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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

             Wednesday, December 14, 2005, Vol. 8, No. 247

                            Headlines

A U S T R A L I A

ARCAWAY PTY: Members Resolve to Wind Up Business
BBC WINDOWS: Liquidator to Detail Wind Up Manner
CENTURY CLADDING: Decides to Close Business
COACH 2000: Declares First, Final Dividend
CRANWELL LANDSCAPE: Enters Voluntary Liquidation

DEVLIN PTY: Wind Up Process Initiated
FARQUHARSON PASTORAL: Members General Meeting Fixed Dec. 21
HIDLAKE PTY: Intends to Pay Final Dividend to Creditors
HIH INSURANCE: ASIC Charges Former Chairman
HMT ELECTRONICS: Members Opt for Voluntary Liquidation

ICEWRX PTY: Samuel Richwol Named Official Liquidator
LIBERTYONE LIMITED: Issues Dividend Declaration Notice
MACKINLAY'S MAINTENANCE: Winds Up Operations
MYER LIMITED: Parent's Boss Says Bidders Not Playing Fair
MYER LIMITED: Prospective Buyers May Not Get Vital Figures

NITAN PTY: Court Orders Liquidation
PACKTITE ENGINEERING: Schedules Final Meeting Dec. 21
PAKVILLE PTY: Members Agree to Close Shop
PAN PHARMACEUTICALS: Court Slaps AU$3-Mln Fine
PRIMELIFE CORPORATION: To Capitalize Payment on PLFGB Notes

QANTAS AIRWAYS: Delays Fleet Decision
SHEEN ENTERPRISES: Members to Review Liquidator's Report
SONOFON AUSTRALIA: Members Pass Winding Up Resolution
SUVA PRESS: Poised to Liquidate Operations
SYDNEY GAS: Eyes Fixed on Stock Market After Trading Halt

SYDNEY SUNRISE: Placed Under Voluntary Liquidation
TELSTRA CORPORATION: Regulator Defers Separation Ruling
V&W FASHION: Court Appoints Official Liquidator
WATTYL LIMITED: Restructuring Ahead of Plan


C H I N A  &  H O N G  K O N G

CITY TELECOM: S&P Cuts Rating to 'B'
CORPMART.COM LIMITED: Set to Close Operations
HOTEL WENSHA: Enters Winding Up Process
NORTHWEST SECURITIES: Nanjing Securities Plans Major Takeover
ORIENT RESOURCES: Unveils Interim Report

ORIENT TELECOMMUNICATION: Creditors Meeting Set for Dec. 16
PLAYMATES HOLDINGS: Shares Fall as Auditor Quits
SHUN ON: Court Releases Winding Up Order
SWEETMART GARMENT: Court Releases Winding Up Order
TCL CORPORATION: Signs Deal to Sell French Firm Two Units

VICTORIA GARMET: Prepares to End Operations
WINDSOR HOTELS: Issues Debt Claim Notice
YUEN SUNG: Issues Winding Up Order Notice


I N D I A

FOOD CORPORATION: Gets INR4.86 Crore to Build Godowns
INDUSTRIAL DEVELOPMENT: To Launch 24th Tranche of IDBI Omnibonds


I N D O N E S I A

PERTAMINA: Delays LNG Shipments to Contract Buyers
PERTAMINA: Proposed Logo Change Not Welcomed by All
PERTAMINA: Signs Contract to Develop Libyan Oil Blocks
PERUSAHAAN GAS: To Supply Gas to 10 Firms
PERUSAHAAN LISTRIK: Wins Power Theft Case Against Five Firms


J A P A N

HEISEI SEKKEI: Construction Firm Enters Bankruptcy
MITSUBISHI MOTORS: Hiroshi Harunari Named MMNA CEO
MITSUBISHI MOTORS: RP Unit Puts in Php1 Bln in Auto Project
OHTSUKI STRATEGIC: METI OKs Business Restructuring Plan
PIONEER CORPORATION: S&P Lowers Rating to 'BBB'

PIONEER CORPORATION: Teams Up With Sigma Designs
* Six Carmakers to Pay Penalty for Anticompetitive Measures


K O R E A

HYUNDAI ENGINEERING: Hyundai Group May Buy Stake
SAMSUNG MOTORS: Creditors File KRW4.73-Trillion Claims


M A L A Y S I A

ANCOM BERHAD: Holds Shares Buy Back
CRIMSON LAND: To Convene AGM Dec. 30
DATUK KERAMAT: Fails to Submit 3Q Report
DENKO INDUSTRIAL: Issues New Shares for Listing, Quotation
GEORGE TOWN: Explains Failure to Submit 3Q Report

HUME INDUSTRIES: Repurchases Ordinary Shares
I-BERHAD: Issues Shares Buy Back Notice
LITYAN HOLDINGS: Shareholders OK Proposed Disposal
MAGNUM CORPORATION: Purchases New Shares
PAN MALAYSIA: Issues Shares Buy Back Notice

POLY GLASS: Warrants to Expire January 4
POLYMATE HOLDINGS: Unit to Appoint Administrators to Batec Ltd.
PROMTO BERHAD: SC Junks Scheme
PUNCAK NIAGA: Undertakes Shares Buy Back
RASHID HUSSAIN: Registrar Strikes Off Dormant Unit

SCOMI GROUP: Gets SC Nod on Mandatory Offer Exemption
SOUTHERN BANK: Holds Shares Buy Back
WEMBLEY INDUSTRIES: Securities Face Delisting


P H I L I P P I N E S

C&P HOMES: PSE OKs Cut in Listed Shares; Trading Resumes
METRO PACIFIC: Nears Deal for MNTC Stake
NATIONAL POWER: PSALMS Mulls Negotiated Sale of Bataan Plant
NATIONAL POWER: May Buy US$150 Mln from Spot Currency Market
PACIFIC PLANS: Regains Dealership License

PANASONIC MOBILE: Confirms Closure of R.P. Business


S I N G A P O R E

ACCORD CUSTOMER: Won't Need to Adjust 2003, 2004 Results
CHINA AVIATION(S): Reviews Corporate Governance Report
FIRSTLINK INVESTMENTS: Sells Property to Virtue Point Limited
KHOO & SONS: Asks Creditors to Submit Debt Claims
YEU HONG: Creditor Seeks to Wind Up Firm


T H A I L A N D

PICNIC CORPORATION: SET Lifts NP Sign on Securities
THAI PETROCHEMICAL: Yimprasert Most Likely to Run Business

     -  -  -  -  -  -  -  -

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

ARCAWAY PTY: Members Resolve to Wind Up Business
------------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Arcaway Pty Limited held on Nov. 18, 2005, it was resolved
that the Company be wound up, and Mr. Paul Andrew Billingham
and Mr. Trevor Mark Pogroske of Grant Thornton, Level 17, 383
Kent Street, Sydney NSW 2000 were appointed as Joint and
Several Liquidators for such purpose.

Dated this 21st day of November 2005

Paul A. Billingham
Trvor M. Pogroske
Joint Liquidators
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


BBC WINDOWS: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of BBC Windows Pty Limited will be held on Dec. 21,
2005, 9:00 a.m. at Hall Chadwick, Level 29, 31 Market Street,
Sydney NSW 2000.

Richard Albarran
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


CENTURY CLADDING: Decides to Close Business
-------------------------------------------
Notice is hereby given that at an extraordinary general
meeting of the members of Century Cladding Pty Limited held on
Nov. 15, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Loke Ching Wong and Mr.William Bernard
Abeyratne of Harrisons Insolvency, Level 5, 150 Albert Road,
South Melbourne were appointed as Joint and Several
Liquidators at a creditors' meeting held that same day.

Dated this 18th day of November 2005

William B. Abeyratne
Loke Ching Wong
Joint Liquidators
C/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885


COACH 2000: Declares First, Final Dividend
------------------------------------------
Coach 2000 Pty Limited will declare a first and final dividend
today, Dec. 14, 2005.

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

Dated this 8th day of November 2005

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


CRANWELL LANDSCAPE: Enters Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of the
members and creditors of Cranwell Landscape Builders Pty
Limited held on Nov. 17, 2005, it was resolved that the
Company be wound up voluntarily, and Mr. Gregory Stuart
Andrews of G. S. Andrews &
Associates, 22 Drummond Street, Carlton 3053 was appointed as
Liquidator for such winding up.

Dated this 18th day of November 2005

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


DEVLIN PTY: Wind Up Process Initiated
-------------------------------------
Notice is hereby given that at a general meeting of the
members of Devlin Pty Limited held on Nov. 24, 2005, it was
resolved that the Company be wound up voluntarily, and Mr.
Sule Arnautovic was appointed as Liquidator for the wind up.

Dated this 6th day of December 2005

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


FARQUHARSON PASTORAL: Members General Meeting Fixed Dec. 21
-----------------------------------------------------------
Notice is hereby given that a general meeting of the members
of Farquharson Pastoral Co Pty Limited will be held on Dec.
21, 2005, 10:30 a.m. at the offices of mhm - a personal
approach to business, Level 1, 121 Greenhill Road, Unley SA,
to present the Liquidator's account showing the manner in
which the winding up of the Company was conducted and its
property disposed of, and to hear any explanation that may be
given by the Liquidator.

Dated this 15th day of November 2005

M. O. Basedow
Liquidator
mhm - a personal approach to business
Level 1, 121 Greenhill Road
Unley SA 5061


HIDLAKE PTY: Intends to Pay Final Dividend to Creditors
-------------------------------------------------------
Hidlake Pty Limited will declare a first and final dividend
today, Nov. 14, 2005.

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

Mark roufeil
Liquidator
Level 9, 31 Market Street
Sydney NSW 2000


HIH INSURANCE: ASIC Charges Former Chairman
-------------------------------------------
Mr. Jeffrey Lucy, Chairman of ASIC, announced that criminal
charges have been laid against Mr. Geoffrey Cohen, the former
Chairman of HIH Insurance Limited (HIH).

It is alleged Mr. Cohen gave misleading information in the
Chairman's Address to Shareholders at the HIH Annual General
Meeting on Dec. 15, 2000.

ASIC alleges at that meeting, Mr. Cohen made misleading
statements about the joint venture between Allianz Australia
Limited (Allianz) and HIH. These statements related to the
effect of the joint venture on HIH's cashflow and the payment
of AU$200 million by Allianz to HIH.

The charges arise from the investigation by ASIC into the
affairs of HIH.

Mr. Cohen appeared at the Downing Centre Local Court Tuesday
in relation to the charges.

The matter is due to return to the Downing Centre Local Court
on 21 March 2006.

The Commonwealth Director of Public Prosecutions is
prosecuting this matter.


HMT ELECTRONICS: Members Opt for Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that on Nov. 23, 2005, HMT Electronics
Pty Limited was placed in a members' voluntary liquidation,
and Mr. Jamieson Louttit was appointed as the Company's
Official Liquidator.

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


ICEWRX PTY: Samuel Richwol Named Official Liquidator
----------------------------------------------------
Notice is hereby given that at a general meeting of the
members of Icewrx (Australia) Pty Limited held on Nov. 25,
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 such purpose.

Dated this 25th day of November 2005

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


LIBERTYONE LIMITED: Issues Dividend Declaration Notice
------------------------------------------------------
Libertyone Limited will declare a first and final dividend
today, Dec. 14, 2005.

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

Dated this 15th day of November 2005

John R. Gibbons
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000


MACKINLAY'S MAINTENANCE: Winds Up Operations
--------------------------------------------
Notice is hereby given that at a general meeting of the
members of Mackinlay's Maintenance Services Pty Limited held
on Nov. 15, 2005, it was resolved that the Company be wound up
voluntarily, and that Messrs Robyn Erskine & Peter Goodin of
Brooke Bird & Co. Chartered Accountants, 471 Riversdale Road,
Hawthorn East, 3123, be appointed as Liquidators for such wind
up.

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


MYER LIMITED: Parent's Boss Says Bidders Not Playing Fair
---------------------------------------------------------
The chief executive officer of Coles Myer Limited claimed
potential buyers of unit Myer Limited's department store chain
are not playing fair.

According to the Sydney Morning Herald, John Fletcher has
accused Myer's bidders of attempting to undermine competitors'
bids and the sale process.

Mr. Fletcher's comments came, as the Coles Myer board is
understood to have cut the number of bidders down to five.

After recent reports highlighted deficiencies of some bidders
and the Myer business, Mr. Fletcher commented that "some
parties will no doubt continue to use the media to progress
their own agendas and strategies".

Of the eight parties believed to have lodged indicative bids
last week, private equity firms Archer Capital and Ironbridge
Capital are understood to have been cut. Bidders understood to
have progressed to the next stage include the South African
retailer Edgars Consolidated, Newbridge Capital, CVC Asia
Pacific, Pacific Equity Partners and the Carlyle Group.

While not yet part of the formal bidding process, retailer
David Jones is interested in a handful of Myer stores. Former
Coles Myer director Solomon Lew is also believed to be still
interested.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au


MYER LIMITED: Prospective Buyers May Not Get Vital Figures
----------------------------------------------------------
Myer Limited's parent, Coles Myer, has cut the number of
prospective buyers of its ailing department store unit but
will not say whether vital Christmas sales figures will be
revealed, reports The Advertiser.

Final bids are expected by early February. Potential buyers,
who are bound by confidentiality agreement, will be given
access to the company's books.

However, the company declines to say whether Christmas sales
figures will be available. Christmas figures are normally
released as part of the company's half-yearly accounts, which
this year were released mid-February.

That would make it too late for potential buyers to gauge the
health of the chain.

A Coles Myer spokesman said any bidder making an offer would
do so with "plenty of data to make an informed decision".


NITAN PTY: Court Orders Liquidation
-----------------------------------
On Nov. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Nitan Pty Limited, and
appointed Mr. R. J. Porter to be the Company Liquidator.

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


PACKTITE ENGINEERING: Schedules Final Meeting Dec. 21
-----------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Packtite Engineering Pty Limited will be held on
Dec. 21, 2005, 10:00 a.m. at the offices of D'Aloia Handberg
Chartered Accountants, Level 10, 200 Queen Street,
Melbourne, to receive the Liquidator's account showing the
manner of the Company's winding up and disposal of property,
and to any explanations that may be given by the Liquidator.

Dated this 15th day of November 2005

G. Handberg
Liquidator
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


PAKVILLE PTY: Members Agree to Close Shop
-----------------------------------------
Notice is hereby given that at a general meeting of the
members of Pakville Pty Limited held on Nov. 16, 2005, it was
resolved that the Company be wound up voluntarily, and
creditors appointed Mr. Danny Vrkic of Jirsch Sutherland & Co.
- Wollongong Chartered Accountants as the Company Liquidator
at a creditors' meeting held later that day.

Dated this 6th day of December 2005

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


PAN PHARMACEUTICALS: Court Slaps AU$3-Mln Fine
----------------------------------------------
Pan Pharmaceuticals was ordered to pay AU$3 million for
harming consumers and supplying counterfeit medication, The
Australian reveals.

New South Wales District Court Judge Colin Charteris fined Pan
AU$500,000 due to five charges of causing grievous bodily harm
to Travalcam users. He also fined the company AU$2.5 million
for 19 charges of supplying counterfeit therapeutics goods.

A court has previously been told it is unlikely that the
company, now in liquidation with liabilities of AU$180
million, would be able to pay fines.

Last month, Pan liquidator Tony McGrath pleaded guilty to 24
charges stemming from a 2003 Therapeutic Goods Administration
(TGA) investigation into the company.


PRIMELIFE CORPORATION: To Capitalize Payment on PLFGB Notes
-----------------------------------------------------------
The Board of Primelife Corporation Limited on Tuesday
determined to capitalize the Dec. 31, 2005 interest payment on
the 9.5 percent converting notes (PLFGB Notes).

Primelife will accomplish this by issuing new PLFGB Notes at
an issue price of AU$1.00 on the same terms as the existing
PLFGB Notes in satisfaction of its interest payment
obligations.

The new PLFGB Notes will rank pari passu from the date of
issue.

Statements in relation to new PLFGB Notes issued will be
dispatched in early January 2006.

A Notice will be distributed to holders of PLFGB Notes by Dec.
16, 2005 advising them of their right to convert and their
relevant conversion options.

Holders of PLFGB Notes will be permitted to convert not only
their existing PLFGB Notes but also additional PLFGB Notes to
be issued by way of interest capitalization.

Please note the following key dates:

Event                                  Date
Notes trade ex interest                Dec. 19, 2005
Record Date for Interest Payment Date  Dec. 23, 2005
Interest Payment Date                  Jan. 3, 2006

CONTACT:

Primelife Corporation Limited
Melbourne
Victoria, Victoria 3000
Australia
Phone: +61 3 9618 5500
Fax: +61 3 9618 5599
Web site: http://www.primelife.com.au/


QANTAS AIRWAYS: Delays Fleet Decision
-------------------------------------
Qantas Airways has delayed a decision on a fleet renewal plan,
but it approved an international expansion for its discount
carrier Jetstar.

Qantas said its board would hold a special meeting on Dec. 14,
where it was expected to approve purchases of up to AU$20
billion (US$15 billion) of more fuel-efficient aircraft.

"The meeting is expected to discuss and approve major aircraft
purchases, including new aircraft for Jetstar's international
operations," Chief Executive Geof Dixon said.

Observers said the delay by Qantas could mean that intense
competition between Boeing and Airbus to win the deal might
result in better prices for Qantas.

It has been a record year for Boeing and Airbus with orders of
more than US$100 billion recorded this year, boosted on Monday
when Airbus won a US$10 billion deal to supply 150 single-
aisle passenger jets to China.

Qantas has already ordered 12 A380 super-jumbo aircraft, with
options for 10 more, to service routes between Australia and
the United States and Britain. It also has been taking
delivery of Boeing 737-800s to increase this fleet to 33 by
the end of 2005.

Airlines have been investing heavily, driven by high fuelk
prices, new more fuel-efficient models and global economic
growth. China's economy is booming, while the OECD is
forecasting economic growth of 2.9 percent in 2006 and 2007
across its 30 member countries as a whole after 2.7 percent
this year.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au


SHEEN ENTERPRISES: Members to Review Liquidator's Report
--------------------------------------------------------
Notice is hereby given that a final meeting of the members of
Sheen Enterprises Pty Limited will be held on Dec. 21, 2005,
11:30 a.m. at Hall Chadwick, Level 29, 31 Market Street,
Sydney NSW, for the following purposes:

BUSINESS

(1) To receive the Liquidator's account of his acts and
dealings and of the conduct of the winding up during the
liquidation period, which ends on Dec. 21, 2005.

(2) Any other business.

Adrian Stewart Duncan
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


SONOFON AUSTRALIA: Members Pass Winding Up Resolution
-----------------------------------------------------
Notice is given that at a general meeting of the members of
Sonofon Australia Pty Limited held on Nov. 15, 2005, it was
resolved that Mr. Anthony Warner and Mr. Clifford Sanderson,
Registered Liquidators of CRS Warner Sanderson, Level 5, 30
Clarence Street, Sydney NSW 2000 be appointed as Liquidators
in the winding up of the Company.

Dated this 28th day of November 2005

Clifford Sanderson
Anthony Warner
Liquidators
CRS Warner Sanderson
Level 5, 30 Clarence Street
Sydney NSW 2000


SUVA PRESS: Poised to Liquidate Operations
------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Suva Press Pty Limited held on Nov. 17, 2005, it was resolved
that the Company be wound up, and Mr. James Patrick Downey of
Cole Downey & Co. Chartered Accountants, Level 1, 22 William
Street, Melbourne Vic 3000 was appointed as Liquidator for the
wind up.

Dated this 18th day of November 2005

James P. Downey
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


SYDNEY GAS: Eyes Fixed on Stock Market After Trading Halt
---------------------------------------------------------
Shareholders of Sydney Gas were nervously watching the local
stock market, as the trading halt on their embattled firm was
lifted, Sydney Morning Herald reports.

The gas firm was due to begin trading on Monday after a two-
week suspension, but an extension was granted to give the firm
time to submit documents to the Australian Stock Exchange.

Sydney Gas recently appointed to its board as a non-executive
director Tony Sennitt. He will join former Peptech boss
Stephen Kwik, Sydney lawyer Richard Gelski and the firm's new
chairman, Michael Norster.

They face a huge task in restoring investor confidence in the
company after its entire board, including the former Olympics
minister Michael Knight, resigned last week. The company last
traded on November 25 at 46 cents.

In response to questions from the ASX, Sydney Gas said it
remained a going concern and could pay its debts.

CONTACT:

Sydney Gas Limited
Level 11, 1 O'Connell Street
Sydney NSW 2000
Australia
Telephone: (61 2) 9253 5555
Fax: (61 2) 9241 5155
E-mail: office@sydneygas.com
Web site: http://www.sydneygas.com/


SYDNEY SUNRISE: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general
meeting of the members of Sydney Sunrise Developments Pty
Limited held on Nov. 23, 2005, a resolution was passed to
voluntarily wind up the Company, and Mr. Peter Paul Krejci of
GHK Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW
2000 was appointed as Liquidator at a creditors' meeting held
that same day.

Dated this 23rd day of November 2005

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


TELSTRA CORPORATION: Regulator Defers Separation Ruling
-------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) on
Tuesday issued the fifth current cost accounting separation
report relating to Telstra Corporation.

The report is intended to provide greater transparency of
Telstra's operations to ensure that it does not unfairly
discriminate between access seekers using its network services
and its own retail operations.

The report contains current cost financial information for
'core' telecommunications access services.  It constitutes the
information that the ACCC is required to make public in
respect to current cost accounting under the Ministerial
Direction on accounting separation issued by the Minister for
Communications, Information Technology and the Arts in June
2003.

The report provides present day valuations of Telstra's assets
that are compared with the historical or original cost of
these assets. The report also includes profit and loss and
capital employed statements prepared on a current cost basis.

The report indicates that on a current costs basis, the
aggregate values of assets for the core access services are
substantially higher than the historical asset valuations. It
is important to note that the information does not represent
the forward looking cost of assets nor is it calculated using
a fully or substantially optimized network configuration*.

"The pending operational separation arrangements for Telstra
may have implications for the necessity to report Telstra's
financial data in this way, or the form that any future
reporting may take," an ACCC Commissioner, Mr. Ed Willett,
said today.

"The ACCC, therefore, has recently agreed to a Telstra request
to a six-month deferral to a complete implementation of
current cost asset valuations. This will ensure that Telstra
will not be required to incur possibly unnecessary costs
(which, according to Telstra, amount to between $5 meter and
$10 meter) in order to complete the remaining current cost
valuations".

Copies of the report will be available on the ACCC's website.

In determining access prices for a number of services, the
ACCC has used a costing methodology based on total service
long-run incremental cost (TSLRIC) which is a forward looking,
optimized economic costing approach.

Background

In December 2002, the Federal Government made provision for an
enhanced accounting separation of Telstra's wholesale and
retail operations with the passage of the Telecommunications
Competition Act 2002. Under this Act, the Minister for
Communications, Information Technology and the Arts issued a
Direction on 19 June 2003, instructing the ACCC to issue
Record Keeping Rules (RKRs) under its powers under the Trade
Practices Act 1974, requiring Telstra to provide the ACCC with
reports on, among other things, current costs in addition to
historical costs for the core services. It is a requirement of
the direction that certain information contained within the
reports be made available to the public.

The ACCC issued an RKR to Telstra with respect to the first
reports required under the direction at the end of June 2003.
In September 2004, the ACCC issued a new record keeping rule
which specifies the requirements on Telstra to fully implement
the current cost accounting framework. Leading up to this, the
ACCC worked closely with Telstra to determine the timeframes
over which systems can be put in place to provide regular full
current cost valuations.

Telstra is making good progress in putting systems in place to
enable periodic revaluation and reporting of all of Telstra's
assets on a full current cost basis. While it had been
expected that this work would be completed by the end of 2005,
uncertainty arising from the implementation of the operational
separation of Telstra has meant that this work will not
complete before mid 2006.

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/


V&W FASHION: Court Appoints Official Liquidator
-----------------------------------------------
On Nov. 22, 2005, the Supreme Court of New South Wales, Equity
Division appointed Mr. Christopher J. Palmer to be the
Liquidator in the winding up of V&W Fashion Agencies Pty
Limited.

Dated this 6th day of December 2005

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


WATTYL LIMITED: Restructuring Ahead of Plan
-------------------------------------------
Wattyl Limited, the paint and surface coatings group, reported
that its restructuring program, announced in June, is ahead of
schedule. Cost reductions implemented to date will generate
savings of more than AU$10 million annualized, compared with
AU$7-8 million previously indicated.

Additional initiatives of a similar amount are also being
targeted. These programs will be implemented during the next
six months.

The restructuring program includes significant re-allocation
of the marketing budget and increased expenditure on
strengthening Wattyl's brands and positioning the business or
future growth.

Dr. John Nolan, Managing Director of Wattyl, said that this
progress with the restructuring program reflects the
significant organizational changes implemented including the
integration of the Australian sales, marketing and technical
functions.

CONTACT:

Wattyl Limited
Level 1
68 Waterloo Road
North Ryde NSW 2113
Phone: +61 2 9813 3333
Fax: +61 2 9813 3311


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

CITY TELECOM: S&P Cuts Rating to 'B'
------------------------------------
Standard & Poor's Ratings Services had lowered its long-term
corporate credit rating on City Telecom (H.K.) Ltd. (CTI) to
'B' from 'BB-'. At the same time, it also lowered its issue
rating on CTI's US$125 million senior unsecured notes due 2015
to 'B' from 'BB-'.

The ratings were removed from CreditWatch, where they had been
placed with negative implications on Nov. 22, 2005. The
outlook is stable.

"The rating actions reflect a much weaker than expected
financial performance by CTI in fiscal 2005 and the likelihood
that the company will continue to incur a net loss over the
near term," said Standard & Poor's credit analyst Raymond Woo.
The downgrade reflects increased competition and the company's
increasingly aggressive subscriber growth target. The stable
outlook reflects expectations that CTI's financial performance
will recover by fiscal 2007 as the company's subscriber
numbers increase.

In fiscal 2005 (ended Aug. 31, 2005), CTI posted a net loss of
HK$206.4 million, compared with a net profit of HK$49.6
million in fiscal 2004. This was CTI's first loss in its 13-
year history and is primarily attributable to: lower volumes
and profit margin in its international telecom services
segment (IDD); increased marketing expenses, incurred to
increase subscriber levels; and higher depreciation and
interest expenses. The company faces heightened competition in
its core business areas, IDD, and fixed telecom network
services.

Although CTI's subscribers numbered 631,000 in fiscal 2005, a
substantial increase from 465,000 in the previous year, the
majority of its pay-TV subscriptions were on a free-trial
basis. The company aims to have a total of 1 million
subscribers for its voice, broadband, and pay TV services by
the end of 2007-a year earlier than previously targeted. CTI's
ability to convert and retain free-trial subscriptions into
paid subscriptions would be important in underpinning its
credit profile over the next two years.

CTI still has sufficient liquidity, with HK$632.4 million in
unencumbered cash and term deposits as at Aug. 31, 2005,
compared with HK$1.2 million in short-term debt and HK$369.1
million in current liabilities. It intends to use this cash to
attract new subscribers. Standard & Poor's will monitor the
company's liquidity and cash flow position over the next two
years.

CONTACT:

Raymond Woo
Primary Credit Analyst
Hong Kong
Phone: (852) 2533-3526;
Web site: raymond_woo@standardandpoors.com


CORPMART.COM LIMITED: Set to Close Operations
---------------------------------------------
Corpmart.com Limited, whose office address is located at Unit
2205 22/F Westin Centre 26 Hung To Road Kwun Tong Kowloon,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 30, 2005.

Date of Presentation of Petition: September 28, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


HOTEL WENSHA: Enters Winding Up Process
---------------------------------------
Notice is hereby given that the Creditors of Hotel Wensha
Limited, which are being voluntarily wound up, are required on
or before January 9, 2006 to send their names, addresses and
descriptions, full particulars of their debts or claims, as
well as the names and addresses of their solicitors (if any)
to the Liquidators of the said Company at 13/F., Shum Tower,
268 Des Voeux Road Central, Hong Kong.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.

In default thereof, they will deemed to waive all of such
debts or claims and the Liquidators will be entitled seven
days after the above date, to distribute the funds available
or any part thereof to the Members of each Company.

Dated this 9th day of December 2005

ZENG XIANGGAO
Liquidator


NORTHWEST SECURITIES: Nanjing Securities Plans Major Takeover
-------------------------------------------------------------
Nanjing Securities Co., the largest broker in eastern Jiangsu
Province, has taken over the management of Northwest
Securities Co. Ltd after discussions with the firm and with
the China Securities Regulatory Commission (CSRC), the China
Daily reports.

This arrangement will probably lead to the full takeover of
Northwest, which is facing heavy losses in the future but
depends on how this interim period goes. Nanjing has not paid
any money for Northwest yet.

Northwest Securities was allegedly involved in
misappropriating some clients' deposits and government bonds.
The company suffered a loss of over CNY400 million (US$49.53
million) in the first half of this year.


ORIENT RESOURCES: Unveils Interim Report
----------------------------------------
Orient Resources Group Company Limited announced its financial
results ended September 30, 2005.

Year-end date: 31/03/2006
Currency: HKD
Auditors' Report: N/A
Interim report reviewed by: Audit Committee

                                              (Unaudited

                                   (Unaudited )       Last
                                 Current
Corresponding
                                   Period             Period
                             from 01/04/2005    from
01/04/2004
                             to 30/09/2005      to 30/09/2004
                          Note  ('000      )       ('000


Turnover                           : 1,875              1,829
Profit/(Loss) from Operations      : (1,901)
(22,139)
Finance cost                       : (266)              (206)
Share of Profit/(Loss) of
  Associates                       : N/A                N/A
Share of Profit/(Loss) of
  Jointly Controlled Entities      : N/A                N/A
Profit/(Loss) after Tax & MI       : (2,167)
(22,345)
% Change over Last Period          : N/A       %
EPS/(LPS)-Basic (in dollars)       : (0.0226)
(0.233)
         -Diluted (in dollars)     : N/A                N/A
Extraordinary (ETD) Gain/(Loss)    : N/A                N/A
Profit/(Loss) after ETD Items      : (2,167)
(22,345)
Interim Dividend                   : Nil                Nil
  per Share
(Specify if with other             : N/A                N/A
  options)

B/C Dates for
  Interim Dividend                 : N/A
Payable Date                       : N/A
B/C Dates for (-)
  General Meeting                  : N/A
Other Distribution for             : N/A
  Current Period

B/C Dates for Other
  Distribution                     : N/A

Remarks:

Comparative figure of the last period has been adjusted to
reflect the share combination being taken place during the
period.

CONTACT:

Orient Resources Group Company Limited
Room 521, South Block
5/F, Kwai Shun Industrial Centre
51-63 Container Port Road
Kwai Chung, New Territories
Hong Kong
Phone: 24193936
Fax: 24193009


ORIENT TELECOMMUNICATION: Creditors Meeting Set for Dec. 16
-----------------------------------------------------------
Notice is hereby given that pursuant to Section 241 of the
Companies Ordinance (Chapter 32), a meetings of the creditors
of Orient Telecommunication Networks (HK) Limited (In
Liquidation) will be held at Trading Room C, Unit 1, Ground
Floor, The Center, 99 Queen's Road Central, Hong Kong on 16th
day of December 2005 at 10:30 a.m. for the purposes provided
for in Sections 241, 242, 243, 244 and 255A of the Companies
Ordinance.

Creditors may vote either in person or by proxy.

Forms of proxies to be used at the meeting must be lodged at
13th Floor, Gloucester Tower, The Landmark, 11 Pedder Street,
Central, Hong Kong or sent by fax to (852) 2218 3518 not later
than 4:00 p.m. on the day before the meeting or any adjourned
meeting at which they are to be used.

Dated this 9th day of December 2005

ALAN C W TANG
ALISON WONG LEE FUNG YING
Joint and Several Liquidators


PLAYMATES HOLDINGS: Shares Fall as Auditor Quits
------------------------------------------------
Shares of Playmates Holdings Limited plunged almost 10 percent
after its auditor PricewaterhouseCoopers had quit over
disagreement on accounting treatments, The Standard reports.

The dispute centers on two accounting issues in the 2004
financial year involving incorrect recognition of sales and
overprovision for potential customer claims related to unsold
goods.

The Board has appointed Moores Rowland Mazars to fill the
casual vacancy in the office of auditors with effect from
December 1, 2005.

For a copy of the company's press release regarding its
auditor, go to http://bankrupt.com/misc/playmates121405.doc.

CONTACT:

Playmates Holdings Limited
100 Canton Road
Tsimshatsui, Kowloon
Hong Kong
Phone: +852 2377 7388
Fax:+852 2735 2058


SHUN ON: Court Releases Winding Up Order
----------------------------------------
Shun On Constructor Engineering Limited, whose office address
is located at Unit 1, 6/F Block A Shatin Industrial Centre 5-7
Yuen Shun Circuit Shatin New Territories, issued a winding up
order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 30,
2005.

Date of Presentation of Petition: September 28, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


SWEETMART GARMENT: Court Releases Winding Up Order
--------------------------------------------------
Sweetmart Garment Works Limited, whose office address is
located at Room B 2/F Wong's Factory Building 368-370 Shatsui
Road Tsuen Wan New Territories, issued a winding up order
notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 30,
2005.

Date of Presentation of Petition: September 28, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


TCL CORPORATION: Signs Deal to Sell French Firm Two Units
---------------------------------------------------------
TCL Corporation, the renowned Chinese leader in consumer
electronics, signed on December 12 an Asset Transfer Agreement
with Legrand Group, the French giant and the world leader in
wiring devices.

The two parties jointly announced that two subsidiaries of TCL
Corporation, TCL Building Technology (Huizhou) Co., Ltd. and
TCL International Electrical (Huizhou) would be transferred to
the Legrand Group. The transaction will be completed before
the end of the year. TCL Corporation believes this strategic
restructuring on two non-core businesses will help to optimize
resources allocation and focus on core business.

According to the mutual agreement, Legrand will retain the
current management team to maintain the stability of the key
workforce and their relationship with distributors. It will
continue to use the brand of TCL in the coming years. The two
parties expressed that this transaction will be a meaningful
strategic cooperation with far-reaching significance for
employees, distributors and the clients of both parties; they
will keep intimate relationship and jointly collaborate on
brand construction and promotion for a long term.

Legrand Group, from France, is the world specialist of
products and systems for electrical installations and
information networks, whose annual sales revenue reach to Euro
3 billion, and who enjoys a share of 18% in the global market.
As a leading supplier in Europe, Latin American and the U.S.,
Legrand holds a number of well-known brands, and traditionally
adopts a multi-brand strategy combined with persistently
constructing and developing the brands. Currently 50% of
Legrand global income comes from the business generated by
brands obtained through mergers and acquisitions.

Founded in 1993, TCL International Electrical is the
undisputed leader in wiring devices in China, who is in
possession of a well-known brand and a widespread distribution
network. Staying ahead of the peers, it enjoys a 12% of share
in the domestic wiring devices market; Founded in 2004, TCL
Building Technology is the supplier in datacom (Voice, Data,
Image) installation products and systems. In 2004, the annual
sales revenue of these two companies amounted to near RMB 600
million.

Mr. Gilles Schnepp, Vice Chairman and CEO of Legrand said,
"Thanks to this acquisition and to our strategic alliance with
TCL, our group will have the means of an exceptional
development on both the wiring devices and VDI markets in
China"

Mr. Tomson Li, Chairman and CEO of TCL Corporation, said, "The
mission of TCL is to be a leading world consumer electronics
provider, and is to construct an international enterprise with
global competitiveness. We are confident in the future of
global development in these areas. So, TCL will continually
optimise its resources, focus on the core business, and strive
on transforming from the largest to the strongest; At mean
time, for non-core business, we will develop them through the
means of strategic investing, selling and reconstructing.
Legrand is a specialist and the leader in wiring devices, and
this cooperation will surely continue to strengthen and
promote the significant position of TCL brand in this area."

Experts in the industry believe that in the process of
international expansion, TCL merged, acquired and restructured
TV and mobile handset businesses of Thomson and Alcatel
respectively, which enables TCL stepped into and rapidly
established its position in the global market. Today's the
alliance with Legrand, the undisputed world leader in wiring
devices, signifies that the capability of TCL's international
operation is walking towards both the tact and the mature.

It is understood that through this strategic restructuring,
Legrand will become number 1 in wiring devices market of
China. While speeding up business expansion in Chinese market,
this operation also helps Legrand to consolidate and
strengthen the market leadership in the world.

CONTACT:

TCL Corporation Company
8F TCL Industrial Bldg., 6 Eling South Rd.
Huizhou, Guangdong 516001, China
Phone: +86-752-228-8333
Fax: +86-752-752-227-8018


VICTORIA GARMET: Prepares to End Operations
-------------------------------------------
Victoria Garment Manufacturing Company Limited, whose office
address is located at 13 & 14th Floor Rays Industrial Building
71 Hung To Road Kwun Tong Kowloon, issued a winding up order
notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on November 30,
2005.

Date of Presentation of Petition: September 28, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


WINDSOR HOTELS: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the Creditors of Windsor Hotels
International Company Limited, which are being voluntarily
wound up, are required on or before January 9, 2006 to send
their names, addresses and descriptions, full particulars of
their debts or claims, as well as the names and addresses of
their solicitors (if any) to the Liquidators of the said
Company at 13/F., Shum Tower, 268 Des Voeux Road Central, Hong
Kong.

If so required by notice in writing from the said liquidators,
they are to prove their debts or claims at such time and place
as shall be specified in such notice.

In default thereof, they will deemed to waive all of such
debts or claims and the Liquidators will be entitled seven
days after the above date, to distribute the funds available
or any part thereof to the Members of each Company.

Dated this 9th day of December 2005

ZENG XIANGGAO
Liquidator


YUEN SUNG: Issues Winding Up Order Notice
-----------------------------------------
Yuen Sung Paper Factory Limited, whose office address is
located at Rm 1805 Wu Sang House 655 Nathan Road, Kowloon,
issued a winding up order notice in the High Court of the Hong
Kong Special Administrative Region Court of First Instance on
November 30, 2005.

Date of Presentation of Petition: September 28, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


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

FOOD CORPORATION: Gets INR4.86 Crore to Build Godowns
-----------------------------------------------------
The Food Corporation of India (FCI) has received INR4.86 crore
from the Ministry of Consumer Affairs, Food and Public
Distribution, according to New Kerala.

The allocation will be used to fund the construction of
godowns for foodgrains storage, across the norteastern states.

The Ministry of consumer affairs has instructed the FCI to
construct godowns in Manipur, Tripura, Mizoram, Nagaland and
Assam, according to their requirement, the official sources
here informed.

Currently, FCI has spent INR412.04 lakh for the northeastern
states, which include INR78.43 lakh in Jiribam (Manipur),
INR102.12 lakh in Agartala phase II and Chandarpur (Tripura),
INR173.43 lakh in Lunglei, Lawngtalei and Bulpui (Mizoram),
INR29.92 lakh in Dimaphur phase I and Phase II (Nagaland) and
INR28.14 lakh in Chalkowa, Sanchowa and Badarput Ghat in
Assam.

FCI would also be spending theallocation for the rice grains
public distribution scheme across the region.

CONTACT:

Food Corporation of India

North Zone
A-2a,2b Sector -24
Noida - 201301

East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
E-mail: zmeast@fci.delhi.nic.in

South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623

Web site: http://fciweb.nic.in/


INDUSTRIAL DEVELOPMENT: To Launch 24th Tranche of IDBI Omnibonds
----------------------------------------------------------------
Industrial Development Bank Of India Limited (IDBI) has
informed the Exchange that IDBI Ltd. now proposes to launch
the twenty fourth tranche of IDBI Omnibonds (2005-06) issue on
December 12, 2005 viz., IDBI Omnibonds Series 2005X (IDBI
Omnibonds series '2005X') for an amount of INR33 crore.

The tranche is being issued under the scheme for restructuring
of liabilities of IDBI Ltd., finalized under the auspices of
the Govt. of India, wherein the existing investments of select
banks/institutions get reinvested in IDBI Bonds on the
maturity date.

The details of the tranche shall be available for downloading
free of charge at:
http://bankrupt.com/misc/tcrap_IDBI121305.bmp.

CONTACT:

Industrial Development Bank of India Limited
IDBI Tower
WTC Complex, Cuffe Parade
Mumbai - 400005
Telephone: 22-2189111/2164385/22151051-3019(E) (RATNA)
Fax: 2180930, 2181195/(D)/2180930
E-mail: ird@idbi.co.in
Web site: http://www.idbi.com


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

PERTAMINA: Delays LNG Shipments to Contract Buyers
--------------------------------------------------
State oil and gas firm PT Pertamina announced that it will
delay the shipment of 61 tankers of liquefied natural gas
(LNG) to contract buyers next year, reports Asia Pulse.

According to Pertamina Marketing Director Ari H. Soemarno, the
Company decided to delay its LNG shipments in order to provide
adequate gas supply to local fertilizer plants, as one state
fertilizer firm stopped its operations due to a lack of gas
feedstock.

The Company's contract buyers in Japan, South Korea and Taiwan
agreed to postpone the shipment of 52 LNG cargoes from its
plants in Arun, Aceh and Bontang, East Kalimantan. The Arun
plant is scheduled to export 75 LNG cargoes annually, and the
Bontang plant is under contract to export 370 cargoes (12
million tons) of LNG per year.

CONTACT:

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


PERTAMINA: Proposed Logo Change Not Welcomed by All
---------------------------------------------------
A member of Indonesia's House of Representatives Commission IV
Party said that the committee will discuss the proposed change
of state oil firm PT Pertamina's logo, Antara News reports.

According to House member Syafrin Romas, changing Pertamina's
logo is too expensive, as it would not only cost more than
IDR2.5 billion, but it also means that anything using
Pertamina's logo must be changed to incorporate the new logo
(e.g. Pertamina oil trucks, fuel stations).

Pertamina's Labor Union Chairman Abdullah Sodik also
criticized the Company's decision to change its logo, as it
was not done through the decision of a shareholders' meeting.
He also added that if the change of logo is over IDR1 billion,
according to presidential decree No. 18 of 2000, such change
must undergo an open tender.


PERTAMINA: Signs Contract to Develop Libyan Oil Blocks
------------------------------------------------------
State-owned oil firm PT Pertamina signed contracts to explore
and develop two oil blocks in Libya, reports the Jakarta Post.

The exploration agreement was signed on Dec. 8, 2005 by
Pertamina Vice President Mustikoh Saleh, and the Company would
spend up to IDR478.3 billion in the first five years of
exploration.

Last October, the Libyan government awarded tenders to
Pertamina and other oil firms to explore oil blocks in the
country. The Company has a 30-year contract to explore and
develop the blocks, under an agreement with German Commerzbank
AG. Exploration is slated to begin next year, while production
would start in 2009.


PERUSAHAAN GAS: To Supply Gas to 10 Firms
-----------------------------------------
State gas firm PT Perusahaan Gas Negara (PGN) signed a
Memorandum of Understanding (MOU) to supply up to 13.44
million standard cubic of feet of gas to 10 local firms, the
Jakarta Post reports.

According to the Company, the MOU is a follow-up to the
Company's agreement signed last June 10, 2005 with 48 other
firms.

PGN will supply gas to the following firms: Asahimas, HP
Metals Indonesia, Iglas, Indo Zinc Diecasting, Master Steel,
Megamarine Pride, Metropole Megah, Philips Indonesia, Sasmita
Abadi Gloves and Walet Kencana Perkasa.

CONTACT:

PT Perusahaan Gas Negara
Jl KH Zainul Arifin No 20
Jakarta, 11140 Indonesia
Phone: 62 21 633 4838
Fax:   62 21 633 3080
Web site: http://www.pgn.co.id/


PERUSAHAAN LISTRIK: Wins Power Theft Case Against Five Firms
------------------------------------------------------------
A court ruling favored state power firm PT Perusahaan Listrik
Negara (PLN)in a case involving five companies accused of
power theft, reports the Jakarta Post.

PT Ramayana Lestari Sentosa, its partner NV Titudjuh, PT Prima
Indah Lestari, PT Kuradona Gaugetama and Pt Sumbereva Indonusa
were fould guilty of tampering with their power meters, which
were put up by the Company, and could only be read by PLN
officials, according to PLN Jakarta General Manager Fahmi
Moctar.

PLN filed a suit against the firms after discovering that the
meters located in those firms' premises had been violated. The
Company offered cash rewards to anyone who would come forward
with information on firms tampering with their power meters.
The Company also hoped that filing a lawsuit would deter
violators from stealing electricity.

PT Ramayan and its partner were ordered to pay IDR382 million
to PLN by the Central Jakarta District Court, while the West
Jakarta District Court ordered PT Prima Indah Lestari to pay
IDR262.98 million for crushing its powerhouses, and another
IDR48 million for cutting its wires, to the Company.

Due to the increasing fuel prices and pwer rates, PLN formed a
joint team with the National Police Headquarters to crack down
on illegal power connections and inspect meters for signs of
tampering on a more regular basis. As of last month, the team
has discovered that of the 51,605 customers whose meters it
had inspected, 25% (13,077 customers) had committed
violations, such as breaking the seal of the meter, or
changing its characteristics.

The Company plans to pursue its course of action so as to
elimiante any future violations.

CONTACT:

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


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

HEISEI SEKKEI: Construction Firm Enters Bankruptcy
--------------------------------------------------
The Tokyo District Court on Monday accepted a bankruptcy
petition filed by construction firm Heisei Sekkei, The Japan
Times reports.

The company, which is affiliated with Kimura Construction Co.,
has applied for court protection from 55 creditors with an
estimated JPY637 million in debts.

Heisei Sekkei built many properties whose quake-proof data
were fabricated by the architect, Mr. Hidetsugu Aneha.

Kimura Construction went bankrupt shortly after the building-
code scandal was uncovered in mid-November.


MITSUBISHI MOTORS: Hiroshi Harunari Named MMNA CEO
--------------------------------------------------
Mitsubishi Motors Corporation (MMC) President Osamu Masuko
announced that Hiroshi Harunari will be appointed President
and CEO of Mitsubishi Motors North America (MMNA), effective
January 1, 2006, joining Rich Gilligan, who will continue as
co-President and co-CEO, to lead the company.

Mr. Harunari has been Managing Director of Overseas Operations
for MMC since April 2005. Gilligan has led MMNA since January
2005 when he was promoted from Chief Operating Officer of the
company's North American manufacturing division.

Mitsubishi Motors has assembled a North American management
team of industry professionals that have developed and
executed a product-led recovery strategy, including the
successful launches of new models such as the Eclipse coupe,
with four additional product launches over the next 20 months.
"North America's extremely competitive and ever-changing
automotive market environment requires MMC's direct support
and management presence on the ground in North America,"
Masuko said.

"Success in North America - with all of its complexity and
challenges - is essential to MMC's global success," Masuko
said. "Mr. Gilligan and his team have put us on the road to
regaining success here. By adding Mr. Harunari to our North
American team, we are further focusing alignment between MMC
and MMNA's strategic approaches, to ensure timely
communication between MMC and MMNA, concerning not only sales
and marketing, but also R&D and production operations, so that
we can quickly and effectively meet the requirements of this
dynamic marketplace."

"We are pleased that MMC is sending this clear message of
their continued commitment to support MMNA's growth," Gilligan
said. "I have worked closely with Mr. Harunari over the past
several months and look forward to the opportunity to
strengthen our partnership. His passion and vast international
experience will be a tremendous addition to our efforts in
North America."

CONTACT:

Mitsubishi Motors North America, Inc. Company
6400 Katella Ave.
Cypress, CA 90630-0064
Phone: 714-372-6000
Fax: 714-373-1020

This is a company press release.


MITSUBISHI MOTORS: RP Unit Puts in Php1 Bln in Auto Project
-----------------------------------------------------------
Mitsubishi Motor Philippines Corporation (MMPC) has injected
an initial Php1 billion (US$18.63 million) for its committed
P10 billion (US$186.37 million) project that would transform
the Philippines as its production hub of completely built-up
(CBU) packs and would make MMPC a major CBU exporter, the
Manila Bulletin reports.

There is no fixed timetable yet as to when the project could
finally take off. The project has been put on hold
indefinitely and might not meet the mid-2006 deadline within
which to kick off the project.

The Php10 billion total project cost is being supported by
China Motors, the partner of Mitsubishi Motors Corporation.

CONTACT:

Mitsubishi Motors Philippines Corporation (MMPC)
Ortigas Avenue Extention
Cainta Rizal, Po Box 4592
Manila, Philippines
Phone: 63-2-658-0109
Fax: 63-2-658-0006


OHTSUKI STRATEGIC: METI OKs Business Restructuring Plan
-------------------------------------------------------
A business restructuring plan submitted by Ohtsuki Strategic
Investment Inc. was evaluated pursuant to Article 6, Paragraph
1 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements of
Article 2, Paragraph 4 concerning management restructuring.

The Ministry of Trade and Industry (METI) consequently
approved the plans on December 2, 2005.

CONTACT:

METI Public Relations Office
Tel: +81-3-3501-1619
Fax: +81-3-3501-6942
1-3-1 Kasumigaseki
Chiyoda-ku,
Tokyo, 100-8901


PIONEER CORPORATION: S&P Lowers Rating to 'BBB'
-----------------------------------------------
Standard & Poor's Ratings Services has lowered its long-term
corporate credit and senior unsecured debt ratings on Pioneer
Corp. by one notch to 'BBB-'. The outlook on the long-term
rating is negative. At the same time, Standard & Poor's
removed the ratings from CreditWatch where they were placed on
November 2, 2005.

The downgrade reflects Pioneer's sharp drop in earnings due to
a slump in the home electronics business; the expected
deterioration in cash flows and capital structure due to cost
burdens arising from business restructuring measures announced
December 8, and poor operating performance; and, uncertainty
over its ability to strengthen its competitiveness and achieve
a full-scale recovery in the mid-to-long term.

Pioneer is expected to post a record net loss of �87 billion
in fiscal 2005 (ending March 31, 2006) due to the slump in the
home electronics business and costs incurred from business
restructuring measures, compared with a net loss of �8.8
billion in fiscal 2004. Moreover, the company's operating
margin after depreciation is also expected to fall
significantly to minus 3.2% from 0.4% in fiscal 2004.

"Pioneer's restructuring measures announced December 8 failed
to ease uncertainties over its ability to strengthen its
competitiveness and achieve a full-scale recovery in the home
electronics business in the mid-to-long term, as the company
is mainly focused on reducing company-wide fixed costs and
narrowing losses from home electronics," said Standard &
Poor's credit analyst Fusako Nagao.

To revive its plasma display panel (PDP) business, Pioneer
announced it will decrease its reliance on original equipment
manufacturing (OEM), focus on value-added and high-end
products under the Pioneer brand, reduce PDP production
output, and apply impairment accounting to its production
facilities. The company is expected to narrow its net loss in
fiscal 2006 by downsizing its OEM, which is the main factor
behind the slump.

However, competition in the flat panel TV market will likely
intensify further in terms of technology, product development,
and pricing, since a variety of flat panel TVs, including
surface-condition electron-emitter display (SED) based
products, expected to launch in the near future, and liquid
crystal display (LCD), are likely to compete with PDP TVs.
Despite the company's high level of technology in PDP, it will
not be easy for Pioneer to achieve full-scale recovery in the
flat panel TV segment.

"If Pioneer fails to establish a competitive edge in its
target
value-added and high-end product market, even if the company
succeeds in narrowing its loss position, it would face another
deterioration in earnings and have to conduct further
restructuring measures," added Ms. Nagao.

In the DVD business, Pioneer plans to discontinue the in-house
development of commodity-type products and concentrate its R&D
resources on advanced technology products.

In addition, the company intends to pursue business alliances,
although details have yet to be disclosed as these are still
under discussion. Reorganization of the consumer electronics
industry has been progressing, as indicated by the
announcement on November 17 by NEC Corp. (BBB/Stable/A-2) and
Sony Corp. (A-/Stable/A-2) to integrate their optical disk
drive businesses. Under such industry conditions, Pioneer is
challenged to present concrete measures to enhance its medium-
to-long-term competitiveness by establishing alliances early
on.

Furthermore, of Pioneer's three core businesses, only car
electronics has strong market competitiveness and generates
relatively favorable earnings, backed by high technology and
brand recognition. However, even this business faces downward
pressure on profitability from intensifying competition. There
remains concern over steady growth in profits and
profitability, and the potential for car electronics to drive
the company's overall earnings.

Pioneer's operating cash flows and free cash flow in fiscal
2005 are expected to see red due to lower cash flow generation
from core businesses and restructuring costs. Cash and cash
equivalents at March 31, 2006, is expected to decrease by half
from JPY116.7 billion at March 31, 2005. Furthermore, the
company's capitalization will likely be eroded by the expected
net loss for fiscal 2005, and the ratio of net debt to capital
is estimated to worsen to over 20% at March 31, 2006, from
4.6% at March 31, 2005. If the prolonged slump in earnings and
delayed recovery in cash flow generation lead to further
substantial deterioration in the company's balance sheet,
which currently supports the company's creditworthiness,
Standard & Poor's could again lower its ratings on Pioneer.

CONTACT:

Pioneer Corporation
4-1, Meguro 1-chome, Meguro-ku
Tokyo 153-8654, Japan
Phone: +81-3-3495-6774
Fax: +81-3-3495-4301


PIONEER CORPORATION: Teams Up With Sigma Designs
------------------------------------------------
Sigma Designs announced it will work with Pioneer Corporation
(NYSE:PIO) on the joint development of a full-featured Blu-ray
DVD player using Sigma Designs' SMP8630 family of media
processors.

"Pioneer intends to be the first company to offer a high-
quality, Blu-ray DVD player that contains all the key features
expected from a consumer product under our brand name," said
Russ Johnston, senior vice president of marketing and product
planning for the home entertainment division of Pioneer
Electronics (USA) Inc. "Sigma's SMP8630 family of chipsets
provides a virtual system-on-chip solution for the hardware
portion, enabling us to focus on software development and
value-added features that extend beyond basic operation."

Blu-ray is the leading standard in the market for next-
generation, high-definition optical players, based on blue
laser disc technology. Blu-ray allows consumers to view movies
and other programs in high definition. In addition, Blu-ray
Discs allow consumers to record HD programming from a cable,
satellite or TV antenna. A Blu-ray Disc computer drive enables
consumers to store up to 50 gigabytes at a time to back up
data, photos, portable music files and home videos.

"Collaborating with Pioneer on an industry-first product was a
natural relationship for Sigma," said Ken Lowe, vice president
of strategic marketing, Sigma Designs. "Sigma is dedicated to
creating the leading chipset for next-generation, high-
definition optical players and we are excited to be working
with such a respected consumer electronics company."

Availability

Pioneer plans to introduce the new Blu-ray DVD player in the
first half of 2006.

About Sigma's SMP8634 Media Processor

Sigma's SMP8634 media processor integrates a complete
complement of next-generation capabilities for a single-chip
system-on-chip (SOC) solution with powerful multimedia
processing, robust content security system, and a full
complement of peripherals. Its advanced decoder engines
support video decoding of H.264 (MPEG-4 part 10), Windows
Media(R) Video 9 (Microsoft's implementation of VC-1, the
proposed SMPTE standard), MPEG-2 and MPEG-4 (part 2) with
multiple streams, up to the equivalent of two high-definition
video streams. High-performance graphics acceleration,
multistandard audio decoding, advanced display processing
capabilities, and HDMI/HDCP output round out its multimedia
core. Powerful content security is ensured through a dedicated
secure processor, flash memory, and a range of digital rights
management (DRM) engines for high-speed payload decryption.
The SMP8634's 300-MIPS host CPU, 3.2 GB/second unified memory
controller, Ethernet 10/100 controller, dual USB 2.0
controller, and IDE controller provide for a single-chip
solution for most set-top boxes and consumer players.

About Blu-ray

Blu-ray, also known as Blu-ray Disc (BD) is the name of a
next-generation optical disc format jointly developed by the
Blu-ray Disc Association (BDA), a group of the world's leading
consumer electronics, personal computer and media
manufacturers (including Apple, Dell, Hitachi, HP, JVC, LG,
Mitsubishi, Panasonic, Pioneer, Philips, Samsung, Sharp, Sony,
TDK and Thomson). The format was developed to enable
recording, rewriting and playback of high-definition video
(HD), as well as storing large amounts of data. A single-layer
Blu-ray Disc can hold up to 25GB, which can be used to record
over 2 hours of HDTV or more than 13 hours of standard-
definition TV. There are also dual-layer versions of the discs
that can hold up to 50GB.

Safe Harbor Statement

This press release may contain forward-looking statements,
including statements about the projected timing and extent of
customer shipments as well as the expected use of Sigma's MPEG
decoder products. Actual results could vary from those
projected in the forward looking statements as a result of
various factors, including worldwide economic conditions,
changes in the customer's ability or desire to complete the
roll-out, consumer reaction to the new products and services
being offered, the ability of Sigma to deliver sufficient
quantity and quality of MPEG decoder chips, prices for the
Sigma chips, alternative offerings by competitors, and the
ability of the parties to work together successfully to
achieve the rollout.

About Pioneer

Pioneer Corporation, headquartered in Tokyo, Japan, is one of
the leading manufacturers of consumer and business-use
electronics products such as audio, video and car electronics
on a global scale. Its shares are traded on the New York Stock
Exchange (ticker symbol PIO), Euronext Amsterdam, Tokyo Stock
Exchange, and Osaka Securities Exchange.

About Sigma Designs, Inc.

Sigma Designs (Nasdaq:SIGM) specializes in silicon-based MPEG
decoding for streaming video, progressive DVD playback, and
advanced digital set-top boxes. The company's award-winning
REALmagic(R) Video Streaming Technology is used in both
commercial and consumer applications providing highly
integrated solutions for high-quality decoding of MPEG-1,
MPEG-2 and MPEG-4. Headquartered in Milpitas, Calif., the
company also has sales offices in China, Europe, Hong Kong,
Japan, Korea and Taiwan. For more information, please visit
the company's web site at www.sigmadesigns.com/.

REALmagic and Sigma Designs are registered trademarks of Sigma
Designs. All other products and companies referred to herein
are trademarks or registered trademarks of their respective
companies.

CONTACT:

Sigma Designs, Inc.
Ken Lowe, 408-957-9850
E-mail: kal@sdesigns.com


* Six Carmakers to Pay Penalty for Anticompetitive Measures
-----------------------------------------------------------
Nissan Motor Co. and Fuji Heavy Industries Ltd. have reached
an agreement with South Africa's antimonopoly watchdog to pay
31.65 million rand (JPY598 million) in penalties for price
fixing and other anticompetitive measures, according to Kyodo
News.

The four other carmakers are General Motors Corporation,
DaimlerChrysler AG, PSA Peugeot Citroen and Volkswagen Group.

The report said the commission's investigation has confirmed
that average car prices in South Africa are about 14 percent
higher than in Europe.

But none of the car companies is likely to be prosecuted since
none has a dominant share of the South African market and
therefore none is considered to have sufficient influence to
boost prices unfairly.

Instead, the carmakers and their dealers will pledge not to
behave anticompetitively in addition to making the penalty
payment.

CONTACT:

Fuji Heavy Industries Ltd Company
Subaru Bldg., 7-2 Nishi-Shinjuku 1-chome, Shinjuku-ku
Tokyo 160-8316, Japan
Phone: +81-3-3347-2111
Fax: +81-3-3347-2338


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

HYUNDAI ENGINEERING: Hyundai Group May Buy Stake
------------------------------------------------
Hyundai Group has expressed interest in bidding for Hyundai
Engineering & Construction Co., Asia Pulse reveals, citing
Yonhap News Agency.

According to Noh Jeong-ik, Chief Executive of Hyundai Merchant
Marine Co., Hyundai Group is capable of acquiring Hyundai
Engineering.

Mr. Noh said that Hyundai Group could raise enough funds to
purchase the Company through range of channels including
privately held funds. The only main concern is when the
Company is not offered at its realistic price.

The auction for the Company will take place in February.

Creditors have controlled Hyundai Engineering & Construction
since 2001, after it was rescued by a bailout package.

CONTACT:

Hyundai Engineering & Construction Co.
Hyundai 41 Tower,
917-9, Mok1-dong, Yangchun-ku,
Seoul, 158-723
Korea
Telephone: 82-2-2166-8114
Fax: 82-2-2166-8118


SAMSUNG MOTORS: Creditors File KRW4.73-Trillion Claims
------------------------------------------------------
Samsung Group is facing a lawsuit filed by creditors of
Samsung Motors Friday, seeking KRW4.73 trillion in damages,
The Korea Times relates.

The Company filed a suit against Samsung Group's Chairman, Lee
Kun-hee and 28 Samsung units after both sides failed to reach
a compromise.

Creditors including Woori Bank and the Seoul Guarantee
Insurance Corp. (SGIC) have mentioned the possibility of a
lawsuit in the first quarter of the year.

The claims filed by Samsung Motors creditors include the
Company's debts worth KRW2.45 trillion and overdue loan
interest of KRW2.28 trillion, which has been accumulated over
the past few years.

Samsung Card would most likely be in the worst position
compared to the rest of the 28 Samsung affiliates, because it
is the second-largest shareholder of Renault Samsung Motors
with a 19.9 percent stake.

Currently, no Samsung units, except for Samsung Card, have
shares in Renault Samsung and they consistently maintain they
hold little responsibility for the insolvency of the former
automobile affiliate.

Creditors filed the lawsuit after a long wait from Chairman
Lee's promise to compensate creditors for the Company's
insolvency in the late 1990s.

Mr. Lee said that creditors could recoup their losses by
listing in the main stock market by the end of 2000.

Though the group contributed 3.52 million unlisted shares of
Samsung Life as collateral, the insurer failed to list as it
could not meet regulatory rules, involving distribution of
dividends to policyholders.

The creditors tried to sell the Samsung Life shares in the
first half of 2005 but failed.


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

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

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 47,900

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

Maximum price paid for each share purchased (MYR): 0.695

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units):
47,900

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,502,403

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


CRIMSON LAND: To Convene AGM Dec. 30
------------------------------------
Notice is hereby given that the Thirty-First Annual General
Meeting of Crimson Land Berhad will be held at the Seminar
Room, 6th Floor, Endah Parade, No. 1, Jalan 1/149E, Bandar
Baru Sri Petaling, 57000 Kuala Lumpur on Friday, December 30,
2005 at 10:00 a.m.

To view a full copy of the notice, go to
http://bankrupt.com/misc/CrimsonLandAGMNotice121305.doc

This announcement is dated 7 December 2005.

CONTACT:

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


DATUK KERAMAT: Fails to Submit 3Q Report
----------------------------------------
Datuk Keramat Holdings Berhad advised Bursa Malaysia
Securities Berhad that pursuant to the requirement of
Paragraph 9.26(3)(a) of the Bursa Securities Listing
Requirement, the Company has not issued the Third Quarterly
Report ended September 30, 2005 (Third Quarter 2005) which was
due on November 30, 2005.

The failure to issue the Third Quarter 2005 was due to the
fact that the Company is still in the process of working on
the proposed restructuring scheme as announced earlier to
Bursa Malaysia Securities Berhad.

The expected date to submit the Third Quarter 2005 will depend
on the outcome of the said proposed restructuring scheme. The
consequences of non-compliance of the requirement under
Paragraph 9.22 of the Bursa Securities LR may result in the
Company being suspended and/or delisted by Bursa Malaysia
Securities Berhad pursuant to Paragraph 16.02 and 16.09 of the
Bursa Securities LR respectively.

CONTACT:

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


DENKO INDUSTRIAL: Issues New Shares for Listing, Quotation
----------------------------------------------------------
Denko Industrial Corporation Berhad advised that its
additional:

(i) 482,462 new ordinary shares of MYR1.00 each arising from
the
conversion of MYR482,462 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks.

(ii) 1,108,817 new ordinary shares of MYR1.00 each arising
from the Conversion of 1,108,817 Irredeemable Convertible
Preference Shares.

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Friday, December
9, 2005.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur
Telephone: 03-7983 9099
Fax: 03-7981 7629


GEORGE TOWN: Explains Failure to Submit 3Q Report
-------------------------------------------------
George Town Holdings Berhad advised Bursa Malaysia Securities
Berhad that pursuant to the requirement of Paragraph
9.26(3)(a) of the Bursa Securities LR, the Company has not
issued the Third Quarterly Report ended September 30, 2005
(Third Quarter 2005) which was due on November 30, 2005.

The failure to issue the Third Quarter 2005 was due to the
fact that the Company is still in the process of working on
the proposed restructuring scheme as announced earlier to
Bursa Malaysia Securities Berhad.

The expected date to submit the Third Quarter 2005 will depend
on the outcome of the said proposed restructuring scheme. The
consequences of non-compliance of the requirement under
Paragraph 9.22 of the Bursa Securities LR may result in the
Company being suspended and/or delisted by Bursa Malaysia
Securities Berhad pursuant to Paragraph 16.02 and 16.09 of the
Bursa Securities LR respectively.

CONTACT:

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


HUME INDUSTRIES: Repurchases Ordinary Shares
--------------------------------------------
Hume Industries (Malaysia) Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the
following details:

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 1,000

Minimum price paid for each share purchased (MYR): 4.280

Maximum price paid for each share purchased (MYR): 4.280

Total consideration paid (MYR): 4,280.00

Number of shares purchased retained in treasury (units): 1,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,135,400

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

This announcement is dated 7 December 2005.

CONTACT:

Hume Industries (Malaysia) Berhad
18 Jalan Perak
Level 8, Wisma Hong Leong
Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2164 2631
Fax: +60 3 2164 2514


I-BERHAD: Issues Shares Buy Back Notice
---------------------------------------
I-Berhad submitted to Bursa Malaysia Securities Berhad a
notice of shares buy back with the following details:

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 46,000

Minimum price paid for each share purchased (MYR): 1.188

Maximum price paid for each share purchased (MYR): 1.188

Total consideration paid (MYR): 55,034.24

Number of shares purchased retained in treasury (units):
46,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 3,833,100

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

This announcement is dated 7 December 2005.

CONTACT:

I-Berhad
3, Jalan Astaka U8/84
Section U8, Bukit Jelutong
40150 Shah Alam
Selangor, Malaysia
Phone: 03-7845 4511
Fax: 03-7845 4514
Web site: http://www.i-digital.com


LITYAN HOLDINGS: Shareholders OK Proposed Disposal
--------------------------------------------------
The Board of Directors of Lityan Holdings Berhad advised Bursa
Malaysia Securities Berhad that the resolution as set out in
the Notice of Extraordinary General Meeting (EGM) dated
November 22, 2005 in relation to the Proposed Disposal of
twenty two (22) plots of freehold land located in Melaka to
GJH Construction Sdn Bhd was duly passed and approved by the
shareholders of the Company at the EGM held on December 7,
2005 at the Tropicana Golf and Country Resort.

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: Purchases New Shares
----------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 556,600

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

Maximum price paid for each share purchased (MYR): 1.920

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units):
556,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 81,245,200

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


PAN MALAYSIA: Issues Shares Buy Back Notice
-------------------------------------------
Pan Malaysia Corporation Berhad submitted to Bursa Malaysia
Securities Berhad a notice of shares buy back with the
following details:

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 50,000

Minimum price paid for each share purchased (MYR): 0.460

Maximum price paid for each share purchased (MYR): 0.470

Total consideration paid (MYR): 23,548.60

Number of shares purchased retained in treasury (units):
50,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,316,500

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

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


POLY GLASS: Warrants to Expire January 4
----------------------------------------
Poly Glass Fibre (M) Berhad advised the following to Bursa
Malaysia Securities Berhad:

(i) POLY's warrants will expire at 5:00 p.m. on Wednesday,
January 4, 2006.

(ii) Trading in the POLY's warrants will be suspended with
effect from 9:00 a.m., Friday, December 16, 2005 in order to
facilitate the expiry and final exercise of the warrants.

(iii) POLY's warrants will be removed from the Official List
of Bursa Securities with effect from 9:00 a.m., Thursday,
January 5, 2006.

CONTACT:

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


POLYMATE HOLDINGS: Unit to Appoint Administrators to Batec Ltd.
---------------------------------------------------------------
Polymate Holdings Berhad advised Bursa Malaysia Securities
Berhad that on December 1, 2005, Paul Michael Davis and
Nicholas Roy Hood of Begbies Traynor (South) LLP, Chiltern
House, 24-30 King Street, Watford WD18 OBP were appointed as
Administrators of Batec Limited (BATEC) under Part II of the
Insolvency Act 1986 (U.K.).

Batec Limited, a company incorporated in The United Kingdom is
a 65 percent owned subsidiary of ABI Malaysia Sdn Bhd which in
turn is a wholly owned subsidiary of Polymate.

(1) Details of the events leading to the appointment of the
administrators

The Directors of BATEC having considered the financial
position of the Company, concluded that BATEC is or is likely
to become unable to pay its debts and that the necessary steps
be taken to appoint one or more persons as administrator(s) of
BATEC for the statutory purpose as set out in the Insolvency
Act 1986 (UK).

(2) Powers of the Administrators

The Administrators on their appointment assumes control of the
assets and affairs of BATEC.

As a result of the above appointment, all powers of management
of the Company's assets and undertaking now rest in the
Administrators and the powers of the Board of Directors of
BATEC is effectively suspended. No transaction whatsoever may
be entered into without the Administrators' authority, or that
of the Administrators' authorized representatives.

(3) The financial and operational impact of the aforesaid
appointment on the Polymate Group, if any

The Management of Polymate is of the opinion that the cost of
investment in BATEC amounting to MYR4,266,600-00 is likely to
be irrecoverable.

The appointment is not expected to have a major operational
impact on the Polymate Group.

(4) The effect of the appointment on the business operations
of Polymate

The Polymate Group has since August 2005 ceased to supply
goods to BATEC.

The appointment is not expected to affect materially the
business operations of Polymate.

(5) The steps taken or proposed to be taken by Polymate in
respect of the appointment of the administrator

Polymate is and will continue to work with the Administrators
to safeguard its interest.


PROMTO BERHAD: SC Junks Scheme
------------------------------
The Securities Commission (SC), via its letter dated September
28, 2005, had not approved the Scheme of Promto Berhad (PB) in
view that the Promoter of PSMAR (Promoter) had not displayed
satisfactory corporate governance.

It had come to the knowledge of the SC that the Promoter i.e.
Encik Anwar Yeo Abdullah and Yeo Yee Shung, who is the
substantial shareholder of the proposed assets to be injected
into PSMAR as well as the proposed Managing Director of PSMAR,
had been charged under section 11(c) of the Anti Corruption
Act 1997.

Further thereto, Public Merchant Bank Berhad (PMBB), wish to
announce on behalf of PB, pursuant to the appeal letter by
PMBB on behalf of PB and PSMAR to the SC dated October 27,
2005 (Appeal), that the SC had not approved the Scheme of PB
vide SC's letter dated November 30, 2005, which was received
by PMBB on December 5, 2005. SC had, after considering the
Appeal, decided not to approve the Appeal as SC found that
there were no new arguments / facts raised to support the
Appeal.

Further thereto, the Board of Directors of PB will consider
the next course of action to be taken.

CONTACT:

Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com


PUNCAK NIAGA: Undertakes Shares Buy Back
----------------------------------------
Puncak Niaga Holdings Berhad furnished Bursa Malaysia
Securities Berhad details of its shares buy back.

Date of buy back: December 7, 2005

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

Total number of shares purchased (units): 405,000

Minimum price paid for each share purchased (MYR): 2.430

Maximum price paid for each share purchased (MYR): 2.440

Total consideration paid (MYR): 989,443.53

Number of shares purchased retained in treasury (units):
405,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 5,654,100

Adjusted issued capital after cancellation (no. of shares)
(units): 0

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


RASHID HUSSAIN: Registrar Strikes Off Dormant Unit
--------------------------------------------------
Rashid Hussain Berhad (RHB) advised Bursa Malaysia Securities
Berhad that the names of Malaysian Mint Sdn Bhd (Company No.
429485-U) and Spektra Perkasa Sdn Bhd (Company No. 458815-P),
wholly owned subsidiaries of RHB, have been struck off from
the Register by the Registrar of Companies Commission of
Malaysia (CCM), pursuant to the powers conferred by subsection
308(4), of the Companies Act, 1965.

Malaysian Mint Sdn Bhd and Spektra Perkasa Sdn Bhd have been
dormant since its incorporation on April 29, 1997 and March 7,
1998, respectively.

The Notices dated November 18, 2005 on the striking off of the
names of Malaysian Mint Sdn Bhd and Spektra Perkasa Sdn Bhd
were received from CCM on December 5, 2005. Both Malaysian
Mint Sdn Bhd and Spektra Perkasa Sdn Bhd have therefore ceased
to be wholly owned subsidiaries of the Company on November 18,
2005.

The above exercise will not have any material effect on the
earnings and net tangible assets of RHB for the financial year
ending December 31, 2005.

This announcement is dated 7 December 2005.

CONTACT:

Rashid Hussain Berhad
9th Floor, RHB 1, 424,
Jalan Tun Razak, Kuala Lumpur Wilayah
Persekutuan 50400
Malaysia
Telephone: 03-92852233
Fax: 03-92848949


SCOMI GROUP: Gets SC Nod on Mandatory Offer Exemption
-----------------------------------------------------
Scomi Group Bhd (Scomi) furnished Bursa Malaysia Securities
Berhad details of the exemption to Scomi and parties acting in
concert with Scomi from having to undertake a mandatory
general offer for the remaining ordinary shares in Bell &
Order Berhad (B&O) not already owned by them upon completion
of the proposed disposals pursuant to Practice Note 2.9.1 of
the Malaysian Code on takeovers and mergers, 1998 (Code)
(Mandatory Offer Exemption).

References are made to SCOMI and B&O announcements dated
January 7, 2005 and SCOMI announcement dated April 22, 2005.

Avenue Securities Sdn Bhd (Avenue), on behalf of the Board of
Directors of SCOMI, advised that the Securities Commission
(SC) had vide its letter dated December 6, 2005 informed that
SCOMI's application in relation to the Mandatory Offer
Exemption has been approved.

The approval represents the clearance for Stage 2, which is
the final stage of the application under Practice Note 2.9.1
of the Code.

The SC had, in the same letter acknowledged, that SCOMI and
the Parties Acting in Concert have complied with the
conditions imposed by the SC, as set out in the announcement
dated April 22, 2005, and the requirements under Practice Note
2.9.1 of the Code.

In addition, SCOMI and the Parties Acting in Concert are
required to disclose to the SC, at all times, all dealings in
securities in B&O made by them in a 12-month period from the
date of the granting of the Mandatory Offer Exemption, as
required under paragraph (11), Practice Note 2.9.1 of the
Code.

This announcement is dated 7 December 2005.


SOUTHERN BANK: Holds Shares Buy Back
------------------------------------
Southern Bank Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back from: November 24, 2005

Date of buy back to: December 2, 2005

Total number of shares purchased (units): 2,387,600

Minimum price paid for each share purchased (MYR): 3.960

Maximum price paid for each share purchased (MYR): 4.060

Total amount paid for shares purchased (MYR): 9,584,731.85

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

Number of shares purchased retained in treasury (units):
2,387,600

Total number of shares retained in treasury (units):
53,924,800

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: December 7, 2005

Lodged by: Southern Bank Berhad

CONTACT:

Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
           +60 3 2093 3157


WEMBLEY INDUSTRIES: Securities Face Delisting
---------------------------------------------
Wembley Industries Holdings Berhad unveiled that Bursa
Securities Malaysia Berhad (Bursa Securities), via its letter
dated December 6, 2005, in the exercise of its powers under
Paragraph 16.17 of the Bursa Securities' Listing Requirements,
has decided to de-list the securities of the Company from the
Official List of Bursa Securities.

The securities of Wembley will be removed from the Official
List of Bursa Securities at 9:00 a.m. on Wednesday, December
21, 2005.

Further details are stated in the Listing Circular No. L/Q:
34353 of 2005 announced by Bursa Securities on 6th December
2005.

This announcement is dated 7th December 2005.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

C&P HOMES: PSE OKs Cut in Listed Shares; Trading Resumes
--------------------------------------------------------
This is with reference to the following Circulars for Brokers
released for C&P Homes Inc. (CMP or the Company) in connection
with its Capital Restructuring:

The company advised that on Dec. 12, 2005, the Philippine
Stock Exchange (PSE) approved the reduction in the number of
listed shares of CMP from 4,796,071,929 to 479,607,192 common
shares and the lifting of the aforementioned trading
suspension on CMP shares one (1) trading day from release of
this circular.

The trading of CMP shares upon lifting of the trading
suspension shall be based on the adjusted number of issued,
outstanding, and listed shares as indicated above and as
confirmed by the Philippine Depository and Trust Corporation
(PDTC).

In view thereof, the suspension of trading of CMP shares shall
be lifted on Wednesday, Dec. 14, 2005, and the reduction in
the number of listed shares from 4,796,071,929 to 479,607,192
common shares shall likewise take effect on Wednesday, Dec.
14, 2005.

A copy of the entire release is available fro downloading free
of charge at:
http://bankrupt.com/misc/tcrap_c&phomes121305.pdf.

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


METRO PACIFIC: Nears Deal for MNTC Stake
----------------------------------------
Metro Pacific Corp. will very soon sign an agreement to
acquire a 40-percent stake in Manila North Tollways Corp.
(MNTC), according to The Philippine Star.

First Philippine Infrastructure Development Corp. (FPIDC)
controls the majority stake of 61.5 percent while the
Philippine National Construction Corp. (PNCC) has 2.5 percent.
FPIDC is the company that holds the stakes of Lopez firms
Benpres and First Philippine Holdings Corp. in MNTC.

If Benpres decides to sell its 10-percent stake, then Metro
Pacific will be able to control majority of MNTC.

First Philippine Holdings earlier said it was not selling its
shares in MNTC. Benpres, which is undergoing debt
restructuring, has identified its stake in MNTC as one of the
investments, which it is willing to sell to raise funds to pay
off its maturing obligations.

Benpres will sell its stake at the right price," a senior
official of FPIDC said. But First Philippine Holdings will not
follow suit, the official added.

Metro Pacific said earlier it continues to look for investment
opportunities in infrastructure projects in the Philippines,
particularly toll roads.

CONTACT:

Metro Pacific Corporation
10/F MGO Bldg., Legazpi cor. dela Rosa St.,
Legazpi Village 0721 Makati City, Philippines
Telephone No.: 888-0888
Fax No.: 888-0830


NATIONAL POWER: PSALMS Mulls Negotiated Sale of Bataan Plant
------------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp.
(PSALM) is planning to skip bidding process and instead hold a
negotiated sale of National Power Corporation's (Napocor)
Bataan thermal power plant, ABS-CBN News reports.

The 225-megawatt Bataan facility has been decommissioned since
it can no longer function as a generation plant. PSALM, which
is tasked to handle the sale of Nspocor's assets, aims to sell
the plant before year-end for its scrap value.

The state agency said it may hold negotiations with interested
parties to quickly sell the asset.

Under a negotiated sale, PSALM will impose a minimum price for
the property. If the subject property is awarded, the winning
party will then be asked to make an upfront payment equivalent
to 100 percent of its bid price.

PSALM earlier held two auctions, both of which failed due to
the absence of a qualified bidder. Interested parties either
withdrew or had been disqualified before the actual bidding
date.

CONTACT:

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


NATIONAL POWER: May Buy US$150 Mln from Spot Currency Market
------------------------------------------------------------
The National Power Corporation (Napocor) is expected to
purchase at least US$150 million from the spot currency market
before the year ends, The Manila Standard reveals, citing a
source from the Bangko Sentral ng Pilipinas (BSP).

The power firm is likely to tap the spot currency market
instead of applying for new loans or issuing bonds to pay its
maturing obligations.

The source said BSP or the central bank has around US$18.3
billion in year-end gross international reserves (GIR) level.
The GIR already takes into account the payment of a US$300
million foreign debt this month.

Napocor, which expects to be in the black this year, accounts
for a sizeable amount of the country's foreign debt.

Buying dollars from the spot market will help Napocor further
improve its finances, as it will pare down its debt and bring
down interest costs.


PACIFIC PLANS: Regains Dealership License
-----------------------------------------
The corporate regulator has given back Pacific Plans Inc.
(PPI) its dealership license, The Philippine Star has learned.

The Securities and Exchange Commission (SEC) found it
reasonable to renew PPI's license considering it is under
rehabilitation.

The latest development will allow PPI to sell new-fixed value
plans in order to grow its business and service the maturing
obligations of planholders.

The SEC revoked PPI's registration in April after the pre-need
firm failed to comply with certain requirements regarding the
transfer of its assets to the now-defunct Lifetime Plans Inc.

Despite strong opposition from the regulator and the firm's
planholders, PPI was given a chance to turn its business
around after the Makati Regional Trial Court (RTC) approved
its proposed rehabilitation.

The SEC tried to block PPI's rehabilitation, saying it has
sufficient funds to pay the benefits of its planholders.

The Makati RTC has appointed Mamerto Marcelo as rehabilitation
receiver for PPI. He is tasked with evaluating the
rehabilitation plan in connection with the concerns of various
creditors.

The Makati RTC said the questions on the figures disclosed in
PPI's financial statements and how best to rehabilitate PPI
are best left to the court-appointed rehabilitation receiver
to evaluate and study them.

Mr. Marcelo was given 120 days from October 5 to submit a
report containing his recommendations.

CONTACT:

Pacific Plans Inc.
2nd Flr., Grepalife Bldg,
221 Sen. Gil Puyat Ave.
Makati City
E-mail: bizialcita@grepa.com


PANASONIC MOBILE: Confirms Closure of R.P. Business
---------------------------------------------------
Panasonic Manufacturing Philippines Corporation (PMPC), in a
letter to the Philippine Stock Exchange (PSE) dated Dec. 12,
2005, stated that:

"This is to confirm that Panasonic Mobile Communications
Corporations of the Philippines (PMCP), a subsidiary of Japan-
based Panasonic Mobile Communications Co. Ltd. (PMC), has
decided to cease its business operation in the Philippines.

The cessation of operation is in accordance with the latter's
decision to phase out its overseas GSM mobile terminal
business due to severe global competition and to concentrate
its resources and focus on the development of the next
generation mobile phone technologies.

Panasonic Manufacturing Corporation of the Philippines (PMPC),
a listed company of the Philippine Stock Exchange, is a
registered stockholder of five percent of PMCP's capital
stock. PMPC cannot yet determine as of this time the effect of
PMCP's cessation of business on March 31, 2006 to its 2005
revenue.

The company will disclose all pertinent information regarding
this matter as soon as they are available."

CONTACT:

Panasonic Mobile Communications Corporation of the Philippines
102 Laguna Boulevard, Laguna Technopark
Sta. Rosa 4026, Laguna
Philippines
Telephone: (632)818-1263
           (632)520-8500
           (6349)541-1445
Fax: (632)818-3303
Web site: http://www.mcp.panasonic.com.ph/


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

ACCORD CUSTOMER: Won't Need to Adjust 2003, 2004 Results
--------------------------------------------------------
As the year comes to a close, mainboardlisted Accord Customer
Care Solutions Limited (ACCS) is putting an end to the
troubles that have plagued the Group for most of 2005 with the
issue of the final reports on the investigations by
PricewaterhouseCoopers (PwC).

ACCS said on Dec. 12, 2005 that it would not be making further
adjustments to its financial statements for the financial
years 2003 and 2004, as PwC's final findings were largely
consistent with an earlier announcement that the Company made
on May 26, 2005 relating to the overstatements of revenue and
pre-tax profit and the refurbishment business.

The PwC investigations, ordered by the then Independent
Committee of ACCS following the Commercial Affairs
Department's probe into the Company's affairs, involved the
overstatement of revenue arising from questionable in-warranty
claims on Nokia Singapore for financial year 2004, as well as
the Group's refurbishment business for financial years 2003
and 2004.

Company Chairman Philip Eng, said: "With these unhappy
episodes behind us, we look forward to channeling and focusing
management time and resources fully on rebuilding ACCS."

He added: "Much has to be done to put ACCS on the path to
stability and profitability. We need to work hard to raise the
volume of business by engaging new principals and raising our
value-add to existing customers. We will also have to keep a
tight rein on costs through consolidation of service centres
and outlets within our regional network. It is a balance we
have to strike, and at the same time enhancing service
quality."

Mr. Eng assured investors that steps have been taken to
implement new systems and procedures to improve internal
controls and processes as well as corporate governance
practices within the Group. Additionally, ACCS announced that
further investigations by the Company revealed an
overstatement of revenue and pre-tax profit of approximately
SGD1.0 million and SGD0.1 million respectively, for the six
months ended June 30, 2002 (1H FY2002 Overstatement) and
approximately SGD2.6 million for both revenue and pretax
profit for Q4 FY2002 in relation to the refurbishment business
(Q4 FY2002 Overstatement). The Company has informed the
appropriate authorities on the 1H
FY2002 Overstatement. ACCS reported revenue of SGD70 million
and pre-tax profit of SGD15.1 million for FY2002.


However, the Compan thinks that with the availkable
information, no adjustments are required to its FY2002
financial statements by reason of the 1H FY2002 Overstatement
and the Q4 FY2002
Overstatement.

To view the Company's audit report, go to:

http://bankrupt.com/misc/tcrap_accordcustomer121305.pdf

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


CHINA AVIATION(S): Reviews Corporate Governance Report
------------------------------------------------------
China Aviation Oil Corp. (Singapore) Limited (CAO) announced
that on Dec. 12, 2005, the Company received a written report
from the Corporate Governance Committee, which was constituted
by its Board of Directors on June 30, 2005.

At present, CAO's board of directors is reviewing the report.
The Company will make the appropriate announcement regarding
the report once the board has completed its review.

CONTACT:

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


FIRSTLINK INVESTMENTS: Sells Property to Virtue Point Limited
-------------------------------------------------------------
Firstlink Investments Corporation Limited announces that on
Dec. 9, 2005, the Company entered into a sale & purchase
agreement with Virtue Point Pte Limited on the sale of its
industrial building at 506 Chai Chee Lane, Singapore for a
total consideration of SGD5.76 million. The sale is expecxted
to be completed within 10 weeks from the date of the
agreement.

Based on a SGD11.2 million net book value as at Dec. 31, 2004,
the net loss arising from the sale is approximately SGD5.58
million after deducting costs.

By Order of the Board

Ling Yew Kong
Executive Chairman

Dec. 12, 2005

CONTACT:

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


KHOO & SONS: Asks Creditors to Submit Debt Claims
-------------------------------------------------
Notice is hereby given that the creditors of Khoo & Sons Pte
Limited, which is being wound up voluntarily, are required on
or before Dec. 27, 2005 to send in their names and addresses,
with particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from such
Liquidator, are by their solicitors or personally, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice; in default thereof, they
will be excluded from the benefit of any distribution made
before such debts are proven.

Dated this 6th day of December 2005

Zalinah Samade
Liquidator
C/o IP Consultants Pte Limited
135 Cecil Street
#10-04 LKN Building
Singapore 069536


YEU HONG: Creditor Seeks to Wind Up Firm
----------------------------------------
Notice is hereby given Cattel Engineering Pte Limited, a
creditor of Yeu Hong Engineering & Construction Pte Limited,
filed a winding up petition against the Company with the
Singapore High Court on Nov. 28, 2005.

The Petition is directed to be heard before the Court sitting
at the Singapore High Court on Jan. 13, 2006, 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 Petitioners' address is No. 25 Lorong 8 Toa Payoh,
Singapore 319263.

The Petitioners' solicitors are Messrs UniLegal LLC of 24
Raffles Place #19-06, Clifford Center, Singapore 048621.

Unilegal LLC
Solicitors for the Petitioners

Note:

Any person who intends to appear at the hearing of the
Petition must serve on or send by post to solicitors Messrs.
UniLegal LLC of 24 Raffles Place #19-06, Clifford Center,
Singapore 048621, a written notice of his intention to do so.
The notice must state the name and address of the person, or
if a firm, the name and address of the firm, and must be
signed by the person, or, firm or his or their Solicitor (if
any) and must be served, or if posted, must be sent by post in
sufficient time to reach the solicitors not later than 12:00
p.m. of Jan. 12, 2006 (the day before the date appointed for
the hearing of the Petition).

CONTACT:

Yeu Hong Engieering & Construction Pte Limited
Block 249 Jurong East Street 24
#01-92
Singapore 600249
Phone: 65 6563 3788
Fax:   65 6566 2988


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

PICNIC CORPORATION: SET Lifts NP Sign on Securities
---------------------------------------------------
The Stock Exchange of Thailand (SET) posted an NP (Notice
Pending) sign on Picnic Corporation Pubic Company Limited
(PICNI) effective from the first trading session of December
13,
2005 because it failed to disclose sufficient and clear
information regarding the progress in setting the power plant
of Picnic Power Engineering Company Limited and the payment of
Picnic Marine Ltd.'s shares.

However, Picnic was able to disclose the mentioned information
to the SET through the SET's disclosure systems, therefore,
the SET has lifted the NP sign on the securities of PICNI and
replaced it with NR (Notice Received) sign effective from the
second trading session of December 13, 2005.

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


THAI PETROCHEMICAL: Yimprasert Most Likely to Run Business
----------------------------------------------------------
The President of Thai Oil Plc, Piti Yimprasert will most
likely run Thai Petrochemical Industry Public Co. Ltd's (TPI)
business after the Central Bankruptcy Court dismissed Prachai
Leophairatana's petition to suspend the Company's
recapitalization process, Bangkok Post reports.

The court denied Mr. Prachai's petition to suspend the plan of
TPI's plan administrators to sell the Company's
recapitalization shares to PTT Plc. and a number of state-
owned entities.

Mr. Prachai also stated in the petition his proposal to
increase the offering price of the shares to THB6.70 each as
opposed to the proposed THB3.30.

Since Judge Ongarj Narmmeesee had rejected in August a similar
request filed by the debtor, the law prevents the judge from
ruling twice on the same issue.

"Under the petition, it is clear that the debtor wants a court
order to stop the share offering to the new investors and a
priority right to buy the shares.  But the request had already
been ruled on, by the court earlier," the judge said.

Mr. Prachai stated that he filed for an appeal with the
Supreme Court. He said he has also filed a petition with the
Central Bankruptcy Court to put the share offering process on
hold pending the high court's decision.

The petition zeroed in on the PTT-led group since the Finance
Ministry, which had appointed TPI's plan administrators, was a
major shareholder in those state agencies, and this
constituted a conflict of interest.

On Tuesday, PTT President Prasert Bunsumpun would pay THB20.27
billion for TPI shares.  TPI is expected to exit the
rehabilitation plan in January next year.

"After TPI calls a shareholders' meeting to form the new board
of committees, PTT will send Mr. Piti, an expert on oil-and-
gas and petrochemical businesses who will retire from Thaioil
this year, to manage TPI," he said.

Since TPI is a fully integrated petrochemical plant in its own
right, PTT would not merge PTT Chemical Plc with the Company.

PTT Chemical is a new entity formed from the merger of PTT's
subsidiaries, Thai Olefins Plc and National Petrochemical Plc.
The company is set to list on the Stock Exchange of Thailand.

TPI's shares have been fully subscribed by existing
shareholders including Mr. Prachai and his family, as well as
creditors when the subscription period ended on Wednesday.

The creditors exercised their rights to subscribe 1. 656
billion new shares in full, while the existing non-creditor
shareholders also took all 3.90 billion shares.  Some 975
million shares will be reserved for an employees' stock option
programme.

TPI offered a total of 17.55 billion new and existing shares
at THB3.30 each as part of its court-approved restructuring
plan.  The share offer was done in order to raise THB57.92
billion or $1.45 billion to help pare its debts to around $950
million from $2.4 billion.

TPI has been under court supervision since 2000.  Its major
creditors include Bangkok Bank, Kreditanstalt fur Wiederaufbau
(KfW), the US Export-Import Bank and the World Bank's
International Finance Corp.

CONTACT:

Thai Petrochemical Industry Pcl
TPI Tower, Floor 8, 26/56
New Jun Road, Thungmahamek, Sathon Bangkok
Telephone: 0-2678-5000, 0-2678-5100
Fax: 0-2678-5001-5
Web site: http://www.tpigroup.co.th




                            *********


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,
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Information contained herein is obtained from sources believed
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