TCRAP_Public/051219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, December 19, 2005, Vol. 8, No. 250

                            Headlines

A U S T R A L I A

ART EFFECTS: Members Opt for Voluntary Liquidation
BRUNOL INVESTMENTS: Members Resolve to Wind Up Business
CARLTON STUDIO: Enters Voluntary Liquidation
CLOUGH LIMITED: JV Wins NWS Venture Jetty Expansion Contract
CONCEPT SPORTS: Federal Court Overturns Primary Judge Decision

DINAGAT PTY: Schedules Final Meeting Dec. 30
DINING DOWNUNDER: Court Issues Winding Up Order
E&H STEEL: Creditors Confirm Liquidator's Appointment
EXGMAN PTY: Members Pass Winding Up Resolution
FUPS PTY: To Pay Dividend Dec. 19

HITACHI METALS: Liquidator to Explain Winding Up to Members
JAMES HARDIE: Continues to Battle with AFO
J&J MECHANICAL: Intends to Distribute Final Dividend
MACDOUGALL PTY: Members Pass Winding Up Resolution
MINGDA PTY: Members, Creditors to Discuss Liquidator's Report

MULTIPLEX: JV Named Preferred Bidder for Long Bay Contract
MYER LIMITED: Bidding Intensifies Ahead of Deadline
NORTH AUSTRALIAN: Wind Up Process Initiated
PACIFIC SHEEPSKINS: Declares Dividend Today
PACIFIC TRANSPORTABLES: Liquidator to Distribute Company Assets

PRAMAX PTY: Winds Up Operations
ROOMHAVEN PTY: Placed Under Voluntary Liquidation
S.J. TURBULL: Court Appoints Official Liquidator
TLAII INVESTMENTS: Decides to Close Business
TOTAL QUALITY: Former Director Charged with Fraud

WATALAN PTY: Members to Meet Dec. 27 for Wind Up Report
WESTPOINT GROUP: Investors' Fates Remain Unknown


C H I N A  &  H O N G  K O N G

CHINA MARINA: Winding Up Hearing Set Dec. 1
CHINA MEDICAL: Q1/2005 Net Loss Falls to HK$1.4 Mln
DAIMLERCHRYSLER AG: Worldwide Sales Up 1.2% in November
FILA MARKETING: Issues Debt Claim Notice
IMERCHANTS LIMITED: Gets Order Confirming Cap Reduction

INTCERA HIGH: May be Delisted in Six Months
J.M. APPAREL: Creditors Must Prove Claims by Jan. 26
KOREA FIRST: Creditors Meeting Fixed Jan. 9
LOGON ENGINEERING: Court Issues Winding Up Order
RITZ KNITWEAR: Issues Notice to Creditors to Prove Debts

SATERI INTERNATIONAL: Moody's Withdraws (P)Ba3 Ratings
TAM'S DECORATION: Winding Up Petition Slated for Jan. 18
WORLD CARNIVAL: Begins Winding Up Process


I N D I A

FOOD CORPORATION: Government Junks Bid to Scrap Firm
RAP MEDIA: To Convene EGM Jan. 11
THOMAS COOK: Journey Continues on a Positive Note
THOMAS COOK: Board Recommends 37.5% Dividend
VEDANT HOTELS: Wants to Raise Funds for Aurangabad Property


I N D O N E S I A

ANEKA TAMBANG: Moody's Upgrades B1 Currency Rating
DIRGANTARA INDONESIA: Former President to Revive Operations
EXCELCOMINDO PRATAMA: Gets Ba2 Currency Rating from Moody's
PERUSAHAAN LISTRIK: To Open 11 Plants Outside Java by Year's End
PERTAMINA: Buys 800,000 Barrels of Fuel for Export


J A P A N

HITACHI LIMITED: Signs Corporate Split Deal with Hitachi Plant
HITACHI LIMITED: Promotes New Chairman, CEO
HITACHI LIMITED: Owns Entire Stake in Hitachi Mobile
HITACHI LIMITED: Approves Director Candidates for Hitachi Plant
JAPAN AIRLINES: Signs Partnership Agreement With Yahoo

KAJIMA CORPORATION: To Dissolve Subsidiaries


K O R E A

INCHON OIL: SK Corp. Signs Final Contract
* Fitch Says Weak Corporate Governance in Korea Prevails


M A L A Y S I A

AFFIN HOLDINGS: Unit Accepts Offer from Boustead Holdings
AMTEK HOLDINGS: Shareholders OK Proposed Revision
AMTEK HOLDINGS: Unveils Resolution Passed at AGM
ANTAH HOLDING: Fails to Submit Annual Audited Accounts
JOHAN HOLDINGS: Bourse Resumes Trading of Securities

JOHAN HOLDINGS: Unit Inks SSA with Sytner Group
MAGNUM CORPORATION: Bourse Lists, Quotes New Shares
MTD CAPITAL: Issues New Shares for Listing, Quotation
MULTI-USAGE HOLDINGS: OCBC Accepts Scheme
PAN MALAYSIA: Buys Back 10,000 Shares

PANTAI HOLDINGS: New Shares up for Listing, Quotation
PILECON ENGINEERING: Court to Hear Petition Jan. 12
POH KONG: Seeks Shareholders Approval to Renew Mandate
RHB CAPITAL: To Transfer RHB Delta's Business to RHB Bank
SOUTHERN BANK: Resolutions at EGM 1 Duly Passed

UNITED CHEMICAL: Still No Changes in Default Status


P H I L I P P I N E S

ABS-CBN BROADCASTING: Assistant Corporate Secretary Resigns
ABS-CBN BROADCASTING: Clarifies Report on Profit Dive
COLLEGE ASSURANCE: Congress Asks SEC to Restore License
GLOBAL EQUITIES: In Debt Restructuring Talks with Banks
MUSIC SEMICONDUCTORS: Board OKs Appointment of Internal Auditor

NATIONAL POWER: Connects Coal-fired Power Plant to Mindanao Grid
UNIOIL RESOURCES: Unveils ASM Results


S I N G A P O R E

DEBTDOMAIN PTE: Court Issues Winding Up Order
DIGILAND INTERNATIONAL: Clarifies Report on Foreign Units
LIANG HUAT: Seeks Approval of Proposed Scheme of Arrangement
LINDETEVES-JACOBERG: Proposes Capital Reduction to Cut Losses
SINEXIMCO PTE: Intends to Declare Interim Dividend


T H A I L A N D

BANGKOK STEEL: Court Reschedules Hearing to Dec. 23
THAI PETROCHEMICAL: Unveils New Value of Paid-Up Capital
THAI PETROCHEMICAL: Notifies SET of Share Allotment

     -  -  -  -  -  -  -  -

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

ART EFFECTS: Members Opt for Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Art Effects Solutions Pty Limited held on Nov.
25, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Daniel I. Cvitanovic, Chartered Accountant
of Level 1, 121-123 Crown Street, Wollongong NSW 2500 was
appointed as Liquidator at a creditors' meeting held that same
day.

Dated this 25th day of November 2005

Daniel I. Cvitanovic
Liquidator
Chartered Accountant
Level 1, 121-123 Crown Street
Wollongong NSW 2500


BRUNOL INVESTMENTS: Members Resolve to Wind Up Business
-------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Brunol Investments Pty Limited held on Nov. 18, 2005, it was
resolved that the Company be wound up voluntarily, and that
Gregory Stuart Andrews of G. S. Andrews & Associates, 22
Drummond Street, Carlton 3053 be appointed as Liquidator for
such 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


CARLTON STUDIO: Enters Voluntary Liquidation
--------------------------------------------
Notice is hereby given that at a general meeting of Carlton
Studio Pty Limited held on Nov. 28, 2005, it was resolved that
the Company be wound up voluntarily as a Members' Voluntary
Winding up and that for such a purpose, Mr. Stephen French be
appointed as Liquidator.

Dated this 28th day of November 2005

Stephen French
Liquidator
First Floor, 15-17 Forest Road
Hurstville NSW 2220


CLOUGH LIMITED: JV Wins NWS Venture Jetty Expansion Contract
------------------------------------------------------------
Clough Limited and joint venture partner Interbeton bv have
received a letter of intent from Woodside Energy Limited,
operator of the North West Shelf Venture to construct a second
LNG loading berth at its Karratha onshore gas plant in the
Pilbara region of Western Wustralia.

The jetty extension contract, which is worth about AU$100
million, is part of the Venture's phase V LNG expansion project.

The jetty project will be undertaken by an equal joint venture
between Clough and Netherlands-based Interbeton, part of the
Royal BAM Group, one of Europe's largest construction groups.
The joint venture continues a 40-year partnership between Clough
and Interbeton, which has included the construction of the
original condensate dolphin berth and LNG loadout jetty for the
NWS Venture in the 1980s.

David Singleton, CEO and Managing Director of Clough Limited
said, "We have had a long and successful history with
Interbeton, one which we are keen to develop further.

"Clough believes that the agreed contracting strategy will
deliver this project to the benefit of all stakeholders,
considering the heated construction market in Australia and
globally right now," Mr. Singleton said.

The 15-month jetty contract is due to expire in 2007. The
project team is currently mobilizing in Perth. All construction
activities will be performed from the Interbeton supplied IB909
jack up barge. The IB909 is currently being mobilized from
Europe and will be in Dampier by late February 2006.

Located at Withnell Bay near Dampier in Western Australia, the
extension to the existing marine terminal will provide an
additional new berth for LNG tankers with capacities of up to
145,000 cubic meters.

CONTACT:

Clough Limited
Head Office &
Principal Registered Office
Level 6, 251 St Georges Terrace
Perth, Western Australia 6000
Telephone: +618 9281 9281
Facsimile: +618 9481 6699
E-mail: clough@clough.com.au
Web site: http://www.clough.com.au/


CONCEPT SPORTS: Federal Court Overturns Primary Judge Decision
--------------------------------------------------------------
The Full Federal Court of Australia on Friday delivered judgment
overturning a decision of the primary judge in Cadence Asset
Management Pty Ltd v Concept Sports Limited which had held that
shareholders who had subscribed for shares offered in a
prospectus could not sue the company to recover damages for
misleading or deceptive statements in the prospectus unless the
shareholders had first renounced their shares.

ASIC intervened in the appeal to the Full Federal Court arguing
that the lower court's decision misconstrued the effect and
application of s 729(1) of the Corporations Act 2001, which in
ASIC's view permitted shareholders to sue for such loss without
first having to renounce their shares.

The Full Federal Court agreed with ASIC's submissions and ruled,
'the legislature has made clear its intention that a subscribing
shareholder is entitled to recover damages under s 729(1)
against a company issuing a prospectus, provided that the
statutory conditions set out in the section . are satisfied'.

Mr. Jeremy Cooper, Deputy Chairman of ASIC, welcomed the Court's
decision stating, 'The Full Court's decision today confirms
shareholders have access to a remedy ASIC always believed was
available to them but which was put in doubt by the earlier
court's judgment'.

Background

Cadence Asset Management Pty Ltd (Cadence Asset Management),
through a trustee, subscribed for shares in Concept Sports
Limited (Concept Sports) which were offered at an issue price of
50 cents per share through a prospectus dated 18 May 2004.
Cadence Asset Management then sold those shares in September
2004 to a third party at an average price of 11.5 cents per
share.

Cadence Asset Management subsequently bought an action in the
Federal Court against Concept Sports, which included,
relevantly, claims alleging the prospectus contained various
express and implied representations which were misleading or
deceptive or false. Cadence Asset Management sought to recover
damages under s729 of the Corporations Act for loss alleged to
have been incurred as a result of those representations.

On 14 September 2005, prior to the hearing of the action and
pursuant to an application by Concept Sports, a single judge of
the Federal Court dismissed that part of the proceeding that
related to a claim for relief pursuant to s 729 of the
Corporations Act. Cadence Asset Management appealed that
decision to the Full Federal Court.

ASIC intervened in the appeal initiated by Cadence after
initially seeking to appear as amicus curiae.


DINAGAT PTY: Schedules Final Meeting Dec. 30
--------------------------------------------
Notice is given that the final meeting of the members of Dinagat
Pty Limited will be held on Dec. 30, 2005, 10:00 a.m. at the
office of Bernard H. Brinsmead, Accountant & Tax Agent, 4
Wirreanda Close Warrawee NSW 2074, for the following purposes:

AGENDA

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

Dated this 18th day of November 2005

Bernard H. Brinsmead
Liquidator
PO Box 187, Turramurra NSW 2074


DINING DOWNUNDER: Court Issues Winding Up Order
-----------------------------------------------
On Nov. 28, 2005, the Supreme Court of New South Wales ordered
the winding up of Dining Downunder Pty Limited, and appointed
Mr. Joseph Sleiman to be the Company Liquidator.

Joseph Sleiman
Liquidator
Sleiman & Co.
Level 8, 65 York Street
Sydney NSW 2000


E&H STEEL: Creditors Confirm Liquidator's Appointment
-----------------------------------------------------
Notice is hereby given that at a general meeting of the members
of E&H Steel Engineering Pty Limited held on Nov. 23, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and Mr. M. F. Cooper was appointed as Liquidator for
such purpose.

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

Dated this 23rd day of November 2005

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


EXGMAN PTY: Members Pass Winding Up Resolution
----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Exgman Pty Limited held on Nov. 22, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr.
Christopher Wykes of Level 7, 1 Margaret Street, Sydney NSW 2000
be nominated to act as Liquidator for the winding up.

Dated this 5th day of December 2005

Christopher Wykes
Liquidator
Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000


FUPS PTY: To Pay Dividend Dec. 19
---------------------------------
FUPS Pty Limited will declare a first and final dividend on Dec.
19, 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 October 2005

Paul D. Sweeney
Terry G. Van der Velde
Joint Liquidators
C/o SV Partners Pty Limited
Insolvency Accountants and Risk Managers
Web site: http://www.svpartners.com.au


HITACHI METALS: Liquidator to Explain Winding Up to Members
-----------------------------------------------------------
Notice is given that the final meeting of the members of Hitachi
Metals Australia Pty Limited will be held on Dec. 30, 2005,
10:00 a.m. at Suite 104, 11 Spring Street, Chatswood, NSW 2067,
for the following purposes:

AGENDA

To receive the Liquidator's account showing the manner of the
winding up of the Company and the disposal of its property, and
to give any explanation of the account.

Dated this 18th day of November 2005

A. M. Wesley
Liquidator
Suite 104, 11 Spring Street
Chatswood NSW 2067


JAMES HARDIE: Continues to Battle with AFO
------------------------------------------
James Hardie announced it is continuing discussions with the
Federal Treasury to obtain full tax deductibility of the
proposed voluntary contributions it will make to the Special
Purpose Fund (SPF). The Company is also seeking to obtain tax-
exempt status for the SPF.

These initiatives form part of the arrangement to implement the
Final Funding Agreement signed by James Hardie and the New South
Wales Government on Dec. 1, 2005.

The announcement follows James Hardie's receipt of a ruling from
the Australian Taxation Office (ATO), which confirmed that under
current federal income tax legislation, contributions by James
Hardie to the SPF would not be deductible.

All parties to the Heads of Agreement (NSW Government, ACTU,
Unions NSW, asbestos support groups represented by Bernie
Banton, and James Hardie) agreed that tax deductibility was
critical to the affordability of the long-term voluntary funding
proposal.

James Hardie sought a private ruling from the ATO as one of a
number of initiatives being pursued to obtain full tax
deductibility of the proposed voluntary contributions to the
SPF.

Louis Gries, James Hardie CEO said, "James Hardie remains
committed to a long-term compensation arrangement for Australian
personal injury claimants and will continue discussions with the
Federal Treasury and the ATO to pursue all options to satisfy
the tax conditions precedent. At this stage it is inappropriate
to talk about those options."

James Hardie understands that other Australian companies who
make compensation payments to asbestos claimants in relation to
their prior asbestos manufacturing or production activities are
entitled to tax deductions.

CONTACT:

James Hardie Industries NV

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

Media Inquiries:

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


J&J MECHANICAL: Intends to Distribute Final Dividend
----------------------------------------------------
J&J Mechanical Truck Repairs Pty Limited will declare a first
and final dividend today, Dec. 19, 2005.

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

Dated this 27th day of October 2005

Antony de Vries
Liquidator
de Vries Tayeh
PO Box 218, Parramatta NSW 2124


MACDOUGALL PTY: Members Pass Winding Up Resolution
--------------------------------------------------
At a meeting of the creditors of Macdougall 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


MINGDA PTY: Members, Creditors to Discuss Liquidator's Report
-------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Mingda (Australia) Pty Limited will be held on Dec.
30, 2005, 10:00 a.m. at Ngan & Co., Level 5, 49 Market Street,
Sydney NSW 2000, for the following purposes:

AGENDA

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

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

Dated this 29th day of November 2005

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


MULTIPLEX: JV Named Preferred Bidder for Long Bay Contract
----------------------------------------------------------
Multiplex Group and Babcock & Brown were named preferred bidder
for a contract to design, construct and facilities manage two
hospitals at Long Bay Prison in New South Wales through their
joint venture vehicle, PPP Solutions.

The venture, in which Multiplex Group and Babcock & Brown hold
equal equity interests, involves the design and construction of
a prison hospital and a forensic hospital, with works valued at
approximately AU$130 million. As part of the PPP arrangement,
the partners will also operate the facilities for a 28-year
period, with Honeywell and Compass to provide the required
services.

The project will comprise numerous buildings with 220 beds and
completion is expected in early 2008.

The project is being managed by the New South Wales Department
of Health, as procuring agency for the Project, on behalf of
itself, Health Administration Corporation, Justice Health, the
New South Wales Department of Corrective Services and the New
South Wales Treasury.

PPP Solutions was formed to focus on developing, owning and
managing infrastructure projects throughout Australia.

Multiplex Group stapled securities trade on the Australian Stock
Exchange under the symbol "MXG".

CONTACT:

Multiplex Group
Level 4, 1 Kent Street,
SYDNEY, NSW, AUSTRALIA, 2000
Telephone: (02) 9256 5000
Fax: (02) 9256 5001
Web site: http://www.multiplex.com.au


MYER LIMITED: Bidding Intensifies Ahead of Deadline
---------------------------------------------------
The shortlist of bidders for Myer Limited department stores is
getting longer, according to the Sydney Morning Herald.

Ironbridge Capital has recently joined possible Myer buyers
Harvey Norman, Edgars Consolidated, Newbridge Capital and Myer
family, CVC Asia-Pacific, and Capital and the Carlyle Group.

Ironbridge is back in contention after teaming up with two other
private equity groups ahead of presentations today by Myer
Managing Director Dawn Robertson.

Ironbridge had put in a joint bid with Archer Capital in the
first round of bidding, but Archer Capital withdrew from the
process following revelations that one of the partners is
married to a Coles Myer director.

It has re-emerged as a bidder in a consortium with the Carlyle
Group and JPMorgan Capital. Ironbridge's bid is also backed by
GIC Special Investments, the Singapore Government's private
equity investment arm.

The indicative bids from the first round are believed to have
hit AU$800 million. They were made without any detailed
financial information or a briefing on the status of leases with
the various landlords of the 61 stores, including shopping
center giant Westfield, which controls leases on more than 20 of
the outlets.

The Coles Myer board, which will not make a final decision on
the sale until it receives final bids in early February, is
believed to be looking for a price between AU$900 million and
AU$1 billion.

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


NORTH AUSTRALIAN: Wind Up Process Initiated
-------------------------------------------
Notice is hereby given that at a general meeting of the members
of North Australian Glass Pty Limited held on Nov. 24, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and Mr. Geoffrey Donald Finch was appointed as
Liquidator for the winding up.

Dated this 24th day of November 2005

Geoffrey D. Finch
Liquidator
KPMG
18 Smith Street, Darwin NT 0800


PACIFIC SHEEPSKINS: Declares Dividend Today
-------------------------------------------
Pacific Sheepskins Pty Limited will declare a first and final
dividend today, Dec. 19, 2005.

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

Dated this 22nd day of November 2005

D. I. Mansfield
Liquidator
Moore Stephens
Level 6, 460 Church Street
Parramatta NSW 2150


PACIFIC TRANSPORTABLES: Liquidator to Distribute Company Assets
---------------------------------------------------------------
Notice is hereby given that at a general meeting of Pacific
Transportables Pty Limited held on Nov. 3, 2005, the following
resolutions were proposed and passed:

SPECIAL RESOLUTIONS:

That the Company be wound up voluntarily.

That the Liquidator be and is hereby authorized to distribute
the Company assets.

ORDINARY RESOLUTION:

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

Dated this 3rd day of November 2005

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


PRAMAX PTY: Winds Up Operations
-------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Pramax Pty Limited held on Nov. 22, 2005, it
was resolved that the Company be wound up voluntarily, and that
Messrs. Morgan Chubb & David Morgan of Clout & Associates, Level
1, 144-148 West High Street, Coffs Harbour NSW 2450 be appointed
as Joint & Several Liquidators for such purpose.

Dated this 25th day of November 2005

Morgan Chubb
D. M. Morgan
Joint Liquidators
Clout & Associates
Level 1, 144-148 West High Street
Coffs Harbour NSW 2450
Phone: 02 6652 3288
Fax:   02 6651 9393


ROOMHAVEN PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
Notice is hereby given that on Nov. 23, 2005, a Special
Resolution was passed to voluntarily wind up Roomhaven Pty
Limited.

Company creditors appointed Mr. John William Cunningham and Mr.
John Richard Park of Ramsay Clout, Suite 2, 63 The Esplanade,
Cotton Tree as Joint and Several Liquidators for the wind up.

Dated this 23rd day of November 2005

John W. Cunningham
John R. Park
Joint Liquidators
Ramsay Clout
Suite 2, 63 The Esplanade
Cotton Tree


S.J. TURBULL: Court Appoints Official Liquidator
------------------------------------------------
On Nov. 22, 2005, the Supreme Court of New South Wales appointed
Mr. Christopher J. Palmer to be the Official Liquidator in the
winding up of S.J. Turbull Constructions Pty Limited.

Dated this 6th day of December 2005

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


TLAII INVESTMENTS: Decides to Close Business
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Tlaii Investments Pty Limited held on Nov. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
John Park and Ms. Lorraine Smith of KordaMentha (Qld), 22 Market
Street, Brisbane be appointed to act as Liquidators for the
winding up.

Dated this 2nd day of December 2005

John Park
Lorraine Smith
Liquidators
Kordamentha (Qld)
22 Market Street, Brisbane


TOTAL QUALITY: Former Director Charged with Fraud
-------------------------------------------------
Mr. Robin Bruce Dornauf, of Launceston in Tasmania, on Friday
appeared in the Hobart Magistrates' Court on fraud charges,
following an ASIC investigation.

ASIC alleges that, between June 21, 2002 and July 12, 2002, Mr.
Dornauf was knowingly concerned in Total Quality Milk Pty Ltd
(TQM), a company of which he was a director, making three false
representations to the National Australia Bank Limited (NAB).
The representations related to the presentation of invoices,
claiming that various quantities of milk had been delivered and
accepted by a customer of TQM. The total amount involved was
$917,180.96.

TQM, a milk broker, went into voluntary administration on August
12, 2002 and was put into liquidation by its creditors on 6
September 2002.

Mr. Dornauf did not enter a plea and was directed to next appear
on March 15, 2006.

The Director of Public Prosecutions is prosecuting the matter.


WATALAN PTY: Members to Meet Dec. 27 for Wind Up Report
-------------------------------------------------------
Notice is hereby given that the final meeting of the members of
Watalan Pty Limited will be held on Dec. 27, 2005, 7:00 p.m. at
129 Wallace Road, Wantirna South, Victoria, to present the
Liquidator's final account and report, and to give any
explanation thereof.

Dated this 4th day of November 2005

Andreas Faulwetter
Liquidator
5 Valonia Drive, Eltham Vic 3095


WESTPOINT GROUP: Investors' Fates Remain Unknown
------------------------------------------------
Investors of the failed Westpoint Group will have to wait until
the new year to find out whether they can recover their
investments, The West Australian says.

The investors, owed millions of dollars, will wait longer amid
evidence new money was tipped into its troubled mezzanine debt
schemes as recently as three weeks ago.

Creditors meetings in Sydney for six of the schemes, including
Ann Street Mezzanine, were told that the administrators from
PricewaterhouseCoopers (PwC) would not complete their
investigations until early January.

Westpoint put administrators into five of its companies last
week as part of a plan to restructure its way out of
difficulties which it claims stem from delays to its apartment
projects.

Investors in the companies, including Bayshore Mezzanine,
Bayview Heritage Mezzanine, Market Street Mezzanine, Market
Street Mezzanine No.2 and Mount Street Mezzanine, will not get
access to PwC's report until after it is completed on December
30.

PwC partner Geoff Totterdell said investors would then have to
decide whether to back a deed of company arrangement, liquidate
the schemes or vote them out of voluntary administration and put
them back in the hand of directors.


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

CHINA MARINA: Winding Up Hearing Set Dec. 1
-------------------------------------------
Notice is hereby given that a Petition for the Winding up of
China Marina Club Developments Limited by the High Court of Hong
Kong was on November 2, 2005 presented to the said Court by Chu
Yim Cheung of Flat 3808, 38/F., Block B, Kam Ling House, Kam
Fung Court, Ma On Shan, New Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on December 21, 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 20, 2005.


CHINA MEDICAL: Q1/2005 Net Loss Falls to HK$1.4 Mln
---------------------------------------------------
China Medical Science Limited (8120) incurred a net loss of
HK$1.434 million for the first quarter-ended October 31, 2005,
versus a net loss of HK$4.848 million in the same period a year
earlier, Infocast News reports.

The loss per share (LPS) was $0.0029. No dividend was declared
for the first quarter.

The Group is engaged in the development, production, sales and
distribution of a series of aluminum-plastic caps for use in the
packaging of biotechnology and pharmaceutical products as well
as a range of biotechnology and pharmaceutical products.

CONTACT:

China Medical Science Limited
Room 1703B, 17/F,
Kai Tak Commercial Building,
No. 317 & 319 Des Voeux Road Central
Hong Kong
Phone: 3426-8865
Fax: 3426-8835


DAIMLERCHRYSLER AG: Worldwide Sales Up 1.2% in November
-------------------------------------------------------
DaimlerChrysler AG announced that the Mercedes Car Group is
continuing its growth path with a sales increase for the sixth
consecutive month in November.

Deliveries of Mercedes-Benz and smart passenger cars increased
by 1.6 percent last month to the record level of 105,200 units
(November 2004: 103,500).

Worldwide sales through November were up 1.2 percent to
1,094,500 units (Jan.-Nov. 2004: 1,081,200).

Sales of Mercedes-Benz passenger cars worldwide increased by
three percent to 93,500 units (November 2004: 91,000).

This development was largely due to the successful launch of the
new B, M, R and S-Class models as well as the positive response
to the new V6 and V8 engine generation. Mercedes-Benz sales in
both Western Europe and the Asia/Pacific region last month were
higher than the figures recorded in November 2004. With a slight
decline in sales of three percent in the U.S., Mercedes-Benz
performed equivalent to the passenger car market as a whole. For
the period January-November, a total of 961,600 units were
delivered to customers worldwide or 0.7 percent more than the
figure recorded during the same period last year (955,300).

S-Class expands global market leadership in the luxury segment
The S-Class further expanded its global market leadership in the
luxury segment, with deliveries in November increasing by 44
percent to 5,900 units. Mercedes-Benz is expecting additional
sales momentum to be generated in early 2006 by the launch of
high-volume diesel models, as well as through the market launch
of the new S-Class flagship model in its primary U.S. sales
market, and in the UK.

The new M-Class recorded sales growth in all major markets last
month, with total sales increasing by 70 percent to 9,200 units
in November. Deliveries in the U.S. were up 65 percent last
month to 3,000 units. Sales of the new M-Class in Western Europe
increased to the record level of 4,700 units last month, making
the premium SUV from Mercedes-Benz the best-selling vehicle in
its class in that region.

Mercedes-Benz is also gaining new customer groups with its B and
R Class sports tourers. Deliveries of the Grand Sports Tourer
began in the U.S. a few weeks ago, generating a positive
response among customers. The Compact Sports Tourer meanwhile
has recorded sales of 46,500 units since the model was launched
in June.

Smart sales climb 5.5 percent through November

Despite the continued sluggishness of the small-car segment, the
number of smart cars delivered to customers between January and
November rose by 5.5 percent compared to the same period last
year, to 132,900 units. A total of 11,700 units were delivered
to customers in the month of November.

Total sales of the smart for our were up by approximately 37
percent through November, and the four-seater's sales in Italy -
the brand's most important market - more than doubled from the
figure posted for the first eleven months of 2004. The smart for
two continues to display stable development in its seventh year
of existence, with sales through November at nearly the same
level recorded for the period January-November 2004.

CONTACT:

DaimlerChrysler China Ltd.
Landmark Tower 1/24 F
8 North Dongsanhuan Road, Chaoyang District
Beijing 100004
China (People's Republic)
Phone: (008610) 65 90 66 68
Fax: (008610) 65 90 03 10

This is a company press release.


FILA MARKETING: Issues Debt Claim Notice
----------------------------------------
Notice is hereby given that the creditors of Fila Marketing
(P.R.C.) Limited, which is being voluntarily wound up, are
required on or before December 23, 2005, to send in their names,
addresses and particulars of their debts or claims, and the name
and address of their solicitors.

If so required by notice in writing 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 before such debts are proved.

Dated this 2nd day of December, 2005

CHUNG MIU YIN, DIANA
YEUNG BETTY YUEN
Joint and Several Liquidators
24th Floor, Prince's Building
Central, Hong Kong


IMERCHANTS LIMITED: Gets Order Confirming Cap Reduction
-------------------------------------------------------
Reference is made to the announcement of iMerchants Limited
dated June 17, 2005 and the circular of the Company dated June
27, 2005 relating to, among other matters, the proposal of
canceling the entire share premium account of the Company of
HK$207,129,706.70 and applying the credit arising from such
cancellation to write off the Company's total accumulated losses
of HK$146,537,014.05 as at 31 March 2005 with the remaining
balance of HK$60,592,692.65 being transferred to a special
capital reserve to be created by the Company.

As disclosed in the Announcement and the Circular, the Capital
Reduction is conditional on the passing of a special resolution
to approve the Capital Reduction at the Company's extraordinary
general meeting, the confirmation of the Capital Reduction by
the High Court of the Hong Kong Special Administrative Region
and the registration of the order of the High Court confirming
the Capital Reduction by the Registrar of Companies in Hong
Kong.

On July 22, 2005, the Company announced that the shareholders of
the Company at the EGM have duly passed the special resolution
approving the Capital Reduction.

By order of the Board of
iMerchants Limited
Leroy Kung Lin Yuen
Chairman
Hong Kong, 14 December 2005

CONTACT:

IMerchants Limited
Units 6803-05, 68th Floor
The Center, 99 Queen's Road Central
Hong Kong
Phone: 28668000
Fax: 28662666
Web site: http://www.imerchants.com


INTCERA HIGH: May be Delisted in Six Months
-------------------------------------------
The Stock Exchange of Hong Kong Limited proposed to give Intcera
High Tech Group Limited (8041) a period of six months starting
from December 12 for submission of a valid resumption proposal
given that the shares of the company have been suspended for a
prolonged period since October 2003 without the company taking
adequate action to obtain a restoration of the listing, Infocast
reports.

In failure thereof, the Stock Exchange intends to cancel the
listing of the company.

CONTACTG:

Intcera High Tech Group Limited
Unit 4713, 47th Floor
The Center 99 Queen's Road Central
Hong Kong
Phone: 25206020
Fax: 20526386
Web site: http://www.intcera.com


J.M. APPAREL: Creditors Must Prove Claims by Jan. 26
----------------------------------------------------
Notice is hereby given that the Creditors of J.M. Apparel
Limited, whose debts or claims have not already been admitted,
are required on or before January 16, 2006 to prove by affidavit
their debts or claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors (if any) to the
undersigned liquidator of the Company.

If so required by notice in writing from the said Liquidator,
they are ti personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.  In default of
complying with this Notice, such creditors will be excluded from
the benefit of any distribution made before such debts or claims
are proved and/or from objecting to any distribution made before
such priorities are established.

DATED this 16th day of December, 2005

Li Wai Chi
Liquidator
c/o 28/F Bank of East Asia
Harbour View Centre,
56 Gloucester Road
Wanchai, Hong Kong


KOREA FIRST: Creditors Meeting Fixed Jan. 9
-------------------------------------------
Notice is hereby given that the Creditors of Korea First
Limited, which is being voluntarily wound up, are required on or
before January 9, 2006 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the Company.

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

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

Dated this 9th day of December 2005

SUEN PUI YEE
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong


LOGON ENGINEERING: Court Issues Winding Up Order
------------------------------------------------
Logon Engineering Limited hereby gives notice that a Petition
for the Winding up of the company by the High Court of Hong Kong
Special Administrative Region was on November 11, 2005 presented
to the said Court by Ma Chun Pong trading as Centresource
Engineering Company.

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 4, 2006.

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.

SANNY KWONG & HENRY LO
Solicitors for the Petitioner
Units C & D, 12th Floor
Prosperous Commercial Building
54 Jardine's Bazaar
Causeway Bay, Hong Kong
Phone: 2504 0883
Fax: 3118 6686

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 January 3, 2006.


RITZ KNITWEAR: Issues Notice to Creditors to Prove Debts
--------------------------------------------------------
Notice is hereby given that the Creditors of Ritz Knitwear and
Garment Factory Limited (In Members' Voluntary Liquidation),
whose debts or claims have not already been admitted, are
required on or before January 16, 2006 to prove by affidavit
their debts or claims by sending in their names, addresses and
descriptions and full particulars of their debts or claims in
accordance with Form 63A of the Companies (Winding-up) Rules,
and the names and addresses of their Solicitors to the
undersigned liquidator of the Company.

If so required by notice in writing from the said Liquidator,
are personally or by their Solicitors or duly authorized
Representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 16th day of December, 2005

Li Wai Chi
Liquidator
c/o 28/F Bank of East Asia
Harbour View Centre,
56 Gloucester Road
Wanchai, Hong Kong


SATERI INTERNATIONAL: Moody's Withdraws (P)Ba3 Ratings
------------------------------------------------------
Moody's Investors Service has withdrawn the (P)Ba3 unsecured
bond rating it had recently assigned to the planned US$300
million Notes of Sateri International Company Limited. Moody's
has also withdrawn the (P)Ba3 Corporate Family Rating. The
rating withdrawals follow the company's recent decision not to
proceed with the proposed bond issuance.

The Sateri International group of companies has tree plantations
and dissolving pulp mill operations in Bahia, Brazil; a viscose
fibre mill in Finland and a recently constructed viscose fibre
mill in Jiangxi, China.

Sydney
Peter Fullerton
Analyst
Corporate Finance Group
Moody's Investors Service Pty Ltd
JOURNALISTS: (612) 9270-8102
SUBSCRIBERS: (612) 9270-8100

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


TAM'S DECORATION: Winding Up Petition Slated for Jan. 18
--------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Tam's Decoration Company Limited by the High Court of Hong Kong
was on November 25, 2005 presented to the said Court by Lee Sum
Wah of Flat D, 14/F., Block 1, Carado Garden, Shatin, New
Territories, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 18, 2006.

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 January 17, 2006.


WORLD CARNIVAL: Begins Winding Up Process
-----------------------------------------
Notice is hereby given that a Petition for the Winding up of
World Carnival Limited by the High Court of Hong Kong Special
Administrative Region was on October 28, 2005 presented to the
said Court by Mr. Stefan Behr-Heyder of A3, Clearwater Bay
Apartments, No. 8 Ka Shue Road, Sai Kung, New Territories, 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.

BOASE COHEN & COLLINS
Solicitors for the Petitioner
2303-7 Dominion Centre
43-59 Queen's Road East
Hong Kong
Phone: 3416 1711
Fax: 2529 5035

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 the December 24,
2005.


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

FOOD CORPORATION: Government Junks Bid to Scrap Firm
----------------------------------------------------
The proposal to universalize the Public Distribution System and
to dissolve the Food Corporation of India (FCI) was rejected by
the Government last week, Web India reports.

Consumer Affairs and Public Distribution Minister Sharad Pawar
said the responsibility of smooth running of the PDS rests on
the Central and the State Governments and in that, FCI helps in
procuring, storage and transportation of foodgrains across the
country.

Pointing out that the Targeted Public Distribution System (TPDS)
was introduced to reach the poorest of the poor in the country
under which the families below poverty line (BPL) and above
poverty line (APL) were identified, he said the Government also
started the Antodya Anna Yojana (AAY) for the poor.

The Minister said State Governments have to meet the additional
demands as there is a problem of pilferage at the Fair Price
Stores and the problem of diversion of the commodities also
crops up, and cannot be neglected.

The Government is committed to strengthen the PDS and remove
corruption and will ensure that the poorest of the poor get
ration from these shops, the Minister said.

CONTACT:

Food Corporation of India

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

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

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

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


RAP MEDIA: To Convene EGM Jan. 11
---------------------------------
Rap Media Ltd has informed BombayStock Exchange (BSE) that an
Extraordinary General Meeting (EGM) of the members of the
Company will be held on January 11, 2006, inter alia, to
transact the following:

1. Increase the borrowing powers of the Board of Directors from
existing limit of Rs 50 million to Rs 3000 million and

2. Empower the Board of Directors to mortgage and/or charge on
the assets of the company to secure borrowings both in terms and
subsection (1) (a) and (1) (d) of section 293 of The Companies
Act, 1956.

CONTACT:

Rap Media Ltd
Arora House, 16, Golf Link, Union Park, Khar West
Mumbai 400052
Maharashtra
Phone: 26041313 26041314 26041315
Fax: 26494657


THOMAS COOK: Journey Continues on a Positive Note
-------------------------------------------------
Thomas Cook (India) Limited has posted a 43% growth in this
quarter when compared to the same quarter last year. The company
is on an upswing and the bumps encountered in the first half of
this year seem to have flattened to pave the road ahead for a
smoother journey.

In general the Thomas Cook financial year began with a natural
disaster of huge proportions - Tsunami. Added to that have been
the unprecedented rains in Mumbai, Bangalore and Chennai
affecting world sentiment towards India. This has also been the
year for cuts in airfares and commissions and travel advisories
issued against India.

The Financial Services business bore the brunt of nature and
other economic factors including lower inflow of foreign
exchange arising from lower prevalent interest rates in foreign
currency accounts.

The Travel and Travel Related Services has done well despite
reduction in commission structure and reduced airfares. The
company has shown above average growth in the leisure businesses
(Inbound and Outbound). Innovative products, new destinations,
better vendor negotiations, cost control and specific pricing
strategies have substantially helped.

The subsidiary companies involved in Cargo and Insurance
businesses performed extremely well showing both top and bottom
line growths. Focus on customer service, improved product
pricing and development of new products were the corner stones
of success. The operations in Sri Lanka were severely hit by the
Tsunami but are courageously recovering from the disaster.
Operations in Mauritius performed well showing considerable
improvement over last year. Opening of new company branches and
enhanced customer service, continues helping the business stride
forward.

Right now, Thomas Cook is confident in its position and has a
positive outlook all around. India is the focus of global
economic growth resulting in increased tourist and business
travel. This should be impacting our country in a  positive
manner. The year ahead, our 125th year in India, looks
encouraging indeed!

Note:

Thomas Cook (India) Ltd has a network of 54 branches across 18
cities and is the only travel company in India to have
implemented SAP (Enterprise resource Planning Solution) across
all its operations. Thomas Cook (India) Ltd oversees the Thomas
Cook Sri Lanka and Mauritius operations. The company has two
core businesses - Travel Related Services and Financial Related
Services. It has set up two additional sales and marketing
channels - a 365 day operational call Centre and the company
portal - www.thomascook.co.in. Thomas Cook (India) Ltd. is the
only travel company in India to offer its own brand of travel
insurance to holiday makers, students going abroad for studies
and corporate travellers.

Thomas Cook Group:

Thomas Cook AG is one of the world's leading leisure groups,
comprising 32 tour operating brands, around 3,600 travel
agencies, 76,000 company managed hotel beds and a fleet of 87
aircrafts. The shareholders in Thomas Cook AG are Deutsche
Lufthansa AG (50%) and KarstadtQuelle (50%).

CONTACT:

Thomas Cook (India) Ltd.
Thomas Cook Building
Dr. DN Road, Fort
Mumbai 400001
India
Telephone: +91 22 22048556/7/8
Fax: +91 22 22871069
Web site: http://www.thomascook.co.in


THOMAS COOK: Board Recommends 37.5% Dividend
--------------------------------------------
Thomas Cook (India) Ltd has informed the National Stock Exchange
of India that the Board of Directors (BODs) of the Company, have
at their meeting held on December 15, 2005 recommended dividend
at 37.5 percent for the year ended October 31, 2005.


VEDANT HOTELS: Wants to Raise Funds for Aurangabad Property
-----------------------------------------------------------
Vedant Hotels Ltd has informed BSE that a meeting of the Board
of Directors of the Company will be held on December 22, 2005,
inter alia, to transact the following:

1. To consider ways and means to raise additional funds required
for re-furnishing the Hotel Vedant at Aurangabad, such as Bank
Loan, Preferential issue or Rights issue of shares.

2. To consider opening of Bank Account at HDFC Bank, Bhandarkar,
Pune and closing of Bank Account at Rupee Bank, Aurangabad.

3. To consider dematerialization of equity shares of the
Company.

4. To approve capital expenditure and investments.

5. To review the progress in respect of revocation of suspension
of trading of the Company's shares at Bombay Stock Exchange and
delisting of shares on other Stock Exchanges.

6. To review the progress in respect of various matters relating
to operations of the Company.

CONTACT:

Vedant Hotels Ltd
Chetna Appartment, 3, Station Road,
Aurangabad 431005
Maharashtra
Phone: 2350701 2350702 2350703 2332785
Fax: 2350700


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

ANEKA TAMBANG: Moody's Upgrades B1 Currency Rating
--------------------------------------------------
Moody's Investors Service had on Dec. 15, 2005 changed the
outlook for PT Aneka Tambang (Persero) Tbk's (Antam) local
currency B1 corporate family rating to positive from stable. The
B2 foreign currency bond rating remains unchanged with a
positive outlook, which is in line with the positive outlook for
Indonesia's sovereign rating.

The outlook change is due to Moody's view that expected
production growth at Antam's FeNi III facility -- an additional
15,000 tonnes to its annual nickel capacity -- is likely to
benefit the Company's operational profile and increase its cash
flow contribution. Commercial operations are expected to begin
at the end of Q12006. Such development would potentially
strengthen the baseline credit assessment of Antam and therefore
its rating.

The ratings assigned to Antam continue to reflect the
application of Moody's new rating methodology for government-
related issuers, "The Application of Joint Default Analysis to
Government-Related Issuers", published in April 2005. In
accordance with this methodology, Antam's rating is based on a
combination of the following inputs: (i) a baseline credit
assessment (BCA) of "6" (on a scale of 1 to 6, where 1
represents the lowest credit risk); (ii) the B2 local currency
rating of the Indonesian government, the support provider; (iii)
low dependence; and (iv) medium support.

The BCA of 6 is underpinned by Antam's strong operating track
record in Indonesia, its diversified product portfolio,
favorable reserve life and the integrated nature of its nickel
business. At the same time, it considers Antam's exposure to the
volatile commodity sector, arising from its nickel and gold
operations, and moderate financial leverage. Other factors
include the company's rising cost structure, albeit competitive
relative to global players, and the evolving nature of the
regulatory environment in Indonesia.

The BCA also incorporates Moody's expectation that Antam, which
plans to invest in 49% ownership of the Tayan chemical grade
alumina project, will achieve a satisfactory implementation of
this JV agreement and arrange appropriate long-term funding
through project financing. Although any contribution from Tayan
may possibly only begin in 2009, the project is likely to
enhance longer-term growth and optimize the use of the company's
bauxite resources.

Antam's total debt as of September 2005 was IDR1.8 trillion,
down IDR300 billion from end-2004, improving leverage to 40.5%
from 50.5%, primarily the result of buying back IDR245.94
billion (USD25 million) in USD bonds. Antam's adjusted financial
leverage (adjusted for Tayan's project finance debt), however,
will increase from 2006 onwards, but Moody's draws comfort from
the expected rises in production and cash flow contributions as
well as the solid, albeit moderating, state of nickel prices
over the next 12-18 months. The total cost for the 300,000-tonne
Tayan facility is IDR2.16 trillion (USD220 million).

Moody's also notes that Antam signed a Memorandum of
Understanding with POSCO to complete a feasibility study on a
proposed IDR6.4 trillion (USD650 million) 30,000 tonnes/year
ferronickel project (FeNi IV) by end-2006. Antam plans to fund
this investment through project finance, similar to that of the
Tayan project (potential debt-to-equity ratio of 65:35). Moody's
says that this longer-term investment is sizable in nature and
will raise Antam's adjusted financial leverage, if materialized.
However, the investment will enlarge the company's
ferronickel/nickel production capacity and achieve further
economies of scale. Moody's also draws comfort that Antam has
demonstrated track record in managing similar projects, such as
FeNi II & FeNi III.

Low dependence reflects the fact that Antam's product prices are
set in the international market and its products are largely
exported, such that correlation with the financial strength of
the Indonesian government is low. Medium support reflects the
65% stake owned by the government and the likelihood that Antam
will remain majority state-owned in the near to medium term.

Moody's would consider an upgrade in the next 12-18 months if
there is strengthening in the BCA due to i) a successful
commissioning of FeNi III and ii) a satisfactory execution of
the JV agreement, along with the emergence of a solid and
sustainable financial profile. The latter would include 5-year
average for EBIT interest coverage of 3-4x and Operating Cash
Flow minus Dividends-to-Adjusted Debt of 7-10%. A material
increase in the government's stake might also prompt a review of
Antam's rating as it might impact the support level.

On the other hand, outlook for local currency rating would
revert to stable if there is a weakening in the BCA, due to i)
industry fundamentals deteriorate beyond Moody's expectations,
or higher-than-anticipated investments in the Tayan and FeNi IV
projects emerge, resulting in a deterioration in debt protection
measures with 5-year average for EBIT interest coverage less
than 2x and Operating Cash Flow minus Dividends-to-Adjusted Debt
below 5%; or ii) major problems or delays emerge in the
commercial operation of FeNi III. A sell-down of the
government's majority ownership might prompt a review of its
rating, if such sell-down was part of a broader trend evidencing
a change in the government's strategy over Antam. Such
development might impact Moody's assessment on the support
level.

CONTACT:

PT Aneka Tambang Tbk
Aneka Tambang Bldg., Jl. Letjen TB Simatupang 1
Lingkar Selatan-Tanjung Barat
Jakarta, Indonesia
Phone: 62 021 780 5119
Fax:   62 021 781 2822
Web site: http://www.antam.com


DIRGANTARA INDONESIA: Former President to Revive Operations
-----------------------------------------------------------
The former president of troubled aircraft maker PT Dirgantara
Indonesia (DI) is prepared to work hard in order to redevelop
the Company, reports Asia Pulse.

According to PT DI ex-President Bacharuddin Jusuf Habibie,
Indonesia's President Susilo Bambang Yudhoyono asked him to
revive the ailing state-owned firm, and he is up to the
challenge.

Mr. Habibie had developed PT DI during his days as a science &
technology minister under the government of former president
Soeharto, but the Company has been neglected since the Asian
1997 financial crisis.

PT DI had sent employees abroad to continue studies at the
government's expense; unfortunately, of the 14,000 workers who
were sent abroad, only 80 continued to work with the Company.
The rest went to work for U.S. airline Boeing, or to Canada,
Europe, Malaysia & South America to work.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
Email: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


EXCELCOMINDO PRATAMA: Gets Ba2 Currency Rating from Moody's
-----------------------------------------------------------
Moody's Investors Service upgraded its local currency corporate
family rating for PT Excelcomindo Pratama (XL) to Ba2 from Ba3
with a stable outlook on Dec. 15, 2005. Moody's also changed the
outlook for its B1 foreign currency bond rating to positive from
stable, as a conclusion to a review for pssible upgrade that was
begun on Oct. 7, 2005.

Moody's raised the support level to medium from low following
TMB's acquisition of a majority 56.9% shareholding in XL.
Moody's believes TMB's willingness to provide support is now
likely to increase, given a) TMB/Khazanah's greater ownership
stake -- together they own 73.7% -- while TMB exercises full
active management control, b) XL represents the largest
international business for TMB, which also regards Indonesia as
a priority market, and c) the presence of a cross-default clause
in its own U.S. dollar bond agreement, given that XL is now a
consolidated subsidiary.

Furthermore, the change in the dependence level to medium from
low reflects this cross-default clause. Moody's notes the clause
is not automatic, and is subject to 25% of TMB's bondholders
agreeing to its presence. It would not apply if XL ceases to be
a TMB subsidiary at the time of its default.

The ratings assigned to XL continue to reflect the application
of Moody' new rating methodology for government-related issuers,
"The Application of Joint Default Analysis to Government-Related
Issuers", published in April 2005. In accordance with this
methodology, XL's rating is based on a combination of the
following inputs: (i) a baseline credit assessment (BCA) of "6"
(on a scale of 1 to 6, where 1 represents the lowest credit
risk); (ii) the A2 foreign currency rating of Telekom Malaysia
Berhad (TMB); (iii) medium dependence, and (iv) medium support.

The BCA of 6 is underpinned by the ongoing challenges XL faces
as the market's smaller cellular player (12% share). It competes
against Telkomsel (Baa2/stable, local currency rating) and
Indosat (Ba1/positive, local currency rating). Both these
companies command better market positions and stronger financial
resources.

XL's challenge is to successfully execute a business plan in a
competitive market, and where operating margins could come under
pressure should competition intensify. The BCA further factors
in XL's exposure to the political and economic changes in
Indonesia, coupled with the challenges it faces in managing its
foreign currency obligations with cash flow primarily
denominated in Rupiah.

In addition, its business plan demonstrates huge capex
requirements of IDR9 trillion (USD900 million) over the next 2
years, leading to negative free cash flow, and which will need
to be funded with additional debt. Moody's notes that the new
equity injection of IDR2.83 trillion (USD287.5 million) will
provide some funding support for its capex plan and increase
XL's financial flexibility.

In Moody's opinion, XL will continue to benefit from TMB's
position as the market leader in Malaysia - combined with its
extensive experience as a regional investor - in terms of
operations and the provision of a conservative management style.

Rating changes will be primarily driven by a change in XL's BCA
or the support level. An upgrade of the local currency rating
could emerge if there is a strengthening of the BCA, such that
XL improves operating margins and cash flow, reduces gross
debt/EBITDA to below 3x on a sustainable basis, and lowers its
foreign exchange risks. A further material increase occurs in
TMB's ownership level might also prompt a review of XL's rating
as it might impact the support level.

Downward pressure on the local currency rating could evolve if
there is a weakening of XL within the BCA category of 6, such
that i) its margins deteriorate and operating cash flow fails to
grow, such that EBITDA margins drop below 45% and gross
debt/EBITDA exceeds 5x, ii) unfavourable regulatory changes -
which Moody's does not expect to occur in the near term -
adversely affect the company's financial and operating profiles.
A reduction in TMB's majority ownership might also prompt a
review of its rating, if such sell-down was part of a broader
trend evidencing a change in TMB's strategy over XL, and which
Moody's would see as evidence of lower support.

The B1 foreign currency bond rating incorporates all the above
and adds convertibility risk, which is the likelihood that the
government would declare a debt moratorium to counter a foreign
currency crisis. As such, XL's foreign currency rating is a
function of a) its own risk of default (as indicated by its
local currency rating), b) the probability of an Indonesian
government default on its foreign debt (implied by its B2
rating), and c) the likelihood that the government would declare
a moratorium given a default and, if it did, the chances that it
would exempt a company such as XL.

CONTACT:

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


PERUSAHAAN LISTRIK: To Open 11 Plants Outside Java by Year's End
----------------------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) plans to
start operations on 11 new small capacaity power plants outside
Java before Dec. 31, 2005, Asia Pulse reports.

The plants, which will generate from 1.5 megawatts (MW) to 80 MW
of power, will increase PLN's power supply by 443 MW. The
Company's total capacity will amount to 3,203 MW by mext year.

PLN plans to open four power plants with a total capacity of
2,760 MW by next year, according to PLN Mamreting & Commercial
Export Director Beni Mabun.

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


PERTAMINA: Buys 800,000 Barrels of Fuel for Export
--------------------------------------------------
State-owned oil and gas firm PT Pertamina bought 800,000 barrels
of 88 RON gasoline for export next month, reports Dow Jones.

The Company bought a cargo of 200,000 barrels from Vitol
Singapore at a premium of 30 cents per barrel to Singapore mean
price for 92 RON gasoline, and will award the cargo to South
Korean firm Daewoo Internarional.

Pertamina also bought one cargo (200,000 barrels of gasoline)
from Sinopec Corporation at a premium of $2.80/bbl to Singapore
mean, C&F basis, and another gasoline cargo from Russian Lukoil
Oil & Gas Co. at a premium of USD1.70/bbl to Singapore mean,
C&F.

CONTACT:

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


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

HITACHI LIMITED: Signs Corporate Split Deal with Hitachi Plant
--------------------------------------------------------------
Hitachi, Ltd. and Hitachi Plant Engineering & Construction Co.,
Ltd. have signed a Corporate Split Agreement based on the
purport of a Memorandum of Understanding signed on October 24,
2005.

This move is part of actions being taken to integrate Hitachi
Group businesses to strengthen the social and industrial
infrastructure systems business. Separately on December 15,
Hitachi Plant, Hitachi Kiden Kogyo, Ltd. (TSE:6354) and Hitachi
Industries Co., Ltd. signed a Merger Agreement.

This integration will bring together the monozukuri
(manufacturing), engineering and work-site capabilities of the
companies concerned in the fields of engineering, design and
production, construction and services of industrial machinery,
large scale air-conditioning systems, water treatment systems,
industrial plants, cranes and environmental facilities and
systems. This will enhance collective strengths as well as
capture synergies that will give impetus to the development of
the new company.

For an overview of the corporate split, go to
http://bankrupt.com/misc/UnEncrypted_hitachid.pdf.

CONTACT:

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

This is a company press release.


HITACHI LIMITED: Promotes New Chairman, CEO
-------------------------------------------
Hitachi, Ltd. announced the appointment of a new Chairman, Chief
Executive Officer and Director, and a Chief Operating Officer,
effective April 1, 2006.

Effective April 1, 2006

Chairman, Chief Executive Officer and Director

Etsuhiko Shoyama: currently President, Chief Executive Officer
and Director)

President and Chief Operating Officer

Kazuo Furukawa: currently Executive Vice President and Executive
Officer, President and Chief Executive Officer of Information
and Telecommunications Systems Group

Mr. Etsuhiko Shoyama, 69, was named President and Representative
Director of Hitachi, Ltd. on April 1, 1999, and has been
President and Chief Executive Officer of Hitachi, Ltd. since
June 2003. He joined Hitachi in 1959 and started his career at
the Hitachi Works as a power plant engineer. He was elected
Board Director and General Manager of the Consumer Electronics
Division in 1991. He assumed the position of Executive Managing
Director in 1993, and Senior Executive Managing Director in
1995. He was named Executive Vice-president in 1997. He
graduated from the Tokyo Institute of Technology, Department of
Electrical & Electric Engineering in 1959.

During his tenure as President, Mr. Shoyama accelerated the
improvement Hitachi's consolidated-based management. He also
took a strong leadership role in the realignment of Hitachi's
business portfolio, through many acquisitions and joint-
ventures, including the transfer of semiconductor operations to
a joint-venture, Renesas Technology Corp., the acquisition of
IBM Corporation's hard disk drive (HDD) operations, and the
consolidation of Fujitsu Hitachi Plasma Display Limited.

Mr. Kazuo Furukawa, 59, has been Executive Vice President and
Executive Officer of Hitachi, Ltd. since 2005. His current
responsibilities cover the Information and Telecommunications
Systems Group, which is one of Hitachi's core businesses. He
joined Hitachi, Ltd. in 1971 at the Totsuka Works and
contributed to the development of telecommunication systems. He
served in Hitachi Telecom (USA), Inc. from 1994 to 1997.

He was named President and Chief Executive Officer of the
Information and Telecommunications Systems Group in 2003, and
assumed the position of Vice President and Executive Officer in
2003 and Senior Vice President and Executive Officer in 2004. He
received his master's degree in electrical engineering from the
University of Tokyo in 1971.

Mr. Furukawa has also expanded the Information and
Telecommunications Systems business.

About Hitachi, Ltd.

Hitachi, Ltd., (NYSE: HIT/ TSE: 6501), headquartered in Tokyo,
Japan, is a leading global electronics company with
approximately 347,000 employees worldwide. Fiscal 2004 (ended
March 31, 2005) consolidated sales totaled 9,027.0 billion yen
($84.4 billion). The company offers a wide range of systems,
products and services in market sectors including information
systems, electronic devices, power and industrial systems,
consumer products, materials and financial services.

For more information on Hitachi, please visit the company's
website at http://www.hitachi.com

This is a company press release.


HITACHI LIMITED: Owns Entire Stake in Hitachi Mobile
----------------------------------------------------
Hitachi, Ltd. (NYSE:HIT/TSE:6501) and Hitachi Mobile Co., Ltd.
(TSE:9429) have signed a stock-for-stock exchange agreement to
make Hitachi Mobile a wholly owned subsidiary of Hitachi. This
move is intended to strengthen Hitachi's automotive systems
business.

Hitachi currently owns 64.8% shares of Hitachi Mobile. However,
subject to an approval of Hitachi Mobile's extraordinary general
meeting of shareholders to be held on February 17, 2006, Hitachi
Mobile will become a wholly owned subsidiary of Hitachi through
a stock-for-stock exchange on April 1, 2006. Hitachi Mobile's
shares will be delisted as a result of the stock-for-stock
exchange.

Hitachi has positioned the automotive systems business as one of
its targeted fields. Hitachi is effectively utilizing group
resources to strengthen and expand this business. As part of
this approach, in October 2004, Hitachi merged with TOKICO LTD.
and Hitachi Unisia Automotive, Ltd. Hitachi is determined to
aggressively develop the automotive systems business, becoming
more competitive in global markets and achieving other goals by
leveraging the strong technologies, products and operating bases
of Hitachi Group companies.

Hitachi Mobile boasts a nationwide sales and service network in
Japan and engineering service capabilities in the maintenance
and aftermarket fields for automotive equipment, including
electrical components. It has played a vital role in Hitachi's
automotive systems business. However, competition in this market
sector is rapidly intensifying. Consequently, there is an
increasing need to handle a broader array of products in line
with Hitachi's automotive systems business strategy as well as
to work more closely with Hitachi units involved in the
development and manufacture of replacement parts, including
rebuilt components.

To meet this need, the Hitachi Group must conduct its operations
even more efficiently with the aim of responding faster to needs
involving customers and technologies. The decision to make
Hitachi Mobile a wholly owned subsidiary reflects Hitachi's
belief that the integration of the two companies' operations is
essential to accomplishing this goal.

1. Gist of Agreement to Make Hitachi Mobile a Wholly Owned
Subsidiary Through Stock-for-Stock Exchange

Since developing its first automotive electrical components in
1930, Hitachi has grown its automotive systems business to the
point where today it sets out in the business for engine
management systems, electric powertrain systems, drive control
systems and car information systems in global markets. Moreover,
Hitachi is leveraging its considerable experience, expertise and
proven track record in the industrial components and equipment,
railway vehicle and other businesses to expand globally.
Activities include supplying key components for hybrid electric
vehicles, including motors, inverters and batteries, a market
segment where much demand is expected.

Hitachi Mobile was established in 1950 as a specialist in car
repair and the sales of automotive equipments. Today,
underpinned by an extensive nationwide sales and service network
in Japan and engineering service capabilities, Hitachi Mobile is
engaged in the sales and maintenance of automotive and mobile
communication equipment. In June 2002, the company listed on the
Tokyo Stock Exchange and has continued to steadily expand its
business.

Hitachi and Hitachi Mobile have grown together in the automotive
systems business by building various collaborative relationships
for the provision of total solutions extending from development
and manufacturing to maintenance and other aftermarket services.
However, with the aim of making the growing automotive business
more competitive through improvements in speed and efficiency,
Hitachi and Hitachi Mobile determined to make Hitachi Mobile a
wholly-owned subsidiary of Hitachi.

This move will make possible an integrated value chain linking
Hitachi's automotive systems business with the aftermarket
operations of Hitachi Mobile, which include the sale of
replacement parts to automakers and others and the provision of
maintenance services. Moreover, the vertical integration of the
operations of Hitachi and Hitachi Mobile will create a unified
framework extending from development and manufacturing
activities to engineering services.
By facilitating quicker responses to customer and technological
needs, this integration will position Hitachi to be the best
solutions partner in the increasingly competitive automobile
market.

The main post-share exchange benefits from an operational
perspective are as follows:

(1) Integration of Related Business Divisions

The aftermarket operations of Hitachi and Hitachi Mobile in each
business field will be integrated. This will combine the
specialist technologies and know-how of the two companies to
yield an efficient and competitive operational structure.

This integration will encompass the automotive replacement
parts, including automotive electrical and electronic
components, of Hitachi and Hitachi Mobile.

(2) Utilization of Hitachi Mobile's Sales and Services Network
Hitachi Mobile has a network of more than 500 sales and service
bases in Japan for its maintenance and aftermarket automotive
equipment operations. By leveraging this network, Hitachi will
be able to expand sales in the growing fields of electrical and
electronic automotive components and of car information systems.
Hitachi will also be able to offer related repair and other
services.

In these and other ways, the two companies will work as one to
meet the expectations of Hitachi's existing shareholders and the
shareholders of Hitachi Mobile, who will become Hitachi's
shareholders.

For more details, go to
http://bankrupt.com/misc/tcrap_hitachi121605B.pdf

This is a company press release.


HITACHI LIMITED: Approves Director Candidates for Hitachi Plant
---------------------------------------------------------------
Hitachi, Ltd. (NYSE:HIT/TSE:6501), Hitachi Plant Engineering &
Construction Co., Ltd. (TSE:1970), Hitachi Kiden Kogyo, Ltd.
(TSE:6354) and Hitachi Industries Co., Ltd. have announced the
approval of new directors, director candidates, and executive
officers for Hitachi Plant Technologies, Ltd., a new integrated
company to be formed on April 1, 2006. This decision was the
result of discussions held among the four companies. The
director candidates are subject to approval on February 2, 2006
at an Extraordinary Meeting of Shareholders of Hitachi Plant,
Hitachi Kiden Kogyo, and Hitachi Industries.

Hitachi Plant Technologies is being established with the purpose
of strengthening the Hitachi Group's social and industrial
infrastructure systems business. Specifically, part of the
Public & Municipal Systems Division (machinery-related systems
business) and the majority of the Industrial Systems Division in
Hitachi's Industrial Systems will be separated and transferred
to Hitachi Plant. At the same time, Hitachi Kiden and Hitachi
Industries will be merged into Hitachi Plant, the surviving
company.

For more information, go to
http://bankrupt.com/misc/tcrap_hitachi121605c.pdf.

This is a company press release.


JAPAN AIRLINES: Signs Partnership Agreement With Yahoo
------------------------------------------------------
The Japan Airlines (JAL) Group and Yahoo! Japan signed a
comprehensive partnership agreement and had started services on
December 15, 2005.

In the first stage of the agreement, Yahoo! Travel, a
comprehensive travel service provider of Yahoo! JAPAN, will
start handling reservations and sales of JAL Group domestic
tickets from today. The agreement applies only in Japan.

Starting in spring 2006, Yahoo!Travel will start handling
reservations and sales of overseas tours, and also start
planning and sales of exclusive overseas tours for Yahoo Premium
members.

They are considering handling domestic tours and international
tickets in the future.

JAL and Yahoo! JAPAN have also agreed to start mutual exchange
of JAL Mileage Bank (JMB) miles and Yahoo! Points from spring
2006. This is the first time that JMB, the JAL frequent flyer
programme, has agreed to exchange miles with an Internet service
company.

Furthermore, there are plans for partnership in the promotion
area, such as promoting JAL-sponsored events in JAL inflight
magazines and on Yahoo! JAPAN.

Both parties aim to expand their partnership, and improve
customer service through integration of air travel and the
Internet.

Details of the comprehensive partnership are as follows.

1. Reservations/purchase of domestic air tickets

Yahoo! Travel started handling reservations/sales of domestic
air tickets today, December 15. Customers will be able to check
availability of seats, make reservations and purchase tickets.
To promote this service, Yahoo! JAPAN ID and JMB membership have
been linked up to facilitate input and increase convenience for
members of both services. All tickets on domestic routes served
by the JAL Group can be purchased.

2. Reservations/purchase of overseas tours (planned next spring)

Starting next spring, Yahoo! Travel plans to start handling
reservations and purchase of overseas tours offered by the JAL
Group, such as JALPAK.

3. Reservations/purchase of exclusive overseas tours for Yahoo
Premium members (planned next spring)

From next spring, tours will be planned and exclusively sold by
Yahoo! Travel. They will also handle reservations and sales.
Attractive tours are planned, such as auction tours, visits to
flea markets and sports events.

Reservations and purchase of domestic tours and international
air tickets are also under consideration.

4. Mutual exchange of JMB miles and Yahoo! points (next spring)

From next spring, customers will be able to exchange JMB miles
and Yahoo! Points.

JMB miles  -   Yahoo! points       Yahoo! points - JMB miles

10,000 miles - 10,000               2,000 points - 1,000 miles

*Starting date and conditions will be announced next spring.

This partnership has been created to meet the various needs of
all travelers and Internet users, including the registered
members of both parties (JMB registered members: about 17.93
million, Yahoo! JAPAN ID active members: about 14,36 million).
JAL, Japan's biggest airline, and Yahoo! JAPAN, with 39.63
million unique customers per month and 1,199 million page views
per day, will take advantage of their mutual strengths and start
joint services under a comprehensive partnership.

For further information contact:

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

This is a company press release.


KAJIMA CORPORATION: To Dissolve Subsidiaries
--------------------------------------------
Kajima Corporation announced that the dissolutions of the
following two subsidiaries have been resolved.

1. Kajima do Brasil Construtora LTDA.

1.1 Corporate summary

1) Registered Address: Avenida Bernardino de Campos, 98-5 ander,
na cidade Sao Paulo, estado de Sao Paulo, Brasil

2) Incorporated: April 1974

3) Common Stock: R$160,000 (Brazilian Real One Hundred Sixty
Thousand Only)

4) Stockholders: 100% owned by Kajima Corporation

1.2 Causes for dissolution

The above subsidiary, having conducted construction business in
Brazil as part of Kajima group, shall be liquidated upon the
cease of business.

1.3 Future outlook

No material loss shall be incurred in connection with the
liquidation of the said subsidiary.

(The completion of liquidation is expected in the financial year
ending March 31, 2006.)


2. Toa Investment Pte. Ltd.

2.1 Corporate summary

1) Registered Address: 80 Marine Parade Road #14-01 Parkway
Parade Singapore (449269)

2) Incorporated: March 1988

3) Common Stock: S$59,000,000 (Singapore Dollar Fifty Nine
Million Only)

4) Stockholders: 100% owned by Kajima Corporation

2.2 Causes for dissolution

The above subsidiary, having conducted investment business in
Asia as part of Kajima group, shall be liquidated upon the cease
of business.

2.3 Future outlook

No material loss shall be incurred in connection with the
liquidation of the said subsidiary.

Further information is available at:

Mr. Naohiko Ikawa
General Manager
Office of Investor Relations
Corporate Management Department
Corporate Planning Division

Kajima Corporation
2-7, Motoakasaka 1-chome,
Minato-ku, Tokyo 107-8388, Japan
Telephone (03) 3404-3311;
International 81-3-3404-3311
Facsimile (03) 3746-7052;
International 81-3-3746-7052
E-mail: ir@ml.kajima.com


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

INCHON OIL: SK Corp. Signs Final Contract
-----------------------------------------
SK Corp. has inked a final deal Friday to buy bankrupt Inchon
Oil Refinery Co. for $3 billion, according to Yonhap News
Agency.

Korea's antitrust regulator gave SK Corp. the go signal to
acquire Inchon Oil last week.

Chairman Chey Tae-won of SK Corp. and court-appointed
administrator of Inchon Oil signed the final contract.  The
payment will be made in January 2006 and the acquisition is
expected to close in March.

SK Corp. is expected to participate in Inchon Oil's KRW1.6
trillion rights offering as stated in the takeover agreement.
SK will also takeover the Company's bond worth KRW1.44 trillion.

The purchase if completed will raise SK Corp.'s daily refining
capacity to 1.1 million barrels, making it the fourth largest
refiner in the Asia-Pacific region. The acquisition will also
help lay the groundwork for SK Corp.'s entry into energy-hungry
China, it said.

CONTACT:

Inchon Oil Refinery Co. Ltd.
100 Wonchang-dong
Seo-gu, Inchon 404-210
Korea (South)
Telephone: +82 32 570 5151 / +82 2 7292378


* Fitch Says Weak Corporate Governance in Korea Prevails
--------------------------------------------------------
Fitch Ratings said Friday that the recent slew of corporate
scandals in Korea - including embezzlement, accounting
misstatements and issuance of equity-related securities to
controlling families - underscores the prevailing weak
corporate governance environment in Korea.

They also raise concern over the extent of the progress in
corporate governance despite the overall steady improvement in
corporate governance practices in Korea seen since the financial
crisis of the late 1990s.

"Although these situations have surfaced or have come to light
only in recent months, they are all widely viewed as the
outcomes of a corporate governance mechanism that is not strong
enough to check ill-disciplined management behavior," says
Mikyung Kwon, Director in Fitch's Corporates Team in Korea.

Since the introduction of "5+3" Corporate Reform Principles
(CRP) in 1998/99 by the Korean government, Fitch notes that
awareness of corporate governance in the business community has
increased, disclosures have become more reliable and investor
relations have become more active.

However, the improvement seen to date is not yet sufficient to
meet international corporate governance standards. Given that
existing regulations apply mainly to listed companies, Fitch
notes that the investors in unlisted companies may be exposed to
even greater corporate governance risks.

"Although weak corporate governance may not have an adverse
impact on the short-term profitability or financial standing of
the respective corporate or chaebol, there may be long-term
negative implications on the company's reputation and financial
health," adds Ms. Kwon. Business partners and customers may
avoid doing business with companies that exhibit weak corporate
governance practices, resulting in a deterioration in business
performance, while investor confidence may be adversely
affected, thereby limiting funding sources for these companies.

Despite its strong potential for attracting foreign direct
investment, Korea is viewed as a "below potential performer" by
United Nations Committee for Trade and Development.

Fitch believes that improvement of corporate governance in line
with international standards is critical for Korean corporates
to gain international investors' confidence.

Although the Korean government has made substantial changes in
its legal and regulatory infrastructure to improve corporate
governance since 1997, such positive moves are sometimes
undermined by the introduction of other measures such as
allowing companies a two-year grace period to correct accounting
misstatements committed in the past when they are faced with
securities-related class action lawsuits.

Fitch cautions that this protectionist approach, which has been
observed in numerous situations in recent years, will not help
in attracting foreign investors to the country.


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

AFFIN HOLDINGS: Unit Accepts Offer from Boustead Holdings
---------------------------------------------------------
Affin Holdings Berhad (Affin Holdings) furnished Bursa Malaysia
details of the disposal by way of exercise of rights of
foreclosure of 36,000,001 ordinary shares of MYR1.00 each
representing approximately 27.7 percent equity interest in PSC-
Naval Dockyard Sdn Bhd (PSC-ND) (Proposed Disposal) by Affin
Bank Berhad (Affin Bank)

(1) Introduction

The Board of Directors of Affin Holdings advised the Exchange
that its wholly owned subsidiary, Affin Bank Berhad, has on
December 12, 2005 accepted the offer made by Boustead Holdings
Berhad to acquire 36,000,001 ordinary shares of MYR1.00 each
representing approximately 27.7 percent equity interest in PSC-
ND (Sale Shares) for a cash consideration of MYR150.12 million.

(2) The Proposed Disposal

(2.1) Background to Proposed Disposal

Affin Bank had on October 24, 2005 obtained summary judgement
against Penang Shipbuilding & Construction Sdn Bhd (PSCSB), a
wholly owned subsidiary of PSCI, including for payment of an
outstanding amount under a term loan facility (the Facility).

On November 22, 2005, Affin Bank gave due notice to PSCSB that
ABB will be selling the Sale Shares towards recovery of the
judgement sum. The Sale Shares had been mortgaged earlier to ABB
as security for the Facility.

(2.2) Particulars of Proposed Disposal

Following a conditional offer made by Boustead, ABB has on
December 12, 2005 accepted the offer for the Company to acquire
the Sale Shares for a cash consideration of MYR150.12 million.
As a matter of formality, the terms and conditions of the
Proposed Disposal would be set out and contained in a term sheet
to be agreed upon between Boustead and ABB.

The purchase consideration of MYR150.12 million will be paid by
Boustead in three (3) equal annual installments of MYR50.04
million each, together with a holding cost of five percent per
annum until full payment.

(2.3) Information on PSC-ND

PSC-ND was incorporated in Malaysia under the Companies Act,
1965 on June 13, 1990 and is principally involved in
shipbuilding and repairs. The current issued and paid-up share
capital of PSC-ND is MYR130,000,003 comprising 130,000,002
ordinary shares of MYR1.00 each and one special share.
PSC-ND has an existing Offshore Patrol Vessel Project with the
Government of Malaysia to design, construct and deliver six
Offshore Patrol Vessels (OPV) together with integrated logistics
support and commercial package programme for the Royal Malaysian
Navy, valued at MYR5.35 billion.

Based on the latest available audited financial statements of
PSC-ND for the year ended December 31, 2004, the net assets were
approximately MYR417.9 million and the loss after tax was
approximately MYR423.5 million.

(2.4) Information on Boustead

Boustead is a public listed company with an issued and paid-up
share capital of MYR289.8 million comprising 579.5 million
million ordinary shares of MYR0.50 each as at December 31, 2004.

The principal activities of Boustead are investment holding. The
principal activities of Boustead's subsidiaries are investment
holding, plantation, property development, property investment,
trading, manufacturing, shipping agent, travel agent, operation
of university and services.

Based on the latest available consolidated audited financial
statements of Boustead for the year ended 31 December 2004, the
net assets were approximately MYR1,800.1 million and the profit
after tax and minority interest was approximately MYR119.2
million.

(2.5) Financial Effects

The financial effect of the Proposed Disposal on Affin Bank as
well as Affin Holdings would be positive given that there would
be a reduction in the amount owing by PSCSB to Affin Bank and a
corresponding improvement in the asset position of Affin Bank.

(3) Rationale

The Proposed Disposal would enable Affin Bank to sell the Sale
Shares, which are shares in a private limited company and to
recover the value attributed to the security.

(4) Approvals Required

Affin Holdings has applied to Bursa Malaysia Securities Berhad
(Bursa Malaysia) for a waiver from compliance with the
provisions for related party transactions under Chapter 10 of
the Listing Requirements.

(5) Directors' and Substantial Shareholders' Interests

Save as disclosed below, none of the other Directors or major
shareholders of Affin Holdings and Affin Bank, or persons
connected to them, has any interest, direct or indirect, in
respect of the Proposed Disposal.

(5.1) Interested Major Shareholder

As at October 30, 2005, Lembaga Tabung Angkatan Tentera (LTAT)
holds a 32.86 percent in Affin Holdings and a 68.52 percent
interest in Boustead. Boustead holds a 21.64 percent interest in
Affin Holdings. LTAT also holds 10.38 percent in PSC-ND.

(5.2) Interested Directors

Tan Sri Dato' Lodin Bin Wok Kamaruddin, is the Managing Director
of Affin Holdings and a Non-Independent Non-Executive Director
of Affin Bank, as well as the Group Managing Director of
Boustead and the Chief Executive of LTAT.

Datuk Azzat Kamaludin, the Non-Independent Non-Executive
Director of Affin Holdings is a director of Boustead and a
director of PSC-ND.

As such, Tan Sri Dato' Lodin Bin Wok Kamaruddin and Datuk Azzat
Kamaludin (collectively the Interested Directors) are deemed
interested in the Proposed Disposal.

The Interested Directors have abstained and will continue to
abstain from deliberating and voting at the relevant board
meetings of Affin Holdings in respect of the Proposed Disposal.

(6) Document Available for Inspection

Further information of the Proposed Disposal would be announced
in due course upon agreement on the term sheet if necessary.
In the meantime, the letters of offer and of acceptance are
available for inspection at the registered office of Boustead
during office hours from Mondays to Fridays (except for public
holidays) at 8:30 a.m. to 5:00 p.m., for the time being, for the
period of two (2) weeks from the date of this announcement.

This announcement is dated 12 December 2005.

CONTACT:

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


AMTEK HOLDINGS: Shareholders OK Proposed Revision
-------------------------------------------------
On behalf of the Board of Directors of Amtek Holdings Berhad,
Puncak Sutera Management Sdn. Bhd. informed Bursa Malaysia
Securities Berhad that the Ordinary Resolution on the Proposed
Revision to the Revised Utilization of Proceeds of MYR3,149,000
from the proceeds raised from the rights issue and public issue
in conjunction with the Company's listing exercise which was
completed on June 25, 1998 has been unanimously approved by the
shareholders at the Extraordinary General Meeting of the Company
held on December 12, 2005 at No. 8-10 Lorong Nagasari 26, Taman
Nagasari, 13600 Perai, Pulau Pinang.

CONTACT:

Amtek Holdings Berhad
No. 3, Jalan 2/118C, Desa Tun Razak,
Industrial Park Cheras, Kuala Lumpur
Wilayah Persekutuan 56000
Malaysia
Telephone: 03-91737080
Fax: 03-91736146


AMTEK HOLDINGS: Unveils Resolution Passed at AGM
------------------------------------------------
On behalf of the Board of Directors of AMTEK Holdings, Puncak
Sutera Management Sdn. Bhd. advised Bursa Malaysia Securities
Berhad that the following resolutions were duly passed by the
shareholders at the Twenty First (21st) Annual General Meeting
of the Company held on December 12, 2005 at No. 8-10 Lorong
Nagasari 26, Taman Nagasari, 13600 Perai, Pulau Pinang:

(1) Receive the Audited Financial Statements for the financial
year ended June 30, 2005 and the Report of the Directors and
Auditors thereon.

(2) Approve payment of Directors' fees for the financial year
ended June 30, 2005

(3) Re-elect the retiring Directors, under Articles 102 of the
Company's Articles of Association:

(a) Y. Bhg. Dato' Noor Ahmad Mokhtar bin Haniff

(b) Encik Khalid bin Haji Sufat

(4) Re-appoint Messrs Peter Chong & Co. as Auditors and
authorize the Directors to fix their remuneration.


ANTAH HOLDING: Fails to Submit Annual Audited Accounts
------------------------------------------------------
Antah Holding Berhad (Antah) informed Bursa Malaysia Securities
Berhad an announcement pursuant to Paragraph 9.26(3)(b) of the
Bursa Securities Listing Requirements (Bursa Securities LR) -
status of the non-submission of Annual Audited Accounts (AAA)
for the financial year ended (FYE) June 30, 2005 (AAA 2005)

The company refers to its announcement on November 30, 2005 in
relation to the status of the non-submission of AAA 2005. The
company highlighted that its tentative timeline to achieve the
issuance of the AAA 2005 should read as follows:

Description Timeline Status

(1) Issuance of notice of General Meeting (including AAA & AR)
for FYE June 30, 2004 and appointment of new Auditors at the
General Meeting End December 2005 To be achieved

(2) Finalizing and signing of AAA 2005 Mid January 2006: To be
achieved

(3) Issuance of notice of Annual General Meeting (including AAA
& AR 2005) End January 2006: To be achieved

This announcement is dated 12 December 2005.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


JOHAN HOLDINGS: Bourse Resumes Trading of Securities
----------------------------------------------------
Bursa Malaysia Securities Berhad advised that Johan Holdings
Berhad's securities were suspended with effect from 3:15 p.m.,
Monday, December 12, 2005.

Trading in the securities will resume with effect from 9:00
a.m., Tuesday, December 13, 2005.

CONTACT:

Johan Holdings Bhd
No. 6, Jalan Bersatu 13/4,
Petaling Jaya Selangor 46200
Malaysia
Telephone: 03-79588411
Fax: 03-79570945


JOHAN HOLDINGS: Unit Inks SSA with Sytner Group
-----------------------------------------------
Johan Holdings Berhad unveiled to Bursa Malaysia Securities
Berhad details of the Sale of Investment in William Jacks PLC.

(1) Introduction

The Board of Directors of Johan Holdings Berhad (Johan) unveiled
that its subsidiary, Jacks International Limited (JIL) has on
December 12, 2005 entered into a conditional Share Sale
Agreement (SSA-I) with Sytner Group Limited of Woodcote House,
Harcourt Way, Meridian Business Park, Leicester, Leicestershire,
LE19 1WE, United Kingdom (the Purchaser) for the disposal of
JIL's entire investment in 6,176,892 ordinary shares of 25 pence
each representing 56 percent equity interest in William Jacks
PLC (WJPLC) for a cash consideration of GBP5,620,971.72
(MYR36,985,994) (the Purchase Price) i.e. at 91 pence per WJPLC
share.

JIL is a public limited company incorporated in Singapore and
listed on the Singapore Exchange Securities Trading Limited.

Concurrently, on December 12, 2005, Johan together with two
other subsidiaries, namely Johan Investment Pte Ltd (JIPL) and
Abacus Pacific N.V. (APNV) have also entered into a conditional
Share Sale Agreement (SSA-II) with the Purchaser for the
disposal of their respective equity interest in 277,909,
1,082,267 and 123,042 ordinary shares of 25 pence each in WJPLC
i.e. a total of 1,483,218 ordinary shares of 25 pence in WJPLC
representing an interest of 13.43 percent for a cash
consideration of GBP1,349,728.38 (MYR8,881,213) (the Purchase
Price) i.e. at 91 pence per WJPLC share.

The Disposal under SSA-I and SSA-II by JIL, Johan, JIPL and APNV
(the Vendors) is in respect of a total of 7,660,110 ordinary
shares of 25 pence each in WJPLC (the Sale Shares) for a total
cash consideration of GBP6,970,700.10 (MYR45,867,207) at 91
pence per WJPLC share.

(2) Information on WJPLC

WJPLC is a public limited company incorporated in the United
Kingdom on July 26, 1926 and listed on the Alternative
Investment Market (AIM) of the London Stock Exchange. The
principal activities of the WJPLC Group of companies are motor
car distribution, servicing and retail finance. WJPLC is a 56
percent-owned subsidiary of JIL.

WJPLC has an authorized share capital of GBP4,500,000 comprising
of 18,000,000 ordinary shares of 25 pence each. Its issued
ordinary share capital is GBP2,759,277.50 comprising of
11,037,110 ordinary shares of 25 pence each, fully paid.

(3) Details of the Disposal

Under the terms of the SSA-I, the purchaser shall pay 10% of the
Purchase Price or GBP562,097.17 (MYR3,698,599) as deposit with
the balance of GBP5,058,874.55 (MYR33,287,395) to be satisfied
three (3) business day following the Completion date.

Completion of SSA-I is conditional on the approval of
shareholders of JIL at an Extraordinary General Meeting (EGM)
within 60 days of the execution of the SSA-I by the parties.

Should JIL not obtain shareholders' approval within the 60 days,
then the period for the obtaining of approval may be extended by
30 days provided notice to convene the EGM was sent within the
60 day period.

If the condition is not satisfied, the Purchaser is entitled to
a refund of the deposit together with any interest earned
thereon and neither party will have any obligation or liability
to the other party except in respect of an antecedent breach.

Under the terms of the SSA-II, the Purchaser shall pay 10
percent of the Purchase Price or GBP134,972.83 (MYR888,121) as
deposit with the balance of GBP1,214,755.55 (MYR7,993,092) to be
satisfied three (3) business days following Completion Date,
less all outstanding balance owed to WJPLC by JIPL.

Completion of SSA-II is conditional upon the completion of the
condition of SSA-I above and shall take place concurrently with
completion under that agreement.

Save for the liabilities arising from WJPLC's ordinary course of
business, eg borrowings, creditors etc, there are no liabilities
to be assumed by the Purchaser pursuant to the Disposal.

(4) Sale Consideration

The Sale Price of 91 pence per WJPLC share under SSA-I and SSA-
II for a total consideration of GBP6,970,700.00 (MYR45,867,206)
was arrived at after arms length negotiations with the
Purchaser, an unrelated third party, on a willing buyer-willing
seller basis.

Upon disposal of the Sale Shares under SSA-I and SSA-II based on
its unaudited financial results for the half year ended July 31,
2005, the Johan Group will realize a gain on disposal of
approximately MYR11,800,000.

(5) Information On the Purchaser

Sytner Group Limited of Woodcote House, Harcourt Way, Meridian
Business Park, Leicester, Leicestershire, LE19 1WE, United
Kingdom established over 30 years ago is one of United Kingdom's
leading retailer of prestige and specialist cars. It operates
across more than 80 full service dealerships throughout the
United Kingdom.

(6) Rationale for the Disposal

The Directors are of the unanimous view that the Disposal
represents a good and timely opportunity to divest the Group's
interest in WJPLC for the following reason:

(1) The sale price of 91 pence per share represents a
substantial premium of 43.3 percent over WJPLC's quoted share
price of 63.5 pence as at December 9, 2005 and more than 2.0
times the NTA per WJPLC share of 44.7 pence (as at January 31,
2005).

(2) WJPLC has been incurring operating loss of 659,000 and
GBP1,079,000 for the years ended January 31, 2004 and January
31, 2005 respectively. For the six-months ended July 31, 2005,
operating loss was GBP1,350,000.

(3) The Disposal represents an opportunity for the Group to
realize its investments in WJPLC at an attractive exit price.

(7) Utilization of the Sale Proceeds

In the announcement simultaneously released by the Board of
Directors of JIL to the Singapore Exchange Securities Trading
Ltd, it was stated that "at present the Directors do not see an
immediate need for cash in the Group. The Company is debt free
and the operating subsidiaries have adequate working capital for
their operational requirements at this stage.

To best manage the capital of the Company, the Directors believe
that a distribution of the surplus cash arising from the Sale
Consideration to all shareholders on a pro- rata basis will be
in the best interest of all shareholders without prejudicing the
Company and its subsidiaries' operational requirements."

The net proceeds from sale of the WJPLC shares by Johan, JIPL
and APNV will be utilized for the Group's working capital
requirements.

(8) Approvals Required

The Disposal is not subject to approval of shareholders of Johan
or any government authorities.

(9) Financial Effects

(a) Share Capital

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

(b) Earnings Per Share (EPS)

The aggregate cost of the Sale Shares was MYR38,869,000. The
Disposal is expected to result in a gain of approximately
MYR11,800,000 thereby contributing positively to the EPS of the
Johan Group.

(c) Net Tangible Assets (NTA)

For illustrative purpose only, and assuming that the Disposal
had been completed on January 31, 2005, based on the balance
sheet of the Johan Group as at January 31, 2005, restated after
incorporating the prior year adjustment in respect of pension
cost in WJPLC as per Johan's announcement of half year results
dated September 21, 2005, the Disposal will result in NTA to be
improved by approximately 6 sen to 40 sen for the financial year
ended January 31, 2005.

(10) Directors' and Substantial Shareholders' Interest

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

(11) Securities Commission's Policies and Guidelines on
Issue/Offer of Securities

As the Disposal does not involve any issue/offer of securities,
the Securities Commission's Policies and Guidelines on
Issue/Offer of Securities are therefore not applicable.

(12) Statement by the Board of Directors

The Directors having considered the basis for the Sale
Consideration, the rationale for the Disposal and the terms of
the Disposal, are collectively of the view that the Disposal is
in the best interests of the Company.


MAGNUM CORPORATION: Bourse Lists, Quotes New Shares
---------------------------------------------------
Magnum Corporation Berhad advised that its additional 190,000
new ordinary shares of MYR0.50 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., Wednesday, December 14, 2005.

CONTACT:

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


MTD CAPITAL: Issues New Shares for Listing, Quotation
-----------------------------------------------------
MTD Capital Bhd advised that its additional 965,000 new ordinary
shares of MYR1.00 each arising from the exercise of 965,000
Warrants 2000/2006 will be granted listing and quotation by
Bursa Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, December 14, 2005.

CONTACT:

MTD Capital Berhad
Batu 8 Jalan Batu Caves
Lot 8359 Mukim of Batu
Batu Caves, Selangor Darul Ehsan 68100
Malaysia
Telephone: +60 3 6189 9022/ +60 3 6187 7898
Web site: http://www.mtdcap.com/


MULTI-USAGE HOLDINGS: OCBC Accepts Scheme
-----------------------------------------
Multi-Usage Holdings Berhad submitted to Bursa Malaysia
Securities Berhad an update to the default of payment pursuant
to Practice Note 1/2001.

Further to the announcement on November 11, 2005, Multi-Usage
Holdings Berhad (MUHB) advised that OCBC Bank (Malaysia) Sdn Bhd
(OCBC) has agreed to accept the Proposed Corporate and Debt
Restructuring Scheme (PCDRS) which was announced on September 1,
2005 on the settlement of the total amounts owing by the
companies under MUHB Group.

OCBC is agreeable to withhold all legal actions against MUHB and
its subsidiary companies until the implementation date of the
PCDRS.

Yours sincerely
Ang Kim Cheng and Ang Teng Kok
Managing Director

CONTACT:

Multi-Usage Holdings Berhad
19, Ground Floor, Weld Quay, Penang 10300
Telephone: 04-2622858
Fax: 04-2612823


PAN MALAYSIA: Buys Back 10,000 Shares
-------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:

Date of buy back: November 12, 2005

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

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

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

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

Total consideration paid (MYR): 4,634.44

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,421,500

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

CONTACT:

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


PANTAI HOLDINGS: New Shares up for Listing, Quotation
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 183,200 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., Wednesday, December 14, 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


PILECON ENGINEERING: Court to Hear Petition Jan. 12
---------------------------------------------------
Pilecon Engineering Berhad (Pilecon) issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

- Proposed Capital Reduction;

- Proposed Share Consolidation;

- Proposed Rights Issue;

- Proposed Debt-Restructuring Scheme comprising:

- Proposed Cash Settlement;

- Proposed Debt-to-Equity Conversion;

- Proposed Issue of Redeemable Convertible Secured Loan Stocks
(RCSLS);

- Proposed Issue of Irredeemable Convertible Unsecured Loan
Stocks (ICULS).

(Collectively referred to as the Approved Revised Proposals)

- Proposed Exemption

Alliance Merchant Bank Berhad, on behalf of the Board of
Directors of Pilecon, advised that the High Court of Malaya at
Kuala Lumpur (Court) has on December 12, 2005 determined that
the Petition seeking sanction of Court for the Approved Revised
Proposals shall be heard on January 12, 2006.

This announcement is dated 12 December 2005.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888


POH KONG: Seeks Shareholders Approval to Renew Mandate
------------------------------------------------------
Poh Kong Holdings Berhad (PKHB) informed Bursa Malaysia
Securities Berhad on the proposed renewal of Shareholders'
Mandate for Proposed Share buy-back by the company

The Board of Directors of PKHB advised that the Company intends
to seek Shareholders' approval for Proposed Renewal of
Shareholders' Mandate for Proposed Share Buy-Back by the Company
at the forthcoming Third Annual General Meeting to be held on
January 20, 2006.

A statement containing information on the above will be issued
at a later date.

CONTACT:

Poh Kong Holdings Berhad
No 16-20 Jalan 52/4
46200 Petaling Jaya, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 7958 8999/3 7956 3450
           +60 37957 2404/3 7954 7726


RHB CAPITAL: To Transfer RHB Delta's Business to RHB Bank
---------------------------------------------------------
RHB Capital Berhad (RHB Capital) unveiled to Bursa Malaysia
Securities Berhad details of the proposed transfer of finance
company business of RHB Delta Finance Berhad (RHB Delta Finance)
to RHB Bank Berhad (RHB Bank).

Further to the announcement made on September 9, 2005 (Ref. No.
RC-050912-60339), RHB Capital advised that Bank Negara Malaysia
had, via its letter dated December 9, 2005, informed of Y.A.B
Minister of Finance's approval for the transfer of finance
company business of RHB Delta Finance to RHB Bank.

The approval is further conditional upon the court order being
obtained for the transfer and vesting of the assets and
liabilities of RHB Delta Finance to RHB Bank.

RHB Delta Finance is a wholly owned subsidiary of RHB Bank,
which in turn is a 70 percent owned subsidiary of RHB Capital.

This announcement is dated 12 December 2005.

CONTACT:

RHB Capital Bhd
Level 8, Tower Three RHB Centre,
Jalan Tun Razak,
Kuala Lumpur Wilayah
Persekutuan 50400 Malaysia
Telephone: 03-92806777
Fax: 03-92806507


SOUTHERN BANK: Resolutions at EGM 1 Duly Passed
-----------------------------------------------
The Board of Directors of Southern Bank Berhad advised Bursa
Malaysia Securities Berhad that all resolutions, as set out in
the Notice of the Extraordinary General Meeting 1 dated November
16, 2005, have been duly approved and adopted by the
shareholders present at the meeting held this morning.

This announcement is dated 12 December 2005.

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


UNITED CHEMICAL: Still No Changes in Default Status
---------------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on November 11, 2005, there are no new
significant developments in relation to the various default in
payment.

The Board of Directors of UCI would like to further provide an
update on the details of all facilities currently in default in
compliance with Section 3.1 of Practice Note No. 1/2001.

To view Table A, go to
http://bankrupt.com/misc/UnitedChemical121205.xls

This announcement is made on 12 December 2005.

CONTACT:

United Chemical Industries Berhad
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488
Fax: 03-40448711
Web site: http://www.uci.com.my


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

ABS-CBN BROADCASTING: Assistant Corporate Secretary Resigns
-----------------------------------------------------------
Mr. Danilo V. Morales resigned as Assistant Corporate Secretary
of ABS-CBN Broadcasting Corporation.

Mr. Andrefanio D. Santos has been appointed as Assistant
Corporate Secretary.


CONTACT:

ABS-CBN Broadcasting Corp
Mother Ignacia St
Corner Sgt
Quezon City 1100
Philippines
Phone:  2 924 4101
Fax:  2 921 5888
Web site: http://www.abscbn-ir.com


ABS-CBN BROADCASTING: Clarifies Report on Profit Dive
-----------------------------------------------------
In reference to the article on BusinessWorld entitled "ABS-CBN
forecasts dim fourth quarter", ABS-CBN Broadcasting Corp. would
like to clarify the following details:

(1) "Low advertising sales are likely to pull down ABS-CBN
Broadcasting Corp.'s earnings for the fourth quarter, signaling
a bleaker outlook for 2006.

(2) "The fourth quarter should be the highest spending period.
It was really bad [for us]. We will probably be down about 10%
to 20% relative to last year. The SEA Games made a lot of money
[for the other networks], and some advertisers really cut down
on spending," Mr.
Lopez said.

This is to confirm that 4Q05 gross airtime revenues have
declined at a faster pace of approximately 10% to 12% compared
to last year. However, the figures are preliminary and are still
subject to changes upon the completion of the year and the full-
year financial audit.

- Also, Mr. Lopez said ABS-CBN will book cash transfusion of at
least Php1 billion from its international operations as it
transferred its North America-based subscribers to Direct-TV.

"We moved all our US subscribers from our satellite to generate
a certain amount of cash enough to generate money for us," he
said, adding that capital expenditures for 2006 has been pegged
at Php2 billion.

This is to confirm that in connection with the Affiliation
Agreement with DirecTV, which was disclosed last July 20, 2005,
the Company will book revenues or license fees of at least
Php1.0 billion during the year. Furthermore, the firm would like
to clarify that the capital expenditure and film rights
acquisition budget for 2006 is still subject to further review
but would likely range within Php1.2 billion to Php1.5 billion.


COLLEGE ASSURANCE: Congress Asks SEC to Restore License
-------------------------------------------------------
Congress is working to help ailing pre-need firm College
Assurance Plans (Philippines) Inc. regain its dealership
license, The Philippine Daily Inquirer has learned.

The House of Representatives has issued a resolution asking the
Securities and Exchange Commission (SEC)to suspend its
requirement for Actuarial Reserve Liability (ARL) of pre-need
companies and restore the license of CAP to sell pre-need plans.

CAP is prohibited to sell new education plans after the SEC did
not renew its dealer's license in August last year. The company
lost its license when it failed to inject fresh capital.

CAP's activity is presently limited to servicing existing
planholders.

The preneed company has asked a court to place it under
rehabilitation because of financial difficulty.

Under a proposed eight-year rehabilitation plan, CAP will
continue to pay the tuition of planholders based on 2004-2005
levels.

It plans to address its liabilities ahead of those owed to other
creditors.

CONTACT:

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


GLOBAL EQUITIES: In Debt Restructuring Talks with Banks
-------------------------------------------------------
Global Equities Inc. is holding discussions with creditor banks
about a debt settlement proposal, BusinessWorld reports.

The listed holding firm said it is considering to paying
creditors in kind under an dacion en pago scheme. It is also
planning to sell land.

Long-term debt stood at Php417.5 million as of September with
the parent company owing Php116 million to Equitable PCI and
Php231.5 million to United Overseas Bank (UOB). This includes
the Php70-million debt of its subsidiaries.

Global Equities was unable to settle maturing obligations due to
the adverse impact of the downturn in the real estate industry.
The company and its subsidiaries have recorder a negative
stockholders' equity of Php27.07 million ass of September 2005
and Php58.45 million in September 2004 and current liabilities
exceeded their current assets by Php856.41 million as of Sept.
2005.

The company said it has been in continuous negotiation with
creditor banks for loan restructuring and dacion en pago
arrangements; disposal of saleable assets, implementation of
marketing and cost-cutting programs and negotiation with third-
party investors to jointly develop real estate properties.

Global Equities and its subsidiaries are involved in the
purchase, development and sale of real estate properties and
production and distribution of personal, health and baby care
products.

CONTACT:

Global Equities Inc.
2/F Jannov Plaza
2295 Pasong Tamo Ext., Makati City 1231
Phone:  843-9291; 844-2662; 893-7258
Fax:  815-0126
E-mail Address: globeq@info.com.ph


MUSIC SEMICONDUCTORS: Board OKs Appointment of Internal Auditor
---------------------------------------------------------------
At the regulators' meeting of the Board of Directors of Music
Semiconductors Corporation, the Board of Directors approved the
appointment of Alas, Oplas & Co., CPAs as the Internal Auditor
of the company this year.

About the Company

MUSIC or Multi User Specialty Integrated Circuits Semiconductors
Corporation (MUSX) was initially incorporated in 1992 as a
manufacturer of graphics integrated circuits, content
addressable memory (CAM) and other related products. In 1999,
MUSX decided to reorganize the corporation by changing its
business name and primary purpose into Music Corporation, a
holding company investing in the technology industry. This
development allowed the Company to establish operating
subsidiary companies focused on a specific product line and
market niche that would enhance profitability and market share.

However, the active participation of the Internet and
telecommunications industries in the market caused MUSX's
subsidiary, Music Semiconductors, Inc. (MSI) to suffer
significant losses in terms of CAM sales resulting MSI to heed a
Plan of Reorganization on June 11, 2003, which became effective
on July 23, 2003.

In Dec. 17, 2003, the Board of Directors approved the quasi-
reorganization of the Company. This resulted to a number of
changes, which include: (a) a decrease in par value of MUSX from
Php1.00 to Php0.20 and an increase in par value back to Php1.00
with a corresponding decrease in number of shares resulting to a
5:1 reverse stock split; and (b) incorporating MUSX back into a
semiconductors company to restart new CAM product development.

CONTACT:

MUSIC SEMICONDUCTORS CORPORATION
110 Excellence Ave. cor. Accuracy Drive, SEPZ 1
Carmeiray Industrial Park, Canlubang
Laguna, Philippines 4028
Phone: (049) 5491480 (NDD)
       63-49 5191480 (Int'l)
Fax: (049) 5491024 (NDD)
     63-49 5491024 (Int'l)


NATIONAL POWER: Connects Coal-fired Power Plant to Mindanao Grid
----------------------------------------------------------------
The National Power Corporation (Napocor) has successfully
connected the 210-MW (net) Mindanao Coal-Fired Power Plant
Project at the PHIVIDEC Industrial Estate in Villanueva, Misamis
Oriental is now connected to the Mindanao grid.

This came after the recent completion and subsequent
electrification of the six-kilometer 138kV transmission line
connecting the project to the grid system through the National
Transmission Corporation (Transco) substation in Tagoloan,
Misamis Oriental.

Dr. Donald Lane, Head of Power Plant Management of STEAG State
Power Inc. (SPI), said the "the successful completion of the
transmission line and its connection to the grid marks a
significant step in the construction of Mindanao's first-ever
Coal-Fired Power Plant".

He also expressed SPI's gratitude to the National Power
Corporation and to Transco for their technical support and
coordination in achieving this important project event.

Considered the biggest single investment in Northern Mindanao in
the past 10 years, the US$305million Mindanao Coal-Fired Power
Plant is now 75% complete.

Once fully operational in December 2006, the power plant will
supply additional electricity to Mindanao representing about 15%
of the island's total power requirement.

Since construction began in 2003, more than 2,500 local jobs
were created resulting in increased economic activities in the
area.

Apart from the employment generation, SPI has likewise been
implementing numerous community development and environmental
protection programs aimed at improving quality of lives of the
people living within the vicinity of the power plant project.

CONTACT:

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


UNIOIL RESOURCES: Unveils ASM Results
-------------------------------------
At the Annual Stockholders' Meeting of Unioil Resources and
Holdings, Inc. held Dec. 15 2005, the following matters were
approved by the stockholders:

1. Election of Independent Directors

A. Alexander S. Balili Jr.
B. Romeo O. Gomez

2. Election of Board of Directors

A. Santiago Cua
B. Antonio Q. Sevilla
C. Exequiel D. Robles
D. Brigido J. Dulay
E. Mariza Santos-Tan
F. Rolando A. Castro
G. Nemesio Briones
H. Ferdinand Domingo
I. Juanita U. Tan

3. Amendment of By-Laws

Article IV 1a. - Independent Directors - Pursuant to Securities
and Exchange Commission Memorandum Circular No.16, Series of
2002 (SEC MC No. 16), the Corporation shall have two (2)
independent directors (the Independent Directors), who, apart
from their fees and shareholdings, are independent of management
and free from any business or other relationships which could,
or could be reasonably be perceived to materially interfere with
their exercise of independent judgment in carrying out their
responsibilities as directors in the Corporation. Each
Independent Director must meet all the qualifications and have
none of the disqualifications prescribed in SEC MC No. 16,
Section II (5) of the code of Corporate Governance and all other
applicable issuances.

Article IV 1b. - Nomination Process for Independent
Directors - Any stockholder of record of the Corporation may
nominate any qualified individual as an Independent Director of
the Corporation by submitting a signed nomination, which shall
be duly accepted and conformed to by the nominee, to the
Nomination Committee of the Corporation not later than forty-
five (45) days before the date of the Annual Stockholders'
Meeting.

The Nomination Committee shall pre-screen the qualifications of
the nominees and come up with the Final List of Candidates,
which shall contain all information on the nominees for
Independent Directors, including the identity of the
stockholders who nominated said candidates. The said List shall
be submitted to the Securities and Exchange Commission in any of
the Corporation's required reports, including, but not limited
to, the Information Statement and Proxy Statement.

No other nomination shall be entertained after the final List of
Candidates has been prepared.

Moreover, no nominations of Independent Directors shall be
entertained or allowed on the floor during the actual Annual
Stockholders' Meeting.

Article IV 1c. - Vacancies - Any vacancies occurring in the
Board of Directors, including Independent Directors, by reason
of resignation, disqualifications in accordance with law,
refusal to occupy such office as member of the Board and
Independent Directors, or for such other legal reasons, the
remaining members of the Board of Directors, if still
constituting a quorum, shall fill up such vacancies. In the case
of Independent Directors, their replacement shall be subject to
the Nomination Procedure prescribed in Article IV 1b hereof,
provided that the period of nomination shall be fifteen (15)
days from the occurrence of the vacancy. Otherwise, the vacancy
shall be filled by stockholders in a special meeting called for
that purpose. The directors so elected shall serve for the
unexpired term of their predecessors in office.

In cases where for such reason as stated in the preceding
paragraph some member of the elected and qualified members of
the Board of Directors of the Corporation do not and cannot
constitute the required quorum for a meeting, it shall be called
by the President in accordance with these By-Laws in order to
elect and qualify Board of Directors, which shall serve the
unexpired term of the preceding Board.

In the meeting of the Board of Directors, the following matters
were taken up:

1. Election of the Corporate Officers
Name                    Position
Antonio Q. Sevilla      Chairman
Brigido J. Dulay        Vice-Chairman
Santiago Cua            President
Mariza Santos-Tan       Treasurer
Ruben R. Aldea          Corporate Secretary

2. Organization of the Board Committees

Nominations Committee
Brigido J. Dulay
Exequiel D. Robles
Santiago Cua
Nemesio Briones

Audit Committee
Alexander S. Balili Jr.
Rolando A. Castro
Mariza Santos-Tan

Compensation and Remuneration Committee
Antonio Q. Sevilla
Mariza Santos-Tan
Santiago Cua
Brigido J. Dulay

CONTACT:

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


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

DEBTDOMAIN PTE: Court Issues Winding Up Order
---------------------------------------------
In the matter of Debtdomain 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
URA Centre (East Wing)
45 Maxwell Road #05-11/#06-11
Singapore 069118

Dated this 12th December 2005

Yeo Wee Kiong Law Corporation
Solicitors for the Petitioners


DIGILAND INTERNATIONAL: Clarifies Report on Foreign Units
---------------------------------------------------------
Digiland International Pte Limited makes the following
clarifications relating to its three subsidiaries, in its 2005
annual report to the Singapore Exchange & Securities Trading
Limited (SGX-ST):

SGX-ST's query:

We note that three of the Company's subsidiaries, namely MSI
Digiland (Phils.), Inc., Digiland Pty Ltd and Digiland (Hong
Kong) Limited, were audited by various audit firms. Rule 715(2)
requires the Company to engage a suitable auditor for its
foreign incorporated subsidiaries, and to disclose if any of the
subsidiaries mentioned above are significant subsidiaries of the
Company. If so, we ask the Board to opine whether the auditors
appointed by the significant subsidiaries are suitable to enable
the Company to meet its audit obligations as a listed company.

Company's clarifications:

MSI Digiland (Phils) Inc ("DGP"):

a. The auditor is the same since the firm's inception in 1998,
and the Board has no reason to doubt the local auditors'
suitability.

b. DGP's net tangible assets (NTA) became material to the Group
as the NTA of the other companies in the Group dropped.

c. In the Auditors' Report, the auditors highlighted that the
financial statements of MSI Philippines was a matter of
significance and that had affected their opinion on the
consolidated financial statements of the Group. As an agreement
had been signed for the disposal of DGP on June 11, 2005,
additional audit work by our Group auditors Ernst and Young
("E&Y"), was not feasible.

Digiland Pty Ltd ("DGA") & Digiland (Hong Kong) Limited
("DGHK"):

a. DGA's NTL, Turnover and Net Loss Attributable to Shareholders
for the year ended June 30, 2005 constituted about 35%, 0.23%
and 6.06% respectively, of the Group's net loss.

b. DGHK's NTL, Turnover and Net Loss Attributable to
Shareholders for year ended 30 Jun 2005 constituted about 41%,
3.93% and 12.66% respectively, of the Group's net loss.

c. DGA's and DGHK's significance to the Group is therefore
dependent on the basis used.

d. The local auditors' fee quotes were much lower than Ernst &
Young's and the Group made a conscious decision to reduce
expenses and conserve its resources.

e. The Board did not have reason to doubt the local auditors'
suitability to enable the Company meet its audit obligations as
a listed company.

Dec. 15, 2005

By order of the Board
Lim Koon Hock
Company Secretary

CONTACT:

Digiland International Limited
31 Ubi Road 1
#02-00 Aztech Building
Singapore 408694
Phone: 65 6788 9898
Fax:   65 6369 1613
Web site: http://www.digiland.com.sg


LIANG HUAT: Seeks Approval of Proposed Scheme of Arrangement
------------------------------------------------------------
Liang Huat Aluminum Limited refers to its previous announcements
relating to the schemes of arrangement proposed by the Company,
Liang Huat Aluminium Industries Pte Ltd (LHAI) and Durabeau
Industries Pte Ltd (Durabeau).

As announced in the monthly update made by the Company on June
1, 2005, the remaining conditions precedent to be fulfilled
pursuant to the Scheme are the necessary and appropriate
approvals from Company shareholders and the Singapore Exchange
Securities Trading Limited (SGX-ST).

Pursuant to the terms of the Schemes, an extraordinary meeting
(EGM) was to be convened within 6 months from the date of
lodgment of the copies of the Orders of Court in respect of each
of the Schemes (Oct. 27, 2005), in order to obtain the requisite
Shareholders' approval in respect of the Scheme. To date, the
EGM has yet to be convened.

KPMG Business Advisory Pte Limited, scheme managers of the
respective schemes, sent a notice to the Company's scheme
creditors, LHAI and Durabeau on Dec. 8, 2005, relating to the
technical breach of the relevant terms of the Schemes.

The Company is currently modifying the terms of the Schemes and
finalizing the terms of the Proposed Investment, and will be
convening meetings of the Scheme Creditors to seek their
approval of the modified Schemes and upon their said approval,
the Company will convene the EGM at a later date.

By order of the Board

Tan Yong Kee
Group Managing Director

CONTACT:

Liang Huat Aluminium Limited
Blk 8 #07-05
Liang Huat Industrial Complex
51 Benoi Road
Singapore 629908
Phone: 65 68622228
Fax:   65 68624962
Web site: http://www.lianghuatgroup.com.sg/


LINDETEVES-JACOBERG: Proposes Capital Reduction to Cut Losses
-------------------------------------------------------------
Lindeteves-Jacoberg Limited announced that it plans to undertake
a capital reduction to reduce the par value of each Share in the
issued and paid-up share capital of the Company
from SGD0.20 to SGD0.10 per share.

The proposed capital reduction will allow the Company to write
off a part of its accumulated losses, which have amounted to a
total of SGD74.5 million as of Dec. 31, 2004, by
SGD28,779.735.50. The cancellation of the issued and paid-up
capital no longer represented by available assets will
rationalize the Company's balance sheet.

To view the Company's statement, go to:

http://bankrupt.com/misc/tcrap_lindetevesjacoberg121605.pdf

CONTACT:

Lindeteves-Jacoberg Limited
238A Thomson Road
Singapore 307684
Phone: 65 6383 4248
Fax:   65 6383 4068


SINEXIMCO PTE: Intends to Declare Interim Dividend
--------------------------------------------------
Sineximco Pte Limited, formerly of 101 Cecil Street, #19-02 Tong
Eng Building, Singapore 069533, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Sineximco Pte Limited
Last day for receiving proofs: Dec. 19, 2005
Name  & address of Liquidators: Chee Yoh Chuang & Lim Lee Meng
Chio Lim & Associates
18 Cross Street
#09-01 Marsh & McLennan Centre
Singapore 048423


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

BANGKOK STEEL: Court Reschedules Hearing to Dec. 23
---------------------------------------------------
As the Central Bankruptcy Court had the consent on the
rehabilitation plan of Bangkok Steel Industry Plc. on February
7, 2005, Economic Intellect Co. Ltd. and C.J. Morgan Co. Ltd. on
behalf of the plan administrators of the company, filed the
motion to amend the rehabilitation plan with the court and the
creditors' meeting had special resolution to accept the
amendment on November 30, 2005.

The Central Bankruptcy Court had set the date to consider the
amendment of the restructuring plan on December 14, 2005 at 9:30
a.m., but Thai Asset Management Corporation, the creditor No. 18
and 22, filed the petition to demurrer the amendment of the plan
administrators.

The Central Bankruptcy Court, therefore, postpones the date of
the consideration to December 23, 2005, at 9:30 a.m.  The plan
administrators informed the SET that the company would report
the progress of the consideration to you further.

Please be informed accordingly.
Yours sincerely,
Economic Intellect Co. Ltd.
C.J. Morgan Co. Ltd.
Plan Administrators


THAI PETROCHEMICAL: Unveils New Value of Paid-Up Capital
--------------------------------------------------------
The Stock Exchange of Thailand (SET) informed that on December
13, 2005, Thai Petrochemical Industry Public Company Limited
issued 11,651,088,789 new ordinary shares, at the par value of
THB1 each, to the Group of the Strategic Investors and the
Buyers for the Distribution of Shares to the Existing
Shareholders and registered the change of its paid-up capital on
the same day by increasing the paid-up capital from
THB7,848,911,211 to THB19,500,000,000.

Accordingly, the Company's current registered capital is
THB20,475,000,000, with THB19,500,000,000 being the paid-up
capital.

Your acknowledgement of the above matter is highly appreciated.

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


CONTACT:

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


THAI PETROCHEMICAL: Notifies SET of Share Allotment
---------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. notified the Stock
Exchange of Thailand of Shares Allotment from Right Offering
during November 30 to December 2 and December 6 to December 7,
2005 to TPI Shareholders 1.

From December 14-16, 2005, existing shareholders who subscribed
to TPI's right offering can check their subscription status as
follows:

To view a full copy of the subscription status, go to
http://bankrupt.com/misc/ThaiPetrochemical121205.doc

Your acknowledgement of the above matter is highly appreciated.

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






                            *********


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

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