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

                     A S I A   P A C I F I C

             Friday, December 2, 2005, Vol. 8, No. 239

                            Headlines

A U S T R A L I A

ALL CAR: Members Resolve to Wind Up Firm
ALLSTATE EXPLORATIONS: Shareholders in for the Long Wait
AUSTRALIAN GAS: Fitch Downgrades Rating After Southern Hydro Buy
AUSTRALIAN INVESTORS: Ex-execs Banned for 25 Years
BELCANE PTY: Liquidator to Detail Wind Up Manner

CLIME CAPITAL: Shareholders to Get Special Dividend
CONSOLIDATED CONSTRUCTIONS: To Declare Dividend Soon
DYLOUT PTY: Members Pass Winding Up Resolution
ELLENWICK PTY: Samuel Richwol Named Liquidator
EVANS & TATE: To Convene Noteholders' Meeting Dec. 23

FACTORY 5: Winds Up Operations
FIVE OCEAN: Members, Creditors to Receive Liquidator's Report
HENRY WALKER: Executes Sale Agreement with Leighton
HIH INSURANCE: Disgraced Businessman Appeals Fraud Sentence
IDENTIC BOOKS: Decides to Close Business

INTERNATIONAL WINE: Berren to Hold Info Session for Unitholders
JAMES HARDIE: Board Approves Final Funding Agreement
JOHN CRUST: Enters Voluntary Liquidation
J&T LAINEZ: Court Orders Winding Up
LIHIR GOLD: Requests for Lifting of Trading Halt

MARTINA RIENZNER: Schedules Final Meeting Dec. 9
NEGRI HOLDINGS: Liquidator to Distribute Company Assets
NEWHAM NOMINEES: Creditors Confirm Liquidator's Appointment
PEET KENNEDY: Intends to Pay Dividend to Creditors
Q&T STEEL: Liquidator to Explain Wind Up to Members, Creditors

SARA CLEANING: Court Issues Winding Up Order
S&G BRICKLAYERS: Appoints Official Liquidator
TELSTRA CORPORATION: Calls for Shareholders' Support
VEHC PTY: Placed Under Voluntary Liquidation
VEREVIS CONSTRUCTIONS: To Hold Final Meeting Soon

WEBHUD PTY: Declares Final Dividend


C H I N A  &  H O N G  K O N G

C.P. POKPHAND: Unveils Special General Meeting Results
GENCROSS INTERNATIONAL: Winding Up Order Set Dec. 7
GOLDEN CRYSTAL: Creditors Meeting Slated for Dec. 7
GUANGDONG DEVELOPMENT: To Introduce Investors Via New Shares
HYCOMM WIRELESS: HKEX Listing Committee Censures Firm

INDUSTRIAL AND COMMERCIAL: Freezes Talks with Arab Investors
SINCERE COMPANY: Narrows Net Loss to HK$48 Mln
STAR GROUP: Rules Out Exit from China
TAK WOO: Set to Wind Up Business
TCL CORPORATION: Sees 2005 Loss, 2006 Profit

WAN SANG: Court Issues Winding Up Order


I N D I A

DATA ACCESS: Delhi High Court Orders Winding Up
DMC VAULTS: Unveils Outcome of Board Meeting
STANDARD MOTORS: Official Liquidator Files Report in Court


I N D O N E S I A

BANK MANDIRI: Plans to Put Up Unit to Handle Debts
EXCELCOMINDO PRATAMA: Credit Rating Upgraded to `BB-'
GARUDA INDONESIA: Gives Away 10,000 Free Tickets to Bali
GARUDA INDONESIA: Seeks Debt Repayment Talk with Creditors


J A P A N

DAIEI INCORPORATED: Shuts 14 More Stores
ITO-YOKADO CO.: To Shut Down 5 Outlets by 2007
JAPAN AIRLINES: Enters Code Share Agreement
MERCK & COMPANY: Adds U.K., Japan Plants to Cost-cut List
SEIBU DEPARTMENT: To Shut Anemic Shizuoka, Toyama Outlets

SONY CORPORATION: Reaches Deal With Idemitsu
TOSHIBA CORPORATION: Restructures Affiliate


K O R E A

JR CONSTRUCTION: Daewoo Shipbuilding Mulls Stake Buy


M A L A Y S I A

AMDB BERHAD: Net Loss Dips to MYR26,000 in 2Q/FY05
ANCOM BERHAD: Holds Shares Buy Back
APL INDUSTRIES: Incurs Net Loss in 1Q/FY05
AVANGARDE RESOURCES: Fails to Issue Annual Audited Accounts
AVANGARDE RESOURCES: In Talks to Secure Additional Contracts

AYER MOLEK: Books MYR917,000 Net Loss in 3Q/FY05
BTM RESOURCES: Posts MYR1,524,000 Net Loss in 3Q/FY05
CHUAN HUAT: Releases 3Q/FY05 Financial Statement
CME GROUP: Suffers Net Loss in 3Q/FY05
CYGAL BERHAD: Unveils 3Q/FY05 Financial Result

KEMAYAN CORPORATION: Members OK Resolutions at Meeting
LITYAN HOLDINGS: Bourse Suspends Share Trading
MAGNUM CORPORATION: Buys Back 673,200 Shares
MBF CORPORATION: Repays Unit's Scheme B Creditors
PAXELENT CORPORATION: Swings to Black in 3Q/FY05

PSC INDUSTRIES: Default Status Remains Unchanged
PUNCAK NIAGA: Issues Share Buy Back Notice
WEMBLEY INDUSTRIES: Requests Cut Off Date Extension


P H I L I P P I N E S

C&P HOMES: Files Bid to Hike Capital to Php7 Bln
LAFAYETTE MINING: Provides Rapu Rapu Update
LAFAYETTE MINING: Vows to Stay in RP; Eyes IPO
MAYNILAD WATER: Ayala Allowed to Offer Bid
NATIONAL FOOD: Ensuring Food Security Despite Low Subsidy


S I N G A P O R E

ENDUE ELECTRONICS: Creditor Seeks Winding Up
INFORMATICS HOLDINGS: Sued for Misrepresentation
L&M GROUP: Posts 33% Decrease in Annual Net Loss
L&M GROUP: Seeks to Appoint Judicial Manager
RICHFIELD INNOVATIONS: Declares Dividend

SUMIKIN BUSSAN: Schedules Final Meeting Dec. 23


T H A I L A N D

PICNIC CORPORATION: SET Resumes Trading of Securities
TPI POLENE: Gets Court Nod to Amend Reorganization Plan
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

ALL CAR: Members Resolve to Wind Up Firm
----------------------------------------
Notice is hereby given that at a general meeting of the members
of All Car Parts Pty Limited held on Nov. 7, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
Mr. M. F. Cooper was appointed as Liquidator for such purpose.

Dated this 7th day of November 2005

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


ALLSTATE EXPLORATIONS: Shareholders in for the Long Wait
--------------------------------------------------------
Disgruntled shareholders of failed mining firm Allstate
Explorations may count more days before seeing the company out
of administration, The Australian relates.

The impending delay is blamed on the dwindling gold production
at its joint venture Beaconsfield Gold Mine.

Angry investors present during Wednesday's Annual General
Meeting (AGM) were told gold production would be at least 20
percent lower for the financial year, despite the Tasmanian mine
having some of the richest grades in the country and the gold
price soaring to 18-year highs this week, which has most other
gold miners reveling. The mine produced 126,000 ounces last
financial year. But chairman Rod Elvish said production would
fall as the company battled seismic activity and the mine at
Beaconsfield in Tasmania reached a depth of more than 1km
underground.

Administrator Michael Ryan, on the other hand, faced
shareholders over a dispute with secured creditor Macquarie
Bank.

Mr. Ryan controversially approved a deal in 2001 for Macquarie
Bank to buy AU$77.4 million worth of debt for AU$330,000 when
Allstate was on the verge of bankruptcy. Since then, about AU$30
million is believed to have been paid to the bank, but AU$52
million remains outstanding.

Mr. Ryan said there were discussions of a deal between Allstate,
the operator and majority owner of the mine, its partner
Beaconsfield Gold and major shareholder Newmont Mining that
could reduce the amount to be repaid to Macquarie and lead the
company out of administration and back to the share market.

But minority shareholders claim to have exposed a AU$4.5 million
black hole in Allstate's hedge book.

Mr. Ryan said he would investigate the matter if questions were
put to him in writing.

Mr. Ryan also agreed fees charged by his firm and brought to
light at the meeting may have been wrongly recorded. The
administrators have been paid AU$8 million since 2001. Fees by
Mr. Ryan have amounted to more than AU$210,000 at AU$340 an hour

CONTACT:

Allstate Explorations NL
The Administrator
Taylor Woodings Corporation Services
6th Floor, 30 The Esplanade
PERTH, AUSTRALIA, 6000
Telephone: 08 9321 8533
Fax: 08 9321 8544


AUSTRALIAN GAS: Fitch Downgrades Rating After Southern Hydro Buy
----------------------------------------------------------------
Fitch Ratings has downgraded its Senior Unsecured and Short-term
ratings on The Australian Gas Light Company Limited (AGL) to
'BBB+' and 'F2' from 'A' and 'F1', respectively, after AGL
successfully completed its 100% debt-funded acquisition of
Southern Hydro Limited (SHL) for AUD1.425 billion.

The ratings will remain on Rating Watch Negative pending the
completion of the de-merger proposal announced on 31 October
2005.

In addition to the increased level of debt from the SHL
purchase, the downgrade is also premised on the company's
strategy to acquire or build new generation capacity which Fitch
expects will also be funded largely by debt, and Fitch's belief
that AGL will persist in targeting the 'BBB' rating category
(i.e. 'BBB-' (BBB minus), 'BBB' or 'BBB+'), irrespective of the
success or failure of the de-merger proposal announced earlier.

If the de-merger is completed as planned, the currently rated
entity will continue as "AGL Infrastructure" and carry 100% of
the existing debt. The de-merged entity "AGL Energy" will
contain merchant energy assets and will initially carry zero
debt, however Fitch believes that it will eventually carry a
measured and appropriate level of debt driven by future
acquisitions or capital expenditure on additional generation
capacity.

The proposed de-merger requires both shareholder and court
approval and is expected to be completed by April 2006.

"AGL Infrastructure will house a combination of regulated and
contracted assets, and will likely attract yield chasing
investors," said Kevin Lewis, Associate Director in Fitch's
Asia-Pacific Energy & Utility team.

"As AGL Infrastructure could be rated weaker than 'BBB+' it is
appropriate for the ratings to remain on Rating Watch Negative
pending the completion of the de-merger proposal," Mr. Lewis
added.

Fitch expects that the final ratings on AGL Infrastructure and
AGL Energy will be investment grade.

Fitch also notes that if the de-merger completes successfully,
the new AGL structure will provide investors with an improved
level of transparency on the individual credit strength of each
entity.


CONTACT:

Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465


AUSTRALIAN INVESTORS: Ex-execs Banned for 25 Years
--------------------------------------------------
Two former directors of the failed Sydney securities dealing
company, Australian Investors Forum Pty Limited (AIF) have been
ordered to pay AU$3.6million in compensation to AIF and related
companies. Dennis Ralph Anthony and Martin Lloyd-Cocks were also
disqualified from managing corporations for 25 years.

The Supreme Court of New South Wales (NSW) made the orders
following civil proceedings brought by the Australian Securities
and Investments Commission (ASIC).

The Court found that Mr. Anthony, of Wollongong in NSW and also
a resident of the Philippines, and Mr. Lloyd-Cocks of Darling
Point, NSW, contravened numerous provisions of the Corporations
Act 2001 (the Act), relating to their roles as directors of AIF
and related companies.

The Court found that the conduct of Mr. Anthony and Mr. Lloyd-
Cocks fell into the worst category of conduct and that they
should never again be allowed to manage corporations as the risk
to the public was too great.

"The community expects and deserves directors who act honestly
and with integrity and we will not shy away from pursuing those
directors that pose a threat to the investing public," ASIC's
Executive Director, Enforcement, Jan Redfern said.

ASIC commenced proceedings against AIF and related companies in
October 2001, following concerns that AIF had offered securities
without a disclosure document and that its directors had
breached their duties to AIF, and to the related companies.

AIF was a licensed securities dealer, which ran an investment
club, offering members placements in new company floats. Between
the commencement of AIF's business in May 1999 and October 2001,
AIF received approximately AU$7.8 million in "membership fees",
corporate finance fees or subscriptions for its own shares or
shares in initial public offerings (IPOs). Of that sum,
approximately AU$3.2 million was paid to companies controlled by
Mr. Anthony, Mr. Lloyd-Cocks, and another director, Dominic
Luvara. Included in this sum were amounts totaling AU$2.708
million, paid to a Panamanian company controlled by Mr. Anthony.

AIF was wound up by the Court in August 2002, and Mr. Alex
MacIntosh was appointed liquidator. Twelve other related
companies were subsequently wound up or deregistered.

On 4 April 2005 the Court found that Mr. Anthony and Mr. Lloyd-
Cocks:

- failed in their duty to exercise care and diligence;
- failed in their duty to exercise good faith; and
- improperly used their positions.

The Court further found that Mr. Anthony had illegally engaged
in the management of AIF and related companies, whilst he was an
undischarged bankrupt, and therefore, prohibited from managing
corporations.

The Court also found that:

- AIF offered securities without a disclosure document, and that
Mr. Lloyd-Cocks was knowingly involved in that contravention;
- one of the related public companies, Sage Global Fund Limited
(now Praetorian Capital Limited), failed to obtain approval from
its shareholders relating to payments made to related companies
in contravention of the Act, and that both Mr. Anthony and Mr.
Lloyd-Cocks were knowingly involved in that contravention; and
- AIF contravened a condition of its dealers' license by holding
clients' money on trust, and that Mr. Lloyd-Cocks was knowingly
involved in that contravention.

ASIC has previously settled its proceedings against other co-
defendants Bud Shaheen, Peter Topperwien and Mr. Luvara, each
providing undertakings to the Court not to manage corporations
for two, two and ten years respectively. Mr. Topperwien and Mr.
Luvara also undertook to pay AU$50,000 and AU$230,000
respectively to the liquidators of AIF. Mr. Luvara has also
agreed to pay AU$70,000 to the Trustee of AIF Strategic Trust.


BELCANE PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that a final meeting of the members of
Belcane Pty Limited will be held on Dec. 9, 2005, 10:00 a.m. at
14 Sale Street, Orange NSW 2800, for the following purposes:

BUSINESS

(1) To receive and adopt the report of the liquidator's
acts and dealings during the conduct of the winding up.

(2) To receive and adopt Australian Securities and
Investments Commission Form 524 Accounts and Statement by a
Liquidator.

(3) To transact any other business which may be brought forward
at the meeting.

Dated this 27th day of October 2005

Mark S. Byrnes
Liquidator
C/o 14 Sale Street
Orange NSW 2800


CLIME CAPITAL: Shareholders to Get Special Dividend
---------------------------------------------------
Clime Capital Limited plans to pay a special dividend to
shareholders, the Sydney Morning Herald has learned.

Clime, the company that has sharemarket opportunist David Tweed
as major investor, will pay a fully franked special dividend of
one cent a share on Jan. 12, 2006.

The dividend was declared following the payment of a 40 cents
per share special dividend by one of Clime's major investments,
Colorado Ltd.

Clime Chairman Roger Montgomery said the company is passing
Colorado's special dividend straight to shareholders since the
company owns a sufficient number of Colorado shares and have
sufficient franking credits to pay a one cent special dividend.

Mr. Montgomery also thanked shareholders for their support of
the company at three extraordinary general meetings called by
Mr. Tweed's Melbourne-based company National Exchange Pty Ltd.,
which holds around 19.88 percent of Clime.

The meetings, called over the past six months, defeated
resolutions by National Exchange, which included proposals to
appoint both David Tweed and a National Exchange employee,
Michelle Jane Ellis, as directors of Clime.

Mr. Tweed appeared at Clime's annual general meeting this week
before threatening to wind up the boutique investment firm. He
ignored taunts from other shareholders and several threats from
Mr. Montgomery to have him forcibly ejected.

His tactics are part of an ongoing campaign to frustrate the
company into buying his shareholding for more than its market
value, in a deal that would earn him an estimated AU$900,000.

CONTACT:

Clime Capital Limited
103 Beattie Street,
BALMAIN, NSW,
AUSTRALIA, 2041
Telephone: (02) 9555 9944
Fax: (02) 9555 9744
Web site: http://www.clime.com.au


CONSOLIDATED CONSTRUCTIONS: To Declare Dividend Soon
----------------------------------------------------
Consolidated Constructions Pty Limited will declare a first
dividend on Dec. 5, 2005.

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

Dated this 3rd day of November 2005

Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
Email: garya@iinet.net.au


DYLOUT PTY: Members Pass Winding Up Resolution
----------------------------------------------
Dylout Pty Limited was wound up voluntarily and placed in
Members' Voluntary Liquidation on Nov. 4, 2005, and Mr. Jamieson
Louttit was appointed as the Company Liquidator.

Jamieson Louttit
Liquidator
Jamieson Louttit & Associates
Level 15, 88 Pitt Street
Sydney NSW 2000
Phone: 02 9231 0505
Fax:   02 9231 0303


ELLENWICK PTY: Samuel Richwol Named Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Ellenwick Pty Limited held on Nov. 4, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. Samuel
Richwol of O'Keeffe Walton Richwol Chartered Accountants, Suite
3, 431 Burke Road, Glen Iris 3146 be appointed as Liquidator for
the winding up.

Dated this 4th day of November 2005

Samuel Richwol
Liquidator
O'Keefe Walton Richwol Chartered Accountants
Suite 3, 431 Burke Road
Glen Iris 3146


EVANS & TATE: To Convene Noteholders' Meeting Dec. 23
-----------------------------------------------------
Notice is hereby given that a meeting of Noteholders of Evans &
Tate will be held at Sofitel Wentworth Hotel, 61-101 Philip
Street, Sydney, New South Wales on Dec. 23, 2005 at 10:00 A.M.

ITEM OF BUSINESS

To consider, and if thought fit, to pass the following as an
Extraordinary Resolution:

"That in accordance with clause 14.6 and item 7(c) of Schedule 2
of the Trust Deed, the Noteholders assent to the Note Issuer and
the Trustee exercising their power under clause 14.6 of the
Trust Deed to amend the Trust Deed by inserting a new clause
11.1A as follows:

11.A Exclusion for International Financial Reporting Standards

(a) Notwithstanding clause 11.1(g), it will not be an Event of
    Default in respect of clause 9(b) if:

    (i)  such default arises because of the introduction and
         implementation of the Australian equivalent of the
         International Financial Reporting Standards  (A-IFRS)
         on July 1, 2005; and


    (ii) but for the introduction and implementation of A-IFRS,
         the Note Issuer would not have been in breach of clause
         9(b).


(b) For the avoidance of doubt but without limiting paragraph
    (a), it will not be an Event of Default in respect of clause
    9 (b) if such default arises because:

    (i)  any valuation methodology requires under A-IFRS results
         in the carrying value of the intangible assets of the
         Consolidated Group to be written down; or

    (ii) the Wine Income Exchange Securities (also known as
         Wines) issued not the Note Issuer pursuant to a
         prospectus dated Oct. 19, 2004 are classified as an
         interest bearing liability in the consolidated
         Financial Statements."

A copy of the entire notice is available for downloading free of
charge at:
http://bankrupt.com/misc/tcrap_evans&tate120105.pdf.

CONTACT:

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


FACTORY 5: Winds Up Operations
------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Factory 5 Pty Limited held on Nov. 1, 2005, it
was resolved that the Company be wound up voluntarily, and Mr.
David Anthony Hurst and Mr. Andrew Hugh Jenner Wily of Armstrong
Wily Chartered Accountants, Level 5, 75 Castlereagh Street,
Sydney NSW 2000 were appointed as Joint Liquidators at a
creditors' meeting held that same day.

Dated this 11th day of November 2005

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


FIVE OCEAN: Members, Creditors to Receive Liquidator's Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Five Ocean Engineering Co Pty Limited will be held
on Dec. 9, 2005, 10:30 a.m. at the offices of Jirsch Sutherland
Chartered Accountants, Level 2, 84 Pitt Street, Sydney, to
present the Liquidator's account showing the manner in which the
winding up was conducted and the property of the Company
disposed of, and to hear any explanations that may be given by
Liquidator.

Dated this 31st day of October 2005

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


HENRY WALKER: Executes Sale Agreement with Leighton
---------------------------------------------------
The Administrators of Henry Walker Eltin Group Limited
(Administrators Appointed) announced they have executed a
binding Business Sale Agreement (Sale Agreement) with Leighton
Contractors Pty Ltd for the sale of HWE's contract mining
business.

Execution of the Sale Agreement formalizes the terms of the
sale, which were contained in a heads of agreement between HWE
and Leighton as announced on Nov. 10, 2005.

Under the terms of the Sale Agreement HWE Mining will be sold to
Leighton for consideration, which includes:

(1) A cash payment of HWE of AU$215 million;
(2) Replacement of all existing bank guaranteed performance
bonds associated with HWE Mining; and
(3) Assumption of certain obligations of HWE Mining (excluding
trade creditors) including under its current finance lease, hire
purchase, operating lease and hire agreements.

The sale remains subject to Leighton receiving the approval of
the Foreign Investment Review Board and a number of other
conditions. Completion of the transaction is currently expected
to occur in mid-December 2005.

The Administrators will continue to provide further updates on
developments in relation to the sale as and when they occur.

Tony McGrath
Scott Kershaw
Shaun Fraser
Joseph Hayes
Joint and Several Administrators
Henry Walker Eltin

CONTACT:

Henry Walker Eltin Group Limited
33 Paul Street North
North Ryde, New South Wales 2113
Australia
Phone: +61 02 9887 6400
Fax: +61 02 9805 0945
Web site: http://www.hwe.com.au/


HIH INSURANCE: Disgraced Businessman Appeals Fraud Sentence
-----------------------------------------------------------
Former HIH director Rodney Adler has appealed against the
severity of his sentence after pleading guilty to fraud charges,
according to The Age.

The disgraced businessman was sentenced to four-and-a-half years
in prison in March after he admitted to fleecing HIH of AU$2
million and lying about shares, making him eligible for parole
on Oct. 13, 2007.

But the former high profile director instructed his legal team
to appeal the sentence. Elizabeth Fullerton has been hired to
argue his case.

A hearing has been set for March 22 next year.


IDENTIC BOOKS: Decides to Close Business
----------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Identic Books Holdings Pty Limited held on
Nov. 2, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Stewart William Free of Lawler Partners
Chartered Accountants, 763 Hunter Street, Newcastle West
NSW 2302 was appointed as Liquidator at a creditors' meeting
held later that day.

Dated this 15th day of November 2005

Stewart W. Free
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street
Newcastle West NSW 2302


INTERNATIONAL WINE: Berren to Hold Info Session for Unitholders
---------------------------------------------------------------
Berren Asset Management Limited, responsible entity for The
International Wine Investment Fund (Wine Fund) will be holding
an information session for Unitholders on Tuesday, Dec. 20, 2005
at 7 p.m. (Adelaide time) in Berri, South Australia at the:

Riverview Lounge at Berri Resort Hotel,
Riverview Drive, Berri SA 5343.

The information session will cover the following:

- Accounts for the Fund for the full year ended June 30, 2005
- Initiatives being undertaken by Berren for the future
development of the Wine Fund will be presented by the Directors
and Geoff Wilson, the Wine Fund's Investment Manager

CONTACT:

International Wine Investment Fund
Ground Floor
26 Greenhill Road
Wayville, South Australia 5034
P.O. Box 59
Goodwood South Australia 5034
Telephone: +618 8373 9900
Facsimile: + 618 8373 9911
Web site: http://www.iwif.com.au/index.htm


JAMES HARDIE: Board Approves Final Funding Agreement
----------------------------------------------------
James Hardie Industries NV (JHINV) announced that its Board has
approved the Principal Deed (Final Funding Agreement) to provide
long term funding for Australian asbestos-related personal
injury claims that result from exposure to products made by
former James Hardie Group subsidiaries.

Representatives of JHINV and the New South Wales Government are
expected to sign the Final Funding Agreement today in Sydney.

The Final Funding Agreement was negotiated having regard to the
terms of the Heads of Agreement signed on 21 December 2004 by
the ACTU, NSW Government, Unions NSW, Asbestos support groups
and James Hardie.

The Final Funding Agreement is a legally binding agreement and
sets out the basis on which James Hardie will provide funding to
the SPF. The arrangements include:

- the establishment of the SPF to compensate asbestos sufferers
with claims against the former James Hardie Group subsidiaries,
Amaca Pty Ltd, Amaba Pty Ltd or ABN 60 Pty Ltd;

- initial funding of the SPF by James Hardie of approximately
A$154 million;

- a two year rolling cash 'buffer' in the SPF and an annual
contribution in advance, based on actuarial assessments of
expected claims for the following three years, revised annually;

- a cap on the annual James Hardie payments to the SPF in all
years, except the first year, initially set at 35% of annual net
operating cash flow of the JHINV Group for the immediately
preceding financial year, with provision for the percentage to
decline over time, depending on James Hardie's financial
performance and the claims outlook;
- no cap on individual payments to proven claimants; and

- special compensation arrangements for members of the Baryulgil
community for asbestos-related claims arising from the
activities of Marlew Mining Pty Ltd.

The Final Funding Agreement is subject to a number of conditions
precedent, including James Hardie being satisfied with the tax
treatment of the proposed funding arrangements and receiving the
approval of its lenders and shareholders.

KPMG Actuaries has updated its actuarial report in relation to
the expected liabilities of the SPF as at 30 June 2005. The KPMG
Actuaries' central estimate of the net liabilities is AU$1,568
million. This figure is discounted and net of insurance
recoveries and NSW cost savings following recent reforms by the
NSW Government. The undiscounted value of the central estimate
(net of NSW cost savings) of the liabilities is AU$3,131
million.

The arrangements are designed to provide funding for Australian
proven personal injury claims whilst preserving the financial
health and growth prospects of James Hardie. However, it should
be recognized that because the number of claimants and the
amounts that the courts may award is uncertain and James
Hardie's financial performance is uncertain over the 40+ year
term of the SPF, no absolute assurance as to sufficiency of
funds can be given. No member of the JHINV Group has or shall
have any liability for a shortfall in the SPF.

JHINV Chairman Meredith Hellicar said, "The signing of the Final
Funding Agreement is another important step towards implementing
the voluntary public commitment James Hardie made in July 2004
to establish a funding mechanism to meet the needs of current
and future Australian claimants.

"While both parties to the Deed acknowledge that negotiations
took longer than we or our stakeholders initially expected, it
was necessary to take the time to achieve a sustainable and
robust agreement in the interests of claimants and, the future
financial viability of the fund and James Hardie.

"Today is not the end of the process. Our next steps include
obtaining satisfactory tax treatment of the proposed funding
arrangements from the Federal Government, then seeking approval
for the funding arrangements from James Hardie's lenders and
shareholders. These are our priorities.

"The Deed is in the interests of claimants, shareholders,
employees and all other stakeholders.

"All parties involved in the negotiations have agreed it is in
the interests of asbestos claimants that James Hardie is, and
remains, financially strong and able to continue to fund its
business growth. We expect the proposed funding arrangements
will allow this as well as fulfill James Hardie's funding
commitment.

"Throughout the negotiations, claimants continued to receive
their compensation payments from the Medical Research and
Compensation Foundation (MRCF) established by James Hardie in
February 2001 and we have been told by asbestos support groups
and the MRCF that no proven claim has gone unpaid."

Since the late 1980s, James Hardie has funded over $400 million
in asbestos claims. James Hardie understands the MRCF has funds
available to meet proven claims well into 2006, by when it is
hoped this long-term funding arrangement will have come into
effect.

CONTACT:

James Hardie Industries NV

Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
E-mail: steve.ashe@jameshardie.com.au

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
E-mail: media@jameshardie.com.au
Web site: http://jameshardie.com


JOHN CRUST: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that on Nov. 2, 2005, the members of John
Crust Pty Limited passed a resolution to voluntarily wind up the
Company.

L. E. Alexander
Liquidator
Offices of Nexia Alexander & Spencer
Level 14, 440 Collins Street
Melbourne Vic 3000


J&T LAINEZ: Court Orders Winding Up
-----------------------------------
On Nov. 8, 2005, the Supreme Court of New South Wales, Equity
Division appointed Christopher J. Palmer to be the Liquidator in
the winding up of J&T Lainez Pty Limited.

Dated this 22nd day of November 2005

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


LIHIR GOLD: Requests for Lifting of Trading Halt
------------------------------------------------
Lihir Gold Limited has been advised that Rio Tinto has completed
the sale of its 14.46% shareholding in the company.

The company therefore requests that the Trading Halt granted by
the Australian Stock Exchange on Tuesday, Nov. 29, be
immediately lifted.

CONTACT:

Lihir Gold Limited
Papua New Guinea
Head Office
Level 7, Pacific Place
Cnr. Champion Parade & Musgrave Street
Port Moresby
Phone:  (+675) 321 7711
Fax:  (+675) 321 4705

Australia
Level 14, 12 Creek Street
Brisbane
Queensland 4000
Phone: (+617) 3229 5483
Fax: (+617) 3229 5950
E-mail: Joe.Dowling@lihir.com.pg
Web site: http://www.lihir.com.pg


MARTINA RIENZNER: Schedules Final Meeting Dec. 9
------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Martina Rienzner Pty Limited will be held on Dec.
9, 2005, 10:45 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 1st day of November 2005

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


NEGRI HOLDINGS: Liquidator to Distribute Company Assets
-------------------------------------------------------
At a general meeting of the members of Negri Holdings Pty
Limited held on Nov. 11, 2005, the following special resolutions
were passed:

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

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

Dated this 11th day of November 2005

Angela A. Gaffney
Liquidator
C/o RSM Bird Cameron
1st Floor, 8 St. Georges Terrace
Perth WA 6000


NEWHAM NOMINEES: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Newham Nominees Pty Limited held on Oct. 31, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
Mr. P. Ngan and Mr. G. Parker were appointed as Joint and
Several Liquidators for such purpose. Creditors confirmed the
Liquidators' appointment at a creditors' meeting held that same
day.

Dated this 7th day of November 2005

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


PEET KENNEDY: Intends to Pay Dividend to Creditors
--------------------------------------------------
Peet Kennedy Gardens Land Syndicate will declare a first and
final dividend on Dec. 5, 2005.

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

Dated this 26th day of October 2005

Alan Ledger
Liquidator
Ledger Consulting Group
PO Box 7690, Cloisters Square
Perth WA 6850


Q&T STEEL: Liquidator to Explain Wind Up to Members, Creditors
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Q&T Steel Pty Limited will be held on Dec. 9, 2005,
10:00 a.m. at the office of Gary Anderson, Chartered Accountant,
12 Prowse Street, West Perth WA 6005, for the following reasons:

AGENDA
(1) To receive a report from the liquidator on the conduct of
the liquidation.

(2) To receive a statement of the receipts and payments for the
period of the liquidation.

(3) General business.

Dated this 2nd day of November 2005

Gary Anderson
Liquidator
PO Box 1661, West Perth WA 6872
Phone: 08 9486 7822
Fax:   08 9226 4250
E-mail: garya@iinet.net.au


SARA CLEANING: Court Issues Winding Up Order
--------------------------------------------
On Nov. 1, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Sara Cleaning Services Pty
Limited, and appointed Mr. Antony de Vries to be the Company
Liquidator.

Dated this 7th day of November 2005

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


S&G BRICKLAYERS: Appoints Official Liquidator
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of S&G Bricklayers Pty Limited held on Nov. 4,
2005, it was resolved that the Company be wound up voluntarily,
and Mr. Leonard A. Milner of Venn Milner & Co. of Suite 1, 43
Railway Road, Blackburn Vic 3130 was appointed as Liquidator for
the winding up.

Dated this 4th day of November 2005

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


TELSTRA CORPORATION: Calls for Shareholders' Support
----------------------------------------------------
Telstra Corporation's boss has personally asked shareholders to
support the telco in its battle with the government and the
regulator over strict regulations, The Age reports.

Chief Executive Sol Trujillo the regulations set by the
government and the Australian Securities and Exchange Commission
(ASIC) threatens to "strangle" Telstra's business.

The call to Telstra's 1.6 shareholders is expected to cause
further upset in Canberra and raise the rage level in the office
of Communications Minister Helen Coonan.

In his letter to shareholders released to the Australian Stock
Exchange Wednesday, Mr. Trujillo said that "a competitive
marketplace is a good thing but you as a shareholder should not
be asked or required to subsidize other companies that we
compete with".

Many of these were large multinational companies, some much
larger than Telstra, he said, referring to mobile phone giants
Hutchison and Vodafone.

"The time for debate is now and I would encourage all
shareholders to get engaged, ask questions about the future of
your investment, seek answers and influence the future, not just
of Telstra, but of the telecommunications industry as a whole,"
he wrote.

Unusually for Telstra, the company now provides on its web site
the e-mail and postal addresses of Prime Minister John Howard,
Treasurer Peter Costello and Senator Coonan, suggesting
individual shareholders (a.k.a. voters) express their view of
the outlook for their investment.

CONTACT:

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


VEHC PTY: Placed Under Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a meeting of the members of VEHC
Pty Limited held on Nov. 2, 2005, it was resolved that the
Company be wound up voluntarily, and that Mr. Oren Zohar and Mr.
Brian McMaster of KordaMentha, Level 11, 37 St. Georges Terrace,
Perth be appointed to act as Liquidators for the winding up.

Dated this 3rd day of November 2005

Brian McMaster
Oren Zohar
Liquidators
KordaMentha
Level 11, 37 St. Georges Terrace
Perth
Phone: 08 9221 6999
Fax:   08 9221 6977


VEREVIS CONSTRUCTIONS: To Hold Final Meeting Soon
-------------------------------------------------
Notice is given that a final meeting of the members of Verevis
Constructions Pty Limited will be held on Dec. 9, 2005, 10:00
a.m. at Level 13, 15 Lake Street, Cairns.

Details of Meeting: The purpose of the meeting is 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 of the account.

Dated this 19th day of October 2005

Gerry Mier
Liquidator
KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870
Phone: 07 4046 8888


WEBHUD PTY: Declares Final Dividend
-----------------------------------
Webhud Pty Limited will declare a first and interim dividend on
Dec. 6, 2005.

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

Dated this 1st day of November 2005

Frank Lo Pilato
Deed Administrator
RSM Bird Cameron Partners Chartered Accountants
GPO Box 200, Canberra ACT 2601



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

C.P. POKPHAND: Unveils Special General Meeting Results
------------------------------------------------------
Reference is made to the circular of C.P. Pokphand Co. Ltd.
dated October 27, 2005 (the Circular) regarding the New
Continuing Connected Transactions, the revision of the Existing
Annual Caps under the Shanghai Lotus Continuing Connected
Transactions, the Supplemental Agreement and the proposed
amendments to the Bye-Laws.

Unless the context otherwise requires, capitalized terms used
herein shall have the same meanings as those defined in the
Circular.

The Board announced that all the resolutions approving the New
Continuing Connected Transactions, the revision of the Existing
Annual Caps under the Shanghai Lotus Continuing Connected
Transactions, the Supplemental Agreement and the proposed
amendments to the Bye-Laws were duly passed by way of poll by
the Independent Shareholders or the Shareholders (as the case
may be) at the Special General Meeting. The Company's branch
share registrar and transfer office in Hong Kong, Computershare
Hong Kong Investor Services Limited, was appointed as the
scrutineer of the vote-taking at the Special General Meeting.

Details of the poll results can be accessed at
http://bankrupt.com/misc/tcrap_cppokphand.pdf

As at the date of the Special General Meeting, the number of
issued shares of the Company was 2,889,730,786 shares. As
referred to in the Circular, the Chearavanont Shareholders and
their respective associates (including CPI Holding Co., Ltd. and
Worth Access Trading Limited) who were interested in a total of
1,486,108,445 shares, representing approximately 51.43% of the
issued share capital of the Company, were required to abstain
from voting on each of the resolution nos. 1 to 6 at the Special
General Meeting and abstained from voting on such resolutions at
the Special General Meeting.

As a result, only the Independent Shareholders holding a total
of 1,403,622,341 shares were entitled to attend and vote for or
against the resolution nos. 1 to 6 at the Special General
Meeting. All the Shareholders holding a total of 2,889,730,786
shares were entitled to attend and vote for or against the
resolution no. 7 at the Special General Meeting. There were no
shares entitling the holders to attend and vote only against the
resolutions at the Special General Meeting.

By Order of the Board
Robert Ping-Hsien Ho
Director
Hong Kong, 30th November, 2005

CONTACT:

C.P. Pokphand Company Limited
21/F Far East Finance Centre
16 Harcourt Road
Admiralty, H.K.
Phone: 25201602
Fax: 28612514
Web site: http://www.cpthailand.com


GENCROSS INTERNATIONAL: Winding Up Order Set Dec. 7
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Gencross International Limited by the High Court of Hong Kong
Special Administrative Region was on September 8, 2005 presented
to the said Court by Bank of China (Hong Kong) Limited (the
successor banking corporation to Kincheng Banking Corporation
pursuant to Bank of China (Hong Kong) Limited (Merger) Ordinance
(Cap.1167) whose registered office is situated at 14th Floor,
Bank of China Tower, 1 Garden Road, Hong Kong.

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

TSANG, CHAN & WONG
Solicitors for the Petitioner
16th Floor, Wing On House
71 Des Voeux Road Central
Central, Hong Kong

Note: Any person who intends to appear on 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.


GOLDEN CRYSTAL: Creditors Meeting Slated for Dec. 7
---------------------------------------------------
Golden Crystal Development Limited hereby gives notice that an
application by the Official Receiver and Provisional Liquidator
will be heard before Master S. Kwang of the High Court for
consideration of the resolutions and determinations (if any) of
the first meetings of creditors and contributories to be held on
July 28, 2005 deciding the differences (if any), and making such
order of appointments as the court may think fit.

Date and Time of Hearing: 7th December 2005 (Wednesday) at 14:30
p.m.

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

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

Dated this 25th day of November 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


GUANGDONG DEVELOPMENT: To Introduce Investors Via New Shares
------------------------------------------------------------
Guangdong Development Bank plans to introduce strategic
investors through an additional share issue as part of a
restructuring scheme, the China Securities Journal reported.

The new strategic investors will hold over 51 percent of the
enlarged capital and will have management control of the bank.

The Chinese lender will select the investors from a shortlist of
four candidates, including foreign bidders, the report said,
without identifying the potential investors.

The report said the restructuring plan may cost tens of billions
of yuan, which will be shouldered jointly by the lender's
current shareholders, the government and the potential
investors.

The plan will split the state-owned bank's bad assets, cover
previous losses and increase its capital adequacy ratio.

CONTACT:

Guangdong Development Bank
Guangdong Development Bank Building
No.40 Shandong Road
Shinan District
Qingdao, PR. China
266071


HYCOMM WIRELESS: HKEX Listing Committee Censures Firm
-----------------------------------------------------
The Listing Committee of The Stock Exchange of Hong Kong Limited
censures the following parties for breaching the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited:

1. HyComm Wireless Limited;
2. Mr. Lai Yiu Keung, Chairman and an Executive Director of the
Company;
3. Ms. Chung Lai Ha, an Executive Director of the Company;
4. Mr. Kwok Chong, Anthony, an Executive Director of the
Company;
5. Mr. Lai Chi Kin, a former Executive Director of the Company
resigned on May 24, 2005.

Further, the Listing Committee criticizes the following parties
for breaching the Exchange Listing Rules:

1. Mr. Tang Xueyi, a former executive director of the Company
resigned on September 11, 2002; and

2. Mr. Cheung Kin Keung, a former executive director of the
Company resigned on May 10, 2001.

On August 2, 2005, the Listing Committee conducted a hearing
into the conduct of the Company, Mr. Lai, Ms. Chung, Mr. Kwok,
Mr. CK Lai, Mr. Tang and Mr. Cheung (collectively, the Relevant
Directors) in relation to the obligations under the then Rules
14.26(6)(a) and 14.29 and Rules 3.08(a) and (d) of the Exchange
Listing Rules and the Declaration and Undertaking with regard to
Directors given by each of the Relevant Directors to the
Exchange in the form set out in Appendix 5B to the Exchange
Listing Rules (the Director's Undertaking).

Facts

By an agreement dated June 2, 2000 (the Disposal Agreement)
signed between the Company and Mr. Lai, the Company sold to Mr.
Lai the entire issued share capital in its five subsidiaries
(the Sale Group).  One of these companies was Plotio Investment
Limited (Plotio).

The Listing Division alleged that the Company breached the then
Rule 14.26(6)(a) in failing to obtain prior shareholders'
approval and the then Rule 14.29 in failing to issue circulars
in relation to three sets of connected transactions (which had
their origin in or relevance to the Disposal Agreement directly
or indirectly) by way of financial assistance to connected
persons as follows:

1. Mr. Lai's non-payment of outstanding consideration under the
Disposal Agreement (the First Connected Transaction)

Under the Disposal Agreement, Mr. Lai was required to pay the
balance of the consideration (HK$14,949,000), which was non-
interest bearing and secured by 120,000,000 shares in the
Company beneficially held by Mr. Lai, on or before 10 July 2002.
Mr. Lai did not make the payment in full or in part on the due
date.  The non-payment was uncovered during the annual audit of
the Company's account for the year ended March 31, 2002 in July
2002.

2. The Group's transfer of funds to Mr. Lai's current account
(the Second Connected Transaction)

The Audit also found that, in the year ended March 31, 2002,
funds had been transferred from the Group to various companies
within the Sale Group at Mr. Lai's request and authorization.
These were recorded as sums due from Mr. Lai's current account
with the balance due from Mr. Lai's current account as at March
31, 2002 (inclusive of the HK$14,949,000 referred to in (1)
above) being HK$19,616,000.  Such loans were interest-free,
unsecured without any repayment date and were not therefore on
normal commercial terms or granted in the ordinary course of the
Company's business.

3. The Group's transfer of funds to Plotio (the Third Connected
Transaction)

The Audit further found that, although the inter-company
indebtedness was net off as required under the Disposal
Agreement and despite a prohibition against fund transfers
between the Sale Group and other companies of the Group from 1
July 2000, the Group continued to transfer funds to Plotio, at
Mr. Lai's authorization between December 2000 and March 31,
2002.

The balance due from Plotio as at March 31, 2002 was
HK$3,336,000.   Such loans were interest-free, unsecured without
any repayment date and were not therefore on normal commercial
terms or granted in the ordinary course of the Company's
business.

After discovery of the breach, the Company had negotiations with
Mr. Lai on how to settle the outstanding sums due from Mr. Lai
and Plotio.  At the Board meeting on August 22, 2002, the Board
considered the matter and approved the settlement terms reached
with Mr. Lai and Plotio over the payment of the outstanding
sums.  The Company published an announcement on August 30, 2002
disclosing the relevant matters and issues a circular on
September 20, 2002.

At the EGM held on October 8, 2002, the Company's independent
shareholders approved all the transactions and the settlement
terms.

According to the Company, Mr. Lai and Plotio had cleared all
outstanding payments by February 21, 2003.  The Company's
subsequent annual accounts for the year ended March 31, 2003
confirmed that there was no payment due from Mr. Lai or Plotio.

As Mr. Lai was a substantial shareholder and a director of the
Company, he was a connected person of the Company.  Following
completion of the Disposal Agreement, Plotio became a company
controlled and beneficially owned by Mr. Lai, hence an associate
of Mr. Lai and in turn, a connected person of the Company.  As a
result, the Group's transactions or arrangements resulting in
the relevant loans due from Mr. Lai and Plotio were connected
transactions subject to Chapter 14 of the Exchange Listing Rules
in force at the time.

The Company did not disclose or obtain shareholders' prior
approval in relation to all three connected transactions or
issue circular on them to its shareholders.  The Company
therefore breached the then Rules 14.26(6)(a) and 14.29.

The Division expressed concerns about the Board procedures and
corporate governance of the Company.

Decision

The Listing Committee concluded that:

(i) the Company breached the then Rules 14.26(6)(a) and 14.29 in
respect of the First Connected Transaction, the Second Connected
Transaction and the Third Connected Transaction (from the
completion of the Disposal Agreement, ie 10 July 2001);

(ii) Mr. Lai breached Rule 3.08(a) in failing to act honestly
and in good faith in the interests of the Company as a whole;
and Rule 3.08(d) in failing to avoid actual and potential
conflicts of interest and duty;

(iii) Mr. Lai breached the Director's Undertaking for failing to
comply to the best of his ability with the Exchange Listing
Rules from time to time in force; and

(iv) Each of Mr. Lai, Ms Chung, Mr. Kwok, Mr. CK Lai, Mr. Tang
and Mr. Cheung breached the Director's Undertaking for failing
to use his/her best endeavors to procure that the Company
complied with the Exchange Listing Rules.

The Listing Committee noted that Mr. Lai played a central role
in causing the fund transfers and bringing about the Company's
breach of the Exchange Listing Rules.

Sanctions

The Listing Committee decided to impose the following sanctions
on the parties:

A public censure on the Company, Mr. Lai, Ms. Chung, Mr. Kwok
and Mr. CK Lai for their respective breaches mentioned in (i) to
(iv) above; and

A public statement which involves criticism on Mr. Tang and Mr.
Cheung for their respective breaches mentioned in (iv) above.

In arriving at its decision on the sanctions against the
Relevant Directors, the Listing Committee took into account the
fact that Mr. Cheung and Mr. Tang had resigned as directors of
the Company in May 2001 and September 2002 respectively.

Mr. Richard Williams, Head of Listing commented "The Exchange
Listing Rules contain safeguards for the benefit of minority
shareholders to protect them from prejudice as a result of
transactions executed with connected parties. This case
demonstrates once again that the Exchange views seriously any
failure by an issuer to obtain independent shareholder approval
prior to providing connected persons and in particular
controlling shareholders with material financial assistance.

The decision of the Committee is also noteworthy in that they
found that Mr. Lai who played a central role in the transactions
giving rise to the breaches had acted in breach of his personal
obligations as a director under the Exchange Listing Rules.
These breaches concern, amongst other things, his obligation to
act in the best interests of the Company as a whole and to avoid
actual or potential conflicts of interest in relation to his
dealings in the affairs of the Company.  The Committee's action
concerning this element of the case demonstrates the importance
attached by the Exchange to the relevant transactions being
conducted and executed with the highest standards of integrity
and probity for the benefit of all shareholders."

CONTACT:

HyComm Wireless Ltd.
2/F Hillier Bldg.
273-277 Queen's Rd. Central
Hong Kong


INDUSTRIAL AND COMMERCIAL: Freezes Talks with Arab Investors
------------------------------------------------------------
Industrial and Commercial Bank of China (ICBC) has frozen talks
with two Arab state investors negotiating for a $1 billion
stake, according to China Daily.

The Chinese lender, which is considering a US$10 billion
overseas listing, wants to seal a $3 billion deal to sell a 10
percent stake to a consortium led by Goldman Sachs before
entering detailed discussions with Abu Dhabi and Kuwait's state
investment agencies.

ICBC opened talks with the Middle Eastern investors a few weeks
ago, triggering speculation that a deal would be in aid of
meeting China's demand for energy resources in the region.

However, it is now believed to want to postpone any agreement
until next year amid growing concern in Beijing over foreign
involvement in the country's financial sector.

This may signal a slowdown in its listing plans, the report
said.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


SINCERE COMPANY: Narrows Net Loss to HK$48 Mln
----------------------------------------------
Department store operator Sincere Company narrowed its net loss
for the six months ended in August to HK$48 million from a net
loss of HK$77.7 a year earlier, The South China Morning Post
reports.

Turnover fell to HK$233 Million from HK$268 million.

CONTACT:

Sincere Company Limited
24/F Leighton Centre
77 Leighton Rd.
Hong Kong
Phone: 852 2830 1025
Fax: 852 2576 7697
Web site: http://www.sincere.com.hk


STAR GROUP: Rules Out Exit from China
-------------------------------------
Star Group is still committed to China even though it is
unlikely to make any "significant" money from its loss-making
Chinese business for up to two years due to regulatory
restrictions, the Financial Times reports.

The company would instead tailor its investments to suit a
business primarily driven by its Indian operations. Star Group's
Chinese operations are in effect subsidized by the company's 13-
year-old and highly successful business in India.

CONTACT:

Star Group Limited
8th Floor, One Harbourfront
18 Tak Fung Street,
Hunghom, Kowloon
Hong Kong
Phone: (852) 2621 8888
Fax: (852) 2621 8000


TAK WOO: Set to Wind Up Business
--------------------------------
Tak Woo Hong Kong Engineering Limited, whose office address is
located at Units A and B 11th Floor Po Shau Centre No. 115 How
Ming Street 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 16, 2005.

Date of Presentation of Petition: September 20, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


TCL CORPORATION: Sees 2005 Loss, 2006 Profit
--------------------------------------------
China's TCL Corporation (SZA 000100) expects to make a loss in
the fourth quarter this year but will return to profit next
year, AFX News reports, citing TCL Chairman Li Dongsheng.

Mr. Li also said that he expects TCL's Hong Kong-listed unit TCL
Communication Technology Holdings Ltd (HK 2618) to improve next
year after it posted a net loss of HK$460 million in the third
quarter.

TCL Communication's profitability has been affected by problems
with its joint venture with France's Alcatel, TCL-Alcatel Mobile
Phones Ltd.

CONTACT:

TCL Corporation Company
E. Yunshan Road, Jiangbei
Huizhou, Guangdong 516003, China
Phone: +86-752-280-3898
Fax: +86-752-280-3188


WAN SANG: Court Issues Winding Up Order
---------------------------------------
Wan Sang Engineering Limited, whose office address is located at
G/F 17A Ying Yeung Street To Kwa Wan Kowloon, issued a winding
up order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 16,
2005.

Date of Presentation of Petition: September 21, 2005

Dated this 25th day of November 2005

ET O'Connell
Official Receiver


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

DATA ACCESS: Delhi High Court Orders Winding Up
-----------------------------------------------
The Delhi High Court has ordered the winding up of Data Access
(India) Limited, Business Line.

The firm's collapse was blamed on Data Access' huge liability of
over INR530 crore to various parties and the company is not in a
position to undertake its operations and carry on the business.

Justice A.K. Sikri passed the order on a petition filed by
Pacific Convergence Corporation Ltd alleging that Data Access
was unable to repay a loan of US$10 million given in two
installments in 2000.

According to Data Access, the new investors, Cheran Holdings Pvt
Ltd (CHPL) and KCP Associates Holdings (KCPH), purchased the
shares from the promoter Mr. Sidhartha Ray and his group of
companies and SPA Enterprises Pvt Ltd through a series of
shareholders' agreements. As per these agreements, the new
investors agreed to bring in additional funds of INR75 crore to
tide over the cash crisis.

Further, at the request of the new investors, Odyssey Re of the
US agreed to lend funds to the company on certain conditions.
However, Mr. Ray did not fulfill his obligations.

The petitioner refuted these allegations as not only factually
incorrect but also irrelevant in the present context.


DMC VAULTS: Unveils Outcome of Board Meeting
--------------------------------------------
DMC Vaults Ltd has informed Bombay Stock Exchange (BSE) that the
Board of Directors of the Company at its meeting held on
November 30, 2005, inter alia, to transacted the following
businesses:

1. As per suggestion of BSB, price at which forfeited shares
were allotted to Directors are revised at Rs 21.75 as per
Guidelines for Preferential issue of shares.

2. Proposed to amalgamate with SWEN TELEVISION LTD,, a Delhi
based Company which is engaged in T.V media business subject to
necessary approvals as required.

3. Appointment of Dr. P K Awasthi as independent Director.

CONTACT:

DMC Vaults Ltd
F-25, Lajpat Nagar - I
City New Delhi
Pincode 110024
State Delhi
Phone: 55432829 29811333
Fax: 5735437


STANDARD MOTORS: Official Liquidator Files Report in Court
----------------------------------------------------------
The Madras High Court has received a filing from the Official
Liquidator of India regarding the matter involving failed
Standard Motors Products (India) Limited, Web India reveals.

The Official Liquidator on Monday filed a report, asking the
court to declare that the conditions for use of the land for
automobile manufacturer imposed in the Government Orders (GO)
dated December 13, 1949, to Standard Motors were infructuous in
view of the fact that the company had been wound up by the
orders of this court and the said conditions cannot be operative
to the property.

The report was filed to ensure winning bidder Siriam Properties
that the land has a clear title.

In the report, the Official Liquidator claimed that since the
issuance of the GO dated December 13, 1949, Standard Motors had
been enjoying possession and title to the property and that the
company was directed to pay INR500 per acre and INR114.50
towards standing trees, before the patta was issued, thereby it
was clear that the Government received the consideration money
before the order of assignment was passed in favor of the
company.

In other words, in view of the assignment order dated April 22,
1949, followed by GO dated December 13, 1949, and order of the
Collector dated December 21, 1952 and order dated April 25, 1952
issued by the Tashildar, Saidapet, the property stood assigned
in favor of the company, thus conferring ownership of the
property, he added.


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

BANK MANDIRI: Plans to Put Up Unit to Handle Debts
--------------------------------------------------
State lender PT Bank Mandiri plans to put up a special unit to
handle its bad debts by next year, reports Reuters News.

Bank Mandiri President Agus Martowarodojo said that the special
purpose vehicle (SPV) would handle credit recovery, while
Treasury Director J. B. Kendarto said that the unit may handle
up to IDR3 trillion of the bank's debts, in an effort to recover
at least 75% of its bad debts.

Mr. Kendarto added that the unit would ceast to exist when the
bank's non-performing loans (NPLs) would be reduced or
eliminated.

Bank Mandiri had previously reported that despite a decline in
net profit for the third quarter due to its bad credit expenses,
its net NPL ratio improved to 13.7% for the third quarter,
compared to 15.4% in the past quarter.

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


EXCELCOMINDO PRATAMA: Credit Rating Upgraded to `BB-'
----------------------------------------------------
Standard & Poor's Ratings Services had on Dec. 1, 2005 raised
its corporate credit rating on Indonesia-based cellular
operator, PT Excelcomindo Pratama Tbk (XL), to 'BB-' from 'B+',
with a stable outlook.

The rating agency also raised the issue rating on the USD350
million bonds (IDR3.51 trillion) due Jan. 27, 2009, issued by
XL's wholly owned subsidiary, Excelcomindo Finance Co. B.V. and
guaranteed by the Company, to 'BB-' from 'B+'. The ratings are
removed from CreditWatch, where they were placed with positive
implications on Oct. 31, 2005.

Standard & Poor's credit analyst Cheow Hon Lee said, "The rating
upgrade on XL reflects the possible financial support that
Telekom Malaysia Berhad may provide to XL, following Telekom
Malaysia's increased shareholding in XL to 56.9% in October
2005. Since the financial support is derived from overseas
sources, XL's exposure to Indonesia's economic performance and
country risk is partly mitigated." The next largest shareholder
of XL is Khazanah Nasional Berhad, the parent of Telekom
Malaysia, with a 16.8% stake.

Standard & Poor's believes that Telekom Malaysia has an interest
in ensuring XL's financial health and viability because a
default in debt of over USD30 million (IDR300.81 billion) by any
consolidated subsidiary, including XL, will trigger a cross
default on some of Telekom Malaysia's outstanding bonds totaling
up to USD800 million (IDR8.02 trillion). The cross default
clause is found in some of Telekom Malaysia's outstanding debt
securities, such as its U.S.-dollar bond due 2014.

XL's liquidity is adequate. Although the Company does not have
any committed bank facilities, cash and cash equivalent of
IDR1.7 trillion at Sept. 30, 2005, is sufficient to meet the
repayment of short-term debt (including equipment payables) of
Rp1.5 trillion.

"The stable outlook assumes that XL's debt will continue to be
protected from the cross default clause of some of Telekom
Malaysia's debt securities," said Mr. Lee.

The rating may be raised if XL's financial profile does not
deteriorate significantly from its Sept. 30, 2005 level despite
its high capital expenditure requirement. Conversely, the rating
may be lowered if Telekom Malaysia significantly reduces its
shareholding or if the cross default clauses in Telekom
Malaysia's debt securities are removed or amended to the extent
that XL does not enjoy any more such protection.

CONTACT:

PT Excelcomindo Pratama
Jl. Mega Kuningan Lot. E4-7 No. 1
Kawasan Mega Kuningan
Jakarta 12950 - Indonesia
Phone: +62-21-579 59818
Fax: +62-21-579 59808
Web site: http://www.xl.co.id/


GARUDA INDONESIA: Gives Away 10,000 Free Tickets to Bali
--------------------------------------------------------
National carrier PT Garuda Indonesia launched a program named
"Cinta Bali (Love Bali)" wherein it would give away 5,000
domestic flights and 5,000 international flights to Bali in
order to help tourism, the Jakarta Post reports.

Garuda President Emirsyah Satar, Minister of State Enterprises
Sugiharto and Minister of Culture & Tourism Jero Wacik launched
the program to increase the number of tourists to Bali, which
has suffered from its second terrorist bombing in three years.

Domestic passengers may fill in the provided forms upon check-in
for flights to Jakarta from Nov. 10, 2005 to Dec. 10, 2005 via
Garuda Indonesia. International passengers (except those flying
from Ad Dammam, Jeddah and Riyadh) have the chance to get free
tickets by registering on the airline's website from Nov. 10,
2005 to Dec. 31, 2005. Winners can use the tickets between
November 2005 and April 2006 for local passengers, and between
Jan. 8 2006 and May 31, 2006 for international passengers.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


GARUDA INDONESIA: Seeks Debt Repayment Talk with Creditors
----------------------------------------------------------
State carrier PT Garuda Indonesia is seeking to discuss its debt
repayments with creditors, and has asked to appoint a
representative in Jakarta for such purpose, Asia Pulse reports.

According to Garuda spokesman Pudjobroto, the Company hopes to
find a solution to its debt repayment, as it is having a
difficult time doing so. The Company's directors are in
Singapore to meet with its foreign creditors.

Despite a total reported debt of IDR8.24 trillion and IDR5.21
trillion in export credits, Garuda Indonesia aims to break even
this year, said Company Vice President Alex MT Maneklaran.


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

DAIEI INCORPORATED: Shuts 14 More Stores
----------------------------------------
Daiei Incorporated closed an additional 14 retail stores in
Japan, bringing its restructuring scheme close to completion,
Japan Today reports.

The plan calls for marshaling a major portion of its business
resources behind operations in the Tokyo metropolitan area as
well as in the Kyushu and Kinki areas, while ending operations
in the Shikoku and Hokuriku areas and at almost all of its
business locations in the Chugoku area.

CONTACT:

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


ITO-YOKADO CO.: To Shut Down 5 Outlets by 2007
----------------------------------------------
Supermarket chain operator Ito-Yokado Co. will close five
outlets within the next two years due to poor profitability,
according to Japan Times.

Its Sengendai store in Koshigaya, Saitama Prefecture, its stores
in Kamagaya and Kimitsu in Chiba Prefecture, and its outlet in
Fujiyoshida, Yamanashi Prefecture, will close by the end of
February, while its outlet in front of JR Hamamatsu Station in
Shizuoka Prefecture will be shut down by the end of 2007 at the
latest.

CONTACT:

Ito-Yokado CO Limited
8-8 Nibancho
Chiyoda-Ku 102-8450, Tokyo 105-8571
JAPAN
Phone: +81 3 6238 2111
Fax: +81 3 6238 3492


JAPAN AIRLINES: Enters Code Share Agreement
-------------------------------------------
Japan Airlines and Finnair (AY) have concluded a code sharing
agreement, which will provide JAL passengers with a twice-daily
service between Tokyo and Helsinki.

The agreement will allow JAL to place its flight numbers on
specified daily intra-Europe round-trip flights operated by
Finnair between Helsinki and Amsterdam or Frankfurt. This
network expansion will provide JAL passengers with a twice-daily
service between Japan and Finland, as the new code share flights
provide smooth connections with JAL's existing non-stop daily
services between Tokyo (Narita Int'l), and Amsterdam and
Frankfurt.

The agreement will offer passengers better travel options and
more convenience, and contribute greatly to the exchange of
culture, commerce and people between Japan and Finland. It will
further strengthen JAL's international passenger network in
Europe increasing to 23 the number of European cities served by
the airline either directly or by code share. JAL already offers
daily services from Japan to the Nordic countries of Denmark and
Sweden.

As a part of the agreement, Finnair will be able to code share
on five one-way Japan domestic routes operated by JAL aircraft
and crew serving the cities of Fukuoka, Osaka, Tokyo and
Sapporo.

JAL and Finnair plan to introduce the new code share flights
from December 19, 2005. Ticket sales of the new code share
flights are planned for December 15 2005, subject to government
approval.

In future, the two airlines plan to link their frequent flyer
programs.

About Finnair

Finnair, one of the world's oldest operating airlines, was
established in 1923. The airline is Finland's biggest airline
and the national flag carrier. Operating out of Helsinki-Vantaa
Airport, Finnair serves approximately 50 international
destinations and 16 destinations within Finland. In September
1999 the airline became a full member of the global oneworld
alliance. www.finnair.com

About Japan Airlines

Asia's biggest airline group, Japan Airlines ranks third in the
world in terms of total sales revenues, is the sixth largest
airline group in the world in terms of passengers carried and
eighth in the world in terms of traffic performance (revenue ton
kilometers).

Originally founded in 1951 for domestic operations, JAL launched
international services in February 1954. Today, JAL Group
airlines serve 208 airports in 35 countries and territories,
including 61 airports in Japan. The Group network extends over
227 international passenger routes and 36 international cargo
routes. The JAL Group domestic network covers 166 routes (as of
April 2005). Altogether, the 10* airlines of the JAL Group make
a total of nearly 1,200 flights a day on domestic and
international routes. www.jal.com

For further information contact: geoffrey.tudor@jal.com /
stephen.pearlman@jal.com

Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate/

This is a company press release.


MERCK & COMPANY: Adds U.K., Japan Plants to Cost-cut List
---------------------------------------------------------
Merck & Company will shut down some operations in Japan and
eliminate jobs in England and New Jersey, bringing to nearly
2,000 the number of job cuts detailed so far in a sweeping,
three-year reorganization plan, according to The Associated
Press.

In Japan, Merck subsidiary Banyu Pharmaceutic Co. Ltd. will
close a factory and a lab in Okazaki and a distribution center
sin Tokyo next year, eliminating about 300 jobs, officials said.

The manufacturing plant in Enfield, North London, is also slated
to close or sold by the end of 2006 and that plans also call for
closure of Merck's neuroscience research center in Harlow,
England. She said the two U.K. facilities have a total of 330
employees.

CONTACT:

Merck & Co. Inc. Company
1 Merck Dr.
Whitehouse Station, NJ 08889-0100
Phone: 908-423-1000
Fax: 908-735-1253


SEIBU DEPARTMENT: To Shut Anemic Shizuoka, Toyama Outlets
---------------------------------------------------------
Seibu Department Stores Ltd. will shut down outlets in the
cities of Toyama and Shizuoka by the end of next year, Japan
Times relates.

The department store chain, currently under the wing of
Millennium Retailing Inc., has made the decision due to falling
sales at the two stores.

Toyama Seibu officials have already begun talks with various
parties in the region on such matters as finding new jobs for
displaced employees with a view to closing the outlet at the end
of May.

CONTACT:

Seibu Department Stores Ltd.
1-28-1, Minami-ikebukuro
Toshima-ku
Tokyo 171-8569, Japan
Phone: +81-3-3989-0111
Fax: +81-3-6213-7139


SONY CORPORATION: Reaches Deal With Idemitsu
--------------------------------------------
Idemitsu Kosan Co., Ltd. Sony Corporation Idemitsu Kosan Co.,
Ltd. and Sony Corporation have signed a Memorandum Of
Understanding (MOU) on November 28, 2005 to jointly develop new
superior Organic Light-Emitting Diode (hereafter OLED) luminous
materials. And to promote the joint development, they have
agreed to the mutual use of each company's OLED-related patents,
i.e. material patents and component patents. The formal contract
is expected to be signed at the end of January 2006.

OLED is a self-luminous display, which emits light by running an
electric current through organic luminous materials. As a result
of its simple structure, whereby the organic luminous layer is
placed between two glass panels, no back-light system is
required. This leads to a much thinner display. OLED is widely
considered to be the most viable next-generation flat display,
showing excellent color reproduction capability and high-speed
response to moving images.

Idemitsu developed the world's brightest blue-light organic
luminous material in 1997, based on their molecular engineering
and organic synthesis technologies. Idemitsu has since
continuously been developing new luminous materials for the mid-
large size OLEDs. In addition to materials development, Idemitsu
is aggressively working on new technologies such as combination
technology for materials, OLED component technologies, etc.

Sony is developing various material and component technologies,
and presented a 13" OLED panel in February 2001 and a 24" OLED
in January 2003, based on low temperature poly silicon TFT (Thin
Film Transistor) technologies. Sony's mass-produced OLEDs were
adopted in the company's PDA (Personal Digital Assistant)
products from September 2004. And now, Sony is working on
developing new technologies for the realization of a mid-large
size OLED panel.

By sharing their complementary OLED related technologies,
Idemitsu and Sony will develop new superior OLED luminous
materials, boasting excellent features such as high luminescence
efficiency for lower power consumption, high brightness and
color reproduction for HD contents era, high response time for
moving images, long durability, etc.

In addition, the agreement will grant mutual access to both
companies' individual OLED-related patents. Sony will be able to
use Idemitsu's OLED component related patents, whereby Idemitsu
will be able to use Sony's OLED material related patents. As a
result, the joint development will be accelerated, and Idemitsu
and Sony are expected to expand their respective material and
component businesses smoothly.

"As a materials manufacturer, we are delighted to have a strong
relationship with Sony Corporation which positions OLED as the
leading candidate to succeed as the next generation display,"
said Akihiko Tenbo, President, Idemitsu Kosan Co., Ltd. "The
complementary strengths of Sony's display technologies and
Idemitsu's material technologies will positively drive OLED
development."

"We are very pleased to work on this joint development with
Idemitsu, which has leading edge technology in many areas and
especially in OLED material technologies," said Ryoji Chubachi,
President and Electronics CEO, Sony Corporation. "Sony is
positioning OLED as the most important technology for the next
generation flat display. Thanks to the development of new
superior luminous materials through the joint efforts of the two
companies, we will be able to accelerate the OLED development
and will advance the materialization of our OLED applied
products."

CONTACT:

Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
JAPAN
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244


TOSHIBA CORPORATION: Restructures Affiliate
-------------------------------------------
Notice is hereby served that Toshiba Corporation (hereafter
Toshiba) has accepted a business restructuring plan for
subsidiaries of Matsushita Toshiba Picture Display Co., Ltd
(MTPD), a joint venture of Matsushita Electric Industrial Co.,
Ltd. (MEI) and Toshiba.

1. Outline of the business restructuring

MTPD decided to terminate operations at its wholly owned
subsidiaries, MT Picture Display Germany GmbH (MTPDG) and MT
Picture Display Corporation of America (Ohio) (MTPDA (OH)). The
cathode ray tube (CRT) business faces severe price and market
erosion, due to the increasing popularity of flat-panel TVs, and
MTPD's decision is part of its global restructuring initiative
to overcome these circumstances.

2. Future prospects

The consolidated and non-consolidated FY2005 forecasts that
Toshiba issued on
April 28, 2005 remain unchanged.

3. Outline of MTPD

Company Name:     Matsushita Toshiba Picture Display Co., Ltd.
Headquarters:     Takatsuki City, Osaka
President:        Tatsuo Tobinaga
Business:         Manufacture and sales of CRT
Capital:          10 billion yen (as of the end of September
2005)
Shareholders:     MEI 64.5%; Toshiba 35.5%

CONTACT:

Toshiba Corporation
1-1-1 Shibaura, Minato-ku, Tokyo, Japan
Contact: Naoto Hasegawa, General Manager,
Corporate Communications Office
Phone: 81 3 3457 2096


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

JR CONSTRUCTION: Daewoo Shipbuilding Mulls Stake Buy
----------------------------------------------------
Daewoo Shipbuilding & Marine Engineering Co. has decided to buy
a controlling stake in JR Construction Co., Asia Pulse relates,
citing Yonhap News.

Daewoo Shipbuilding will purchase a 58.5 percent stake in the
local construction company for KRW18.4 billion because it needs
a construction arm for its ongoing shipyard-building projects in
China and Oman.  The Company aims to complete the purchase by
end December.

The Company mulls of building a ship-repairing facilities in
Oman and a shipbuilding facility in China.  Daewoo is currently
operating a shipyard in Romania.

JR Construction was released from court receivership in 1996.
The company has been on the auction block since 2004.


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

AMDB BERHAD: Net Loss Dips to MYR26,000 in 2Q/FY05
--------------------------------------------------
AMDB Berhad furnished Bursa Malaysia Securities Berhad a copy of
its Second Quarter financial report to 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

    49,870        55,595           101,795       124,665

(2) Profit/(loss) before tax

    1,020         665              1,802         1,170

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

    -26           -1,971           -1,593        -398

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

    -26           -1,971           -1,593        -398

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

    -0.00          -0.25            -0.20        -0.05

(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)

    0.5467                    0.5480

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/AMDBBerhad113005.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/AMDBBerhad113005.doc

CONTACT:

AMDB Bhd
20th Floor, Bangunan AMDB,
No. 1, Jalan Lumut, Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40432311
Fax: 03-40430311


ANCOM BERHAD: Holds Shares Buy Back
-----------------------------------
Ancom Berhad submitted to Bursa Malaysia Securities Berhad a
notice of shares buy back with the following details:

Date of buy back: November 29, 2005

Description of shares purchased: Ordinary shares of MYR1.00 each

Total number of shares purchased (units): 32,500

Minimum price paid for each share purchased (MYR): 0.680

Maximum price paid for each share purchased (MYR): 0.705

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 32,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,179,703

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

CONTACT:

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


APL INDUSTRIES: Incurs Net Loss in 1Q/FY05
------------------------------------------
APL Industries Berhad submitted to 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
    30/09/2005    30/09/2004      30/09/2005     30/09/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    45,374        43,959          45,374         43,959

(2) Profit/(loss) before tax

    -3,163         4,156          -3,163         4,156

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

    -3,163         3,201          -3,163         3,201

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

    -3,163         3,201          -3,163         3,201

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

     -0.91          0.92           -0.91         0.92

(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)

     0.2200                    0.2300

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/APLIndustriesQuarterlyReport905.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/APLIndustriesQuarterlyReportNotes905.do
c


AVANGARDE RESOURCES: Fails to Issue Annual Audited Accounts
-----------------------------------------------------------
Avangarde Resources Berhad furnished Bursa Malaysia Securities
Berhad a monthly announcement on the status of issuance of the
outstanding prescribed financial statements.

(1) Introduction

In compliance with the obligations pursuant to Paragraph 9.26 of
the Listing Requirements (LR) Bursa Malaysia Securities Berhad,
the Board of Directors of Avangarde Resources Berhad (ARB)
advised that the Company has failed to issue the Annual Audited
Accounts (AAA) and the Annual Reports (AR) (Prescribed Financial
Statements) from the respective due dates as required under
paragraph 9.23 of the LR.

(2) Obligation of ARB, pursuant to Paragraph 9.26 of the LR

Pursuant to Paragraph 9.26 of the LR, ARB is required to make a
periodic announcement on a monthly basis on the status of the
issuance of the outstanding Prescribed Financial Statements.

The issuance of the AAA for the year ending December 31, 2002 is
expected to be approximately one month from the date of this
announcement. The AAA for 2003 & 2004 and the AR for 2002, 2003
& 2004 will be followed soon after.

(3) Consequences of non-compliance with the obligations

In the event ARB fails to comply with all the provisions under
paragraph 9.23, subject to any extension of time granted by the
Bursa Malaysia Securities Berhad, Bursa Malaysia Securities
Berhad may take action against ARB including the possibility of
de-listing.

This announcement is dated 30th day of November 2005.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


AVANGARDE RESOURCES: In Talks to Secure Additional Contracts
------------------------------------------------------------
In compliance with Paragraph 3.1(b) of PN17/2005, Avangarde
Resources Berhad advised Bursa Malaysia Securities Berhad the
following development since the last announcement on November 2,
2005 relating to the Company's plan to regularize its condition.

The Company's wholly owned subsidiary, Align Metro Sdn Bhd
(AMSB) has submitted progress claim for the work done up to
October 31, 2005 approximately MYR1.9 million. Avangarde
Resources Berhad is expected to record sufficient revenue by end
December 2005, which will in turn represent more than five
percent of the Company's issued and paid-up share capital.

In order to increase further the contract book order and revenue
of the Company and its subsidiaries, the Company is presently in
the midst of securing additional contracts. In this respect, the
Company had sought the approval of Bursa Securities to grant the
Company an extension of time to submit the necessary application
to Bursa Securities to comply with PN17.

The Company will make the necessary announcements upon securing
the new contracts and/or receiving a reply from Bursa Securities
on the said application for an extension of time.

This announcement is dated 1 December 2005.


AYER MOLEK: Books MYR917,000 Net Loss in 3Q/FY05
------------------------------------------------
The Ayer Molek Rubber Company Berhad furnished 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

    45            68              183            209

(2) Profit/(loss) before tax

    -917           -526           -856           -2,456

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

    -917           -526           -856           -2,456

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

    -917           -526           -856           -2,456

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

    -50.94         -29.22          -47.56        -136.44

(6) Dividend per share (sen)
    0.00            0.00            0.00          0.00

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

(7) Net tangible assets per share (MYR)

    11.2800                    11.7600

For more information, go to
http://bankrupt.com/misc/AyerMolek113005.doc
http://bankrupt.com/misc/AyerMolek113005.xls
http://bankrupt.com/misc/AyerMolek113005B.xls
http://bankrupt.com/misc/AyerMolek113005C.xls
http://bankrupt.com/misc/AyerMolek113005D.xls

CONTACT:

The Ayer Molek Rubber Company Bhd
3rd Floor, Wisma Goldhill, No. 67,
Jalan Raja Chulan, Kuala Lumpur
Wilayah Persekutuan 50200 Malaysia
Telepone: 03-20317900
Fax: 03-20317834


BTM RESOURCES: Posts MYR1,524,000 Net Loss in 3Q/FY05
-----------------------------------------------------
BTM Resources Berhad submitted 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

    5,869          7,725           17,100        21,264

(2) Profit/(loss) before tax

    -1,524         -1,539          -4,033        -4,461

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

     -1,524        -1,539          -4,035        -4,461

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

    -1,524         -1,539          -4,035        -4,461

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

    -5.61           -5.67          -14.86        -18.30

(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                      0.4800

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/BTMResources3Q113005.xls

CONTACT:

BTM Resources Bhd
22, Jalan Sultan Mahmud,
Kuala Terengganu Terengganu 20400
Malaysia
Telephone: 09-6223633
Fax: 09-6235795


CHUAN HUAT: Releases 3Q/FY05 Financial Statement
------------------------------------------------
Chuan Huat Resources Bhd furnished 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

    111,885       117,115         302,417        317,316

(2) Profit/(loss) before tax

    -1,142         2,365           -670          8,810

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

    -1,098         1,946           -1,065        7,404

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

    -1,098         1,946           -1,065        7,404

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

    -2.45           4.55            -2.38        17.30

(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)

         1.9500                    2.0200

For more information, go to
http://bankrupt.com/misc/ChuanHuatResults300905.xls
http://bankrupt.com/misc/ChuanHuatNoteB300905.doc
http://bankrupt.com/misc/ChuanHuatResults300905.xls

CONTACT:

Chuan Huat Resources Bhd
Wisma Lim Kin Chuan, Lot 50A,
Section 92A, 3 1/2 Miles,
Off Jalan Sungai Besi,
Kuala Lumpur Wilayah Persekutuan 57100
Malaysia
Telephone: 03-79833333
Fax: 03-20784171,03-32914136


CME GROUP: Suffers Net Loss in 3Q/FY05
--------------------------------------
CME Group Berhad furnished 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

    1,123         105             6,061          426

(2) Profit/(loss) before tax

    -809           -1,284          -1,182        -3,647

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

    -809           -1,284          -1,182        -3,647

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

    -809           -1,284          -1,182        -3,647

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

    -2.02           -5.83           -2.95        -16.55

(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)

        0.7400                     0.7700

For more information, go to
http://bankrupt.com/misc/CMEGroup113005.doc

CONTACT:

CME Group Bhd
Lot 19, Jalan Delima 1/1,
Subang Hi-Tech Industrial Park,
Batu Tiga, Shah Alam Selangor 40000
Malaysia
Telephone: 03-56331188
Fax: 03-56343838


CYGAL BERHAD: Unveils 3Q/FY05 Financial Result
----------------------------------------------
Cygal 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

    17,274        29,637          51,476         86,486

(2) Profit/(loss) before tax

    -7,222        -5,845          -19,717        -17,315

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

    -7,210        -6,048          -19,785        -17,728

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

    -7,210        -6,048          -19,785        -17,728

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

    -15.09        -12.66           -41.41        -37.10

(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)

     -5.3472                   -4.9336

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/CygalBerhadSept2005.xls

CONTACT:

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


KEMAYAN CORPORATION: Members OK Resolutions at Meeting
------------------------------------------------------
The Board of Directors of Kemayan Corporation Berhad advised
Bursa Malaysia Securities Berhad that at the Fortieth Annual
General Meeting (AGM) and Extraordinary General Meeting (EGM) of
the Company held on November 30, 2005, the members of the
Company have approved all the resolutions as stated in the
Notice of AGM and EGM dated November 8, 2005 and November 14,
2005 respectively.

CONTACT:

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


LITYAN HOLDINGS: Bourse Suspends Share Trading
----------------------------------------------
Lityan Holdings Berhad advised Bursa Malaysia Securities Berhad
that the trading in its shares has been suspended with effect
from 9:00 a.m., Wednesday, November 30, 2005 for one market day.
Trading in its shares will resume with effect from 9:00 a.m.,
Thursday, December 1, 2005.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MAGNUM CORPORATION: Buys Back 673,200 Shares
--------------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: November 30, 2005

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

Total number of shares purchased (units): 673,200

Minimum price paid for each share purchased (MYR): 1.870

Maximum price paid for each share purchased (MYR): 1.900

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 673,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 78,470,100

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

CONTACT:

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


MBF CORPORATION: Repays Unit's Scheme B Creditors
-------------------------------------------------
The Board of Directors of MBf Corporation Berhad issued to Bursa
Malaysia Securities Berhad an update on the default in payments
by MBf Leasing Sdn Bhd, a wholly owned subsidiary of MBf Corp.

As at November 30, 2005 the total default in loan principal sum
of MYR24,478,317 has been reduced to MYR22,478,317 with the
repayment of MYR2,000,000 to the Scheme B Creditors on November
29, 2005.

In addition, an amount of MYR424,631 has been paid to all Scheme
Creditors, resulting in a shortfall of MYR707,719 in interest
repayment to all Scheme Creditors for the month of November
2005.

There is no further new development since the previous
announcement with regard to the steps taken to address the
default.

Yours faithfully
MBf Corporation Berhad
Lau Cheong Koon
Company Secretary
30 November 2005


PAXELENT CORPORATION: Swings to Black in 3Q/FY05
------------------------------------------------
Paxelent Corporation Berhad submitted to Bursa Malaysia
Securities Berhad a copy of its Third Quarter financial
statement 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

    8,667         10,717          36,076         25,650

(2) Profit/(loss) before tax

    2,908         -4,227           -1,182        -21,163

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

    2,900         -4,228           -1,191        -21,164

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

    699          -3,753           -2,387         -13,776

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

    0.58         -3.19            -1.97           -14.91

(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)

      -0.1700                     -0.1500


PSC INDUSTRIES: Default Status Remains Unchanged
-------------------------------------------------
Pursuant to Practice Note 1/2001 in relation to the default in
payment of loans by PSC Industries Berhad and certain of its
subsidiaries, the Board of Directors of the Company informed
Bursa Malaysia Securities Berhad that there is no change to the
status of the default in payments since our last announcement on
October 31, 2005 except for the following:

(1) Alliance Bank Malaysia Bhd

As announced on November 8, 2005, the Company's subsidiary, PSC-
Naval Dockyard Sdn Bhd (PSCND) had on October 25, 2005 received
a letter of demand from the solicitors acting for Alliance Bank
Malaysia Bhd (Alliance) demanding for the payment of the sum of
MYR34,139,675.54 being outstanding principal and interest in
respect of installments under the term loan facility of MYR240
million and an overdraft of up to MYR20 million (collectively
the Facilities).

On November 21, 2005, the Company further announced that PSCND
had on November 17, 2005 received a letter dated November 14,
2005 from the solicitors acting for Alliance recalling and
terminating the Facilities (and demanding the payment within 10
days of a total sum of MYR272,405,233.76 being outstanding
principal and interest (up to October 31, 2005) under the
Facilities plus interest that continues to accrue until full
payment.

By another letter of the same date to the Company, Alliance had
also demanded payment of the same amount from the Company
pursuant to the guarantee dated September 18, 2003 given by the
Company in favour of Alliance in respect of the Facilities
within 10 days.

The Company and PSCND will respond to Alliance's solicitors in
respect of the said demands as per the letter dated November 14,
2005.

(2) OCBC Bank (Malaysia) Bhd

As announced on November 15, 2005, OCBC Bank (Malaysia) Bhd had
on November 15, 2005 obtained summary judgment against the
Company and its wholly owned subsidiaries, Penang Shipbuilding &
Construction Sdn Bhd (PSCSB) and PSC Asset Holdings Sdn Bhd
(PSCA) in respect of a judgement sum of MYR40,662,932.72
(comprising of principal of MYR39,000,000.00 plus accrued
interest up to February 28, 2005) plus interest and costs. The
Company, PSCSB and PSCA have filed a notice of appeal against
the summary judgment, which will be heard by the judge in
chambers. No date has been set for hearing of the appeal.

(3) Affin Bank Berhad

As announced on November 22, 2005, Affin Bank Berhad (Affin
Bank) vide its letter dated November 22, 2005 notified 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 PSCND (the said Shares). The said Shares had been
mortgaged to Affin Bank as security for outstanding debts due to
Affin Bank from PSCSB.

The Company will formulate a regularization plan for the Group.

CONTACT:

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


PUNCAK NIAGA: Issues Share Buy Back Notice
------------------------------------------
Puncak Niaga Holdings Berhad submitted to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back from: November 29, 2005

Date of buy back to: November 29, 2005

Total number of shares purchased (units): 550,500

Minimum price paid for each share purchased (MYR): 2.450

Maximum price paid for each share purchased (MYR): 2.470

Total amount paid for shares purchased (MYR): 1,355,403.71

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

Number of shares purchased retained in treasury (units): 550,500

Total number of shares retained in treasury (units): 5,155,200

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: November 30, 2005

Lodged by: Puncak Niaga Holdings Berhad (416087-U)

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


WEMBLEY INDUSTRIES: Requests Cut Off Date Extension
---------------------------------------------------
Wembley Industries Holdings Berhad refers to its announcement
made to Bursa Malaysia Securities Berhad dated October 31, 2005
in respect of the default in Payment pursuant to Practice Note
No. 1/2001.
Further to the said announcement, in relation to the status of
default in payment pursuant to PN1/2001, the Board of Directors
of the Company informed the Exchange that there is no change to
the status of default in payments of interest and principal sums
to the Lenders since then.

In compliance with Paragraph 3.2 of PN1/2001, the Company
advised that it is in the process of taking steps to secure an
extension of the said cut-off date to fulfill the conditions
precedent stipulated in the DRA and thereafter to implement the
restructuring therein.

The Board of Directors of the Company will make available to
Bursa Malaysia Securities Berhad any updates on the
restructuring of the DRA.

This announcement is dated 30 November 2005.


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

C&P HOMES: Files Bid to Hike Capital to Php7 Bln
------------------------------------------------
C&P Homes Inc. (CMP) has applied to boost its authorized capital
stock from Php500 million to Php7 billion, The Manila Bulletin
says.

CMP said Php3.68 billion of the Php6.5 billion increase, has
been subscribed and paid in full through debt to equity
conversion.

Subscribers to CMP's increase in capital stock include Fine
Properties, Inc., Adelfa Properties, Inc. and Brittany
Corporation, all affiliates of the company.

Documents submitted to the Securities and Exchange Commission
(SEC) showed the subscribed amount of Php3.68 billion represents
valid claims of the subscribers/creditors against the company.

Approval of CMP's increase in authorized capital stock is still
subject to approval of the SEC.

CONTACT:

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas City
Phone:  874-5758; 873-2178; 772-1093; 726-6143
Fax:  872-4697; 726-6143
E-mail:  ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph


LAFAYETTE MINING: Provides Rapu Rapu Update
-------------------------------------------
As previously advised, Lafayette Mining's operations at Rapu
Rapu have been suspended while the plant is being reconfigured
from gold processing to base metals processing.

The two recent discharges of process water have caused the
relevant authorities in the Philippines to require that certain
conditions are met before milling operations can re-commence.

Speaking from the Philippines where he is personally overseeing
remediation and commissioning activity, Lafayette's Managing
Director, Andrew McIlwain, said the Company was confident that
it was close to delivering full compliance with six conditions
identified by the government's Mines and Geosciences Bureau
(MGB) as a pre-condition to start-up.

He said that because of the two recent discharges, Rapu Rapu
management, along with government and local community
representatives were conscious of not rushing the commissioning
process.

"While we have a rigid commissioning process in place for the
base metals plant, we are mindful of recent events, so we will
check and recheck every step before we begin production from the
new plant," Mr. McIlwain said.

"Accordingly, we do not expect to begin base metals production
during December as we had previously advised. With December
traditionally the wettest month of the year, we will now use
that time to review our processes and systems to ensure there is
no possibility of any other unforeseen events occurring. We
therefore anticipate production beginning early in the new
year."

The recent suspension of commissioning activities of the base
metals plant and the consequent delay in project revenues are
impacting on the Company's working capital.

Accordingly, the Company is assessing potential funding
requirements and options, and corporate initiatives.

"While this delay in commissioning the base metals plant is
disappointing, it is clearly the prudent thing to do. It will
serve the Rapu Rapu operations, shareholders and other partners,
including the local community, well over the longer term."

"We confidently expect to begin base metals production early in
the new year. We further expect that once the plant ramps up, we
can - with current strong commodity pricing levels - realize the
project's significant value."

CONTACT:

Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com


LAFAYETTE MINING: Vows to Stay in RP; Eyes IPO
----------------------------------------------
Lafayette Mining Limited vowed to keep its Philippine Operations
despite the tailing spillage at its Rapu-Rapu site, The
Philippine Star has learned.

The Australian firm's country manager, Rod Watt, even said
disclose the firm's plan to list in the Philippine Stock
Exchange (PSE).

Mr. Watt explained that the purpose of the PSE listing is not
much to raise funds, but rather to open up the mining firm to
local ownership. He added Lafayette would be ready to list in as
short as six months, once a firm decision to list is made.

Operations at Lafayette's Rapu-Rapu mines in Albay has been
suspended early this month following two mine tailing spillage
incidents.

Mr. Watt is hopeful that once the company has been able to
comply with a number of government-imposed measures, operations
at the Rapu-Rapu mines can resume in December.


MAYNILAD WATER: Ayala Allowed to Offer Bid
------------------------------------------
Ayala-led Manila Water Co. Inc. is tipped to be one of the
potential bidders for ailing west concessionaire Maynilad Water
Services Inc., The Manila Standard reports.

The government said it will grant east water concessionaire
Manila Water permission to bid for the former's stake in west
concessionaire Maynilad.

Economic Planning Secretary Augusto Santos, a member of the
government's Privatization Council, said the government would
declare an open bidding for the Maynilad franchise to all
interested parties, including Manila Water, next year.

Asked whether this will allow Manila Water to have a monopoly of
water distribution in Metro Manila, Mr. Santos said there was
nothing in the law that would prevent the Ayala-led firm from
doing so.

Maynilad, a joint venture between the Lopez Group and French
firm Lyonnaise Des Eaux, has filed for court rehabilitation
because of its huge unsettled foreign debt, which was assumed by
Metropolitan Waterworks and Sewerage System (MWSS). In return,
the government was given an 84-percent stake in the franchise.

Maynilad covers parts of Manila, Makati and Quezon City and the
whole of Malabon, Navotas, Muntinlupa, Caloocan, Pasay,
Para¤aque, Las Pinas, Valenzuela and Cavite towns.

Manila Water, on the other hand, services the east zone of the
old service area of the MWSS, covering parts of Manila, Makati
and Quezon City and the whole of Marikina, Mandaluyong, Makati,
Pasig, Pateros, San Juan, Taguig, and Rizal towns.

CONTACT:

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


NATIONAL FOOD: Ensuring Food Security Despite Low Subsidy
---------------------------------------------------------
The National Food Authority (NFA) said that it has effectively
performed its mandates of ensuring national food security and
stabilizing food supply and prices, despite the reduction of its
annual subsidy allocation from Php1.5 billion in 1997 to an
average of Php900 million since 2001.

NFA Director for Public Affairs Rex Estoperez said that in order
for the food agency to continue financing its operations, it has
to borrow from government financial institutions with interest
as high as 8% per annum.

"This in effect continues to drag us to more financial setback.
Thus we continue to earn the title of a losing agency," Mr.
Estoperez said.

With a measly government subsidy, the NFA has to find ways to
fund its local procurement. This year alone, the food agency has
to spend at least Php1.65 billion to buy palay from local
farmers. When there's a projected shortfall in local production,
however, the NFA imports rice from foreign sources such as
Vietnam, Thailand and China to assure the availability of the
staple during the lean harvest months and for unexpected
Calamities or emergencies. Importation becomes more expensive
when world market prices increase and the peso performs badly.

"The more the NFA subsidizes prices of rice, the more it tends
to lose. Our buying price is Php10.50 per kilogram, inclusive of
farmers' incentives. The rule of thumb in rice marketing for
profit is to double the price of palay when converted to rice.
Thus we should be selling at Php21 per kilogram. However, we
continue to sell a kilogram of well-milled rice at Php18 per
kilogram," Mr. Estoperez said.

In line with the government's social responsibility to ensure
the availability, affordability and accessibility of food to the
people, the NFA has maintained its selling price for rice pegged
since 2001. This is despite the continued increase in other
operational costs brought by inflation and other factors.

Meanwhile, Mr.Estoperez said the NFA stands to lose further as
the agency had been obliged to pay tariffs for rice importation
since 2002.

"The payment of tariffs has been an additional burden for the
NFA although we can apply it as support funding to NFA under the
General Appropriations Act (GAA)," Mr. Estoperez said.

He said that the NFA will be able to perform its tasks more
responsibly and efficiently if the national government provides
more funds to the food agency.

"Lack of financial support for our social responsibilities and
basic services will adversely affect the performance of our
mandates of food security and stabilization in the future," Mr.
Estoperez said.

CONTACT:

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


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

ENDUE ELECTRONICS: Creditor Seeks Winding Up
--------------------------------------------
Notice is hereby given that Vimex Technology Pte Limited, a
creditor of Endue Electronics Pte Limited, filed a winding up
petition against the Company to the Singapore High Court on Nov.
16, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Dec. 9, 2005, 10:00 a.m.

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

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

The Petitioner's address is 808 French Road, #07-163 Kitchener
Complex, Singapore 200808.

The Petitioner's solicitors are Messrs CS LEE of 111 North
Bridge Road, #08-12 Peninsula Plaza, Singapore 179098.

Dated this 25th day of November 2005

Messrs CS Lee
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to solicitors Messrs CS
Lee a written notice of his intention so to do. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their solicitors (if any) and must be served,
or if posted, must be sent by post in sufficient time to reach
the solicitors not later than 12:00 p.m. of Dec. 8, 2005 (the
date before the day appointed for the hearing of the Petition).

CONTACT:

Endue Electronics Pte Limited
38 Woodlands Industrial Park E1
#04-11 Singapore 757700
Phone: 65 6744 6331
Fax:   65 6744 7239
E-mail: endue@pacific.net.sg
Web site: http://www.endue-electronics.com.sg/


INFORMATICS HOLDINGS: Sued for Misrepresentation
------------------------------------------------
Education services firm Informatics Holdings Limited is being
sued for misrepresentation and breach of contract by a Chinese
franchisee, reports Channel NewsAsia.

KS Consultants and Kim Seng Holdings Limited are suing the
Company for a total of SGD240,000 in franchise fees, as well as
costs and damages. According to them, Informatics did not renew
an accreditation agreement with Cambridge University, which is
necessary to market courses to students.

Informatics failed to inform that its franchise buyers in
Beijing and Guangzhou, China had returned the franchises within
three months; it also claimed to have a large market share in
China, and that there would be no problems in seeking approval
from local authorities for its franchise operations.

According to market analysts, other franchisees may file legal
proceedings against the Company if it loses its case.

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


L&M GROUP: Posts 33% Decrease in Annual Net Loss
------------------------------------------------
L&M Group Investments Limited announces that the Company posted
a 33% decrease in its net loss for the financial year ended
Sept. 30, 2005 at SGD17.7 million, compared to a SGD26.5 million
net loss for the same period last year.

To view the Company's financial statements, go to:

http://bankrupt.com/misc/tcrap_l&mgroup120105.pdf

CONTACT:

L & M Group Investments Pte Limited
28 Tuas Crescent
Singapore 638719
Phone: 65 6268 8688
Fax:   65 6265 5511


L&M GROUP: Seeks to Appoint Judicial Manager
--------------------------------------------
L&M Group Investments Pte Limited announced that on Nov. 29,
2005, the Company filed an application to appoint a judicial
manager to the Singapore High Court.

The Company thinks that a judicial manager would achieve one or
more of the following:

(a) the survival of the Company, or the whole or part of its
undertaking as a going concern;

(b) the approval under section 210 of the Companies Act (Cap.
50) of a compromise or arrangement between the Company and its
creditors; and

(c) a more advantageous realization of the Company's assets than
would be effected on a winding up.

The Company will make further announcements to update the
developments on the appointment of a judicial manager.


RICHFIELD INNOVATIONS: Declares Dividend
----------------------------------------
Richfield Innovations Pte Limited posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Richfield Innovations Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 600008 of 2002
Last day for receiving proofs: Dec. 9, 2005
Name  & address of Liquidator: Bob Low Siew Sie
C/o Bob Low & Co.
83A Kampong Bahru Road
Singapore 169379

Dated: Nov. 25, 2005


SUMIKIN BUSSAN: Schedules Final Meeting Dec. 23
-----------------------------------------------
Notice is hereby given that a final meeting of the members of
Sumikin Bussan International Pte Limited will be held on Dec.
23, 2005, 10:00 a.m. at 138 Cecil Street #15-00, Cecil Court,
Singapore 069538, to present the Liquidator's account showing
how the winding up was conducted and the property of the
Company disposed of, and to hear any explanation that may be
given by the Liquidator, and also to determine by resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator shall be disposed of.

Dated this 22nd day of November 2005

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Joint Liquidators
C/o 138 Cecil Strret
#15-00 Cecil Court
Singapore 069538

Note:

Pursuant to Section 181 of the Companies Act, Cap. 50, a member
entitled to attend and vote at this Meeting is entitled to
appoint another person or persons (whether a member or not) as
his proxy to attend and vote in his stead.

CONTACT:

Sumikin Bussan International Pte Limited
1 Shenton Way #21-04 Robina House
Singapore 068803
Phone: 65 6221 0843
Fax:   65 6225 1204, 6227 5459


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

PICNIC CORPORATION: SET Resumes Trading of Securities
-----------------------------------------------------
The Stock Exchange of Thailand (SET) ordered the suspension of
trading of Picnic Corporation Public Company Limited's (PICNI)
securities on November 30, 2005.

This was because the SET requested PICNI to clarify the report
concerning the use of fund from capital increase, the fact of
repayment to the bill of exchange amounting THB600 million,
details of the bill of exchange amounting THB510 million and
schedule of result of the negotiation in short term and long
term debt adjustment amounting to THB830 and THB1,267 million.

According to the fact that PICNI submitted a clarification to
the SET, the information was found to be insufficient regarding
schedule of result of the negotiation with three asset
management companies in the bill of exchange amounting to THB510
million and details of debt repayment to financial institution
creditors, account payable and other payable amounting to THB486
million.  The SET then requested additional clarification.

At this time, PICNI has disclosed the above information to the
SET through the SET's disclosure systems. Thus, the SET has
resumed trading of PICNI from the first trading of December 1,
2005 onwards.

CONTACT:

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


TPI POLENE: Gets Court Nod to Amend Reorganization Plan
-------------------------------------------------------
TPI Polene Plc. (TPIPL) informed the Stock Exchange of Thailand
(SET) that on November 29, 2005, the Central Bankruptcy Court
issued an order approving the amendment to the Business
Reorganization Plan of its subsidiaries, TPIPL and TPI Concrete
Co., Ltd.

Material issue of the amendment to the Plan is to extend the
Plan implementation period for a further one year from January
1, 2006 to December 31, 2006. Thereafter, TPIPL and its
subsidiary shall be entitled to elect further repayment periods
in accordance with those provided in the Scheme.

On November 24, 2005, it was officially resolved at the scheme
creditor's meetings of TPIPL and its subsidiary to approve the
amendment to the Business Reorganization Plan of TPIPL and its
subsidiary with the vote representing 100 percent of the scheme
creditors of each company that attended the meeting.

Please be informed accordingly.

Yours faithfully,
Mr. Prachai Leophairatana
Chief Executive Officer

CONTACT:

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




* 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
---------

Lindeteves-Jacoberg Limited       LG       39.61      332.07
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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

                 *** End of Transmission ***