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                     A S I A   P A C I F I C

             Friday, December 16, 2005, Vol. 8, No. 249

                          Headlines

A U S T R A L I A

AJ&EM PITMAN: Opts for Voluntary Liquidation
AMSTERDAM JOINERY: Creditors to Review Wind Up Report
ARISTOCRAT LEISURE: Sues U.S. Rival IGT Over Patent Breach
BRYRHEM PASTORAL: Inability to Pay Debt Prompts Winding Up
COMPOWER ENGINEERING: Court Orders Liquidation

FASHION EVENTS: Creditors Decide to Close Shop
GA SHANNON: Declares Dividend Today
HUADU CITY: Members Agree to Wind Up Business
ICSA T: Schedules Final Meeting Dec. 23
INTERNATIONAL WINE: Interim Distribution Up 33%

LAWRENCE DOWNS: Members Pass Winding Up Resolution
MOTTO FARM: Court Issues Winding Up Order
MYER LIMITED: JP Morgan Joins Bidders' List
NEBODA HOLDINGS: Intends to Distribute Final Dividend
OZ AGENCY: Gregory S. Andrews Named Liquidator

PAPER PLEASURE: Winds Up Business
PROSIMMON GOLF: Members, Creditors to Review Liquidator's Report
QANTAS AIRWAYS: Mulls Budget Flights to U.S.
S&J HERON: Declares Second, Final Dividend
SOHK PTY: Enters Voluntary Liquidation

SOUTHERN CROSS: Debt Default Leads to Liquidation
TELSTRA CORPORATION: Reprimanded for Leaking Secrets
TELSTRA CORPORATION: Share Price Cut in Budget
THOROUGHBRED RESEARCH: Liquidator to Explain Wind Up to Members
VISART ENTERTAINMENT: Wind Up Process Initiated

WESTPOINT GROUP: IMF Mulls Legal Action Against Planners
WIRELESS APPLICATION: Creditors OK Liquidator's Appointment
* ASIC Releases Information on Insolvency


C H I N A  &  H O N G  K O N G

ASPEL COMPANY: Court Issues Winding Up Order
FOSUN INTERNATIONAL: Moody's Assigns Ba2 Rating
HOORAY SECURITIES: SFC Levies $700,000 Fine
ING BEIJING: Issues Debt Claim Notice
LINK TREASURE: Winding Up Hearing Slated for Dec. 28

PICCAVILLA LIMITED: Set to End Operations
RIVER EAST: Creditors Meeting Set Jan. 14
STONE GROUP: Swings to HK$68.82-Mln Net Loss
PCCW LIMITED: Sunday Shareholders Reject Privatization
XINJIANG HOPS: Arranges Debt Reduction Before Reorganization

WILLEX TRADING: Enters Winding Up Process


I N D I A

ANNA FINANCE: RBI Cancels Certificate of Registration
JAI PARABOLIC: Members Approve EGM Resolutions
JANATA CO-OPERATIVE: Loses License Over Insolvency
SHAW WALLACE: To Submit Documents to BIFR
YASHRAJ CONTAINEURS: Unveils Outcome of Board Meeting


I N D O N E S I A

GARUDA INDONESIA: Losing Pilots to Rivals
PERUSAHAAN LISTRIK: Studies Possibility of Nuclear Plant


J A P A N

JAPAN AIRLINES: To Replace Pratt & Whitney Engine Parts
JAPAN AIRLINES: Offers Special Prizes, Discounts
KANEBO LIMITED: Disposes of Fashion Business Subsidiary
SONY CORPORATION: Halts Camera Sales in China Province
* Japan Corporate Bankruptcies Up 4.6% in November


K O R E A

DACOM CORPORATION: To Combine Business with KIDC
HAITAI CONFECTIONERY: Unionists Conclude Strike


M A L A Y S I A

AIC CORPORATION: Enters MoU with Daewoo International
ASTRO ALL: Places Units Under Voluntary Winding-Up
BELL & ORDER: To Undertake Rights Issue
BUKIT KATIL: Inks SPA with Multihub Harvest
DFZ CAPITAL: Buys Back Ordinary Shares

INTAN UTILITIES: Gets MITI Nod  Proposals
KAI PENG: Seeks Shareholders' Approval of Transactions
KEMAYAN CORPORATION: Court Extends Restraining Order for 60 Days
LANDMARKS BERHAD: Unit Faces Winding Up Process
LEADER UNIVERSAL: Strikes Off Dormant Unit

MAGNUM CORPORATION: New Shares Up for Listing, Quotation
MALAYSIAN INDUSTRIAL: Issues New Shares for Listing, Quotation
MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
MEDIA PRIMA: Committee OKs Proposed Acquisitions
MERCES HOLDINGS: Posts No Changes to Payment Default Status

MERCES HOLDINGS: Court Junks Wind Up Petition
PANGLOBAL BERHAD: Won't Pay Dues for December
PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
POS MALAYSIA: Bourse to List, Quote New Shares
RASHID HUSSAIN: New Shares Up for Listing, Quotation

SETEGAP BERHAD: Court Stretches Restraining Order Until 2006
SOUTHERN BANK: Receives Refund from Deposit


P H I L I P P I N E S

LMG CHEMICALS: Unveils Results of Board, Stockholders Meetings
MAKATI MEDICAL: Taps ATR-Kim Eng as Financial Adviser
MANILA ELECTRIC: SEC Asks PSE to Explain Vitug's Appointment
MANILA ELECTRIC: Sees Narrower Loss This Year
MAYNILAD WATER: Allowed to Delay Payment of Concession Fees

PACIFIC PLANS: SEC Rules Out Fraud Charges
* Senator Pushes Stricter Rules for Pre-need Firms


S I N G A P O R E

CITIRAYA INDUSTRIES: Former Manager Jailed for Corruption
CREATIVE TECHNOLOGY: Launches New MPR Player
HAILONG MARITIME: Receiving Claims Until Jan. 3
INET WORLDWIDE: Placed Under Voluntary Liquidation
KH HARDWARE: Court Issues Winding Up Order

MUN SIONG: Asks Creditors to Submit Proofs of Debt
WEE POH: Issues New Shares to Two Firms


T H A I L A N D

DATAMAT: Receives Financial Support from Super Block
THAI PETROCHEMICAL: SET Allows Listing of Securities
THAI PETROCHEMICAL: Inks Shares Sale, Purchase Agreement
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

AJ&EM PITMAN: Opts for Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a general meeting of AJ&EM Pitman
Pty Limited held on Nov. 3, 2005, the following resolutions were
proposed and passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

That the Liquidator be and is hereby authorized to distribute
(in specie) the Company's assets as he may determine.

ORDINARY RESOLUTION

That Mr. Peter J. Douglas of Whiles Douglas & Friedlieb, 20
Peter Street, Wagga Wagga NSW 2650 be appointed as Liquidator
for the winding up.

Dated this 3rd day of November 2005

Peter J. Douglas
Liquidator
Whiles Douglas & Friedlieb
20 Peter Street, Wagga Wagga NSW 2650


AMSTERDAM JOINERY: Creditors to Review Wind Up Report
-----------------------------------------------------
Notice is hereby given that a final meeting of the creditors of
Amsterdam Joinery Pty Limited will be held on Dec. 23, 2005,
10:45 a.m. at the offices of Stuart Ariff Insolvency
Administrators, Level 2, 21 Bolton Street, Newcastle NSW, for
the following purposes:

AGENDA

To consider the Liquidator's final account of the liquidation.

Proxies to be used at the meeting must be lodged with the
Liquidator no later than 4:00 p.m. of Dec. 22, 2005.

Dated this 23rd day of November 2005

Stuart Ariff
Liquidator
Stuart Ariff Insolvency Administrators
Level 2, 21 Bolton Street
Newcastle NSW 2300
Phone: 02 4929 7880
Fax:   02 4929 7882


ARISTOCRAT LEISURE: Sues U.S. Rival IGT Over Patent Breach
----------------------------------------------------------
Sydney-based Aristocrat Leisure Limited has filed charges
against a U.S.-based gaming company, International Game
Technology (IGT), for breach of patent over its video slot
technology, Sydney Morning Herald reports.

The poker machine maker claims IGT infringed a patent on its
Reel Power video slot technology, a game based on 243 winning
combinations.

Aristocrat has monopoly sales and manufacturing rights for Reel
Power in the United States.

Aristocrat chief executive Paul Oneile said last month that the
U.S. would continue to play a major role in the future growth of
the company, the world's second biggest poker machine maker.

Aristocrat has launched a legal action against IGT through its
Las Vegas-based subsidiary, Aristocrat Technologies Inc.

CONTACT:

Aristocrat Leisure Ltd.
71 Longueville Road,
Lane Cove, Nsw,
Australia, 2066
Telephone: (02) 9413 6300
Fax: (02) 9420 1352
Web site: http://www.aristocratgaming.com


BRYRHEM PASTORAL: Inability to Pay Debt Prompts Winding Up
----------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Bryrhem Pastoral Co Pty Limited held on Nov. 28, 2005, the
following Special Resolution was passed:

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

Mr. Stephen Jay of Nicholls & Co. Chartered Accountants, Suite
2, Level 1, 43 Macquarie Street, Dubbo, NSW was appointed as
Liquidator for such purpose.

Dated this 28th day of November 2005

Stephen Jay
Liquidator
Suite 2, Level 1, 43 Macquarie Street
Dubbo NSW 2830


COMPOWER ENGINEERING: Court Orders Liquidation
----------------------------------------------
On Nov. 17, 2005, the Supreme Court of New South Wales ordered
the winding up of Compower Engineering Pty Limited, and
appointed Mr. Michael John Morris Smith to be the Company
Liquidator.

Dated this 30th day of November 2005

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


FASHION EVENTS: Creditors Decide to Close Shop
----------------------------------------------
At a meeting of the creditors of Fashion Events Pty Limited held
on Nov. 22, 2005, it was resolved that the Company be wound up
voluntarily.

Dated this 25th day of November 2005

Ronald D. Gamble
Liquidator
BDO
8th Floor, 256 St. George's Terrace
Perth WA 6000
Phone: 9360 4200


GA SHANNON: Declares Dividend Today
-----------------------------------
GA Shannon Engineering Pty Limited will declare a first and
final dividend today, Dec. 16, 2005.

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

Dated this 7th day of November 2005

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


HUADU CITY: Members Agree to Wind Up Business
---------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Huadu City Developments Limited held on Dec. 5, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Roderick Mackay Sutherland of Jirsch Sutherland Chartered
Accountants be appointed as Liquidator for such purpose.

Dated this 5th day of December 2005

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


ICSA T: Schedules Final Meeting Dec. 23
---------------------------------------
Notice is given that a final meeting of the members of ICSA T
Australia Pty Limited will be held on Dec. 23, 2005, 10:00 a.m.
at the offices of Ngan & Co., Level 5, 49 Market Street, Sydney
NSW 2000, to present the Liquidator's final account and give any
explanation thereof.

Dated this 11th day of November 2005

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


INTERNATIONAL WINE: Interim Distribution Up 33%
-----------------------------------------------
The board of Berren Asset Management Limited (Berren), the
responsible entity of the International Wine Investment Fund
(IWI), announced an interim distribution of 6 cents to be paid
on Feb. 27, 2006.

The interim distribution will represent an increase of 33
percent over the previous year's interim distribution, which was
4.5 cents per unit.

Berren's Chairman Mike Terlet said:

"The board believes that the increased distribution will be of
benefit to our loyal unitholders. The Board also plans on
announcing a targeted distribution for the whole year. While it
is not a significant change from our existing practice of
declaring distributions semi-annually, the announcement of
targeted distributions will provide unitholders with more
certainty as to our intentions and confidence in the Wine Fund."

The board and the Investment Manager George Wilson believe that
any realization of gains on investments to fund this
distribution will not have a material impact on the management
of the portfolio.

Mr. Wilson added the following comments:

"The Australian Wine Industry is at a cyclical low. These
periods of transition always provide opportunities. The Wine
Fund is well positioned to take advantaged of these
opportunities as they arise. A large percentage of the current
portfolio is invested in the global wine leader Constellation
Brands. Recent events have demonstrated the value of strong
brands operating at the premium price points supported by
excellent distribution. I believe that wine companies that focus
on building market share in the 'commercial wines' segment will
continue to face hard times. I also believe that the wine
companies that have a balanced portfolio and have invested in
brand development and strong distribution will be the winners."

As at Nov. 30, 2005 the unaudited pre-tax NTA of the IWI was
AU$2.59 per unit.

Record Date:

Notice is given that the record date for the payment of the
interim distribution by the Wine Fund will be Friday, Dec. 30,
2005.

Distribution Payment and DRP Notification Date:

Payment of the interim distribution will be made on Monday, Feb.
27, 2006. Unitholders wishing to register for the Distribution
Reinvestment Plan (DRP) are requested to do so by Monday, Feb.
13, 2006.

Ex-Distribution Date:

The ex-distribution date for the distribution is Thursday, Dec.
22, 2005.

CONTACT:

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


LAWRENCE DOWNS: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Lawrence Downs Pty Limited held on Nov. 13, 2005, 20 the
following resolutions were passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTIONS

That Mr. Ian David Stone of Level 29, 264 George Street, Sydney
NSW 2000, be and is hereby nominated as Liquidator for the
winding up.

Ian D. Stone
Liquidator
Level 29, 264 George Street
Sydney NSW 2000


MOTTO FARM: Court Issues Winding Up Order
-----------------------------------------
On Nov. 22, 2005, the Supreme Court of New South Wales, Equity
Division ordered that Motto Farm Homestead Pty Limited be wound
up, and appointed R. J. Porter to be the Company Liquidator.

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


MYER LIMITED: JP Morgan Joins Bidders' List
-------------------------------------------
JP Morgan has joined four other shortlisted bidders for the Myer
Limited department store chain, The Australian says.

The investment bank has not previously been mentioned as one of
the bidders who passed the first round of bids, which were
considered on Monday.

Non-binding bids for the department store chain was believed to
top AU$500 million.

Electrical and furniture retailer Harvey Norman, which has been
shortlisted, reportedly lodged an AU$500-million-plus offer.

Apart from Harvey Norman, the other survivors are South African
retailer Edgars Consolidated, CVC Asia Pacific, and Newbridge
Capital in conjunction with the Myer family.

Carlyle Group is understood to be on the sidelines, but could
join one of the other shortlisted groups.

The contenders will now receive management presentations from
the boss of the 61- store chain, Dawn Robertson.

They will conduct due diligence before lodging final bids in
late January or early February.

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


NEBODA HOLDINGS: Intends to Distribute Final Dividend
-----------------------------------------------------
Neboda Holdings Pty Limited will declare a final dividend today,
Dec. 16, 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

Danny Vrkic
Liquidator
Jirsch Sutherland & Co.
PO Box 573, Wollongong NSW 2500


OZ AGENCY: Gregory S. Andrews Named Liquidator
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of OZ Agency Pty Limited held on Nov. 18, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. Gregory
Stuart Andrews of G. S. Andrews & Associates, 22 Drummond
Street, Carlton 3053 be appointed as Liquidator for such
purpose.

Dated this 18th day of November 2005

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


PAPER PLEASURE: Winds Up Business
---------------------------------
Notice is hereby given that on Nov. 21, 2005, the following
special resolution was passed:

That Paper Pleasure Plus Pty Limited be wound up voluntarily
relating to a Creditors' Voluntary Winding Up, and that Mr. K.
L. Sutherland, Chartered Accountant of Level 5, 332 St. Kilda
Road, Melbourne be appointed as Liquidator of the Company.

Dated this 24th day of November 2005

K. L. Sutherland
Liquidator
Bent & Cougle Pty Limited  Chartered Accountants
Level 5, 332 St. Kilda Road
Melbourne Vic 3004


PROSIMMON GOLF: Members, Creditors to Review Liquidator's Report
----------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Prosimmon Golf (Australia) Pty Limited will be held
on Dec. 23,2 005, 10:00 a.m. at the Liquidator's office, to
present the Liquidator's account showing the Company's winding
up and disposal of its property, and to hear any explanations
that may be given by the Liquidator.

Proxies to be used at the meeting must be lodged with the
Liquidator.

Dated this 22nd day of November 2005

Michael E. Wayland
Liquidator
Level 4, 23-25 Hunter Street
Sydney NSW 2000


QANTAS AIRWAYS: Mulls Budget Flights to U.S.
--------------------------------------------
National flag carrier Qantas Airways said it will slash fares to
the United States, according to the Sydney Morning Herald.

The announcement came after the carrier disclosed the planned
expansion of its budget carrier Jetstar to U.S. routes and a
massive AU$10-billion investment in 65 new-generation Boeing 787
Dreamliner aircraft from 2008.

The move will add to the political pressure on the Howard
Government to keep Singapore Airlines locked out of the
lucrative Pacific routes and is designed to deflect one of main
arguments for exposing Qantas to more competition over the
Pacific.

By launching discount flights to North America, Qantas is also
trying to head off moves by its domestic competitor, Virgin
Blue, to fly to Los Angeles.

Singapore Airlines has been lobbying the Federal Government for
permission to fly the lucrative Sydney-Los Angeles route because
Qantas currently faces competition from only one ailing carrier,
United Airlines.

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


S&J HERON: Declares Second, Final Dividend
------------------------------------------
S&J Heron Pty Limited will declare a second and final dividend
today, Dec. 16, 2005.

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

Dated this 3rd day of November 2005

K. A. Strickland
Liquidator
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


SOHK PTY: Enters Voluntary Liquidation
--------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of SOHK Pty Limited held on Nov. 22, 2005, it was
resolved that the Company be wound up voluntarily, and Mr.
Robert Molesworth Hobill Cole of Cole Downey & Co. Chartered
Accountants, Unit 2, 6 Moorabool Street, Geelong Vic 3220 was
appointed as Liquidator at a creditors' meeting held later that
day.

Dated this 22nd day of November 2005

Robert M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220


SOUTHERN CROSS: Debt Default Leads to Liquidation
-------------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Southern Cross Financial Group Pty Limited held on
Nov. 30, 2005, the following Special Resolution was passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily, and that Mr. Geoffrey
McDonald be appointed as Liquidator for such winding up.

Geoffrey McDonald
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


TELSTRA CORPORATION: Reprimanded for Leaking Secrets
----------------------------------------------------
Telstra Corporation was reprimanded by the corporate watchdog
for leaking confidential material to the media and failing to
brief the stock exchange on market-sensitive information, The
Age reports.

The Australian Securities and Investments Commission (ASIC) has
warned Telstra, which recently evaded court action and fines, to
"lift their game on continuous disclosure".

ASIC chairman Jeffrey Lucy said the regulator found a set of
practices, which cannot be regarded as acceptable for a
corporation of the size and significance of Telstra to the
Australian market.

The investigation followed complaints by Labor that Telstra
secretly briefed the Government about its financial woes in
August, but did not issue a profit warning to shareholders until
September. The briefing to the Prime Minister and senior
ministers included revelations the telco borrowed AU$550 million
from reserves to pay higher dividends and faced a AU$3 billion
bill to repair faults on up to 14 percent of land-based phone
services.

But Telstra Secretary Douglas Gration said the company was
"always confident" that its conduct was consistent with its
continuous disclosure obligations.

"Telstra rejects any suggestion that its continuous disclosure
policies and practices are inadequate or that there is potential
risk of future non-compliance," he said.

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/


TELSTRA CORPORATION: Share Price Cut in Budget
----------------------------------------------
The Government has cut the assumed price tag on its stake in
Telstra Corporation by 21 percent to AU$26.6 billion (US$20.0
billion in its mid-year budget update to reflect the telco's
share price slump.

Federal Treasurer Peter Costello told Reuters that the assumed
share price for a sale of the government's 51.8 percent stake,
expected in the second half of calendar 2006, had been cut to
AU$4.13 a share from AU$5.25 in previous budgets.

The drop in the price assumption follows a 26 percent slump in
Telstra's share price over the past five months to an eight-year
low of AU$3.75 this week on the back of two profit warnings and
regulatory issues.

The budget assumes that the government will sell its remaining
Telstra stake in a single installment in the 2006/07 financial
year..

Mr. Costello, however, emphasized that no final decision has
been made yet on a sale or the structure.


THOROUGHBRED RESEARCH: Liquidator to Explain Wind Up to Members
---------------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Thoroughbred Research (Australia) Pty Limited will be held on
Dec. 23, 2005, 1:00 p.m. at Netvest House, Level 1, Unit 8, 208
Glen Osmond Road, Fullarton, to receive the Liquidator's account
showing how the Company's wind up was conducted and its property
disposed of, and to give any explanation thereof.

Dated this 14th day of November 2005

Eugene David Holzbauer
Liquidator
Unit 8, 208 Glen Osmond Road
Fullarton 5063


VISART ENTERTAINMENT: Wind Up Process Initiated
-----------------------------------------------
On Nov. 18, 2005, the Federal Court of New South Wales District
Registry ordered the wind up of Visart Entertainment Pty
Limited, and appointed Mr. Steven Nicols to be the Company
Liquidator.

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


WESTPOINT GROUP: IMF Mulls Legal Action Against Planners
--------------------------------------------------------
Litigation funder IMF is considering a class action against
financial planners who told clients to invest in struggling
developer Westpoint Group, The Australian reports.

IMF founder Hugh McLernon cautioned creditors against accepting
the "worst possible" deed that would defer repayment and
restrict their ability to take legal action.

Last week, Westpoint proposed a deed of company arrangement that
would allow each of its seven companies in administration to
refinance debts, complete projects and repay investors fully.

Mr. McLernon also said it was completely inappropriate for
financial planners who recommended Westpoint products to sit on
creditors' committees and called for their resignation or
removal "forthwith".

Over 750 investors attended closed creditors meetings in Sydney,
Melbourne and Perth yesterday to appoint PricewaterhouseCoopers
(PwC) as administrator of six Westpoint companies that issued
promissory notes to finance property development projects.

The six Westpoint companies include Ann Street Mezzanine,
Bayshore Mezzanine, Bayview Heritage Mezzanine, Market Street
Mezzanine, Market Street Mezzanine No2, and Mount Street
Mezzanine.

George Totterdell of PwC said he and his fellow administrators
were poring over the financial documents of the company ahead of
a report due by Dec. 30.

Mr. Totterdell could not provide a current assessment of the
group's liabilities but said the extent of investor losses
depended on the strength of guarantees given to each of the six
finance companies by Westpoint.


WIRELESS APPLICATION: Creditors OK Liquidator's Appointment
-----------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Wireless Application Solutions Provider Pty Limited held on Nov.
21, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Steven Nicols of Nicols+Brien was appointed
as Liquidator for such purpose. Creditors confirmed the
Liquidator's appointment at a creditors' meeting held that same
day.

Dated this 21st day of November 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 5, 221-229 Crown Street
Wollongong NSW 2500
Phone: 02 4226 6025
Web site: http://www.bankrupt.com.au/


* ASIC Releases Information on Insolvency
-----------------------------------------
ASIC has released a series of information sheets to increase
awareness of company insolvency procedures among directors,
employees, creditors and shareholders.

ASIC Commissioner, Professor Berna Collier, said the information
sheets are designed to provide Australians who may be affected
by a company's insolvency with a basic understanding of the
three most common insolvency procedures - liquidation, voluntary
administration, and receivership. The package also includes a
glossary of commonly used insolvency terms.

"Insolvency is a complex area and many people affected by the
failure of a company have had no previous experience of the
process and little knowledge of their rights. An understanding
of what is happening should make the process less daunting,"
Professor Collier said.

"Insolvency has become an increased priority for ASIC as we
focus on reducing insolvent trading and encouraging directors
and officers of financially troubled companies to act quickly
and in the interests of creditors."

"This package supports this focus and is another important step
towards ensuring the wider business community are well informed
regarding insolvency laws and processes and aware of their
rights and responsibilities," she said.

Professor Collier said the information package has been endorsed
by Australia's peak body for insolvency practitioners, the
Insolvency Practitioners Association of Australia (IPAA), and a
co-badged ASIC/IPAA list of the sheets has been issued to
insolvency professionals.

"ASIC encourages insolvency practitioners to provide a copy of
this list, or of the relevant information sheets, to those
affected by a company's insolvency. Improved awareness of an
external administrator's responsibilities will enhance public
confidence in Australia's corporate insolvency system," she
said.

ASIC's information sheets cover the following topics:

Insolvency: a glossary of terms
Voluntary administration: a guide for creditors
Voluntary administration: a guide for employees
Liquidation: a guide for creditors
Liquidation: a guide for employees
Receivership: a guide for creditors
Receivership: a guide for employees
Insolvency: a guide for shareholders
Insolvency: a guide for directors

The information sheets are available for downloading free of
charge at:
http://www.asic.gov.au/


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

ASPEL COMPANY: Court Issues Winding Up Order
--------------------------------------------
Aspel Company Limited, whose registered address is located at
Shops 222-231, 263-267, 269-274, 2/F Tsim Sha Tsui Centre 66
Mody Road Tsim Sha Tsui East Kowloon, whose office address is
located at Rm Rm A 5/F Sunning Court 29-39 Shun Ning 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: October 3, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


FOSUN INTERNATIONAL: Moody's Assigns Ba2 Rating
-----------------------------------------------
Moody's Investor Service has assigned a Ba2 corporate family
rating to Fosun International Ltd. The outlook on the rating is
stable. At the same time, Moody's has withdrawn Fosun's
provisional (P) Ba3 foreign currency senior unsecured rating,
which had been assigned to its proposed bond issuance. The
rating withdrawal follows the company's decision not to proceed
with the bond.

The Ba2 rating reflects the credit strengths of Fosun,
including: 1) the generally strong long-term underlying economic
fundamentals evident in its key sectors of steel, property and
pharmaceuticals in China; 2) moderate diversification within its
portfolio of businesses, and which command established market
positions; and 3) track record for strengthening its capital
base through accessing the equities market.

The rating also considers Fosun's credit challenges: 1) weak
liquidity and relatively high consolidated level of gearing; 2)
status as a fast-growing company, a situation which is unlikely
to change in medium term; limited history with its current level
of complexity, scale and diversity; and its stated financial
policy is untested and subject to the degree of discipline which
its management decides to exercise; and 3) its key profit and
cash flow contributors, steel and property, are inherently
volatile as well as cyclical, while their operating environments
are exposed to relatively high policy and regulatory risks in
China.

Moody's notes the group has solid positions in the steel,
property and pharmaceutical sectors in China, all of which have
good long-term growth prospects, and that exposure to these
sectors provides various diversification benefits at the holding
company level.

However, Moody's also notes that two of its sectors -- property
and steel - are likely to exhibit volatility in the near and
medium term. The steel business, in particular, shows weak
financial flexibility and is susceptible to a downturn in the
industry.

Moody's notes the holding company - as well as the group as a
whole - displays very weak liquidity, reflecting a strong
reliance on short-term debt. Of its total on-balance sheet debt
of RMB13 billion as of June 2005, about 71%, or RMB9.3 billion,
comprised short-term borrowings, while the availability of
alternate liquidity is limited. Moody's understands this
situation is a characteristic of the Chinese bank market and
expects the company will have continue bank support to renew its
credit facilities. However, should this not prove the case,
downward pressure on the rating is likely to emerge.

Moody's also notes that Fosun has a high level of consolidated
gearing. The ratings agency calculates adjusted debt to include
on-balance sheet debt, off-balance sheet liabilities and its
proportionate share of the debt of its associates. GCF/adjusted
debt is at about 10% and adjusted book leverage almost 70%.
GCF/total debt at the holding company level is also weak in
single digits. The rating is predicated on improvements in its
credit metrics over the next two years.

The rating is likely to experience upward pressure if a material
improvement occurs in its liquidity position and/or debt
maturity profile of its holding company and/or its steel
business; if Fosun and/or its steel business manage to
deleverage, such that consolidated GCF/adjusted debt exceeds
30%, while demonstrating prudence in its expansion plan and
improvements in its competitive positions in its key sectors.

On the other hand, the rating may experience a downward trend if
(1) consolidated GCF/adjusted debt is unlikely to reach 20% by
2007 and free cash flow is likely to remain negative beyond
2007; (2) GCF/interest at the holding company is unlikely to
reach 2.5x by 2007; (3) liquidity and leverage of the steel
business, the latter measured by GCF/debt, fails to improve to
over 25% by 2007; and/or (4) a material downturn occurs in both
the steel and property businesses, the major dividend
contributors to the holding company.

Fosun International Ltd, headquartered in Shanghai, was
established in 2005 as the holding company of the Fosun Group.
Fosun's history dates back to 1992 when four entrepreneurs
founded it as a real estate agency. The company is now one of
China's largest privately owned conglomerates, engaged in steel,
property, pharmaceutical and retailing in China. It reported
consolidated revenue and net profit of RMB18 billion and RMB1.3
billion in fiscal year 2004.

Hong Kong
Elizabeth Allen
Vice President - Senior Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121

Hong Kong
Clara Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 2916-1121


HOORAY SECURITIES: SFC Levies $700,000 Fine
-------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Hooray Securities Limited and fined it $700,000 for breaching
the Money Laundering Guidelines, the Securities and Futures
(Financial Resources) Rules (FRR) and Code of Conduct and lack
of internal controls.

The reprimand and fine are the result of a settlement between
the SFC and Hooray Securities.

Breach of Anti-Money Laundering Guidelines

Between September and November 2001, Hooray Securities acted as
the selling broker in a number of significant non-AMS
transactions in the shares of:

Karl Thomson Holdings Limited;
Gold Wo International Holdings Limited;
Eforce Holdings Limited;
South Sea Holding Company Limited; and
Fourseas.com Limited.

Following these transactions, a large portion of the sale
proceeds (ranging from $39 million to $81 million representing
33 percent to 60 percent of the proceeds) was transferred by the
sellers to the accounts of five parties, including four BVI
companies, for no discernible reason. The accounts of the four
BVI companies with Hooray Securities were opened shortly before
the transactions. The flow of funds could not be traced beyond
the BVI companies because the funds were subsequently
transferred out of Hong Kong.

These transfers were suspicious and were noted by Hooray
Securities to be unusual. However, Hooray Securities failed to
make any inquiries with the sellers into the reason for the
transfers in order to fulfill the requirements of the Anti-Money
Laundering Guidelines. Further, Hooray Securities had no
internal policies or procedures in place to ensure compliance
with the Guidelines nor had it appointed an officer to be
responsible for disclosure by staff members of suspicions about
a person, transaction or property.

Breach of FRR

Hooray Securities failed to maintain the requisite liquid
capital on a total of eight days between May 2003 and March 2004
as a result of mistakes in calculating its liquid capital
returns.

Breach of Code of Conduct by employee

Between July and September 2004, a licensed representative of
Hooray Securities breached the Code of Conduct (Note 3) as a
result of the failures of Hooray Securities to:

Ensure tape recordings were maintained for at least three
months; implement measures to check the handling of orders by
account executives by listening to tape recordings and checking
order placing records; and prevent discretionary trades from
being conducted before receipt of proper written authorizations
from clients.

Lack of Internal Controls

Between July 27, 2002 and August 20, 2003, a former sales
director of Hooray Securities opened seven accounts in the name
of seven persons given by a third party who was not a client of
Hooray Securities. Without any written authorization, the third
party gave orders to the director to conduct transactions in the
accounts in the shares of New Chinese Medicine Holdings Limited.
Of the 30 days when New Chinese Medicine was traded in August
and September 2002, the third party placed buy/sell orders
through the accounts at the same price on 11 days.

Hooray Securities had no written guidelines or procedures
requiring a written authorization for orders placed by a third
party on behalf of an account holder. Further, nobody of Hooray
Securities checked the contents of the calls recorded by the
tape recording system to ascertain whether orders had been
properly executed.

The SFC concludes that Hooray Securities has been guilty of
misconduct and its fitness and properness has been called into
question. In settling its disciplinary action and deciding the
level of fine, the SFC has considered the Disciplinary Fining
Guidelines (Note 4) and all the circumstances of the case
including the fact that:

The degree of breach of the Anti-Money Laundering Guidelines was
serious;

Hooray Securities was warned twice by the SFC in March and
November 2002 in relation to mistakes in FRR computation;

The number of days on which the FRR was breached was
substantial;

A responsible officer, who was unqualified to do the FRR
computation, was nonetheless responsible for attesting the
liquid capital accuracy; and

There was a clear pattern of mismanagement and inadequate
internal control procedures in Hooray Securities.

The SFC considers the settlement to be in the interest of the
investing public and in the public interest, taking into account
the following factors:

The level of fine sufficiently reflects the gravity of the
infractions;

Hooray Securities co-operated with the SFC in coming to a
settlement; and

Hooray Securities has since changed its management team and the
two previous responsible officers have left the company.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"The SFC takes a tough view towards failures to implement
adequate anti-money laundering measures. In this case, Hooray
Securities did not have in place any anti-money laundering
controls. Substantial amounts of money were transferred to BVI
companies of unknown ownership. Hooray Securities had an
obligation to question these suspicious transfers but failed to
do so.

It is this type of behavior, which endangers the integrity of
Hong Kong's market and financial system. Any similar failures
will be dealt with harshly. All market participants are reminded
that the failure to report suspicious transactions may attract
criminal liability under the Organized and Serious Crimes
Ordinance and/or the Drug Trafficking (Recovery of Proceeds)
Ordinance."

"As for the other breaches, the SFC reminds licensees that they
should take necessary and appropriate steps to ensure compliance
in all aspects of their business. Responsible officers who sign
an FRR return will be held responsible for its accuracy. The
combined effect of these transgressions, together with Hooray
Securities' past record, highlights some serious management
failures within the company."


ING BEIJING: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of ING Beijing
Investment Company Limited, which is being voluntarily wound up,
are required on or before December 28, 2005, to send in their
names, addresses and particulars of their debts or claims, and
the name and address of their solicitors, if any, to the
undersigned at 27th Floor, Alexandra House, 16-20 Chater Road,
Central, Hong Kong.

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

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 14th day of December, 2005

JACKY CHUNG WING MUK
EDWARD SIMON MIDDLETON
Joint and Several Liquidators


LINK TREASURE: Winding Up Hearing Slated for Dec. 28
----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Link Treasure Limited by the High Court of Hong Kong was on
November 7, 2005 presented to the said Court by Wong Ka Lai of
Room 2008, Lap Wah House, Lok Wah Estate, Ngau Tau Kok, Kowloon,
Hong Kong.

The said petition is directed to be heard before the Court at
9:30 a.m. on December 28, 2005.

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

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

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

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of December 24, 2005.


PICCAVILLA LIMITED: Set to End Operations
-----------------------------------------
Piccavilla (H.K.) Limited, whose office is located at Unit 6
21/F No 118 Connaught Road West Hong Kong, whose office address
is located at Rm Rm A 5/F Sunning Court 29-39 Shun Ning 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: October 3, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


RIVER EAST: Creditors Meeting Set Jan. 14
-----------------------------------------
Notice is hereby given that the creditors of River East
Enterprises Limited (In Members' Voluntary Liquidation), which
is being voluntarily wound up, are required on or before January
14, 2006, to send in their names, addresses and particulars of
their debts or claims, and the name and address of their
solicitors, if any, to the liquidator.

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

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 14th day of December, 2005

LEUNG FUNG YEE ALICE
Liquidator
Jardine House, 5th Floor
1 Connaught Place
Hong Kong


STONE GROUP: Swings to HK$68.82-Mln Net Loss
--------------------------------------------
Health products maker Stone Group Holdings recorded a net loss
of HK$68.82 million in the first half ended in September 30,
against a profit of HK$117 million in the same period a year
earlier, The South China Morning Post.

The slump was caused mainly by the group's heavy investment in
the mainland online media and information service provider Sina,
listed on the Nasdaq, which recorded a loss of HK$72.3 million
in the first six months.

The group also posted an operating loss of HK$6.4 million
against a HK$29.4 million profit previously.

The group had been restructuring its electronics business and it
had disposed of two associated companies this year. The
restructuring was expected to finish in the second half of the
financial year, a spokeswoman said.

CONTACT:

Stone Group Holdings Limited
27th Floor, K. Wah Centre
191 Java Road, North Point, Hong Kong
Phone Number (852) 2579 1166
Fax Number (852) 2880 5573
Web site: http://www.stone.com.hk


PCCW LIMITED: Sunday Shareholders Reject Privatization
------------------------------------------------------
Minority shareholders in mobile carrier Sunday Communications
Ltd. on Thursday voted to block parent PCCW Ltd.'s plan to take
it private, leaving PCCW to continue to run Sunday as a
separately listed firm, Reuters reports.

In June, fixed-line operator PCCW struck a takeover deal for
Sunday worth up to US$249 million, marking the company's return
to the local mobile phone business, which it had exited in 2002.

PCCW will look to restore the public float of Sunday to 25
percent, the minimum required under Hong Kong stock exchange
rules.

PCCW owns 79.35 percent of Sunday shares after making its cash
offer for the company at HK$0.65 a share.

CONTACT:

PCCW Limited
39th Floor, Hong Kong Telecom Tower
Taikoo Place, 979 King's Road Quarry Bay
Hong Kong
Phone: 28882888
Fax: 28778877
Web site: http://www.pccw.com


XINJIANG HOPS: Arranges Debt Reduction Before Reorganization
------------------------------------------------------------
Xinjiang Hops Co. Ltd. has reached a compromise on debts with
its 13 creditors, paving the way for the company's
reorganization of assets, Xinhua News reports.

The company's debts were reduced from more than CNY2 billion
(US$247 million) to CNY500 million (US$61.7 million), according
to the company's agreements signed on Tuesday with the
creditors, including asset management companies like Huarong,
Changcheng, and Dongfang, and the Agricultural Bank of China.

The hops and barley supplier ran into trouble in 2003 when its
founder, Mr. Aikelamu Aishayoufu, disappeared, leaving behind
about CNY1 billion in previously unknown loan guarantees and
other financial liabilities.

The company's total debts include CNY1.6 billion (US$197
million) in bank loans and CNY470 million (US$58 million) from
other financial institutions.

CONTACT:

Xinjiang Hops Co. Ltd
No.17 North Jiefang Road,
Urumqi, Xinjiang,
China
Phone: 0991-2832558
Fax: 0991-2864143


WILLEX TRADING: Enters Winding Up Process
-----------------------------------------
Willex Trading Limited, whose office address is located at Rm Rm
A 5/F Sunning Court 29-39 Shun Ning 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 29, 2005

Dated this 9th day of December 2005

ET O'Connell
Official Receiver


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

ANNA FINANCE: RBI Cancels Certificate of Registration
-----------------------------------------------------
The Reserve Bank of India (RBI), has on November 25, 2005
cancelled the certificate of registration issued to Anna Finance
Limited having its registered office at 16, B/9, Dev Nagar, D.
B. Gupta Road, Karol Bagh, New Delhi-110 005 for carrying on the
business of a non-banking financial institution.

Under powers conferred by Section 45-IA of the Reserve Bank of
India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.

The business of a non-banking financial institution is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in
Web site: http://www.rbi.org.in


JAI PARABOLIC: Members Approve EGM Resolutions
----------------------------------------------
Jai Parabolic Springs Ltd has informed the Bombay Stock Exchange
that the members at the Extraordinary General Meeting (EGM) of
the Company held on December 14, 2005, inter alia, have approved
the following:

1. Allotment of 2520252 Compulsorily Fully Convertible
Preference Shares of INR55.55 to M/s. Techinvest Ltd, Mauritius.

2. Allotment of 750000 Compulsorily Fully Convertible Preference
Shares of INR55.55 to M/s. Randeep Investment Pvt Ltd.

3. Consequential increase in authorized capital of the Company
from INR19,00,00,000/- to INR39,93,15,000/-.

CONTACT:

Jai Parabolic Springs Ltd
A, 30 (a), Phase 7, Industrial Area
Mohali 160057
Punjab
Phone: 5096551 5096552 5096553


JANATA CO-OPERATIVE: Loses License Over Insolvency
--------------------------------------------------
In view of the fact that The Janata Co-operative Bank Ltd.,
Nadiad, Gujarat, had ceased to be solvent, all efforts to revive
it in close consultation with the Government of Gujarat had
failed and the depositors were being inconvenienced by continued
uncertainty, the Reserve Bank of India, on December 9, 2005 at
11.00 a. m. delivered the order canceling its license to the
bank.

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

The Reserve Bank of India decided to cancel the license of The
Janata Co-operative Bank Ltd., Nadiad, Gujarat as a final step
after examining all the options for revival of the bank and in
order to protect the interest of the depositors. In view of the
liquidity problem faced by the bank, it withdrew itself from the
local Clearing House from February 18, 2002.Consequently, the
bank was placed under Directions under section 35A of the
Banking Regulation Act, 1949 (As Applicable to Co-operative
Societies)(AACS) with effect from the close of business on
September 24, 2002. The inspection of the bank with reference to
its position as on September 30, 2004 revealed deterioration in
its financial condition. Its deposits were getting eroded as
realizable value of paid-up capital and reserve was in the
negative.

In view of its precarious financial position, the Reserve Bank
issued a show cause notice to the bank on February 04, 2005
asking it to show cause as to why the license granted to it to
conduct banking business should not be cancelled. As the bank
did not have a viable plan of action for revival and the chances
of its revival were remote, the Reserve Bank of India took the
extreme measure of canceling license of the bank in the interest
of the bank's depositors.

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

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

CONTACT:

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


SHAW WALLACE: To Submit Documents to BIFR
-----------------------------------------
Shaw Wallace & Company Ltd has informed the Bombay Stock
Exchange (BSE) that the members at the Extra Ordinary General
Meeting (EGM) of the Company held on November 15, 2005, inter
alia, have pursuant to provision of Section 23 of the Sick
Industrial Companies (Special Provisions) Act, 1985 (the said
Act), erosion of more than fifty per cent of the Peak Net Worth
of the Company during the immediately preceding four financial
years as per the Audited Financial Accounts of the Company as on
March 31, 2005 (such erosion) and the Report on such erosion
together with causes of such erosion, as circulated to the
members of the Company is hereby considered, noted and adopted
and that in compliance with the provision of the said Act, a
Report in the prescribed format on such erosion be submitted to
the Board for Industrial & Financial Reconstruction (BIFR), New
Delhi.

CONTACT:

Shaw Wallace & Company Ltd
4, Bankshall Street,
Kolkata 700001
West Bengal


YASHRAJ CONTAINEURS: Unveils Outcome of Board Meeting
-----------------------------------------------------
Yashraj Containeurs Ltd has informed the Bombay Stock Exchange
(BSE) that the Board of Directors of the Company at its meeting
held on November 23, 2005, has discussed the possibility of
raising fresh finance through the vehicle of Preferential
Allotment basis.

Further the Board has decided to hold Extra Ordinary General
Meeting (EGM) on December 30, 2005 to raise finance of INR150
million by way of issuance of 30,000 lacs of Equity Shares on
Preferential Allotment basis to promoters at INR10/- each per
share plus INR40/- premium on each share.

CONTACT:

Yashraj Containeurs Ltd
401, Court Chambers, 4th Floor,
S V Road, Borivli W
Mumbai  400092
Maharashtra
Phone: 28067594 28067595 28647506
Fax: 28063548


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

GARUDA INDONESIA: Losing Pilots to Rivals
-----------------------------------------
Troubled state carrier PT Garuda Indonesia has lost many pilots
to competitors who offer higher wages and better working
conditions, reports the Jakarta Post.

According to Garuda Vice President Ari Sapari, the Company has
lost 120 pilots since 2004, and may lose more pilots who are
attracted by the offers of competing airlines. Garuda Indonesia
has not been able to retain its pool of pilots due to financial
difficulties in the past two years, aking it impossible for the
Company to offer better conditions.

Mr. Sapari said that demand for pilots is high, but supply is
very limited. He added that it is cheaper for new budget
airlines to pirate experienced pilots from the Company by
offering them higher salaries. At present, Garuda Indonesia
employs 580 pilots.

Garuda Indonesia posted a IDR811 billion net loss in 2004, and
is struggling to pay its debts, amounting to IDR1.09 trillion in
annual principal and interest payments. The airline has been
struggling to survive amid fierce competition from new budget
airlines and increasing operations costs due to high fuel
prices.

CONTACT:

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


PERUSAHAAN LISTRIK: Studies Possibility of Nuclear Plant
--------------------------------------------------------
State power firm PT Perusahaan Listrik Negara has joined forces
with two Korean power firms to conduct a feasibility study of
putting up a nuclear power plant in Indonesia, Asia Pulse
reports.

According to PLN Primary Energy Generation Director Ali Herman
Ibrahim, the Company will team up with Korea Electric Power
corp. and Korea Hydro & Nuclear Power Co. to study the
possibility of building Indonesia's first nuclear power plant.
PLN has signed a Memorandum of Understanding with the two firms
on the study, which is expected to be completed within a year.

The nuclear power plant, which would employ OPR-1000 class
technology to generate up to 1,000 megawatts of power, is a
proposed solution the country's problem of power supply
shortage.

PLN Transmission & Distribution Director Herman Darnel Ibrahim
said that a nuclear power plant project was not part of the
Company's development plan until 2015; however, they are willing
to talk with investors who are interested in the project.

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
=========

JAPAN AIRLINES: To Replace Pratt & Whitney Engine Parts
-------------------------------------------------------
Japan Airlines Corporation (JAL) plans to replace turbine blades
in Pratt & Whitney engines in Boeing Co. 777 aircraft as a
precaution, according to Reuters.

The move follows a series of engine problems that the airlines
say resulted from the maker's manufacturing process.

The airline had found broken high-pressure turbine blades in two
engines that were shut down while planes were in flight in
September and October. JAL said it had one similar problem
earlier this year.

Spokespeople at Both Pratt & Whitney and Boeing could not be
reached for comment.

CONTACT:

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


JAPAN AIRLINES: Offers Special Prizes, Discounts
------------------------------------------------
Japan Airlines Corporation (JAL) has launched the `Hot Winter
Campaign' offering double mileage to Japan Region JAL Mileage
Bank (JMB) members, and providing special prizes and discounts
to residents in Japan when they fly with JAL over the winter
season.

Between December 1, 2005 and March 31, 2006, Japan Region
members of the airlines flyer program, the JAL Mileage Bank
(JMB), will be able to earn double the flight mileage normally
offered when they travel on JAL Group airlines' extensive global
network.

During the campaign period, double flight mileage can be
accumulated in all classes on all of JAL Group's international
and Japan domestic flights, as well as code share flights
operated by partner airlines booked under the JAL (JL) flight
number.

JMB members are simply required to register for the campaign in
advance of travel through either the JAL Website or JMB Center
(0120-747-165). The campaign only applies to travel conducted
within the campaign period and JAL fares eligible for JMB
mileage accumulation. The offer cannot be combined with other
flight mile bonus offers. Normal rules and conditions for
mileage accumulation apply.

Furthermore, JAL is conducting a special prize draw open to all
residents of Japan who travel on JAL international or domestic
flights between December 1st, 2005 - January 31st, 2006. By
entering the prize draw passengers will have the chance to win
one of 30,000 prizes.

30,000 Prizes

1st - JAL IC Coupon worth 100,000 yen for 500 winners.

2nd - JAL IC coupon worth 10,000 yen for 2,000 winners.

3rd - JAL Domestic round trip tickets (excluding Sapporo-
Okinawa) for 3,500 winners.

4th - JAL Original (Cho) Jinsei Enjoy! Tamagochi Plus for 12,000
winners.

5th - JAL Original Tamagochi Neck-straps for 12,000 winners.

Passengers can enter the prize draw if they hold two boarding
card stubs that show travel occurred during the period
mentioned. All they have to do is attach the two stubs to a
completed special prize draw form and post it to­­JAL by the
latest February 15, 2005.

Special prize draw forms can be found on all JAL operated
flights, at all Japan domestic airports, at both JAL Plaza
Yurakucho and JAL Plaza Osaka, as well as at JAL's domestic
ticket counters in Sapporo, Hamamatsucho, Yokohama, Nagoya,
Fukuoka, Okinawa.

Additionally, customers who travel on JAL Group international or
domestic flights between February 1st 2006 and March 31st 2006
can obtain special discounts on products and services when they
present two boarding card stubs at shops and restaurants
participating in JAL's "Hot Winter Campaign".

Special discounts can be obtained at seven companies including
`Blue Sky', JAL's nationwide chain of airport shops; Royal Host,
a popular family restaurant; and Mister Donut, a well-known
coffee and doughnut chain. To obtain a discount on goods or
services, customers must present their two JAL boarding card
stubs at the participating companies anytime between February 1,
2006 and April 10, 2006.

CONTACT:

E-mail: geoffrey.tudor@jal.com
        stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: http://www.jal.com/en/corporate


KANEBO LIMITED: Disposes of Fashion Business Subsidiary
-------------------------------------------------------
Kanebo Limited has decided to sell its fashion business unit
Kanebo Cent Dixieme to female apparel manufacturer Raika Co. and
sportswear maker Descente Limited, Japan Today reports.

Kanebo, which is rebuilding itself with the help of the
Industrial Revitalization Corporation of Japan, has reached a
basic agreement with the two companies and aims to transfer the
operations of the subsidiary to them by February 1.

CONTACT:

Kanebo Limited
20-20, Kaigan 3-chome
Minato-ku, Tokyo
108-8080 JAPAN
Telephone +81-3-5446-3002


SONY CORPORATION: Halts Camera Sales in China Province
------------------------------------------------------
Sony Corporation suspended the distribution of six of its
digital camera models in China after local officials said they
found flaws with them, according to Reuters.

The company suspended distribution of the models, all from its
Cyber-shot line of cameras, to the Zhejiang provincial capital
of Hangzhou, spokesman Shinji Obana said.

According to the Zhejiang Administration for Industry &
Commerce, the cameras in question have issues with image
uniformity, their liquid crystal displays (LCDs) and their white
balance.

CONTACT:

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


* Japan Corporate Bankruptcies Up 4.6% in November
--------------------------------------------------
Japan corporate bankruptcies increased 4.6 percent year on year
to 1,114 in November, with debts soaring 86.1 percent to
JPY808.27 billion, The Japan Times reports, citing credit
research agency Tokyo Shoko Research.

Most of the debt came from the collapse of AC Real Estate
Corporation. The real estate firm on November 15 became the
largest failure of the year when it sought court protection with
JPY352.6 billion in debt.

For the first 11 months of this year, corporate bankruptcies
totaled 11,849, down 5.7 percent from a year earlier, the agency
said.

CONTACT:

Tokyo Shoko Research Ltd.
Shin-Ichi Building
1-9-6, Shimbashi
Minato-ku Tokyo
105-0004, Japan
Phone: (03) 3574-2258
Fax: (O3) 3574-2292


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

DACOM CORPORATION: To Combine Business with KIDC
------------------------------------------------
The board of Dacom Corporation has agreed to a merger between
its system operator unit next year in order to improve its
financial health, Yonhap News Agency says.

The merger with Korea Internet Data Center (KIDC) will commence
March 1.  For the merger, one KIDC share will be exchanged for
1.2986 Dacom shares. Dacom has a 90.5 percent stake in KIDC.

"The combination is expected to further bolster our financial
conditions by boosting sales," said Lee Min-woo, Dacom's vice
president.

The merger is expected to unify overlapping businesses and help
improve Dacom's annual sales by more than KRW60 billion (US$58.5
million.

KIDC is expected to earn an operating profit of KRW20 billion on
sales of around KRW80 billion.

KIDC, a provider of network management service to large
companies, was spun off from Dacom in April 2000. KIDC
registered annual sales of KRW60 billion to KRW70 billion
between 2000 and 2004.

CONTACT:

Dacom Corp.
706-1 Yoksam-dong Kangnam-gu
Seoul, SEOUL 135-987
Korea (South)
Telephone: +82 2 6220 2215
Fax: +82 2 6220 0377


HAITAI CONFECTIONERY: Unionists Conclude Strike
-----------------------------------------------
The unionists at Haitai Confectionery and Foods Co. have finally
ended their strike that has reached its 170th day, according to
Yonhap News Agency.

The move came after the Company's management agreed to a
compromise on their demands for greater job security and more
recognition.

The agreement was reached Wednesday, when both parties
negotiated a settlement on issues including wages and collective
bargaining.

The Company and the unionists decided to drop civil and criminal
lawsuits against each other.

The union decided to leave any potential wage hike at the
discretion of management, which in turn promised to minimize
disciplinary punishments for unionists, industry sources said.
However, the issue of possible restructuring was not resolved.

Rumors of restructuring came in when Crown Confectionery Co.
acquired the bankrupt Company in January.  Crown emerged as the
nation's No. 2 snack maker after it acquired Haitai, trailing
the market leader Lotte Confectionery Co.

CONTACT:

Haitai Confectionery & Food Company
131-1, Namyoung-Dong,
Yongsan-Gu 140708
Seoul
Korea (South)
Telephone: +82-2-709-7647
Fax: +82-2-790-8127
Web site: http://www.ht.co.kr


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

AIC CORPORATION: Enters MoU with Daewoo International
-----------------------------------------------------
AIC Corporation Berhad (AIC) issued to Bursa Malaysia Securities
Berhad details of the Memorandums of Understanding (MOU).

(1) Introduction

On behalf of the Board of Directors of AIC, the Company advised
that AIC Display Sdn Bhd (formerly known as AIC-MTN Corporation
Sdn Bhd) (AICD) and AIC Inspirasi Sdn Bhd (AICI), both wholly
owned subsidiaries of AIC has on December 9, 2005 entered into
separate MOUs with Daewoo International Corporation (Daewoo), a
company incorporated in Korea with its business address at 541,
Namdaemunno 5-ga, Chung-Gu, Seoul, Korea.

(2) Background Information

AICD is incorporated in Malaysia on June 26, 2003. It is
principally involved in manufacturing, marketing and sales of
multimedia displays, thin film transistor liquid crystal display
and plasma televisions and monitors and multimedia products and
all related peripherals.

AICI is incorporated in Malaysia on March 4, 1994. It is
principally an investment holding company while its subsidiaries
are principally engaged in the design, assembly, manufacturing
and fabrication of sunviors, interior car lamps, electronic
products, automotive accessories, tools, moulds and dies.

Daewoo is incorporated in Korea and listed on the Korean stock
exchange. It is engaged in various business activities such as
export service; export agent service, intermediary trade and
manufacturing and natural resource development.

Daewoo International Corporation has been growing as the special
trade and overseas investment company all over the world under
the vision of "Global Trading & Investment Company". Daewoo
International Corporation, one of the driving forces for the
trade and overseas investment of Korea is deploying a variety of
businesses including the trade, manufacturing, sales,
distribution and resource development

(3) Salient Terms of the MOUs

(3.1) MOU between AICD and Daewoo (MOU 1)

MOU 1 records the mutual and principal understanding of a
purchase and supply arrangement where AICD will sell and Daewoo
will purchase AICD's products for distribution or sale in
Europe, Middle East, Africa and North and South America.

(3.2) MOU between AICI and Daewoo (MOU 2)

MOU 2 spells out in broad basis the common intention of AICI and
Daewoo to co-operate and form a collaboration together with
Nexen Tech Corp, a company incorporated in Korea, which has the
necessary technical knowledge and expertise, to manufacture wire
harness in AICI's subsidiary's plant for the automotive
industry.

(4) Rationale

The MOUs mark the beginning of a long-term relationship which
will mutually benefit both parties as the purchase and supply
commitment will provide stability to business, improve time-to-
market and utilization of production capacity.

The proposed collaboration in the wire harness business will
broaden the product offerings of the electronics division.

Thus, the MOUs are aimed at enhancing the overall business and
earnings potential of AIC's display and electronics division.

(5) Effects

(a) Share Capital and Substantial Shareholding

The MOUs will not have any effect on the share capital and
substantial shareholding of the Company.

(b) Net Tangible Assets (NTA)

The MOUs will not have any material effect to the consolidated
NTA of AIC and its subsidiaries (AIC Group).

(c) Earnings

The MOUs will not have any material effect on the earnings of
the AIC Group for the financial year ending December 31, 2005.
The MOUs however, is expected to contribute positively to the
future earnings of the AIC Group.

(6) Directors' and Substantial Shareholders' Interest

None of the Directors and substantial shareholders of AIC has
any interest, direct or indirect, in the MOUs.

(7) Approvals

The MOUs are not subject to the approval of shareholders of AIC
or any regulatory authorities.

(8) Directors' Statement

The Board of Directors of AIC is of the opinion that the MOUs
are in the best interest of the AIC Group.

(9) Press Release

Please refer the enclosed press release for more information.

CONTACT:

AIC Corporation Bhd
Wisma AIC, Lot 3, Pesiaran Kemajuan,
Seksyen 16, Shah Alam Selangor 40200
Malaysia
Telephone: 03-55431413
Fax: 03-55432045


ASTRO ALL: Places Units Under Voluntary Winding-Up
--------------------------------------------------
Astro All Asia Networks Plc (Astro) furnished Bursa Malaysia
Securities Berhad details of the members' Voluntary Winding Up
of a wholly owned subsidiary.

The Board of Directors (Board) of ASTRO had on December 3, 2004
announced its proposal for an internal restructuring (Internal
Restructuring) of its subsidiaries in order to create a leaner
and more efficient group structure.

On January 31, 2005, the Board announced the following changes
to the Internal Restructuring:

(i) AAANL will not be voluntarily wound up, and instead will be
retained to be the holding company of the non-Malaysian
subsidiaries;

(ii) AOL will be voluntarily wound up; and

(iii) AAANL will be renamed as AOL.

On June 14, 2005, AAANL was renamed as AOL while AOL was renamed
as Asia Company No. 1 Limited (ACNL).

As part of the Internal Restructuring, the Board wishes to
announce that a resolution was passed on December 7, 2005 for
the voluntary winding-up of ACNL pursuant to Part XIII of the
Companies Act 1981 of Bermuda (as amended) (Act) and for the
appointment of Ms. Jennifer Y. Fraser of Canon's Court, 22
Victoria Street, Hamilton, Bermuda as liquidator with full power
and authority to conduct the winding up of ACNL in accordance
with the Act and the Companies (Winding-Up) Rules 1982 of
Bermuda.

ACNL was incorporated in Bermuda under the Act as an exempted
company limited by shares on March 3, 2000. The authorized share
capital of ACNL is USD12,000 divided into 120,000 ordinary
shares of USD0.10 each, of which 120,000 ordinary shares are
issued but not paid-up.

The voluntary winding up of ACNL has no material effect on the
net assets of ASTRO and is not expected to have any material
effect on the earnings of the ASTRO group for the financial year
ending January 31, 2006.

This announcement is dated 9 December 2005.

CONTACT:

Astro All Asia Networks Plc
Asia Broadcast Centre, Technology Park
Malaysia Lebuhraya Puchong-Sungai Besi,
57000 Kuala Lumpur, Bukit Halil
Malaysia
Telephone: +60 3 9543 6688


BELL & ORDER: To Undertake Rights Issue
---------------------------------------
Bell & Order Berhad (B&O) issued to Bursa Malaysia Securities
Berhad a monthly announcement on Default in Payment Pursuant to
Practice Note No. 1/2001 (PN1) of the Listing Requirement of
Bursa Malaysia Securities Berhad (Bursa Securities).

The Board of Directors of B&O advised the Exchange that there is
no change in the status of default payments of interest and
repayment of principal to financial institutions in respect of
various credit facilities granted to B&O.

On December 6, 2005, copies of the Abridged Prospectus together
with the accompanying Provisional Allotment Letter relating to
the renounceable rights issue of 57,552,000 new ordinary shares
of MYR1.00 each in B&O (Rights Shares) at an issue price of
MYR1.20 per Rights Share payable in full upon acceptance on the
basis of three (3) Rights Shares for every one (1) existing
ordinary share of MYR1.00 each (Rights Issue) has been
dispatched to the shareholders of B&O whose names appear on the
Record of Depositors of B&O as at December 1, 2005.

The Rights Issue is part of the Corporate Exercises (as defined
in the Abridged Prospectus dated December 6, 2005) to regularize
B&O's financial condition.

The Rights Issue will raise cash proceeds of approximately
MYR69.06 million, which will be utilized for the settlement
pursuant to the Composite Scheme of Arrangement (as defined in
the Abridged Prospectus dated December 6, 2005), expenses in
relation to the Corporate Exercises and working capital for
future business expansion purposes.

This announcement is dated 9 December 2005.

CONTACT:

Bell & Order Berhad
28 & 30 Jalan Pjs 11/14
Bandar Sunway
Petaling Jaya 46150
Malaysia
Phone: 03 - 56336966
Fax: 03 - 56345081


BUKIT KATIL: Inks SPA with Multihub Harvest
-------------------------------------------
Bukit Katil Resources Berhad (BKRB) furnished Bursa Malaysia
Securities Berhad an update to the following proposals:

- Proposed Restructuring Scheme

- Proposed Disposal of Estate Land in Ayer Kuning

(1) Introduction

The company refers to the Requisite Announcement made on October
17, 2005 wherein Avenue Securities Sdn Bhd (Avenue), on behalf
of BKRB announced that the Company proposed to undertake a
proposed restructuring scheme (Proposed Restructuring Scheme)
and the announcement made on December 2, 2005 in relation to the
proposed disposal of estate land by the Company.

Avenue advised that the Company had on December 8, 2005, entered
into a conditional sale and purchase agreement (SPA) with
Multihub Harvest Sdn Bhd for the proposed disposal of two pieces
of land held under title numbers Geran 21180 and 21181 Lots 1199
and 1200, both in Mukim of Ayer Kuning, District of Tampin,
Negeri Sembilan (collectively Air Kuning Estate) for a cash
consideration of MYR11,432,000 (Proposed Air Kuning Estate
Disposal).

(2) Details of the Proposed Air Kuning Disposal

The Air Kuning Estate is a freehold oil palm and rubber estate
with a combined land area of approximately 202.0254 hectares and
is currently charged to Bumiputra Commerce Bank Berhad (BCB) for
various loan facilities granted by BCB to BKRB. As at June 30,
2005, the total amount owing to BCB is MYR53,984,949 (subject to
proof of debt).

The net proceeds (after taking into consideration the incidental
expenses and retention sum for the purpose of payment of real
property gain taxation) arising from the Proposed Air Kuning
Disposal shall be fully utilized to settle part of the amount
owing to BCB as at June 30, 2005. The purchasers will not assume
any liabilities under the Proposed Air Kuning Disposal.

Subsequent to the realization of all the encumbered properties
of BKRB charged to BCB, BCB shall be classified as an unsecured
financial institution creditor of BKRB, and any shortfall
thereon shall be settled by BKRB under the Proposed Scheme of
Arrangement with Creditors.

Please refer to the Requisite Announcement dated October 17,
2005 for further details of the Proposed Scheme of Arrangement
with Creditors.

(2.1) Salient terms of the SPA

(i) The Proposed Air Kuning Disposal is conditional upon the
approvals set out in Section 5 below and the approval and/or
sanction of the court (Approvals).

(ii) The Air Kuning Estate shall be disposed by BKRB on an "as
is where is" basis, free from all encumbrances (save for the
restrictions in interest and conditions of its title) with
vacant possession in accordance with terms in the SPA.

(iii) The cash consideration for the Proposed Air Kuning
Disposal is to be paid in the following manner:

(a) MYR228,640 being the earnest sum was paid prior to the
execution of the SPA;

(b) The balance deposit of MYR914,560 shall be paid upon the
execution of the SPA; and

(c) The remaining consideration of MYR10,288,800 (Balance
Consideration) shall be paid on Completion Date (defined in
(iv)(c) below).

(iv) The period provided for completion of the Proposed Air
Kuning Disposal is as follows:

(a) The cut-off date shall be the date falling 6 months from the
date of the SPA, which date is automatically extended by a
further three months if the Approvals have not been obtained
(Cut-Off Date);

(b) The completion period is two months from the date of the
Approvals being obtained (Completion Period); and

(c) The completion date shall be the date within the Completion
Period of which the Balance Consideration shall be paid to BKRB
and delivery of all the necessary completion documents (namely
original issue document of title and quit rent receipt) is made
to the purchaser.

(v) In the event that any of the Approvals in the agreement is
not obtained by the Cut-Off Date, the purchaser may terminate
the SPA.

Further details of the Air Kuning Estate are set out in Table 1.
The Proposed Air Kuning Disposal and the Proposed Restructuring
Scheme are not inter-conditional. The Proposed Air Kuning
Disposal and the proposed disposal of estate land by the Company
as announced on December 2, 2005 are also not inter-conditional.

(3) Rationale for the Proposed Air Kuning Disposal

BKRB is presently an affected listed issuer as defined under
Practice Note 4/2001 of the Listing Requirements of Bursa
Malaysia Securities Berhad (Bursa Securities). As an affected
listed issuer, BKRB is required to comply with certain
obligations, which includes, inter-alia, the obligation to
undertake a corporate proposal which will enable the Company to
regularize its financial position and continue trading and/or
listing on Bursa Securities.

The Proposed Air Kuning Disposal together with the proposed
disposal of estate land by the Company as announced on December
2, 2005, are interim proposals to the Proposed Restructuring
Scheme. The Proposed Air Kuning Disposal will raise gross
proceeds of MYR11,432,000, which will be used to settle part of
the amount owing to BCB as at June 30, 2005.

(4) Financial Effects of the Proposed Air Kuning Disposal

(4.1) Share Capital and Substantial Shareholders

The Proposed Air Kuning Disposal will not have any effect on the
issued and paid-up share capital and shareholdings of the
substantial shareholders of BKRB.

(4.2) Earnings

The Company is expected to incur a loss on disposal of MYR0.589
million from the Proposed Air Kuning Disposal.

(4.3) Net Tangible Liabilities (NTL)

Due to the loss on disposal, the NTL of BKRB will deteriorate
further by MYR0.589 million.

(5) Approvals Required for the Proposed Air Kuning Disposal

The Proposed Air Kuning Disposal will only take place upon
approvals being obtained from the following:

(i) The Securities Commission (SC)

(ii) The SC (on behalf of the Foreign Investment Committee), if
required;

(iii) The shareholders of BKRB, at an extraordinary general
meeting to be convened for the Proposed Air Kuning Disposal;

(iv) The Estate Land Board;

(v) BCB, as chargee of the Air Kuning Estate; and

(vi) Other relevant authorities, if required.

(6) Directors' and Major Shareholders' Interests

None of the Directors and substantial shareholders of BKRB and
persons connected with them have any interest, direct or
indirect, in the Proposed Air Kuning Disposal.

(7) Directors' Opinion

The Directors of BKRB are of the opinion that the Proposed Air
Kuning Disposal is in the best interest of BKRB.

(8) Departure from Guidelines

The Proposed Air Kuning Disposal is not expected to depart from
the SC's Policies and Guidelines on Issue/Offer of Securities.

(9) Adviser

Avenue has been appointed as the adviser to BKRB for the
Proposed Air Kuning Disposal.

(10) Estimated Time Frame for Completion

The Proposed Air Kuning Disposal is expected to be completed by
the first half of the year 2006.

(11) Documents for Inspection

The SPA may be inspected at the registered office of BKRB at
312, 3rd Floor, Blok C, Kelana Square, 17, Jalan SS 7/26, 47301
Petaling Jaya, Selangor Darul Ehsan during normal business hours
from Mondays to Fridays (except public holidays) for a period of
three months from the date of this announcement.

This announcement is dated 9 December 2005.

CONTACT:

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


DFZ CAPITAL: Buys Back Ordinary Shares
--------------------------------------
DFZ Capital Berhad issued to Bursa Malaysia Securities Berhad a
notice of shares buy back with the following details:

Date of buy back from: November 29, 2005

Date of buy back to: November 29, 2005

Total number of shares purchased (units): 10,000

Minimum price paid for each share purchased (MYR): 1.580

Maximum price paid for each share purchased (MYR): 1.600

Total amount paid for shares purchased (MYR): 16,017.76

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

Number of shares purchased retained in treasury (units): 10,000

Total number of shares retained in treasury (units): 10,000

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: December 9, 2005

Lodged by: Securities Services (Holdings) Sdn Bhd


INTAN UTILITIES: Gets MITI Nod to Proposals
-------------------------------------------
Intan Utilities Berhad (Intan) issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

(i) Proposed Rights Issue with Warrants;

(ii) Proposed Restricted Issue;

(iii) Proposed Acquisition of BToto;

(iv) Proposed Acquisition of KL Property; and

(v) Proposed Acquisition of Kuantan Property

(Collectively referred to as the Proposals).

The company refers to the announcements dated June 23, 2005,
September 14, 2005 and November 24, 2005 in relation to the
Proposals (Announcements). Unless otherwise defined, the
definitions set out in the Announcements shall apply herein.

On behalf of the Board of Directors of Intan, RHB Sakura is
advised that the Ministry of International Trade and Industry
(MITI) had, vide its letter dated December 7, 2005, approved the
Proposed Rights Issue with Warrants and Proposed Restricted
Issue.

The MITI, in the abovesaid letter, has also required IDS
Electronics Sdn Bhd, a subsidiary company of Intan, to comply
with the equity condition as set out in its manufacturing
license before July 22, 2006.

This announcement is dated 9 December 2005.

CONTACT:

Intan Utilities Berhad
11th Floor Menara Berjaya,
KL Plaza, 179 Jalan Bukit Bintang,
55100 Kuala Lumpur
Telephone: 03-2935 8888
Fax: 03-29358043
Web site: http://www3.jaring.my/intan


KAI PENG: Seeks Shareholders' Approval of Transactions
------------------------------------------------------
Kai Peng Berhad issued to Bursa Malaysia Securities Berhad
details of the proposed renewal of shareholders' mandate and
additional shareholders' mandate for recurrent related party
transactions of a revenue or trading nature (Proposed
Shareholders' Mandate).

The Company advised that it intends to seek the approval of the
shareholders' mandate in relation to the recurrent related party
transactions of a revenue or trading nature at the forthcoming
Extraordinary General Meeting (EGM) to be convened.

The Circular to Shareholders containing details of the Proposed
Shareholders' Mandate together with the Notice of the EGM will
be sent to the shareholders of the Company in due course.

CONTACT:

Kai Peng Berhad
Lot 2, Persiaran Kemajuan Section 16
Shah Alam Selangor 40000
Malaysia
Telephone: 03-55107949
Fax: 03-55103588


KEMAYAN CORPORATION: Court Extends Restraining Order for 60 Days
----------------------------------------------------------------
Kemayan Corporation Bhd issued to Bursa Malaysia Securities
Berhad details of the application of Extension of Time under
Section 176(10) of the Companies Act, 1965.

Further to the announcement dated December 1, 2005, the Board of
Directors of Kemayan Corporation Berhad informed Bursa Malaysia
Securities Berhad that the High Court of Malaya, Kuala Lumpur
has granted the Company an extension of time for the Restraining
Order (RO) for a period of 60 days. As such, the RO will expire
on January 29, 2006.

CONTACT:

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


LANDMARKS BERHAD: Unit Faces Winding Up Process
-----------------------------------------------
Landmarks Berhad submitted to Bursa Malaysia Securities Berhad
an update to the placement of subsidiary under members'
voluntary winding-up.

Landmarks Berhad (Landmarks) informed the Exchange that its
subsidiary, Mont Kiara Specialist Centre Sdn Bhd (MKSC) has been
placed under members' voluntary winding-up on December 8, 2005
and that Azmi bin Hamid (NRIC No.: 531214-03-5237) of No. 32,
Jalan SS 18/2C, Subang Jaya, 47500 Petaling Jaya, Selangor Darul
Ehsan has been appointed the Liquidator of MKSC.

(1.0) Information on MKSC

MKSC was incorporated on October 8, 1994 with its intended
principle activity being provision of medical and consultancy
services. MKSC has not commenced operations. The authorized
share capital of MKSC is MYR50,000,000/- comprising 33,000,000
Ordinary Shares of MYR1.00 each and 17,000,0000 Deferred Shares
of MYR1.00 each of which 14,781,999 Ordinary Shares of MYR1.00
each and 16,590,749 Deferred Shares of MYR1.00 each have been
issued and fully paid.

In the event of the Company being wound up each registered
holder of any Deferred Shares will not have any right to be paid
an amount in cash equivalent to the nominal value of each
Deferred Share registered in its name nor the right to any
participation in the profit or assets of the Company.

MKSC is a subsidiary of Landmarks, in which Landmarks owns 50%
plus one share of the Ordinary Share capital of MKSC.
Consolidated Bond Sdn Bhd (CB), whose shareholders comprise
mostly of doctors, owns the remaining share capital of MKSC.

MKSC previously owned a land held under GM 6129 Lot 56740
(formerly H.S. (M) 9541, PT 15397), Mukim Batu, Daerah Kuala
Lumpur and measuring approximately 2.8 acres. The tenure of the
Land is freehold. The land was disposed to Sunrise Paradigm Sdn
Bhd for a cash consideration of MYR17.420 million.

As at September 30, 2005, the shareholders' fund of MKSC is
MYR9,505,527.

(2.0) Rationale for the winding-up

The winding-up exercise of MKSC is part of the rationalization
exercise of the Landmarks Group.

(3.0) Financial Effects

(3.1) Share Capital

The winding-up will not have any effect on the issued and paid-
up share capital of Landmarks.

(3.2) Shareholding Structure

The winding-up will not have any effect on the shareholding
structure of Landmarks.

(3.3) Earnings & Net Assets

The winding-up is not expected to have a material effect on
either the earnings of Landmarks Group for the current financial
year ending December 31, 2005 or the net assets of Landmarks
Group.

(4.0) Directors' and shareholders' interest

(4.1) None of the directors, substantial shareholders, persons
connected to the directors and/or substantial shareholders of
Landmarks have any material interest, direct or indirect, in the
said exercise.

(4.2) The Board of Directors considers the winding-up to be in
the best interest of the Group.

CONTACT:

Landmarks Bhd
Tingkat 7, Bangunan A,
Peremba Square Saujana Resort,
Seksyen U2, Shah Alam Selangor 40150
Malaysia
Telephone: 03-76600088
Fax: 03-76600099


LEADER UNIVERSAL: Strikes Off Dormant Unit
------------------------------------------
Leader Universal Holdings Berhad informed Bursa Malaysia
Securities Berhad that Leader Risk Management Services (M) Sdn.
Bhd., a dormant wholly owned subsidiary, has been struck off by
the Companies Commission of Malaysia pursuant to the powers
conferred by subsection 308(4) of the Companies, Act 1965,
following an application by the company.

CONTACT:

Leader Universal Holdings Bhd
8, Wisma Leader, Jalan Larut,
Penang 10050
Malaysia
Telephone: 04-2292888
Fax: 04-2292333


MAGNUM CORPORATION: New Shares Up for Listing, Quotation
--------------------------------------------------------
Magnum Corporation Berhad advised that its additional 690,000
new ordinary shares of MYR0.50 each issued pursuant to
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, December 13, 2005.

CONTACT:

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


MALAYSIAN INDUSTRIAL: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Malaysian Industrial Development Finance Berhad advised its
additional 63,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employees' Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Tuesday, December 13, 2005.

CONTACT:

Malaysian Industrial Development Finance (MIDF) Bhd
195A, Jalan Tun Razak, Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-21611166,03--21610066
Fax: 03-21615973,03-21613906


MAXIS COMMUNICATIONS: Issues New Shares for Listing, Quotation
--------------------------------------------------------------
Maxis Communications Berhad advised that its additional 180,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employee Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, December 13, 2005.

CONTACT:

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


MEDIA PRIMA: Committee OKs Proposed Acquisitions
------------------------------------------------
Media Prima Berhad (MPB) issued to Bursa Malaysia Securities
Berhad the following announcement:

Proposed acquisitions of:

(I) 60,000,000 ordinary shares of MYR1.00 each in Natseven TV
Sdn Bhd (NTV7) representing the entire equity interest in NTV7
for a total cash consideration of MYR89,999,980;

(II) 9,000,000 ordinary shares of MYR1.00 each in Synchrosound
Studio Sdn Bhd (Synchrosound) representing the entire equity
interest in Synchrosound for a total cash consideration of
MYR10; and

(III) Two ordinary shares of MYR1.00 each in Encorp Media
Technology Sdn Bhd (EMT) representing the entire equity interest
in EMT for a total cash consideration of MYR10.

(collectively referred to as the Proposed Acquisitions)

The company refers to the announcement dated October 27, 2005 in
relation to the Proposed Acquisitions.

Commerce International Merchant Bankers Berhad, on behalf of the
Board of Directors of MPB, advised that the Foreign Investment
Committee has, via its letter dated December 9, 2005, stated
that they have no objection to the Proposed Acquisitions.

This announcement is dated 9 December 2005.

CONTACT:

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


MERCES HOLDINGS: Posts No Changes to Payment Default Status
-----------------------------------------------------------
Merces Holdings Berhad submitted to Bursa Malaysia Securities
Berhad a monthly status on default in payment of banking
facilities pursuant to Practice Note No. 1/2001 (PN1) of the
Listing Requirements.

The Board of Directors of Merces Holdings Berhad informed the
Exchange that there is no change in the status of default
payments of interests and principal sum due to Southern Bank
Berhad since the last announcement on November 9, 2005.

To view a full copy of the default in payment status, go to
http://bankrupt.com/misc/MercesHoldingsMBTableAPN1Nov05.xls

This announcement is dated December 9, 2005.

CONTACT:

Merces Holdings Bhd
Malaysia
Phone: 60 3 2072 8100
Fax: 60 3 2072 8101


MERCES HOLDINGS: Court Junks Wind Up Petition
---------------------------------------------
Merces Holdings Berhad issued to Bursa Malaysia Securities
Berhad details of the winding up petition against Merces
Holdings Berhad (Respondent) by ICP Marketing Sdn Bhd
(Petitioner).

The Company refers to the announcement made on July 29, 2005.

The Kuala Lumpur High Court had on November 10, 2005 ordered
that the winding up petition against the Company be withdrawn
with liberty to file afresh and with costs to the respondent.

This announcement is dated 9th December 2005.


PANGLOBAL BERHAD: Won't Pay Dues for December
---------------------------------------------
Panglobal Berhad (PGB) furnished Bursa Malaysia Securities
Berhad details of the MYR467,550,866 nominal value 3.5 percent
five-year Redeemable Convertible Secured Loan Stocks and
MYR197,088,938 Nominal Value 3.5 percent five-year Redeemable
Convertible Unsecured Loan Stocks.

Further to the announcement dated June 9, 2004, the Company
advised the Exchange that PGB will not be remitting the amount
of interest due and payable on December 9, 2005 in respect of
the Loan Stocks pursuant to the terms of the Trust Deed, as a
revised Scheme of Arrangement involving the Scheme Creditors has
been proposed and in the process of seeking requisite approvals.

This announcement is dated December 9, 2005

CONTACT:

Panglobal Bhd
Level 33, Menara Panglobal,
8 Jalan Sultan Ismail,
Kuala Lumpur
Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20319199
Fax: 03-20323977


PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
--------------------------------------------------
Pantai Holdings Berhad advised that its additional 321,000 new
ordinary shares of MYR1.00 each issued as follows:

(i) 17,000 new ordinary shares arising from the conversion of
MYR17,000 Nominal Amount of Irredeemable Convertible Unsecured
Loan Stocks 2002/2007 into 17,000 New Ordinary Shares; and

(ii) 304,000 new ordinary shares pursuant to the Employees'
Share Option Scheme;

will be granted listing and quotation with effect from 9:00
a.m., Tuesday, December 13, 2005.

CONTACT:

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


POS MALAYSIA: Bourse to List, Quote New Shares
----------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 70,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employee' Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Tuesday, December 13, 2005.

CONTACT:

Pos Malaysia & Services Holdings Berhad
189 Jalan Tun Razak
50400 Kuala Lumpur, 50400
Malaysia
Telephone: +60 3 2166 2323 / +60 3 2166 2266


RASHID HUSSAIN: New Shares Up for Listing, Quotation
----------------------------------------------------
Rashid Hussain Berhad advised that its additional 59,800 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR67,574 nominal value of Irredeemable
Convertible Unsecured Loan Stocks-B into 2002/2012 into 59,800
new ordinary shares will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Tuesday, December 13, 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


SETEGAP BERHAD: Court Stretches Restraining Order Until 2006
------------------------------------------------------------
Setegap Berhad had on December 8, 2005 advised Bursa Malaysia
Securities Berhad that the High Court of Malaya, Kuala Lumpur
has granted an extension of the Interim Restraining Order to
February 15, 2006, and has also scheduled Setegap Berhad's
application for a further extension of the Restraining Order
dated March 17, 2005 for hearing on February 15, 2006.

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


SOUTHERN BANK: Receives Refund from Deposit
-------------------------------------------
Southern Bank Berhad (SBB) advised Bursa Malaysia Securities
Berhad that a deposit in the amount of SGD50 million for the
proposed acquisition of Asia General Holdings Limited (AGHL) has
been refunded, with interest.

Under the Deed of Deposit, the deposit was fully refundable
under a number of situations, including rejection of its
application for approval by any regulatory body before December
17, 2005.

In its letter dated December 6, 2005, Bank Negara Malaysia
informed SBB that the proposed acquisition of AGHL has not been
approved.

CONTACT:

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


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

LMG CHEMICALS: Unveils Results of Board, Stockholders Meetings
--------------------------------------------------------------
LMG Chemicals Corp. advised of the following matters that were
taken up in the recently concluded Meeting of the Board of
Directors and the special meeting of the Stockholders' of the
company held Monday, Dec. 12, 2005. The salient matters are as
follows:

I.  Meeting of the Board of Directors

A.  Report of the General Manager on plant operations to include
the on-and-off shutdown of the Sulfuric Acid Plant due to
technical problems.

B.  Approval of a resolution for the adoption of new by-laws to
align the same to the Corporation Code, corporate practice and
to address the concerns/suggestions made by
stockholders/directors.

II. Stockholders' Meeting

A. Ratification of the Board resolution adopting new by-laws to
align the same with the Corporation Code, corporate practice and
to address the concerns/suggestions made by
stockholders/directors.

CONTACT:

LMG Chemicals Corp.
Chemphi Bldg., 1851 Arnaiz Ave.,
Makati City, Philippines
Phone: 818-6228,818-8711


MAKATI MEDICAL: Taps ATR-Kim Eng as Financial Adviser
-----------------------------------------------------
ATK-Kim Eng will start working as financial adviser for the
planned restructuring of Makati Medical Center's debt,
BusinessWorld has learned.

Makati Med President Gabino A. Mendoza confirmed the hospital
management has appointed ATR-Kim Eng to advise the institution
on its debt restructuring and raising of new funds.

Makati Med has been struggling to address its financial
difficulties after it found it had been bleeding huge amounts
for the past three years. Presently, it is talking with
creditors to restructure its Php1.2-billion debt.

While Makati Med has already gotten the commitment of doctors to
infuse a total of Php100 million into the hospital, ATR-Kim Eng
will still be tasked to identify other sources of funds, which
will be used, among others, for the hospital's expansion.

ATR-Kim Eng is currently working on the financial plan for the
hospital.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


MANILA ELECTRIC: SEC Asks PSE to Explain Vitug's Appointment
------------------------------------------------------------
The Philippine Stock Exchange (PSE) is facing a possible
violation of corporate governance rules regarding a recent
appointment at Manila Electric Company (Meralco), BusinessWorld
relates.

The Securities and Exchange Commission (SEC) has asked the PSE
to explain why it allowed its chairman to serve as concurrent
general counsel of Meralco in seeming violation of corporate
governance rules.

The PSE, however, stressed the appointment of retired Justice
Jose Vitug is not against the law since he is only a management
consultant of Meralco.

"Even assuming that he is a general counsel of Meralco, by law,
that does not disqualify him as independent director of the PSE.
It does not make any difference," PSE President Francis Lim
said.

Mr. Lim issued the statement as the corporate regulator told the
PSE to justify the independent directorship of Mr. Vitug before
it meets again with the regulator.

Mr. Vitug was reportedly appointed as general counsel of the
utility firm while sitting as chairman of the PSE and the market
integrity board.

Concerned that Mr. Vitug's relationship with Meralco may send
wrong signals to the business community, particularly to listed
firms, the SEC ordered the PSE to justify its position.

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MANILA ELECTRIC: Sees Narrower Loss This Year
---------------------------------------------
Manila Electric Company (Meralco) expects to end the year with
narrower loss, Dow Jones reports.

The power distributor said it will post a net loss in 2005, but
it may be lower than the Php2.61-billion loss in 2004.

But Meralco President and Chief Operating Officer Jesus
Francisco declined to provide an estimate, noting that the
company has yet to see the impact on its December sales
following higher power rates.

Meralco had earlier reported a net loss of Php243 million in the
nine months to September. In the first three quarters of 2004,
Meralco had a net profit of Php2.2 billion but this was wiped
out by a Php9.8 billion provision made in the fourth quarter due
to possible court rejection of its rate hike.


MAYNILAD WATER: Allowed to Delay Payment of Concession Fees
-----------------------------------------------------------
A regulator has allowed ailing Maynilad Water Services Inc. to
defer payments of its concession obligations until it secures
additional funding for its rehabilitation, BusinessWorld
reveals.

The Metropolitan Waterworks and Sewerage System (MWSS) has
approved a resolution, allowing Maynilad to defer paying fees to
the regulator since the water concessionaire has not yet found a
new investor to infuse much-needed capital for its turnaround
program.

The MWSS mapped out "conditions" that have yet to be approved,
in exchange for the deferred payments.

Maynilad paid its millions of pesos in concession fees from
January to August, but stopped in September. The firm must pay
the regulator around Php8 billion for its concession dues.

Under Maynilad's approved rehabilitation blueprint, the new
investor should be able to put in AU$53 million in capital,
partly to finance projects and settle obligations to creditors.

The plan will see Maynilad paying Php10 billion in debts to
local and foreign banks.

The rehabilitation scheme also provides for the capital
restructuring of Maynilad, and the exit of Lopez-led Benpres
Holdings from the company.

CONTACT:

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


PACIFIC PLANS: SEC Rules Out Fraud Charges
------------------------------------------
The corporate regulator has dismayed planholders after it ruled
out filing a case against Pacific Plans Inc., BusinessWorld
reports.

The Securities and Exchange Commission (SEC) said the commission
en banc decided not to fraud charges as demanded by the Parents
Enabling Parents Coalition (PEPC).

The SEC had accepted the recommendation of its compliance and
enforcement department that there was no need to press criminal
charges against the pre-need firm although it earlier alleged in
its opposition to Pacific Plans' rehabilitation that fraud was
committed when the firm spun off its subsidiary, Lifetime Plans
Inc., without the consent of planholders.

Pacific Plans President Alfredo J. Non said the company
"welcomes the development as announced by the SEC".

But PEPC official, Gina Gomez, expresses dismay over the SEC's
decision.

"That is a slap on our faces. The decision defies everything
said in the beginning and what the SEC stated in its opposition
to Pacific Plans' rehabilitation. What is this now and why the
180-degree turn? What is the SEC saying? And what's the change
of heart all about?" Mr. Gomez said.

The coalition, she added, is growing "skeptical" with both the
court and the SEC taking the side of Pacific Plans.

CONTACT:

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


* Senator Pushes Stricter Rules for Pre-need Firms
--------------------------------------------------
In a bid to toss up the falling pre-need industry, the chairman
of the Senate Committees on Trade and Commerce and Economic
Affairs is pressing for more stringent rules governing pre-need
firms.

The Philippine Star reported that Sen. Manuel Roxas wants pre-
need rules reviewed to avoid financial problems and regulatory
issues, which has now plagued the industry.

Sen. Roxas stressed the need to review the investment portfolio
mix for trust funds to ensure the liquidity and capital growth
of pre-need companies.

He also proposed a law penalizing trustees or officers of pre-
need companies who engage in "self-dealing" to the detriment of
thousands of planholders under their care.

An oversight committee of the Securities and Exchange Commission
(SEC) had attributed the collapse of College Assurance Plans
Inc. (CAP) to the alleged self-dealing of its controlling owners
and officers.

Sen. Roxas also reiterated the creation of a planholders
protection fund. Under his proposed measure, affected
planholders may claim up to Php100,000 each from the fund which
shall pay all claims within six months of filing.

The proposed bill also requires pre-need firms to contribute an
initial Php1 million each to the fund. A contribution then of
one-half of one percent of total payments made on existing plans
shall be remitted quarterly to the fund. Any income generated by
the fund shall remain with the fund.

Pre-need plans are contracts which provide for the performance
of future services or the payment of future monetary
considerations at the time of actual need for which planholders
pay in cash or installment at stated prices, with or without
interest or insurance coverage and includes life, pension,
education, and interment.


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

CITIRAYA INDUSTRIES: Former Manager Jailed for Corruption
---------------------------------------------------------
The former assistant general manager of Citiraya Industries
Limited was sentenced to 8 years in prison for corruption and
falsifying documents, reports Channel NewsAsia.

Mr. Ng Teck Boon pled guilty to 24 counts of corruption and
falsifying Company accounts. His lawyers stated that they were
not isntructed to appeal the verdict, and did not expect to do
so anytime soon.

When the court handed down its sentence, it acknowledged that
Mr. Ng was not the mastermind of the scam to divert chips that
were meant for recycling. But it held that Mr. Ng's cooperation
was crucial in making the scam work.

Mr. Ng paid SGD1.82 million in bribes to employees of Citiraya's
clients to divert 62 shipments of disposed microchips to be sold
on the international black market, and he falsified Company
accounts in order to cover up the profits from the operation.

Mr. Ng had aruged that he was only following orders from his
brother, former Citiraya CEO Ng Teck Lee, who is still at large.

However, the prosecution argued that an abettor is liable for
his actions as much as a principal offender, and the court
upheld that Mr. Ng was the link that led to the operation's
success.

The court considered the scale of the conspiracy when it handed
down its sentence, and siad that Citiraya Industries was
involved in the scam.

CONTACT:

Citiraya Industries Limited
65 Tech Park Crescent
Singapore 637787
Phone: 65 62644338
Fax:   65 62666731
Web site: http://www.citiraya.com/


CREATIVE TECHNOLOGY: Launches New MPR Player
--------------------------------------------
Creative Technology Limited, a worldwide leader in digital
entertainment products and the number one manufacturer of MP3
players with music subscription support, had on Dec. 8, 2005
introduced the Zen Vision:M, Creative's premier 30GB video
player, photo viewer and MP3 player.

Designed with a stunning, 2.5-inch, highresolution 262,144 color
LCD screen, the Zen Vision:M displays rich, vibrant digital
video, and photos, full-color menus and album art. The Zen
Vision:M will be available in gorgeous highgloss black, white,
blue, green or pink this month for USD329.99 at
www.asia.creative.com.

To view the Company's press release, go to:

http://bankrupt.com/misc/tcrap_creativetechnology121505.pdf

CONTACT:

Creative Technology Limited
Phone: 65 6895 4100
Web site: http://www.creative.com


HAILONG MARITIME: Receiving Claims Until Jan. 3
-----------------------------------------------
Notice is hereby given that the creditors of Hailong Maritime
Pte Limited, which is being voluntarily wound up, are required
on or before Jan. 3, 2006 to send in their names and addresses,
with particulars of their debts and claims, and the names and
addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from the said
liquidator, are personally or by their solicitors, to come in
and prove their said debts or claims at such time and place as
shall be specified in such notice; in default thereof, they will
be excluded from the benefit of any distribution made before
such debts are proven.

Dated this 1st December 2005

Chua Keng Khng
Liquidator
89 Short Street
#08-11 Golden Wall Centre
Singapore 188216


INET WORLDWIDE: Placed Under Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that the creditors of Inet Worldwide
Telecommunications Pte Limited, which is being wound up
voluntarily, are required, on or before Jan. 8, 2006 to send in
their names and addresses, with particulars of their debts and
claims, and the names and addresses of their solicitors (if any)
to the Company Liquidators, and, if so required by written
notice from the said liquidators, are, personally or by their
solicitors, to come in, and prove their said debts or claims at
such time and place as shall be specified in such notice; in
default thereof, they will be excluded from the benefit of any
distribution made before such debts are proven.

Dated this 9th day of December 2005

Low Sok Lee Mona
Teo Chai Choo
Liquidators
C/o Low, Yap & Associates
4 Shenton Way
#04-01 SGX Centre 2
Singapore 068807


KH HARDWARE: Court Issues Winding Up Order
------------------------------------------
In the matter of KH Hardware Pte Limited, the Singapore High
Court issued a winding up order against the Company on Dec. 2,
2005, with the following details:

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05/#06-11
Singapore 069118

Dated this 2nd day of December 2005

Bih Li & Lee
Solicitors for the Petitioner

Note:

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

(2) All debts due to the Company should be forwarded to the
liquidator.


MUN SIONG: Asks Creditors to Submit Proofs of Debt
--------------------------------------------------
Notice is hereby given that the creditors of Mun Siong Shipyard
Pte Limited, which is being voluntarily wound up, are required
on or before Jan. 4, 2006 to send in their names and addresses
with particulars of their debts and claims and the names and
addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from
the said Liquidator, are by their solicitors or personally to
come in and prove their debts and 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 and claims are proven.

Dated: Dec. 2, 2005

Wee Hui Pheng
Liquidator
c/o Messrs Wee Seng Tiong & Co.
1 Coleman Street, #06-10 The Adelphi
Singapore 179803


WEE POH: Issues New Shares to Two Firms
---------------------------------------
Wee Poh Holdings Limited announced that on Dec. 14, 2005, the
Company entered into two deeds of settlement with K C Yin & Co.
and Yeo Wee Kiong Law Corporation.

The Company had previously engaged K C Yin & Co. and Yeo Wee
Kiong Law Corporation for professional services in relation to
the scheme of arrangement proposed by its wholly owned
subsidiary, Wee Poh Construction Co. (Pte.) Limited, and as at
the date of signing of the Deeds of Settlement, the Company owed
SGD178,750 to K C Yin & Co., and SGD41,250 to Yeo Wee Kiong Law
Corporation.

Pursuant to the Deeds of Settlement, 18,074,000 new ordinary
shares of SGD0.005 each in the Company's capital and 4,171,000
new shares, after rounding up to avoid odd-lots, will be
allotted and issued to K C Yin & Co. and Yeo Wee Kiong Law
Corporation at an issue price of SGDo.00989 each as full and
final settlement of the Professional Fees. The Issue
Price represents a premium of 90.19% to the volume-weighted
average traded price of the Shares of SGD0.0052 on Dec. 13, 2005
(being the full market day preceding the day on which the Deeds
of Settlement were signed).

Based on the Company's issued share capital at present, the
Settlement Shares, when issued, will represent 0.13% of its
share capital.

The Settlement Shares will be issued and allotted pursuant to
the general mandate granted by Company shareholders to its
directors, at an annual general meeting held on Oct. 21, 2005.

The Company will file an application to the Singapore Exchange &
Securities Trading Limited (SGX-ST) for the listing and
quotation of the Settlement Shares on the SGX-ST Dealing and
Automated Quotation System.

None of the directors or the substantial shareholders of the
Company has any interest, direct or indirect, in the
transaction, other than through their shareholdings in the
Company.

By Order of the Board

Dec. 14, 2005

CONTACT:

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


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

DATAMAT: Receives Financial Support from Super Block
----------------------------------------------------
Datamat Public Co. Ltd. (DTM) submitted to the Stock Exchange of
Thailand (SET) an additional explanation regarding the financial
support received from Super block Public Co., Ltd. (SUPER).

The details of the agreement pertaining to the joint management
and joint venture

DTM and SUPER have already entered into the said agreement dated
November 25, 2005 in order that DTM will receive the following
financial support from SUPER:

(1) Core Banking System awarded from Government Housing Bank
(GHB) with project value of THB453 million for approximate
period commencing from January 2006 until February 2007 whereby
DTM will be responsible for the equipment, technical support
(Know how), technician to fully complete the project and SUPER
will provide financial support approximately THB300 million as
follows:

- The credit line of L/C for ordering the systems of Computer
  Software and Implement from Infosys (the Vendor) approximately
  USD4,730,000 provided that Infosys will issue Bank Guarantee
  to secure the performance provided to GHB.

- The credit line of L/G to secure the warranty period in part
  of the installation of Hardware to GHB approximately 14
  million whereby DTM's supplier will provide L/G to double
  guarantee the said L/G in the amount of THB10 million.

- The credit line of DL/C for ordering Hardware (Computer
  System) in the amount of THB46 million.

-  The credit line of DL/C for ordering Computer Software and
   Implement in the amount of THB32 million.

The progress of the project

-  The sale and purchase agreement with contract price at
   THB329.24 million that did not deliver the product yet.

-  The implement and development of Core Banking System with
   contract price at THB123.80 million

Milestone 1 was completed by December 2004 as equivalent to be
20 percent of total scope of work with value at THB24.76
million.

Milestone 2 as at March 31, 2005, the work was completed as
equivalent to be 21.73 percent of total scope of work with value
at THB26.90 million.

The terms of payment as paid by GHB

The sale and purchase agreement will be paid when the delivery
of Hardware and Software.

The implement and development of Core Banking System will be
paid at 5 installment under the percentage of completed work.

(2) ASMS Project awarded from Nation Telecommunication
Commission (NTC) with the project value of THB122.76 million for
approximate period commencing from October 2004 until September
2006 in which DTM has entered into the agreement with NTC on
September 30, 2004.

In this respect, the scope of work has been partially
undertaken, DTM will be responsible for the equipment, technical
support (Know how), technician to fully complete the project and
SUPER will provide the supported finance approximately 50
million as follows:

- The credit line of L/C for order Computer Software and
  Implement from Spectrocan Solutions, a division of LS Telecom
  Ltd. as the vendor in the amount of THB50 million whereby
  Spectrocan Solutions, a division of LS Telecom Ltd. has the
  right to withdraw L/C from the financial institute under the
  terms and condition specified therein.

The progress of project, the work will be 4 milestones in which
the first milestone was completed at 17 percent of total scope
of work that the remained 2-4 milestones will be paid under the
percentage of done work.

Once SUPER would be granted the credit line from the financial
institute whereby DTM and SUPER shall be jointly liable for
repayment on the acceptance test. In this respect, DTM and SUPER
will assign the right to receive the payment to the related
financial institute provided that the balance amount will be
proportional for the benefit of sharing, at the ratio of 50:50.

The advantage for the above transaction will be that DTM can
fully execute the projects upon due time and have cash flow to
manage the business further.

Hence, DTM and SUPER and GHB have entered into the agreement for
Core Banking System Project dated December 7, 2005.

Please kindly be informed accordingly.
Sincerely yours,
Bhana Swasdibutara
Chief Executive Officer

CONTACT:

Datamat Public Company Limited
Asoke Towers, Floor 17, 18 And 19,
219 Soi Asoke (Sukhumvit 21),
Sukhumvit Road, Klongtoey Nua,
Watthana Bangkok
Telephone: 0-2310-5111
Fax: 0-2319-8208
Web site: http://www.datamat.co.th


THAI PETROCHEMICAL: SET Allows Listing of Securities
----------------------------------------------------
The Stock Exchange of Thailand (SET) allowed the securities of
Thai Petrochemical Industry Public Company Limited (TPI) to be
traded on the SET starting December 19, 2005.

The SET allowed TPI's securities to be listed securities on
December 15, 2005 after finishing capital increase procedures
and distributing shares to existing shareholders processed by
the Distribution Agent for existing shareholders.

Name: TPI

Issued and Paid up Capital

Old: THB7,848,911,211 (7,848,911,211 common shares)

New: THB19,500,000,000 (19,500,000,000 common shares)

Par value: THB1 per share

Allocate to:

(1) The existing shareholders* 3,900,000,000 common shares
subscription ratio 1 existing share: 2 newly issued shares

(2) The strategic investors 7,751,088,789 common shares **
as follows:

PTT Public Company Limited -3,970,069,869 common shares

Government Pension Fund- 1,260,339,640 common shares

Government Savings Bank -1,260,339,640 common shares

Wayupuk Mutual Fund One- 1,260,339,640 common shares

Offering Price: THB3.30 per share

Subscription Date:

Existing shareholders: November 30, to December 7, 2005

Payment Date:

The strategic investors: December 13, 2005

Note:

*the existing shareholders entitled to subscribe for purchase
the newly issued shares from Distribution Agent for existing
shareholders (consisting of Asia Plus Securities Plc. Finanza
Securities Co. Ltd. National Securities Plc. and Trinity
Securities Co. Ltd.

** TPI share sale and purchase Agreement 's lock up condition:
strategic investors shall not sell the shares within 24 months
since the completion of sale and purchase of shares
(December 14, 2005 to December 13, 2007)

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


THAI PETROCHEMICAL: Inks Shares Sale, Purchase Agreement
--------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. issued a notice with
reference to its letter dated June 1, 2005 concerning the
signing of TPI shares Sale and Purchase Agreement and the
summary of the mentioned agreement.

The company advised that on December 13, 2005, the Company, the
strategic investors, the distribution agents for the existing
shareholders and the distribution agent for the scheme creditors
signed the Amendment of TPI Share Sale and Purchase agreement as
follow.

(1) There is no lock-up condition for the Distribution Agents
for the Existing Shareholders.

(2) The Strategic investors and the Distribution Agents for the
Scheme Creditors shall not sell the shares within 24 months
since the completion of sale and purchase of shares (December
14, 2005 to December 13, 2007) except for the transfer of the
shares between the parties in the group of the Strategic
Investor and the distribution of the shares from the
Distribution Agents for the Scheme Creditors to each creditor.

Your acknowledgement of the above mentioned matter is highly
appreciated.

Yours Sincerely,
Suwit Nivartvong
The Plan Administrator for
Thai Petrochemical Industry Pcl




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

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


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

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

MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------

Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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




                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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                 *** End of Transmission ***