Deputy Executive Officer, Corporate Banking Unit,
Senior Officer, Sumitomo Mitsui Bank

November 2003: Resigned from Mitsui Sumitomo Bank

November 2003: President of Corporate Recovery Servicer Co.,
Ltd. a subsidiary of Sumitomo Mitsui Financial Group (SMFG)

This is a company press release.

CONTACT:

SANYO Electric Co., Ltd.
Media Relations Unit
Tel: +81-3-3837-6206
Fax +81-3-3837-6381
E-mail: tokyo-pr@svnet.sannet.ne.jp


SANYO ELECTRIC: Shares Up 12.5% After VP Appointment
----------------------------------------------------
Shares of Sanyo Electric Co. jumped 11 percent on Wednesday
after the company named former Sumitomo Mitsui Financial Group
Inc. executive Koichi Maeda as Vice President, easing investor
concerns about bank support, Bloomberg News reports.

The company's shares had been trading near 26-year lows, as it
expects a JPY140 billion yen ($1.2 billion) this fiscal year
after a record JPY171.5 billion loss in 2004.

Maeda is expected to lead the consumer electronics firm's
business revitalization programs initiated by the SMFG.

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


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

LG CARD: Union Expresses Concern over Potential Buyers
------------------------------------------------------
The labor union of LG Card Co. expressed concern over the sale
of the Company to Shinhan Financial Group and Woori Financial
Group, according to The Korea Times.

The union urged Korea Development Bank (KDB), the largest
shareholder of LG Card not to choose only between the two
financial companies.

Shinhan and Woori are among potential bidders for LG Card, which
is expected to be up for sale as early as this month.

The union is concerned over Shinhan's dispute with Chohung Bank
union over the planned launch of the merged bank next year. The
LG Card union believes that Shinhan is not a qualified bidder
because of that.

And Woori is not qualified to join the race, because it is
government-owned and it is destined to be a merger target, the
union added.

According to the union, it is more favorable if pension funds
and long-term investors are the negotiation partners.

"We want KDB to sell its stake to more than two bidders to
prevent owners from intervening in management," LG Card union
leader Hwang Won-sup said during a press conference in Seoul.
"Instead of banks, KDB should find long-term domestic investors
with solid financial status."

With the union's stand on the negotiations, KDB may find it
difficult to advance talks with potential bidders.  KDB is set
to announce details of the sales procedures this month after
consulting it with other creditor banks.

Other major shareholders include the National Agricultural
Cooperative Federation, Kookmin Bank, Woori Bank, Industrial
Bank of Korea and Hana Bank. KDB officials said the winner will
be selected as early as next March.

Some banks have also showed interest to join the bid for LG
Card.  Citibank Korea recently expressed interest in joining the
race to expand its credit card business.

According to analysts any bank who buys the card issuer will
emerge as one of the strongest financial service players.

LG Card's sale price may surpass KRW5 trillion.  It has about
9.5 million cardholders.

LG reported KRW772 billion in net profit in the first half of
this year.

CONTACT:

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


MANDO CORPORATION: Halla Head Eyes 73.11 Stake
----------------------------------------------
The head of Halla Engineering & Construction Corp. met with
unionists at Mando Corp. to express his intention to acquire the
auto parts company, Asia Pulse relates.

On October 26, Halla Chairman Chung Mong-won had a meeting with
unionists and cited his intention to buy the Company to Hyundai
Motor Co. and Kia Motors Corp.

As of the end of June, Mr. Chung held 9.27 per cent interest in
the company, while Halla Engineering had another 9.27 per cent
stake.

Sunsage, Mando's biggest shareholder has been on the lookout for
a preferred bidder for its 73.11 stake in the Company this
month. Standard & Poor's estimates the stake to be worth between
KRW1 trillion and KRW1.5 trillion.

Sunsage is a joint investment firm between JP Morgan Partners
and Affinity Capital.

Mando began its financial troubles after the collapse of its
parent firm Halla Group. Sunsage took over the firm in 1999 for
KRW600 billion.


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

AMTEL HOLDINGS: AAV Concludes Disposal of Shares
------------------------------------------------
Amtel Holdings Berhad (AHB) furnished Bursa Malaysia Securities
Berhad details of the completion of Share Sale Agreement dated
April 27, 2005 (Share Sale Agreement) between AHB and AE Multi
Holdings Berhad (AEM) for the disposal of 49.9 percent equity
interests in AAV Industries Sdn Bhd (AAV)(formerly known as
Amtel Industries Sdn Bhd and shareholders' agreement between AEM
and AHB in relation to equity participation in AAV.

(1) Completion of S&P

Further to the Announcement on April 27, 2005 on the Share Sale
Agreement, the Board of Directors of AHB advised that the
disposal of 49.9 percent equity interests in AAV to AEM was
completed on October 31, 2005.

(2) Shareholders' Agreement

With the completion of the Share Sale Agreement, the Company has
on October 31, 2005 entered into a Shareholders' Agreement with
AEM to govern their relationships as shareholders of AAV, a
subsidiary of the Company.

(2.1) Rationale

The rationale for the execution of the Shareholders' Agreement
is to establish the mutual understanding, rights and entitlement
of the shareholders in AAV.

(2.2) Financial Effects of the Shareholders' Agreement

(a) Earnings Per Share and Net Tangible Assets

The Shareholders' Agreement is not expected to have any material
effect on earnings per share and Net Tangible Assets of AHB for
the financial year ending November 30, 2005.

(b) Share Capital

The Shareholders' Agreement will not have any effect on the
issued and paid-up share capital of the Company.

(c) Substantial Shareholding

The Shareholders' Agreement will not have any effect on the
substantial shareholding of the Company.

(2.3) Salient Term of the Shareholders' Agreement

The Shareholders' Agreement has provided for the shareholders of
AAV to undertake or be required to give any guarantee or
indemnity in respect of any of AAV's liabilities or obligations
in proportion to their shareholding only.

(2.4) Approvals Required

The Shareholders' Agreement is not subject to the approval of
the shareholders of the Company or any relevant authorities.

(2.5) Directors' and Substantial Shareholders' Interest

None of the Directors or substantial shareholders of the Company
or persons connected to the Directors or substantial
shareholders has any interest, direct or indirect in the above
transaction.

(2.6) Statement by the Board of Directors

The Board of Directors of AHB is of the opinion that the
Shareholders' Agreement is in the best interest of the Company.

This Announcement is dated 31 October 2005.

By Order of the Board

Amtel Holdings Berhad
Chia Moh Mui
Company Secretary

CONTACT:

Amtel Holdings Berhad
95A, Jalan Pekeliling Lama,
Kuala Lumpur Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40421244
Fax: 03-40428560


ANTAH HOLDING: Retains Audited Financial Statements
---------------------------------------------------
Antah Holding Berhad (Antah) furnished Bursa Malaysia Securities
Berhad a monthly announcement pursuant to Paragraph 9.26(3)(b)
of the Bursa Securities Listing Requirements (Bursa Securities
LR).

Further to the Company's announcement on October 17, 2005,the
Company advised that there have been no changes on the audited
financial statements for the financial year ended June 30, 2004
since the last announcement.

This announcement is dated 31 October 2005.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


AYER HITAM: Clarifies Q4 Deviation of NLATAMI
---------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) furnished Bursa
Malaysia Securities Berhad details of the deviation of Net Loss
After Tax and Minority Interest (NLATAMI) from Fourth Quarter
unaudited results and Audited NLATAMI for Financial Year Ended
June 30, 2005.

The Board of Directors of AHTIN advised Bursa Malaysia that the
unaudited NLATAMI for the AHTIN Group for the Fourth quarter has
deviated from the audited NLATAMI for the financial year ended
June 30, 2005 as approved by the Board of Directors on October
31, 2005.

The unaudited NLATAMI for the Group for the Fourth quarter as
announced by the Company on August 30, 2005 was MYR29.338
million. The audited NLATAMI for the Group for the financial
year ended June 30, 2005 as approved by the Board of Directors
on October 31, 2005 is MYR23.202 million.

The deviation in the NLATAMI is due to the adjustments made as
per Attachment.
http://bankrupt.com/misc/AyerHitam103105.doc

CONTACT:

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


BRIGHT PACKAGING: Books MYR1,234Mln Net Loss in Q4
--------------------------------------------------
Bright Packaging Industry Berhad furnished Bursa Malaysia
Securities Berhad its Fourth Quarter Financial report for the
Financial Period Ended August 31, 2005.

Summary of Key Financial Information
August 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/08/2005    31/08/2004      31/08/2005     31/08/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    15,706        9,636           55,523         36,722

(2) Profit/(loss) before tax

    -1,334        -614            -1,422         -6,307

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

    -1,234        -627            -1,267         -5,819

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

    -1,234        -627            -1,267         -5,819

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

    -2.85         -1.45           -2.93          -13.44

(6) Dividend per share (sen)

    0.00           0.00            0.00           0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

       0.4400                      0.4700

To view a full copy of the Financial Statement, click
http://bankrupt.com/misc/BrightPackaging103105.xls

To view a full copy of the notes to Financial Statement, click
http://bankrupt.com/misc/BrightPackaging103105.xls

CONTACT:

Bright Packaging Industry Berhad
23 Jalan Delima 1/3
Subang Hi-Tech Industrial Park,
4000 Shah Alam, Selangor Darul Alam 40000
MALAYSIA
Phone: +60 3 5635 1949
Fax: +60 3 5635 1984


BUKIT KATIL: Explains Variance of Results
-----------------------------------------
Bukit Katil Recources Berhad (BKATIL) issued to Bursa Malaysia
Securities Berhad a clarification of the variance between
audited and unaudited results for the years ended June 30, 2004
and June 30, 2005.

(1) Variance Between Audited Accounts and Unaudited Results for
the year ended June 30, 2004

In accordance with Paragraph 9.19(34) of Chapter 9 of the
Listing Requirement of the Bursa Malaysia Securities Berhad, the
Board of Directors of BKATIL wishes to highlight the following
deviations in the unaudited results released on August 30, 2004
compared to the audited results released on October 31, 2005:

               Unaudited        Audited             Variance
               results          results             MYR'OOO
               Released         Released
               on 30.8.2004     on 31.10.2005
               MYR'OOO          MYR'OOO

Profit/(Loss)
after          (5,403)         (114,192)            (108,789)
Taxation
and minority
Interest

No consolidated financial statements were prepared for the year
ended June 30, 2004 as the Company do not have any management
control on its subsidiary companies.

The detail statement of the variance is attached herewith.

(2) Variance Between Audited Accounts and Unaudited Results for
the year ended June 30, 2005

In accordance with Paragraph 9.19(34) of Chapter 9 of the
Listing Requirement of the Bursa Malaysia Securities Berhad, the
Board of Directors of BKATIL wishes to highlight the following
deviations in the unaudited results released on August 18, 2005
compared to the audited results released on October 31, 2005:

                 Unaudited       Audited        Variance
                 results         results        MYR'OOO
                 Released        Released
                 on 18.8.2005    on 31.10.2005
                 MYR'OOO         MYR'OOO

Profit/(Loss)
after            (95,425)       (6,896)         88,529
Taxation and
minority
Interest

No consolidated financial statements were prepared for the year
ended June 30, 2005 as the Company do not have any management
control on its subsidiary companies.

The detail statement of the variance is attached herewith.
http://bankrupt.com/misc/BukitKatil103105B.xls
http://bankrupt.com/misc/BukitKatil103105.xls

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940


CHG INDUSTRIES: Court Grants Restraining Order
----------------------------------------------
CHG Industries Berhad (CHG), CHG Plywood Sdn Bhd and Cheng Hin
Timber Industries Sdn Bhd (collectively known as CHG Group)
updates Bursa Malaysia Securities Berhad on the Kuala Lumpur
High Court Ex-Parte Originating Summons No. D7-24-181-2004
Restraining Order pursuant to Section 176(10) of the Companies
Act, 1965.

Further to the announcement dated October 28, 2005 in respect of
the above matter, the Company advised that the Restraining Order
was granted by the Kuala Lumpur High Court during its hearing on
October 25, 2005.

CONTACT:

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


GEORGE TOWN: Details Notation of Operations of BFC Bank
-------------------------------------------------------
George Town Holdings Berhad furnished Bursa Malaysia Securities
Berhad details on the notation of operations of BFC Bank
(Cayman) Limited.

(1) Introduction

In 1998, our Company acquired a subsidiary in Switzerland, FC
Financiere de la Cite (formerly known as BFC Banque Financiere
de la Cite)(FC) which has a subsidiary in the Cayman Islands,
i.e BFC Bank (Cayman) Ltd (the subsidiary), which has mainly
private banking operations. This subsidiary was originally
acquired at the same time and to serve for the benefit of its
parent company, FC.

(2) Details of the Notation

Following the surrender of the banking License of the FC in
2002, as per our announcement dated August 21, 2002, the board
of directors subsequently noted that the conduct of private
banking business of the subsidiary without the support of FC
would not be profitable especially when the subsidiary still
need to maintain a minimum administrative costs and expenses.
The private banking business of the subsidiary would have to be
integrated in a global financial network and distribution
infrastructure in order to reach a satisfactory profitability
and assets size.

It is observed that in view of the conservation and control of
exchange financial resources within the country, the absence of
the synergistic benefit of FC as well as our present priority
focus of the group in respect of our restructuring within
Malaysia, there is no more practical or viable reason to
continue with the private banking activities of the subsidiary.

A decision was made by the board of the subsidiary and agreed by
the Cayman Islands Monetary Authority by way of resolution at
the Extraordinary General Meeting (EGM) of the subsidiary, to
place the subsidiary into voluntary liquidation and to appoint
Mr. Chris Johnson of Chris Johnson Associates Ltd as voluntary
liquidator to ensure the subsidiary's operations are wound down
in an orderly manner. At the EGM of the subsidiary, the said
voluntary liquidation and the appointment of liquidator was
effective and dated from October 31, 2005.

(3) No Effects on Share Capital but only NTA

The above has no effect on the share capital of George Town
Holdings Berhad (GTH). However, the effect will reduce the net
tangible assets of the GTH Group by MYR27.8 million and is
expected to affect the earnings of the GTH Group for the
financial year ending 31 December 2005 by a loss of the same
amount.

After the reduction, the net book value of the affected assets
is estimated to be MYR2.89 million. This is mainly due to
provision for impairment made by FC on a financial investment
and its investment in the subsidiary.

The liquidation of the subsidiary will stop further
administrative and operational losses incurred by the
subsidiary.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
SUITE 503, 5TH FLOOR, PENANG PLAZA
46100 Petaling Jaya, Selangor Darul Ehsan 50300
MALAYSIA
Phone: +60 3 7958 8166
Fax: +60 3 7957 8471
Web site: http://www.newport.com


KAI PENG: Clarifies Variance of Group Tax Loss
----------------------------------------------
Kai Peng Berhad provided Bursa Malaysia Securities Berhad a
clarification on the difference between the audited Group loss
after taxation for the financial year ended June 30, 2005 of
MYR31.070 million and the unaudited Group tax loss after
taxation of MYR12.238 million as announced to Bursa Malaysia
Securities Berhad on September 13, 2005.

The reason for the variance of MYR18.832 million or 154 percent
between the audited and unaudited financial results is mainly
due to provision for doubtful debts in the Group.


KEMAYAN CORPORATION: Unveils Current Foreign Shareholdings
----------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad (Kemayan)
issued to Bursa Malaysia Securities Berhad the following
information on the level of foreign shareholdings as at
September 30, 2005:

(1) The percentage shareholdings of entitled foreigners as at
September 30, 2005 is 49 percent and

(2) The percentage shareholdings of non-entitled foreigners as
at September 30, 2005 is 6.73 percent

Kemayan had already approved to award non-entitled foreigners
all rights and privileges etc. expect the right to vote at the
General Meeting of the Company.

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


KIG GLASS: Sets Out Reason of Default
-------------------------------------
The Board of Directors of KIG Glass Industrial Berhad (KIG)
issued to Bursa Malaysia Securities Berhad an announcement in
relation to its defaults of all principals and interests set out
in Table 1 as at September 30, 2005.

(1) Reasons for default in payments

KIG and its subsidiaries are unable to service the loan
repayments to the banks/financial institutions as the cash flow
of KIG from operations was only able to meet operational needs.
Furthermore, the Company has ceased its operations as announced
on May 27, 2005.

(2) Measures taken to address the default in payments:

KIG is still negotiating with the banks/financial institutions
to address and resolve this issue. The Company and the Group as
a whole are in the process of exploring the possibility of
undertaking a capital restructuring exercise which would address
all the defaults faced by the Company.

(3) The financial and legal implications in respect of the
default in payments including the extent of the listed issuer's
liability in respect of the obligations incurred under the
agreements for the indebtedness:

Details of the financial implications on the default are given
in Table 1.

Click to view Table 1
http://bankrupt.com/misc/KIGGlassIndustrial103105.pdf

KIG was served with a Letter of Demand by Bumiputra-Commerce
Bank Berhad (BCB) for a claim of defaulted banking facilities
granted by BCB to KIG's subsidiary KIG Ceramics Industrial Sdn.
Bhd. The Company is guarantor for the said facilities. This
information was announced on October 12, 2005.

(4) In the event of default is in respect of secured loan stocks
or bonds, the lines of action available to the guarantors or
security holders against the listed issuer:

Not applicable.

(5) In the event the default is in respect of payment under a
debenture, to specify whether the default will empower the
debenture holder to appoint a receiver or manager:

As earlier announcements, some of the defaults will empower the
debenture holders to appoint a receiver and/or manager under the
debenture.

(6) Whether the default in payment constitute an event of
default under a different agreement for indebtedness (cross
default and details thereof, where applicable):

All indebtedness as stipulated in Table 1 as such does not have
any cross default.

(7) Any other information:

None.

CONTACT:

KIG Glass Industrial Berhad
PLO 340 Jalan Perak 4
81707 Pasir Gudang, Johor Darul Ta'zim 80400
Malaysia
Telephone: +60 7 251 5282
Fax: +60 7 251 5278


KUMPULAN EMAS: Unveils Actions Taken to Recover Losses
------------------------------------------------------
Further to the announcement on March 11, 2003, Kumpulan Emas
Berhad (KEB) announced to Bursa Malaysia Securities Berhad the
final status of the action taken by KEB in respect of the
recovery of losses incurred in KEB's investment in forestry
companies in the Solomon Islands pursuant to the write-off in
1996.

(1) Introduction

KEB had, on March 11, 2003, announced the approval obtained from
the Securities Commission (SC) vide its letter dated March 7,
2003 in relation to the Renounceable Rights Issue of 130,236,686
new Ordinary Shares of MYR0.50 each at par together with
65,118,136 Free Detachable Warrants 2004/2009 (Proposed Rights
Issue With Warrants).

The approval was subjected to, amongst others, the condition
that KEB was required to undertake the following measures in
respect of its investment in forestry companies in the Solomon
Islands (Investment):

(i) Use its best endeavours to recover the losses incurred from
the Investment; and

(ii) Continuously disclose the status and latest development of
the action taken until all the losses have been fully recovered,
in the quarterly and annual reports of KEB to the Bursa Malaysia
Securities Berhad (formerly known as Kuala Lumpur Securities
Exchange Berhad) (Bursa Malaysia);

hereinafter referred to as Condition.

The Company had, on September 11, 2003, sought a waiver from the
above Condition based on the justification that the filing of
quarterly and annual reports and any further action would be
unduly burdensome as the Company's legal adviser, namely Messrs.
Azman Davidson & Co. (AD), had ruled out any legal recourse as
embarking on legal actions have no reasonable prospect for
success.

Subsequently, KEB had, on February 20, 2004, consulted SC in
respect of the waiver application. It was agreed that KEB would
make the appropriate announcement on the final status and
development of the action taken in relation to recovery of
losses arising from the write-off of the Group's timber
concessions in Solomon Islands.

(2) Background of the Investment and the Write-Off

(2.1) The Investment

The Investment entails the purchase of the entire equity
interest of China International Forest Products Ltd (CIFPL) (now
known as Emas Pacific Limited) which in turn holds the
concession of logging of approximately 466,143 hectares of
forest in the Solomon Islands.

The acquisition was effected via the execution of the sales and
purchase agreement and two (2) supplemental agreements (SPAs)
which were signed on July 6, 1993, July 1, 1994 and October 20,
1995 respectively between KEB and Mint Horizon (M) Sdn Bhd (Mint
Horizon) (the Vendor) to acquire the entire issued and paid up
capital of CIFPL of USD45,916,923 comprising 45,916,923 ordinary
shares of USD1.00 each.

The total purchase price for the said acquisition was
RM335,000,000 based on a "willing-buyer-willing-seller" basis
after taking into consideration by the previous Board of
Directors (BOD), inter alia, the open market value of the timber
concessions. The independent valuers commissioned by KEB at the
material time, namely Messrs Khong & Jaffar Sdn Bhd (K&J), had
ascribed the open market value of the timber concessions at
USD160,260,000 or RM416,676,000 (at USD1.00 = MYR2.60) as at
June 30, 1993. This value had excluded the logging equipment and
other machinery invested for the logging operation.

Further, as part of the SPA, Mint Horizon had to provide profit
guarantee to KEB that the CIFPL Group's profit before tax (PBT)
for a period of two (2) consecutive calendar years commencing
from the completion of the original agreement shall be an
aggregate of MYR106,000,000 for a total period of two (2) years
(Profit Guarantee).

(2.2) Details of the Valuation Report Subsequent to the SPA

In reviewing of the poor performing Forestry Division operating
in the Solomon Islands and in particular the lower than expected
volumes of round logs extracted since its acquisition, following
a change in stewardship of the Company in 1996, the Company had
engaged Henry Butcher Lim & Long (Sabah) Sdn Bhd (Henry Butcher)
to take stock of the timber stand and to independently assess
the timber concessions in Solomon Islands.

The Company, after consultation with KEB's merchant bankers and
auditors, had engaged CH Williams Talhar & Wong (Sabah) Sdn Bhd
(WTW) to conduct a second review of the volume of extractable
timber and determine the value of the timber concessions.

Henry Butcher, in its report dated May 16, 1996, reported that
the estimated total volume of extractable timber from the
concession areas in Solomon Islands were significantly lower
than that previously estimated to be extractable when the
Company acquired the timber concessions.

Henry Butcher had further reported that the timber stand in many
areas of the Solomon Islands concessions were sparse and
consists of short and small trees.

WTW, on the other hand, in its report dated October 20, 1996,
reported that as a result of low stocking and sporadic nature of
the timber stand in the concessions at Makira (one of the
islands) it was not commercially viable to operate there. Also,
it was reported that the concession on the island of Santa
Isabel to have a low timber stand density.

(2.3) Details of the Write-Off in Respect of the Investment

On October 25, 1996, the then new BOD of KEB had on July 31,
1996 resolved to write off the Investment. The said write-off
amounted to MYR313.8 million as illustrated in Table 1.
The write off of the Investment was announced to Bursa Malaysia
on even date.

(3) Initiatives for the Recovery of the Losses

(3.1) Legal Opinion by Messrs. Chooi & Co. on the Recoverability
of the Investment Subsequent to the Write-Off

On June 27, 1997, Messrs Chooi & Co, having thoroughly
considered the opinion of Christopher Symons, QC had rendered
their legal opinion on the viability of commencing legal
proceedings in an attempt to re-coup or mitigate the losses
suffered as a consequence of the Investment.

Messrs Chooi & Co in rendering their opinion had given due
consideration amongst others to the following pertinent issues:

(1) The evidence that has to be put before the Court to satisfy
the burden of proof for a successful prosecution;

(2) Actual recovery in monetary terms from the potential
defendants, in the event of a successful action, as opposed to a
mere 'paper judgement';

(3) The initial costs and expenses that would be incurred in
instituting a legal action, not to mention escalating costs in
the event of protracted litigation;

(4) The amount of time and valuable resources that would have to
be deployed in pursuing such a recourse.

The then BOD of KEB having deliberated at length the pertinent
issues as set out above, had opined that in the best interest of
KEB Group and based on pragmatic commercial considerations, the
matter should not be pursued further.

(3.2) Subsequent Developments

Following the BOD's decision on the write-off, KEB had written
to SC on August 20, 1997, informing SC:

- On the write-off;

- That subsequent to the write-off, KEB had sought the advice of
the Company's legal advisors, Messrs Chooi & Co to review the
initial acquisition and subsequent write-off of the timber
concessions and to advise on any legal recourse that KEB may
have; and

- That based on the advice of Messrs Chooi & Co and the second
legal opinion sought from Queen's Counsel, the BOD deliberated
on the matter at length and after careful consideration, had
decided that from a commercial viewpoint, it would be in the
best interest of the Group not to pursue the matter further.

On October 18, 2002, the SC had written to KEB, referring to the
annual report for the financial year ended July 31, 1996 of the
Company. The SC had noted in the letter that the above-mentioned
write-off and requested the present BOD of KEB to explain the
Investment write-off, which took place barely three (3) years
after the Investment was made by the previous BOD.

On January 15, 2003, March 26, 2003 and September 5, 2003, in
response to SC's query, AD (engaged by KEB) gave their legal
opinion on the recoverability of the Investment.

(3.3) Final Legal Opinion on the Recoverability of the
Investment

AD in their opinion have examined all possible causes of action
in contract, tort and equity against the directors of KEB at the
material time and the various professionals involved, but came
to the conclusion that, apart from the inevitable evidential
difficulties, which would arise after such a long lapse of time,
all causes of action in the absence of clear evidence of fraud
would now be barred by the Limitation Act 1953, and it would be
irresponsible for them to advise KEB to embark on a legal
action, which holds no reasonable prospect of success.

In consequence, AD via their letter of September 5, 2003 gave
their opinion that the requirement for continuous disclosure
imposed on KEB to account for continuing action to re-coup the
losses in the quarterly and annual report to the Bursa Malaysia
would be unduly burdensome and serve no useful purpose.

(4) Confirmation by KEB

Without prejudice, the BOD are of the opinion that they have
taken all measures deemed fit and necessary for the recovery of
the losses, taking into consideration the legal advices given by
the Messrs Chooi & Co and AD respectively, and have explored all
possibilities and avenues available for the recovery of the
losses.

The BOD hereby announce that after taking into consideration all
factors mentioned above, no further action will be pursued by
the Company and/or its agents in respect of this matter.

This announcement is dated 31 October 2005.

Table 1                          Notes MYR'000

Cost of Investment
as valued by K&J
less amortization               (a) 322,279

Cost of Investment
based on the weighted
average value as per
Henry Butcher and
WTW's valuation                 (b)   8,500

Amount written off                  313,779

Notes:

(a) KEB had taken the value as per K&J valuation report dated
August 2, 1993 and less amortization up to July 31, 1996.

(b) KEB had examined the valuations of the potential harvestable
volume by Henry Butcher and WTW and compared them to the
valuations by K&J. The potential harvestable volume was deemed
to be 500,000m3. The Company then calculated the value weighted
average value per m3. This was estimated at MYR17/m3 based on
Henry Butcher and WTW's valuations. Therefore, the concession
was deemed to be 500,000m3 x MYR17/m3= MYR8,500,000.

CONTACT:

Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan USJ 1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 603-80248899
Fax: 603-80248998
Email: (investor relations) maria@keb.com.my
       (business opportunities) nfwong@keb.com.my
Web site: http://www.keb.com.my


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 27,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, November 7, 2005.

CONTACT:

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


MEDIA PRIMA: Replies to Bourse's Query
--------------------------------------
Media Prima Berhad refers to the letter from Bursa Malaysia
Berhad to Media Prima Berhad (MPB) dated October 28, 2005,
concerning the article that appeared in The Edge Financial Daily
on October 28, 2005.

The company reproduces as follows the relevant excerpts referred
to in the Exchange's letter:

- Media Prima also plans to list its 70 percent subsidiary TV3
Network Ltd on the Ghana Stock Exchange in the first half of
next year.

- It also expects to see at least 20 percent growth in group
revenue next year.

Our response to your query is as follows.

(1) On TV3 Network Ltd

The statement is simply an expression of an intention on our
part as regards a future plan. There is no final, formal
decision yet to list TV3 Network Ltd on the Ghana Stock
Exchange, and neither has any regulatory application been made
in this regard.

Based on the current financial track record of our subsidiary in
Ghana, TV3 Network Ltd, the company believes that there are
strong prospects to list TV3 Network Ltd on the Ghana Stock
Exchange.

Preliminary assessment is being carried out on the potential
listing exercise for TV3 Network Ltd. Should this assessment be
favourable, TV3 Network Limited may proceed with making a formal
submission to the Ghana Stock Exchange.

However, this exercise is subject to receiving regulatory
approval by the Ghanaian authorities, continued strong
performance of the company and market conditions prevailing at
that point of time.

Accordingly, the intention to list TV3 Network Limited is
currently only a plan that we intend to pursue as part of our
strategy to create value for its investment in Ghana. In the
event this strategy is initiated, we will make the necessary
announcement pursuant to the Listing Requirements of Bursa
Malaysia once the listing plans have been formalized.

(2) On Revenue Growth

The statement on expected growth in group revenue made was
intended to reflect only the potential pro forma revenue impact
of the acquisition of Natseven TV Sdn Bhd (NTV7) on our group,
but has been misreported out of context.

As disclosed in the announcement to the Exchange on October 27,
2005 in respect of the acquisition, NTV7 recorded a revenue of
about MYR122 million based on its audited financial statements
for the financial year ended January 31, 2005. This represents
37 percent of MPB's revenue of about MYR328 million based on its
audited financial statements for the financial year ended
December 31, 2004. Accordingly, completion of the acquisition
will add more than 20 percent of revenue to the group on a pro
forma consolidated basis.

The announcement of the foregoing was for illustration purposes
only and the calculation was not reviewed by external auditors.
Accordingly, while we are confident that the prospects of
revenue growth in 2006 remains strong with the acquisition, the
actual growth rate in revenue going forward is still subject to
various factors such as:

- Completion of the acquisition of NTV7, and NTV7 becoming our
wholly owned subsidiary in the next financial year;

- NTV7 maintaining the same level of revenue as recorded in its
last audited financial statements; and

- Continued favourable market conditions and continued strong
advertising revenue growth in 2006.

The company trusts that the foregoing clarifies the Bourse's
query.

To view a full copy of the Bourse's query letter content, click
http://bankrupt.com/misc/MediaCorporation103105.pdf

CONTACT:

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


NORTH BORNEO: Sees No Changes to Financial Status
-------------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
wishes to inform Bursa Malaysia Securities Berhad that there are
no changes to the status of its plan to regularize its financial
position since the following announcements were made:

The Securities Commission had via its letter dated January 24,
2005 approved the Revised Scheme. The details of the conditions
imposed by the Securities Commission can be obtained through the
announcement dated January 25, 2005.

The Securities Commission had via its letter dated March 10,
2005, informed that the application by the Company on the
Proposed Exemption will now be considered under Practice Note
2.9.1 of the Malaysian Code on Takeovers and Mergers, 1998
instead of under Practice Note 2.9.3. The details of the
conditions imposed for the approval of the Proposed Exemption
can be obtained through the announcement dated March 18, 2005.

The Securities Commission had also via its letter dated March
17, 2005 approved the application by the Company to expand the
Proposed Special Issue to include a proposed private placement
of 10,000,000 new LLT Shares. The details can be obtained
through the announcement dated March 21, 2005.

The Court had on March 30, 2005 granted an Order pursuant to
Section 176 of the Companies Act, 1965 to restrain all further
proceedings against the Company for a period of nine months from
the date of the Order and to convene the meetings of its members
and the meetings of its scheme creditors no later than nine
months from the date of the Order. The details can be obtained
through the announcement dated April 20, 2005.

The Equity Compliance Unit of the Securities Commission had vide
its letter dated April 28, 2005, informed that they have no
objection to the Revised Scheme pursuant to Foreign Investment
Committee's Guideline on Acquisition of Interests, Mergers and
Takeovers by Local and Foreign Interests. The details of the
conditions imposed can be obtained through the announcement
dated May 3, 2005.

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


PAN MALAYSIA: Court Moves Hearing of Case to December
-----------------------------------------------------
Reference is made to Pan Malaysia Holdings Berhad's announcement
made to Bursa Malaysia Securities Berhad on August 16, 2005
concerning the suit filed on May 17, 1996 in the High Court of
Kuala Lumpur by Loyal Design Sdn Bhd (LDSB), a wholly owned
subsidiary of Malayan United Industries Berhad (MUI), against
the Company and all its then existing directors for breach of
directors' duties in conducting the affairs of the Company
during the period involved with the takeover offer by MUI
through LDSB in respect of the Company.

The suit also seeks to declare, inter-alia, that various options
granted by the Company under the Company's Executive Share
Option Scheme are void.

The company informed Bursa Securities that the matter has now
been adjourned to December 14, 2005 for further case management.

CONTACT:

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


PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
--------------------------------------------------
Pantai Holdings Berhad advised that its additional 33,000 new
ordinary shares of MYR1.00 each arising from the conversion of
MYR33,000 Nominal Value of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 33,000 New Ordinary Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Tuesday, November 8, 2005.

CONTACT:

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


POHMAY HOLDINGS: Directors Outline Regularization Plan
------------------------------------------------------
In compliance with Paragraph 1.3(b) of PN17/2005, Pohmay
Holdings Berhad advised Bursa Malaysia Securities Berhad the
following development since the last announcement on September
30, 2005 relating to the Company's plan to regularize its
condition.

The Board of Directors of the Company is still in the process of
outlining the Regularization Plan and will be made available to
Bursa Malaysia Securities Berhad once completed.

This announcement is dated 31 October 2005.

CONTACT:

Pohmay Holdings Berhad
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500
Fax: 03-21417730


POLY GLASS: In Talks with Auditors Re Financial Statements
----------------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Poly Glass Fibre (M) Bhd advised Bursa Malaysia
Securities Berhad that the Company is still in the process of
examining ways, including discussion with the Company's
auditors, Messrs KPMG, to overcome the auditors' qualifications
as stated in the financial statements of the Company for the
financial year ended February 28, 2005.

Dated this 31st 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: Bourse to List, Quote New Shares
----------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 50,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Tuesday, November 8, 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


PSC INDUSTRIES: Formulates Debt Restructuring Proposal
------------------------------------------------------
Pursuant to Practice Note 1/2001 in relation to the default in
payment of loans by PSC Industries Berhad and certain of its
subsidiaries, the board of Directors of the Company informed
Bursa Malaysia Securities Berhad that there is no change to the
status of the default in payments since our last announcement on
October 17, 2005 except for the following:

(1) Foreclosure by Credit Suisse, Labuan Branch

As announced on October 11, 2005, Perstim Industries Sdn Bhd has
agreed with Limaran Logistics Sdn Bhd for the foreclosure of
forty million (40,000,000) ordinary shares of MYR1.00 each in
the capital of PSC-Naval Dockyard Sdn Bhd in final settlement of
the term loan facility of US$31,578,947 (Term Loan) granted by
Credit Suisse, Labuan Branch. Limaran Logistic Sdn Bhd is in the
process of acquiring the Term Loan from Credit Suisse, pending
legal and regulatory clearance.

(2) Affin Bank Berhad

On October 20, 2005 and October 24, 2005 Affin Bank Berhad
obtained summary judgements against the Company and its wholly
owned subsidiary, Penang Shipbuilding & Construction Sdn Bhd
(PSC), in respect of judgment sums of MYR146,285,822 and
MYR262,366,610, respectively.

The Company and PSC have filed a notice of appeal against the
summary judgment, which will be heard by the judge in chambers.
No date has been set for hearing of the appeal.

The Company is currently in the process of formulating a debt-
restructuring proposal for all other Lenders.

CONTACT:

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


PUTERA CAPITAL: Posts MYR3,318,000 Q1 Net Loss
----------------------------------------------
Putera Capital Berhad furnished Bursa Malaysia Securities Berhad
a copy of its unaudited First Quarter Report for the Financial
Period Ended August 31, 2005.

Summary of Key Financial Information
August 31, 2005

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31/08/2005    31/08/2004      31/08/2005     31/08/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    5,576        13,304          5,576          13,304

(2) Profit/(loss) before tax

    -3,319        -3,422          -3,319         -3,422

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

    -3,318        -3,414          -3,318         -3,414

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

    -3,318        -3,414          -3,318         -3,414

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

    -4.82          -5.04           -4.82          -5.04

(6) Dividend per share (sen)

    0.00            0.00            0.00           0.00

        As at end of               As at Preceding
        Current Quarter            Financial Year End

(7) Net tangible assets per share (MYR)

        0.2275                     0.2757

To view a full copy of the Financial Statement, click
http://bankrupt.com/misc/PuteraCapital1stqtrFY2006.pdf

CONTACT:

Putera Capital Bhd
2nd Floor, 2 Jalan Sri Hartamas 8, Sri Hartamas,
Kuala Lumpur Wilayah Persekutuan 50480
Malaysia
Telephone: 03-62016595
Fax: 03-62016601


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

NATIONAL BANK: Exceeds 2004 Net Income by Php139 Mln
----------------------------------------------------
The Philippine National Bank (PNB) posted a net income of Php454
million for the period ended September 2005, overshadowing its
Php315 million full-year bottom line for 2004. The Bank's net
profit for the past nine months is more than thrice versus its
performance of Php142 million during the same period in 2004.

The rise in net income was fueled by a 26 percent growth in
interest income, to Php7.731 billion by the end of September
2005 from Php6.116 billion by the end of September 2004. Most
significant of this was the Interest Income on Regular Loans
that increased by Php1.06 Billion to reach Php3.57 billion.

Interest expenses slightly dipped by 1 percent to Php4.35
billion; as a result, Net Interest Income almost doubled to
Php3.38 billion for the period ended September 2005 from Php1.70
Billion for the same period in 2004.

Fee-based income added Php4.01 Billion to the Bank's coffers.

PNB's total resources stood at Php219.32 Billion as of the end
of this third quarter, with Php165.08 billion in total deposits
and Php22.948 billion in Capital Funds.

With management's relentless restructuring efforts and workout
activities, Past Due Level is down to Php24.53 billion as of
September 30, 2005, which is a hefty reduction of Php11.59
Billion or 32 percent less than its Php36.12 Billion level as of
December 31, 2004.

Likewise, the Bank's non-performing loans ratio is down to 29.2
percent as of September 30, 2005 from 39 percent as of December
31, 2004, or a significant reduction of 10 percent.

The joint sale by the Philippine government and the Lucio Tan
Group of the 67% stake in PNB was completed within the third
quarter of 2005. The Lucio Tan Group exercised its right to
match the Php43.77/share bid offered by a competitor and
purchased the shares owned by the government. The completion of
sale is expected to speed up the development of PNB's franchise
and operational competitiveness.

Despite being fully privatized, PNB will remain to be a
government depository bank until 2007.

PNB's strong financial performance is followed by a string of
recognition and awards for its leadership in the service of the
Global Filipinos where it banks on its revitalized domestic and
overseas presence, friendly service and value-for-money pricing.

Just before it celebrated its 89th anniversary in July this
year, PNB was awarded by the Bangko Sentral ng Pilipinas in the
first-ever Bangko Sentral ng Pilipinas' Stakeholders' Award as
the Commercial Bank of the Year for the Highest Reported OFW
Remittances in five years.

The Bank also won two awards from the Social Security System's
Balikat ng Bayan Awards 2005 in two categories: Best Collecting
Commercial Bank for Overseas Filipino Workers' Remittance; and
for the second consecutive year, as the Best Paying Commercial
Bank, for servicing the accounts of SSS pensioners through its
extensive domestic network of branches.

Earlier, PNB was voted by the consumers, no less, for the second
consecutive year as certified Gold Superbrand from the joint
survey of the venerable international publication, Reader's
Digest, and global media research giant, A.C. Nielsen, along
with a host of other brand leaders in the consumer product
categories.

In its effort to keep the industry leadership in OFW Remittance
Business, PNB has stepped up its marketing efforts through
customer-oriented product development and tri-media advertising
campaign that focuses on paying tribute to the heroism and
growing influence of Filipino workers in the global economic
arena with the brand offering, PNB Global Filipino Money Card.

CONTACT:

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


NATIONAL BANK: SC Upholds Ruling on Excess Tax Payments
-------------------------------------------------------
The Supreme Court ruled that the Philippine National Bank (PNB)
has the right to claim tax credits for Php73 million in excess
tax payments it made in 1991, The Philippine Daily Inquirer
reports.

The high court's third division upheld a ruling of the Court of
Appeals decision, saying it was unfair for PNB to suffer
millions of pesos in losses when it made advanced tax payments
in 1991.

In 1991, PNB paid Php180 million in advanced income tax payments
in response to then president Corazon Aquino's call to generate
more revenues for the country. The bank also later paid another
Php2.95 million, bringing the tax payments it made to Php212.950
million.

At the same time, it had made Php4.601 million in excess
payments before 1991.

By end of 1991, PNB's total tax liability amounted to Php144.253
million. But since it paid a total of Php217.551 million, the
bank still had an excess of Php73.298 million.

In 1997, the PNB requested tax credit certificates for that
amount from the Bureau of Internal Revenue (BIR).

The BIR, however, denied the request, saying that the two-year
period to make a claim for the certificates had lapsed.

The case reached the Court of Tax Appeals, Court of Appeals, and
the high court.

The tribunal ruled that the two-year prescriptive period was not
applicable in the PNB's case because it was not an ordinary tax
refund case.


NATIONAL POWER: Regulatory Issues Stall Privatization
-----------------------------------------------------
The sale of National Power Corporation's (Napocor) power
facilities is expected to face further delays due to pending
regulatory issues, The Manila Times relates, citing Energy
Secretary Rafael Lotilla.

Among the issues pending before the Energy Regulatory Commission
(ERC) is a petition seeking the maximum allowable revenue for
transmission companies, which investors want resolved before
buying Philippine power assets up for sale.

Aside from the issue of return on investment, the ERC also has
yet to settle the transition supply contract between Napocor and
the Manila Electric Co. (Meralco).

The government initially targeted to dispose of 70 percent of
Napocor's generating assets by this year, but Mr. Lotilla said
completion of the asset-sale program would be delayed by another
quarter.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), the agency tasked with selling Napocor's generation
assets, has reset its deadline to the end of next year.

Sale of the coal-fired Calaca power plant, NAPOCOR's second-
biggest generating asset after the Masinloc plant, is scheduled
by the end of this year. Recently, the Japan Bank for
International Cooperation gave its consent to the sale of the
Masinloc plant.

CONTACT:

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


NATIONAL POWER: Two Hydro Power Plants Draw 24 Investors
--------------------------------------------------------
Two assets of state-owned National Power Corporation (Napocor)
located in Pantabangan, Nueva Ecija have attracted 24 investors,
according to The Manila Standard.

The 12-megawatt Masiway and 100-mw Pantabangan hydro power
plants have drawn both local and foreign investors.

Thirteen companies have participated in the pre-bid conference
for the Masiway hydroelectric plant while 24 investors expresses
interest in the Pantabangan hydroelectric plant.

Most of the interested firms were independent power producers
(IPPs) in the country. They include CalEnergy, Korean Electric
Power Corp., Aboitiz Equity Ventures with partner Norwegian firm
SN Power, First Generation Holdings Corp. and TransAsia Power.

The prebid conference was conducted on Oct. 19 and 21.

The Power Sector Assets and Liabilities Management Corp.
(PSALM), which is tasked to dispose of the assets of Napocor, is
also bidding out the 275-mw Tiwi geothermal power plant in Tiwi,
Albay and the 425.3-mw Makban geothermal station in Laguna and
Batangas provinces.


NATIONAL TRANSMISSION: May Lose Php1 Bln Due to ERC Mandate
-----------------------------------------------------------
The National Transmission Corporation (TransCo) is likely to
suffer a Php1-billion cut in its profit next year, The Manila
Bulletin reports.

The expected cut will result from a mandate by the Energy
Regulatory Commission (ERC) for it to revert back to the year
2004 prescribed maximum allowable revenue (MAR) cap.

TransCo president and chief executive officer Alan T. Ortiz
confirmed that the ERC had directed the firm to go back to the
December 2004 rate as reference for the revenue cap and that any
cost adjustment cannot be recovered immediately.

With this development, Ortiz noted that such was already
reported to their Management Committee (ManComm); which in turn
asked permission from the Company Board, chaired by Finance
Secretary Margarito B. Teves for a lower income projection for
the year because of the reversion to 2004 of its reference rate
for power delivery service.

TransCo's net income forecast for the year is now lower than
what is originally submitted by at least Php1 billion.

CONTACT:

National Transmission Corporation
Power Center BIR Road, cor. Quezon Avenue
Diliman, Quezon City
Telephone: (02) 9812100
Web site: https://www.transco.ph


SOLVIC INDUSTRIAL: High Costs Prompt Closure
--------------------------------------------
Solvic Industrial Corporation will end its 30-year-old plastic
business due to soaring labor and production costs, according to
BusinessWorld.

The Company, a member of the Philippine Plastics Industry
Association (PPIA), said it will close this month because it is
no longer profitable.

Filipino-Chinese owned Solvic, started experiencing problems
last year with high labor and production costs. Aside from high
import taxes on petrochemical products, Solvic also experienced
labor problems last year when workers sought a pay hike.

The Labor department has resolved this after Solvic agreed to
increase the salary of its employees after a certain period.

PPIA spokesman Alex Teng confirmed several plastic firms could
no longer cope with high production costs aggravated by high
import taxes on petrochemical products.

Early this month, Canada-based Alcan Packaging Starpack Corp.
also closed shop because of rising production costs. At least
three other plastic firms have closed shop this year including
Allied Moulding Corp., Armstrong Plastic Manufacturing and Vic-
Ly Development Corp.

Solvic Industrial Corp
50 Malsan Road, Valenzuela
Metro Manila
Philippines
Phone: 292-08-60, 292-08-81
Fax: 292-0860


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

GERMAN DISTRICENTRE: Creditor Files for Judicial Management
-----------------------------------------------------------
Notice is hereby given that Singapure Finance Limited, a
creditor of German Districentre Pte Limited, presented a
judicial management order for the Company to the Singapore High
Court on Oct. 18, 2005.

The petition is directed to be heard before the Court on Nov.
11, 2005, 10:00 a.m., and Messrs. Wong Kian Kok and Kon Yin Tong
of Messrs. Foo Kon Tan Grant Thornton, 47 Hill Street #05-01,
Singapore Chinese Chamber of Commerce and Industry Building,
Singapore 179365 have been nominated as judicial managers for
the Company.

Any person who intends to oppose the making of an order or the
nomination of a judicial manager 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
member of the Company requiring it by the undersigned on payment
of the regulated charge.

The Petitioner's address is 150 Cecil Street #01-00, Singapore
069543.

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

Dated the 28th day of October 2005

Messrs Allen & Gledhill
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to solicitors Messrs. Allen &
Gledhill a written notice of his intention to do so. The notice
must state the name and address of the person, or if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitor (if any) and must be served,
or, if posted, must be sent by post in sufficient time to reach
the solicitors not later than 12:00 of Nov. 10, 2005 (the day
before the day appointed for the hearing of the petition).

CONTACT:

German Districentre Pte Limited
C/o Wong Kian Kok and Kon Yin Tong
Judicial Managers
Foo Kon Tan Grant Thornton
47 Hill Street #05-01, Singapore Chinese Chamber of Commerce and
Industry Building, Singapore 179365


LINDETEVES-JACOBERG: Director Quits Commitee
--------------------------------------------
Lindeteves-Jacoberg Limited announced that on Nov. 1, 2005, Mr.
Lim Yong Wah resigned from his position as a director of the
Company, and ceased to be a member of its Nominating &
Remuneration Committee.

The Company acknowledges Mr. Lim's invaluable contributions to
the Company during his term of office.

CONTACT:

Lindeteves-Jacoberg Limited
238A Thomson Road
Singapore 307684
Phone: 65 6383 4248
Fax:   65 6383 4068


NEOCORP INTERNATIONAL: Unit Appoints Provisional Liquidator
-----------------------------------------------------------
Neocorp International Limited announced that Mr. Bob Low Siew
Sie resigned as the Provisional Liquidator of the Company's
wholly owned subsidiary, Neocorp Innovations Pte Limited (NIPL).

As a result, the Company sought a court order to appoint a
provisional liquidator, and on Oct. 18, 2005, Messrs. Peter Chay
Fook Yuen, Bob Yap Cheng Ghee, and Yeap Lam Kheng of KPMG
Business Advisory Pte Ltd were appointed as Provisional
Liquidators of NIPL.

NIPL's Extraordinary General Meeting (EGM) will be held on Nov.
11, 2005, 3:30 p.m., and its creditors' meeting will be held on
4:00 p.m. of the same day.


By Order of Kon Yin Tong
Judicial Manager
NeoCorp International Limited

CONTACT:

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


NEWCALL COMMUNICATIONS: Intends to Pay Dividend
-----------------------------------------------
Newcall Communications Singapore Pte Limited, formerly of 9
Temasek Boulevard, #20-03 Suntec Tower Two, Singapore 038989,
posted a notice of intended dividend at the Government Gazette,
Electronic Edition with the following details:

Name of Company: Newcall Communications Singapore Pte Limited
Last day for receiving proofs: Nov. 16, 2005
Name  & address of Liquidators: Chee Yoh Chuang & Lim Lee Meng
C/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Dated this 2nd day of November 2005


SOH BENG: Creditor Seeks Winding Up
-----------------------------------
Notice is hereby given that Kim Technology & Systems Engineering
Pte Limited,  a creditor of Soh Beng Tee & Company Pte Limited,
presented a winding up petition against the Company to the
Singapore High Court on Oct. 18, 2005.

The Petition is directed to be heard before the Court sitting at
Singapore on Nov. 11, 2005, 10:00 a.m.

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

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

The Petitioners' address is 27 Defu Avenue 2, Singapore 539526.

The Petitioners' solicitors are Messrs. Leong Chua & Wong of 2
Havelock Road, #04-05 Apollo Centre, Singapore 059763.

Messrs. Leong Chua & Wong
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs.
Leong Chua & Wong a written notice of his intention to do so.
The notice must state the name and address of the person, or if
a firm, the name and address of the firm, and must be signed by
the person or firm, or his or their solicitors (if any) and must
be served, or if posted must be sent by post in sufficient time
to reach the solicitors not later then 12:00 p.m. of Nov. 10,
2005 (the day before the day appointed for the hearing of the
Petition).

CONTACT:

Soh Beng Tee & Company Pte Limited
17 Defu Lane 3
Singapore 539445
Phone: 65 6272 2166
Fax:   65 6278 9678


SUREBIND ASIA: Court Issues Winding Up Order
--------------------------------------------
In the matter of Surebind Asia Pacific Pte Limited, the
Singapore High Court issued a winding up order against the
Company on Oct. 21, 2005, with the following details:

Name and address of Liquidators: Kon Yin Tong and Wong Kian Kok
Messrs. Foo Kon Tan Grant Thornton
47 Hill Street, #05-01 Chinese Chamber of Commerce & Industry
Building, Singapore 179365

Dated this 28th day of October 2005

Allen & Gledhill
Solicitor for the Petitioner

Note:

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

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


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

ADVANCE PAINT: Strives to Exit from REHABCO Sector
--------------------------------------------------
Advance Paint & Chemical Plc (APC) issued to the Stock Exchange
of Thailand (SET) a report on the progress of its rehabilitation
plan pursuant to the SET's requirement to periodically report
the progress of the company's operation and rehabilitation every
six months.

(1) The Company has improved in several areas in order to
compete in the competitive market environment since the
beginning of this year, especially in production and marketing.

(1.1) Production Development

The Company has improved efficiency of its production lines in
order to reduce its production cost and increase its product
quality. The Company has also developed new products and created
additional distribution channel to meet customers' demand.

(1.2) Marketing Development

The Company has improved its sales and marketing strategy by
increasing the number of sales staff along with an increase in
distribution channel as well as providing training to enhance
the capability of the staffs in originating and managing the
sale process.

Moreover, the Company has improved the distribution process by
using Customer Relation Management (CRM) in managing the
delivery of products to customers.

The Company focused on increasing the sales of high margin
products by increasing the distribution channel, providing sales
incentives and organizing the sales promotion events across the
country.

The Company is expected to launch programs which include the
advertising in the television, radio and printing materials
during the last quarter of 2005 as specified in the Company's
2005 marketing plan with an aim to create the brand awareness
and attract additional target group of customers.

As a result of production and marketing development plan as
aforementioned, the Company's six months cumulative revenue in
2005 has increased by THB12 million, or a 81 percent, from the
same period in 2004.

Despite the several unfavorable economics conditions including
inflation, oil price, bird flue crisis as well as the situation
in the southern provinces, the Company believed that it has
implemented the right strategy since the Company has managed to
increase its revenue successfully during the first half of 2005.
The Company expects that it can maintain the current sales
performance and improve the sales in the future.

(2) The ability to maintain the profitability of the Company
also affected by the unfavorable economics conditions,
especially the rising oil price and other factors mentioned
earlier, which directly impact the cost of the Company. When the
situation has turned back to the normal level, the Company is
confident that the profitability of the Company will improve
continuously.

The Company has strived to improve its profitability to qualify
to exit from rehabilitation sector. The Company has a plan to
find the strategic investor to strengthen its financial
performance and be able to improve operating profit. The Company
will promptly notify SET for the success of the plan
accordingly.

The Company's management team endeavor to improve the Company's
profitability and be qualified for an exit from rehabilitation
sector.

The Company has fulfilled criteria for the exit from
rehabilitation sector by maintaining positive shareholder's
equity.

Sincerely yours,
Mr. Pricha Punnakitikashem
Chairman

CONTACT:

Advance Paint & Chemical (Thailand) Pcl
344 Moo 2, Bang Pa-In Industrial Estate,
Bang Pa-In Ayutthya
Telephone: 0-3522-1140, 0-2541-5374-8
Fax: 0-3526-1871


NATURAL PARK: Replies to SET Inquiry
------------------------------------
As mentioned in Reference Letter 1, the Stock Exchange of
Thailand (SET) requested Natural Park Public Company Limited to
submit additional information on the financial statements.
The company advised that it has notified all items that were
requested as in Reference Letter 2.

Subsequently, the SET has requested more information on the
progress and effect that might happen to the company, in the
case that the Supreme Court has accepted to consider the appeal
of Ocean General Insurance Company Limited in addition to
Reference Letter 2.

The Company also notified about the case that has been inquired
by the SET.  The company advised that at present this case is
currently under the consideration of the Supreme Court and has
to be processed by the legal system of the court, which the
Company could not intervene.

The company informed the SET that the above matter does not
affect the company and it would still operate business normally.

Please be informed accordingly.
Sincerely Yours
Akarapong Puldrapaya
Vice President Strategic Planning

CONTACT:

Natural Park Public Company Limited
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11
Fax: 0-2259-4819, 0-2259-4815


PRASIT PATANA: Chief Executive Quits Post
-----------------------------------------
Prasit Patana Public Company Limited notified the Stock Exchange
of Thailand (SET) that Mr. Chanin Yensudchai has resigned from
the position of Chief Executive Officer, Phyathai Hospital Group
with effective date from November 1, 2005.

However, Mr. Chanin still maintains his position as a Board
Director.

For your kind acknowledgement

Respectfully yours,
Mrs. Sakara Punyashthiti
Executive Director, Finance and Accounting,
Phyathai Hospital Group

CONTACT:

Prasit Patana Public Company Limited
943 Phahonyotin Road, Samsennai, Phaya Tai Bangkok
Telephone: 0-2617-2444
Fax: 0-2617-2463
Web site: http://www.pyathai.com


SIAM AGRO-INDUSTRY: Court Moves Hearing to November 18
------------------------------------------------------
Siam Agro-Industry Pineapple and Others Public Co. Ltd. and its
major creditor Kasikornbank PCL filed to the Central Bankruptcy
Court a business reorganization plan on January 11, 2005.  The
court appointed Mr. Praful Shah, Mr. Wacharin Piyarat and Mr.
Mark Christopher Chewter as plan preparers on February 21, 2005.

The plan preparers submitted a rehabilitation plan to the
official receiver on September 5, 2005.  At the creditors'
meeting held on October 17, 2005, the rehabilitation plan and
amended plan were approved by a special resolution by the
creditors.

The Company advised the Stock Exchange of Thailand (SET) that
the Central Bankruptcy Court adjourns the hearing to consider
the rehabilitation plan to November 18, 2005 instead of October
31, 2005.

A further disclosure will be made after this Court hearing.

Please be informed accordingly and disclose to the shareholders
and the general investors.

Yours sincerely,
Mr. Praful Shah
Managing Director

CONTACT:

Siam Agro-Industry Pineapple And Others Pcl
Ocean Tower 2, Floor38,
75/105 Sukhumvit Road,
Watthana Bangkok
Telephone: 0-2661-7878
Fax: 0-2661-7865
Web site: http://www.saico.co.th


THAI PETROCHEMICAL: Administrators OKs ESOP Terms, Conditions
-------------------------------------------------------------
According to a provision of the Thai Petrochemical Industry
Public Co. Ltd.'s (TPI) Business Reorganization Plan, the plan
administrators, approved the terms and conditions regarding the
Employee Stock Option Program (ESOP) for employees of TPI and
its six subsidiaries under the same plan as follows:

(1) Securities: Warrants

(2) Underlying assets: 975,000,000 TPI Common Stocks

(3) Exercise Price: Fixed at THB2.88 per share

(4) Expiration date: Not to exceed 60 months after the
issuance date

(5) Exercise period: Commence in the third year after the
issuance date

First portion: Not to exceed 50 percent (Commence in the third
year after the issuance date)

Second portion: Not to exceed 25 percent (Commence in the fourth
year after the issuance date)

Third portion: Not to exceed 25 percent (Commence in the fifth
year after the issuance date)

Yours sincerely,

Suwit Nivartvong for
The Plan Administrator
Thai Petrochemical Industry Pcl




                            *********


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

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