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  The Company has been informed on 14 December 2004 that the voluntary liquidation of its 75% held subsidiary, Nissan TCM Pty Limited ("NTP"), a company incorporated in the British Virgin Islands, was completed on 7 December 2004.
  
  NTP was an investment holding company formed in 1996 with Nissan Motor Co Ltd and Marubeni Corporation of Japan, each having 12.5% shareholding, to participate in a joint venture company with Danang Automobile Mechanical Factory for the purpose of investing in a motor vehicle assembly plant in the Socialist Republic of Vietnam. The Vietnamese government had on 30 August 2001 terminated the investment license granted to the joint venture company. As the original objective of the setting up of NTP no longer exists, the shareholders of NTP had mutually agreed to liquidate the company.