TCRAP_Public/051223.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

             Friday, December 23, 2005, Vol. 8, No. 254

                            Headlines

A U S T R A L I A

AUSTCORP NO 615: Court Orders Winding Up
BERNARD HASTIE: Members to Review Liquidator's Report
BURNS, PHILP: Moody's Withdraws B1 Corporate Family Rating
CARBURE PTY: Wind Up Process Initiated
CARDELLA PTY: Asks Creditors to Submit Debt Claims

CARTER HOLT: Snags Critical Chance to Enter Australian Market
DETAN PTY: Liquidator Set to Explain Wind Up Manner
FELTON WOODS: Creditors Decide to Wind Up Firm
GARABOND PTY: Liquidator to Distribute Company Assets
GEMBUOY PTY: Members Opt for Voluntary Liquidation

GREYSON NOMINEES: Court Issues Winding Up Order
HALLABAR PTY: Court Appoints Official Liquidator
HALLGATE PTY: Schedules Final Meeting Jan. 3
JAYFORD PTY: To Declare Final Dividend
JEDSEA PTY: Creditors OK Liquidators' Appointment

KENT PTY: Intends to Pay Dividend to Creditors
MASK 2 PRODUCTIONS: John Lord Named Official Liquidator
OYSTER FARMERS: Winds Up Business
RJ FENCING: Enters Liquidation
SAN PABLO: Decides to Close Operations

SANTOS LIMITED: Moomba Insurance Claim Settled
SANTOS LIMITED: In New Gas Tolling, Purchase Contract
TELSTRA CORPORATION: Justin Milne Named Group Managing Director
TELSTRA CORPORATION: ACCC Issues Rental Hike Consultation Notice
TOP ONE: Inability to Pay Debt Prompts Wind Up

WESTPOINT GROUP: Federal Court Orders Winding Up of Group Firms
WOOL CENTRE: Placed Under Voluntary Liquidation


C H I N A  &  H O N G  K O N G

CHINESE FUTURE: Moody's Affirms B1 Bond/Ba2 Ratings
FORTIS INVESTMENT: Releases Winding Up Order
GEEWING COMPANY: Appoints Joint, Several Liquidators
GREEN FOREST: Court Orders Winding Up
HENTECH LIMITED: Court Issues Notice to Wind Up

LUXE LIMITED: Enters Winding Up Process
PCCW LIMITED: PCCW-HKT Inks 6-Year Wholesale Supply Agreements
PROSPECT WAY: Prepares to Close Shop
SHENYIN WANGUO: SFC Fines Securities Firm HK$353K
SOEN TAK: SFC Reprimands Securities Firm

SUN WAH: Set to End Operations
WAH SUNG: Winding Up Hearing Slated for Jan. 18


I N D I A

THOMAS COOK: To Dispose of TCIM's Share Equity Capital
WOPOLIN PLASTICS: Unveils New Board


I N D O N E S I A

DIRGANTARA INDONESIA: Thai Government to Pay Cash for Aircraft
KIANI KERTAS: May Take Awhile to Repay Debt to State Bank
PERUSAHAAN LISTRIK: Unlikely to Reduce Power Losses
PUTRA SUMBER: Pefindo Downgrades Rating to BB+



J A P A N

HITACHI LIMITED: Details Reorganization Plan
JAPAN AIRLINES: To Amend IATA International Fares
JAPAN AIRLINES: Passenger Traffic Down in 2005
MITSUBISHI MOTORS: Discloses Sales Figures For November 2005
SANYO ELECTRIC: Remains on Watch Negative on Capital Increase

SANYO ELECTRIC: Funds Plan Eases Survival Worry
SEIBU RAILWAY: Shareholders OK Reorganization Plan


K O R E A

DAEWOO GROUP: Former Chairman Sentenced with Imprisonment
HYUNDAI ENGINEERING: Parent Determined to Win Back Unit


M A L A Y S I A

ASIAN PAC: SC Brushes Off Appeal
AYER HITAM: Updates Default Status
BUKIT KATIL: Submits Proposals to SC
CHASE PERDANA: Discusses Payment Redemption with Stockholders
DATUK KERAMAT: To Pay Fines for Breach of Listing Rules

FARLIM GROUP: Unveils Financial Assistance Rendered
FOUNTAIN VIEW: Converts Stocks to Ordinary Shares
I-BERHAD: Buys Back Ordinary Shares
INTAN UTILITIES: Mulling Investment Disposal
KRAMAT TIN: Parties Extend Expiry of Approval Period

LANKHORST BERHAD: Bourse Imposes Fines
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
MAXIS COMMUNICATIONS: Unit Enters Agreement with Multipolar
NORTH BORNEO: Breaches Bourse Listing Requirement
PACIFIC & ORIENT: New Shares up for Listing, Quotation

SOUTHERN BANK: Holds Share Buy Back
SUREMAX GROUP: To Pay Fines for Breach of Listing Requirements
TA ADVISORY: Struck from Registry


P H I L I P P I N E S

LEPANTO CONSOLIDATED: Rothschild's Motion to Dismiss Case Denied
MANILA ELECTRIC: Biz Leaders Oppose Takeover
MANILA ELECTRIC: Doubts Authenticity of Napocor Memo
NATIONAL BANK: PDIC Posts Details of Sale to SLI
PLATINUM PLANS: Needs to Beef Up Settlement Fund, Receiver Says

* Pre-need Industry Hopes for Turnaround in 2006


S I N G A P O R E

CHINA AVIATION (S): Affirms Corporate Governance Recommendations
CHINA AVIATION: Creditors Ask Extension on Shares Subscription
CHINA AVIATION: Dismisses Managers
L&M GROUP: Court Hears Application to Appoint Judicial Manager


T H A I L A N D

ADVANCE AGRO: Unveils Resolutions from Meeting
TONGKAH HARBOUR: Court Dismisses Appeal
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

AUSTCORP NO 615: Court Orders Winding Up
----------------------------------------
On Dec. 7, 2005, the Federal Court of Australia ordered the
winding up of Austcorp No. 615 Pty Limited, and appointed Mr.
Antony de Vries to be the Company Liquidator.

Antony de Vries
C/o de Vries Tayeh
Level 3, 95 Macquarie Street
Parramatta NSW 2124
Phone: 02 9633 3333
Fax:   02 9933 3040


BERNARD HASTIE: Members to Review Liquidator's Report
-----------------------------------------------------
Notice is hereby given that the final meeting of the members of
Bernard Hastie (Australia) Pty Limited will be held on Jan. 3,
2006, 10:00 a.m. at the office of Star Dean-Willcocks, Level 1,
32 Martin Place, Sydney NSW 2000, to present the Liquidator's
account showing the manner of the Company's winding up and
disposal of its property, and to hear any explanation that may
be given by the Liquidator.

Dated this 17th day of November 2005

I. J. Purchas
Liquidator
C/o Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
Phone: 02 9223 2944
Fax:   02 9223 3011


BURNS, PHILP: Moody's Withdraws B1 Corporate Family Rating
----------------------------------------------------------
Moody's Investors Service withdrew the B1 Corporate Family
Rating of Burns, Philp and Company Limited.

The rating has been withdrawn following the repurchase of
outstanding rated bonds.

Burns, Philp and Company Limited is headquartered in Sydney,
Australia. The company operates a snack food business in
Australia and New Zealand and maintains a 20% ownership interest
in the recently floated Goodman Fielder Limited.

CONTACT:

Burns, Philp & Company Limited
Corporate Head Office
Level 23, 56 Pitt Street
Sydney NSW 2000
Australia
Telephone: + 61 2 9259 1111
Facsimile:   + 61 2 9247 3272
E-mail: shareholder.enquiries@burnsphilp.com
Web site: http://www.burnsphilp.com


CARBURE PTY: Wind Up Process Initiated
--------------------------------------
Notice is hereby given that at an extraordinary general meetingo
f the members of Carbure Pty Limited held on Nov. 28, 2005, it
was resolved that the Company be wound up voluntarily, and
Messrs. Richard John Cauchi and Peter Gountzos of CJL Partners,
Level 3, 180 Flinders Lane, Melbourne, were appointed as Joint
and Several Liquidators for such purpose.

Dated this 29th day of November 2005

Richard J. Cauchi
Peter Gountzos
Joint Liquidators
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 03 9639 4779
Fax:   03 9639 4773


CARDELLA PTY: Asks Creditors to Submit Debt Claims
--------------------------------------------------
Notice is hereby given that the creditors of Cardella Pty
Limited, whose debts or claims have not already been admitted,
are required on or before Jan. 10, 2006 to prove their debts or
claims and to establish any title they may have to priority by
delivering or posting a formal proof of debt or claim in
accordance with Form 535 or 536 containing their respective
debts or claims to the Liquidator's office. If they do not, they
will be excluded from:

(a) the benefit of any distribution made before their debts or
claims are proven or their priority is established; and

(b) objecting to the distribution.

Dated this 13th day of December 2005

Salvatore Algeri
Timothy Bryce Norman
Liquidators
Deloitte Touche Tohmatsu
180 Lonsdale Street, Melbourne Vic 3000


CARTER HOLT: Snags Critical Chance to Enter Australian Market
-------------------------------------------------------------
Carter Holt Harvey has been given the once-in-a-lifetime chance
to gain foothold in the Australian corrugated cardboard market,
The Australian has learned.

Hopes are up at Carter Holt after the Australian Competition and
Consumer Commission (ACCC) commenced legal proceedings over an
alleged packaging cartel operated by its main competitors, Visy
Industries and Amcor Limited.

Carter Holt has been working to increase it single-digit market
share in the corrugated cardboard sector. It was the catalyst
for the investigation and court action by the corporate
regulator when it hired a group of Amcor executives to lead its
push into Australia.

In December last year, Carter Holt paid AU$85 million for
Queensland cardboard maker Wadepack to better compete with Visy
and Amcor, which control 53 percent and 39 percent of the
market, respectively.

But with ACCC claiming before the Federal Court that the two
major players fixed prices and made agreements not to poach each
other's customers, quoting unattractively high prices if
providing a competing bid, Carter Holt may find the market more
receptive to new players.

The ACCC claimed some of Australia's biggest companies,
including Foster's Group, Lion Nathan, Coca-Cola Amatil, Nestle
and Cadbury Schweppes, were cartel victims.

Carter is also under investigation by the New Zealand consumer
watchdog, which has mounted its own probe into anti-competitive
dealings in the cardboard packaging market. The New Zealand
Commerce Commission has granted Amcor conditional immunity from
prosecution in return for its co-operation.

Carter Holt had already featured in Federal Court action
relating to the cartel, after having hired a group of five
former Amcor executives as consultants to its Australian
cardboard box division. The group was sued by Amcor for
allegedly using confidential company documents to set up their
new business.

It was during court-sanctioned raids on the homes and offices of
the former employees that Amcor lawyers discovered recordings of
Amcor executives discussing cartel arrangements over the phone.

That case was eventually settled, but the recordings were handed
to the ACCC last December, sparking a 12-month investigation
that ultimately led to court proceedings last week.

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


DETAN PTY: Liquidator Set to Explain Wind Up Manner
---------------------------------------------------
Notice is hereby given that a meeting of Detan Pty Limited will
be held on Jan. 3, 2006, 10:00 a.m. at the offices of Crispin
& Jeffery Chartered Accountants, Level 2, 57 Grosvenor Street,
Neutral Bay NSW 2089, to table an account indicating how the
Company's winding up was conducted and its property disposed of,
and to give explanations thereof.

Dated this 14th day of November 2005

Paul H. Jeffrey
Liquidator
Crispin & Jeffery Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW 2089


FELTON WOODS: Creditors Decide to Wind Up Firm
----------------------------------------------
Notice is given that at a general meeting of the creditors of
Felton Woods Manor Pty Limited held on Dec. 1, 2005, it was
resolved that Messrs. Anthony Warner and Clifford Sanderson,
Registered Liquidators of CRS Warner Sanderson, Level 5, 30
Clarence Street, Sydney NSW 2000 be appointed as Liquidators in
the Company's winding up.

Dated this 6th day of December 2005

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


GARABOND PTY: Liquidator to Distribute Company Assets
-----------------------------------------------------
Notice is given that at a general meeting of Garabond Pty
Limited held on Dec. 8, 2005, the following Special
Resolutions were passed:

(a) That the Company be wound up as a Members' Voluntary Winding
Up, and that Mr. Paul Gilbert Harriman of 410/251 Oxford Street,
Bondi Junction NSW be appointed as Liquidator for such purpose.

(b) That the Liquidator be and is hereby authorized to
distribute in specie such assets of the Company as he may deem
fit.

Dated this 8th day of December 2005

Paul G. Harriman
Liquidator
410/251 Oxford Street, Bondi Junction NSW 2022


GEMBUOY PTY: Members Opt for Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Gembuoy Pty Limited held on Nov. 30, 2005, it
was resolved that the Company be wound up voluntarily, and
Messrs. David Gregory Young and Anthony Wayne Elkerton of
Pitcher Partners, Level 3, 60 Castlereagh Street, Sydney NSW
2000 were appointed as Joint Liquidators for such purpose.

Dated this 8th day of December 2005

Anthony W. Elkerton
David G. Young
Joint Liquidators
Pitcher Partners
Level 3, 60 Castlreagh Street
Sydney NSW 2000


GREYSON NOMINEES: Court Issues Winding Up Order
-----------------------------------------------
On Nov. 29, 2005, the Supreme Court of Western Australia ordered
the winding up of Greyson Nominees Pty Limited, and appointed
Mr. Clifford Rocke as the Company Liquidator.

Dated this 29th day of November 2005

Clifford Rocke
Liquidator
PPB WA Pty Limited
Level 1, 5 Mill Street
Perth WA 6000


HALLABAR PTY: Court Appoints Official Liquidator
------------------------------------------------
On Dec. 2, 2005, the Federal Court of Australia, New South Wales
District Register appointed Mr. Christopher J. Palmer to be the
Official Liquidator in the winding up of Hallabar Pty Limited.

Dated this 13th day of December 2005

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


HALLGATE PTY: Schedules Final Meeting Jan. 3
--------------------------------------------
Notice is hereby given that a final general meeting of the
members and creditors of Hallgate Pty Limited will be held on
Jan. 3, 2006, 10:00 a.m. at the offices of PPB, Level 10, 90
Collins Street, Melbourne 3000, to receive the Liquidator's
account showing the manner of the Company's winding up and
disposal of its property, and to hear any explanations that may
be given by the Liquidator.

Dated this 18th day of November 2005

Nicholas Martin
Liquidator
Hallgate Pty Limited
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


JAYFORD PTY: To Declare Final Dividend
--------------------------------------
Jayford Pty Limited will declare a first and final dividend on
Dec. 29, 2005.

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

Dated this 25th day of October 2005

S. C. Davies
C. M. Nicol
Joint Administrators
C/o McGrathNicol+Partners
Level 11, 115 Grenfell Street
Adelaide SA 5000
Phone: 08 8468 3700
Web site: http://www.mcgrathnicol.com.au/


JEDSEA PTY: Creditors OK Liquidators' Appointment
-------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Jedsea Pty Limited held on Nov. 30, 2005, a Special
Resolution was passed to voluntarily wind up the Company, and
Messrs. P. Ngan and G. Parker were appointed as Joint and
Several Liquidators for such purpose. Creditors confirmed the
Liquidators' appointment at a creditors' meeting held that same
day.

Dated this 2nd day of December 2005

P. Ngan
G. Parker
Joint Liquidators
Ngan & Co. Chartered Accountants
Level 5, 49 Market Street
Sydney NSW 2000


KENT PTY: Intends to Pay Dividend to Creditors
----------------------------------------------
Kent (Australia) Pty Limited will declare a final dividend on
Dec. 29, 2005.

Creditors whose debts or claims have not already been admitted
are required to formally to prove their debts or claims on or
before Dec. 28, 2005. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 6th day of December 2005

Keiran W. Hutchison
Liquidator
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4304


MASK 2 PRODUCTIONS: John Lord Named Official Liquidator
-------------------------------------------------------
Notice is hereby given that on Nov. 30, 2005, it was resolved by
special resolution that The Mask 2 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


OYSTER FARMERS: Winds Up Business
---------------------------------
Notice is hereby given that at a general meeting of the members
of Oyster Farmers' Association of NSW Limited held on Dec. 2,
2005, it was resolved that the Company would be wound up
voluntarily, and that Mr. John Russell Biddle of Level 19, 207
Kent Street, Sydney be appointed as Liquidator for the purpose.

Dated this 7th day of December 2005

John R. Biddle
Liquidator
Level 19, 207 Kent Street
Sydney


RJ FENCING: Enters Liquidation
------------------------------
At a general meeting of the members of RJ Fencing (Hay) Pty
Limited held on Nov. 28, 2005, the following Special Resolution
was passed:

That the Company be wound up voluntarily.

Dated this 28th day of November 2005

Roslyn Andrews
C/o RSM Bird Cameron Partners Chartered Accountants
55 Berry Street, Wagga Wagga NSW 2650
Phone: 02 6921 9055
Fax:   02 6921 9032


SAN PABLO: Decides to Close Operations
--------------------------------------
Notice is hereby given that at a meeting of members of San Pablo
Spur Pty Limited held on Nov. 29, 2005, it was resolved that the
Company be wound up voluntarily, and Mr. Nicholas Crouch of
Crouch Insolvency Chartered Accountants, Level 28, St. Martins
Tower, 31 Market Street, Sydney NSW 2000 was appointed as
Liquidator for such purpose.

Dated this 29th day of November 2005

Nicholas Crouch
Crouch Insolvency Chartered Accountants
Level 28, St. Martins Tower
31 Market Street, Sydney NSW 2000


SANTOS LIMITED: Moomba Insurance Claim Settled
----------------------------------------------
Santos Limited announced that it will recover AU$149 million
following the successful conclusion of the insurance claim
relating to the January 2004 incident at the Moomba liquids
recovery plant (LRP) in central Australia.

This amount represents Santos' share of the total of AU4231
million which will be received for Property Damage and Business
Interruption on behalf of the Cooper Basin Producers, and is net
of the policy deductible.

A pre-tax profit of AU$33 million will be booked by Santos in
its financial result for the full year ending Dec. 31, 2005,
which represents the excess of the final settlement over the
AU$116 million accrued during the 2004 financial year.

A proportion of the funds totaling AU$54 million have already
been received by Santos, and the outstanding balance of AU$95
million is expected to be received during the first quarter of
2006.

A deed of release has been executed between Santos and the lead
insurer, which agrees the amounts payable and effectively
concludes the claim for the LRP incident.

The interest of the Cooper Basin Producers are:

Santos Limited (operator)   66.60%
Delhi Petroleum Pty Ltd     20.21%
Origin Energy resources     13.19%

CONTACT:

Santos Limited
Ground Floor, Santos
House, 91 King William Street,
Adelaide, S.A. 5000
Web site: http://www.santos.com.au/


SANTOS LIMITED: In New Gas Tolling, Purchase Contract
-----------------------------------------------------
Santos Limited announced that a conditional contract has been
executed for its Patricia Baleen plant to process up to 350 PJs
of gas over 10 years from Nexus Energy's Longtom field off
Victoria and for Santos to then purchase the processed sales
gas.

The agreement remains conditional on sufficient reserves being
proved at the Longtom field with an appraisal well planned to be
drilled by Nexus in May 2006.

Subject to successful appraisal and development, first gas could
be delivered to the Patricia Baleen processing plant by the
second half of 2008.

Santos has 100% of the equity in the Patricia Baleen
infrastructure. The company will be paid a toll by Nexus to
utilise spare plant capacity to process the Longtom gas.

The Longtom field is in the offshore Gippsland Basin
approximately 14 km from the pipeline between the Patricia
Baleen field and the processing plant, which is located near
Orbost in Victoria.

"This contract captures additional value for our Patricia Baleen
processing plant and could extend the life of the facility well
into the next decade," said Santos Managing Director, Mr John
Ellice-Flint.

"It creates a positive outcome for both companies. Nexus
improves its project certainty in the event of successful
appraisal and Santos leverages its existing infrastructure
without exposure to appraisal or development risk."


TELSTRA CORPORATION: Justin Milne Named Group Managing Director
---------------------------------------------------------------
Telstra Corporation announced that Justin Milne has been
appointed Group Managing Director (GMD), Big Pond.

Mr. Milne's appointment as GMD Big Pond confirms the outstanding
contribution that he and BigPond have made to Telstra's
broadband business thus far, and will continue to deliver as
broadband market leaders.

Mr. Milne has led the BigPond team since December 2002 and has
been a member of the CEO Leadership Team since 2004. He will
continue to report directly to Telstra CEO Sol Trujillo. Prior
to his career at Telstra, Mr. Milne was CEO of OzEmail, which at
that time was the telco's biggest competitor and before that he
ran the Microsoft Network in Australia.

As Managing Director of BigPond, Mr. Milne has led the
organization through its transition to becoming Australia's
market-leading Internet Service Provider. This has included the
introduction of " broadband at dial-up prices" in February 2004,
which was a watershed in Australia's broadband history.

Mr. Milne's leadership also has seen BigPond lead the market in
developing online content development, online applications and
the efforts of the team have been recognized with several
national awards including this year's "Best ISP" award at the
Australian Telecom Awards. May of the marketing campaigns and
commercials produced by the BigPond team in the last three years
have also been awarded both in Australia and internationally.

Mr. Milne is a board member and Past President of the Internet
Industry Association. He holds a Bachelor of Arts from Flinders
University and is married with five children.

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: ACCC Issues Rental Hike Consultation Notice
----------------------------------------------------------------
The Australian Competition and Consumer Commission (ACCC) on
Thursday issued a Consultation Notice in relation to Telstra
Corporation's decision to increase the price for line rental
that it charges to its wholesale customers.

The potential competition concerns arise from Telstra's recent
introduction of changes to the Home Access rate plan to its
wholesale customers and Homeline Part rate plan to its retail
customers. The ACCC received a number of complaints from
Telstra's wholesale customers stating that the prices offered by
Telstra for the line rental component of the majority of its
retail fixed line services are below Telstra's prices for the
line rental component of its wholesale Home Access service.

The ACCC is concerned that Telstra's conduct raises the costs of
its competitors in the retail fixed services market and
substantially hinders their ability to compete for the supply of
fixed line services to consumers.

"The Consultation Notice informs Telstra that the ACCC proposes
to issue a Part A Competition Notice and gives it the
opportunity to respond by Jan. 27, 2006," ACCC Chairman, Mr.
Graeme Samuel, said.

"The ACCC will carefully consider any submission received from
Telstra within the time limit when determining whether or not to
issue a Competition Notice.

"The issue of the Consultation Notice does not necessarily mean
that the ACCC will ultimately issue a Competition Notice. The
ACCC will consider all relevant submissions put to it and a
number of other factors beofre determining whether to issue a
Competition Notice.

"The issue of the Consultation Notice does not necessarily mean
that the ACCC will ultimately issue a Competition Notice. The
ACCC will consider all relevant submissions put to it and a
number of other factors before determining whether to issue a
Competition Notice.

The factors which the ACCC will consider include those set out
in the ACCC's February 2004 Competition Notice Guidelines and
such other matters as the ACCC considers relevant. In this
regard, if Telstra's wholesale customers or other interested
parties wish to provide material, they should do so before Jan.
27, 2006 to enable the ACCC to assess whether the material
should be taken into account.


TOP ONE: Inability to Pay Debt Prompts Wind Up
----------------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Top One Painting Pty Limited held on Dec. 7, 2005,
the following Special Resolution was passed:

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

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


WESTPOINT GROUP: Federal Court Orders Winding Up of Group Firms
---------------------------------------------------------------
Following various applications by the Australian Securities and
Investments Commission (ASIC), the Federal Court has made orders
in relation to a number of companies within the Westpoint Group.

York Street Mezzanine Pty Ltd and Ann Street Mezzanine Pty Ltd

Justice French has ordered the winding up of York Street
Mezzanine Pty Ltd and Ann Street Mezzanine Pty Ltd.

Mr. Geoffrey Totterdell and Mr. David McEvoy of
PricewaterhouseCoopers were appointed as liquidators of York
Street Mezzanine, while Mr. Totterdell together with Mr. Ian
Hall have been appointed liquidators of Ann Street Mezzanine,
following on from their appointments as voluntary administrator
to York Street Mezzanine.

The orders were made following recent applications by ASIC to
appoint a provisional liquidator to the companies and to wind up
the companies. Justice French considered that in light of the
evidence presented by ASIC, the appointment of a liquidator
rather than provisional liquidator was appropriate in the
circumstances.

ASIC also opposed a Deed of Company Arrangement proposed by the
Westpoint Group for York Street Mezzanine because there were
serious doubts about whether promised funds would become
available and, in any event, it did not offer anything more than
what the creditors are already entitled to.

Westpoint Corporation Pty Ltd

ASIC also filed an application in the Federal Court seeking the
winding up of Westpoint Corporation Pty Ltd on grounds of
insolvency. Westpoint Corporation is at the center of the
Westpoint Group. ASIC believes it is responsible for arranging,
managing and co-ordinating Westpoint's property projects as well
as acting as the Group's treasury.

Westpoint Corporation is also one of the guarantors for loans
advanced by various mezzanine companies to developer companies
for the property development projects undertaken by the
Westpoint Group. Seven of these mezzanine companies are
currently under administration.

ASIC is concerned that, as a result of its current financial
position, Westpoint Corporation would be unable to meet its
obligations under the guarantees given to the mezzanine
companies to make good expected shortfalls in the repayment of
amounts owed to investors. ASIC is of the view that a liquidator
can properly investigate the activities of Westpoint Corporation
and take the necessary action to recover monies for the benefit
of investors and creditors.

Justice French asked the parties to agree directions, otherwise,
the matter will return to Court on Friday 23 December 2005.

Lodgment of accounts

On 14 December 2005, ASIC obtained orders from the Federal Court
in relation to the lodgment of annual financial statements by a
number of companies within the Westpoint Group including
Westpoint Corporation, Westpoint Constructions Pty Ltd, Scots
Church Development Ltd, Emu Brewery Mezzanine Ltd, Bayview Port
Melbourne Ltd and three schemes operated by Westpoint Management
Ltd.

ASIC's application requesting the lodging of accounts for Market
Street Mezzanine has been adjourned for mention to coincide with
a directions hearing for the winding up of Westpoint
Corporation.


WOOL CENTRE: Placed Under Voluntary Liquidation
-----------------------------------------------
Notice is hereby given that at a general meeting of Wool Centre
Australia Pty Limited held on Nov. 30, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. Arthur
Yip of Arthur Yip & Associates, Suite 140, Level 3, Regis
Towers, 418 Pitt Street, Sydney NSW be appointed as Liquidator
for such wind up.

Dated this 6th day of December 2005

Arthur Yip
Liquidator
Arthur Yip & Associates
Suite 140, Level 3, Regis Towers
418 Pitt Street, Sydney NSW


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

CHINESE FUTURE: Moody's Affirms B1 Bond/Ba2 Ratings
---------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Chinese Future Corporation and the B1 foreign currency
rating assigned to Chinese Future's USD225m senior notes due
2015, following the completion of the notes' issuance. This
rating action removes the ratings from provisional status. The
outlook on the ratings is stable.

Chinese Future plans to apply USD198m (RMB1.6bn) of the funds
raised to fund a portion of the total acquisition cost
(RMB7.8bn) of the 25-year concession rights to the Hangzhou Ring
Road Expressway (Ring Road). The net proceeds of the notes also
pre-fund the notes' interest payments (US$27 million). The total
acquisition cost is further satisfied by equity and committed
senior secured bank loans (RMB5.2bn). Moody's understands
Chinese Future expects to complete the acquisition before the
end of December.

Chinese Future Corporation is a private company incorporated in
October 2005 to be an investment holding company. Through its
subsidiaries, it plans to acquire the concession rights to the
Ring Road from the Hangzhou government.

The Ring Road, completed at the end of 2003, is a 123km
expressway that encircles Hangzhou, the capital city of Zhejing
Province in China.

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

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


FORTIS INVESTMENT: Releases Winding Up Order
--------------------------------------------
Notice is hereby given that the Creditors of Fortis Investment
Management Asia Limited (In Members' Voluntary Liquidation),
which is being voluntarily wound up, are required on or before
January 16, 2006 to send their names, addresses and
descriptions, full particulars of their debts or claims, as well
as the names and addresses of their solicitors (if any) to the
Liquidators of the said Company.

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

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


GEEWING COMPANY: Appoints Joint, Several Liquidators
----------------------------------------------------
Mr. Lo Siu Ki and Mr. Kong Chi How, both of 8th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong have been
appointed as Joint and Several Liquidators of Geewing company
Limited on November 15, 2005 by an order of the High Court of
the Hong Kong Special Administrative Region.

Dated this 16th day of December, 2005

LO SIU KI
KONG CHI HOW, JOHNSON
Joint and Several Liquidators


GREEN FOREST: Court Orders Winding Up
-------------------------------------
Green Forest Limited, whose office address is located at Rm 1507
15/F Cheung Yam House On Yam Est Kwai Chung New Territories,
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


HENTECH LIMITED: Court Issues Notice to Wind Up
-----------------------------------------------
Hentech Limited, whose office address is located at Unit 1801-02
Stelux House 698 Prince Edward Road East San Po 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 13, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


LUXE LIMITED: Enters Winding Up Process
---------------------------------------
Luxe Limited, whose office address is located at 12th Floor
O.T.B. Building 259-265 Des Voeux Road Central 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 12, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


PCCW LIMITED: PCCW-HKT Inks 6-Year Wholesale Supply Agreements
--------------------------------------------------------------
PCCW Limited (0008) announced that its subsidiary PCCW-HKT
Telephone Limited (PCCW) has entered into long-term wholesale
service supply agreements with Wharf T&T Limited (Wharf T&T) and
Hutchison Global Communications Limited (HGC), Infocast News
reports.

Under the agreement with Wharf T&T, PCCW will supply to Wharf
T&T narrowband and broadband local access loops over a six-year
period. PCCW and Wharf T&T also fully settled pending litigation
relating to international call routing and interconnection.

Wharf T&T further agreed to withdraw its pending requests for
Office of the Telecommunications Authority (OFTA) to determine
the terms and conditions on narrowband and broadband Type II
interconnection.

The arrangements with HGC cover unbundled local loop, block
wiring, leased circuits, broadband, fiber-to-the-building, and
Ethernet and facilities management.


PROSPECT WAY: Prepares to Close Shop
------------------------------------
Prospect Way Company Limited, whose office address is located at
Sun Wah Aluminium Windows & Curtain Wall Company Limited, 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 12, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


SHENYIN WANGUO: SFC Fines Securities Firm HK$353K
-------------------------------------------------
The Securities and Futures Commission (SFC) has reprimanded
Shenyin Wanguo Securities (HK) Limited and fined it $353,000
because it failed to detect and prevent the misconduct of an
account executive, to safeguard client assets, and to establish
the true and full identity of an account holder (Note 1). The
reprimand and fine are the result of a settlement between
Shenyin Wanguo and the SFC.

The disciplinary action follows an SFC investigation into a
report made by Shenyin Wanguo in 2003 on the conduct of one of
its account executives, who is suspected of misappropriating
client assets in two clients' accounts. The whereabouts of the
account executive are still unknown.

Evidence showed that the account executive had imitated clients
to change the clients' addresses for account statements,
conducted unauthorised trading and sold clients' stocks without
their knowledge, and breached Shenyin Wanguo's policy by
offering discretionary services.

The account executive appeared to have borrowed the identity of
her relative to open an account for her own use. When Shenyin
Wanguo found that there had been no tape-recorded client
instructions for the transactions in the account, it issued the
account executive with a warning letter but did not further
check the account executive's dealings in other client accounts.
The suspected misappropriation was revealed only after the
account executive had failed to return to work after vacation
and a client had lodged complaint about his account balance with
Shenyin Wanguo. Shenyin Wanguo's checking of taped records of
the client instructions was inadequate to detect and prevent the
account executive's misconduct.

The SFC concludes that Shenyin Wanguo has been guilty of
misconduct and that its fitness and properness has been called
into question.

In considering the settlement with Shenyin Wanguo, the SFC has
taken into account that:

--Shenyin Wanguo engaged independent accountants to review its
internal controls and took remedial measures including
compensating the affected clients;

--Shenyin Wanguo co-operated with the SFC in settling the
disciplinary action;

--Shenyin Wanguo's previous disciplinary record (Note 2); and
its size of operation and financial resources.

The SFC considers that it is in the interest of the investing
public and in the public interest to settle its disciplinary
action against Shenyin Wanguo.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"The adequacy of internal control systems is fundamental to the
fitness and properness of a licensed corporation. The SFC takes
a serious view of internal control inadequacies and will
consider fining licensed corporations when necessary."

CONTACT:

Shenyin Wanguo (HK) Ltd.
28/F Citibank Twr., Citibank Plz.
3 Garden Rd. Central, Hong Kong
Phone: 852 2509 8383
Fax: 852 2509 0319


SOEN TAK: SFC Reprimands Securities Firm
----------------------------------------
The Securities Futures Commission (SFC) has reprimanded Soen Tak
Securities Company Limited and suspended the license of Mr. Chan
Chun Shing, its former responsible officer, for eight months
from December 21, 2005 to August 20, 2006. The reprimand and
suspension are the result of a settlement between Soen Tak and
Chan, and the SFC.

The reprimand and suspension follow an SFC inquiry into
suspected misappropriation of clients' assets by a former
representative of Soen Tak. The inquiry identified a number of
deficiencies in Soen Tak's internal controls.

The SFC found that, from February to June 2002, the former
representative of Soen Tak had been able to conduct unauthorised
trading activities in his clients' accounts because there were
deficiencies in procedures for authenticating changes of
clients' information, and for monitoring clients' trading; and
Soen Tak allowed its cash clients to carry on trading, even if
there was an outstanding balance in the clients' accounts, on
the condition that the representatives of those clients agreed
to pay interest on the outstanding balance. Owing to this
settlement practice, the former representative was not required
to immediately settle the unauthorized trades he conducted in
the clients' accounts, and was able to conceal his improper
activities until the outstanding amounts reached an unacceptable
level.

Chan reported the improper conduct of the representative to the
SFC on October 10, 2002. However, in a letter dated October 24,
2002 and subsequent correspondence with the SFC, Chan withdrew
his report and provided misleading information to the SFC with a
view to dissuading the SFC from initiating an investigation into
the matter. Chan did so to help the representative avoid having
to face the SFC investigation, after the representative agreed
to repay the losses he had caused Soen Tak.

The SFC concludes that Soen Tak and Chan have been guilty of
misconduct and their fitness and properness has been called into
question. In deciding the appropriate penalties, the SFC has
taken into account Soen Tak and Chan's agreement to resolve the
disciplinary action by settlement, which saved the SFC's
resources. The SFC considers the settlement to be in the public
interest and in the interests of investors.

Mr. Alan Linning, SFC's Executive Director of Enforcement, said:
"Brokers should have effective internal control procedures and
adequate resources to supervise their staff diligently in order
to protect their operations and clients from financial losses
arising from dishonest acts or other improper conduct. Brokers
are also expected to report any material breach or non-
compliance with any regulatory requirements whether by
themselves or their staff to the SFC immediately so that the SFC
can respond swiftly. Chan's conduct demonstrated that he had
protected Soen Tak's and its former employee's interests at the
expense of its clients' interests. This is unacceptable and
casts serious doubt on Soen Tak's integrity as a licensed
corporation."

CONTACT:

The Securities and Futures Commission of Hong Kong
8th Floor
Chater House
8 Connaught Road Central
Hong Kong
Phone: 852-2840-9222; 852-2842-7666
Fax: 852-2521-7836


SUN WAH: Set to End Operations
------------------------------
Sun Wah Aluminium Windows & Curtain Wall Company Limited, whose
office address is located at 4th Floor Prosperity Industrial
Building 89 Wai Yip Street Kwun Tong Kowloon, issued a winding
up order notice in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on December 7,
2005.

Date of Presentation of Petition: October 12, 2005

Dated this 16th day of December 2005

ET O'Connell
Official Receiver


WAH SUNG: Winding Up Hearing Slated for Jan. 18
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of Wah
Sung Construction & Piling Limited by the High Court of Hong
Kong Special Administrative Region was on November 28, 2005
presented to the said Court by Cheung Lee Plumbing Engineering
Company Limited whose registered office is situate at 2nd Floor,
Cheong Tai Industrial Building, 16 Tai Yau Street, San Po Kong,
Kowloon, 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.

AU, THONG & TSANG
Solicitors for the Petitioner
1401 China Insurance Group Building
141 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 so to do.  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.


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

THOMAS COOK: To Dispose of TCIM's Share Equity Capital
------------------------------------------------------
Thomas Cook (India) Ltd has informed the National Stock Exchange
of India that the Company has been informed by Thomas Cook AG
that it has entered into a definitive agreement to sell 100% of
the equity share capital of TCIM Limited (TCIM UK) to Dubai
Financial (LLC), a subsidiary of the Dubai Investment Group
(LLC).

TCIM holds 60% of the equity share capital of Thomas Cook
(India) Limited (TCIL).

In furtherance of the aforesaid international indirect
acquisition, Dubai Financial (LLC) has undertaken to make a
public offer in accordance with the provisions of the Securities
and Exchange Board of India (Substantial Acquisition of Shares
and Takeovers) Regulations, 1997.

CONTACT:

Thomas Cook (India) Ltd
Thomas Cook Building, Dr D Naoroji Road,
Mumbai 400001
Maharashtra
Phone: 22048556 22048557 22048558
Fax: 22871069 22872876


WOPOLIN PLASTICS: Unveils New Board
-----------------------------------
Wopolin Plastics Limited has informed the Exchange that:

(1) Shri Kishore V. Rathi has been appointed as Director of the
Company.

(2) The following Directors of the Company have resigned from
the Directorship of the Company - Smt. Shanta Agrawal, Shri
Gangaram Agarwal, Shri Rooplal Sohni, Shri Anil Bafna & Shri
Shriratan Daga.

(3) Shri R. K. Bhutoria, CEO & Compay Secretary has resigned
from the post of CEO and Company Secretary and Shri S. A.
Chaudhari has been appointed as Compliance Officer of the
Company.

CONTACT:

Wopolin Plastics Ltd.
D-1, MIDC
Hingna Industrial Estate
Nagpur - 440028
Telephone: 7104-236510
Fax: 237380
Web site: http://www.bajajngp.com


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

DIRGANTARA INDONESIA: Thai Government to Pay Cash for Aircraft
--------------------------------------------------------------
State-owned aircraft maker PT Dirgantara Indonesia (DI) confirms
that the Thai government will not engage in a counter-trade
scheme in its purchase of 10 CN- 235 airplanes that it ordered
from the Company, Asia Pulse reports.

According to DI Managing Director M. Nuril Fuad, the Thai
government will pay in U.S. dollars for its order of 10 CN-235
aircaft from the Company.

He added that the Indonesian community criticized the
government's decision to import rice, and did not support its
application of a counter purchases system when it sold airplanes
to Thailand in 2000. This time, the government will not apply
the counter purchase mechanism in selling the ten airplanes.

The Thai government has agreed to pay in cash for its order, and
will use the aircraft for agricultural and military defense
purposes.

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
E-mail: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


KIANI KERTAS: May Take Awhile to Repay Debt to State Bank
---------------------------------------------------------
State lender PT Bank Mandiri may have to wait for some time to
recover a debt owed by troubled pulp and paper firm PT Kiani
Kertas, as negotiations with investors are still ongoing,
reports the Jakarta Post.

Bank President Agus Martowardojo said that they expect the debt
repayment to take time, despite earlier reports of a possible
firm takeover.

PT Kiani Kertas, managed by ex-president Soeharto's former son-
in-law, Prabowo Subianto, owes a principal of IDR1.99 trillion
and IDR118.57 billion in interest to Bank Mandiri.

The Company needs capital from new investors in order to stay
afloat and repay its debts to Bank Mandiri by 2007, as
stipulated in a restricturing agreement signed last year.

Reports cited Putera Sampoerna, former owner of cigarette firm
PT Sampoerna, as being interested in taking over Kiani Kertas,
while Singaporean firm United Fiber System Limited had already
signed an initial takeover agreement this year; but there have
been no reports on the progress of negotiations.

CONTACT:

PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax:    +62(21)8379-3215
Web site: http://www.kiani.com


PERUSAHAAN LISTRIK: Unlikely to Reduce Power Losses
---------------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) may not be
able to reduce its losses from the depreciation of channeled
power to less than 10% due to lack of funds, the Jakarta Post
reports.

According to PLN Marketing Director Sunggu Anwar Aritonang, the
Company's power loss is currently above 10%, higher than an
expected 9.84% target. The allotted budget for the Company's
improvement had to go to cover operational costs, he added.

The Company had initially set aside IDR4.2 trillion to lower the
electricity loss from 11.47% at the beginning of the year to
9.84%. But PLN could spare only IDR1.6 trillion to do so.

Power generation costs rose last March 2005 due to the 29%
increase in domestic fuel prices by the government.

PLN, which suffered a IDR2.02 trillion net loss last year, is
targeting to reduce power losses to 9.74% for next year,
although the Company will not be able to avoid operational
losses, said PLN President Eddie Widiono.

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


PUTRA SUMBER: Pefindo Downgrades Rating to BB+
----------------------------------------------
Indonesia rating agency Pefindo downgraded its ratings for PT
Putra Sumber Utama Timber (PSUT) and the Company's Bond I/2003
of IDR200 billion to "idBB+" from "idBBB-". The Company's Bond
I/B totaling IDR100 billion will be due in May 2006, while the
remaining (Bond I/A) will be due in May 2008.

The rating downgrades are mainly driven by the scarcity of raw
material (logs), the Company's marginal cash flow protection and
limited liquidity, as well as increasing flood risk exposure due
to rainy season. The ratings, however, are still supported by
relatively stable product demand from the export market.

PSUT is one of the leading manufacturing company in plywood and
Laminated Veneer Lumber (LVL) in Indonesia. PSUT is a subsidiary
of HASKO group, a group of companies focusing on timber related
products. The Group has injected capital through debt to equity
swap amounted to IDR38.50 billion as of September 2005. The
Company has two production facilities in Jambi (Sumatera) and
Asam-Asam (South Kalimantan), with total annual production
capacity of 400,000 cubic meters (m3).

CONTACT:

PT Putra Sumber Utama Timber
Plaza Mutiara lantai 16 - 17
Jl. Lingkar Mega Kuningan
Kav. E1-2 No. 1-2, Kawasan Mega Kuningan
Jakarta 12960 Indonesia
Phone: 021 5761138; 0741 21022, 21023
Fax:   021 5761152 - 53; 0741 23972
Email: imansyah@hasko.co.id


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

HITACHI LIMITED: Details Reorganization Plan
--------------------------------------------
Hitachi, Ltd. (NYSE:HIT) (TOKYO:6501), Hitachi Air Conditioning
Systems Co., Ltd. (HACS) and Hitachi Home & Life Solutions, Inc.
(Hitachi H&L) announced the agreement to reorganize their
operating frameworks with the aim of developing and reinforcing
their "lifestyle zone solutions business." Underpinned by
existing consumer-focused businesses, the new organization will
extend sophisticated support for lifestyle infrastructures in
the home, office, stores and other locations with a particular
focus on comprehensive air conditioning, all-electric homes and
digital home electronics.

Highlights of the reorganization are as follows.

1. HACS and Hitachi H&L will merge on April 1, 2006.

2. Hitachi's Consumer Business Group will assume responsibility
for overseeing all marketing and sales activities involving
comprehensive air conditioning systems, all-electric home
products, digital home electronics and related products. It will
be responsible for sales activities in these business sectors on
a global scale.

3. The Consumer Business Group will establish a specialist
division devoted exclusively to comprehensive sales activities,
which will primarily target large customers such as high-volume
retailers and companies operating large chains of stores. This
division will offer comprehensive solutions that make use of
digital home electronics, comprehensive air conditioning
systems, products for all-electric homes and other products.

Work is underway on setting up an organization and business
strategy to prepare for the start of operations under this new
framework. Although details have not been finalized, the new
framework will concentrate on the following initiatives.

1. Use the merger of HACS and Hitachi H&L to reinforce the
comprehensive air conditioning and all-electric homes businesses

The new company to be formed through the integration of HACS and
Hitachi H&L intends to grow by conducting a comprehensive air
conditioning business extending from home air conditioning
systems to large freezing systems. In addition to the washing
machines, vacuum cleaners, refrigerators and other products in
the home appliance business, an all-electric home business will
include hot water supply systems, kitchen appliances and other
future core products.

1-1. Use the integration of air conditioning operations to
strengthen the comprehensive air conditioning business, offering
products ranging from home to commercial systems on a global
scale.

(1) Expand the global air conditioning business with a stronger
line-up of products

With the integration of Hitachi H&L, responsible for the room
air conditioning business, and HACS, responsible for the large-
scale air conditioning business including packaged air
conditioning systems, chiller units and other products, the new
company will offer a line-up extending from home-use products to
large air conditioning equipment for commercial and other
applications. This will enable the company to offer
comprehensive solutions to customers. The new company will also
carry out operations on a global scale, covering markets such as
Brazil, Russia, India and China (BRICs), other parts of Asia,
and Europe.

(2) Upgrade new product development activities

New product development activities will be upgraded by combining
the design and development resources of the two companies.
Consolidating design and development personnel will allow the
new company to develop products in a timely manner that
accurately reflects market needs. The new company will be able
to supply products that are economical by consuming less energy,
easier to use, have a lower environmental impact, and that offer
other features.

(3) Become more cost competitive

The new company will combine compact compressor technology
derived from the manufacture of room air conditioning products
with multicycle freezer technology gained from the manufacture
of commercial air conditioning systems. This will allow the
company to supply products that are more compact and cost
competitive. The new company also expects to cut procurement
expenses by producing products in larger quantities and
purchasing parts and materials in greater volumes. These
benefits are expected to make the entire air conditioning
business more cost competitive.

(4) Leverage synergies between operating sites

The domestic and overseas manufacturing and sales bases of HACS
and Hitachi H&L will be realigned to create a single framework.
Comprehensive air conditioning business strategies for each
region will also be formulated and implemented.

1-2. Reinforce the all-electric home business

The new company will aim to reinforce the all-electric home
business by combining the various Hitachi H&L product groups
with the sales capabilities of HACS, which is strong in
commercial air conditioning system sales channels. The company-
wide capabilities of Hitachi, Ltd. will also be utilized.

(1) Enhanced sales proposal capabilities based on an integrated
all-electric home business

By combining the separate all-electric home businesses operated
by Hitachi H&L and HACS, the new company will handle an
integrated and wide-ranging line-up of products such as
"EcoCute" hot-water storage and instantaneous hot-water supply
systems, induction cooking heaters, dishwashers and microwave
ovens. This will result in enhanced sales proposal capabilities
that can be targeted at home builders, condominium developers,
electric power companies and other clients promoting all-
electric homes.

(2) Faster product creation through stronger technology
development capabilities

By bringing together the development capabilities of Hitachi H&L
and HACS, and combining them with Hitachi's R&D strengths in
all-electric homes -- a core domain for the company -- the new
company will be able to drive the development of Excellent
products that satisfy customer needs.

2. More powerful sales activities by integrating sales
management functions and adding new sales channels

(1) Centralize all sales management functions at the Consumer
Business Group

To speed the shift to a market-oriented business strategy, all
consumer product marketing and sales management functions in
Japan and overseas will be centralized. Additionally, in order
to reinforce integrated operations, eight domestic and overseas
sales companies that are currently subsidiaries of Hitachi H&L,
including Hitachi Consumer Marketing, Inc., will become Hitachi
subsidiaries. This will create a structure in which customer
feedback received by sales units can be reflected more directly
in how operations are managed.

(2) Strengthen sales in Japan

A specialist division in the Consumer Business Group will work
to strengthen comprehensive sales activities that primarily
target large customers such as high-volume retailers and
companies operating large chains of stores. Efforts to expand
sales will also be supported by the creation of an integrated
management system that links the Consumer Business Group with
Hitachi Consumer Marketing, which operates a nationwide sales
network.

(3) Strengthen the global sales network

Hitachi, HACS and Hitachi H&L will consolidate their overseas
sales bases and make strategic use of each other's bases in
order to create a sales network that covers almost all areas of
the world. Continued growth is foreseen worldwide for air
conditioning systems, digital home electronics and other
products sold by HACS and Hitachi H&L. Particularly strong
growth is projected in the BRICs areas. All three companies
already have sales networks in China. In addition, there is an
HACS office in Brazil, a Hitachi office in Russia and a Hitachi
H&L office in India. The three companies plan to use these bases
to expand their operations rapidly in these countries.

The Hitachi Group is concentrating on three core business
domains: large-scale systems, which include electric power
systems, industrial systems and information systems; the
devices, parts and materials that make up these systems; and the
"lifestyle zone solutions business," which covers lifestyle
infrastructure for the home, convenience stores, office
buildings and other locations. The business reorganization
explained in this document is aimed at strengthening operations
in the "lifestyle zone solutions business" and increasing its
contribution to the Hitachi Group's earnings. Another goal is to
add even more value to the Hitachi brand.

   3. Profiles of Companies to Merge

HACS

Name: Hitachi Air Conditioning Systems Co., Ltd.
Business: Manufacture, sales, installation and services
          for freezer, air conditioning and environmental
          systems
Establishment: November 26, 1998
Head office: 16-1, Kaigan 1-chome, Minato-ku, Tokyo
President: Takazumi Ishizu
Number of employees: 5,910
Revenues: 176.3 billion yen (forecast for fiscal 2005)
Ordinary income: 7.0 billion yen (forecast for fiscal 2005)
Principal shareholder: Hitachi, Ltd. (100%)

Hitachi H&L

Name: Hitachi Home & Life Solutions, Inc.
Business: Development, manufacture and sales of home
          appliances, and marketing of consumer
          electronics
Establishment: April 1, 2002
Head office: Hitachi Atago Annex, 15-12, Nishi-shimbashi
             2-chome, Minato-ku, Tokyo
President: Tadahiko Ishigaki
Number of employees: 15,350
Revenues: 456.2 billion yen (forecast for fiscal 2005)
Ordinary income: 0.5 billion yen (forecast for fiscal 2005)
Principal shareholder: Hitachi, Ltd. (100%)

   4. Profile of New Company

Name: Pending
Business: Development, manufacture and sales of freezer,
          air conditioning and environmental systems,
          electrical home appliances and related systems
Establishment: April 1, 2006
Head office: Minato-ku, Tokyo
President: Pending
Business plan: Fiscal 2006: 450 billion yen in net sales, 10
               billion yen in operating income


   5. Companies to Become Affiliates of Hitachi's Consumer
Business Group, as of April 1, 2006

( ) shows shareholder and holding as of December 22, 2005

Hitachi Consumer Marketing, Inc. (Hitachi H&L 100%)
Hitachi (Hong Kong), Ltd. (Hitachi H&L 100%)
Hitachi Sales (Macau) Ltd. (Hitachi (Hong Kong) 100%)
Hitachi Sales (Thailand) Ltd. (Hitachi H&L 100%)
Hitachi Sales Corporation of Taiwan (Hitachi H&L 100%)
Hitachi Sales (Malaysia) Ltd. (Hitachi H&L 100%)
Hitachi Home Electronics Asia (S) Pte, Ltd. (Hitachi Asia 100%)
OOO Hitachi Home Electronics (RUS) (Hitachi 100%)
Hitachi Living Systems, Ltd. (Hitachi H&L 100%)
Hitachi Lighting, Ltd. (Hitachi H&L 100%)
Ome Sangyo (Hitachi H&L 100%)

Contacts

Hitachi, Ltd.
Atsushi Konno, +81-3-5208-9324
atsushi.konno.gs@hitachi.com
or
Hitachi Air Conditioning Systems Co., Ltd.
Hokuto Okuo, +81-3-6403-4555 (representative)
hokuto_okuo@hitachiacs.co.jp
or
Hitachi Home & Life Solutions, Inc.
Setsuko Minamikawa, +81-3-3506-1476
minamikawa-setsuko@hitachi-hl.com
or
Hitachi America, Ltd.
Matt Takahashi, 650-244-7902 (U.S.)
masahiro.takahashi@hal.hitachi.com
or
Hitachi (China), Ltd.
Tatsuya Kubo, +86-10-6590-8141 (China)
tkubo@hitachi.cn
or
Hitachi Europe Ltd.
Masanao Sato, +44-1628-585379 (U.K.)
masanao.sato@hitachi-eu.com


JAPAN AIRLINES: To Amend IATA International Fares
-------------------------------------------------
On December 21, 2005, the JAL Group filed an application with
the Japanese Ministry of Land Infrastructure, and Transport
(MLIT) requesting a revision of IATA international airfares to
and from Japan, based on agreements adopted at IATA Tariff
Coordinating Conferences held during the year.

For fares from Japan, the main revision is an increase in the
weekend airfare to North America, the Caribbean, Europe, the
Middle East, Hawaii, Micronesia, Southeast Asia and China.

The revision will take effect from April 1, 2006 pending
government approval in Japan and other relevant countries.

For more information, go to
http://bankrupt.com/misc/tcrap_jal122205.pdf

For further information contact:
geoffrey.tudor@jal.com
stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
www.jal.com/en/corporate/


JAPAN AIRLINES: Passenger Traffic Down in 2005
----------------------------------------------
Japan Airlines (JAL) forecasts a marginal decrease in the number
of JAL Group airline passenger reservations for the Japanese
"New Year'' vacation period, from December 28, 2005 to January
9, 2006.

Currently, the total number of New Year JAL Group international
passenger reservations is 290,525, 2% down on the same vacation
period last year.

Passenger bookings on Transpacific, Korea, Southeast Asia and
Oceania routes have increased: up respectively by 14.8%, 6.8%,
5.5% and 0.7% when compared to the same period last year.

The reduction in the number of JAL flights serving Honolulu and
Guam, and the suspension of services to Saipan in October this
year, account for the decrease in passenger traffic on JAL
flights to Pacific tourist destinations.

Passenger traffic on Indonesia routes is slowly recovering,
after a drop in demand resulting from the bombings in Bali in
October this year.

Due to continuing concern resulting from anti-Japanese
demonstrations in China earlier this year, JAL expects a 11%
decrease in passenger traffic to China, compared to last year.

The forecast international seat load factor is 76.9%.

The total number of JAL Group domestic passenger reservations is
1,600,684 passenger reservations, 1.16% down on last year. JAL
Group plans to operate an additional 74 flights to meet demand
on popular domestic Japan routes.

At present the domestic Japan seat load factor forecast is
61.3%.

This is a company press release.


MITSUBISHI MOTORS: Discloses Sales Figures For November 2005
------------------------------------------------------------
Mitsubishi Motors Corporation announced global production, as
well as domestic sales and export results for November 2005.
Total global production was 122,798 units, an increase of 8.8
percent from November 2004. Domestically, 63,324 units were
produced in the month, 18 percent more than the same period last
year.

Total sales in Japan came to 21,110 units, or a 19.7 percent
increase on the previous period's figure due to strong sales of
the new SUV Outlander, which sold 3,226 units in November. This
figure surpasses by 61.3 percent its monthly sales target of
2,000 units. Domestic sales have now increased year-on-year for
seven consecutive months. Total sales for passenger cars were
14,132 units, 133.5 percent of last year's volume, while
commercial vehicle sales slightly decreased to 6,978 units, or
98.9 percent year-on-year.

Overseas production for the month was stable at 59,474 units, or
100.4 percent of the amount manufactured in November last year.
European production was down 46.4 percent compared to last
year's volume, to 6,410 units, mainly due to the ceasing of
production of Space Star and Pajero Pinin. An increase in China
made a contribution to the total Asian production, which gained
6.3 percent year-on-year to 39,416 units. Production in North
America, which saw a contribution from the production of the new
Eclipse sporty coupe, also increased 43.5 percent to 8,568
units.

Total exports from Japan rose to 29,705 units, a 15.5 percent
increase from last year's volume. Lead by healthy sales in
Russia, exports to Europe increased to 9,464 units, or 69.9
percent more than the same period last year. Exports to Asia
were stable at 3,489 units, or 101.2 percent year-on-year, while
exports to North America dropped to 2,598 units, or 83.7 percent
compared to the year before.

CONTACT:

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

This is a company press release.


SANYO ELECTRIC: Remains on Watch Negative on Capital Increase
-------------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that its 'BB'
long-term corporate credit and 'BB+' long-term senior unsecured
debt ratings on Sanyo Electric Co. Ltd. remain on CreditWatch
with negative implications, due to lingering uncertainty over
the recovery of its financial and business performance following
the basic agreement on a plan to raise capital reached on
December 21.

The ratings on Sanyo Electric were first placed on CreditWatch
with negative implications on Sept. 28, 2005, following the
company's downward revision of its profit forecast for fiscal
2005 (ending March 31, 2006). The ratings have remained on
CreditWatch after being downgraded twice, on November 2 and
November 22.

According to the agreement, Sanyo Electric plans to raise
capital worth JPY300 billion through issuing preferred stock by
the end of February 2006. Daiwa Securities SMBC Co. Ltd. (A-
/Stable/A-2) and The Goldman Sachs Group Inc. (A+/Positive/A-1)
will underwrite preferred stocks worth JPY125 billion,
respectively, while Sumitomo Mitsui Banking Corp. (A/Stable/A-1)
is to underwrite JPY50 billion worth.

Detailed terms and conditions of the stock issuances have not
yet been announced. Also, the company has yet to provide a
specific plan for expanding its strategic business alliance in
its TV and white goods segments, which it had mentioned in its
medium-term management plan announced in November.

"The capital increase of JPY300 billion is within our
expectations in terms of the amount," said Standard & Poor's
credit analyst Katsuyuki Nakai. "However, the official details
of the stock issuances will be critical to evaluating whether
the plan will improve Sanyo Electric's financial performance,"
Mr. Nakai added.

Also, Standard & Poor's does not currently expect Sanyo Electric
to raise capital through a debt-for-equity swap. However, if a
debt-for-equity swap is to be implemented, a rating of 'SD'
(Selective Default) would be assigned to the company.

The CreditWatch listing will be resolved upon review of the
official details of the capital increase plan, measures taken to
improve currently suffering businesses and their impact on the
company's business and financial performance, the feasibility of
the company increasing profits in its core businesses, and its
debt reduction plans. Also key is how quickly the company takes
action in restructuring, as any further delay could increase
downward pressure on the credit quality of the company.

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: Funds Plan Eases Survival Worry
-----------------------------------------------
Shares of Sanyo Electric Co. rose over 20 percent on Thursday
after the media reported of a large injection of funds eased
investor concern over the company's future, according to
Reuters.

The electronics appliance giant plans to raise JPY300 billion
($2.56 billion) by issuing preferred shares to fund a
restructuring plan. Goldman Sachs (GS.N: Quote, Profile,
Research) and Daiwa Securities SMBC would each buy JPY125
billion worth and Sumitomo Mitsui Banking Corp. would pick up
JPY50 billion worth.

But analysts said the share issue, equivalent to almost half of
Sanyo's market capitalization of $5.3 billion -- based on the
latest share price, could be a big risk for investors, given an
expected heavy dilution to per share values if the preferred
shares are converted into common stock.


SEIBU RAILWAY: Shareholders OK Reorganization Plan
--------------------------------------------------
Shareholders of Seibu Railway Co. will reorganize the operations
of the Seibu group under a holding firm, putting an end to
control of the railway company by business tycoon Yoshiaki
Tsutsumi through Kokudo Corporation, Japan Today reports.

Under the reorganization scheduled to be completed by March
2006, Seibu Holdings Inc. will be established to put Seibu
Railway Co and Prince Hotels Inc. under its wing.

As a result of capital tie-ups, the U.S. investment fund
Cerberus Group will become Seibu Holdings' biggest shareholder
with a 29.9 percent stake.

CONTACT:

Seibu Railway Co. Ltd.
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
JAPAN
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


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

DAEWOO GROUP: Former Chairman Sentenced with Imprisonment
---------------------------------------------------------
About seven Daewoo Group executives, including former Chairman
Kim Woo-choong were sentenced with up to five years imprisonment
and were made to pay KRW23 trillion in fines for accounting
fraud and embezzlement, The Korea Times reveals.

The only thing the investigators failed to prove is whether Mr.
Kim fled the nation at the recommendation of key politicians and
ranking government officials.  The investigators have yet to
prove whether Mr. Kim bribed them to save the troubled company.

However, the investigators believe that the guilty verdict
handed to the executives would make it easier for them to prove
the allegations.

Prior to the scandal, Mr. Kim was considered as one of the most
controversial figures in Korea's modern history.  As head of the
nation's largest conglomerate Mr. Kim was admired as a self-made
man and a role model of young businessmen.

During his reign at Daewoo, the Company created about 150,000
jobs and operated some 600 businesses.

But his fall from grace started when Daewoo collapsed in 1999
with $80 in debt right after the Asian financial crisis.

In October 1999, Mr. Kim flew to China and did not return home
in order to evade charges of accounting fraud, embezzlement and
illegal campaign distributions.

Since then, Mr. Kim had stayed in France, Germany, Sudan and
Vietnam, and had heart surgery in Germany in 2001.

His return to Korea in June led to his arrest after a nearly
six-year exile abroad.  He was arrested upon arrival at Incheon
International Airport.

Mr. Kim was indicted in July on charges of orchestrating
accounting fraud by inflating assets of four Daewoo subsidiaries
by KRW20 trillion ($19.6 billion) to borrow some KRW10 trillion
in bank loans between 1997 and 1998.

He is also suspected of embezzling about KRW20 trillion and
violating the foreign currency transaction law by smuggling the
money out of the country.

Additional charges were brought against Mr. Kim in September for
embezzling KRW114 billion and accused him of using $6.26 million
to buy artwork and $2.73 million for home purchases and other
family living expenses.


HYUNDAI ENGINEERING: Parent Determined to Win Back Unit
-------------------------------------------------------
Hyundai Group aims to reach an annual sales of KRW20 trillion
next year to become one of the nation's top ten conglomerates by
trying to win back one of its units, Hyundai Engineering and
Construction Co., according to The Korea Herald.

The buy-out of the former unit is expected to be one of the
group's major goal for next year.

As part of its efforts to regain the Company, group Chairwoman
Hyun Chung-eun told her executives to focus on the job next
year.

"We plan to form a task force for the purchase during the year-
end personnel shakeup," a Hyundai official said yesterday.

"The team members will be temporarily transferred from each
department."

But Hyundai Automotive Group, led by Hyun's brother-in-law
Chairman Chung Mong-koo, recently said it has no plans to vie
for the acquisition.


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

ASIAN PAC: SC Brushes Off Appeal
--------------------------------
Asian Pac Holdings Berhad (Asianpac) issued to Bursa Malaysia
Securities Berhad details of the proposed extension of the
duration and exercise period for the 170,602,799 Warrants
2001/2006 (Asianpac Warrants) by five (5) years from April 16,
2006 to April 15, 2011 (Proposed Warrants Extension)

The company refers to its announcement dated October 24, 2005
stating that Asianpac would make an appeal to the Securities
Commission (SC) in relation to its decision not to approve the
Proposed Warrants Extension. The appeal to the SC was made on
November 18, 2005 (Appeal).

Accordingly, Hwang-DBS Securities Berhad, on behalf of the Board
of Directors of Asianpac, advised that the SC, vide its letter
dated December 15, 2005 and received on December 16, 2005, has
rejected the Appeal due to the following reasons:

(1) Asianpac has not fully met the requirements as stated in the
SC's press release dated August 28, 2001 which, amongst others,
stated that warrants issued after August 28, 2001 would not be
allowed to have its tenor extended; and

(2) SC does not provide any flexibility for warrants that are in
'transitional period' such as the Asianpac Warrants.

This announcement is dated 19 December 2005.

CONTACT:

Asian Pac Holdings Berhad
11th Floor, Menara SMI, No.6,
Lorong P. Ramlee,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-20705152
Fax: 03-20705195


AYER HITAM: Updates Default Status
----------------------------------
Pursuant to Practice Note No. 1/2001, Ayer Hitam Tin Dredging
Malaysia Berhad (Ahtin) provided Bursa Malaysia Securities
Berhad an update on its default in payments position as at
November 30, 2005 as shown in Table A.

The total default by AHTIN Group in principal sums plus interest
as at November 30, 2005 amounted to MYR39,256,878.12. The
default in payments owing to the lenders are in respect of the
term loan and syndicated term loan as per the Company's
announcement made on August 27, 2004.

Save as disclosed in Table A, there is no material development
which requires an announcement since the previous monthly
announcement on November 25, 2005 with regard to this Practice
Note.

To view a full copy of Table A, go to
http://bankrupt.com/misc/AyerHitamTable1.pdf

This announcement is dated 19 December 2005.

CONTACT:

Ayer Hitam Tin Dredging Malaysia Berhad
8 Jalan Raja Chulan
50200 Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2031 9633 /+60 3 2031 6920


BUKIT KATIL: Submits Proposals to SC
------------------------------------
Bukit Katil Resources Berhad (BKRB) issued to Bursa Malaysia
Securities Berhad an update to the following proposal:

- Proposed Restructuring Scheme

- Proposed Property Disposals

On behalf of the Board of Directors of BKRB, Avenue Securities
Sdn Bhd announced that the applications for the Proposed
Restructuring Scheme and the Proposed Property Disposals have
been submitted to the Securities Commission (SC) and Foreign
Investment Committee (through the SC) on December 16, 2005.

This announcement is dated 16 December 2005.

CONTACT:

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


CHASE PERDANA: Discusses Payment Redemption with Stockholders
-------------------------------------------------------------
Chase Perdana Berhad issued a monthly Announcement Pursuant to
Practice Note No. 1/2001 (PN1) of the Listing Requirements of
Bursa Malaysia Securities Berhad.

Further to our announcement made on November 18, 2005 pursuant
to PN1 of the Listing Requirements of Bursa Malaysia, the Board
of Directors of Chase Perdana Berhad (CPB) stated that CPB is
still in discussions with all the redeemable convertible secured
loan stock (RCSLS) holders with regard to the rescheduling of
the second anniversary redemption payments to the RCSLS holders
due on July 18, 2005.

This announcement is made on 16 December 2005.

CONTACT:

Chase Perdana Berhad
Off Jalan Semantan Damansara Heights
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2718 3700 / +60 3 2094 0503


DATUK KERAMAT: To Pay Fines for Breach of Listing Rules
-------------------------------------------------------
On December 16, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded Datuk Keramat Holdings Berhad
(DKMAT) for breach of paragraphs 9.03(1), 9.04(f) and 9.22(1) of
the Listing Requirements of Bursa Securities. A fine of
MYR124,000 was also imposed on DKMAT for breach of paragraph
9.22(1) of the Listing Requirements of Bursa Securities (Bursa
Securities LR).

Paragraph 9.03, in particular 9.03(1) of the Bursa Securities LR
states that a listed issuer must make immediate public
disclosure of any material information, except as set out in
paragraph 9.05 of the Bursa Securities LR.

Paragraph 9.04(f) of the Bursa Securities LR states that the
commencement of or the involvement in litigation and any
material development arising therefrom may require immediate
disclosure by the listed issuer.

Paragraph 9.22(1) of the Bursa Securities LR stipulates that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis
as soon as the figures have been approved by the Board of
Directors of the listed issuer and in any event not later than
two months after the end of each quarter of a financial year.

DKMAT has breached the following paragraphs of the Bursa
Securities LR:

(i) Paragraphs 9.03(1) and 9.04(f) of the Bursa Securities LR
for failure to make an immediate announcement that on July 20,
2005 the Company's application for an extension of time to a
restraining order dated March 9, 2005 was not granted by the
Kuala Lumpur High Court. The announcement of the same was only
made to Bursa Securities on July 27, 2005, after a delay of four
market days; and

(ii) Paragraph 9.22(1) of the Bursa Securities LR for failure to
submit its second (2nd) quarterly report for the financial year
ending December 31, 2005, namely the quarter ended June 30, 2005
(QR June 30, 2005) on or before 31 August 2005. As of to-date,
DKMAT has yet to furnish the QR June 30, 2005 to Bursa
Securities.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter
including the fact that DKMAT had previously breached the Bursa
Securities LR.

Bursa Securities also directed DKMAT to furnish the QR June 30,
2005 to Bursa Securities for public release within one (1) month
from the date hereof.

Previous Public Reprimands

(i) On October 23, 2003, Bursa Securities had publicly
reprimanded DKMAT for the following breaches of the Bursa
Securities LR:

(a) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the 15 months ended June
30, 2001 (AAA 2001) not later than four months after the end of
the financial year, i.e. on or before October 31, 2001. The AAA
2001 was only furnished to Bursa Securities on January 4, 2002.

(b) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 15 months ended June 30, 2001
(AR 2001) not later than six months after the end of the
financial year, i.e. on or before December 31, 2001. The AR 2001
was only furnished on January 28, 2002.

(c) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the 9 months ended March
31, 2002 (AAA 2002) not later than four months after the end of
the financial year, i.e. on or before July 31, 2002. The AAA
2002 was only furnished to Bursa Securities on October 21, 2002.

(d) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 9 months ended March 31, 2002
(AR 2002) not later than 6 months after the end of the financial
year, i.e. on or before September 30, 2002. The AR 2002 was only
furnished on November 1, 2002.

(ii) On July 9, 2004, Bursa Securities had publicly reprimanded
DKMAT for breach of paragraph 9.19(19) of the Bursa Securities
LR for failing to make an immediate announcement that a winding-
up petition was served on the Company by Am Bank Bhd (the
Petition) on December 22, 2003. The announcement of the Petition
was only made to Bursa Securities on January 15, 2004, after a
delay of 15 market days.

(iii) On August 12, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR126,000 on DKMAT for breach
of paragraph 9.23(b) of the Bursa Securities LR for failure to
submit its annual audited accounts for the 15 months ended
December 31, 2004 (AAA 2004) on or before April 30, 2005. As of
the date of sanction, DKMAT has yet to furnish the AAA 2004 to
Bursa Securities.

(iv) On September 2, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR130,000 on DKMAT for breach
of paragraph 9.22(1) of the Bursa Securities LR for failure to
submit its first (1st) quarterly report for the financial year
ending December 31, 2005, namely the quarter ended 31 March 2005
(QR March 31, 2005) on or before May 31, 2005. As of the date of
sanction, DKMAT has yet to furnish the QR March 31, 2005 to
Bursa Securities.

(v) On December 1, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR130,000 on DKMAT for breach
of paragraph 9.23(a) of the Bursa Securities LR for failure to
submit its annual report for the 15 months ended December 31,
2004 (AR 2004) on or before June 30, 2005. As of the date of
sanction, DKMAT has yet to furnish the AR 2004 to Bursa
Securities.

Bursa Securities views the above contravention seriously and
cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

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


FARLIM GROUP: Unveils Financial Assistance Rendered
---------------------------------------------------
Pursuant to Paragraphs 8.23 and 10.08 of Listing Requirements of
Bursa Malaysia Securities Berhad, Farlim Group (Malaysia) Bhd.
(Farlim) advised Bursa Malaysia Securities Berhad the financial
assistance rendered or made on December 19, 2005 as set out in
the annexure.

This announcement is dated December 19, 2005.

CONTACT:

Farlim Group Berhad
No. 2-8, Bangunan Farlim
Jalan PJS 10/32, Bandar Sri Subang
46000 Petaling Jaya, Selangor
Telephone: 03-5635 5533
Fax: 03-5635 0301
Website: http://www.farlim.com.my


FOUNTAIN VIEW: Converts Stocks to Ordinary Shares
-------------------------------------------------
Fountain View Development Berhad advised that its additional
84,000 new ordinary shares of MYR1.00 each issued pursuant to
the conversion of 25,000 Irredeemable Convertible Unsecured Loan
Stocks 2003/2006 and 59,000 Redeemable Convertible Secured Loan
Stocks 2003/2006 into 84,000 new ordinary shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Wednesday, December 21, 2005.

CONTACT:

Fountain View Development Bhd
Jalan Semangat
46100 Petaling Jaya, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 7960 8822
           +60 3 7960 8812


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

Date of buy back from: December 5, 2005

Date of buy back to: December 15, 2005

Total number of shares purchased (units): 247,600

Minimum price paid for each share purchased (MYR): 1.170

Maximum price paid for each share purchased (MYR): 1.200

Total amount paid for shares purchased (MYR): 296,406.76

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

Number of shares purchased retained in treasury (units): 247,600

Total number of shares retained in treasury (units): 3,923,500

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: December 12, 2005

Lodged by: I-Berhad

This announcement is dated 16 December 2005.

CONTACT:

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


INTAN UTILITIES: Mulls to Dispose of Some Investments
-----------------------------------------------------
Intan Utilities Berhad submitted a reply to Bursa Malaysia
Securities Berhad's query.

The Board of Directors of Intan advised that Intan has
identified the possible disposal of its investments in the water
and semiconductor businesses as part of its strategy to firstly,
refocus Intan as a mass consumer retailer underpinned by its 7-
Eleven convenience store operations and its proposed investment
of 25.2 percent equity stake in Berjaya Sports Toto Berhad
(BToto Acquisition) and secondly, to partly repay the bank
borrowings to be taken for BToto Acquisition. An appropriate
announcement will be made should Intan be successful in its
efforts to this end.

The placement of some BToto shares by Intan and to keep/retain
about 20 percent in BToto is also one possibility for Intan to
raise cash to repay its borrowings in the future. As mentioned
in the above article that appeared in The Star, StarBiz, the
tenure of the borrowings is three years and accordingly, the
Board of Intan will decide on the placement within this time
frame. An appropriate announcement will be made in due course
should Intan decide to proceed with the placement of the BToto
shares to be acquired pursuant to the BToto Acquisition.

For more information, go to
http://bankrupt.com/misc/IntanUtilitiesBerhad121605.doc

CONTACT:

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


KRAMAT TIN: Parties Extend Expiry of Approval Period
----------------------------------------------------
Kramat Tin Dredging Berhad unveiled to Bursa Malaysia Securities
Berhad details of the proposed members' Scheme of Arrangement
under Section 176 of the Companies Act, 1965 which involves the
following:

- The Proposed acquisition of SPJ;

- The Proposed acquisition of Land;

- The Proposed acquisition of KTD;

- The Proposed Placement; and

- The Proposed transfer of listing status

(collectively referred to as the proposals)

Reference is made to the announcement dated April 15, 2005
whereby the parties to the Proposals, namely KTD, Prudent
Location Sdn Bhd, S P Setia Bhd, Putrajaya Holdings Sdn Bhd,
Abad Kilat Sdn Bhd and Kelana Ventures Sdn Bhd had entered into
a supplemental agreement to the Restructuring Agreement to,
amongst others, extend the period of fulfillment of all
conditions precedent of the Restructuring Agreement to a period
expiring on December 24, 2005 (Approval Period).

Further, any subsequent extension upon expiry of the Approval
Period shall be subject to the mutual agreement of the
respective parties to the Proposals.

On behalf of KTD, advised that the parties to the Proposals have
agreed to extend the expiry date of the Approval Period from
December 24, 2005 to June 8, 2006.

This announcement is dated 19 December 2005.

CONTACT:

Kramat Tin Dredging Berhad
No 12 Jalan Gelenggang Bukit Damansara
50490 Kuala Lumpur, 50490
Malaysia
Telephone: +60 3 2092 5588 / +60 3 2093 9917


LANKHORST BERHAD: Bourse Imposes Fines
--------------------------------------
On December 16, 2005, Bursa Malaysia Securities Berhad publicly
reprimanded Lankhorst Berhad (LANKHOS) for breach of paragraphs
9.19(19) and 9.22(1) of the Bursa Securities LR. Bursa
Securities also imposed a fine of MYR98,000 in respect of the
breach of paragraph 9.22(1) of the Bursa Securities LR.

Paragraph 9.19(19) of the Bursa Securities LR states that a
listed issuer must make an immediate announcement to Bursa
Securities of any commencement of winding-up proceedings against
the listed issuer or any of its subsidiaries or major associated
companies.

Paragraph 9.22(1) of the Bursa Securities LR states that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
2 months after the end of each quarter of a financial year.

LANKHOS has breached the following provisions of the Bursa
Securities LR:

(i) Paragraph 9.19(19) for failure to make an immediate
announcement when a winding-up petition was served on Lankhorst
Pancabumi Contractors Sdn Bhd (LPCSB) on August 4, 2005. LANKHOS
only made the announcement on the petition to Bursa Securities
for public release on September 13, 2005; and

(ii) Paragraph 9.22(1) for failure to submit the Company's
quarterly report for the quarter ended June 30, 2005 (QR June
30, 2005) to Bursa Securities for public release on or before
August 31, 2005. The Company only submitted the QR June 30, 2005
to Bursa Securities on November 11, 2005.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors including the fact that LANKHOS had
previously breached the Bursa Securities LR.

Previous Public Reprimands

(i) On July 2, 2004, LANKHOS was publicly reprimanded by Bursa
Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on February 26, 2004.
The Company only made the announcement on the petition on March
25, 2004.

(ii) On March 11, 2005, LANKHOS was publicly reprimanded by
Bursa Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on October 29, 2004.
The Company only made the announcement on the petition on
November 8, 2004.

(iii) On May 9, 2005, LANKHOS was publicly reprimanded by Bursa
Securities for breach of paragraph 9.19(19) of the Bursa
Securities LR for failure to make an immediate announcement when
a winding-up petition was served on LPCSB on February 15, 2005.
The Company only made the announcement on the petition on
February 21, 2005.

(iv) On June 24, 2005, LANKHOS was publicly reprimanded and
fined MYR151,000 by Bursa Securities for breach of the following
provisions of the Bursa Securities LR:

(a) Paragraph 9.19(19) for failure to make immediate
announcements when two winding-up petitions were served on LPCSB
on December 4, 2004 and February 16, 2005 respectively. LANKHOS
only made the announcements on the two petitions to Bursa
Securities for public release on March 18, 2005; and

(b) Paragraph 9.22(1) for failure to submit the Company's
quarterly report for the quarter ended December 31, 2004 to
Bursa Securities for public release on or before February 28,
2005.

(v) On August 1, 2005, LANKHOS was publicly reprimanded and
fined MYR126,000 by Bursa Securities for breach of paragraph
9.23(b) of the Bursa Securities LR for failure to submit the
Company's annual audited accounts for the financial year ended
December 31, 2004 to Bursa Securities for public release on or
before April 30, 2005.

(vi) On September 9, 2005, LANKHOS was publicly reprimanded and
fined MYR130,000 by Bursa Securities for breach of paragraph
9.22(1) of the Bursa Securities LR for failure to submit the
Company's quarterly report for the quarter ended March 31, 2005
to Bursa Securities for public release on or before May 31,
2005.

(vii) On November 11, 2005, LANKHOS was publicly reprimanded and
fined MYR155,000 by Bursa Securities for breach of the following
provisions of the Bursa Securities LR:

(a) Paragraph 2.19 for failure to comply with the directive of
Bursa Securities to furnish information in respect of two
winding-up petitions on LPCSB appearing in the STAR on March 24,
2005 and April 6, 2005 respectively;

(b) Paragraph 9.19(19) for failure to make immediate
announcements when two winding-up petitions were served on LPCSB
on October 7, 2004 and February 12, 2005 respectively. LANKHOS
only made the announcements on the two petitions to Bursa
Securities for public release on July 5, 2005; and

(c) Paragraph 9.23(a) for failure to issue the Company's annual
report for the financial year ended December 31, 2004 on or
before June 30, 2005.

Bursa Securities views the above contraventions seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 351,000
new ordinary shares of MYR0.50 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 21, 2005.

CONTACT:

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


MAXIS COMMUNICATIONS: Unit Enters Agreement with Multipolar
-----------------------------------------------------------
Maxis Communications Berhad (Maxis) furnished Bursa Malaysia
Securities Berhad details to the Recurrent Related Party
Transaction of a Revenue or Trading Nature.

(1) Introduction

Pursuant to Paragraphs 10.08 and 10.09 of Listing Requirements
(LR) of Bursa Malaysia Securities Berhad (Bursa Securities), the
Board of Directors of Maxis advised that PT Natrindo Telepon
Seluler (NTS), a 51 percent-owned subsidiary of Maxis had on
December 19, 2005 entered into a software licensing agreement
(Agreement) with PT Multipolar Corporation Tbk (MPC), a related
party of NTS.

The entry into of the Agreement by NTS and MPC is a recurrent
related party transaction (RRPT) by virtue of Paragraph 10.09 of
the LR.

(2) Details of the Contracting Parties

(2.1) NTS was incorporated in Indonesia on 2 October 2000 under
the Law of the Republic of Indonesia No. 1 Year 1995 (Law No. 1
Year 1995). Its principal activities are the provision of
telecommunications services by operating mobile
telecommunications network, basic telephony service and other
related activities. NTS is a 51 percent-owned subsidiary of
Teleglobal Investments B.V. which in turn is a wholly-owned
subsidiary of Maxis through Malaysian Mobile Services Sdn Bhd.
The remaining 49 percent is held by PT Aneka Tirta Nusa (Tirta).

(2.2) MPC was incorporated in Indonesia under the Indonesian
Commercial Code on December 4, 1975 and its Articles of
Association was subsequently adjusted to Law No. 1 Year 1995.
Its principal activity is as a business-to-business solutions
provider. It also provides end-to-end solutions ranging from
consultancy, networking, hardware infrastructure, software
applications and hardware procurement to information technology
(IT) support system.

MPC is a related party of NTS by virtue of MPC having common
major shareholders and Commissioners with NTS. Details of the
interests of the Directors, Commissioners, major shareholders
and persons connected to them in NTS are set out in Paragraph 6
below.

(3) Details of the RRPT

Details of the RRPT are as follows:

Related Party: MPC

Nature of Transaction: Software licensing fees for a period of
three years

Amount: USD582,165.18 (equivalent to MYR2,201,166.55)

(4) Nature of the RRPT

The RRPT is in the ordinary course of business of NTS and has
been entered into at arm's length, on normal commercial terms
and on terms not more favorable to the related party than those
generally available to the public.

(5) Rationale

MPC is a leading IT company in Indonesia. The company had
previously supplied network equipment, desktop computers and
notebooks and provided support services to NTS' IT networks,
which were to the satisfaction of NTS. MPC has a Volume
Licensing Master Agreement with Microsoft Operations Pte Ltd
under which it may license software to its group of companies
including NTS.

(6) Directors', Commissioners' and Major Shareholders' Interests

Details of the nature and extent of the interests of the
Directors, Commissioners and major shareholders of NTS and
persons connected to them as at December 19, 2005 are as
follows:

(i) MPC is a 50.13 percent-owned subsidiary of AcrossAsia
Limited (AcrossAsia). AcrossAsia is a major shareholder of NTS
having a deemed effective equity interest of 9.03 percent in the
share capital of NTS via Tirta.

(ii) Dr. Cheng Cheng Wen, a Commissioner of NTS, is also a
Director of AcrossAsia and President Commissioner of MPC; and

(iii) Mr. Marshall Wallace Cooper, who was a Commissioner of NTS
within the 12 months preceding the date on which the terms of
the transaction was agreed upon, is also a Director of
AcrossAsia and a Commissioner of MPC.

Save as disclosed above and as far as the Directors and
Commissioners are aware, none of the other Directors,
Commissioners, major shareholders and/or persons connected to
them has any interest, direct or indirect in the RRPT.

The entry into of the RRPT has been duly approved by the
shareholders of NTS and the aforesaid interested Commissioners
of NTS have abstained from all deliberations and voting on the
resolution in respect thereof.

(7) Effect on share capital, substantial shareholders'
shareholdings, earnings and consolidated net assets of Maxis

The RRPT will not have any effect on the share capital or on the
shareholdings of the substantial shareholders of Maxis.

The RRPT is also not expected to have a material effect on the
earnings per share and the consolidated net assets of Maxis for
the financial year ending December 31, 2005.

(8) Statement by the Board of Directors

The Board of Directors of Maxis has taken into consideration all
aspects of the RRPT and is of the opinion that the RRPT is in
the best interests of Maxis and its subsidiaries.

(9) Approvals required

The RRPT does not require the approval of the shareholders of
Maxis or the approvals of any other relevant regulatory body.

This announcement is dated 19 December 2005.

CONTACT:

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


NORTH BORNEO: Breaches Bourse Listing Requirement
-------------------------------------------------
On December 16, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded The North Borneo Corporation
Berhad (BORNEO) for breach of paragraph 9.23(b) of the Listing
Requirements of Bursa Securities (Bursa Securities LR).

Paragraph 9.23(b) of the Bursa Securities LR states that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' report shall, in any
case, be given to Bursa Securities for public release, within a
period not exceeding four months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of four months from the close of the financial
year of the listed issuer.

BORNEO has breached paragraph 9.23(b) of the Bursa Securities LR
for failing to submit the annual audited accounts together with
the auditors' and directors' report for the financial year ended
December 31, 2004 (AAA 2004) to Bursa Securities for public
release on or before April 30, 2005. The Company only furnished
the AAA 2004 to Bursa Securities for public release on June 16,
2005.

The public reprimand was imposed pursuant to paragraph 16.17 of
the Bursa Securities LR after taking into consideration various
relevant factors.

Bursa Securities views the above contravention seriously and has
cautioned the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

The North Borneo Corporation Bhd
Lot 1, 2nd Floor Wisma Siamloh
Jalan Kemajuan 87007
Federal Territory Labuan
Telephone: 087-417810
Fax: 087-424220


PACIFIC & ORIENT: New Shares up for Listing, Quotation
------------------------------------------------------
Pacific & Orient Berhad advised that its additional 4,000 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., Wednesday, December 21, 2005.

CONTACT:

Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209


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

Date of buy back from: December 5, 2005

Date of buy back to: December 14, 2005

Total number of shares purchased (units): 641,700

Minimum price paid for each share purchased (MYR): 3.900

Maximum price paid for each share purchased (MYR): 4.000

Total amount paid for shares purchased (MYR): 2,552,338.38

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

Number of shares purchased retained in treasury (units): 641,700

Total number of shares retained in treasury (units): 54,566,500

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: December 16, 2005

Lodged by: Southern Bank Berhad

CONTACT:

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


SUREMAX GROUP: To Pay Fines for Breach of Listing Requirements
--------------------------------------------------------------
On December 16, 2005, Bursa Malaysia Securities Berhad (Bursa
Securities) publicly reprimanded and imposed a fine of MYR12,000
on Suremax Group Berhad (Suremax) for breach of paragraph
9.22(1) of the Bursa Securities LR.

Paragraph 9.22(1) of the Bursa Securities LR states that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
two months after the end of each quarter of a financial year.

Suremax has breached paragraph 9.22(1) of the Bursa Securities
LR for failure to submit the Company's quarterly report for the
quarter ended August 31, 2005 (QR August 31, 2005) to Bursa
Securities for public release on or before October 31, 2005. The
Company only submitted the QR August 31, 2005 to Bursa
Securities on November 21, 2005.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors.

Bursa Securities views the above contravention seriously and
hereby cautions the Company and its Board of Directors on their
responsibility to maintain appropriate standards of corporate
responsibility and accountability in order to achieve greater
disclosure and transparency to its shareholders and the
investing public.

CONTACT:

Suremax Group Bhd
No. 7-1, Faber Imperial Court,
Sheraton Imperial Hotel,
Jalan Sultan Ismail,
Kuala Lumpur Wilayah
Persekutuan 50250
Malaysia
Telephone: 03-76606080
Fax: 03-76606090


TA ADVISORY: Struck from Registry
---------------------------------
The Board of Directors of TA Enterprise Berhad (TAE) advised
Bursa Malaysia Securities Berhad that TA Advisory Services Sdn
Bhd (TAAS), a company wholly owned by TAE, had on November 29,
2004 applied to the Companies Commission of Malaysia for the
striking off of TAAS.

TAAS is currently a dormant company. The paid up capital of TAAS
is MYR2.00 comprising of two ordinary shares of MYR1.00 each.

TAE had on December 16, 2005 received a Notice on the striking
off of TAAS pursuant to Section 308(4) of the Companies Act,
1965.

The striking off of TAAS has no material financial and
operational effect on TAE.

This announcement is dated 16 December 2005.


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

LEPANTO CONSOLIDATED: Rothschild's Motion to Dismiss Case Denied
----------------------------------------------------------------
In connection with the complaint filed by Lepanto Consolidated
Mining Co. against NM Rothschild & Sons (Australia) Limited for
nullity of contracts, The Regional Trial Court of Makati on Dec.
9 issued an order, denying the Motion to Dismiss filed by
Rothschild for lack of merit.

In denying the Motion to Dismiss, the court in effect found that
the Philippine court has acquired jurisdiction over the person
of the defendant, summons having been validly served upon
Rothschild at its offices in Sydney, Australia and that
Lepanto's complaint against Rothschild for nullity of contracts
sufficiently states a cause of action.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


MANILA ELECTRIC: Biz Leaders Oppose Takeover
--------------------------------------------
Business leaders will not support a reported plan of the
government to take over Manila Electric Company (Meralco),
according to ABS-CBN News.

Philippine Chamber of Commerce and Industry President Donald Dee
said the government takeover of the electric utility was out of
the question. He said Meralco's debt was not a question of
management but financial restructuring, adding that the
government would need to spend money for the takeover.

Consumer and Oil Price Watch Chairman Raul Concepcion, likewise,
said the proposal to let the government operate Meralco is not a
viable option.

The Philippine Daily Inquirer reported over the weekend that the
government is eyeing a conversion of Meralco's alleged Php42
billion debt with Napocor into more government shares and that
the state firm could use the Php42 billion debt as leverage to
take over the distribution company and reduce electricity rates.

The newspaper report said that the debt conversion is one of the
options presented in a July 2005 memorandum by a top government
official to President Gloria Macapagal-Arroyo on ways to settle
a long-standing dispute between Meralco and Napocor.

Napocor President Cyril del Callar said that unless the Energy
Regulatory Commission comes up with a settlement agreement, the
company shall revert to its position that MERALCO has to settle
a liability of P42 billion.

Elpi Cuna, Meralco vice president for corporate affairs, said
the government has yet to propose any takeover plan of the
company.

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: Doubts Authenticity of Napocor Memo
----------------------------------------------------
Manila electric Co. (Meralco) on Wednesday rebuffed the
authenticity of a memorandum outlining options by which the
government can collect the alleged Php42 billion debt the power
distributor owed state-owned National Power Corporation
(Napocor), ABS-CBN News relates.

Meralco Chairman Manuel Lopez reiterated that the utility firm
does not owe Napocor Php42 billion but Php14.3 billion as stated
in the settlement agreement the two parties signed in July 2003.

"There is no such thing as a Php42 billion debt by MERALCO to
(Napocor). Secondly, there is no such thing as a long-standing
dispute between Meralco and Napocor because the dispute was laid
to rest by a settlement agreement signed in July 2003," he said.


Meralco board members received a memo allegedly written by
Napocor President Cyril del Caller and addressed to President
Arroyo before the Philippine Daily Inquirer came out with the
story of a potential Meralco takeover last Sunday.

Mr. Lopez disclosed that Meralco Vice-President Ivanna de la
Pena was the first to receive a copy of the memo.

He said the board questioned the authenticity of the memo
because the author's name and that of the addressee were
handwritten.

Mr. Lopez urged energy officials to be "more forthright in their
initiatives to address the multidimensional problems of the
industry and not to confuse objectives and prescriptions or to
mislead the public with false solutions".

He also urged the media to be responsible in their reports.


NATIONAL BANK: PDIC Posts Details of Sale to SLI
------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) has provided
information regarding the offer/sale to Small Local Investors
(SLI) of the Government-owned shares in Philippine National
Bank, viz:

1. Offer price and the basis thereof
- Pursuant to R.A. No. 7181, 7661 and 7886 (Privatization Laws),
the Government (represented by the Department of Finance and the
Philippine Deposit Insurance Corporation) is required to offer
for sale to SLI at least 20,670,435 Government-owned shares in
PNB at the same selling price Php43.77 per share at which the
shares were sold to the block investor at the joint sale
concluded in August 2005.

2. Offer Period
Offer period commenced on December 13, 2005 and shall end
February 15, 2006

3. Payment Terms
Payment for the subscribed shares shall be via Manager's Check
payable to the order of "Philippine Deposit Insurance
Corporation", which must be submitted on or before 12 noon of
February 15, 2006

4. Procedures/other Terms:
a. Interested investors may obtain the application to
Purchase/Subscribe Form either from:

I. PDIC, DOF, or any of the six (6) authorized PNB branches
(Main, Cubao, Dagupan, Lucena, Cebu, or Cagayan de Oro); or
II. Web sites of PDIC (www.pdic.gov.ph) or DOF (www.dof.gov.ph).
The SLI may submit the properly filled-up downloaded forms and
other required documents to any of the offices mentioned in Item
(i).

b. The Joint Technical Committee (JTC) mandated by the
Government to manage the process shall collate all the
applications submitted by the SLI and shall process/evaluate the
applications. The JTC reserves the right to accept/reject, in
whole or in part, any application to purchase or to re-allocate
the number of shares applied for under an application. In case
the application is rejected, the Manager's Check shall be
returned to the applicant.

c. Upon approval of application, the applicant shall be issued a
Notice of Acceptance indicating the number of shares allocated
to him.

d. At the end of the offer period, the JTC shall effect the sale
to the SLI, either through crossing in the Philippine Stock
Exchange, or through execution of Deed of Sale, whichever may be
appropriate.

CONTACT:

Philippine National Bank
Pres Diosdado P Macapagal Boulevard
PNB Financial Center
Pasay 1300
Philippines
Phone: +63 2 891 6040
Fax: +63 2 551 5187
Web site: http://www.pnb.com.ph


PLATINUM PLANS: Needs to Beef Up Settlement Fund, Receiver Says
---------------------------------------------------------------
The court-appointed receiver of Platinum Plans Philippines Inc.
wants the beleaguered pre-need firm to boost its proposed
settlement fund to Php150 million to pay maturing plans, The
Philippine Daily Inquirer says.

Receiver Antonio Tupaz recommended that the fund size should be
doubled from php75 million to protect the interest of
planholders and creditors.

According to Mr. Tupaz, the fund should be used to pay 100
percent of the gross contract price (GCP) of educational plans,
minus taxes, or the mandated termination value prescribed in the
contract for holders terminating their plans whether these have
matured or not.

He also proposed that once the Php150 million was paid out, the
rehabilitation receiver should be given the flexibility to use
additional Php100 million to further pay plan holders.

Mr. Tupaz also said all real estate assets of Platinum be placed
in trust with a bank and securitized for distribution, payment
or settlement for all stakeholders.

He also proposed that all assets of Platinum be placed under one
asset pool under his supervision as a receiver since Platinum
was exiting from the pre-need industry under its rehabilitation
plan.

In terms of its business plan, Mr. Tupaz said the pre-need firm
should be allowed to continue operating only if it could find a
"white knight".

Mr. Tupaz noted that since the SEC did not renew Platinum's
license to sell plans, the company could venture into a new
business to keep its sales force and distribution network
active. This will also enable the company to meet its
obligations to creditors and plan holders.

Among its options include going into mass marketing of products
such as credit cards, personal loans, health-related medical
programs using its network of 34 branches; participating in the
sale of non-performing assets to overseas Filipino workers, and
acting as a licensed agent for other pre-need firms, life and
non-life insurance companies.

CONTACT:

Platinum Plans Philippines Inc.
10/F The World Center
330 Sen. Gil Puyat Avenue
Makati City
E-mail: els@platinumplans.com


* Pre-need Industry Hopes for Turnaround in 2006
------------------------------------------------
The ailing pre-need industry is expected to recover next year,
Yehey News reports.

The positive guidance came amid a long-standing crisis of
falling consumer confidence arising from the financial troubles
of major players such as College Assurance Plans (CAP)
Philippines Inc., Pacific Plans Inc. and Platinum Plans
Philippines Inc.

The Securities and Exchange Commission (SEC), however, claimed
that indicators for the industry were showing a glowing prospect
for next year.

The regulator monitors the pre-need firms' actuarial reserve
liabilities (ARL), as well as capital and trust funds.

Although some pre-need firms complain about the computation of
ARL, the SEC is confident that once this is resolved, probably
in 2006, the industry will start recording better gains.

A continuing drop in public confidence plagued the pre-need
industry in the first 10 months of 2005 with total sales down
45.81 percent to Php17.43 billion and only 265,530 plans sold
during the period, 39.11 percent lower than the 436,097 sold in
January-October 2004.


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

CHINA AVIATION (S): Affirms Corporate Governance Recommendations
----------------------------------------------------------------
Troubled jet fuel trader China Aviation Oil (Singapore) Corp.
Limited (CAO) affirmed the recommendations of its Corporate
Governance Assessment committee, reports Channel NewsAsia.

According to the Company, the implementation of the
recommendations would improve corporate governance; CAO has put
up a special team to come up with proposals to improve internal
Company control.

The Company declined to give particular details on the
committee's recommendations, but said that CAO would have to
create a new Board of Directors as well as include BP and state
investment firm Temasek Holdings Limited in its list of
investors.

CAO also dismissed the following managers on Dec. 21, 2005:
Finance Chief Peter Lim, Training Deputy Chief Gerard Rigby, and
Training Division head Abdallah Kharma, while another manager
resigned from his position in the Company. CAO did not say why
the managers were dismissed or left the Company.

CONTACT:

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


CHINA AVIATION: Creditors Ask Extension on Shares Subscription
--------------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited had on Dec.
9, 2005 lodged its offer statement in connection with a
creditors' share invitation for Tranche B creditors (creditors
under the creditors' scheme who hold a Tranche B Debt) to apply
for up to 10% of the Company's post-restructuring plan share
capital.

In view of requests by such Creditors to extend the closing date
to submit their subscription applications for the Creditors'
Invitation Shares, the Company decided to extend the closing
date from Dec. 23, 2005 to Dec. 28, 2005. Unless further
extended by the Company, the closing date for subscription
applications by Tranche B Creditors for the Creditors'
Invitation Shares is therefore Dec. 28, 2005, and the Company
will announce information on the subscriptions by Tranche B
Creditors for the Creditors' Invitation Shares in due course.

By Order of the Board of Directors

To view the Company's offer information statement, click on:

http://bankrupt.com/misc/tcrap_chinaaviation122205.pdf


CHINA AVIATION: Dismisses Managers
----------------------------------
China Aviation Oil (Singapore) Corp. Limited announces that the
Company has dismissed the following managers:

a) Peter Lim - Head of Finance Division (wef Dec. 22, 2005)

b) Gerard Rigby - Deputy Head, Trading Division I (wef Dec. 22,
2005)

c) Abdallah Kharma-Head, Trading Division II (wef Jan. 1, 2006)

Another official, CAO Head of Banking Relations and Risk
Management Division Cindy Chong, resigned from her position last
Oct. 29, 2005.

The Company did not give a reson for the dismissals.


L&M GROUP: Court Hears Application to Appoint Judicial Manager
--------------------------------------------------------------
Notice is hereby given that the Singapore High Court is
schedulded to hear the application of L & M Group Inverstments
to appoint a judicial manager on Jan. 11, 2006, 10:00 a.m.

The Company will make further announcements to update
developments on the application.

CONTACT:

L & M Group Investments Pte Limited
28 Tuas Crescent
Singapore 638719
Phone: 65 6268 8688
Fax:   65 6265 5511


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

ADVANCE AGRO: Unveils Resolutions from Meeting
----------------------------------------------
Reference is made to the Extraordinary Shareholders' Meeting
of Advance Agro Public Company Limited (AA) which has resolved
the approval of the issuance and the offering of debenture
at one time or several times in the amount not exceeding
US$250 million and the approval of a long-term loan in the
amount not exceeding US$250 million or equivalent as an option
provided that the total amount of the debenture and the long-
term loan shall not exceed US$250 million or equivalent.

Advance Agro notified that it has by issuing the un-secured and
un-subordinated international notes to qualified institutional
buyers, details of which are as follows;

Notes Amount: US$ 250 million

Tenor: 7 years after issue date

Offered Price: Discounted price at 98.810 percent
(fund received of US$ 247,025,000)
(Redemption Value 100 percent)

Coupon Rate: 11.00 percent per annum

Settlement Date: December 19, 2005

Redemption Date: December 19, 2012

Trustee and Paying Agent: Deutsche Bank Trust Company Americas

The notes were rated B3 and CCC by Moody's Investors Service,
Inc. and Standard and Poor's Rating Services, respectively.

Please be informed accordingly

Yours sincerely,
Mr. Kumpon Chayasunthorn
Secretary to the Board of Directors
Authorized Person of the Company
Office of the Corporate Secretary
Head Office Telephone Number: 0-3720-8800-39 to 6280
Bangkok Office Telephone Number: 0-2659-1585

CONTACT:

Advance Agro Public Company Limited
1 Moo 2, Tambol Tha Toom, Amphoe Si Maha Phot Prachinburi
Telephone: 0-3720-8800
Fax: 0-3720-8850-1
Web site: http://www.advanceagro.com


TONGKAH HARBOUR: Court Dismisses Appeal
---------------------------------------
Tongkah Harbour Public Co. Ltd. informed the Stock Exchange of
Thailand (SET), the shareholders and investors regarding the
Company's Bangtao Bay legal case as follows:

Certain companies initiated legal action against the Company and
its former contractor, claiming compensation of approximately
THB299 million in connection with tin dredging conducted by the
Company and its contractor in the Bangtao Bay concession area.
This activity purportedly caused land erosion in the area where
those companies are situated.

On December 7, 1999, the Civil Court issued a ruling dismissing
the lawsuit against the Company and its contractor, and the
Company was informed that it would not have to make payment of
the above compensation.

However, four of the six plaintiffs lodged an appeal with the
Appellate Court in March 2000, claiming total compensation of
approximately THB175 million, and the company filed a statement
to defend the appeal on April 24, 2000.

On March 29, 2002, the Appellate Court judged to stand firm with
the Civil Court's ruling to dismiss the case and that the
Company and Seatran Mining Co Ltd are not therefore, deemed
responsible for the damaged claimed by the plaintiff.  The four
plaintiffs are to pay legal fee to the Company and its former
contractor at THB50,000 each.  The Plaintiffs lodged an appeal
with the Supreme Court in April 2002.

On December 20, 2005, the Supreme Court judged to stand firm
with the Appellate Court ruling to dismiss the case and order
the four plaintiffs are to pay legal fee in the Supreme Court to
the Company at THB50,000 each.

Please be advised accordingly.

Yours sincerely,
Chalermchai Martmuang
Secretary to the Executive Board of Directors

CONTACT:

Tongkah Harbour Public Company Limited
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,
Huai Khwang Bangkok
Telephone: 0-2695-4912-28
Fax: 0-2695-4901




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

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


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

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

MALAYSIA
--------

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

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC      -145.53    1289.71

THAILAND
--------

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





                            *********


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

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

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

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