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

                     A S I A   P A C I F I C

           Thursday, December 22, 2005, Vol. 8, No. 253

                            Headlines

A U S T R A L I A

ABLEWAY WASTE: Court Orders Winding Up
BOOTH FLOORS: Creditors Decide to Cease Operations
BUSINESS PEOPLE: Creditors OK Liquidator's Appointment
CARTER HOLT: Moody's Continue to Review Possible Downgrade
CG SLATER: Winds Up Business

CHEVRICK PTY: Schedules Final Meeting Dec. 30
EG GREEN: ACCC not to Oppose Elders Bid
FEEDSTOCKS PTY: Barry Taylor Named Official Liquidator
FIRST CAPITAL: ASIC Acts on Super Switching Advice
FLOORS OF AUSTRALIA: Declares Dividend Today

GAGALL PTY: Enters Voluntary Liquidation
GOLD RIBBON: Intends to Pay Final Dividend
INTERNATIONAL WINE: Unveils Revised Distribution Policy
KENNEDY REA: Liquidator to Distribute Company Assets
K.R. CONTRACTING: Declares First, Final Dividend

LAST MAN: Members Pass Winding Up Resolution
MULTIPLEX: Says Wembley May not be Ready for FA Cup
MYER LIMITED: Asset Sale Draws Big Names
PEASTON PTY: Wind Up Process Initiated
RELLGROVE PTY: Court Appoints Official Liquidator

RMW HOLDINGS: Placed Under Voluntary Liquidation
SALIBA HOLDINGS: Court Releases Wind Up Order
SAVVY CORPORATION: Peter Krecji Named Liquidator
SINGLETON ENTERPRISES: Court Winds Up Firm
TELSTRA CORPORATION: Watchdog Snubs Access Price Hike

TELSTRA CORPORATION: Confirms 3G Network on Hold
TOUCHPAPER PTY: Members, Creditors to Review Wind Up Report
WEST COAST: Members Agree to Shut Down Operations
WESTPOINT GROUP: Axe Hovers Over Units


C H I N A  &  H O N G  K O N G

CHINA SCORE: Issues Winding Up Order Notice
EXPONENT LIMITED: Winding Up Hearing Slated for Jan. 18
EZCOM ELECTRONICS: Set to End Operations
GREAT DRAGON: Issues Debt Claim Notice
HAMON CHINA: Creditors to Prove Claims by Dec. 30

MINWELL PROPERTIES: Court Issues Winding Up Notice
NH TRADING: Winding Up Hearing Fixed Jan. 25
SHENZHEN SHENXIN: Incurs CNY54.9 Mln Loss in Third Quarter
SWEETMART INTERNATIONAL: Court to Hear Wind Up Petition Jan. 4
UNIVERSAL ENTERPRISES: Court Issues Winding Up Notice

WORLD CARNIVAL: To Appoint Provisional Liquidators
XIN CORPORATION: 1H05 Net Loss Narrows to HK$6.3 Mln


I N D I A

* India Rules Out Merger of Two State Airlines


I N D O N E S I A

MERPATI NUSANTARA: To Use Government Funds to Repair Planes
PERTAMINA: Teams With Power Firm to Develop Castor Oil Fuel
SIERAD PRODUCE: Lays Off 1,500 Workers Due to Consecutive Losses
* Indonesian Government Seeks to Reschedule Debt to Paris Club


J A P A N

FORD JAPAN: Names Edward Krieger as New President
KANEBO LIMITED: Sells 2 Realty Business Units to Osaka Developer
MITSUBISHI FUSO: Unit Suspected of Cheating on Truck Checks
MITSUBISHI MOTORS: MMPC Launches New Vehicles Next Year
SANYO ELECTRIC: To Raise US$2.6 Bln for Restructuring

SANYO ELECTRIC: Shares Up 2.5% JPY300 Bln on Share Sale Report
SOFTBANK CORPORATION: Outlines Public Offering


K O R E A

LG CARD: Proposed Sale Hits Snag


M A L A Y S I A

AFFIN HOLDINGS: Bourse to List, Quote New Shares
ANCOM BERHAD: Buys Back Ordinary Shares
BELL & ORDER: Court Extends Restraining Order for Two Months
HARRISONS HOLDINGS: Issues New Shares for Listing, Quotation
HARVEST COURT: Appeals SC Decision

ICAPITAL.BIZ BERHAD: Unveils Net Asset Value
JOHAN HOLDINGS: Net Loss Widens to MYR6,886,000 in 3Q/FY05
LITYAN HOLDINGS: Clarifies Court Order
MAGNUM CORPORATION: Holds Shares Buy Back
MALAYSIA PACIFIC: Updates Wind-Up Petition Against Taman

MATRIX INTERNATIONAL: Net Loss Widens to MYR9,775,000 in 2Q/FY05
OLYMPIA INDUSTRIES: Details Requests Made to SC
PAN MALAYSIA: Issues Notice of Shares Buy Back
PPB GROUP: Unit Placed Under Member's Voluntary Winding Up
SOUTHERN BANK: New Shares Up for Listing

TRU-TECH HOLDINGS: To Miss Payment of December Dues
WEMBLEY INDUSTRIES: Bourse Removes Securities from List


P H I L I P P I N E S

GLOBAL STEELWORKS: Commercial Operation Kicks Off
MANILA ELECTRIC: Comments on Media Report
MANILA ELECTRIC: Regulator to Probe Settlement with Napocor
MARIWASA MANUFACTURING: Hike in Capital Stock Approved
MAYNILAD WATER: Supervisors Withdraw Strike Plan

NATIONAL POWER: Saves Php1 Bln in Fuel Cost


S I N G A P O R E

GLAVERBEL ASIA-PACIFIC: Receiving Claims Until Next Month
SCHULZ PTE: Intends to Pay Dividend
SINOGAS HOLDINGS: Asks Creditors to Submit Debt Claims
WEE POH: Issues Shares; Signs Loan Agreement


T H A I L A N D

RAYONG REFINERY: Enters Agreement with Financial Institutions

     -  -  -  -  -  -  -  -

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

ABLEWAY WASTE: Court Orders Winding Up
--------------------------------------
On Nov. 30, 2005, the Supreme Court of Victoria ordered the
winding up of Ableway Waste Pty Ltd Nov. 30, 2005, and appointed
Mr. Mark Julian Robinson to be the Company Liquidator.

Dated this 5th day of December 2005

Mark J. Robinson
C/o PPB Chartered Accountants and Business Reconstruction
Specialists
15th Floor, 25 Bligh Street
Sydney NSW 2000
Phone: 02 9233 4955
Fax:   02 9221 1310


BOOTH FLOORS: Creditors Decide to Cease Operations
--------------------------------------------------
Notice is hereby given that on Nov. 30, 2005, the following
special resolution was passed:

That Booth Floors Pty Limited be wound up voluntarily relating
to a Creditors' Voluntary Winding Up, and that Mr. K. L.
Sutherland and Mr. H. A. MacKinnon, Chartered Accountants of 332
St Kilda Road, Melbourne be appointed as Joint and Several
Liquidators for such purpose.

Dated this 30th day of November 2005

H. A. MacKinnon
K. L. Sutherland
Joint Liquidators
Bent & Cougle Pty Limited Chartered Accountants
332 St. Kilda Road, Melbourne Vic 3004


BUSINESS PEOPLE: Creditors OK Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Business People Group Pty Limited held on Nov. 28, 2005, it was
resolved that the Company be wound up voluntarily. Mr. Steven
Nicols of Nicols + Brien was appointed as Liquidator for such
purpose; creditors approved the Liquidator's appointment at a
creditors' meeting held on the same day.

Dated this 30th day of November 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 2, 350 Kent Street
Sydney NSW 2000
Phone: 02 9299 2289
Web site: http://www.bankrupt.com.au/


CARTER HOLT: Moody's Continue to Review Possible Downgrade
----------------------------------------------------------
Moody's Investors Service has lowered the long-term senior
unsecured rating of Carter Holt Harvey Limited (CHH) to Ba1 from
Baa3. The change in rating has been driven by ongoing
uncertainty surrounding the operational and financial structure
of the company.

The rating also remains on review for possible downgrade,
reflecting the uncertainty regarding the intentions of the new
majority owner -- Rank Group Limited. As such, Moody's continues
to see a material risk that CHH will be downgraded further in
the near future.

The downgrade to Ba1 reflects Moody's opinion that there is
significant risk that the operating profile and asset base of
CHH will undergo material changes in the short to medium term.
This level of uncertainty is not considered to be commensurate
with an investment grade credit.

Moody's notes that CHH's financial profile has been weakened by
the recent downward revisions in profit guidance provided by the
company. At the same time, CHH's balance sheet has been
strengthened by the application of the proceeds from the sale of
its forestry assets to paying down debt. As a result, it remains
relatively lowly geared and exhibits a long-dated debt maturity
profile.

CHH's financial profile is further weakened by uncertainty
surrounding the ongoing availability of its standby facilities.
Moody's understands that the current facility is available until
mid February and will renegotiated on a rolling basis.

CHH is a large integrated forest products company based in
Auckland, New Zealand. It has production faculties for pulp,
paper, wood and packaging products in Australia, New Zealand and
China.

CONTACT:

NEW ZEALAND
Carter Holt Harvey Limited
640 Great South Road
Manukau City
Auckland 1020
Phone: +64 9 262 6000
Facsimile: +64 9 262 6099

AUSTRALIA
Carter Holt Harvey Limited
Como Office Tower
Level 16, 644 Chapel Street
South Yarra
Melbourne, VIC 3141
Telephone: +61 3 9823 1600
Facsimile: +61 3 9823 1620
Web site: http://www.chh.com


CG SLATER: Winds Up Business
----------------------------
At a general meeting of CG Slater Holdings Pty Limited held on
Nov. 30, 2005, members resolved to wind up the Company
voluntarily, and to appoint Messrs. Winifred Gibson and Paul
Andrew Fahey of NorthCorp Accountants, 51 Cameron Street,
Wauchope, NSW 2444 as Joint and Several Liquidators for the
winding up.

Dated this 30th day of November 2005

Paul A. Fahey
Winifred Gibson
Joint Liquidators
NorthCorp Accountants
51 Cameron Street, Wauchope NSW 2444


CHEVRICK PTY: Schedules Final Meeting Dec. 30
---------------------------------------------
Notice is given that a final meeting of the members and
creditors of Chevrick Pty Limited will be held on Dec. 30, 2005,
10:15 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


EG GREEN: ACCC not to Oppose Elders Bid
---------------------------------------
The Australian Competition and Consumer Commission (ACCC) will
not oppose a bid for the EG Green & Sons Group by a joint
venture between Elders Limited and T&R Pastoral Limited, ACCC
Chairman, Mr. Graeme Samuel, said.

EG Green, which operates the largest abattoir in Western
Australia, is being sold after going into administration earlier
this year. Elders is a major livestock agent in Western
Australia. T&R Pastoral operates a major abattoir in South
Australia.

"The ACCC's key concern was that buying EG Green might
facilitate Elders requiring cattle farmers to use it as an agent
if they wished to have their cattle processed at EG Green," Mr.
Samuel said.

"Such a requirement could affect competition between livestock
agents in Western Australia."

"However, the ACCC is satisfied that Elders would be constrained
from imposing such a requirement by the potential for farmers to
respond by switching to other abattoirs or libe cattle
exporters.

"The ACCC was also concerned that the proposed acquisition might
facilitate Elders requiring cattle farmers to have their cattle
slaughtered at EG Green's if they wished to use Elders as an
agent.

"Such a requirement could affect competition between abattoirs
in Western Australia.

"However, the ACCC was satisfied that Elders would be
constrained from imposing such a requirement by the potential
for farmers to respond by switching to other agent's or by not
using an agent at lass."

CONTACT:

EG Green and Sons
Hamilton Hill Office
16 Emplacement Crescent
Hamilton Hill WA 6163
Phone: 08 9433 2000
Fax: 08 9433 2122
Freecall: 1800 017 345
E-mail: sales@harveybeef.com.au


FEEDSTOCKS PTY: Barry Taylor Named Official Liquidator
------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Feedstocks Pty Limited held on Nov. 30, 2005, it was resolved
that the Company be wound up voluntarily, and Mr. Barry Keith
Taylor of B.K. Taylor & Co., 8th Floor, 608 St. Kilda Road,
Melbourne was appointed as Liquidator for such purpose.

Dated this 30th day of November 2005

Barry K. Taylor
Liquidator
B.K. Taylor & Co.
8/608 St. Kilda Road
Melbourne Vic 3004


FIRST CAPITAL: ASIC Acts on Super Switching Advice
--------------------------------------------------
ASIC has commenced Supreme Court proceedings against a Sydney
financial planning firm, First Capital Financial Planning Pty
Limited (First Capital).

First Capital provides financial advice, including advice about
superannuation, and many of its clients are teachers in New
South Wales.

Under the Corporations Act, people or organizations providing
personal financial advice must give a potential client a
Statement of Advice (SOA). These statements are intended to help
a consumer make an informed decision about whether or not to
follow the advice provided by their financial adviser, and
should be tailored according to the consumer's specific needs.

Between December 2004 and September 2005, First Capital advised
more than 180 teachers to switch from their state government
superannuation to a superannuation fund recommended by First
Capital.

ASIC alleges that:

(1) the SOA did not properly explain the differences in fees
between the state government fund and the recommended fund;

(2) the SOA did not contain a comparison of the fees to be paid;

(3) the SOA did not contain details about insurance, including
the associated costs, which was available to clients in their
existing funds; and

(4) some of the SOAs contained misleading or deceptive
statements about fees and about the past performance of the
recommended fund.

ASIC Deputy Chairman, Mr. Jeremy Cooper, said ASIC took action
in this case because it was concerned that consumers had not
been given the required information about the new superannuation
fund recommended to them.

"Superannuation is a long term and important consideration for
people, and it's vital that consumers are given certain key
information about the impact of switching so that they can make
a fully informed decision," Mr. Cooper said.

ASIC is seeking declarations that First Capital breached the
law, as well as orders restraining First Capital from engaging
in such conduct in the future.

ASIC is also seeking orders that require First Capital to write
to affected clients outlining the case brought by ASIC, the
outcome of the proceedings and options about returning to their
previous superannuation fund and getting compensation.

The case is next before the Court on Feb. 24, 2006.  


FLOORS OF AUSTRALIA: Declares Dividend Today
--------------------------------------------
Floors of Australia Pty Limited will declare a final dividend
today, Dec. 22, 2005.

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

Dated this 14th day of November 2005

Adrian Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


GAGALL PTY: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Gagall Pty Limited held on Nov. 30, 2005, it was resolved
that the Company be wound up voluntarily, and that Messrs.
Richard James Porter and David Ian Mansfield of Moore Stephens
Chartered Accountants, 460 Church Street, Parramatta NSW
2150 be appointed as Joint Liquidators for the winding up.

Dated this 30th day of November 2005

Richard J. Porter
David I. Mansfield
Joint Liquidators
C/o Moore Stephens
460 Church Street, Parramatta NSW 2150


GOLD RIBBON: Intends to Pay Final Dividend
------------------------------------------
Gold Ribbon Accountants will declare a dividend on Dec. 23,
2005.

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

Dated this 17th day of November 2005

Ray Richards
Grant Sparks
Joint Liquidators
SimsPartners Chartered Accountants
Level 11, 145 Eagle Street
Brisbane Qld 4000


INTERNATIONAL WINE: Unveils Revised Distribution Policy
-------------------------------------------------------
The International Wine Investment Fund (IWI) announced Tuesday
at its unit holder's information session in Berri South
Australia, a change to its distribution policy.

The board of Berren Asset Management Limited (Berren), the
responsible entity of the IWI, has set its targeted annual
distribution payment for the fiscal year 2006 at 13 cents per
unit.

It is intended that the distributions will be paid:

            Record Date    Payment Date   Distribution
Interim     Dec. 30, 2005  Feb. 27, 2006  6 cents per unit
Final       June 30, 2006  Aug. 28, 2006  7 cents per unit

The interim distribution which was announced on Dec. 15, 2005
reprsents an increase of 33% over the previous year's interim
distrbution of 4.5 cents per unit. The targeted annual
distribution of 13 cent per unit for FY 2006 will represent an
18 increase over the previous year's 11 cents per unit.

Berren's Chairman Mike Terlet said yesterday evening:

"The board believes that the revised distribution policy will be
of benefit to its unitholders. While it is not a significant
change from our existing practice of declaring distributions
semi-annually, the announcement of targeted distributions
provides unitholders with more certainty as to our intentions
and confidence in continuing to pay distributions. In addition
the board is targeting to fully frank the distribution which
will increase the benefit to unitholders."

Geoff Wilson, Investment Manager of the Wine Fund, said:

"my objective is to provide the capacity for the Wine Fund to
grow its distributions to unit holders over time."

Berren also advised the appointment of Moore Stephens Sydney as
the new Auditor for the Wine Fund and a relocation of the Wine
Fund's operations to Sydney to be close to its Investment
Manager, Geoff Wilson.

Mr. Terlet added that:

"the Wine Fund will continue to hold meetings in South Australia
where a majority of its Unitholders are based".

Under the Corporations Act, the ability of IWI to pay the
targeted distribution of 13 cents is dependent on the IWI
continuing to have sufficient retained earnings in its
subsidiary or generating sufficient profits to pay the
distribution. Adverse economic or market conditions and an
adverse change in the business activities of the companies in
the IWI investment portfolio may impact on IWI's ability to
generate the level of profits necessary to pay this targeted
distribution. The board will reassess this distribution policy
in the event of the any deterioration in economic or market
conditions.

CONTACT:

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


KENNEDY REA: Liquidator to Distribute Company Assets
----------------------------------------------------
At a general meeting of the members of Kennedy Rea Pty Limited
held on Dec. 5, 2005, the following special resolutions were
passed:

(A) That the Company be wound up voluntarily, and that Messrs.
Peter G. Burton & Brian H. Allen of Burton Glenn Allen,
Chartered Accountants of Level 2, 57 Grosvenor Street, Neutral
Bay, New South Wales, be appointed as Liquidators for such
purpose.

(B) That on the winding up of the Company (subject to the
payment of its debts, liabilities and liquidation costs), its
assets may be distributed among the members in Specie (the whole
or in part), according to their rights and interest in the
Company.

Both resolutions were unanimously carried.

Dated this 5th day of December 2005

Brian H. Allen
Peter G. Burton
Liquidators
C/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW
Phone: 02 9904 4644


K.R. CONTRACTING: Declares First, Final Dividend
------------------------------------------------
K.R. Contracting Services Pty Limited will declare a first and
final dividend today, Dec. 22, 2005.

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

Dated this 1st day of November 2005

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


LAST MAN: Members Pass Winding Up Resolution
--------------------------------------------
Notice is hereby given that it was resolved on Nov. 30, 2005
that The Last Man Productions Pty Limited be wound up
voluntarily, and that Mr. John Lord of PKF Chartered
Accountants, Level 10, 1 Margaret Street, Sydney be appointed as
Liquidator of the Company.

Dated this 30th day of November 2005

John Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


MULTIPLEX: Says Wembley May not be Ready for FA Cup
---------------------------------------------------
Embattled Multiplex has admitted that its Wembley Stadium
project may not be completed in time for the FA Cup final in
May, Sydney Morning Herald relates.

The construction firm has earlier warned its troubles may
escalate, saying the Wembley project could wipe out virtually
all profits from the group's entire global operations this
financial year.

Three days ago, Multiplex said that it continued to target
completion of the stadium in time for the Football Association's
most prestigious match, scheduled to return to its spiritual
home in May after five years at the Millennium Stadium in
Cardiff, Wales.

But now Multiplex says there is a "material risk" that Wembley
won't be ready.

The Football Association has already booked Millennium Stadium
to hold the final if Wembley is not ready.

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: Asset Sale Draws Big Names
----------------------------------------
Myer Limited's over AU$400-million Bourke Street flagship
property has attracted some of Australia's biggest property
group, Sydney Morning Herald says.

The site is believed to have drawn interest from Westfield Group
and Gandel, the owner of the Chadstone Shopping Centre, and Lend
Lease.

The property sale is separate from the sale of the Myer
department stores, which has entered a second round of bidding.

Myer parent Coles Myer has hosted a series of presentations for
prospective buyers that included up to three options for the
redevelopment of the site. These are believed to include hig-
rise developments.

A final decision on the sale of the property would be taken in
the first quarter of 2006, in conjunction with plans to sell,
demerge or retain the Myer chain.

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


PEASTON PTY: Wind Up Process Initiated
--------------------------------------
Notice is hereby given that at a general meeting of the members
of Peaston (Victoria) Pty Limited held on Nov. 4, 2005, the
following resolutions were passed:

SPECIAL RESOLUTION

That the Company be wound up voluntarily.

ORDINARY RESOLUTION

That Mr. Neil Hillman of Level 29, 264 George Street, Sydney NSW
2000, be and is hereby nominated as Company Liquidator.

Neil Hillman
Liquidator
Level 29, George Street
Sydney NSW 2000


RELLGROVE PTY: Court Appoints Official Liquidator
-------------------------------------------------
On Dec. 5, 2005, the Supreme Court appointed Mr. John Vouris of
Level 9, 4 O'Connell Street Sydney NSW to be the Offical
Liquidator in the winding up of Rellgrove Pty Limited.

John Vouris
Liquidator
Gadens Lawyers
Level 13, 77 Castlereagh Street
Sydney NSW 2000


RMW HOLDINGS: Placed Under Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of RMW Holdings
Pty Limited held on Nov. 28, 2005, the following special
resolution was passed:

That the Company be wound up voluntarily, and that Samuel Hau
Kwong Shun of Stanley & Williamson Chartered Accountants be
appointed as Liquidator to wind up its affairs and distribute
its assets.

Dated this 28th day of November 2005

Samuel Hau Kwong Shun
Liquidator
First Floor, 34 Burton Street
Kirribilli NSW 2061


SALIBA HOLDINGS: Court Releases Wind Up Order
---------------------------------------------
On Nov. 24, 2005, the Federal Court of Australia ordered the
winding up of Saliba Holdings Pty Limited, and appointed J. H.
Stewart to be the Company Liquidator.

Dated this 28th day of November 2005

J. H. Stewart
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


SAVVY CORPORATION: Peter Krecji Named Liquidator
------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Savvy Corporation Pty Limited held on Nov. 25,
2005, it was resolved that the Company be wound up voluntarily,
and Mr. Peter Paul Krejci of GHK Green Krejci, Level 9,
179 Elizabeth Street, Sydney NSW 2000 was appointed as
Liquidator.

Dated this 25th day of November 2005

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


SINGLETON ENTERPRISES: Court Winds Up Firm
------------------------------------------
On Dec. 2, 2005, the Federal Court of Australia, New South Wales
District Registry appointed Mr. Christopher J. Palmer to be the
Official Liquidator in the winding up of Singleton Enterprises
Pty Limited.

Dated this 13th day of December 2005

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


TELSTRA CORPORATION: Watchdog Snubs Access Price Hike
-----------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) is not
amenable to Telstra Corporation's bid to lift the prices it
charges rivals to access its telecommunications network,
according to the Sydney Morning Herald.

The competition watchdog has been in dispute with the embattled
telco about the fees it can charge rivals to use its unbundled
local loop (ULL) network.

Telstra had wanted to charge a flat fee of AU$30 per service per
month to rivals using its network. But the ACCC rejected the
call, saying the amount was too high.

The regulator said the cost of maintaining the copper lines was
estimated to be more than AU$3 billion a year, while other ULLL
specific costs amounted to less than AU$5 million annually.

The ACCC also rejected Telstra's monthly pricing proposals for
its line sharing service (LLS). However, it said it had not made
any decision to set prices for the ULL or LLS.

CONTACT:

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


TELSTRA CORPORATION: Confirms 3G Network on Hold
------------------------------------------------
Telstra Corporation has confirmed plans for a new generation
network remain on hold pending regulatory relief that would
protect its investment, the Sydney Morning Herald says.

The telco also said earnings guidance for 2005/06 will decline
by 15 to 20 percent, excluding restructuring and redundancy
costs. Including redundancies, earnings could fall by 21 to 26
percent.

The federal government this week indicated that it intended to
allow third party telecoms provides access to any new Telstra
infrastructure, a position opposed by the company.


TOUCHPAPER PTY: Members, Creditors to Review Wind Up Report
-----------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Touchpaper Pty Limited will be held on Dec. 30,
2005, 10:30 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


WEST COAST: Members Agree to Shut Down Operations
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of West Coast Petroleum Pty Limited held on Nov.
29, 2005, it was resolved that the Company be wound up
voluntarily, and Messrs. Adrian Lawrence Brown and George
Georges of Ferrier Hodgson, Level 29, 600 Bourke Street,
Melbourne, Vic were appointed as Joint Liquidators for such
purpose.

Dated this 2nd day of December 2005

Adrian Brown
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


WESTPOINT GROUP: Axe Hovers Over Units
--------------------------------------
The Federal Court has wound up two of Westpoint Group's most
distressed financing schemes, The West Australian has learned.

Earlier, the court ordered that York Street Mezzanine Pty Ltd
and Ann Street Mezzanine Pty Ltd be put into liquidation,
scuttling a bid by Westpoint to rescue the duo through deed of
arrangement.

Justice Robert French said that based on the evidence put before
him, both companies were insolvent and could not be rescued. He
also echoed concerns expressed by administrators about the
conduct of directors in the schemes.

York Street Mezzanine directors called in administrators from
PricewaterhouseCoopers on November 23 after ASIC applied to have
the company placed in provisional liquidation.

A fortnight later Ann Street and five other Westpoint mezzanine
companies were also placed in administration by their directors.

Westpoint has also been put under more pressure with the
corporate watchdog moving on the company.

The troubled group has confirmed Tuesday that the Australian
Securities and Investments Commission had applied to wind up
Westpoint Corporation, the parent company of an AU$ 300 million
web mezzanine finance schemes.


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

CHINA SCORE: Issues Winding Up Order Notice
-------------------------------------------
China Score Investments Limited, whose office address is located
at Rm 2303-2304 23rd Floor Greenfield Tower Concordia Plaza No.
1 Science Museum Road Tsim Sha Tsui Kowloon, issued a winding up
order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on December 7,
2005.

Date of Presentation of Petition: October 5, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


EXPONENT LIMITED: Winding Up Hearing Slated for Jan. 18
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Exponent Limited whose registered office is situated at Unit
1003, 10th Floor, Manhattan Centre, 8 Kwai Cheong Road, Kwai
Chung, New Territories, Hong Kong, by the High Court of Hong
Kong Special Administrative Region was on November 25, 2005
presented to the said Court by Banca Intesa S.p.A. whose
principal place of business in Hong Kong is situate at 33rd
Floor, Edinburgh Tower, The Landmark, 15 Queen's Road Central,
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.

DIBB LUPTON ALSOP
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, 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.


EZCOM ELECTRONICS: Set to End Operations
----------------------------------------
Ezcom Electronics Limited, whose office address is located at
9/F 8 Jordan Road Kowloon, issued a winding up order notice in
the High Court of the Hong Kong Special Administrative Region
Court of First Instance on December 7, 2005.

Date of Presentation of Petition: October 7, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


GREAT DRAGON: Issues Debt Claim Notice
--------------------------------------
Notice is hereby given that the creditors of Great Dragon Fund
Limited, which are being voluntarily wound up, are required, on
or before December 30, 2005, to send in their names, addresses
and particulars of their debts or claims, (including
establishing any title they may have to priority under Section
265 of the Companies Ordinance), and the name and address of
their solicitors, if any, to the undersigned at 27th Floor,
Alexandra House, 16-20 Chater Road, Central, Hong Kong.

If so required by notice in writing from the said Liquidators,
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 16th day of December, 2005

JACKY CHUNG WING MUK
EDWARD SIMON MIDDLETON
Joint and Several Liquidators


HAMON CHINA: Creditors to Prove Claims by Dec. 30
-------------------------------------------------
Notice is hereby given that the creditors of Hamon China Fund
Management Limited, which are being voluntarily wound up, are
required, on or before December 30, 2005, to send in their
names, addresses and particulars of their debts or claims,
(including establishing any title they may have to priority
under Section 265 of the Companies Ordinance), and the name and
address of their solicitors, if any, to the undersigned at 27th
Floor, Alexandra House, 16-20 Chater Road, Central, Hong Kong.

If so required by notice in writing from the said Liquidators,
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 16th day of December, 2005

JACKY CHUNG WING MUK
EDWARD SIMON MIDDLETON
Joint and Several Liquidators


MINWELL PROPERTIES: Court Issues Winding Up Notice
--------------------------------------------------
Minwell Properties Limited, whose office address is located at
Rm 1906 Empress Plaza 17-19 Chatham Road South Tsim Sha Tsui
Kowloon, issued a winding up order notice in the High Court of
the Hong Kong Special Administrative Region Court of First
Instance on December 7, 2005.

Date of Presentation of Petition: October 5, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


NH TRADING: Winding Up Hearing Fixed Jan. 25
--------------------------------------------
Notice is hereby given that a Petition for the Winding up of NH
Trading Limited by the High Court of Hong Kong Special
Administrative Region was on December 2, 2005 presented to the
said Court by the said company.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 25, 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.

LEUNG CHAN & PANG
Solicitors for the Petitioner
Suite 1203, 12th Floor
Wing On House
71 Des Voeux Road Central
Central, 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 24, 2006.


SHENZHEN SHENXIN: Incurs CNY54.9 Mln Loss in Third Quarter
----------------------------------------------------------
Shenzhen Shenxin Taifeng Group Co., Ltd. eyed its share price
down to the bottom limit on price fluctuations in three
consecutive trading days, Panorama Network reports.

The business credit firm posted accumulative losses of
CNY54,942,307.58 for the third quarter and expects to report
losses for the period from the year beginning to the end of the
next reporting period.

CONTACT:

Shenzhen Shenxin Taifeng Group Co., Ltd.
19/F Custom Bldg.
28 Xinan Shan Rd.
23 Zone Baoan, Shenzhen
China
Phone: 86 0755 8784 8631,
Fax: 86 0755 8784 9232


SWEETMART INTERNATIONAL: Court to Hear Wind Up Petition Jan. 4
--------------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Sweetmart International Company Limited whose registered office
is situated at 2nd Floor, Wong's Factory Building, 368-370 Sha
Tsui Road, Tsuen Wan, New Territories, Hong Kong, by the High
Court of Hong Kong Special Administrative Region was on November
9, 2005 presented to the said Court by KBC Bank N.V. whose
principal place of business in Hong Kong is situate at Room
3901, 39th Floor, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong.  

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.

DIBB LUPTON ALSOP
Solicitors for the Petitioner
41st Floor, Bank of China Tower
1 Garden Road
Central, 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 3, 2006.


UNIVERSAL ENTERPRISES: Court Issues Winding Up Notice
-----------------------------------------------------
Universal Enterprises Development Limited, whose office address
is located at Rm C 21/F Hong Kong Industrial Building 444-452
Des Voeux Road West Hong Kong, issued a winding up order notice
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance on December 7, 2005.

Date of Presentation of Petition: October 10, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


WORLD CARNIVAL: To Appoint Provisional Liquidators
--------------------------------------------------
World Carnival Limited, whose office is located at 6/F, Seapower
Industrial Centre, 177 Hoi Bun Road, Kwun Tong, Kowloon Hong
Kong, issued a notice of appointment of provisional liquidators
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance.

Joint & Several Provisional Liquidators' Names: Mr. Rupert James
Purser and Bruno Arboit, both of Baker Tilly Hong Kong Business
Recovery Limited

Provisional Liquidators' Address:  12th Floor, China Merchants
Tower, Shun Ta Centre, 168-200 Connaught Road Central, Hong
Kong.

Date of Appointment: November 30, 2005

Dated this 16th day of December 2005

E T O'CONNELL
Official Receiver


XIN CORPORATION: 1H05 Net Loss Narrows to HK$6.3 Mln
----------------------------------------------------
Xin Corporation Limited (1141) recorded a net loss of HK$6.281
million for the fiscal first half ended September 30, versus a
net loss of HK$9.504 million a year earlier, Infocast News
reports.

Loss per share was HK$0.076. No interim dividend was declared.  

The Group is engaged in the design, manufacture & sale of a wide
range of toys including ride-on cars, pre-school toys & battery
operated toys under its own brandname of H&C & on an OEM basis.

CONTACT:

Xin Corporation Limited
Room 2107, 21st Floor,
Nan Fung Tower,
173 Des Voeux Road Central
Hong Kong  
Phone: 26498682  
Fax: 26496830  


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

* India Rules Out Merger of Two State Airlines
----------------------------------------------
The Indian government has no plans to merge state-run Air-India
and Indian Airlines in the immediate future, Reuters reports,
citing Civil Aviation Minister Praful Patel.

"As far as a merger is concerned, it is not on the cards at the
moment," Mr. Patel told lawmakers in parliament.

There was talk in some government ministries of a cost-saving
merger of the two airlines as both prepare for initial public
offers of up to 20 percent of their equity in the first quarter
of 2006.

India's aviation sector, which has witnessed torrid plane buying
and a string of airline launches in the past 18 months, is
forecast to expand 25-30 percent this fiscal year to March 2006,
and by 25 percent annually over the next five years.

International carrier Air-India and domestic-focused Indian
Airlines, whose aging fleets face competition from deep-pocketed
private firms, are trying to buy new aircraft to fight back.

The Indian cabinet has approved Air-India's plans to buy up to
68 aircraft from Boeing Co., subject to a final price
negotiation.

In September, India also cleared the purchase of 43 aircraft
from European plane maker Airbus for domestic carrier Indian
Airlines. The deal is valued at about US$2.2 billion.


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

MERPATI NUSANTARA: To Use Government Funds to Repair Planes
-----------------------------------------------------------
State-owned local airline PT Merpati Nusantara will use the
funds it received from the government, amounting to IDR75
billion, to repair six aircraft, reports Asia Pulse.

According to Transportation Minister Hatta Rajajasa, Merpati
Nusantara will repair six Twin Otter airplanes which are
expected to serve pioneer routes to eastern Indonesian regions.
The troubled Company did not have the funds to repair the
aircraft as it needed its existing funds to continue operations.

The government and House Commission V had agreed to disburse
IDR400 billion into Merpati Nusantara, to help keep it afloat;
but as the government itself is cash-strapped, it will disburse
the funds in installments, with the first payment at IDR75
billion.

The government has also encouraged Merpati Nusantara to seek
investors interested in injecting funds into the Company.
Foriegn firms such as Deutsche Bank and a comapny in Brunei
Darussalam had expressed interest to invest in Merpati, but
firms have yet to partner with Merpati.

CONTACT:

Merpati Nusantara Airlines
PO Box 323, Jln. Angkasa
Block 815 Kav 2-3
Jakarta 10720 Indonesia
Phone: +61 (0) 8 8941 1606
Fax:   +62 21 654 6789
Web site: http://www.merpati.co.id


PERTAMINA: Teams With Power Firm to Develop Castor Oil Fuel
-----------------------------------------------------------
State oil and gas firm PT Pertamina will team up with state
power firm PT Perusahaan Listirk Negara (PLN) to develop oil
produced from castor beans in order to decrease dependency on
petroleum-based fuel, the Jakarta Post reports.

According to Director of Electricity and Energy Yogo Pratomo,
the two firms will develop castor oil from the locally named
pohon jarak tree as an alternative fuel next year, to produce
fuel for public transportation and diesel generators. The
government also plans to involve such industries as the Ministry
of Agriculture and the State Minister of Research & Technology's
Office in the project.

Castor oil is slated to ensure an efficient use of energy, as
well as being a safe fuel source.

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


SIERAD PRODUCE: Lays Off 1,500 Workers Due to Consecutive Losses
----------------------------------------------------------------
Poultry firm PT Sierad Produce Tbk dismissed 1,500 employees
after incurring operating losses for the past two years, reports
Asia Pulse.

According to Sierad Director Eko Sandjojo, the dismissals, which
occurred in the past two months, cut the Company's workforce to
4,500 employees, enabling it to save as much as IDR3 billion in
salaries. Of the 1,500 workers who were dismissed, around 800
came from the following Company subsidiaries: PT Biotek
Indonesia and PT Wendy Citarasa.

For the first nine months of 2004, the Company posted a net loss
of 87.1 billion, although it has reduced to IDR33.8 billion for
the same period this year.

PT Sierad Produce TBK is planning to sell two subsidiaries in
order to avoid bankruptcy.

CONTACT:

PT Sierad Produce Tbk
Gedung Plaza City View, Lt.1-2
Jl. Kemang Timur No. 22
Jakarta 12510 Indonesia
Phone: 62 21 7193888
Fax:   62 21 7193889
Web site: http://www.sieradproduce.com/


* Indonesian Government Seeks to Reschedule Debt to Paris Club
--------------------------------------------------------------
The Indonesian government wants to reschedule part of its debt
to creditors under the Paris Club in order to ease servicing
costs, Reuters News reports.

According to Planning Minister Paskah Suzetta, the gorup of
creditor countries had earlier agreed to freeze Indonesia's debt
payments until the end of the year, owing to the Aceh tsunami.
The deferred payments were to be repaid over a five-year period,
with a grace period of one year.

In the country's state budget, the deferred debt repayments
amount to about IDR15.6 billion. Indonesia owes a total of
IDR471.45 trillion to its Paris Club creditors.

Government data indicates that yearly debt servicing costs for
domestic and foreign debt, including principal and interest, may
increase to IDR170 trillion this year, from IDR150 trillion last
year.


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

FORD JAPAN: Names Edward Krieger as New President
-------------------------------------------------
Ford Motor Company announced that Edward R. (Randy) Krieger has
been named President and Chief Executive Officer, Ford Japan
Limited, effective January 1, 2006. Mr. Krieger replaces Mr.
Katsuhiko Satoh, who will assume the role of the Member of the
Board of Directors and Chairman, Ford Japan Limited. Mr. Satoh
has been with Ford Japan for more than 10 years and has served
as President since May 2002.

Mr. Krieger brings extensive marketing and sales experience to
his new job. Prior to being named President and CEO of Ford
Japan, Krieger served as Vice President of Marketing, Sales and
Service at Changan Ford, in Chongqing, China, a job he assumed
in May 2003.

During his tenure in China, Mr. Krieger played a key role in the
exponential growth of the Changan Ford business. In a 30-month
period beginning in June 2003, Changan Ford sales in China grew
six fold, while the number of Changan Ford dealers increased
from 26 to 150. In this same period, unaided awareness of the
Ford brand more than doubled.

"Randy has the right experiences to help us profitably grow the
Ford brand in Japan, which is one of the most fiercely
competitive markets in the world," said Peter Daniel, Ford Motor
Company v ice p resident and president, Ford Asia Pacific &
Africa operations.

Added Daniel, "I believe Randy will bring a fresh perspective
and a lot of new ideas to help Satoh and the team. With the
recent launch of the Ford Focus and the all-new Explorer in
Japan, and with the additional products we have planned for
2006, I believe Satoh, Randy, and the team can make good
progress in the coming year."

Mr. Krieger has nearly 20 years with Ford and has held a number
of jobs in Ford North America and Europe marketing and dealer
operations. He also has four-plus years experience at Ford Motor
Credit Company.

Mr. Krieger is a graduate of the University of Mississippi,
Mississippi and has a MBA in finance from the University of
Memphis, Tennessee.

CONTACT:

Ford Motor Co.
One American Road
Dearborn, MI 48126
Phone: 313-322-3000
Fax: 313-845-7512
Web Site: http://www.ford.com

This is a company press release.


KANEBO LIMITED: Sells 2 Realty Business Units to Osaka Developer
----------------------------------------------------------------
Kanebo Limited plans to sell two realty business units Kanebo
Real Estate Ltd and Kanebo Holiday to Osaka-based realty
developer Inter Planet Co. at the end of next year, Japan Today
reports.

Kanebo, which is rebuilding itself with the help of the
Industrial Revitalization Corporation of Japan, has reached a
basic agreement with Inter Planet to sell all of its shares in
the two companies to the Osaka company at the end of January.

CONTACT:

Xin Corporation Limited
Room 2107, 21st Floor,
Nan Fung Tower,
173 Des Voeux Road Central
Hong Kong  
Phone: 26498682  
Fax: 26496830  


MITSUBISHI FUSO: Unit Suspected of Cheating on Truck Checks
-----------------------------------------------------------
Pabco Co., a unit of Mitsubishi Fuso Truck & Bus Corporation,
has systemically cheated on vehicle inspections by lightening
the load capacity of 2,353 trucks over three years through 2004,
Japan Times reports.

The Land, Infrastructure and Transport Ministry have discovered
that Pabco installed small fuel tanks in trucks to lower their
total weight and replaced them with bigger tanks after obtaining
inspection certificates.

The ministry suspects the company has been engaged in
surreptitious changeovers and additions since the 1960s, and
plans to file a criminal complaint against the company on
suspicion of violating the Road Trucking Vehicle Law.

Pabco President Shoichi Shimoda apologized for the frauds.

CONTACT:

Mitsubishi Fuso Truck & Bus Corporation
2-16-4, Kounan, Minato-ku,
Tokyo 108-8285
Japan
Web site: http://www.mitsubishi-fuso.com


MITSUBISHI MOTORS: MMPC Launches New Vehicles Next Year
-------------------------------------------------------
Mitsubishi Motors Philippines Corp. (MMPC) expects at least a 10
percent growth in unit sales next year with the launch of four
new models, The Philippine Daily Inquirer reports.

The automaker will launch a new Gallant in the first quarter, a
new Lancer in the second quarter, a still-undisclosed new
vehicle at midyear, and a pickup in the fourth quarter, Senior
Vice President Melchor Dizon.

Mr. Dizon said Mitsubishi is confident that sales w-ill go up
despite the slowdown in sales in November, when the reformed
value-added tax (VAT) law went into effect.

CONTACT:

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


SANYO ELECTRIC: To Raise US$2.6 Bln for Restructuring
-----------------------------------------------------
Sanyo Electric Co. wanted to issue about JPY300 billion (US$2.6
billion) in new shares to fund a restructuring plan to revive
its waning fortunes, according to Reuters.

The electronics maker said it would tap Goldman Sachs, Sumitomo
Mitsui Banking Corp., Daiwa Securities SMBC and existing
shareholders for funding, necessary for a sweeping restructuring
that would see it close plants and cut thousands of jobs.

A company spokesman declined to comment on what type of shares
would be issued or the portion to be purchased by Goldman and
the other firms involved.

CONTACT:

Sanyo Electric Co Ltd
5-5 Keihan-Hondori 2-Chome
Moriguchi 570-8677, Osaka 570-8677
Japan
Phone: +81 6 6991 1181
Fax: +81 6 6991 6566
Web Site: http://www.sanyo.co.jp/koho/index_e.html


SANYO ELECTRIC: Shares Up 2.5% JPY300 Bln on Share Sale Report
--------------------------------------------------------------
Shares of Sanyo Electric Co. rose 2.5 percent to 284 yen on
Wednesday after the Nihon Keizai newspaper reported that the
electronics maker will sell JPY300 billion ($2.6 billion) worth
of new shares, Bloomberg News reports.

Goldman Sachs Group Inc., Sumitomo Mitsui Financial Group Inc.
and Daiwa Securities SMBC Co. will buy the new stock, mainly
comprising shares without voting rights, from the Osaka-based
company, the Nihon Keizai newspaper reported.

The company expects a JPY233 billion loss in the year ending
March 31, following the record JPY171.5 billion loss a year
earlier.


SOFTBANK CORPORATION: Outlines Public Offering
----------------------------------------------
Softbank Corporation announced on that equity in earnings under
the equity method accompanied by public offering of shares in
E*TRADE SECURITIES Co., Ltd. (Head office: Minato-ku, Tokyo;
Representative: Taro Izuchi), consolidated subsidiary of SBI
Holdings, Inc. (Head office: Minato-ku, Tokyo; Representative:
Yoshitaka Kitao), affiliated company under the equity method of
the Company, would be expected to be recognized as below.

1. Outline of public offering

   Price of public offering:            683,380 yen per share

   Number of shares to be issued:       66,000 shares

   *1: The above number of shares does not count the shares to
be sold by secondary offering through over-allotment.

   *2: For more details, refer to the press release by E*TRADE
SECURITIES Co., Ltd. as of December 8, 2005 (in Japanese).

2.  Impact on consolidated financial results

The Company estimates equity in earnings under the equity method
of approximately 75 billion yen will be recognized as non-
operating income in the 3rd quarter for the fiscal year ending
March 31, 2006.

(Reference) The SOFTBANK Group holds 35.6% of shares in SBI
Holdings, Inc. as of December 9.

CONTACT:

Softbank Corporation
1-9-1 Higashi Shinbashi, Minato-ku
Tokyo 105-7303, Japan  
Phone: +81-3-5642-8000
Fax: +81-3-5543-0431


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

LG CARD: Proposed Sale Hits Snag
--------------------------------
The sale of LG Card may be facing a setback, Asia Pulse reveals,
citing Korea Development Bank (KDB) Governor Kim Chang-lok.

But Mr. Kim did not elaborate further on the causes of the
delay.

The creditors and KDB have been pushing to sell their combined
51 percent stake in the Company.  LG Card claims 10 million
cardholders.

The creditors last month hired JP Morgan Chase & Co. as
financial advisor to sell shares in the card company.

Companies that have shown interest in the card company are
Shinhan Financial Group Ltd. and Woori Finance Holdings Co., two
of South Korea's top three lenders, have shown interest in
taking over LG Card.

According to Mr. Kim, the biggest single shareholder of Daewoo
Shipbuilding & Marine Engineering Co. will start the sale of its
stake in the world's second-largest shipbuilder in the second
half.

Meanwhile, LG Card reported a lowest delinquency ratio for the
month of November.  The delinquency ratio, which is referred to
as card loans and debts unpaid for 30 days slipped to 8.09
percent in November compare to 8.67 percent in October.

In November alone, the company wrote off KRW75.3 billion
(US$73.9 million) worth of bad loans following KRW73.9 billion a
month earlier.

By writing off bad debts, LG Card's delinquency ratio has been
declining since October.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
E-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


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

AFFIN HOLDINGS: Bourse to List, Quote New Shares
------------------------------------------------
Affin Holdings Berhad advised that its additional 169,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, December 20, 2005.

CONTACT:

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


ANCOM BERHAD: Buys Back Ordinary Shares
---------------------------------------
Ancom Berhad furnished Bursa Malaysia Securities Berhad a copy
of shares buy back notice with the following details:

Date of buy back: December 16, 2005

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

Total number of shares purchased (units): 12,000

Minimum price paid for each share purchased (MYR): 0.685

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 12,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,677,403

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

CONTACT:

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


BELL & ORDER: Court Extends Restraining Order for Two Months
------------------------------------------------------------
Bell & Order Berhad furnished Bursa Malaysia Securities Berhad
an update to the Restraining Order.

The Board of Directors of Bell & Order Berhad (B&O) informed
Bursa Malaysia Securities Berhad that further to the earlier
announcements made on March 31, 2005 and July 7, 2005
respectively, the Company has been granted a further extension
period of two months from December 22, 2005 by the High Court of
Malaya in Kuala Lumpur pursuant to Section 176(1) and Section
176(10) of the Companies Act, 1965.

This announcement is dated 15 December 2005.

CONTACT:

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


HARRISONS HOLDINGS: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Harrisons Holdings (Malaysia) Berhad advised that its additional
45,000 new ordinary shares of MYR1.00 each issued pursuant to
the Executive Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, December 16, 2005.

CONTACT:

Harrisons Holdings (M) Bhd   
Suite 17.03, 17th Floor,
Wisma Nusantara, Jalan Puncak, Off Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20725360   
Fax: 03-20725415


HARVEST COURT: Appeals SC Decision
----------------------------------
Harvest Court Industries Berhad (HCIB) refers to its
announcement dated November 22, 2005 in relation to the Proposed
Corporate Exercise of HCIB.

On behalf of the Board of Directors of HCIB, Public Merchant
Bank Berhad (PMBB) advised that the Company had on December 16,
2005, appealed to the Securities Commission (SC) to reconsider
its decision on the rejection of the application for the
Proposed Corporate Exercise which was submitted to the SC on
August 9, 2005.

The outcome of the said appeal will be announced in due course
upon receiving the decision of the SC.

CONTACT:

Harvest Court Industries Sdn Bhd
111, Pusat Perniagaan NBC
Jalan Menu 41050
Klang Selangor
Telephone: +603-3165 2218/345/1150
Fax Number: +603-3168 1336/345 /1151


ICAPITAL.BIZ BERHAD: Unveils Net Asset Value
--------------------------------------------
On behalf of the Board of icapital.biz Berhad (icapital.biz
Berhad), the company advised that the NAV (Net Asset Value) per
share of icapital.biz as at December 14, 2005 was MYR0.99.


JOHAN HOLDINGS: Net Loss Widens to MYR6,886,000 in 3Q/FY05
----------------------------------------------------------
Johan Holdings Berhad furnished Bursa Malaysia Securities Berhad
a copy of its Third Quarter financial report for the financial
period ended October 31, 2005.

Summary of Key Financial Information
October 31, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    31/10/2005    31/10/2004      31/10/2005     31/10/2004
    MYR'000       MYR'000     MYR'000        MYR'000    

(1) Revenue  

    491,642       442,600         1,429,134      1,379,799

(2) Profit/(loss) before tax  

    -6,706        5,281           -6,631          3,960

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

    -6,886          124           -3,750         -3,305

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

    -6,886          124           -3,750         -3,305

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

    -1.35          0.02            -0.74         -0.65

(6) Dividend per share (sen)  

    0.00           0.00             0.00          0.00

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

(7) Net tangible assets per share (MYR)  

      0.3320                     0.3430

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/JohanHoldings121505.pdf

CONTACT:

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


LITYAN HOLDINGS: Clarifies Court Order
--------------------------------------
Lityan Holdings Berhad (Lityan) issued to Bursa Malaysia
Securities Berhad details of the following proposals:

- Proposed Acquisition of Guanhong Group;

- Proposed Exemption;

- Proposed Scheme of Arrangement with Shareholders;

- Proposed Scheme of Arrangement with Creditors;

- Proposed Issuance of Shares;

- Proposed Offer for Sale;

- Proposed Transfer of Listing Status; and

- Proposed Disposal

(collectively, the Proposed Restructuring Scheme)

Further to the announcement dated December 14, 2005, Avenue
Securities Sdn Bhd, on behalf of the Board of Directors of
Lityan issued to Bursa Malaysia Securities Berhad a
clarification that the restraining order was granted by the High
Court of Malaya for a period of 120 days effective from December
15, 2005 up to April 12, 2006 to Lityan and its following
subsidiaries and associated company:

Subsidiaries

(i) Digital Transmission Systems Sdn Bhd

(ii) Hi Pro Edar (M) Sdn Bhd

(iii) Imagebase Sdn Bhd

(iv) Imageword (M) Sdn Bhd

(v) Impianas Sdn Bhd

(vi) Integrated Telecommunication Technology Sdn Bhd

(vii) Konsortium Jaya Sdn Bhd

(viii) Lityan Foreign Equities Sdn Bhd

(ix) Lityan Management Sdn Bhd

(x) Lityan Marketing Sdn Bhd

(xi) Lityan Overseas Sdn Bhd

(xii) Lityan Systems Sdn Bhd

(xiii) Sistem Komunikasi Gelombang Sdn Bhd

(xiv) Slam Atomised Metal Sdn Bhd

(xv) Kirium Solutions Sdn Bhd

(xvi) KJ Mobidata Sdn Bhd

(xvii) KJ Telecommunications Sdn Bhd

(xviii) Advanced Business Solutions (M) Sdn Bhd

(xix) Teem Business Solutions Sdn Bhd Associated Company

(i) Lityan Applications Sdn Bhd

This announcement is dated 15 December 2005.

CONTACT:

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


MAGNUM CORPORATION: Holds Shares Buy Back
-----------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: December 15, 2005

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

Total number of shares purchased (units): 1,300,000

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

Maximum price paid for each share purchased (MYR): 1.880

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units):
1,300,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 85,459,400

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


MALAYSIA PACIFIC: Updates Wind-Up Petition Against Taman
--------------------------------------------------------
Malaysia Pacific Corporation Berhad (formerly known as Malaysia
Pacific Land Berhad) (MPCB) details to Bursa Malaysia Securities
Berhad a winding-up petition served on Taman Bandar Baru Masai
Sdn Bhd (formerly known as Bandar Baru Masai Sdn Bhd) (TBBM), a
wholly owned sub-subsidiary of the Company.

Further to the Company's announcement made on December 1, 2005
in respect of the Winding-Up Petition filed by Puan Asnah Bt.
Mohd Salleh against TBBM, the Company informed the Exchange that
this matter which was fixed by the Court for decision on
December 16, 2005 has now been postponed. TBBM is currently
awaiting a new date from the Court.


MATRIX INTERNATIONAL: Net Loss Widens to MYR9,775,000 in 2Q/FY05
----------------------------------------------------------------
Matrix International Berhad furnished Bursa Malaysia Securities
Berhad a copy of its Second Quarter financial report for the
financial period ended October 31, 2005.

Summary of Key Financial Information
October 31, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    31/10/2005    31/10/2004       31/10/2005    31/10/2004
    MYR'000       MYR'000      MYR'000  MYR'000    

(1) Revenue  

    78,229       41,819            156,640       80,381

(2) Profit/(loss) before tax  

    -7,431        3,687            -15,291       7,805

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

    -9,775        1,746            -20,547       3,728

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

    -9,775        1,746           -20,547        3,728

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

    -1.08         1.05              -2.27        2.25

(6) Dividend per share (sen)  

    0.00          2.16               0.00        2.16

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

(7) Net tangible assets per share (MYR)  

    1.0700                     1.0900

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/MatrixInternational121505.xls


OLYMPIA INDUSTRIES: Details Requests Made to SC
-----------------------------------------------
Olympia Industries Berhad (OIB) issued to Bursa Malaysia
Securities Berhad an update to Restructuring Scheme.

Reference is made to the announcement dated September 16, 2005
in which the Securities Commission (SC) has granted its approval
to OIB for an extension of time from September 30, 2005 up to
December 31, 2005 for the implementation of the Restructuring
Scheme and the subsequent announcements dated September 30,
2005, October 28, 2005 and November 30, 2005 on the status of
the implementation of the Restructuring Scheme.

OIB advised that the Company had on December 16, 2005, sought
approval from the SC on the following:

(i) The extension of time of four (4) months from December 31,
2005 to April 30, 2006 to complete the implementation of the
Restructuring Scheme; and

(ii) The extension of time of four (4) months from March 31,
2006 to July 31, 2006 for Jupiter Securities Sdn Bhd to merge
with at least one (1) other stockbrokerage.

This announcement is dated 16 December 2005.

CONTACT:

Olympia Industries Bhd.
Malaysia
Phone: 60 3 2070 0033
Fax: 60 3 2070 0011
E-mail: olympia@oib.com.my


PAN MALAYSIA: Issues Notice of Shares Buy Back
----------------------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back: December 15, 2005

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

Total number of shares purchased (units): 100,000

Minimum price paid for each share purchased (MYR): 0.450

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

Total consideration paid (MYR): 46,810.39

Number of shares purchased retained in treasury (units): 100,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,655,500

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


PPB GROUP: Unit Placed Under Member's Voluntary Winding Up
----------------------------------------------------------
PPB Group Berhad furnished Bursa Malaysia Securities Berhad
details of the members' voluntary winding-up of Leisure Bowl
(JB) Sdn Bhd, a 60 percent indirect subsidiary of PPB Group
Berhad.

(1) Introduction

Pursuant to Paragraph 9.19(20), Part J of Chapter 9 of the
Listing Requirements of Bursa Malaysia Securities Berhad, PPB
Group Berhad (PPB) advised that its 60 percent indirect
subsidiary, Leisure Bowl (JB) Sdn Bhd (LBJB) has on December 15,
2005 been placed under members' voluntary winding-up and Mr.
Tang Kin Kheong and Ms Gan Morn Ghuat of Messrs Moores Rowland
have been appointed as liquidators in respect of the voluntary
winding-up (the Winding-up).

(2) Information on LBJB

LBJB was incorporated in Malaysia on November 10, 1986. The
authorized share capital of LBJB is MYR5 million comprising
5,000,000 ordinary shares of MYR1.00 each, of which 2,500,000
ordinary shares have been issued and fully paid-up.

LBJB is a 60 percent subsidiary of Leisure Bowl Holdings Sdn
Bhd, in which PPB has 100 percent equity interest held through
PPB Leisure Holdings Sdn Bhd.

(3) Rationale for the winding-up

The principal activity of LBJB was the operation of bowling
centres and it had ceased operations in November 2003.

(4) Financial effects of the winding-up

(a) Share Capital

The Winding-up will not have any effect on the share capital and
shareholding structure of PPB.

(b) NTA (Net Tangible Assets)

The Winding-up will not have a material effect on the NTA of the
PPB Group based on its latest audited consolidated balance sheet
as at December 31, 2004.

(c) Earnings

The Winding-up is not expected to have a material effect on the
earnings of the PPB Group for the financial year ending December
31, 2005.

CONTACT:

PPB Group Bhd   
17th Floor, Wisma Jerneh, 38, Jalan Sultan Ismail,
Kuala Lumpur Wilayah Persekutuan 50250 Malaysia
Telephone: 03-21412077   
Fax: 03-21411041


SOUTHERN BANK: New Shares Up for Listing
----------------------------------------
Southern Bank Berhad advised that its additional 578,188 new
ordinary shares of MYR1.00 each issued pursuant to the exercise
of 392,588 Warrants 1996/2006 (Local Warrants); and exercise of
185,600 Warrants 1996/2006 (Foreign Warrants) will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Tuesday, December 20, 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
           +60 3 2093 3157


TRU-TECH HOLDINGS: To Miss Payment of December Dues
---------------------------------------------------
Tru-Tech Holdings Berhad (TRU-TECH) issued to Bursa Malaysia
Securities Berhad a monthly announcement under Practice Note
1/2001 on the status of default of coupon payment on
MYR55,000,000 nominal amount of Redeemable Unsecured Loan Stock
(RULS) and default of monthly deposit of MYR1,500,000 into the
Sinking Fund Account (Default).

On behalf of Tru-Tech, Avenue Securities Sdn Bhd (Avenue) wishes
to announce that the Company will not be able to make the
monthly deposit of MYR1,500,000 due on December 17, 2005 into
the sinking fund account maintained for the purposes of
redemption of the RULS, due to Tru-Tech's current tight cash
flow position (Deposit Default).

The financial and legal implications to Tru-Tech in respect of
the Deposit Default are similar to that of the Default, which
was set out in the announcement dated October 15, 2004.

Save as disclosed above, there has been no material development
in respect of the Default pursuant to Practice Note 1/2001.

The principal outstanding of all other credit facilities granted
to Tru-Tech and its subsidiaries as at November 30, 2005 is set
out in Table 1 of the Appendix to this announcement.

This announcement is dated 16 December 2005.

To view a full copy of Table 1, go to
http://bankrupt.com/misc/Tru-TechTable1121605.xls

CONTACT:

Tru-tech Holdings Berhad
Lot 45, Batu 12
Jalan Johor Bahru - Kota Tinggi
Mukim Plentong
81800 Ulu Tiram
Johor
Telephone: 07-8615220
Fax: 07-8616371


WEMBLEY INDUSTRIES: Bourse Removes Securities from List
-------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) details of the
decision in respect of de-listing procedures commenced against
the Company.

Reference is made to the Company's announcement dated December
13, 2005.

WIHB advised that Bursa Malaysia Securities Berhad (Securities
Exchange), via its letter dated December 14, 2005, informed the
Company that the removal of the securities of WIHB from the
Official List of the Securities Exchange on Wednesday, 21
December 2005 shall be deferred pending the decision on the said
appeal by the Appeals Committee.

This announcement is dated 15 December 2005.

CONTACT:

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


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

GLOBAL STEELWORKS: Commercial Operation Kicks Off
-------------------------------------------------
Global Steelworks Philippines Inc. had started commercial
operation and was seeking certification from the Board of
Investments, according to The Philippine Daily Inquirer.

The company, formerly National Steel Corp., said it was also
expecting to commence operation of its hot-rolled mill in Iligan
City early next year.

Since taking over National Steel two years ago, Global Steel has
been asking the government for support, including increased
tariffs on steel products and tax incentives.

Officials of the Department of Trade and Industry said Global
Steel needed to start commercial operation before it could enjoy
any such support.

India-based Global Steel Holdings has injected a total of of
US$59 million into the firm. The US$22 million was for
acquisition and about US$37 million for rehabilitation and
operational support.

CONTACT:

Global Steelworks International (SPV-AMC), Inc.
Suarez, 9200 Iligan City
Philippines
Telephone: 063-221-2663
Fax: 063-492-2566


MANILA ELECTRIC: Comments on Media Report
-----------------------------------------
This is in reference to the news article entitled "Firms go
after Meralco" published in the Dec. 20, 2005 issue of the
Philippine Daily Inquirer (Internet Edition).

The article reported in part that:

"Exasperated by the delay in Manila Electric Co's. refund of
Php18 billion to private corporations, business leaders are
seriously considering the adoption of the Arroyo
administration's plan to exchanges collectibles for sharesin the
Lopez-managed utility.

"Jesus Arranza, president of the Federation of Philippine
Industries, said a plan by President Gloria Macap[agal-Arroyo to
collect on the entire Php42 billion allegedly owed by Meralco to
state-owned National Power Corp. (Napocor) had prompted his
group to consider pushing for the conversion of FPI members'
collectibles into equity in the power distributor.

"'Meralco has been ignoring our members' demands for
reimbursement over the last two years. Probably, if we back up
the government's position, they (Meralco officials) might start
taking us seriously,' said Arranza, who will consult with FPI
members on the debt-conversion option.

"Asked to comment on FPI's demand, a Meralco spokesperson said
it would give its side."

In relation thereto, Manila Electric Company furnished the
Philippine Stock Exchange the attached disclosure with regard to
the above-mentioned news article.
http://bankrupt.com/misc/tcrap_meralco122105.pdf

CONTACT:

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


MANILA ELECTRIC: Regulator to Probe Settlement with Napocor
-----------------------------------------------------------
The Energy Regulatory Commission (ERC) will investigate Manila
Electric Company's (Meralco) claim that it will pay only Php14
billion to National Power Corporation (Napocor) as part of a
settlement agreement, The Philippine Star has learned.

In September, Meralco has submitted a manifestation that it will
pay only Php14 billion instead of Php20 billion under the agreed
upon settlement deal between the two firms.

Some of the settlement opposers expressed dismay over the low
settlement agreement, proposed only by Meralco.

Based on the joint application of the two power firms, they
expect a 12-centavo savings on the part of the consumers if the
settlement agreement will be approved by the ERC.

The commission has yet to determine if they could settle the
issue this year.


MARIWASA MANUFACTURING: Hike in Capital Stock Approved
------------------------------------------------------
At the meeting of the Board of Directors of Mariwasa
Manufacturing, Inc. (the Corporation) held on 05 November 1998,
the increase in the authorized capital stock of the Corporation
from One Billion Pesos (PhP1,000,000,000.00) divided into One
Billion (1,000,000,000) shares with par value of One Peso
(PhP1.00) per share to One Billion Five Hundred Million Pesos
(PhP1,500,000,000.00) divided into One Billion Five Hundred
Million (1,500,000,000) shares with par value of One Peso
(PhP1.00) per share was approved by the affirmative vote of at
least a majority of the Directors.

At the Special Meeting of the Stockholders of the Corporation
held on 17 December 1998, the above mentioned increase in
authorized capital stock was approved by the affirmative vote of
Stockholders present or represented at the meeting representing
more than two-thirds (2/3) of the outstanding capital stock of
the Corporation.

The following existing shareholders of the Corporation have
subscribed to Two Hundred Million (200,000,000) shares or Two
Hundred Million Pesos (PhP200,000,000.00) worth of shares out of
the capital increase representing at least twenty five percent
(25%) of the proposed increase and have fully paid for the same
in cash in the sum of Two Hundred Million Pesos
(PhP200,000,000.00), representing payment of at least 25% of the
subscription, as approved by Board on 05 November 1998, with the
subscription agreement having been signed on 16 November 1998:

In this regard, we disclose that on 19 December 2005, the
Corporation filed a Notice of Exempt Transaction (SEC Form 10-1)
with the SEC considering that the subscriptions made pursuant to
the Corporation's increase in authorized capital stock from One
Billion Pesos (Php1,000,000,000.00) divided into One Billion
(1,000,000,000) shares with a par value of One peso (Php1.00)
per share to One Billion Five Hundred Million Pesos
(Php1,500,000,000.00) divided into One Billion Five Hundred
Million (1,500,000,000) shares with a par value of One Peso
(Php1.00) per share, qualifies as an exempt transaction under
Section 10.1 (i) of the Securities Regulation Code.

CONTACT:

Mariwasa Manufacturing Inc.
C. Raymundo Avenue
Barrio Rosario, Pasig City
Phone:  628-1986 to 89; 628-3871 to 80
Fax:  625-1985/3991; 628-3991; 628-1983 to 85
E-mail Address:  hotline@mariwasa.com
Web site: http://www.mariwasa.com


MAYNILAD WATER: Supervisors Withdraw Strike Plan
------------------------------------------------
Maynilad Water Services' supervisors decided to call off a
planned industrial action after the water firm's management
agreed to the union's demands during the collective bargaining
negotiations held last week, BusinessWorld reports.

The Maynilad Water Supervisors Association, led by Roberta
Estimo, negotiated for the last revision of their five-year
collective bargaining agreement's socioeconomic provision.

Negotiations were nearing deadlock last week after both parties
refuse to budge on their positions until Maynilad President
Fiorello R. Extuar intervened.

The strike would have crippled Maynilad's operations as the
union's more or less 400 supervisors are considered frontliners
in the firm's day-to-day business.

The water firm's management, however, still has to brace for the
strike notice filed by the rank-and-file workers union over
uncollected cost of living allowances dating as far back as
1997. The conciliation and mediation conference between
management and rank-and-file union leader at the National
Conciliation and Mediation Board this week has again been reset
to December 27.

CONTACT:

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


NATIONAL POWER: Saves Php1 Bln in Fuel Cost
-------------------------------------------
National Power Corporation (Napocor) said that significant
savings amounting to over Php1 billion in fuel costs led the
company to improve its financial condition, The Manila Standard
reports.

Cyril del Callar, president of the state-owned firm, said that
the company's expenses on fuel oil have gone down drastically
compared to last year.

The power firm's expenses have dropped to about Php11.8 billion
from Php13 billion since it started lessening the use of oil-
fired power plants this year.

Since January, Mr. Del Callar said Napocor implemented a
dispatch order for its power plants that emphasized the use of
generation facilities fuelled by cheaper and renewable energy
sources.

At present, the country's generation mix consists of more than
40 percent coal, more than 22 percent geothermal, a little over
17 percent hydro, almost 13 percent natural gas and less than 8
percent fuel oil.

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/


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

GLAVERBEL ASIA-PACIFIC: Receiving Claims Until Next Month
---------------------------------------------------------
Notice is hereby given that the creditors of Glaverbel Asia-
Pacific Pte Limited, which is being voluntarily wound up, are
required on or before Jan. 18, 2006 to send in their names and
addresses with particulars of their debts and claims and the
names and addresses of their solicitors (if any) to the Company
Liquidator, and, if so required by written notice from the said
Liquidator, are by their solicitors or personally to come in and
prove their debts and claims at such time and place as shall be
specified in such notice; in default thereof, they will be
excluded from the benefit of any distribution made before such
debts and claims are proven.

Priscilla Low Yim Leng
Liquidator
Coleman Street, #06-10 The Adelphi
Singapore 179803


SCHULZ PTE: Intends to Pay Dividend
-----------------------------------
Schulz (S.E.A.) Pte Limited posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Schulz (S.E.A.) Pte Limited
Number of Matter: Companies Winding Up No. 21 of 1997
Last day for receiving proofs: Dec. 29, 2005
Name  & address of Liquidator: Don M Ho, CPA
C/o Equity Plaza
20 Cecil Street #12-02 & 03
Singapore 049705
Phone: 65 6532 0320 (8 lines)
Fax:   65 6532 0331

Dated this 21st day of December 2005


SINOGAS HOLDINGS: Asks Creditors to Submit Debt Claims
------------------------------------------------------
Notice is hereby given that the creditors of Sinogas Holdings
Pte Limited, which is being wound up voluntarily, are required
on or before Jan. 13, 2006, to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company
Liquidators.

If so required by written notice from the said Liquidator, are
by their solicitors or personally to come in and prove their
debts or claims at such time and place as shall be specified in
such notice. In default thereof, they will be excluded from the
benefit of any distribution made before such debts are proven.

Dated this 13th day of December 2005

Chia Soo Hien
Ng Geok Mui
Liquidators
C/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


WEE POH: Issues Shares; Signs Loan Agreement
--------------------------------------------
Wee Poh Holdings Limited and its wholly owned subsidiary Winning
Metal Products Manufacturing Company Limited had on Dec. 20,
2005 entered into a USD7,000,000 multi-currency term and
revolving facilities agreement with Cooperatieve Centrale
Raiffeisen- Boerenleenbank B.A. ("Rabobank Singapore"). The Loan
Facilities are granted to Winning Metal with the Company acting
as guarantors.

The Loan Facilities comprise:
(i) a USD3,000,000 multi-currency term loan facility; and
(ii) a USD4,000,000 multi-currency revolving facility.

The maturity date of each of the Term Loan Facility and the
Revolving Facility will be three years from the date on the Loan
Facilities are available for utilization by Winning Metal in
accordance with the Facilities Agreement.

In connection with the Facilities Agreement, the Company had
also entered into a call option agreement with Rabobank
Singapore on Dec. 20, 2005, pursuant to which the Company has
granted Rabobank Singapore a right from time to time for a
period of three years beginning on the Availability Date
(subject to certain terms and conditions) to subscribe for such
number of shares of par value SGD0.005 each in the capital of
the Company at the subscription price of SGD0.015 each.

To view the full copy of the agreement, go to:

http://bankrupt.com/misc/tcrap_weepoh122105.pdf


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

RAYONG REFINERY: Enters Agreement with Financial Institutions
-------------------------------------------------------------
PTT Public Company Limited (PTT) informed the Stock Exchange of
Thailand (SET) that on December 20, 2005, Rayong Refinery Public
Company Limited (RRC), PTT's 100 percent-held subsidiary, has
entered into long-term and working capital credit financial
facilities agreements in the total amount of equivalent to
US$630 million with a group of local and international financial
institutions.  

The loan facilities comprise of THB13,200 million loans
from local financial institutions namely Krung Thai Bank Public
Company Limited, Siam Commercial Bank Public Company Limited,
The Government Savings Bank and TMB Bank Public Company Limited
and US$300 million loan from The Hong Kong and Shanghai Banking
Corporation Limited.  

The purposes of the loan agreements are to refinance existing
debts and to improve working capital of the company which is in
accordance with RRC's financial restructure plan and future
business expansion preparation.

Please be informed accordingly.

Yours sincerely,
Prasert Bumsumpun
President

Capital Market & Investor Relations Department  
Telephone: 0 2537-2792  
Fax: 0 2537-2791





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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

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

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