---

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

                     A S I A   P A C I F I C

             Friday, November 25, 2005, Vol. 8, No. 234

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: Discloses Fuel Hedge Book
AIR NEW ZEALAND: Ups Profit Forecast on Lower Fuel Costs
ANT FITOUT: Liquidator to Explain Wind Up Manner
AUSTRAL COAL: Court Hands Down Decision on Injunction
BLETHER PTY: Winding Up Process Initiated

CAPITAL INTELLIGENCE: ASIC Stops Misleading Advertising
CHEMEQ LIMITED: Keen on Antimicrobial Expansion
COMBINED BUILDING: Intends to Pay Dividend to Creditors
DEBONESI MANAGEMENT: Members Opt for Voluntary Liquidation
FORTESCUE METALS: Allied Medical Share Distribution

GAMBARA PRODUCTIONS: Court Orders Liquidation
GREENWOOD RESTAURANT: Declares Dividend Today
HAIG AGENCIES: Liquidator to Distribute Company Assets
HAWKESBURY COMMUNITY: Members Pass Winding Up Resolution
IFCO HIRE: Creditors Confirm Liquidator's Appointment

IMM LICENSING: Members Convene to Discuss Liquidator's Report
LUBEN PTY: Decides to Close Business
MASARDI PTY: Court Appoints Official Liquidator
MAXPRO INTERNATIONAL: Enters Voluntary Liquidation
MILLER'S RETAIL: Sells Discount Variety Division for AU$120 Mln

NATIONAL AUSTRALIA: Former Boss Eyes Fleet Arm
PCP PTY: Winds Up Operations
PINELYN PTY: Schedules Final Meeting Dec. 2
PIPER FARMING: Declares Final Dividend
REIBELT INVESTMENTS: Members Favor Winding Up

SANTA STAR: Liquidator to Explain Wind Up to Members, Creditors
STONEFACED BUILDING: Court Issues Wind Up Order
TALTEK PTY: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Orion Successfully Blocks Legal Action
* Sunshine Coast Managed Investment Schemes Face Winding Up


C H I N A  &  H O N G  K O N G

AGRICULTURAL BANK: To Issue Bankcards With China UnionPay
APPLIED INTERNATIONAL: Buys Back 80,000 Shares
KEITEX LIMITED: Court Issues Winding Up Order
KONG SUN: Further Delays Interim Results
PERFECT HOME: Winding Up Hearing Fixed Dec. 14

PROSPERITY INTERNATIONAL: Share Trading Suspended
SAITON ENGINEERING: Enters Winding Up Process
S&D INTERNATIONAL: Winding Up Hearing Set Dec. 7
STAR PROFIT: Prepares to Shut Down Business
TUNG ON PLUMBING: Enters Winding Up Proceedings

UNIVERSAL MARKETING: Winding Up Petition Slated for Dec. 14
WILHELMINA SHOES: Prepares to Shut Down Business


I N D I A

NATPUR COOPERATIVE: RBI Cancels License Over Insolvency
WHIRLPOOL OF INDIA: Workers Avail of Retirement Package
WIMCO LIMITED: Faces Delisting from Bourse


I N D O N E S I A

BANK MANDIRI: Targets NPL Ratio Below Five Percent
PERTAMINA: Cepu Block Development Attracts Investor Interest
PERTAMINA: Closes Cilacap Refinery for the Second Time
PERUSAHAAN LISTRIK: Needs IDR62 Trillion for Infrastructure


J A P A N

HITACHI LIMITED: Partners With Intelligroup Inc.
JAPAN AIRLINES: May Resume Flights in Northern Marianas Islands
MITSUBISHI FUSO: Launches Latest Canter in New Zealand
MITSUBISHI MOTORS: Mitsubishi Zinger Shown in Taiwan
MITSUBISHI MOTORS: Releases New Safety System for Trucks

MITSUBISHI MOTORS: 2006 Eclipse Named 'GT of the Year'
SONY CORPORATION: EFF Files Lawsuit Against Sony BMG
* FSA Reprimands Non-life Insurers for Unpaid Claims


K O R E A

DACOM CORPORATION: Moody's Withdraws Rating for Bonds


M A L A Y S I A

AFFIN HOLDINGS: SC Extends Private Placement Implementation  
AYER HITAM: Court to Hear Unit's Notice of Motion February 2006
CRIMSON LAND: Incurs Net Loss in 1Q/FY05
DATUK KERAMAT: Fails to Submit Financial Report on Time
FURQAN BUSINESS: RCSLS Matures December 19

GEORGE TOWN: Delays Submission of Financial Report
HAP SENG: Purchases Ordinary Shares on Buy Back
KEMAYAN CORPORATION: Unit Receives Summons for Claims
LEBAR DAUN: Unveils Financial Assistance Rendered
MAXIS COMMUNICATIONS: Unveils 3Q Financial Results

OLYMPIA INDUSTRIES: Enters Alliance with Voium Communications
PAN MALAYSIAN: 2Q/FY05 Net Loss Dips to MYR16,081,000
PSC INDUSTRIES: Affin to Dispose of Unit's Mortgaged Shares
TANCO HOLDINGS: Net Loss Rises in 3Q/FY05
TENAGA NASIONAL: To Convene EGM Dec. 15

TENCO BERHAD: Vendor Terminates Restructuring Agreement


P H I L I P P I N E S

COLLEGE ASSURANCE: Planholders Want Stay Order Lifted
LEPANTO CONSOLIDATED: Q3 Net Loss Widens Due to Strike
MAYNILAD WATER: Caloocan Folks Protest Water Bills
NATIONAL FOOD: CAUs Continue to Answer Consumers' Concerns
NATIONAL FOOD: Stocks to Last Until June 2006

NATIONAL POWER: Great Pacific Still Interested in Masinloc
UNIOIL RESOURCES: To Convene ASM Dec. 15


S I N G A P O R E

CHINA AVIATION (S): No Trial Dates Yet for Ex-Officials
INFORMATICS HOLDINGS: Disposes of Subsidiary Business Unit
UNITED FIBER: Chew Replaces New CFO Choo as Director
WEE POH: Appoints New Directors
WEE POH: Completes Share Issue


T H A I L A N D

THAI ENGINE: To Boost Capital Through Private Placement
THAI PETROCHEMICAL: Court to Issue Appeal Ruling Nov. 29
TRUE CORPORATION: S&P Assigns BB Long-Term Rating
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -    

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

AIR NEW ZEALAND: Discloses Fuel Hedge Book
------------------------------------------
Air New Zealand disclosed its jet fuel hedge book in line with
its past practice of disclosing this information on a quarterly
basis.

Information in the hedge book combined with publicly available
market prices allows market participants to make assessments of
impacts of jet fuel price on the Company's earnings.

At the Company's last Annual Shareholders' Meeting an earnings
warning was issued mainly due to increased fuel costs and
significant transition costs arising from the introduction of
new Boeing 777 and Q300 fleet types.

The Company said at that time that the guidance was been given
on the assumption that jet fuel prices will persist at those
levels. Since that guidance the price of jet fuel has fallen.

The Company's previous guidance of a negative fuel cost impact
of AU$100 million (net of hedging and foreign exchange gains) is
now forecast to be a negative impact of AU$60 million on the
current years profitability. Consequently profit before unusuals
and tax would improve by AU$40 million.

CONTACT:

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


AIR NEW ZEALAND: Ups Profit Forecast on Lower Fuel Costs
--------------------------------------------------------
Air New Zealand upgraded its expected annual profit by 40
percent due to falling fuel prices, Reuters reveals.

The national flag carrier now expects a profit before tax and
unusuals of around NZ$140 million (US$97 million) for the year
ended June 30.

Air NZ posted a profit before tax and unusuals of NZ$235 million
in the year to June 30, down 3 percent on the previous year.

In mid-October the company more than halved its forecast profit
before unusuals and tax to around NZ$100 million, citing high
fuel prices and competition.

The airline has sought to recover about two-thirds of its
increased fuel costs through a surcharge and control of costs.

It raised its fuel surcharge on Sept. 1 by an average 4.5
percent on domestic flights and between 15 and 28 percent on
international services.


ANT FITOUT: Liquidator to Explain Wind Up Manner
------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Ant Fitout Pty Limited will be held on Dec. 2,
2005, 10:15 a.m. at Ngan & Co., Level 5, 49 Market Street,
Sydney NSW 2000, for the following purposes:

AGENDA

(1) To receive the Liquidator's account showing how the winding
up was conducted and the property of the Company disposed of,
and to receive any explanation required thereof.

(2) To consider any other business brought before the meeting.

Dated this 25th day of October 2005

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


AUSTRAL COAL: Court Hands Down Decision on Injunction
-----------------------------------------------------
The Takeovers Panel advised that the Federal Court of Australia
handed down temporary orders in relation to an application by
Glencore International A.G. and Fornax Investments Limited
(together, Glencore) for review of the Takeovers Panel's
decision in Austral Coal Limited 02RR.

The effect of the court's orders is that payment of the money
which was to be distributed to those people who sold Austral
Coal shares in sales reported on the Australian Stock Exchange
(ASX) between March 22 and April 4, 2005 (inclusive) will be
delayed until at least February 2006, subject to the court's
final decision on the application by Glencore for review of the
Panel's decision.

The Panel had ordered Glencore to pay AU$1.32 million to former
Austral Coal shareholders as compensation for Glencore's non-
disclosure of its combined physical and derivative interests in
Austral Coal between March 22, 2005 and April 4, 2005. The
Federal Court granted a stay of the Panel's ordered until
further order of the Court. The Court's order was conditional on
Fornax undertaking to pledge its shares in Austral Coal in
support of Glencore's ability to pay the compensation amount.

The Panel also requested, and Glencore has agreed, that Glencore
undertake to pay interest (at a commercial bank rate) on the sum
of AU$1.32 million from Nov. 21, 2005 until the date upon which
Glencore makes that payment to ASIC , in the event that
Glencore's appeal is unsuccessful.

The court's hearing of Glencore's application fro review of the
Panel's decision to make a declaration of unacceptable
circumstances and final orders in the Austral Coal Limited 02RR
matter is now due to occur on Feb. 9, 2006.

CONTACT:

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

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


BLETHER PTY: Winding Up Process Initiated
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Blether Pty Limited held on Oct. 26, 2005, it was resolved
that the Company be wound up voluntarily, and that Gregory
Stuart Andrews of G. S. Andrews & Associates, 22 Drummond
Street, Carlton 3053 be appointed as Liquidator for such wind
up.

Dated this 27th day of October 2005

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


CAPITAL INTELLIGENCE: ASIC Stops Misleading Advertising
-------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained permanent injunctions and orders, by consent, against
Capital Intelligence Ltd, Mr. John Day and Mr. Jason Davis,
preventing them from publishing misleading or deceptive notices
about financial products.

ASIC obtained the orders in the Federal Court in Western
Australia following an investigation into the activities of
Capital Intelligence. Capital Intelligence operates a number of
businesses which relate to the provision of financial product
advice to retailers and investors. One of the businesses,
HomeTrader, offers training courses on share trading.

ASIC was concerned about the overall message of the
advertisements, published between April to August 2005, given
inadequate qualifications or disclaimers were provided. The
advertisements contained statements such as, 'Learn how to
choose shares that make money', "Making Money on the Stock
Market", and "Like to see how people achieve 100% returns and
more in 3 months". The advertisements also quoted significant
profits and percentage returns allegedly made by people who
'took action and got educated' and invited readers to attend a
free introductory class.

ASIC's investigation revealed that the profits stated in the
advertisements were not made from trading shares on the stock
exchange but from trading contracts for differences (CFDs).

Capital Intelligence, Mr. Day and Mr. Davis consented to:

(1) a declaration that Capital Intelligence published notices in
relation to a financial product that were misleading or
deceptive or were likely to mislead or deceive, by representing
in the notices that people had profited from trading stocks on a
stock exchange, whereas the profits were obtained from trading
CFDs;

(2) a declaration that Mr. Day and Mr. Davis were knowingly
concerned in Capital Intelligence's contravention;

(3) permanent injunctions that stop Capital Intelligence, Mr.
Day and Mr. Davis making representations or being in any way
involved in conduct by another person publishing any notice or
advertisement or making any written or verbal statement which
indicates that certain profits or returns have been made in the
course of share trading, unless those profits or returns were
made in the course of trading shares and not made in the course
of trading any other financial product;

(4) an order requiring Capital Intelligence to send notices to
every person who, on or after 1 June 2003, paid a subscription
to the services being offered by Capital Intelligence; and

(5) an order requiring Capital Intelligence to publish
corrective advertisements in metropolitan and regional editions
of The Age, The Sunday Times (Western Australia), The West
Australian, The Sydney Morning Herald, The Adelaide Advertiser
and the Australian Financial Review.

ASIC's Executive Director, Ms Jan Redfern said it was imperative
that advertisements placed in the media by all financial product
advisers were completely accurate and true, and were not
misleading.

"ASIC is committed to pursuing companies that fail to provide
consumers with clear and accurate information about the nature
of the financial advice offered and the potential returns that
can be achieved from that advice," Ms Redfern said.

ASIC was awarded costs in the matter.

As a condition of its Australian Financial Services Licence,
Capital Intelligence is a member of the Financial Industry
Complaints Service (FICS), an external dispute resolution scheme
that is available to help consumers resolve any ongoing
complaints relating to members of the financial services
industry. Consumers can contact FICS via http://www.fics.asn.au
or Tel. 1300 780 808.

Background

These proceedings follow an ASIC investigation into newspaper
advertisements that represented that persons named in the
advertisements had made profits from the trading of shares on
the stock exchange and encouraged persons to become members of
Capital Intelligence to learn the strategies on how to make
these profits.

ASIC alleged the newspaper advertisements were misleading
because they conveyed the impression that the quoted high
returns were obtained by buying and selling shares, when in fact
the returns were made by the trading of contracts for
differences (CFDs). Unlike a direct investment in shares, CFDs
expose an investor to the possibility of losses significantly
greater than the initial investment.


CHEMEQ LIMITED: Keen on Antimicrobial Expansion
-----------------------------------------------
Chemeq Limited expects to book strong revenue in 2005/06 on
positive cash balances and a sound growth strategy, according to
The Age.

The company said it is looking to expand its operations to meet
growing demand for its key polymeric antimicrobial for pigs and
poultry. But it would need to generate more funds to finance the
expansion over the next two years.

Chemeq said it would decide on the size of the expansion in the
first half of 2006.

It added it wanted to expand its sales into Brazil, Europe and
the U.S., along with its existing markets in South Africa,
Malaysia and New Zealand.

CONTACT:

Chemeq Limited
Suite 8 Petroleum House,
3 Brodie Hall Drive,
Technology Park,
Bentley, Australia, 6102
Head Office Telephone 08 9362 0100
Head Office Fax 08 9355 0199
Web site: http://www.chemeq.com.au/


COMBINED BUILDING: Intends to Pay Dividend to Creditors
-------------------------------------------------------
Combined Building & Maintenance Services Pty Limited will
declare a second & final dividend to its unpreferred unsecured
creditors today, Nov. 25, 2005.

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

Dated this 30th day of September 2005

M. C. Hall
Liquidator
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


DEBONESI MANAGEMENT: Members Opt for Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Debonesi Management Pty Limited held on Oct. 31, 2005, a
Special Resolution was passed that the Company be wound up
voluntarily, and Gregory J. Parker was appointed as Liquidator
for such purpose.

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

Dated this 1st day of November 2005

Gregory J. Parker
Liquidator
Parker Insolvency
Level 5, 49 Market Street
Sydney NSW 2000


FORTESCUE METALS: Allied Medical Share Distribution
---------------------------------------------------
Fortescue Metals Group Limited (Fortescue) advised that the
Record Date pursuant to the "in specie" share distribution of
Allied Medical Limited has now passed and entitlement to shares
in Allied Medical will be determined on a ratio of 1 share in
Allied Medical for very 50.33 Fortescue shares held on Nov. 23,
2005 (nb. Allied Medical shareholding to be rounded up to
nearest whole number).

The entitlement ratio is marginally less than the 50 to 1
conversion indicated in the previous Australian Stock Exchange
(ASX) announcement dated Nov. 15, 2005 as Fortescue issued
1,826,484 shares on Nov. 18, 2005 pursuant to a conversion
notice received from DKR Capital Partners LP.

The dispatch date for notices of entitlement is Dec. 6, 2005 at
which time shareholders will receive a share certificate
evidencing their holding. The tax consequences of the
distribution are referred to in the Notice of Meeting sent to
shareholders in early October and posted to Fortescue's web site
http://www.fmgl.com.auunder Investor; ASX Announcements; 2005;  
release dated Oct. 7.

Shareholders are advised that the de-merger concessions as
provided under Division 125 of the Income Tax Assessment Act
1997 do not apply in this instance.

CONTACT:

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


GAMBARA PRODUCTIONS: Court Orders Liquidation
---------------------------------------------
On Nov. 4, 2005, the Federal Court of Australia, New South Wales
District Registry ordered that Christopher J. Palmer be
appointed as Liquidator in the winding up of Gambara Productions
Pty Limited.

Dated this 15th day of November 2005

Christopher J. Palmer
Liquidator
O'Brien Palmer
Level 4, 23-25 Hunter Street
Sydney NSW 2000


GREENWOOD RESTAURANT: Declares Dividend Today
---------------------------------------------
Greenwood Restaurant Pty Limited will declare a first and final
dividend to its priority creditors today, Nov. 25, 2005.

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

Dated this 11th day of October 2005

M. J. M. Smith
Liquidator
Smith Hancock
Level 4, 88 Phillip Street
Parramatta NSW 2150


HAIG AGENCIES: Liquidator to Distribute Company Assets
------------------------------------------------------
At a general meeting of Haig Agencies Pty Limited held on Oct.
21, 2005, the following Special Resolution was passed:

That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
in part) to the members in specie, should the Liquidator so
desire.

Dated this 31st day of October 2005

Allan R. Bottomer
HLB Mann Judd (Nth Qld) Pty Limited
63 Mulgrave Road, Cairns Qld 4870


HAWKESBURY COMMUNITY: Members Pass Winding Up Resolution
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Hawkesbury Community & RSL Homes Limited held on Oct. 27,
2005, a Special Resolution was passed to voluntarily wind up the
Company, and Robert Michael Brennan was appointed as Liquidator
for the winding up.

Dated this 27th day of October 2005

Robert M. Brennan
RT Hospitality Solutions
Suite 71, 14 Narabang Way
Belrose NSW 2085
Phone: 9986 3166


IFCO HIRE: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of IFCO Hire & Sales (NSW) Pty Limited held on Oct. 27, 2005, it
was resolved that the Company be wound up voluntarily, and P.
Ngan and G. Parker were appointed as joint and several
liquidators for such purpose.

Creditors confirmed the Liquidators' appointment at a creditors'
meeting held later that day.

Dated this 2nd day of November 2005

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


IMM LICENSING: Members Convene to Discuss Liquidator's Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of the members of
IMM Licensing Pty Limited will be held on Dec. 2, 2005, 9:30
a.m. at the office of PKF Chartered Accountants, Level 10, 1
Margaret Street, Sydney.

AGENDA:

To present the Liquidator's Account showing how the winding up
was conducted and the property of the Company disposed of, and
to give any explanation thereof.

Proxies to be used at the meeting should be lodged at the
Liquidator's office not later than 4:00 p.m. of Dec. 1, 2005.

Dated this 18th day of October 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


LUBEN PTY: Decides to Close Business
------------------------------------
Notice is hereby given that at a general meeting of the members
of Luben Pty Limited held on Oct. 28, 2005, the following
Special Resolution was passed:

That the Company be wound up voluntarily.

David James Hewitt was appointed as the Company Liquidator for
such purpose.

Dated this 28th day of October 2005

David J. Hewitt
C/o Level 2, 52 Kings Park Road
West Perth WA 6005


MASARDI PTY: Court Appoints Official Liquidator
-----------------------------------------------
On Oct. 28, 2005, the Federal Court of Australia NSW District
Registry ordered that Masardi Pty Limited be wound up, and
appointed Stephen James Parbery to be the Company Liquidator.

Dated this 31st day of October 2005

Stephen J. Parbery
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


MAXPRO INTERNATIONAL: Enters Voluntary Liquidation
--------------------------------------------------
Notice is given that at a general meeting of the members of
Maxpro International Pty Limited held on Oct. 28, 2005, it was
resolved that the Company be wound up voluntarily, and that
Jenner L. Harwood of 19-21 Watt Street, Gosford be nominated to
act as Liquidator for the winding up.

Jenner L. Harwood
Liquidator
19-21 Watt Street, Gosford


MILLER'S RETAIL: Sells Discount Variety Division for AU$120 Mln
---------------------------------------------------------------
Miller's Retail Limited announced it has entered into an
agreement to sell its discount Variety division - Go-Lo, Crazy
Clark's, Chicekenfeed and look Sharp Concepts - to a Jointly
owned Entity to be formed by Private Equity Firms Catalyst
Investment Managers Pty Ltd and castle Harian Australian
Mezzanine Partners Pty Ltd for AU$120 million.

This will result in a pre-tax loss of around AU$50 million in
this Financial Year due to a write down of the remaining
intangible assets and a loss on the book value of net tangible
assets of the Discount Variety Division.

The Jointly owned Entity agreed to buy the MRL Discount Variety
assets, and also to purchase the Australian assets of The
Warehouse Group, for a combined value of AU$200 million.
Completion of the sale is subject to normal regulatory
approvals, formalization of the Buyer's financing arrangements,
standard commercial conditions and completion of the related The
Warehouse Group sale agreement.

Recently appointed MRL Chairman Geoff Levy said that when
completed, the sale will be a positive outcome for the Discount
Variety business, and by having no long term debt, the sale will
be positive for MRL shareholders and for the future of MRL.

"Our Discount Variety division has made significant recent
progress as a result of a range of business improvement
initiatives. We have been increasingly optimistic about its long
term future growth potential," Mr. Levy said.

"However a sale now de-risks the turn around strategy and the
price offered gives MRL immediate benefit of part of the
potential future value."

MRL CEO Mr. Gary Perlstein said, "The very talented team in our
Discount Variety business has worked exceptionally hard, and
their work has enabled this positive result."

The Discount Variety sale follows a Strategic Review initiated
by the new MRL Board.

Other initiatives to date included reducing inventory,
refreshing the product mix, hiring new management in key roles
and rationalizing the store portfolios.

Results of these initiatives have included:

- Immediately reducing debt by AU$39.9 million, a 39%
improvement to AU$62.6 million compared to AU$102.5 million at
June 30, 2004. This debt could be totally cleared as a result of
the Discount Variety sale

- Improving operating working capital with operating cash flow
of AU65.4 million fro FY2005, a 10% improvement on the previous
corresponding period

- Improving operating free cash flow by 158% compared to the
previous corresponding period, to AU$39.5 million for FY2005

- Entering into an agreement to merge the Discount Variety
business with the Warehouse Group and sell it to private equity
funds.

CEO Gary Perlstein said, "The new Board moved fast, working with
and supporting management, to take decisive action to improve
performance. MRL has the right Apparel strategy for future
growth and we can continue to pursue that growth with vastly
improved working capital conditions and no other distractions.

"We are focused on our new brand re-positioning which clearly
distinguishes our four Apparel brands: Miller's Fashion CLub,
Katie's, Crossroads and 1626," Mr. Perlstein said.

"The supply chain is now more aligned behind the Apparel brands
which will lead to improved operating efficiencies and
ultimately, drive growth.

"As announced as part of our results on Sept. 13, 2005, we have
been investing to support apparel brand positioning, and are
seeing immediate gross margin improvements. The first four
months of this financial year have been very promising with
encouraging like-for-like store sales growth across the four
apparel brands," Mr. Perlstein added.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


NATIONAL AUSTRALIA: Former Boss Eyes Fleet Arm
----------------------------------------------
The former chief executive of National Australia Bank (NAB)
could find himself involved in one of the bank's businesses,
Sydney Morning Herald reports.

Through his finance company, Orix Australia, Frank Cicutto is
expected to handle NAB's care fleet management business, Custom
Fleet.

Orix is tipped as one of the potential buyer for the business,
which operates fleets in Australia, New Zealand and the U.K.

NAB put Custom Fleet up for sale, and analysts expect it to
fetch more than AU$100 million.

Other companies that may be interested in Custom Fleet include
GE Capital, ANZ Banking Group's Esanda, South African company
Super Group, which bought the Commonwealth Bank's fleet business
last year, and the Australian industry's biggest player, Lease
Plan.

Mr. Cicutto headed NAB for five years before stepping down in
February in the middle of the bank's AU$360 million currency
trading scandal. He became chairman of the local operations of
Japanese company Orix in December.

CONTACT:

Miller's Retail Ltd
151-163 Wyndham Street
Alexandria, New South Wales 2015
Australia
Phone: +61 2 9310 2233
Fax: +61 2 9310 2255
Web site: http://www.millersretail.com.au/


PCP PTY: Winds Up Operations
----------------------------
Notice is hereby given that at a general meeting of the members
of PCP Pty Limited held on Oct. 31, 2005, it was resolved that
the Company be wound up voluntarily, and that Martin David
Lewis, Chartered Accountant of Ferrier Hodgson, Level 6, 81
Flinders Street, Adelaide be appointed as Liquidator for such
purpose.

Dated this 7th day of November 2005

Martin D. Lewis
Liquidator
Ferrier Hodgson
Level 6, 81 Flinders Street
Adelaide SA 5000


PINELYN PTY: Schedules Final Meeting Dec. 2
-------------------------------------------
Notice is hereby given that a final combined meeting of the
members and creditors of Pinelyn Pty Limited will be held on
Dec. 2, 2005, 10:00 a.m. at the offices of Jessup & Partners,
Accountants & Business Advisors, St. James Place, Level 3, 155-
157 Denham Street, Townsville, Queensland 4810, for the
following purposes:

AGENDA

(1) To receive the Liquidator's account showing the manner of
the winding up and the disposal of the property of the Company,
and to receive any explanation required thereof.

(2) Any other business, which may be lawfully considered with
the foregoing.

Dated this 13th day of October 2005

Ian D. Jessup
Liquidator
Jessup & Partners
Accountants & Business Advisors
Level 3, 155-157 Denham Street
Townsville Qld 4810
Phone: 07 4772 3515
Fax:   07 4721 4513


PIPER FARMING: Declares Final Dividend
--------------------------------------
Piper Farming Pty Limited will declare a first and final
dividend today, Nov. 25, 2005.

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

Dated this 4th day of October 2005

M. J. Ryan
Taylor Woodings Chartered Accountants
Level 26, 56 Pitt Street
Sydney NSW 2000
Phone: 02 8247 8000
Fax:   02 8247 8099


REIBELT INVESTMENTS: Members Favor Winding Up
---------------------------------------------
Notice is hereby given that at a general meeting of the members
of Reibelt Investments Pty Limited held on Oct. 27, 2005, it was
resolved that the Company be wound up voluntarily, and that
Ginette Muller and Lachlan McIntosh of KordaMentha (Qld), 22
Market Street, Brisbane be appointed to act as Liquidators for
the winding up.

Dated this 31st day of October 2005

Lachlan McIntosh
Ginette Muller
Liquidators
Kordamentha
22 Market Street, Brisbane Qld


SANTA STAR: Liquidator to Explain Wind Up to Members, Creditors
---------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Santa Star Constructions (NSW) Pty Limited will be
held on Dec. 2, 2005, 10:30 a.m. at Ngan & Co., Level 5, 49
Market Street, Sydney NSW 2000.

AGENDA

(1) To receive the Liquidator's account showing the manner of
the winding up and disposal of the property of the Company, and
to receive any explanation required thereof.

(2) To consider any other business brought before the meeting.

Dated this 25th day of October 2005

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


STONEFACED BUILDING: Court Issues Wind Up Order
-----------------------------------------------
On Oct. 28, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Stonefaced Building Systems
Pty Limited, and appointed Antony de Vries to be the Company
Liquidator.

Dated this 31st day of October 2005

Antony de Vries
Liquidator
de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2125


TALTEK PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Taltek Pty Limited held on Nov. 1, 2005, it was resolved that
the Company be wound up voluntarily, and that Andrew John Birch
and Clifford Stuart Rocke of PPB Chartered Accountants, Level 1,
5 Mill Street, Perth, Western Australia, 6000 be appointed as
joint and several liquidators for such purpose.

Dated this 2nd day of November 2005

Andrew J. Birch
Clifford S. Rocke
Liquidators
PPB Chartered Accountants
Level 1, 5 Mill Street
Perth WA 6000


TELSTRA CORPORATION: Orion Successfully Blocks Legal Action
-----------------------------------------------------------
Following a media release to the market on Oct. 28, Orion
Telecommunications Limited announced Thursday the outcome of its
successful defense of Telstra's injunction application.

On Oct. 24, 2005, Telstra Corporation commenced Federal Court
proceedings against Orion Telecommunications Limited and its
operating subsidiaries in Australia.

Telstra's allegations claimed that Orion's sales agents engaged
in misleading telemarketing activity, unauthorized transfer of
its customer's services and had been unduly harassing its
customers. Orion was surprised that Telstra took such action
without recourse to sensible commercial discussions.

The hearing of the injunction application was heard in the
Federal Court in Melbourne over three days this week. Orion
vigorously defended the allegations.

Telstra was unsuccessful in its attempt to thwart Orion's
telemarketing activities and the Federal Court did not grant the
injunction sough by Telstra. The parties have agreed to follow
the Judge's recommendation for mediation to occur as soon as
possible.

Orion has also volunteered to the Court that it will work with
all sales agents to maintain, and where necessary make minor
adjustments to improve, our quality compliance program. This
will be enhanced by an improved verification process.

The Court made no order as to costs.

CONTACT:

Orion Telecommunications Limited
Level 2, 175 Collins Street,
Hobart TAS 7000
Phone: +61 3 62157800
Fax: +61 3 6216 0270
E-mail: corporate@oriontelecommunications.com.au
Web site: http://oriontelecommunications.com.au

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


* Sunshine Coast Managed Investment Schemes Face Winding Up
-----------------------------------------------------------
The Australian Securities and Investments Commission (ASIC) has
obtained orders in the Supreme Court of Queensland to wind up
managed investment schemes and companies allegedly operated by
Sunshine Coast man, Mr. Wayne Edward Cross.

The Supreme Court ordered the winding up of:

(1) The managed investment schemes, known as "Australian
Currency and Commodities Exchange" or "ACE Exchange" (the
schemes); and

(2) Australian Currency Exchange Pty Limited, V.Clicquot Pty
Limited and Global Ace Pty Limited (the companies).

Mr. John Cronin of McGrathNicol+Partners was appointed to wind
up the schemes and the companies. Mr. Cronin will remain as
receiver over the property and assets of Mr. Cross until further
orders are made.

ASIC also obtained injunctions restraining Mr. Cross and the
companies from:

(1) Further promoting or operating the schemes;
(2) Receiving or soliciting any further funds in connection with
the schemes;
(3) Disposing or dealing with property in relation to the
schemes; and
(4) Holding out that they are able to provide financial
services.

ASIC is concerned that Mr. Cross has operated an unregistered
managed investment scheme since late 2003. ASIC commenced
proceedings following a joint investigation with the Queensland
Police Service.

"Managed investment schemes must be registered with ASIC, and
those operating such schemes should hold a license. ASIC will
take action to close down schemes that are run in breach of the
Corporations Act so as to protect the interests of investors,"
ASIC's Executive Director of Enforcement, Ms. Jan Redfern said.

ASIC's application for declarations of contraventions of the
Corporations Act in relation to the schemes and application to
disqualify Mr. Cross from managing companies were adjourned to a
date to be fixed.

In April 2005, interim orders were obtained appointing Mr.
Cronin and Mr. William Harris as joint receivers and managers
over the property and assets of Mr. Cross, the companies and the
managed investment schemes.


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

AGRICULTURAL BANK: To Issue Bankcards With China UnionPay
---------------------------------------------------------
Agricultural Bank of China and China UnionPay has entered into a
strategic cooperation agreement, Infocast News reports.

The pact includes offering and issuing bankcards as well as
developing general services, China UnionPay said.  

Agricultural Bank, considered the weakest financially of the
mainland's four main state-owned bank, said it wrote off CNY29.2
of bad loans in the first nine months, though it didn't disclose
its bad-loan ratio. Its non-performing loan ratio stood at 26.7
percent at the end of 2004, down 3.9 percentage points from
2003.

The company posted an operating profit of CNY31.6 billion
(HK$30.31 billion) in the year to September, versus an operating
profit of CNY24.5 billion in a same period a year earlier.

CONTACTS:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com
Web Site: http://www.abchina.com

China UnionPay
Shanghai Future Tower
300 Songlin Road, Pudong
Shanghai, China
P.C: 200122
Phone:(+86)21-68401888
Fax:(+86)21-68400998
    
   
APPLIED INTERNATIONAL: Buys Back 80,000 Shares
----------------------------------------------
Applied International Holdings Limited bought back 80,000 shares
at prices ranging from $0.38-0.385, or at a total of $30,500 on
Nov. 23, Infocast News reports.  

The company has current assets of HK$63.05 million in the first
half of 2005 while current liabilities stood at HK$102.64
million, Chong Hing Securities relates.

CONTACT:

Applied International Holdings Limited
Unit 3402, 34th Floor
China Merchants Tower
Shun Tak Centre, 168-200
Connaught Road Central
Hong Kong  
Phone: 25538267  
Fax: 28734676  
Web site: http://www.appliedintl.com


KEITEX LIMITED: Court Issues Winding Up Order
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Keitex Limited by the High Court of Hong Kong was on October 5,
2005 presented to the said Court by Fong Shek Shing of Flat 3,
11/F., Block B, Lai Tong Building, 198F Tong Mi Road, Mong Kok,
Kowloon, Hong Kong.  

The said petition is directed to be heard before the Court at
9:30 am. on December 7, 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.

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


KONG SUN: Further Delays Interim Results
----------------------------------------
The directors of Kong Sun Holdings Limited announced that its
2004 annual results and 2005 interim results have been further
delayed, Infocast News reports.

The company has applied to the High Court for an adjournment of
the hearing, to lay before the 2004 annual general meeting of
the company the annual results for six months from December 31,
2004, fixed on September 6, 2005 to a later date to be fixed and
Justin Barma has granted the relevant order for adjournment on
September 5, 2005 accordingly.

The company also announced that the publication of the 2004
annual results will be further delayed to around December 15,
2005 and the dispatch of annual report will be delayed to around
December 22, 2005 and that of publication of 2005 interim
results will also be delayed to around January 16, 2006 while
dispatch of interim report will be delayed to around January 23,
2006 as further documents have to be submitted by the company as
requested by the company's auditor for the financial year ended
December 31, 2004.

Given the above, the 2004 annual general meeting of the company
is expected to be held in late December 2005.

With effect from September 22, 2005, Mak Wai-ho has been
appointed as the company secretary and qualified accountant of
the company.

Trading in the shares on the Stock Exchange was suspended with
effect from June 17, 2004 and will continue to be suspended
pending the release of an announcement in respect of certain
transactions involving the group.

CONTACT:

Kong Sun Holdings Limited
Flat A, 1/F
Lippo Leighton Tower
103 Leighton Road
Causeway Bay
Hong Kong  
Phone: 28681190  
Fax: 25301770  


PERFECT HOME: Winding Up Hearing Fixed Dec. 14
----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Perfect Home Design Limited by the High Court of Hong Kong was
on October 24, 2005 presented to the said Court by Chan To Ching
of Flat A, 2/F., Yen Wai Garden, 16-33 a Heung Shing Street,
Tsuen Wan, New Territories, 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 fo 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.

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so.  The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


PROSPERITY INTERNATIONAL: Share Trading Suspended
-------------------------------------------------
Trading in shares of Prosperity International Holdings (H.K.)
Limited has been suspended with effect from 9:30 a.m. on
November 24 pending the release of an announcement in relation
to a very substantial disposal, loan capitalization and capital
reduction.

The stock closed at $0.33 on Wednesday.

CONTACT:

Prosperity International Holdings (H.K.) Limited
10th Floor, Prosperity Industrial Building
89 Wai Yip Street, Kwun Tong
Kowloon, Hong Kong  
Phone: 27592618  
Fax: 27564884


SAITON ENGINEERING: Enters Winding Up Process
---------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Saiton Engineering Limited whose registered office is situated
at 16th Floor, 9 Des Voeux Road West, Sheung Wan, Hong Kong, by
the High Court of Hong Kong Special Administrative Region was on
October 26, 2005 presented to the said Court by KBC Bank N.V.
whose principal place of business in Hong Kong is situate at
39th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 28, 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.

DIBB LUPTON ALSOP
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 27, 2005.


S&D INTERNATIONAL: Winding Up Hearing Set Dec. 7
------------------------------------------------
Notice is hereby given that a Petition for the Winding up of S&D
International Limited by the High Court of Hong Kong Special
Administrative Region was on the October 7, 2005 presented to
the said Court by Enzo Poli care of Unit 804, 8th Floor, Man Yee
Building, 68 Des Voeux Road Central, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 7, 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.

CHAN, LEUNG & CO.
Solicitors for the Petitioner
Unit 804, 8th Floor, Man Yee Building
68 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 6, 2005.


STAR PROFIT: Prepares to Shut Down Business
-------------------------------------------
Star Profit Development Limited, whose office address is located
at 11/F Chung Fung Commercial Building 12 Canton Road
Tsimshatsui Kowloon, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on November 9, 2005.

Date of Presentation of Petition: September 9, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


TUNG ON PLUMBING: Enters Winding Up Proceedings
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tung On Plumbing Company Limited whose registered office is
situated at 16th Floor, 9 Des Voeux Road West, Sheung Wan, Hong
Kong, by the High Court of Hong Kong Special Administrative
Region was on October 26, 2005 presented to the said Court by
KBC Bank N.V. whose principal place of business in Hong Kong is
situate at 39th Floor, Central Plaza, 18 Harbour Road, Wanchai,
Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 am on December 28, 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.

DIBB LUPTON ALSOP
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 27, 2005.


UNIVERSAL MARKETING: Winding Up Petition Slated for Dec. 14
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Universal Marketing (HK) Limited by the High Court of Hong Kong
was on October 24, 2005 presented to the said Court by Li Kwok
Kin of Room 826, Kai Fai House, Choi Wan Estate, Kowloon, 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.

(BETTY CHAN)
For Director of Legal Aid
34th Floor, Hopewell Centre
183 Queen's Road East, Wanchai
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 13, 2005.


WILHELMINA SHOES: Prepares to Shut Down Business
------------------------------------------------
Wilhelmina Shoes Factory (China) Limited, whose office address
is located at 8th Floor Lok Kui Industrial Building 6-8 Hung To
Road Kwun Tong Kowloon, issued a winding up order notice in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on November 9, 2005.

Date of Presentation of Petition: September 9, 2005

Dated this 18th day of November 2005

ET O'Connell
Official Receiver


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

NATPUR COOPERATIVE: RBI Cancels License Over Insolvency
-------------------------------------------------------
In view of the fact that the Natpur Cooperative Bank Ltd.,
Nadiad Gujarat, had ceased to be solvent, all efforts to revive
it in close consultation with the Government of Gujarat had
failed and the depositors were being inconvenienced by continued
uncertainty, the Reserve Bank of India (RBI), on November 22,
2005, at 12:00 noon delivered the order canceling its license to
the bank.

The Registrar of Co-operative Societies, Gujarat has also been
requested to issue an order for winding up the bank and appoint
a liquidator for the bank. It may be highlighted that on
liquidation every depositor is entitled to repayment of his
deposits up to a monetary ceiling of INR1,00,000/- from the
Deposit Insurance and Credit Guarantee Corporation (DICGC).

The Reserve Bank of India decided to cancel the license of the
Natpur Co-operative Bank Ltd., Nadiad, Gujarat as a final step
after examining all the options for revival of the bank and in
order to protect the interest of the depositors.

In view of the severe liquidity crunch faced by the bank, it was
placed under Directions under section 35A of the Banking
Regulation Act, 1949(AACS) with effect from 16 January 2002. The
inspection of the bank with reference to its position as on June
30, 2004 revealed deterioration in its financial condition. Its
deposits were getting eroded as realizable value of paid-up
capital and reserve was in the negative.

In view of its precarious financial position, the Reserve Bank
issued a show cause notice to the bank on December 18, 2004
asking it to show cause as to why the license granted to it to
conduct banking business should not be cancelled. As the bank
did not have a viable plan of action for revival and the chances
of its revival were remote, the Reserve Bank of India took the
extreme measure of canceling license of the bank in the interest
of the bank's depositors.

With the cancellation of its license and after commencement of
liquidation proceedings, the process of paying the depositors of
Natpur Co-operative Bank Ltd, the amount insured as per the
DICGC Act, will be set in motion.

Consequent to the cancellation of its license, the Natpur Co-
operative Bank Ltd., Nadiad is prohibited from carrying on
`banking business' as defined in Section 5(b) of the Banking
Regulation Act, 1949 (AACS) including acceptance and repayment
of deposits.

CONTACT:

Shri S.Rajgopal
General Manager
Urban Banks Department
Reserve Bank of India
La Gajjar Chambers, Ashram Road
P.B. No. 1, Ahmedabad 380 009
Telephone Number: (079) 2658-5184
Fax Number: (079) 26584853
E-mail address: ubdahmedabad@rbi.org.in


WHIRLPOOL OF INDIA: Workers Avail of Retirement Package
-------------------------------------------------------
Whirlpool of India Ltd has informed Bombay Stock Exchange (BSE)
that as part of its restructuring exercise, the Company has
offered Voluntary Retirement Scheme (VRS) to its workers at its
Faridabad Factory.

Some 361 workers exercised the option and have since been paid
and relieved.

CONTACT:

Whirlpool of India Ltd
Plot no A-4, MIDC, Rajangaon, Tal. Shirur
City Pune  
Pincode 419204  
State Maharashtra  
Phone Nos. 4061100     
Fax Nos. 232376 232229  


WIMCO LIMITED: Faces Delisting from Bourse
------------------------------------------
Members of the National Stock Exchange of India are hereby
informed that pursuant to the SEBI (Delisting of Securities)
Guidelines 2003, the trading in the equity shares of Wimco
Limited shall be suspended w.e.f. December 7, 2005 (i.e. w.e.f.
closing hours of trading on December 6, 2005).

The admission to dealings in securities of the said company
shall be withdrawn (delisted) w.e.f. December 14, 2005.

CONTACT:

Wimco Limited
Indian Mercantile chambers
R. Kamani Marg,
Ballard Estate,
Mumbai - 400038
Telephone: 022-5631 6600
Fax: 5631 4525


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

BANK MANDIRI: Targets NPL Ratio Below Five Percent
--------------------------------------------------
State lender PT Bank Mandiri hopes to cut its non-performing
loans (NPL) ratio to less than 5% by 2007, reports Business
Times Malaysia.

According to Bank Mandiri's treasury director, the bank is now
in a conoslidation period, and reducing its NPL ratio is in
compliance with Indonesia's central bank requirement inorder to
become an "anchor bank," a bank that would lead mergers and
acquisitions. As of June 30, 2005, the bank's net NPL ratio
stands at 16%.

Bank Mandiri's bad loans increased agter Bank Indonesia required
commercial banks to certify loans on which no principal or
interest has been paid for 180 days as losses.

CONTACT:

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


PERTAMINA: Cepu Block Development Attracts Investor Interest
------------------------------------------------------------
Up to 10 local and foreign investors are interested in financing
the development of the Cepu oil block development, which is
jontly-owned by state oil firm PT Pertamina, U.S.-based oil
giant ExxonMobil Corp. and the regional government, Asia Pulse
reports.

PT Pertamina will hold a tender in order to select the investor
that will finance the block's development. JP Morgan, Goldman
Sachs, Merrill Lynch and Nippon Export and Investment are among
the investors invested in the oil block.

According to Pertamina finance director Alfred H. Rohimone, the
Cepu block would need an investment of up to IDR10.04 trillion
for the fist stage of development. Both Pertamina and ExxonMobil
are still trying to resolve the problem of who would control the
block's operations.

CONTACT:

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


PERTAMINA: Closes Cilacap Refinery for the Second Time
------------------------------------------------------
State-owned oil and gas firm PT Pertamina is scheduled to shut
down its oil refinery in Cilacap for maintenance reasons,
reports Dow Jones.

This is the second time the Company's Cilacap refinery has been
shut down for maintenance. It was also shut down for 22 days
last Sept. 8, 2005. The Cilacap refinery produces 230, barrels
of fuel on a daily basis.

Pertamina spokesman Mohammad Harun said that it is the right
time to shut down the refinery for cleaning, as domestic
consumption had fallen by 30% recently. The temporary shutdown
is not expected to affect fuel supply, as the Company has fuel
stock reserves good for 24.5 days, which is considered a safe
amount.

    
PERUSAHAAN LISTRIK: Needs IDR62 Trillion for Infrastructure
-----------------------------------------------------------
National power firm PT Perusahaan Listrik Negara (PLN) would
need around IDR61.76 trillion in investment in order to build
new infrastructure until 2007, Asia Pulse reports.

PLN President Eddie Widiono said that the investment is not
certain, as financing is committed one year after power purchase
agreements (PPAs) are signed. The Company's projects would be
financed by contractors, he added.

Since PT PLN does not have the funds to construct power plants
and power lines, and the Indonesian government's budget is
alsready stretched to the limit, it needs the private sector's
involvement in building its proposed infrastructure projects.

"The contractors will finance them," Mr. Widiono added.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


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

HITACHI LIMITED: Partners With Intelligroup Inc.
------------------------------------------------
Intelligroup Inc., a global provider of innovative consulting,
technology, and outsourcing services and partner to some of the
world's largest companies, announced that it has formed a
strategic alliance with Hitachi Ltd., Information &
Telecommunication Systems Group to establish the 'Hitachi Global
Solution Center' (Hitachi GSC) at Intelligroup's Development
Center in Hyderabad, India.

Intelligroup will support Hitachi's global outsourcing
requirements by providing systems development, maintenance, and
support services for enterprise resource planning ("ERP")
applications, primarily SAP.

Intelligroup established its Center of Excellence in Hyderabad,
India to provide services that go beyond application management
services (AMS) and improve business performance metrics. These
services serve the customer's business analysts, process owners,
and application specialists' community. Examples of these
services include business analytics, process improvements,
application management, application development and maintenance,
testing services, systems optimization, ERP upgrades, and global
rollouts. Numerous customers have partnered with Intelligroup to
leverage Intelligroup's business and technology experts to
obtain maximum value from an enterprise application investment
and reap the benefits of Intelligroup's blended onsite/near-
site/offshore delivery model.

The new Hitachi Global Solutions Center is a natural extension
of Intelligroup's long-standing relationship with Hitachi and
will act as a hub to provide global outsourcing capabilities for
Hitachi and other Hitachi customers. Key to Hitachi's decision
in selecting Intelligroup to run their Global Solution Center in
India is the availability of exceptional business and technical
skills, Japanese speaking consultants, and multinational project
management skills. Initially, the center will begin its
operations with 100 highly skilled consultants supporting
Japanese and US based global companies.

"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," said Kazuo Furukawa,
Executive Vice President and head of Hitachi's Information &
Telecommunication Systems Group.

"Hitachi is one of Intelligroup's oldest and most valued
customers. We are proud of our strong and continuing
relationship and look forward to building the Hitachi Global
Solutions Centers to provide Hitachi and its customers with
business critical applications maintenance, support and
development," said Vikram Gulati, Chief Executive Officer and
President of Intelligroup.

About Hitachi Ltd.

Hitachi Ltd. (TSE: 6501 / 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 billion yen
($84.4 billion). The company offers a wide range of systems,
roducts and services in market sectors, including information
systems, lectronic devices, power and industrial systems,
consumer products, materials nd financial services. For more
information on Hitachi, please visit the ompany's Web site at
http://www.hitachi.com.

About Intelligroup

Intelligroup is a strategic partner to the world's largest
companies. Its roven onsite/offshore delivery model has enabled
hundreds of customers to ccelerate results and reduce costs up
to 50%. With deep expertise in ndustry-specific enterprise
solutions, Intelligroup has earned a reputation or consistently
exceeding client expectations. Intelligroup develops mplements
and supports IT solutions for some of the largest U.S. school
ystems and global corporations including GE, Hershey, Abbott
Labs, Eastman hemical, Hitachi, and Kimball International.

In a company statement, Hitachi recorded income before income
taxes and minority interests of JPY82.1 billion, down 40 percent
year on year. After income taxes of JPY60.9 billion, Hitachi
posted income before minority interests of JPY21.1 billion.
Hitachi posted a net loss of JPY10.9 billion, compared with a
net income of JPY41.1 billion in the first half of fiscal 2004.

CONTACT:

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


JAPAN AIRLINES: May Resume Flights in Northern Marianas Islands
---------------------------------------------------------------
Officials in Saipan will ask Japan Airlines to resume its
regular 14 flights a week between Tokyo and the Northern
Marianas Islands, ABC Radio Australia reports.

Japan's national carrier abandoned the route in October, causing
the number of tourists arriving from Japan to drop by more than
20 percent.

Governor elect Benigo Fitial is due to meet with Japanese
airline executives and potential investors next week. His main
concern is to revive the islands' economy.

The chain of 14 islands has relied heavily on tourism, which
brings in about 500,000 visitors a year.

CONTACT:

Japan Airlines Corporation Company
2-4-11, Higashi-shinagawa,
Shinagawa-ku, Tokyo
140-8605, Japan  
Phone: +81-0120-25-5931


MITSUBISHI FUSO: Launches Latest Canter in New Zealand
------------------------------------------------------
Mitsubishi Fuso Truck & Bus Corporation, one of Asia's leading
commercial vehicle manufacturers, has introduced its new
generation Canter light-duty truck in New Zealand. The new
Canter offers more interior space, more comfort and more safety,
while maintaining the vehicle's reputation for durability,
reliability and efficiency. It was extremely well received by
customers and dealers during a launch event held in Taupo, New
Zealand.

Bert van Dijk, MFTBC Board member and responsible for
International Sales & Service, said, "Mitsubishi Fuso is very
pleased to bring the new generation Canter to our valued New
Zealand customers. Customers and dealers are already impressed
by the vehicle's greater interior room, improved functionality,
enhanced safety while appreciating its continuing efficiency and
value. "

Leading features on the new Canter include: a spacious cab; the
RISE (Realized Impact Safety Evolution) cab and chassis
structure for maximum safety; in-dash gearshift for convenience
and comfort; and powerful and efficient engines. The product's
model range spans from 3.5 tons to 8.2 tons GVW (gross vehicle
weight).

The new Canter is available immediately in New Zealand. The
truck is built at MFTBC's Kawasaki manufacturing plant in Japan.

In 2004, Mitsubishi Fuso sold a company-record 902 vehicles in
New Zealand (wholesale), a 14 percent increase from the previous
year. Oceania overall accounted for sales of 4,548 units
(wholesale) in 2004.

Mr. van Dijk added, "Mitsubishi Fuso has enjoyed a long and
successful presence in New Zealand thanks to the confidence of
our customers in our products and a great dealer network
offering an excellent sales and service experience. On the
strength of the new Canter, we are convinced we can expand our
position in light-duty trucks and across the commercial vehicle
segments."

Canter Eco Hybrid Demonstration

Also generating great interest at the New Zealand Canter launch
event was the Canter Eco Hybrid. This pioneering, hybrid-
electric light-duty vehicle reduces fuel consumption by as much
as 30 percent and also substantially decreases emissions. The
vehicle's hybrid system consists of a small, clean diesel
engine; ultra-slim electric motor/generator; automated
mechanical transmission and high performance lithium-ion
battery.

Dealers, customers and press received briefings on and test-
drove the Canter Eco Hybrid during the launch event of the new
Canter. The vehicle is scheduled for introduction into the Japan
market in 2006 and is being evaluated for other regions.

About MFTBC

In 2004, MFTBC sold in the international markets outside Japan
approximately 115,000 commercial vehicles (+25% versus 2003).

DaimlerChrysler AG owns 85% of MFTBC shares. The remaining 15%
of shares continue to be held by various Mitsubishi group
companies. Mitsubishi Fuso is an integral part of
DaimlerChrysler's Commercial Vehicles Division.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan, Minato-ku
Tokyo 108-8285, Japan
Web site: http://www.mitsubishi-fuso.com

This is a company press release.


MITSUBISHI MOTORS: Mitsubishi Zinger Shown in Taiwan
----------------------------------------------------
China Motor Co. Ltd, Mitsubishi Motor Corporation's partner in
Taiwan, released the first official details on its new Zinger
Multi-crossover RV, Autoindex.org reports. Zinger is based on
the Challenger offroader and will also be equipped with 4WD
system.

Zinger will be launched on the local market in December. More
details on the new vehicle will be released on December 1.

CONTACT:

China Motor Company Limited
No 2 Tun Hwa South Road Section 2
Taipei, TAIWAN
TAIWAN
Phone: +886 2 2325 0000
Fax: +886 2 2708 2913
Web site: www.china-motor.com.tw


MITSUBISHI MOTORS: Releases New Safety System for Trucks
--------------------------------------------------------
MLA Holdings Pty Ltd and Mitsubishi Forklift Trucks have
introduced the Integrated Presence System (IPS), Ferret reports.

This is a new state of the art safety system that links operator
presence sensors and safety features of the forklift truck.

With IPS, designers and engineers at Mitsubishi Forklift Trucks
adopted an operator centered design concept and found a more
comprehensive method to prevent forklift accidents.

The key focus has been placed on immobilizing the movement of
the forklift truck and its hydraulic functions when the operator
leaves their seat. This is to prevent accidents caused by remote
human error.

IPS includes the following five key safety functions:

1) Travel interlock - Disengage the transmission, preventing
someone from getting caught by moving machines.

2) Mast interlock - Disconnect power from the hydraulic lift and
tilt functions, preventing hydraulic mast functions if operating
levers are accidentally shifted.

3) Neutral safety start - Only allow the engine to be started
when transmission is put into neutral. This is to prevent the
forklift truck from surging forward or backward when starting.

4) Seat belt warning - Flashing of seat belt visual warning lamp
on the instrument panel, to remind the operator to fasten their
seat belt.

5) Park brake alarm - Buzzer will sound when the parking brake
lever is released while the engine is off and when the operator
leaves their seat without applying the parking brake.

Mitsubishi Forklift Trucks has made these features a standard on
their new Grendia series forklift trucks.

Mitsubishi Forklift Trucks is a unit of Mitsubishi Motors
Corporation of Japan.

CONTACT:

Mitsubishi Forklift Trucks
2011 W. Sam Houston Pkwy. North, Houston, TX 77043
Phone: 888-648-5438     
Fax: 713-365-1616
     713-365-1000
Web Site: www.mit-lift.com


MITSUBISHI MOTORS: 2006 Eclipse Named 'GT of the Year'
------------------------------------------------------
U.S. lifestyle magazine Maxim magazine has chosen the all-new
2006 Mitsubishi Eclipse as "GT of the Year" in its fourth annual
"Cars of the Year" issue, The Mississauga News reports.

The Eclipse was selected from a field of more than 45 vehicles
reviewed by the magazine and is featured with nine other winning
vehicles in the November 2005 issue of Maxim.

"Mitsubishi Motors is excited to receive this award because it
confirms that the Eclipse offers unrivaled performance, styling
and value," said Dave Schembri, executive vice-president of
sales and marketing at Mitsubishi Motors North America.

The 2006 Eclipse, launched in May 2005, is new from the ground
up, including dynamic performance enhancements that now surpass
the Ford Mustang V6 263 hp and overwhelm the Acura RSX with 260
lb/ft of torque.

CONTACT:

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


SONY CORPORATION: EFF Files Lawsuit Against Sony BMG
----------------------------------------------------
November 21, 2005, The Electronic Frontier Foundation (EFF),
along with two leading national class action law firms, today
filed a lawsuit against Sony BMG, demanding that the company
repair the damage done by the First4Internet XCP and SunnComm
MediaMax software it included on over 24 million music CDs, Web
Wire reports.

EFF is pleased that Sony BMG has taken steps in acknowledging
the security risks caused by the XCP CDs, including a recall of
the infected discs. However, these measures still fall short of
what the company needs to do to fix the problems caused to
customers by XCP, and Sony BMG has failed entirely to respond to
concerns about MediaMax, which affects over 20 million CDs --
ten times the number of CDs as the XCP software.

"Sony BMG is to be commended for its acknowledgment of the
serious security problems caused by its XCP software, but it
needs to go further to regain the public's trust," said Corynne
McSherry, EFF Staff Attorney. "It is unconscionable for Sony BMG
to refuse to respond to the privacy and other problems created
by the over 20 million CDs containing the SunnComm software."


The suit, to be filed in Los Angeles County Superior court,
alleges that the XCP and SunnComm technologies have been
installed on the computers of millions of unsuspecting music
customers when they used their CDs on machines running the
Windows operating system. Researchers have shown that the XCP
technology was designed to have many of the qualities of a
"rootkit." It was written with the intent of concealing its
presence and operation from the owner of the computer, and once
installed, it degrades the performance of the machine, opens new
security vulnerabilities, and installs updates through an
Internet connection to Sony BMG's servers. The nature of a
rootkit makes it extremely difficult to remove, often leaving
reformatting the computer's hard drive as the only solution.
When Sony BMG offered a program to uninstall the dangerous XCP
software, researchers found that the installer itself opened
even more security vulnerabilities in users' machines. Sony BMG
has still refused to use its marketing prowess to widely
publicize its recall program to reach the over 2 million XCP-
infected customers, has failed to compensate users whose
computers were affected and has not eliminated the outrageous
terms found in its End User Licensing Agreement (EULA).

The MediaMax software installed on over 20 million CDs has
different, but similarly troubling problems. It installs files
on the users' computers even if they click "no" on the EULA, and
it does not include a way to fully uninstall the program. The
software transmits data about users to SunnComm through an
Internet connection whenever purchasers listen to CDs, allowing
the company to track listening habits -- even though the EULA
states that the software will not be used to collect personal
information and SunnComm's website says "no information is ever
collected about you or your computer." If users repeatedly
requested an uninstaller for the MediaMax software, they were
eventually provided one, but they first had to provide more
personally identifying information. Worse, security researchers
recently determined that SunnComm's uninstaller creates
significant security risks for users, as the XCP uninstaller
did.

"Music fans shouldn't have to install potentially dangerous,
privacy intrusive software on their computers just to listen to
the music they've legitimately purchased," said EFF Legal
Director Cindy Cohn. "Regular CDs have a proven track record --
no one has been exposed to viruses or spyware by playing a
regular audio CD on a computer. Why should legitimate customers
be guinea pigs for Sony BMG's experiments?"

"Consumers have a right to listen to the music they have
purchased in private, without record companies spying on their
listening habits with surreptitiously-installed programs," added
EFF Staff Attorney Kurt Opsahl, "Between the privacy invasions
and computer security issues inherent in these technologies,
companies should consider whether the damage done to consumer
trust and their own public image is worth its scant protection."

Both the XCP and MediaMax CDs include outrageous, anti-consumer
terms in their "clickwrap" EULAs. For example, if purchasers
declare personal bankruptcy, the EULA requires them to delete
any digital copies on their computers or portable music players.
The same is true if a customer's house gets burglarized and his
CDs stolen, since the EULA allows purchasers to keep copies only
so long as they retain physical possession of the original CD.
EFF is demanding that Sony BMG remove these unconscionable terms
from its EULAs.

The law firms of Green Welling, LLP, and Lerach, Coughlin,
Stoia, Geller, Rudman and Robbins, LLP, joined EFF in the case.
Sony BMG is also facing at least six other class action lawsuits
nationwide and an action by the Texas Attorney General. EFF
looks forward to representing the voice of digital music fans in
the resolution of these disputes between Sony BMG and consumers.

CONTACT:

Rebecca Jeschke
Media Coordinator
Electronic Frontier Foundation (EFF)
E-mail: press@eff.org


* FSA Reprimands Non-life Insurers for Unpaid Claims
----------------------------------------------------
The Financial Services Agency (FSA) will issue business
improvement orders to non-life insurers this week for their
failure to pay insurance claims, Japan Today relates.

The financial watchdog will issue orders to more than 20 firms,
including major Japanese insurers such as Tokio Marine & Nichido
Fire Insurance Co, Sompo Japan Insurance Inc, Mitsui Sumitomo
Insurance Co and Aioi Insurance Co, which have been found to
fail to make payments.

Financial Services Agency
The Central Common Government Offices No. 4,
3-1-1 Kasumigaseki, Chiyoda-ku,
Tokyo, 100-8967 Japan
Phone: (03) 3506-6000
Fax: +81 3 3506-6000


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

DACOM CORPORATION: Moody's Withdraws Rating for Bonds
-----------------------------------------------------
Moody's Investors Service withdrew the Ba2 long-term debt rating
it assigned to the proposed US$ Notes of Dacom Corp.

The rating was taken back after the Company decided not to push
through with the bond issuance.

Separately, its corporate family rating of Ba2 and stable
outlook remain unaffected.

Dacom Corporation, based in Seoul, Republic of Korea, is a
second-tier provider of telecommunications services.

Dacom Corporation (DACOM)

Provides international telephone services and database services,
which include Chollian (multimedia online service), BORANet
(internet leased-line service), BORAHOMENet (offers high-speed
Internet and multimedia services through fiber optic cables,
CATV network and BORANet network), e-commerce business,
telephone service, digital leased line service, international
data services (IDLS, International ATM, International Frame
Relay) and frame relay service.

CONTACT:

Dacom Corp.
706-1 Yoksam-dong Kangnam-gu
Dacom Bldg
Seoul, Seoul 135-987
Korea (South)
Telephone: +82 2 6220 2215
           +82 2 6220 0377
Web site: http://www.dacom.net/


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

AFFIN HOLDINGS: SC Extends Private Placement Implementation  
-----------------------------------------------------------
Affin Holdings Berhad (AHB) refers to the announcement made to
Bursa Malaysia Securities Berhad dated November 10, 2005 in
relation to the private placement of new ordinary shares of
MYR1.00 each in AHB representing up to 10 percent of the issued
and paid-up share capital of the company (Private Placement).

On behalf of the Board of Directors of AHB, Affin Merchant Bank
Berhad (Affin Merchant) advised that the Securities Commission
(SC) has, vide its letter dated November 22, 2005 (which was
received on November 23, 2005), granted further extension of
time to May 24, 2006 to implement the Private Placement.

Affin Merchant / AHB is required to inform the SC when the
Private Placement is completed.

This announcement is dated 23 November 2005.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569 / +60 2143 1057


AYER HITAM: Court to Hear Unit's Notice of Motion February 2006
---------------------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) issued to Bursa
Malaysia Securities Berhad details of the winding up petition
served on Pembinaan Aht Sdn Bhd, a 100 percent owned subsidiary
of AHTIN.

Further to the Company's announcement dated October 4, 2005, the
Company advised that the Notice of Motion for a stay of winding
up proceedings is fixed for hearing on February 22, 2006. The
winding up petition has been adjourned to February 22, 2006 for
mention only.

This announcement is dated 23 November 2005.

CONTACT:

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


CRIMSON LAND: Incurs Net Loss in 1Q/FY05
----------------------------------------
Crimson Land Berhad furnished Bursa Malaysia Securities Berhad a
copy of its First Quarter report for the financial period ended
September 30, 2005.

Summary of Key Financial Information
September 30, 2005
        
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  

    MYR'000       MYR'000     MYR'000        MYR'000    
    30/09/2005    30/09/2004     30/09/2005      30/09/2004

(1) Revenue  

    14,487        8,156          14,487          8,156

(2) Profit/(loss) before tax  

    -5,969        -7,657          -5,969         -7,657

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

    -5,499        -8,375          -5,499         -8,375

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

    -5,499        -8,375          -5,499         -8,375

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

    -1.75          -2.67           -1.75         -2.67

(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)  

        0.6130                     0.6308

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/CrimsonLandSEPT2005FinancialResults.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/CrimsonLandSEPT2005Notes.doc

CONTACT:

Crimson Land Berhad
5, Persiaran Lidcol
Off Jalan Yap Kwan Seng
50450 Kuala Lumpur
Telephone: 03-2162 8099;  
Fax: 03-2162 8711/2161 5045


DATUK KERAMAT: Fails to Submit Financial Report on Time
-------------------------------------------------------
Datuk Keramat Holdings Berhad refer to its announcement made to
Bursa Malaysia Securities Berhad on September 5, 2005 in respect
of the interim financial report for the Second Financial Quarter
ended June 30, 2005.

The company advised that:

(1) The Company has yet to submit the Second Quarter 2005 as
todate.

(2) The Company is not able to submit the Second Quarter 2005 on
or before the expiry of the three months period from August 31,
2005 i.e. November 30, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of the three
months from August 31, 2005 i.e. December 1, 2005 and shall only
be uplifted, unless otherwise determined by the Exchange, on the
market day following the submission of the outstanding Second
Quarter 2005.

However, the trading in the securities of the Company has been
suspended since August 1, 2005 following the non submission of
the Annual Audited Accounts together with the Auditors' and
Directors' Reports for the financial year ended December 31,
2004.

(4) The reason for the delay is that the Company is still in the
process of working on the proposed restructuring scheme as
announced earlier to the Exchange.

CONTACT:

Datuk Keramat Holdings Berhad
16B 3rd Floor
Jalan 14/20 Section 14
46100 Petaling Jaya
Malaysia
Phone: 03-79588166
Fax: 03-79566766


FURQAN BUSINESS: RCSLS Matures December 19
------------------------------------------
Furqan Business Organisation Berhad issued to Bursa Malaysia
Securities Berhad details of the redemption of RCSLS on the pro-
rata basis of MYR8.00 for every MYR100.00 nominal value of RCSLS
held (Redemption) and conversion of the remaining RCSLS into new
ordinary shares of MYR1.00 each (Shares) on the basis of MYR1.00
Nominal Value of RCSLS for every one (1) new share.

The company advised that:

(1) FBO's RCSLS will mature with effect from 5:00 p.m., Monday,
December 19, 2005.

(2) To facilitate the Redemption and Conversion of the RCSLS,
trading of the RCSLS will be suspended with effect from 9.00
a.m., Friday, December 2, 2005.

(3) The RCSLS will be removed from the Official List of Bursa
Securities with effect from 9:00 a.m., Tuesday, December 20,
2005.

Your attention is drawn to FBO's Notice to Holders of RCSLS
dated November 18, 2005.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


GEORGE TOWN: Delays Submission of Financial Report
--------------------------------------------------
George Town Holdings Berhad refers to its announcement made on
to Bursa Malaysia Securities Berhad September 5, 2005 in respect
of the interim financial report for the Second Financial Quarter
ended June 30, 2005 (Second Quarter 2005).

(1) The Company has yet to submit the Second Quarter 2005 as
todate.

(2) The Company is not able to submit the Second Quarter 2005 on
or before the expiry of the three months period from August 31,
2005 i.e. November 30, 2005.

(3) The trading in the securities of the Company will be
suspended on the market day following the expiry of the three
months from August 31, 2005 i.e. December 1, 2005 and shall only
be uplifted, unless otherwise determined by the Exchange, on the
market day following the submission of the outstanding 2nd QR
2005.

However, the trading in the securities of the Company has been
suspended since August 1, 2005 following the non-submission of
the Annual Audited Accounts together with the Auditors' and
Directors' Reports for the financial year ended December 31,
2004.

(4) The reason for the delay is that the Company is still in the
process of working on the proposed restructuring scheme as
announced earlier to the Exchange.

CONTACT:

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


HAP SENG: Purchases Ordinary Shares on Buy Back
-----------------------------------------------
Hap Seng Consolidated Berhad submitted to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back from: November 14, 2005

Date of buy back to: November 18, 2005

Total number of shares purchased (units): 45,200

Minimum price paid for each share purchased (MYR): 2.030

Maximum price paid for each share purchased (MYR): 2.110

Total amount paid for shares purchased (MYR): 94,502.42

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

Number of shares purchased retained in treasury (units): 45,200

Total number of shares retained in treasury (units): 33,785,700

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 23, 2005

Lodged by: Cheah Yee Leng

CONTACT:

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


KEMAYAN CORPORATION: Unit Receives Summons for Claims
----------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad informed
Bursa Malaysia Securities Berhad that its subsidiary, Kemayan M
& E Sdn Bhd had on November 22, 2005 received a summons from
Kerajaan Malaysia, Lembaga Hasil Dalam Negeri (LHDN) of Cawangan
Pungutan, Unit Guaman Sivil, Tingkat 16 Kanan, Blok 8A, Kompleks
Bangunan Kerajaan, 50600 Jalan Duta, Kuala Lumpur for claiming
an outstanding sum of MYR267,880.94 in respect of outstanding
tax.

CONTACT:

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


LEBAR DAUN: Unveils Financial Assistance Rendered
-------------------------------------------------
Pursuant to Paragraph 8.23(1)(ii) and Practice Note No. 11/2001
of the Bursa Malaysia Securities Berhad Listing Requirements,
the Board of Lebar Daun Berhad (LDAUN) advised that the
financial assistance provided as at September 30, 2005 to
facilitate the ordinary course of business of LDAUN Group is set
out below:

Financial assistance provided by the Company/subsidiary company

Type of financial assistance         Aggregate Amount MYR'000

(1) Lebar Daun Construction Sdn Bhd
- a wholly owned subsidiary of
LDAUN Performance Guarantees
in the form of Advance Payment
Bonds and Performance Bonds                    20,259

(2) Lebar Daun Construction Sdn Bhd
- a wholly owned subsidiary of LDAUN
Payment Guarantees in the form of
Bank Guarantees                                   100

(3) LDAUN Payment Guarantees in the
form of Corporate Guarantees                    3,450   

The provision of the financial assistance did not have any
material effect on the earnings and net tangible assets of LDAUN
Group, and did not have any effect on the share capital of
LDAUN.

CONTACT:

Lebar Daun Berhad
No 2 Jalan Tengku Ampuan Zabedah J9/J
Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 5511 1333 / +60 3 5511 1888


MAXIS COMMUNICATIONS: Unveils 3Q Financial Results
--------------------------------------------------
Maxis Communications Berhad and its subsidiaries (Maxis or The
Group) continued to attract new customers in record numbers for
the nine months ending September 30, 2005, leading to the
Group's continued profitability and high dividend returns to
shareholders.

The total number of customers grew 33 percent or 1.735 million
to 7.010 million, marking a milestone in the Group's list of
achievements as it surpassed the seven million-customer mark.

Fueled by the huge increase in the number of customers and
continuous strong growth in mobile data, Maxis posted a 12
percent growth in revenue to MYR4,689 million for the nine
months ending September 30, 2005 compared to MYR4,176 million
previously.

Mobile data revenue was up 35 percent to MYR738 million from
MYR548 million a year ago, mainly driven by the 126 percent
growth in SMS volume. Maxis' innovative mobile data initiatives
continued to pay off with a 79 percent increase in advanced
mobile data services revenue to MYR137 million, and 56 percent
growth in active General Packet Radio Services (GPRS) users to
777,000.

The Group's earnings before interest, taxation, depreciation and
amortization (EBITDA) was up 10 percent to MYR2,653 million,
driven by higher revenue coupled with cost efficiencies and
scale.

EBITDA margin eased 1.3 percent points to 56.6 percent from 57.9
percent previously. The preceding year had benefited from the
reversal of Universal Service Obligation provision amounting to
MYR106 million. Excluding this reversal and other one-off items,
the underlying EBITDA margin of the preceding year was 54.9
percent.

Profit before tax (PBT) was up six percent to MYR1,873 million
from MYR1,775 million in the preceding period. Net profit rose
one percent or MYR18 million to MYR1,239 million. The Company's
cash position is strong at MYR3 billion.

In view of the strong financial performance and cash position,
Maxis announced a third gross interim dividend of 10.42 sen per
share less tax (7.5 sen net per share) for the financial year
ending December 31, 2005 which will be paid on December 30,
2005. This is in line with the company's declaration of
increasing this year's dividend payout to around 60-65 percent.

Maxis Chairman, Tan Sri Dato' Megat Zaharuddin said, "I am
pleased that we have surpassed the seven million customers
milestone, and that we continue to have a higher revenue share
of the market. Our ongoing major organizational transformation
efforts will ensure that we remain focused on our range of
various customer segments to find ways and means of creating
value, which together with cost restructuring, should continue
to enhance our performance.

"Equally important, we are applying these learning in our
Indonesia expansion operation to ensure that we quickly grasp
the huge growth opportunities there".

Chief Executive Officer, Dato' Jamaludin Ibrahim added: "The
financial results demonstrate that the new marketing strategy
implemented at the end of Q1 have yielded positive results. On
top of adding 125,000 new customers in the postpaid segment, we
have also successfully penetrated into new market segments,
growing our prepaid base by 1.6 million or 40 percent.

At the same time, we have promoted voice usage among our
customers. Likewise, the continual increase in mobile data
revenue, with higher contributions from services beyond SMS,
show that our mix of innovative services is paying off. Moving
ahead, this upward trend bodes well for us".

Third Quarter 2005 vs Third Quarter 2004

Revenue grew by nine percent to MYR1,581 million compared to
MYR1,447 million in the corresponding quarter last year. Mobile
data revenue was up 35 percent to MYR261 million and accounted
for 17.3 percent of total mobile revenue compared to 14.1
percent last year.

The Group's EBITDA of MYR909 million was nine percent higher
compared to MYR831 million previously, driven by higher revenue.
EBITDA margin of 57.5 percent was 0.1 percent points higher than
57.4 percent.

Despite the higher EBITDA, PBT eased five percent to MYR613
million from MYR643 million due to the MYR37 million additional
costs for fixed assets write off and higher depreciation charges
of MYR56 million. In addition, Q304 had benefited from the
reversal of integration costs of MYR17 million. Net profit eased
seven percent or MYR31 million to end the quarter at MYR402
million.

Third Quarter 2005 vs Second Quarter 2005

Dato' Jamaludin said, "Despite the intense market competition
which continued in the third quarter, Maxis continues to be
successful in attracting quality subscribers and has maintained
a strong emphasis in enhancing its value proposition to retain
them.

"As a result of the targeted approach taken to attract different
market segments, we have added 374,000 customers, bringing our
total customer base to above seven million".

Maxis' revenue was up four percent or MYR58 million to MYR1,581
million for the third quarter ending September 30, 2005 compared
to MYR1,523 million in the second quarter.

Maxis' EBITDA of MYR909 million was eight percent or MYR67
million higher. EBITDA margin remained strong at 57.5 percent.
In addition to the higher revenue of MYR58 million, the Group
also benefited from unrealized foreign exchange gains of MYR23
million reported primarily by the Indonesian operation on its US
Dollar denominated deposits, which appreciated against the
Rupiah.

PBT was up two percent or MYR14 million to MYR613 million due to
improved operational results. Net profit increased MYR4 million
or one percent to end the quarter at MYR402 million.

PT Natrindo Telepon Seluler (NTS)

Indonesian subsidiary, NTS, registered revenue of MYR2 million
compared to MYR3 million in the previous quarter. Nonetheless,
NTS registered EBITDA of MYR9 million and net profit of MYR7
million compared to the MYR2 million and MYR4 million losses
respectively in Q205. This is mainly attributable to the above-
mentioned unrealized foreign exchange gain on US Dollar
denominated deposits. NTS' performance did not have any material
impact on Maxis' results.

CONTACT:

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


OLYMPIA INDUSTRIES: Enters Alliance with Voium Communications
-------------------------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
advised Bursa Malaysia Securities Berhad that JetFM Sdn Bhd
(JETFM), a 51 percent owned subsidiary of the Company has on
November 21, 2005 entered into a Shareholders Agreement with
Voium Communications Pte Ltd, a company incorporated in
Singapore (VOIUM) to jointly procure the incorporation of a
joint venture company with limited liability in Malaysia to
develop, promote and market products and technology developed by
VOIUM in Malaysia and any other business activities which shall
be determined from time to time (Agreed Business) by the board
of directors of the joint venture company .

Information on the proposed joint venture company

The proposed joint venture company shall be known as JetMobile
Sdn Bhd or such other name as may be agreed by the parties
hereto and shall have an initial authorized and paid-up capital
of MYR100,000 divided into 100,000 ordinary shares of MYR1.00
each, of which JETFM and VOIUM shall hold 70,000 shares (70
percent) and 30,000 shares (30 percent) respectively.

Agreed Business

The products and services developed by VOIUM would include
Financial Services, News Alert (Reuters Mobile Service, Standard
& Poor's Market Watch and Channel NewsAsia), On-Demand Services
- Property / Classified Ads (Community Portal and Infokiosks),
Music Juke Box and Conceptual - Yet-To-Be Developed (Mobile
Virtual Network Operator and InfoScreens - Interactive via SMS).

The products and services developed by JETFM include real-time
financial portal, Dow Jones newswire and Lives Quotes and Car
buyers.

Information on JETFM

JETFM was incorporated in Malaysia on 19 July 1999. The
authorized share capital of JETFM is MYR500,000 comprising
500,000 ordinary shares of MYR1.00 each, all of which are issued
and fully paid-up. The principal activities of JETFM are
maintaining, operating and market internet based transaction
facilities and services via its internet portal. It is also
involved in the provision of internet based financial news,
research report and analysis.

Information on VOIUM

VOIUM was incorporated on February 16, 2000 with an authorized
share capital of SGD6,000,000. It has an issued and paid-up
capital of 3,000,000 ordinary shares and 2,309,948 preference
shares of SGD1.00 each. The principal activities of VOIUM
include developing and providing internet & wireless
communication solutions as well as development of other software
and multimedia works.

Rationale for the proposed joint venture

The rationale for the proposed joint venture is to enable JETFM
to diversify into mobile telecommunication industry by providing
contents for mobile devices.

Financial effect of the proposed joint venture

The proposed joint venture is not expected to have any material
financial effect on the OIB Group for the financial year ending
June 30, 2006 but is expected to contribute positively to OIB
Group's future earnings.

Approval Required

The proposed joint venture is not subject to the approval of the
shareholders of OIB. However, approval will be sought from the
Foreign Investment Committee and any other relevant authorities,
if required.

Directors' and Substantial Shareholders' Interests

None of the Directors, Substantial Shareholders of OIB and
person(s) connected to them has any interest, direct or
indirect, in the proposed joint venture.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PAN MALAYSIAN: 2Q/FY05 Net Loss Dips to MYR16,081,000
-----------------------------------------------------
Pan Malaysian Industries Berhad submitted to Bursa Malaysia
Securities Berhad a copy of its Second Quarter financial report
for the financial period ended September 30, 2005.

Summary of Key Financial Information
June 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    MYR'000       MYR'000     MYR'000        MYR'000    
    30/09/2005    30/09/2004      30/09/2005     30/09/2004

(1) Revenue  

     76,659       77,376           146,077        142,896

(2) Profit/(loss) before tax  

    -14,409      -17,198            -37,584       -25,136

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

    -16,081       -22,224            -40,357       -28,834

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

    -16,081        -22,224           -40,357       -28,834

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

    -0.65          -0.90              -1.63         -1.16

(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)  

     0.0366                     0.0577

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/PanMalaysian112205.xls

CONTACT:

Pan Malaysian Industries Berhad
Jalan P Ramlee
50250 Kuala Lumpur, Kuala Lumpur 50250
Malaysia
Telephone: +60 21482566
Fax:  +60 21442118


PSC INDUSTRIES: Affin to Dispose of Unit's Mortgaged Shares
-----------------------------------------------------------
PSC Industries Berhad advised Bursa Malaysia Securities Berhad
on the details of the foreclosure of mortgaged shares resulting
from default under banking facilities granted to Penang
Shipbuilding & Construction Sdn Bhd by Affin Bank Berhad

Further to the announcement dated October 31, 2005, the Board of
Directors of PSC Industries Berhad (PSC) advised that PSCI's
subsidiary, Penang Shipbuilding & Construction Sdn Bhd (PSCSB),
has received a letter dated November 22, 2005 from Affin Bank
Berhad (Affin Bank) notifying PSCSB that Affin Bank will be
taking all relevant steps to realize, by sale thereof,
36,000,001 ordinary shares of MYR1.00 in the capital of PSC-
Naval Dockyard Sdn Bhd (the said Shares). The said Shares had
been mortgaged to Affin Bank as security for outstanding debts
due to Affin Bank from PSCSB.

This announcement is dated 22 November 2005.

CONTACT:

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


TANCO HOLDINGS: Net Loss Rises in 3Q/FY05
-----------------------------------------
Tanco Holdings Berhad issued to Bursa Malaysia Securities Berhad
a copy of its Third Quarter financial report for the financial
period ended September 30, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    3,697         8,903           16,342         21,027

(2) Profit/(loss) before tax  

    -17,739       -7,552          -36,440        -29,692

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

    -17,736       -7,479          -30,398        -23,456

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

    -17,736       -7,479          -30,398        -23,456

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

    -5.30          -2.23            -9.08        -7.00

(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)  

         0.3300                    0.4200

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/TancoHoldingsSept'2005Results.xls

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

CONTACT:

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


TENAGA NASIONAL: To Convene EGM Dec. 15
---------------------------------------
Notice is hereby given that an Extraordinary General Meeting
(EGM) of Tenaga Nasional Berhad (TNB) will be held at Dewan
Serbaguna, Kompleks Sukan TNB, Jalan Pantai Baru, 59200 Kuala
Lumpur on Thursday, December 15, 2005 at 11:30 a.m. or
immediately following the conclusion or adjournment (as the case
may be) of the Fifteenth Annual General Meeting (AGM) of the
Company which will be held at the same venue and on the same day
at 10:00 a.m., whichever is later, for the purpose of
considering and, if thought fit, passing the following Ordinary
Resolutions with or without modifications:

Ordinary Resolution 1

Proposed bonus issue of up to 900,566,295 new ordinary shares of
MYR1.00 each in TNB (TNB Shares) (these new TNB shares shall be
referred to as bonus shares) to be credited as fully paid-up, on
the basis of one (1) bonus share for every four (4) existing TNB
shares held on an entitlement date to be determined and
announced later (Proposed Bonus Issue).

"THAT, subject to the approval-in principle of Bursa Malaysia
Securities Berhad (Bursa Securities) for the listing of and
quotation for the Bonus Shares to be issued hereunder, authority
be and is hereby given to the Board of Directors of the Company
(Board) to capitalize a sum of up to MYR900,566,295 from the
Company's share premium account and that the same be applied to
issue up to 900,566,295 Bonus Shares, credited as fully paid-up,
in which such Bonus Shares to be allotted and to be distributed
amongst shareholders whose names appear in the Record of
Depositors of the Company at the close of business on the
Entitlement Date (namely the date as at the close of business on
which shareholders must be registered in the Record of
Depositors of the Company in order to be entitled to any
dividends, rights, allotments and/or other distribution) to be
determined and announced later by the Board, on the basis of one
(1) Bonus Share for every four (4) existing TNB Shares,
fractions of a share to be dealt with by the Directors as they
deem fit;

AND THAT such Bonus Shares shall, upon allotment and issuance,
rank pari passu in all respects with the then existing TNB
Shares save and except that they shall not be entitled to any
dividends, rights, allotments, and/or other distributions, the
entitlement date of which is prior to the date of allotment and
issuance of the Bonus Shares;

AND THAT the Bonus Shares shall be treated for all purposes as
an increase in the issued and fully paid-up share capital of the
Company and not as income;

AND THAT the Board be and is hereby authorized to give effect to
the Proposed Bonus Issue with full power to amend and/or assent
to or comply with any conditions, modifications, variations
and/or amendments in any manner as may be required or approved
by the relevant authority or authorities as may be deemed
expedient and to take all such steps as may be required in order
to implement, finalize and give full effect to the Proposed
Bonus Issue."

Ordinary Resolution 2

Proposed amendments to the existing by-laws of TNB's employees'
share option scheme (ESOS II) (Proposed Amendments).

"THAT approval be and is hereby given to the Board to adopt the
amended Bye-Laws governing and constituting ESOS II as set out
in Appendix II of the Circular to Shareholders dated November
23, 2005 (Circular) in substitution for and to the exclusion of
the existing Bye-Laws governing and constituting the ESOS II;

AND THAT the Board be and is hereby empowered and authorized to
give effect to the aforesaid subject to, and with full powers to
amend and/or assent to or comply with, any conditions,
modifications, variations and/or amendments in any manner as may
be required or approved by the relevant authority or authorities
as may be deemed expedient and to take all such steps as may be
required in order to implement, finalize and give full effect to
the Proposed Amendments."

Ordinary Resolution 3

Proposed offer and grant of options to Dato' Che Khalib Bin
Mohamad Noh

"THAT subject to the passing of Ordinary Resolution 2 and the
approvals of relevant authorities, the Board be and is hereby
authorized to, at any time and from time to time, offer and to
grant to Dato' Che Khalib bin Mohamad Noh, President/Chief
Executive Officer and Non-Independent Executive Director of TNB,
options pursuant to the ESOS II to subscribe for up to 1,200,000
TNB Shares subject always to such terms, conditions and/or any
adjustments which may be made under the provisions of the By-
Laws of ESOS II."

Ordinary Resolution 4

Proposed renewal of shareholders' mandate for recurrent related
party transactions (RRPT) of a revenue or trading nature entered
with persons connected to Khazanah Nasional Berhad (Khazanah), a
major shareholder of TNB, and/or persons in which Khazanah is a
major shareholder, details of which are set out in Appendix III
of the circular.

"THAT the mandate granted by the shareholders of the Company at
the AGM of the Company held on December 23, 2004 pursuant to
paragraph 10.09 of the listing requirements of Bursa Securities
(Listing Requirements) be and is hereby renewed to authorize the
Company and its subsidiaries (the Group) to enter into the
specified RRPT as set out in Section 1 of Appendix III of the
Circular with the specified persons connected to Khazanah and/or
persons in which Khazanah is a major shareholder as mentioned
therein which are necessary for the Group's day to day
operations subject to the following:

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

(ii) Disclosure of the aggregate value of transactions relating
to the proposed renewal of shareholders' mandate for RRPT of a
revenue or trading nature entered with persons connected to
Khazanah and/or persons in which Khazanah is a major shareholder
conducted during a financial year will be made in the annual
report for the said financial year;

AND THAT such authority conferred by the renewed mandate shall
continue to be in force until:

(i) The conclusion of the Sixteenth AGM of the Company following
the forthcoming EGM at which the proposed renewal of
shareholders' mandate for RRPT of a revenue or trading nature
entered with persons connected to Khazanah and/or persons in
which Khazanah is a major shareholder are approved, at which
time it will lapse, unless the mandate are renewed by a
resolution passed at the Sixteenth AGM;

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

(iii) Revoked or varied by a resolution passed by the
shareholders in a general meeting, whichever is the earlier;

AND THAT the Board be and is hereby authorized to complete and
do all such acts and things as they may consider expedient or
necessary to give effect to the proposed renewal of
shareholders' mandate for RRPT of a revenue or trading nature
entered with persons connected to Khazanah and/or persons in
which Khazanah is a major shareholder."

Ordinary Resolution 5

Proposed renewal of shareholders' mandate for RRPT of a revenue
or trading nature entered with persons connected to Petroliam
Nasional Berhad (Petronas), a major shareholder of TNB (within
the preceding 12 months), details of which are set out in
Appendix III of the circular

"THAT the mandate granted by the shareholders of the Company at
the AGM of the Company held on December 23, 2004 pursuant to
paragraph 10.09 of the Listing Requirements be and is hereby
renewed to authorize the Group to enter into the specified RRPT
as set out in Section 1 of Appendix III of the Circular with the
specified persons connected to Petronas as mentioned therein
which are necessary for the Group's day to day operations
subject to the following:

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

(ii) Disclosure of the aggregate value of transactions relating
to the proposed renewal of shareholders' mandate for RRPT of a
revenue or trading nature entered with persons connected to
Petronas conducted during a financial year will be made in the
annual report for the said financial year;

AND THAT such authority conferred by the renewed mandate shall
continue to be in force until:

(i) The conclusion of the Sixteenth AGM of the Company following
the forthcoming EGM at which the proposed renewal of
shareholders' mandate for RRPT of a revenue or trading nature
entered with persons connected to Petronas are approved, at
which time it will lapse, unless the mandate are renewed by a
resolution passed at the Sixteenth AGM;

(ii) The expiration of the period within which the Sixteenth AGM
after that date is required to be held pursuant to Section
143(1) of the Act (but shall not extend to such extension as may
be allowed pursuant to Section 143(2) of the Act); or

(iii) Revoked or varied by a resolution passed by the
shareholders in a general meeting, whichever is the earlier;
AND THAT the Board be and is hereby authorized to complete and
do all such acts and things as they may consider expedient or
necessary to give effect to the proposed renewal of
shareholders' mandate for RRPT of a revenue or trading nature
entered with persons connected to Petronas."

Ordinary Resolution 6

Proposed shareholders' mandate for RRPT of a revenue or trading
nature entered with persons connected to Khazanah, a major
shareholder of TNB, details of which are set out in Appendix III
of the circular.

"THAT the Group be and is hereby authorized to enter into the
specified RRPT as set out in Section 2 of Appendix III of the
Circular with the specified persons connected to Khazanah as
mentioned therein which are necessary for the Group's day to day
operations subject to the following:

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

(ii) Disclosure of the aggregate value of transactions relating
to the proposed shareholders' mandate for RRPT of a revenue or
trading nature entered with persons connected to Khazanah
conducted during a financial year will be made in the annual
report for the said financial year;

AND THAT such authority conferred by the above mandate shall
continue to be in force until:

(i) The conclusion of the Sixteenth AGM of the Company following
the forthcoming EGM at which the proposed shareholders' mandate
for RRPT of a revenue or trading nature entered with persons
connected to Khazanah are approved, at which time it will lapse,
unless the mandate is renewed by a resolution passed at the
Sixteenth AGM;

(ii) The expiration of the period within which the Sixteenth AGM
after that date is required to be held pursuant to Section
143(1) of the Act (but shall not extend to such extension as may
be allowed pursuant to Section 143(2) of the Act); or

(iii) Revoked or varied by resolution passed by the shareholders
in a general meeting whichever is the earlier;

AND THAT the Board be and is hereby authorized to complete and
do all such acts and things as they may consider expedient or
necessary to give effect to the proposed shareholders' mandate
for RRPT of a revenue or trading nature entered with persons
connected to Khazanah."

Ordinary Resolution 7

Proposed shareholders' mandate for RRPT of a revenue or trading
nature entered with persons connected to Petronas, a major
shareholder of TNB (within the preceding 12 months), details of
which are set out in Appendix III of the circular.

"THAT the Group be and is hereby authorized to enter into the
specified RRPT as set out in Section 2 of Appendix III of the
Circular with the specified persons connected to Petronas as
mentioned therein which are necessary for the Group's day to day
operations subject to the following:

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

(ii) Disclosure of the aggregate value of transactions relating
to the proposed shareholders' mandate for RRPT of a revenue or
trading nature entered with persons connected to Petronas
conducted during a financial year will be made in the annual
report for the said financial year;

AND THAT such authority conferred by the above mandate shall
continue to be in force until:

(i) The conclusion of the Sixteenth AGM of the Company following
the forthcoming EGM at which the proposed shareholders' mandate
for RRPT of a revenue or trading nature entered with persons
connected to Petronas are approved, at which time it will lapse,
unless the mandate is renewed by a resolution passed at the
Sixteenth AGM;

(ii) The expiration of the period within which the Sixteenth AGM
after that date is required to be held pursuant to Section
143(1) of the Act (but shall not extend to such extension as may
be allowed pursuant to Section 143(2) of the Act); or

(iii) Revoked or varied by resolution passed by the shareholders
in a general meeting whichever is the earlier;

AND THAT the Board be and is hereby authorized to complete and
do all such acts and things as they may consider expedient or
necessary to give effect to the proposed shareholders' mandate
for RRPT of a revenue or trading nature entered with persons
connected to Petronas."

By order of the board
Nor Zakiah Binti Abdul Ghani (LS 0008795)
Company Secretary
Kuala Lumpur
November 23, 2005

Notes:

(1) Any member entitled to attend and vote at this Meeting of
the Company is entitled to appoint a proxy to attend and vote in
his stead. A proxy need not be a member of the Company.

(2) The instrument appointing a proxy shall be in writing under
the hand of the appointer or of his attorney duly appointed
under a power of attorney. Where the instrument appointing a
proxy/proxies is executed by a corporation, it shall be executed
either under its common seal or under the hand of any officer or
attorney duly appointed under a power of attorney.

(3) Where a member appoints two (2) proxies, the appointment
shall be invalid, unless the percentage of the holding to be
represented by each proxy is specified.

(4) A corporation which is a member, may by resolution of its
Directors or other governing body authorize such person as it
thinks fit to act as its representative at the Meeting, in
accordance with Article 107(6) of the Company's Articles of
Association.

(5) The instrument appointing a proxy/proxies must be deposited
at the Share Administration, Finance & Administration Section,
Company Secretary's Office, Level 1, Generation Building, 129
Jalan Bangsar, 59200 Kuala Lumpur, Malaysia not less than forty-
eight (48) hours before the time set for the Meeting

CONTACT:

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


TENCO BERHAD: Vendor Terminates Restructuring Agreement
-------------------------------------------------------
Tenco Berhad (Tenco) furnished Bursa Malaysia Securities Berhad
an update to the proposed members' Scheme of Arrangement under
Section 176 of the Companies Act, 1965 which involves the
following:

(i) The proposed acquisition of DISB;

(ii) The proposed acquisition of TCSB;

(iii) The proposed acquisition of TENCO;

(iv) The Proposed Debts Restructuring of Tenco;

(v) The Proposed Placement; and

(vi) The proposed transfer of Listing Status

(collectively referred to as the proposals)

On behalf of Tenco, Commerce International Merchant Bankers
Berhad advised that Tenco had on November 22, 2005 received a
letter from the solicitors of the vendors of Damansara Indah Sdn
Bhd (i.e. DISB) and Tanigra Construction Sdn Bhd (i.e. TCSB)
(Vendors) to terminate the Restructuring Agreement dated March
8, 2004 (as amended by the supplemental agreements dated July 6,
2004, March 7, 2005 and June 7, 2005) (Restructuring Agreement).

The solicitors of Tenco had on November 23, 2005 replied to the
solicitors of the Vendors that Tenco has taken note of the
Vendors' termination of the Restructuring Agreement and Tenco,
perforce, accepts the termination of the Restructuring
Agreement, wholly on a without prejudice basis.

Accordingly, the Company will not proceed with the Proposals.

This announcement is dated 23 November 2005.


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

COLLEGE ASSURANCE: Planholders Want Stay Order Lifted
-----------------------------------------------------
Planholders of embattled pre-need firm College Assurance Plans
Philippines Inc. (CAP) plan to ask the Supreme Court to lift an
order, which prevents the company from making debt payments, The
Manila Times reports.

The move is expected to compel CAP to settle its obligations to
planholders, who were did not receive tuition payments for the
past three semesters.

While the Makati Regional Trial Court is set to issue a
resolution on the firm's rehabilitation plan, the plan holders,
nevertheless, called for the stay order's revocation since CAP's
property is already insufficient to cover payments, including
its administrative expenses.

Although they have yet to express opposition to the
rehabilitation plan, plan holders said the pre-need firm may
find it difficult to recover even with the rehabilitation, since
the Securities and Exchange Commission (SEC) has revoked its
license to sell plans.

However, the plan holders believe that infusing fresh capital,
creating a management committee and changing its management
board could still revive the cash-strapped firm.

CONTACT:

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


LEPANTO CONSOLIDATED: Q3 Net Loss Widens Due to Strike
------------------------------------------------------
A labor dispute has caused Lepanto Consolidated Mining Co. to
report wider net loss in the third quarter of the current fiscal
year, The Philippine Daily Inquirer has learned.

Due to the strike a Lepanto's mine in Benguet, the mining firm
booked a net loss of Php204.44 million from Php47.67 million in
the same period last year.

Net loss for the nine months to September swelled to Php384.18
million, reversing the year-ago profit of Php29.17 million.

"The loss is mainly due to lower gold production which was a
result of the 100-day strike that lasted until Sept 11," Lepanto
said in its financial report.

Gross revenue during the quarter fell to Php220.82 million from
Php579.6 million a year earlier due to lower sales of gold and
silver.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


MAYNILAD WATER: Caloocan Folks Protest Water Bills
--------------------------------------------------
A number of Caloocan City residents trooped to Maynilad Water
Services Inc.'s office to protest the bills they received, The
Manila Standard reports.

Holding empty pails and water containers, around a hundred
residents picketed the Maynilad officer at the corner of Rizal
Avenue and 10th Avenue. The residents complained about
Maynilad's continuous billing despite its failure to deliver
water for more than a year now.

Leaders of civic group Alyansa Sigaw Tubig had a dialogue with
Maynilad technical services chief Jimmy Bartolome.

According to Mr. Bartolome, Maynilad is trying their best to
supply water to the areas of concern.

"The customers of MWSI double every year. Normally the supply is
affected and only the residents in high areas have problems but
we are trying our best efforts to service our customers," he
added.

CONTACT:

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


NATIONAL FOOD: CAUs Continue to Answer Consumers' Concerns
----------------------------------------------------------
At least 1,568 customers were served by the National Food
Authority's (NFA) Customer Assistance Units (CAUs) installed in
NFA offices nationwide for the month of October.

Customers' concerns included seven number of complaints, 256
inquiries and 1,305 requests including application for
accreditation, schedule of deployment of rolling stores,
purchase of NFA rice and alleged diversion of stocks.

CAUs are set-up in NFA offices nationwide manned by NFA
personnel who are trained to answer inquiries, complaints and
requests or suggestions from walk-in customers of the food
agency.

Meanwhile, the NFA also accepts complaints and other concerns
via the Text NFA program. Customers anywhere in the country may
send text or SMS messages to mobile number 0917-6210927. The
NFA, through its business regulations department (BRD), answers
these questions within 24 hours or until matters are verified
from concerned offices.

CONTACT:

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


NATIONAL FOOD: Stocks to Last Until June 2006
---------------------------------------------
The National Food Authority's (NFA) stocks in its warehouses
debunk the reported fear of a rice shortage in 2006.

Based on the NFA's operational distribution target and the
current daily sales of 68,781 bags, the agency's rice stocks
will last until June next year.

The NFA holds around 29 percent of the country's rice stock
totaling 1.6 million metric tons (MMT), which is projected to
further increase with the agency's current intensified palay
procurement this main harvest.

For the last quarter alone, the NFA is targeting to buy 2.8
million bags of palay to beef up its rice stocks


NATIONAL POWER: Great Pacific Still Interested in Masinloc
----------------------------------------------------------
The Australian partner in the consortium that won the bidding
for National Power Corporation's (Napocor) Masinloc power
facility confirmed its continued interest in acquiring the
plant, The Philippine Star says.

Great Pacific Financial Group, the Australian partner in the YNN
Pacific consortium, said it is still the funder of that project.

YNN Pacific spokesman Gary Makasiar admitted that "there are
issues yet to be resolved" before the group can make the payment
to the project.

Mr. Makasiar hinted that with issues yet to be threshed out, the
Dec. 2 schedule for the upfront payment of more than AU$200
million representing 40 percent of the power facility "might not
be met".

He said a major concern the YNN Group raised is mostly political
in nature. Another concern, the YNN official said, is the poor
performance of the wholesale electricity spot market (WESM).

"These are just some of the uncertainties in the market. Though
we are optimistic the deal will be completed, we need to know
the marketability of the power plant. We don't want our
investment to go to waste," Mr. Makasiar said.

Despite these concerns from the YNN Group, the Department of
Energy (DOE) and the Power Sector Assets and Liabilities
Management Corp. (PSALM) said they have high hopes the deal will
be finalized and the government will get the much-needed
proceeds that would be raised from the sale. PSALM, an entity
created under the Electric Power Industry Reform Act (EPIRA), is
tasked to oversee the sale and privatization of the generation
and transmission assets of the state-owned Napocor.

The YNN Pacific consortium consists of YNN Holdings, a group of
Filipino investors, and Great Pacific Financial Group. The
Australian group will reportedly tie up with a big power firm in
Australia to help in the running of the newly acquired power
facility.

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/


UNIOIL RESOURCES: To Convene ASM Dec. 15
----------------------------------------
Further to Circular for Brokers No. 5118-2005 dated November 21,
2005, Unioil Resources & Holdings Company, Inc. (UNI) furnished
the Philippine Stock Exchange a copy of its SEC Form 20-IS
(Amended Definitive Information Statement) in connection with
its Annual Stockholders' Meeting, which will be held on Dec. 15,
2005, at 10:00 a.m. at the Roces Room, Club Filipino Eisenhower
Street corner Club Filipino Avenue, Greenhills, San Juan, Metro
Manila.

As previously announced, "(b)y resolution of the Board of
Directors, the close of business on Tuesday, Oct. 18, 2005, has
been fixed as the record date of the determination of the
stockholders entitled to notice of, and to vote at, the Annual
Stockholders' Meeting and any adjournment thereof."

Attached is a copy of the Notice of Annual Stockholder's
Meeting.
http://bankrupt.com/misc/tcrap_unioilresources112505.pdf

A copy of UNI's Amended Definitive Information Statement shall
be made available for downloading at
http://bankrupt.com/misc/tcrap_unioil2resources112405.pdf.

CONTACT:

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


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

CHINA AVIATION (S): No Trial Dates Yet for Ex-Officials
-------------------------------------------------------
The trial of China Aviation Oil (Singapore) Corp.'s ex-CEO Chen
Jiu Lin is near at hand, although no date has been set, reports
Channel NewsAsia.

Mr. Chen was charged with 15 counts on his involvement in an oil
derivatives trading scandal that eventually led to the collapse
of the now-troubled jet fuel trader.

The case against the top official was adjourned to Dec. 1, 2005,
to set a possible trial date.

Former CAO finance officer Peter Lim is also charged with three
counts of falsifying documents to cover up the true nature of
the Company's losses, and one count of cheating Deutsche Bank in
a share placement by CAO's parent Firm, China Aviation Holdings
Limited. He is reported to seek trial, according to his lawyer.

CONTACT:

China Aviation Oil (S) Corp. Ltd.
Phone: (65)6334 8979
Fax:   (65)6333 5283
Web site: http://www.caosco.com/


INFORMATICS HOLDINGS: Disposes of Subsidiary Business Unit
----------------------------------------------------------
Informatics Holdings Limited that it has disposed of Automatic
Testing Software (ATS), a business unit within its wholly owned
subsidiary, NCC Education Limited (NCC), for a gross cash
consideration before costs and apportionment of GBP496,890
(SGD1.45 million).

ATS is principally engaged in developing software solutions for
automated IT Skills assessment.

The disposal is part of the Company's efforts to divest off its
non-core businesses. The value of ATS' assets transferred was
GBP388,725 (SGD1.13 million), and the cash consideration was
arrived at on a willing buyer willing seller basis. The disposal
will not affect the Company's earnings per share/net tangible
assets for the current financial year.

By Order of the Board

Lau Yang Hin, Simon
Company Secretary

Nov. 23, 2005

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


UNITED FIBER: Chew Replaces New CFO Choo as Director
----------------------------------------------------
United Fiber System Limited (UFS) announced that the Company
appointed Chew Hai Chwee as an independent director on Nov. 23,
2005.

Mr. Chew was also appointed as the Compant's Chairman of both
the Audit and Nominating Committees effective Nov. 23, 2005, to
fill the positions left vacant by the resignation their former
Chairman Choo Lye Heng, who is now the UFS Chief Financial
Officer.

By Order of the Board

Kishore Dass
Chief Executive Officer

Nov. 23, 2005

CONTACT:

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


WEE POH: Appoints New Directors
-------------------------------
Wee Poh Holdings Limited announced that on Nov. 8, 2005, the
Company appointed the following directors:

1) Tung Koon Ming

2) Tung Koon Kwok Dennis

3) Tung Wai Kit

4) Chan Patrick Pak-Ling

5) Wong Wing Keung Meyrick

The Company has made arrangements for the new directors to be
briefed on some of the more pertinent laws, rules and
regulations pertaining to their roles and responsibilities as
directors of a public listed company in Singapore. In addition,
the Company will also arrange for the New Directors to attend
courses relating to such roles and responsibilities in due
course.

By Order of the Board

Nov. 23, 2005

CONTACT:

Wee Poh Holdings Limited
213 Upper Thomson Road
Singapore 574348
Phone: 65 6452 1210
Fax:   65 6453 6310
Web site: http://www.weepoh.com.sg


WEE POH: Completes Share Issue
------------------------------
Wee Poh Holdings Limited announced that in relation to its
acquisition of the entire issued and paid-up capital of Metal
Products Manufacturing Company Limited, the Company issued the
consideration shares to the Vendor on Nov. 23, 2005.

The shares were listed on the Official List of the Singapore
Exchange & Securities Trading Limited (SGX-ST) Dealing &
Annotated Quotation System) on Nov. 24, 2005.

By Order of the Board

Nov. 23, 2005


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

THAI ENGINE: To Boost Capital Through Private Placement
-------------------------------------------------------
Thai Engine Manufacturing Public Company Limited (the Company)
informed the Stock Exchange of Thailand (SET) that the Central
Bankruptcy Court (the Court) issued an order on November 17,
2005 approving the change in the par value of the Company's
shares and its capital decrease and increase, as well as the
amendments to its memorandum of association to reflect the
proposed change according to the Company's application to amend
its memorandum of association filed on November 15, 2005.

(1) Change in the par value from THB10 per share to THB1 per
share

Currently, the Company has paid-up registered capital of THB75
million constituting 7.5 million ordinary shares at a par value
of THB10 per share.

After the change in the par value is completed, the Company's
paid-up registered capital will be THB75 million dividing into
75 million ordinary shares at a par value of THB1 per share.

(2) Decrease in the paid-up registered capital from THB75
million to THB20 million

The Company will decrease its paid-up registered capital from
THB75 million to THB20 million at a par value of THB1 per share
by reducing the number of ordinary shares from 75 million shares
to 20 million shares on a pro rata basis.  

For the shareholders whose names are in the share register on
November 30, 2005 the paid-up ordinary shares held by each of
them will be reduced at the ratio of 3.75:1.  If there is a
fraction of shares and the number at the first decimal place is
equal to or more than five (5) this fraction will be rounded up
as one (1) share.  

If the number at the first decimal place is less than five (5),
the fraction will be rounded down.  If the number of shares left
after the capital decrease is less than or more than 20 million
shares, the number of shares held by the major shareholders will
be increased or reduced, as the case may be.

(3) Increase in the paid-up registered capital from THB20
million to THB200 million

The Company will increase its registered capital by
THB180,000,000 by issuing 180,000,000 new ordinary shares at a
par value of THB1 per share by private placement.  

Consequently, the Company's registered capital will be
THB200,000,000 constituting 200,000,000 ordinary shares at a par
value of THB1.

Please be informed accordingly.

Yours sincerely,
Mr. Chakkrit Thanavirun
Assistant Managing Director

CONTACT:

Thai Engine Manufacturing Pcl  
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok    
Telephone: 0-2644-4151-75   
Fax: 0-2644-4181-2   
Web site: http://www.thaiengine.com


THAI PETROCHEMICAL: Court to Issue Appeal Ruling Nov. 29
--------------------------------------------------------     
Thai Petrochemical Industry Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) on the progress of the appeal on the
Central Bankruptcy Court's ruling.

Please be informed that the debtor's executives by Mr.
Prachai Leopairatana and Mr. Pramual Leopairatana have appealed
to the Supreme Court regarding the Central Bankruptcy Court's
ruling on the approval of the amendment of Business
Reorganization Plan dated November 10, 2004.

The debtor's petition also includes the request that the
debtor's executives be entitled to purchase the increased
capital and the existing shares held by creditors prior to
offering to the strategic investors.

The Central Bankruptcy Court, on November 11, 2005, scheduled
to read the Supreme Court's verdict on November 29, 2005. The
Supreme Court's verdict may affect the stock allotment to
existing shareholders.

The company shall inform the SET on the repercussion of the
verdict toward the stock allotment as soon as we hears the
Supreme Court's ruling.
        
Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

Thai Petrochemical Industry Pcl   
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5000, 0-2678-5100   
Fax: 0-2678-5001-5   
Web site: http://www.tpigroup.co.th
  
      
TRUE CORPORATION: S&P Assigns BB Long-Term Rating
-------------------------------------------------
True Corp. Public Co. Ltd. received from Standard & Poor's
Ratings Services (S&P) a BB long-term corporate credit rating
with a stable outlook.

At the same time, Standard & Poor's assigned its 'B+' rating to
True's proposed US$225 million senior unsecured notes due in
2012. These notes are effectively subordinated to True's
substantial amount of secured debt.

"The rating on True factors in its aggressive financial profile,
highly competitive environment, and regulatory uncertainties,"
said Standard & Poor's credit analyst Yasmin Wirjawan.

"Nevertheless, these weaknesses are partly offset by its strong
market position in the domestic fixed line, multimedia and
broadband markets, growing presence in the cellular market, and
diversified revenues."

True remains highly geared, with debt to capital of around 96%
as at Sept. 30, 2005, due to a low equity base. The company had
been affected by foreign-exchange translation losses following
significant currency depreciation during the last Asian
financial crisis. Debt to annualized EBITDA at the same period
was 5.2x.

The company has limited room for significant debt reduction in
the near term, given its high capital expenditures and the
recent proposed acquisition of the shares it does not currently
hold in domestic pay-TV provider, United Broadcasting Corp.
Public Co. Ltd. (UBC) for about Thai baht (THB) 12 billion
(US$300 million).

Cash flow protection measures are weak, with annualized funds
from operations to debt at 14% in the third quarter of 2005.
This level is expected to improve as the company benefits
from larger economies of scale from its wireless business, but
will remain low in the near term due to high debt levels.

Competition in the Thai cellular market remains intense, as
operators have engaged in aggressive marketing and promotions to
counter slowing growth in new subscribers. Although operators
are increasingly focused on revenue, profitability, and network
quality, heightened competition through price-cutting and heavy
promotions to gain market share may persist and weigh on True's
future profitability and cash flows.

Progress in liberalizing the market has been slow, and is
expected to remain uncertain in the near term. The lack of a
clear telecommunications policy has not hurt existing operators,
but has stifled their long-term planning and increased the risk
of capital investments.

Nevertheless, True is one of the two fixed-line service
providers in the Bangkok metropolitan area, with a 55% market
share. The company is also the dominant broadband operator, with
an over-80 percent market share, as well as the leading pay-TV
provider in Thailand. Following an aggressive campaign and
network expansions, True has become a third viable cellular
operator with about a 14 percent market share, within three
years of full commercial launch.

The company is able to focus on its strength in providing value
through bundled services and in fixed line-mobile content
integration. This would differentiate its competitive position
from other domestic operators.

The stable outlook is based on the expectation that True will
maintain its key market positions and operating margins in the
medium term to cope with potential profitability pressure
arising from increased competition. It is also based on the
assumption that debt used to finance the acquisition of
UBC will be reduced by about US$100 million following the
delisting of UBC, in compliance with one of the condition
precedents in the bridge financing document.

"True's outlook or rating could be negatively affected if the
resolution of the concession conversion issue, growth
initiatives, and heightened competition adversely affect the
company's financial profile," said Ms. Wirjawan. "Conversely, a
revision of the outlook to positive or a rating upgrade would
hinge on True's ability to realize synergies from its integrated
businesses, deleverage and significantly improve its cash flow
measures."

CONTACT:

True Corporation Public Company Limited
True Tower, 18 Ratchadaphisek Road,
Huai Khwang Bangkok  
Telephone: 0-2643-1111
Fax: 0-2643-1651
Web site: http://www.truecorp.co.th





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

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


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

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

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT         20.1        56.55
Panglobal Bhd                   PGL       (-50.36)     189.92

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***