TCRAP_Public/051226.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

              Monday, December 26, 2005, Vol. 8, No. 255

                            Headlines

A U S T R A L I A

195 NEW NIRVANA: Liquidator to Distribute Company Assets
AUSTRALIAN FUTURES: Placed Under Voluntary Liquidation
BUHMWOO AUSTRALIA: Court Appoints Official Liquidator
CAMP CREEK: To Declare Dividend Soon
CARHEDDAN ESTATES: Schedules Final Meeting on Jan. 4

CARTER HOLT: Confirms Extension of Rank Group's Offer
CHESTER HILL: Enters Liquidation
COOGEE COASTAL: Court Orders Wind Up
C&R HOLDINGS: Members, Creditors Review Wind Up Report
DYNASTY TRAVEL: Members Resolve to Wind Up Firm

EG GREEN: Failed Bidders Set Eyes Elsewhere
GENSON PTY: Decides to Close Business
GOLDTRAIN INVESTMENTS: Names Stephen Bushell as Liquidator
GRAY & JOHNSON: Liquidator Explains Wind Up to Members
GREENBERG NOMINEES: Court Issues Wind Up Order

JOSEPH YUEN: Pays Dividend to Creditors
MACERAZZO TILE: Members, Creditors Meet for the Last Time
MARTEN INVESTMENTS: Initiates Wind Up Process
NATIONAL AUSTRALIA: Takes Stake in Cash Services
PAN PHARMACEUTICALS: Ex-chief Charged Over Fake Goods

SANTOS LIMITED: Price Dispute Far from Over
SHELLHARBOUR GOLF: Distributes Final Dividend
SUZJOH PTY: Creditors Confirm Liquidator's Appointment
VENTORAN PTY: Members Pass Winding Up Resolution
WATTYL LIMITED: Shares Soar on AEP Takeover Bid

WORLD SOURCE: Winds Up Operations


C H I N A  &  H O N G  K O N G

ACCESS TREE: Appoints Provisional Liquidators
CHINA PROFIT: Winding Up Hearing Slated for January 11
ENRICH INVESTMENT: Winding Up Hearing Slated for January 11
KOCH ASPHALT: Winding Up Hearing Fixed for January 11
MOULIN GLOBAL: Sells Asian Distribution Business

NGT HONG KONG: Issues Winding Up Order
RICHE MONDE: Issues Debt Claim Notice
TCL CORPORATION: Partners With Walt Disney
V&T INVESTMENTS: Appoints Provisional Liquidators
WALTECH PACIFIC: Names Ferrier Hodgson as Liquidator


I N D I A

ANNA FINANCE: Provides Update on Registration Cancellation


I N D O N E S I A

BANK MANDIRI: Not to Be Merged with Bank BNI Anytime Soon
PERTAMINA: Prepares to Face Competition in 2006
PERTAMINA: President Allots 10% of Cepu Block to Local Regions
*Indonesian Government Has No Plans to Reschedule Foreign Debt


J A P A N

FUJITSU LIMITED: Enters JV to Enhance Network Switch Management
HITACHI LIMITED: Unit Recalls 230,000 Washer-Dryers
HITACHI LIMITED: Seeks to Boost Flat TV Business
HITACHI LIMITED: Hitachi Home Bets Big on India
JAPAN AIRLINES: Cancels More Than 90 Flights Due to Snow

MIZUHO SECURITIES: FSA Orders to Improve Operations After Error
SANYO ELECTRIC: Inks Fuel Cell Testing Pact
SEIYU CO.: METI OKs Business Restructuring
TOHKUTSU CO.: Goldman Sachs to Acquire Shoe Wholesaler


K O R E A

HANARO TELECOM: Cuts Workforce by 14%


M A L A Y S I A

AFFIN HOLDINGS: Opts Not to Proceed with Merger
AFFIN HOLDINGS: FIC OKs Proposed Acquisition
CHASE PERDANA: Dormant Unit Deregistered
FURQAN BUSINESS: Unit Concludes Agreement with Mahir
HARVEST COURT: Issues Proposed Land Acquisition Update

MAXIS COMMUNICATIONS: Issues Reply to Bourse's Query
POS MALAYSIA: Issues New Shares for Listing, Quotation
K.P. KENINGAU: Shareholders OK Resolutions at AGM
MAGNUM CORPORATION: Buys Back Ordinary Shares
NALURI CORPORATION: Shareholders Approve Proposals

NPC RESOURCES: Places Unit in Voluntary Winding Up
PANTAI HOLDINGS: New Shares up for Listing, Quotation
SOUTHERN BANK: To Acquire Southern Finance
TA ENTERPRISE: Unit Struck of from Registry
TANAH EMAS: Converts ICULS to Ordinary Shares

TANCO HOLDINGS: Bourse Extends Time to Obtain Approvals
WAH SEONG: Unit Completes Acquisition of Shares


P H I L I P P I N E S

MANILA ELETRIC: Projects 2.5% Sales Hike Next Year
MAYNILAD WATER: Government Eyes Board Revamp Before Stake Sale
NATIONAL RAILWAYS: Government to Raise Php2 Bln for Rehab
PANASONIC MOBILE: Labor Department Mulls Job Options for Workers
PHILIPPINE LONG: Moody's Raises Rating to Ba1


S I N G A P O R E

DEVON INVESTMENTS: Distributes Dividend
HESHE HOLDINGS: Issues 18 Mln Shares to CEO
LINDETEVES-JACOBERG: Updates Agreement with ATB
MILLENIUM-WESTMONT PTE: Intends to Declare Dividend
SAPPHIRE CORPORATION: Issues Shares in Debt Conversion Scheme

VERIZON PTE: Receiving Claims Until Jan. 23


T H A I L A N D

EASTERN WIRE: Unveils Resolutions of Board Meeting
NATURAL PARK: Details Unit's Sale of Assets

     -  -  -  -  -  -  -  -

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

195 NEW NIRVANA: Liquidator to Distribute Company Assets
--------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of 195 New Nirvana Pty Limited held on Dec. 9, 2005 at 4 Malao
Rise, Pacific Pines Qld 4211, the following resolutions were
passed:

(1) That the Company be wound up as a Members' Voluntary
Liquidation, and that its assets may be distributed (in whole or
part) to the members as the liquidator so desires.

(2) That Mr. David Brett of 226A Harbour Drive, Coffs Harbour be
appointed as Liquidator for such winding up.

Dated this 9th day of December 2005

David Brett
Liquidator
Bentley Brett & Vincent
226A Harbour Drive, Coffs Harbour NSW 2450


AUSTRALIAN FUTURES: Placed Under Voluntary Liquidation
------------------------------------------------------
At an extraordinary general meeting of Australian Futures &
Securities Pty Limited held on Dec. 1, 2005, members resolved to
wind up the Company voluntarily, and to appoint Mr. Michael
Laurence Flegg, Chartered Accountant of Michael Flegg Pty
Limited, Suite 802, 37 Bligh Street, Sydney 2000, as Liquidator
for such purpose.

Dated this 1st day of December 2005

Michael L. Flegg
Liquidator
Michael Flegg Pty Ltd
Suite 802, 37 Bligh Street
Sydney NSW 2000
Phone: 02 9223 2359


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

Dated this 13th day of December 2005

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


CAMP CREEK: To Declare Dividend Soon
------------------------------------
Camp Creek Station Pty Limited will declare a first and final
dividend to its unsecured creditors on Dec. 30, 2005.

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

Dated this 1st day of December 2005

I. D. Jessup
Liquidator
Jessup & Partners
First Floor, 488 Mulgrave Road
Earlville Qld 4870
Phone: 07 4033 1349
Fax:   07 4033 1649


CARHEDDAN ESTATES: Schedules Final Meeting on Jan. 4
----------------------------------------------------
Notice is hereby given that the final meeting of the members of
Carheddan Estates Pty Limited will be held on Jan. 4, 2005,
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 in which the Company's winding up was
conducted and its property disposed of, and to hear any
explanation that may be given by the Liquidator.

Dated this 21st day of November 2005

Nicholas Craig Malanos
Liquidator
C/o Star Dean-Willcocks
Level 1, 32 Martin Place
Sydney NSW 2000
Phone: 02 9223 2944
Fax: 02 9223 3011


CARTER HOLT: Confirms Extension of Rank Group's Offer
-----------------------------------------------------
Carter Holt Harvey Limited confirmed to the Australian Stock
Exchange (ASX) receipt of the attached variation notice dated
December 23, 2005 from Rank Group Investment Limited (Rank)
pursuant to Rule 27(d) of the Takeovers Code, which states that
the offer period is extended by 21 days.

Rank's takeover offer will now close Friday, January 13, 2006.

For more information, go to
http://bankrupt.com/misc/CarterHoltHarvey122305.pdf

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


CHESTER HILL: Enters Liquidation
--------------------------------
Notice is hereby given that at an extraordinary meeting of the
members of Chester Hill Bowling & Recreation Club Limited held
on Nov. 30, 2005, it was resolved that the club be wound up
voluntarily, and that Paul William Gidley, Chartered Accountant
of Lawler Partners Chartered Accountants, 763 Hunter Street,
Newcastle West NSW 2302 be nominated to act as Liquidator for
the winding up.

Dated this 13th day of December 2005

Paul W. Gidley
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


COOGEE COASTAL: Court Orders Wind Up
------------------------------------
On Nov. 22, 2005, the Supreme Court of Western Australia ordered
the winding up of Coogee Coastal Action Coalition Incorporated,
and appointed Mr. Giovanni Maurizio Carrello to be the Company
Liquidator.

Dated this 12th day of December 2005

Giovanni M. Carrello
Liquidator
Dickson Carrello Insolvency Practitioners
Level 1, London House
216 St. Georges Terrace, Perth WA 6000


C&R HOLDINGS: Members, Creditors Review Wind Up Report
------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of C&R Holdings (SA) Pty Limited will be held on Jan.
4, 2006, 9:30 a.m. in the offices of PPB Chartered Accountants,
10th Floor, 26 Flinders Street, Adelaide SA for the following
purposes:

AGENDA

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 thereof.

Dated this 1st day of December 2005

T. J. Clifton
M. C. Hall
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


DYNASTY TRAVEL: Members Resolve to Wind Up Firm
-----------------------------------------------
Notice is hereby given that at a general meeting of the members
of Dynasty Travel International Pty Limited held on Nov. 28,
2005, it was resolved that the Company be wound up voluntarily,
and that Mr. Arthur John Forrest of Griffiths, Forrest &
Greer, Level 7, 276 Pitt Street, Sydney NSW 2000 be appointed as
Liquidator for such purpose.

Dated this 1st day of December 2005

Arthur J. Forrest
Liquidator
Griffiths, forrest & Greer
Level 7, 276 Pitt Street
Sydney NSW 2000


EG GREEN: Failed Bidders Set Eyes Elsewhere
-------------------------------------------
The losing bidders on EG Green & Son's major meatworks at Harvey
are still keen on gaining a foothold in West Australia's meat
processing industry, The West Australian reports.

The second report to creditors by EG Green's administrator in
August has revealed that South Australian meat processor T&R
Pastoral offered AU$3.4 million for a smaller abattoir owned by
Greens at Mandurah.

Farm services giant Elders, which made an unsuccessful joint bid
for the Harvey meatworks with T&R Pastoral, is also understood
to be trying to still get a stake in the operation. The firm has
reportedly had approached the preferred bidder for the Harvey
works, a consortium made up of offshore funds Stark Investments
and Harmony Capital Partners, to see if they might be interested
in Elders taking up some equity in their new operation.

Elders has also had some talks with the Green family, which is
still trying to finalize a deed of company arrangement to take
back control of the business which has been in its hands for 86
years. It aims to lock in access to the amount and quality of
processing capacity it needs in WA to process export beef from
its own cattle feedlot operations in the region.

Milne Agrigroup, which is in the process of trying to sell the
long mothballed Waroona abattoir formerly known as Clover Meats,
also confirmed it had had talks with Elders and the other party
which had been vying for Greens, Victorian processor Tasman
Group.

In his second report, Administrator Martin Jones of Ferrier
Hodgson recommended creditors reject the proposed DOCA put up by
the Green family in favor of the Stark-Harmony offer.

He said the Stark-Harmony bid, which included a total price of
AU$26.6 million for the Harvey abattoir and related assets,
delivered more certainty.

The meeting of creditors to decide EG Green's fate is fixed
December 30.

CONTACT:

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


GENSON PTY: Decides to Close Business
-------------------------------------
Notice is hereby given that at a general meeting of the members
of Genson Pty Limited held on Nov. 30, 2005, it was resolved
that the Company be wound up voluntarily and that Mr. Rodney
Frank Rixon of Jones, Cracknell & Starr, 97-101 Faulkner Street,
Armidale NSW 2350 be appointed as Liquidator for the wind up.

Dated this 30th day of November 2005

Rodney F. Rixon
Liquidator
Jones, Cracknel & Starr
97-101 Faulkner Street
Armidale NSW 2350


GOLDTRAIN INVESTMENTS: Names Stephen Bushell as Liquidator
----------------------------------------------------------
The members of Goldtrain Investments Pty Limited resolved on
Nov. 29, 2005 to wind up the Company voluntarily, and appointed
Mr. Stephen Robert Bushell as Liquidator for such purpose.

Stephen R. Bushell
Liquidator
C/o Gooding Pervan Chartered Accountants
PO Box Z5045, Perth WA 6831


GRAY & JOHNSON: Liquidator Explains Wind Up to Members
------------------------------------------------------
Notice is hereby given that a general meeting of the members of
Gray & Johnson (No. 1) Pty Limited will be held on Jan. 3, 2006,
10:00 a.m. at the offices of Evans Buchanan, Level 2, 306 Little
Collins Street, Melbourne, Victoria, 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 21st day of November 2005

John A. Buchanan
Liquidator
Evans Buchanan Chartered Accountants
Level 2, 306 Little Collins Street
Melbourne, Victoria


GREENBERG NOMINEES: Court Issues Wind Up Order
----------------------------------------------
On Dec. 1, 2005, the Supreme Court of New South Wales ordered
the winding up of Greenberg Nominees Pty Limited, and appointed
Mr. Paul John Cook to be the Company Liquidator.

Paul J. Cook
Liquidator
C/o Paul Cook & Associates
105 Macquarie Street, Hobart Tas 7000
Level 31, ABN AMRO Tower
88 Phillip Street, Sydney
Phone: 03 6223 2555
Fax:   03 6223 2556
Email: info@pjc.com.au


JOSEPH YUEN: Pays Dividend to Creditors
---------------------------------------
Joseph Yuen & Associates Pty Limited will declare a final
dividend on Dec. 30, 2005.

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

Dated this 30th day of November 2005

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


MACERAZZO TILE: Members, Creditors Meet for the Last Time
---------------------------------------------------------
Notice is hereby given that the final meeting of the members and
creditors of Macerazzo Tile & Stone Pty Limited will be held on
Jan. 4, 2006, 10:00 a.m. at the offices of Jones Condon
Chartered Accountants, Level 13, 189 Kent Street, Sydney NSW, to
present the Liquidator's account showing the manner of the
Company's winding up and the disposal of its property.

Dated this 20th day of November 2005

Michael G. Jones
Liquidator
C/o Jones Condon Chartered Accountants
Level 13, 189 Kent Street
Sydney NSW
Phone: 9251 5222


MARTEN INVESTMENTS: Initiates Wind Up Process
---------------------------------------------
At an extraordinary general meeting of Marten Investments Pty
Limited held on Nov. 30, 2005, members resolved to wind up the
Company voluntarily, and to appoint Messrs. Nitsa Panou and Paul
Blackmore of Glenn & Herriot Chartered Accountants as Joint and
Several Liquidators of the Company.

Paul Blackmore
Nitsa Panou
Joint Liquidators
Glenn and Herriot Pty Limited Chartered Accountants
22 Nile Street, Port Adelaide SA 5015
Phone: 08 8447 2088


NATIONAL AUSTRALIA: Takes Stake in Cash Services
------------------------------------------------
National Australia Bank took a 25 percent stake in the cash
services business, Asia Pulse reveals.

NAB has joined three other banks such as the Commonwealth Bank
of Australia, Westpac and ANZ already have stakes in Cash
Services Australia.

All four of Australia's big banks now own cash logistics
provider Cash Services Australia.

The development is part of an industry-wide trend to outsource
some back-office functions, with NAB, Westpac and CBA joining
together earlier this year to have their cheque-processing
functions performed by specialist technology provider Fiserv.

CONTACT:

National Australia Bank Ltd.
Level 24, 500 Bourke Street,
Melbourne, Victoria, Australia, 3000
Head Office Telephone: (03) 8641-4160
Head Office Fax: (03) 8641-4927
Web site: http://www.national.com


PAN PHARMACEUTICALS: Ex-chief Charged Over Fake Goods
-----------------------------------------------------
The former general manager of collapsed drug maker Pan
Pharmaceuticals has bee slapped with charges laid by the drug
regulator, The Australian reveals.

John Frederick Brennan is facing 12 charges brought by the
Therapeutic Goods Administration (TGA) relating to the
manufacture and export of counterfeit Pan goods in 2002.

Mr. Brennan is one of five people facing a total of 100 charges
in relation to the matters. He was sacked from the company in
May 2003 after a TGA probe revealed Pan had committed a series
of safety and quality breaches.

The investigation, launched after complaints about its travel
sickness drug Travacalm, led to Australia's biggest medicine
recall and Pan's collapse.

The company, now in liquidation, was last week fined AU$3
million after admitting to harming consumers and faking product
test results.

Pan's liquidators had pleaded guilty to 24 charges stemming from
the TGA investigation.


SANTOS LIMITED: Price Dispute Far from Over
-------------------------------------------
Talks between Santos Limited and Australian Gas Light (AGL) had
failed to reach a "satisfactory outcome", according to The
Advertiser.

The two gas firms are now headed for an independent arbitrator
after failing to agree on future gas prices.

They were negotiating on the price AGL is set to pay for the
supply of 605 petajoules of gas between 2007 and 2010.

The price dispute will not affect consumers as retail gas prices
are set by the Essential Services Commission.

It will now be arbitrated by an independent two-person panel.

CONTACT:

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


SHELLHARBOUR GOLF: Distributes Final Dividend
---------------------------------------------
Shellharbour Golf Club Limited will declare a second and final
dividend on Dec. 30, 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 28th day of November 2005

G. J. Parker
Liquidator
Parker Insolvency
Level 5, 49 Market Street
Sydney NSW 2000


SUZJOH PTY: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Suzjoh Pty Limited held on Dec. 1, 2005, it was resolved that
the Company be wound up voluntarily, and that Roderick
Sutherland of Jirsch Sutherland Chartered Accountants be
appointed as Liquidator for such purpose. Creditors confirmed
the Liquidator's appointment at a creditors' meeting held later
that day.

Dated this 2nd day of December 2005

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


VENTORAN PTY: Members Pass Winding Up Resolution
------------------------------------------------
On Nov. 29, 2005, the members of Ventoran Pty Limited resolved
to wind up the Company voluntarily, and Mr. Colin G. Thomas was
appointed as Liquidator for the wind up.

Dated this 29th day of November 2005

Colin G. Thomas
Liquidator
Level 3, 30 Alfred Street
Milsons Point NSW 2061


WATTYL LIMITED: Shares Soar on AEP Takeover Bid
-----------------------------------------------
Shares of Wattyl Limited skyrocketed 15.5 percent after Allco
Equity Partners Limited (AEQ) launched a takeover bid at AU$3.25
cash per share, which values Wattyl at AU$274.8 million,
according to Egoli News.

The offer is subject to certain conditions including AEP taking
at least 50.1 percent of the Wattyl shares on issue.

AEP noted that despite Wattyl having undergone costly
restructuring over the last few years, its earnings were
unsatisfactory and it faces a challenging market environment.

The group added that following the completion of the
acquisition, AEP would conduct a detailed review of Wattyl's
operations to identify initiatives to improve Wattyl's
efficiency, productivity and competitiveness.

According to AEP Chairman David Coe, the offer represents full
value and the certainty for cash for Wattyl shareholders after a
prolonged period of underperformance.

CONTACT:

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


WORLD SOURCE: Winds Up Operations
---------------------------------
At an extraordinary general meeting of World Source Electronics
Pty Limited held on Dec. 1, 2005, Messrs. Antony De Vries and
Riad Tayeh were appointed as Liquidators in the Company's
winding up.

Dated this 1st day of December 2005

Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
c/- Level 3, 95 Macquarie Street
Parramatta NSW 2150


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

ACCESS TREE: Appoints Provisional Liquidators
---------------------------------------------
Access Tree Industrial Limited, whose office address is located
at Rm. 2211, West Tower, Shun Tak Centre, 168-200 Connaught Rd.,
Central, Hong Kong, issued a notice of appointment of
provisional liquidators in the High Court of the Hong Kong
Special Administrative Region on December 23.

Joint & Several Provisional Liquidators' Names:  Jacky Chung
Wing Muk and Gabriel Chi Kok Tam, both of Messrs. KPMG

Provisional Liquidators' Address: 27th Floor, Alexandra House,
Chater Road, Central, Hong Kong.

Date of Appointment: November 16, 2005

Dated this 23rd day of December 2005

E T O'CONNELL
Official Receiver


CHINA PROFIT: Winding Up Hearing Slated for January 11
------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
China Profit Development Limited by the High Court of Hong Kong
Special Administrative Region was on November 15, 2005 presented
to the said Court by Standard Chartered Bank (Hong Kong) Limited
of 32nd Floor, Standard Chartered Bank Building, 4-4A Des Voeux
Road Central, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 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.

TANNER DE WITT
Solicitors for the Petitioner
2308, Tower Two, Lippo Centre
89 Queensway
Hong Kong
Tel: 2573 5000
Ref: 05/478/RDD

Note: Any person who intends to appear on 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 10, 2006.


ENRICH INVESTMENT: Winding Up Hearing Slated for January 11
-----------------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Enrich Investment Limited by the High Court of Hong Kong Special
Administrative Region was on November 15, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on the January 11, 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.

FORD, KWAN & COMPANY
Solicitors for the Petitioner
Rooms 1202-1206, 12th Floor
Wheelock House, No. 20 Pedder Street
Central, Hong Kong
Tel: 2810-8388   Fax: 2810-6537
Ref. No.: LTG/YKM/CLP/990738606T/acm

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 10, 2006.


KOCH ASPHALT: Winding Up Hearing Fixed for January 11
-----------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Koch Asphalt Products (Hong Kong) Company Limited by the High
Court of Hong Kong Special Administrative Region was on November
10, 2005 presented to the said Court by Koch H.K. Zhengzhou
Limited whose registered office is situated at 9th Floor,
Gloucester Tower, The Land Mark, 11 Pedder Street, Central, Hong
Kong.  

The said Petition is directed to be heard before the Court at
9:30 a.m. on January 11, 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.

LOVELLS
Solicitors for the Petitioner
23rd Floor, Cheung Kong Center
2 Queen's 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 10, 2006.


MOULIN GLOBAL: Sells Asian Distribution Business
------------------------------------------------
Metzler International (Asia) Limited (In Liquidation), a wholly
owned subsidiary of Moulin Global Eyecare Holdings Limited,
entered into the Agreement dated December 8, 2005 between
Metzler International (Asia) Limited (The Seller), Eternal Sino
Investments Limited (The purchaser) and the Provisional
Liquidators for the sale and purchase of the Sale Assets for a
total consideration of HK$10,000,000.

The Seller for the purpose of selling branded eyewear products
arrived at the consideration after arm's length negotiations
between the relevant parties by reference to the realizable
value of the Sale Assets and the uncertainty as to the
continuity of the licenses relied on.

Completion of the Transaction was conditional on various
conditions set out under the section headed "Conditions" of this
announcement. Completion occurred on 22 December 2005. Having
regard to all the circumstances, the Provisional Liquidators
consider that the Transaction was in the interests of the
Company and is fair and reasonable so far as the Shareholders
are concerned.

Part of the consideration (namely HK$78,298) is to be paid to
Martin Far East in consideration of it agreeing to novate
certain inter-company debts to the Purchaser. The consideration
will ultimately form part of the estate of the relevant Group
companies and will be applied by those companies in the ordinary
course of their business or winding-up (as applicable).

The Transaction does not constitute a notifiable transaction or
connected transaction for the Company under Chapter 14 or 14A of
the Listing Rules and disclosure is being made pursuant to the
Company's general obligation to keep the public appraised of the
position of the Group under Rule 13.09 of the Listing Rules.

Trading in the Company's shares has been suspended since April
18, 2005 and will continue to be suspended until further notice.

For and on behalf of
Moulin Global Eyecare Holdings Limited
(Provisional Liquidators Appointed)
Roderick John Sutton
Desmond Chung Seng Chiong
Joint and Several Provisional Liquidators
Hong Kong, 22 December 2005

For a complete copy of the press release, go to
http://bankrupt.com/misc/tcrap_moulin122305.pdf


NGT HONG KONG: Issues Winding Up Order
--------------------------------------
NGT Hong Kong Bestfit Technology & Engineering Company Limited
hereby gives notice that a winding up Petition will be heard
before The High Court of the Hong Kong Special Administrative
Region Court of First Instance at 9:30 a.m. on January 4, 2006.

The Petition has the following orders:

1. The Petitioner shall be allowed to enter the registered
office of the Company to inspect the accounts, books and
records of the Company;
2. A provisional liquidator be appointed for the Company;
3. No assets or properties of the Company may be disposed of
without the leave of this Honorable Court;
4. The Petitioner, or the 1st Respondent, do purchase the shares
of the other(s) in the company at market value as at the date
of Petition hereof, together with interest(s) on the purchase
price for such period(s) and at such rate(s) as the court
deems just;
5. Damages and interest thereon;
6. An order that the Company be wound up;
7. That the costs of the liquidator (provisional or otherwise)
be borne and paid by the Respondents;
8. That the costs of the winding up of the Company be borne and
paid by the first and/or second Respondent, or otherwise;
9. Or that such other order may be made in the premises as shall
be just and equitable.      

For such other order as shall be just was presented to the High
Court of Hong Kong on November 10, 2005 by the Petitioner, Ng
Boon Tech of No. 1 Senoko Way, Singapore.

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.

Dated the 16th day of December 2005

MESSRS. CHAK & ASSOCIATES
Solicitors for the Petitioner
11th Floor, HK Diamond Exchange Building
8-10 Duddell Street
Central, Hong Kong
Ref: HCP.0500060.002/JY/CML

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 3, 2006.


RICHE MONDE: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of Riche Monde
Overseas Limited, which is being voluntarily wound up, are
required on or before January 24, 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 undersigned.

If so required by notice in writing from the said liquidators to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof,
they will be excluded from the benefit of any distribution
before such debts are proved.

Dated this 23rd day of December 2005

Yeung Betty Yuen
Paul David Stuart Moyes
Joint and Several Liquidators
24th Floor, Prince's Building
Central, Hong Kong


TCL CORPORATION: Partners With Walt Disney
------------------------------------------
Walt Disney, one of the biggest multinational media groups, and
TCL Corporation, the global leading consumer electronic
corporation, recently announced that Disney has granted the
license to TCL to use its brand and cartoon image for the
development, manufacturing and sales of CE products in China.  

The product range includes TV, MP3, telephone, air conditioner,
digital video camera, etc.  The cooperation brought the two
companies into a close win-win relationship and opened a brand-
new niche market of consumer electronics-cartoon-themed
electronics, in China.

The two parties foresee growing sales revenues during the market
development period.  Each Disney cartoon character has its
unique story. Surveys show Disney ranked highest in Children's
Favorite Cartoon Characters in China.  China, as an untapped
market for cartoon-themed consumer electronics has huge market
potential and will be the new increasing point for Disney's
products.  TCL's strong ability in R&D, manufacturing, sales and
proven product quality secured Disney's quick access into this
market.

Licensed Disney brand has led TCL into a niche market of
consumer electronics, marking an innovative move in TCL's
business model.  This will undoubtedly strengthen the company's
ability in product design and brand management.

TCL will produce and distribute products including TV, DVD,
telephone, CD player, clock and radio in the shape of Disney
cartoon characters, such as Mickey Mouse, Snow White and Winnie
the Pooh. Those products will be launched in December in 13
cities including Beijing, Shanghai, Guangzhou and Chongqing.

CONTACT:

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

This is a company press release.

    
V&T INVESTMENTS: Appoints Provisional Liquidators
-------------------------------------------------
An application by the Official Receiver and Provisional
Liquidator of V&T Investments Limited will be heard before
Master S. Kwang of the High Court for consideration that due to
insufficient quorum, no resolutions were passed for appointment
of liquidators in the first meetings of creditors and
contributories scheduled on August 11, 2005 and the adjourned
first meetings of creditors and contributories scheduled on
August 25, 2005, and making such order of appointments as the
court may think fit.

Date and Time of Hearing: January 3, 2006 (Tuesday) at 12 noon

Place of Hearing: High Court Building, No. 38 Queensway, Hong
Kong.

Any creditor or contributory of the Company is entitled to
attend and be heard at the above hearing.

Dated this 16th day of December 2005

E T O'CONNELL
Official Receiver & Provisional Liquidator


WALTECH PACIFIC: Names Ferrier Hodgson as Liquidator
----------------------------------------------------
By an order of the High Court of the Hong Kong Special
Administrative Region dated December 8, 2005, Mr. Desmond Chung
Seng Chiong and Mr. Roderick John Sutton of Ferrier Hodgson
Limited, 14th Floor, Hong Kong Club Building, 3A Chater Road,
Central, Hong Kong, were appointed as the Joint and Several
Liquidators of Waltech Pacific (Engineering) Limited with
Committee of Inspection.

Dated this 23rd day of December, 2005

DESMOND CHUNG SENG CHIONG
RODERICK JOHN SUTTON
Joint and Several Liquidators


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

ANNA FINANCE: Provides Update on Registration Cancellation
----------------------------------------------------------
Anna Finance Ltd has informed Bombay Stock Exchange (BSE) that
Reserve Bank of India (RBI) has accepted the Company's
application for change in the nature of business.

The Company has surrendered the RBI Registration Certificates as
NBFC, which has been accepted by the RBI vide its order dated
November 25, 2005.

CONTACT:

Anna Finance Limited
16 B / 9, D B Gupta Road, Dev Nagar, Karol Bagh
City New Delhi  
Pincode 110005  
State Delhi  
Tel. Nos. 2526650 2527004 2527062


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

BANK MANDIRI: Not to Be Merged with Bank BNI Anytime Soon
---------------------------------------------------------
Minister of State Enterprises Sugiharto said that he has no
plans to merge state lender PT Bank Mandiri and Bank BNI 46 due
to their high non-performing loan (NPL) rate, reports Asia
Pulse.

He said that the main objective is for the two banks to lower
their non-performing loans. There is no immediate plan to merge
the two banks due to fears that their condition could worsen if
a merger occurs.

At present, there are no plans to merge the two ailing state
banks in the near future. Minister Sugiharto said that Bank
Mandiri and Bank BNI 46 would be merged only if their NPLs were
reduced.

CONTACT:

PT Bank Mandiri
Jl Jend Gatot Subroto Kav 36-38
Jakarta 12190
Indonesia
Phone: 62 21 5299 7777/5296 4023
Web site: http://www.bankmandiri.co.id


PERTAMINA: Prepares to Face Competition in 2006
-----------------------------------------------
State oil & gas firm PT Pertamina is preparing itself to keep up
with incoming competitors in the fuel retailing industry, Xinhua
News reports.

As of Dec. 31, 2005, Pertamina's monoploy in selling and
distributing fuel products will end, as directed by the
Indonesian government; such move paves the way for foreign fuel
retailers to come in and grab a share of the huge market. Fuel
demand for 2006 is estimated at 60 million kiloliters.

In order to compete with foreign oil firms such as Petronas
Berhad and Royal Dutch Shell, Pertamina signed an agreement with
Canada-based Accelon Energy System to produce and sell synthetic
diesel fuel, worth IDR59.05 trillion.

A factory will be built in East Kalimantan, with production
slated to begin in 2008; the plant is expected to produce 28
million barrels of synthetic diesel fuel per year. In the
agreement, Accelon agreed to sell the fuel exclusively to
Pertamina for a 15-year period.

The Company is planning to build 500 fuel outlets, with added
services such as an ATM, car wash, mini market and workshop, in
order to attract customers.

CONTACT:

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


PERTAMINA: President Allots 10% of Cepu Block to Local Regions
--------------------------------------------------------------
Indonesian President Susilo Bambang Yudhoyono has allocated that
10% of an oil block in Cepu, which is co-owned by state oil firm
PT Pertamina and its U.S. partner ExxonMobil Corp., to the
provincial governments of East Java and Centra Java, reports
Tempo Interactive News.

According to Pertamina Spokesperson Muchamad Harun, the
President allocated a 6.5% share of the block to the East Java
provincial government, and a 3.5% share to the Central Java
provincial government. Pertamina Assistant Managing Director
Muspiko Saleh confirmed SBY's decision.

The Company itself was not involved in the decision, as its
negotiations with ExxonMobil on the operations of the Cepu block
have yet to be resolved. It was reported that ExxonMobil wants
to poerate the oil block in order to defraud cost recovery.

Spokesman Harun said that development costs on the exploration
of each well by ExxonMobil could reach up to IDR118.11 billion,
while it would cost only IDR39.4 billion for Pertamina, but
ExxonMobil Public Affairs Vice President Maman Budiman said that
each well would cost around IDR39.37 billion.


*Indonesian Government Has No Plans to Reschedule Foreign Debt
--------------------------------------------------------------
The Indonesian government is not planning to reschedule its
debts, as the country can still afford to pay its debts on time,
the Jakarta Post reports.

According to Minister of Finance Sri Mulyani Indrawati, the
government will comply with its projected state budget for next
year, where there were no plans to ask for a debt discount or
delay debt repayments.

State Minister of National Development Planning Paskah Suzetta
had earlier said that the government would seek a debt haircut
in order to delay its debt repayments, so that it could set
aside more funds for infrastructure projects and business
incentives to promote higher economic growth.

Indonesia's local and foreign debts currently stands at USD133
billion.

It is highly unlikely that Inodnesia would seek to reschedule
its debts since it is not included in the International Monetary
Fund (IMF)'s program for economic recovery.


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

FUJITSU LIMITED: Enters JV to Enhance Network Switch Management
---------------------------------------------------------------
Fujitsu Limited, a leading provider of customer-focused IT and
communications solutions for the global marketplace, and Cisco
Systems, K.K., the Japanese subsidiary of Cisco Systems, Inc.,
the worldwide leader in networking for the Internet, announced
that they will collaborate to enhance network management and
reliability for large enterprises and service providers in
Japan. Specifically, Fujitsu Proactnes/SN will be made
compatible with Cisco's Generic Online Diagnostics (GOLD)
capabilities integrated on the Cisco Catalyst 6500 Series
switches. The collaboration is based on the strategic alliance
announced by Fujitsu and Cisco in December 2004.

Fujitsu Proactnes/SN network operational management software
provides such management functions as configuration, routing,
provisioning, and service operation monitoring. Cisco's GOLD
defines a common framework for diagnostics operations and checks
the health of hardware components and verifies proper operation
of the system data and control planes. Through this
collaboration, customers will be able to utilize the network
operational management software's easy to operate screen to
analyze network condition without having to execute complex
commands, thereby enabling proactive diagnosis of potential
hardware failures in the system.

Background on the Alliance

In today's networked world, network reliability and availability
have become essential not only to network service providers but
to the business infrastructures of corporate networks as well.

In December 2004 Cisco Systems, Inc. and Fujitsu Limited
announced a strategic alliance focusing on routers and switches,
and have since worked on developing and delivering solutions in
these fields. In order to respond to the market need for high-
availability networking, the two companies are now leveraging
their respective strengths to integrate their network
infrastructure technologies as well as network management and
operational expertise to provide solutions for the Japanese
market in the realm of preventative maintenance.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE: 6702) reported consolidated revenues of 4.7 trillion yen
(US$44.5 billion) for the fiscal year ended March 31, 2005. For
more information, please see www.fujitsu.com

About Cisco Systems, K.K.

Established in 1992, Cisco Systems, K.K. is the Japanese
subsidiary of U.S-based Cisco Systems Inc. (NASDAQ: CSCO), a
leading global provider of networking equipment for
Internet/intranet platforms. Cisco provides a wide range of end-
to-end networking products throughout the world, including the
Cisco router series, Catalyst LAN switches, hardware for ATM,
frame relay, and other services, the Cisco IOS router control
software, which is a defacto industry standard, and new
networking technologies, such as VoIP. For an overview and
further details on Cisco Systems, K.K., please see the following
link: http://www.cisco.com/jp/

Related Links

Cisco Systems, K.K.
www.cisco.com/jp/
Fujitsu Limited
www.fujitsu.com

Contact Information:
New York Representative Office
Fujitsu Limited
+1-212-599-9800


HITACHI LIMITED: Unit Recalls 230,000 Washer-Dryers
---------------------------------------------------
Hitachi Home & Life Solutions Inc., a unit of Hitachi Limited,
has decided to recall about 238,000 of its washer-dryers
produced between 2001 and December 2002 because of defects that
could lead to fire, Japan Today reports.

Owners of the washer-dryers were advised to refrain from using
their drying functions. The structural defect could cause the
lead wire for the drying heater to break and cause fire, the
company said.

CONTACT:

Hitachi Home & Life Solutions, Inc.
15-12 Nishi-Shinbashi 2-chome,
Minato-ku, Tokyo


HITACHI LIMITED: Seeks to Boost Flat TV Business
------------------------------------------------
Hitachi Limited aims to grab 30 percent of the global HD PDP
(high definition plasma display panel) TV market by 2007 as part
of its restructuring scheme, EE Times reports.

To boost its display business, Hitachi said it would work to
reinforce it overseas operations. A new European plant is under
consideration. It also intends to nail down details of its plan
by March, and intends to launch the PDP effort in 2007.

A new European plant would be one of Hitachi's largest flat TV
assembly base besides plants in Japan, the United States and
China. The new plant will have a monthly capacity of about
120,000 units by 2007. All four plants would assemble both PDP
and LCD TVs using panels supplied from Japan.

Hitachi Vice President Makoto Ebata said they would give
priority on investment rather than profitability for the time
being.

CONTACT:

Hitachi Limited
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo 101-8010, Japan  
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375


HITACHI LIMITED: Hitachi Home Bets Big on India
-----------------------------------------------
Hitachi Home Electronics Asia (S) Pte Ltd Singapore (HHES)
announced ambitious plans to increase its market presence in the
booming Indian market. HHES, which currently has 60 dealers and
two Hitachi galleries, said it is expanding its distribution
set-up in India to 300 outlets by the end of 2006 and plans to
set up 12 additional galleries to give their customers the
`Hitachi experience'. The company, which already commands a fast
growing loyal customer base, is aiming for a 15 per cent market
share in India by 2007.

To complement its growth plans for India, HHES also announced
the launch of its highly acclaimed plasma television that
defines ultimate reality at its finest - the Hitachi Plasma ALiS
8 - in New Delhi today. The unveiling of the product in India is
part of the ongoing global launch of the high-end television.

With its sleek silhouette, the Hitachi ALiS 8 displays a
plateau-like flat screen that emphasizes its smoothness and
elegant lines. An epitome of intelligent design, the Hitachi
ALiS 8 has real aluminium finish speaker columns that exude a
touch of finesse to its overall outlook. With the highest peak
brightness of 1,400cd/m2, the Hitachi ALiS 8 can be viewed from
any angle. Its remote control motorized swivel allows for a
power swiveling of the screen of up to 30 degrees on either
side.

Hitachi is the only company in the world that has the patented
ALiS technology to make High Definition Panels with a resolution
of 1024x1024 mega pixels. With this resolution and a high
contrast ratio of 3000:1, the Hitachi ALiS 8 enables an amazing
array of colors and shades to be savored in its finest details.
It comes with two screen size options - 42-inch and 55-inch.

Utilizing its revolutionary Picture Master, this digital
graphics engine in the Hitachi ALiS 8 makes for a perfect
resolution, clarity and consistency of images that are
exceedingly rich and vibrant, even if the source signal is less
than optimum. Supplementing the Hitachi ALiS 8's superb video
capabilities is an audiophile's delight SRS 3D Surround Sound
System for class-leading high fidelity to satisfy even the most
discerning.

Present at the launch were Mr. Tarun Jain, Country Head, HHES,
and Mr. T. Haruki, Deputy General Manager, Hitachi Singapore.
Speaking on the occasion of the global launch of the ALiS 8,
Tarun Jain, Country Head, HHES, said, "The Hitachi ALiS 8 is the
new generation plasma television, which is perfectly suited for
the lifestyles of the suave and digital in India. With a swivel
table-top stand, the ALiS 8 is an aspiration that will
revolutionise television viewing."

The Plasma TV range is priced between Rs 1.8 lakh and Rs 4.5
lakh and is being sold through two Hitachi Galleries located in
Delhi and 60 dealers across the country. The products are sold
through two main distributors in Delhi and Mumbai, who in turn
have their retail networks.

Elaborating on HHES's commitment towards India, T. Haruki,
Deputy General Manager, Hitachi Singapore, said, "For Hitachi,
India is a focus market and sizeable investments have been
planned for this product category. We have already invested in
the distribution set up, after sales service, advertisements and
promotions. While we currently enjoy a 12 per cent market share,
our aim is to reach 15 per cent by 2007."

That HHES is committed to a future in the Indian market is also
demonstrated by the fact that the company is paying special
attention to B2B sales in India, which comprises almost 40 per
cent of the total sales. The company has provided LCD and Plasma
TVs to five stars hotels in Mumbai and Delhi, airport, schools
and multinational corporations.

About Hitachi Ltd.

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

Hitachi Asia is one of four regional headquarters for Hitachi's
worldwide operations, the other three being North America,
Europe and China. Established in 1989, Hitachi Asia operates in
ten offices across seven Asian countries, excluding East Asia.

Hitachi Home Electronics Asia (S) Pte Ltd, a subsidiary of
Hitachi Ltd, Japan and Hitachi Asia Ltd., markets consumer &
multimedia products in Singapore and other Asian countries and
Africa. It was established to manage the sales of Hitachi's
consumer and information media product business in Asia and
Oceania. The product range includes Plasma TVs, LCD TVs, DVD
Players and Camcorders, Home Theatre Systems and LCD Projectors.

CONTACT:

Shilpa Gupta,
IPAN,
+91 (11) 5249 2100,
shilpa@ipan.com


JAPAN AIRLINES: Cancels More Than 90 Flights Due to Snow
--------------------------------------------------------
Japan Airlines Corporation (JAL) and All Nippon Airways Co.
(ANA) have canceled a combined 95 domestic flights on Friday
because of heavy snow in the country, Bloomberg News reports.

Japan Airlines grounded 43 domestic flights as of 10 a.m. local
time affecting 4,390 passengers. All Nippon canceled 52 domestic
flights as of 9:45 a.m. affecting 3,200 passengers, according to
a statement.

The two airlines on Monday called off 56 domestic flights after
heavy snow fell on central Japan's Nagoya and surrounding
regions.

CONTACT:

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


MIZUHO SECURITIES: FSA Orders to Improve Operations After Error
---------------------------------------------------------------
The Financial Services Agency (FSA) has ordered Mizuho
Securities Co. Ltd. to improve its operations, after the company
placed erroneous sell orders due to a typing error on December
22 that led to huge losses, the Associated Press reports.

The FSA ordered Mizuho to submit business-improvement plans by
January 20, according to agency documents.

Last week a Mizuho trader tried to sell 610,000 shares at 1 yen
(less than a penny) apiece in a job recruiting company J-Com
Co., which was having its public debut on the exchange, instead
of an intended per share sale of 610,000 yen ($5,190).

The error caused Mizuho to lose JPY40 billion ($340 million). It
also forced the President and other executives at the Tokyo
Stock Exchange to resign to take responsibility over their
failure to stop Mizuho's erroneous trade and a separate, earlier
computer system problems.

CONTACT:

Mizuho Securities Company Ltd.
Otemachi First Sq.
1-5-1 Otemachi, Chiyoda-ku,
Tokyo , Japan
Tel: 81 03 5208 3210
http://www.mizuho-sc.com


SANYO ELECTRIC: Inks Fuel Cell Testing Pact
-------------------------------------------
Hoku Scientific, Inc. (NASDAQ: HOKU), a designer, developer and
manufacturer of membrane electrode assemblies (MEAs) and non-
fluorinated membranes for proton exchange membrane (PEM) fuel
cells, announced that it has entered into a new agreement with
SANYO Electric Company, Ltd. (NASDAQ: SANYY), to provide for
SANYO's testing of Hoku Scientific's next generation membrane
and membrane electrode assembly products at SANYO's R&D facility
in Japan.

The highlights of the Material Transfer & Collaborative Testing
Agreement signed today are:

1.) SANYO will purchase samples of Hoku Membrane and Hoku MEA
for testing at SANYO's R&D facility in Japan.
    
2.) Hoku Scientific and SANYO will continue to collaborate on
testing of Hoku Membrane and Hoku MEA.
    
Dustin Shindo, chairman of the board, president and chief
executive officer of Hoku Scientific, said, "We are excited by
this additional commitment by SANYO to our company and
technology. We look forward to continuing to work closely with
SANYO in an effort to integrate Hoku Membrane and Hoku MEA
products into SANYO's fuel cells. This agreement reflects our
mutual commitment to stay at the leading-edge of non-fluorinated
membrane and MEA technologies."

In March 2003, Hoku Scientific and SANYO entered into a contract
to jointly develop an MEA assembly process using Hoku Membrane
for integration into SANYO's residential fuel cell systems. As
of February 2005, SANYO agreed that Hoku Scientific had
satisfied all of the performance milestones under its contract
with SANYO. The companies have continued to work together, each
bearing their own costs, to conduct testing of Hoku Membrane and
Hoku MEA.

The new agreement announced today will allow SANYO to evaluate
newer versions of Hoku Scientific's membrane and MEA products
that have been developed since completion of the collaboration
portion of the prior agreement, and formalizes the next step
towards the integration of Hoku Membrane and Hoku MEA into
SANYO's fuel cells.

About Hoku Scientific, Inc.

Hoku Scientific (NASDAQ: HOKU) develops and manufactures fuel
cell membranes and membrane electrode assemblies (MEA) for
stationary (including residential and back-up power
applications) and automotive proton exchange membrane (PEM) fuel
cells. For more information visit www.hokuscientific.com.

About SANYO Electric Co., Ltd.

SANYO Electric Co., Ltd. is a global consumer electronics giant
leading the way in technology innovation with consolidated sales
of $23,151 million yen for FY 2004. SANYO's businesses cover a
broad range of products such as AV/Information and
Communications Equipment, Home Appliances, Commercial Equipment,
Rechargeable Batteries, Electronic Devices and Others. In sync
with its new corporate vision -- 'Think GAIA,' SANYO will
provide global solutions by knitting together its numerous
proprietary technologies. For further information, please visit
SANYO's web site at http://www.global-sanyo.com/.

CONTACT:

The Ruth Group
David Pasquale - Executive Vice President
Tel: (646) 536 7006
E-mail: Email Contact


SEIYU CO.: METI OKs Business Restructuring
------------------------------------------
A business restructuring plan submitted by The Seiyu Co., Ltd.
on December 19, 2005 was evaluated pursuant to Article 3,
Paragraph 6 of the Law on Special Measures for Industrial
Revitalization, and found to fulfill the requirements of Article
2, Paragraph 2.1 concerning business restructuring.

The Ministry of Economy, Trade and Industry consequently
approved the plan on December 21, 2005.

CONTACT:

Seiyu Ltd.
2-1-1 Akabane, Kita-ku
Tokyo, 115-0045, Japan
Phone: +81-3-3598-7000
Fax: +81-3-3598-7745
http://www.seiyu.co.jp/english/index.shtml


TOHKUTSU CO.: Goldman Sachs to Acquire Shoe Wholesaler
------------------------------------------------------
Goldman Sachs (Japan) Ltd. and Revamp Corporation will jointly
acquire shoe wholesaler Tohkutsu Co. for an estimated JPY5
billion (US$42.7 million), Asia Pulse reports.

The two firms aim to help the struggling footwear company
enhance its product planning and development capabilities and
revive sales. A listing is also planned.

Goldman Sachs and Revamp are expected to consider bank loans and
other means of financing the deal. They will invest JPY1.5
billion to form next month a company to which the wholesale
division of the Tohkutsu group and all employees involved in the
business will be transferred.

In January, a President and nonpermanent directors will be
dispatched to the new firm. The old Tohkutsu will be liquidated.

CONTACT:

Tohkutsu Co.
2-34-10 Asakusa, Taito-ku,
Tokyo, 111 Japan
Phone: 81-3-3843-3211


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

HANARO TELECOM: Cuts Workforce by 14%
-------------------------------------
Hanaro Telecom Inc. has finalized 197 workers who will leave the
company through its early retirement program, The Korea Times
said.

The move is in line with the Company's effort to strengthen its
competitiveness in the overstuffed domestic high-speed Internet
market.

Thrunet, Hanaro's affiliate has also fixed 68 employees to leave
under the program.

According to Hanaro, it will undergo reorganization starting
January 1, in tune with the envisioned merger with Thrunet, to
firm up its ability to sign up new customers and retain old
ones.

"Through the revamp, we will come up with a new management
strategy to cope with market changes quickly as well as
maximizing our competency in cornerstone businesses such as the
high-speed Internet and inner-city calls," Hanaro Vice President
Doo Won-soo said.

The company also moves to enhance its bottom line by cutting
down on costs through cooperation with trade union.

Hanaro's subscriber numbers have reached 2.76 million for a 22.7
percent market share. Starting next year, its customer base
would swell to 3.64 after the merger with Thrunet, which
currently retains 889,000 subscribers.

CONTACT:

Hanaro Telecom, Inc. (NASDAQ: HANA)
Shindongah Fire & Marine Insurance Bldg. 43,
Taepyeongno2-Ga, Jung-Gu
Seoul, 100-733, South Korea
Phone: +82-106
Fax: +82-2-6266-4399
Website: http://www.hanaro.com


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

AFFIN HOLDINGS: Opts Not to Proceed with Merger
-----------------------------------------------
Affin Holdings Berhad (AHB) furnished Bursa Malaysia Securities
Berhad details of the cessation of preliminary negotiations for
the possible merger of Affin Moneybrokers Sdn Bhd (Affin
Moneybrokers) and Kaf-Astley & Pearce Sdn. Bhd. (Kaf Astley)

The company refers to its earlier announcement on August 12,
2005 and advised that AHB is not proceeding further on the
possible merger between Affin Moneybrokers and Kaf Astley.

This announcement is dated 20 December 2005.

CONTACT:

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


AFFIN HOLDINGS: FIC OKs Proposed Acquisition
--------------------------------------------
Affin Holdings Berhad (AHB) furnished Bursa Malaysia Securities
Berhad details of the proposed acquisition of 69,078,947
ordinary shares of MYR1.00 each representing 36.84 percent of
the issued and paid-up share capital in Affin Merchant Bank
Berhad from MISC Enterprises Holdings Sdn Bhd (Proposed
Acquisition).  

The company refers to the announcement dated April 4, 2005,
November 15, 2005 and November 24, 2005 in relation to the
Proposed Acquisition.

The Foreign Investment Committee (FIC) via its letter dated
December 19, 2005 received on December 19, 2005, had approved
the Proposed Acquisition under the FIC's Guideline on the
Acquisition of Interests, Mergers and Takeovers By Local and
Foreign Interests.

AHB is required to inform the FIC on the completion date of the
transaction.

This announcement is dated 20 December 2005.


CHASE PERDANA: Dormant Unit Deregistered
----------------------------------------
The Board of Directors of Chase Perdana Berhad (CPB) advised
Bursa Malaysia Securities Berhad that LH Capital Nominees Sdn
Bhd (Company No. 123198-H), a dormant subsidiary of CPB, has, on
December 19, 2005, received a Notice dated December 6, 2005 from
the Companies Commission of Malaysia (CCM) notifying that LH
Capital Nominees Sdn Bhd, has been de-registered from the
register of CCM pursuant to Section 308(4) of the Companies Act,
1965. LH Capital Nominees Sdn Bhd itself had applied for the
said de-registration with CCM.

The de-registration of LH Capital Nominees Sdn Bhd does not have
any financial and operational impact on CPB Group.

This announcement is made on 20 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


FURQAN BUSINESS: Unit Concludes Agreement with Mahir
----------------------------------------------------
Furqan Business Organisation Berhad issued to Bursa Malaysia
Securities Berhad details of the settlement agreement between
Furqan Business Organisation Berhad and its subsidiary companies
and Pengurusan Danaharta Nasional Berhad.

Reference is made to the announcement on August 1, 2005
pertaining to the Settlement Agreement dated July 28, 2005
entered into between Furqan Business Organisation Berhad (FBO)
and its indirect wholly owned subsidiary company, Austral Amal
Properties (P.J.) Sdn. Bhd. (AAP(PJ)) and Pengurusan Danaharta
Nasional Berhad (Danaharta) for the settlement of Outstanding
Amount under the Modified Workout Proposal (MWP) dated December
30, 2002 (the Settlements) by way of transfer of all those piece
of AAP(PJ)'s land held under Pajakan Negeri 3690, Lot No. 46,
Section 13, Town of Petaling Jaya, District of Petaling,
Selangor together with two six-storey office & warehouse
buildings for the time being known as Wisma CSA & Wisma Digital"
erected thereon (the said Property) to Danaharta as full and
final settlement.

The Board of Directors of FBO advised that the Company had been
informed about the completion of the Sale & Purchase Agreement
between Danaharta and Mahir Mewah Sdn. Bhd. in respect of the
disposal of the said Property via a letter from Danaharta dated
December 12, 2005.

CONTACT:

Furqan Business Organisation Berhad
247 Jalan Tun Razak
Kuala Lumpur 50400
Malaysia
Phone: +60 3 2148 9999
Fax: +60 3 2148 9992


HARVEST COURT: Issues Proposed Land Acquisition Update
------------------------------------------------------
On behalf of Harvest Court Industries Bhd (HCIB), Public
Merchant Bank Berhad advised Bursa Malaysia Securities Berhad
that HCIB, together with Ng Chuan Seng and Ng Teck Huat, Port
Klang Jetty Sdn Bhd and Wangsa Kinta Sdn Bhd had on December 17,
2005 mutually agreed to extend the period for fulfillment of the
conditions precedent of the Proposed Land Acquisition to
December 18, 2006.

CONTACT:

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


MAXIS COMMUNICATIONS: Issues Reply to Bourse's Query
----------------------------------------------------
Maxis Communications Berhad issued to Bursa Malaysia Securities
Berhad a reply to its letter dated December 19, 2005 from Bursa
Malaysia to Maxis Communications Berhad (Maxis) titled: "Maxis
and TM said to be in talks with India's Aircel".

Maxis' strategy for overseas expansion has been to explore
opportunities in emerging markets with good potential for
growth. Maxis have been approached by, and have been in
discussions with a number of operators in India, including
Aircel Limited, and Maxis is narrowing down the options towards
conclusion.

This announcement is dated 20 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


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 178,000 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., Thursday, December 22, 2005.

CONTACT:

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


K.P. KENINGAU: Shareholders OK Resolutions at AGM
-------------------------------------------------
K. P. Keningau Bhd. advised Bursa Malaysia Securities Berhad
that all Resolutions set out in the Notice of the Eleventh
Annual General Meeting (AGM) dated November 28, 2005 had been
approved by the shareholders of the Company at its AGM on
December 20, 2005.

For more information, go to
http://bankrupt.com/misc/KPKENINGAUBERHAD122005.doc

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back: December 20, 2005

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

Total number of shares purchased (units): 312,000

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

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 312,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 87,676,400

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

CONTACT:

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


NALURI CORPORATION: Shareholders Approve Proposals
--------------------------------------------------
Naluri Corporation Berhad (Naluri) issued the following
announcements to Bursa Malaysia Securities Berhad:

(I) Share buy-back scheme to purchase our own shares of up to 10
percent of our issued and paid-up share capital (Proposed Share
Buy-Back);

(II) Amendments to the objects in our Memorandum of Association
and adoption of new articles of association; and

(III) Exemption to Atlan Properties Sdn Bhd (APSB) and parties
acting in concert with APSB (PAC) From The Obligation To
Undertake Mandatory Offer(s) to acquire all the remaining
ordinary shares of MYR1.00 each in Naluri not already owned by
APSB and PAC upon the purchase by us of our own ordinary shares
pursuant to the proposed share buy-back under Practice Note
2.9.10 of the Malaysian Code on takeovers and mergers, 1998.

(colletively referred to as the proposals)

On behalf of Naluri, Commerce International Merchant Bankers
Berhad advised that at the shareholders' Extraordinary General
Meeting of the Company, the shareholders of Naluri had approved
the Proposals.

This announcement is dated 20 December 2005.

CONTACT:

Naluri Berhad
161B Jalan Ampang
50450 Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878 / +60 3 2162 0676


NPC RESOURCES: Places Unit in Voluntary Winding Up
--------------------------------------------------
The Board of Directors of NPC Resources Berhad (NPC) advised
Bursa Malaysia Securities Berhad that they have on December 19,
2005 granted approval for Ladang Zupakeja Sdn Bhd (LZSB)
(Company No. 39647-U), a sub-subsidiary company to be wound up
voluntarily by way of Members' Voluntary Winding Up pursuant to
Section 251(1)(b) of the Companies Act, 1965.

LZSB is a 73.5 percent owned subsidiary of Sungai Ruku Oil Palm
Plantation Sdn Bhd, which in turn is a wholly owned subsidiary
of NPC. LZSB is incorporated in Malaysia and is presently a
dormant company. The issued and paid up share capital of LZSB is
MYR8,000/- divided into 8,000 ordinary shares of MYR1.00 each.

The winding up of LZSB will not have any material financial and
operational effect on NPC Group.


PANTAI HOLDINGS: New Shares up for Listing, Quotation
-----------------------------------------------------
Pantai Holdings Berhad advised that its additional 23,000 new
ordinary shares of MYR1.00 each issued as follows:

(i) 22,000 new ordinary shares of MYR1.00 each arising from the
conversion of MYR22,000 Nominal Amount of Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 (Conversion of
ICULS).

(ii) 1,000 new ordinary shares of MYR1.00 each arising from the
Exercise of 1,000 Warrant (Exercise of Warrants) will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, December 22, 2005.

CONTACT:

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


SOUTHERN BANK: To Acquire Southern Finance
------------------------------------------
The Board of Directors of Southern Bank Berhad (SBB) advised
Bursa Malaysia Securities Berhad that SBB has obtained the
approval of the Minister of Finance through Bank Negara
Malaysia, via its letter dated December 20, 2005 for SBB's
proposal to acquire the entire businesses of Southern Finance
Berhad (SFB) as follows:

(1) SFB to dispose its entire finance company businesses to SBB
pursuant to Section 49 of the Banking and Financial Institutions
Act, 1989 (BAFIA);

(2) Pursuant to Section 15(1) of BAFIA, SFB is allowed to
maintain the word Finance for a period of one year from the
effective date of disposal; and

(3) The issuance of a finance company license to SBB as a new
banking entity under Banking and Finance Company or Bafin which
will enable SBB to carry on the businesses of finance company
pursuant to Section 6(4) of BAFIA.

The merger of the finance business with SBB is an initiative
consistent with SBB's strategy to be a high performing niche
bank with specific focus in wealth management, consumer finance
and SME banking. SFB's hire purchase portfolio is an integral
part of the SBB's consumer finance niche strategy, and is an
important contributor to SBB's net interest margin, which
continues to be among the highest in the sector.

The merger of the finance business with the Bank is expected to
further enhance operational efficiency and optimize delivery
systems going forward.

This announcement is dated 20 December 2005.

CONTACT:

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


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

TAL is currently a dormant company. The paid up capital of TAL
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 TAL pursuant to Section 308(4) of the Companies Act,
1965.

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

This announcement is dated 16 December 2005.


TANAH EMAS: Converts ICULS to Ordinary Shares
---------------------------------------------
Tanah Emas Corporation Berhad informed that its additional
46,000 new ordinary shares of MYR1.00 each arising from the
conversion of 69,000 Irredeemable Convertible Unsecured Loan
Stocks 2001/2006 into 46,000 New Ordinary Shares will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Thursday, December 22, 2005.


TANCO HOLDINGS: Bourse Extends Time to Obtain Approvals
-------------------------------------------------------
The Board of Directors of Tanco Holdings Berhad (Tanco) informed
that Bursa Securities has vide its letter dated December 19,
2005 approved the Company's application for an extension of time
from January 24, 2006 to February 23, 2006 to enable TANCO to
obtain all approvals necessary for the implementation of its
regularization plan.

This announcement is dated 20 December 2005.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188


WAH SEONG: Unit Completes Acquisition of Shares
-----------------------------------------------
Wah Seong Corporation Berhad furnished Bursa Malaysia Securities
Berhad with details of the acquisition by Total Oil Technologies
Sdn Bhd (TOT) (a wholly owned subsidiary of Wah Seong
Corporation Berhad) of an equity stake in Sequ Inspection Sdn
Bhd (SEQUI)

The Company announced that its wholly owned subsidiary company,
Total Oil Technologies Sdn Bhd, has duly completed the
acquisition of 173,950 ordinary shares representing a 49 percent
equity stake in SEQU Inspection Sdn Bhd for a total cash
consideration of MYR441,000.00 only as at the date hereof.

Yours faithfully
Wah Seong Corporation Berhad
Lau Bee Gee
Group Company Secretary/Corporate Lawyer

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


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

MANILA ELETRIC: Projects 2.5% Sales Hike Next Year
--------------------------------------------------
Manila Electric expects electricity sales to climb 2.5 percent
in 2006, The Philippine Star has learned.

Meralco Head of Utility Economics Ivanna dela Pena said the
growth would likely come from improved sales to commercial
customers.

Ms. Dela Pena said, "Sales from commercial customers have
reached bottom. There is no way but for the sales to go up."

Meralco Chairman and CEO Manuel Lopez said weak sales and other
issues may lead to foreign stockholders having second thoughts
about keeping their investments in the company.

A daily newspaper recently came out with a series of reports on
a memorandum titled ""Way Forward with Meralco" written by
National Power Corp. (Napocor) president Cyril del Callar and
addressed to President Gloria Macapagal-Arroyo.

The memorandum suggests innovative approach on the settlement of
these accounts to improve both Napocor's and Meralco's financial
standing and to result in substantial benefits to all Meralco
consumers.

In a separate press conference, Mr. Callar denied having written
the controversial memorandum recommending a debt-to-equity swap
involving some Php42 billion-worth of Meralco shares to be
transferred to Napocor.

He said it was the first time he'd seen the memo. He added that
the settlement agreement is already in the hands of the Energy
Regulatory Commission.

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


MAYNILAD WATER: Government Eyes Board Revamp Before Stake Sale
--------------------------------------------------------------
The government has hinted on plans to overhaul the Maynilad
Water Services Inc. board ahead of a planned 84-percent stake
sale, Manila Bulletin reports.

An agreement with the Privatization Council was reportedly
reached to completely revamp the water firm's board with six
seats allotted for the government, out of twelve.

Four seats will be reserved for private sector members including
French Ondeo and two seats are for independent directors.

Once the board is completely filled up, the members will then
move to tap a financial advisor for the sale.

The government will auction off rights to 84 percent of Maynilad
first quarter next year.

CONTACT:

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


NATIONAL RAILWAYS: Government to Raise Php2 Bln for Rehab
---------------------------------------------------------
The National Development Co. (NDC) will raise Php2 billion to
fund the rehabilitation of ailing Philippine National Railways
(PNR), The Philippine Daily Inquirer reports.

NDC has agreed to issue Php2-billion worth of five-year zero
coupon bonds in January to help the rail agency initiate a
corporate restructuring and to allow the firm to cut 80-percent
of its workforce.

PNR would use Php1 billion of the proceeds of the NDC bond issue
to clear the right-of-way linking the South Manila commuter line
with the North Luzon Railway.

The other half of the proceeds will be used to settle unpaid
dues with the state pension fund Government Service Insurance
System (GSIS) to allow PNR to retire 80 percent of its
workforce.

The PNR owes about Php1 billion to the GSIS in its employees'
contribution that it has been unable to pay for several years
for lack of funds.

Once PNR's financial problems have been fixed as a result of a
leaner and more efficient organization, the NDC will privatize
the operations of its commuter line.

CONTACT:

Philippine National Railways
PNR Management Center, Torres Bugallon Street,
Sangandaan, Caloocan City 1408 Philippines
Phone: (632) 287-3062, 365-4716
Facsimile: (632) 362-0824
Web site: http://www.pnr.gov.ph/


PANASONIC MOBILE: Labor Department Mulls Job Options for Workers
----------------------------------------------------------------
The Department of Labor is studying job options for hundreds of
employees who will be out of work after Panasonic Mobile
Communications Corp. of the Philippines closes next year,
BusinessWorld has learned.

The department's quick response team is currently in talks with
the firm's management in a bid to work out an arrangement for
the firm to retain some workers.

Preliminary talks began Wednesday last week to determine if some
employees can be absorbed under a different employment scheme.

Labor Undersecretary Manuel G. Imson said the department has
been successful in helping retrenched employees find new work of
start new businesses. He added that Panasonic employees who will
eventually be retrenched will be given employment and livelihood
support, including possible re-employment in allied industries,
job referrals or entrepreneurial training.

Panasonic decided to close shop due because of its dwindling
market share brought about by cutthroat competition in the
mobile phone industry.

CONTACT:

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


PHILIPPINE LONG: Moody's Raises Rating to Ba1
---------------------------------------------
Moody's Investors Service on Thursday has upgraded the long-term
ratings of Philippine Long Distance Company (PLDT). The upgrade
reflects ongoing improvements in PLDT's financial profile as it
continues to enjoy healthy free cash generation and reduces its
debt load. At the same time Moody's withdrew PLDT's preferred
stock ratings following conversion of rated stock in December
2005. The rating outlook on the local currency rating is
positive, while on the foreign currency rating it is negative,
reflecting the sovereign outlook.

The ratings upgraded are:

Local Currency Corporate Family Rating to Ba1 from Ba2

Foreign Currency Senior Unsecured Rating to Ba2 from Ba3

The ratings withdrawn are:
Foreign Currency Preferred Stock Rating of B1
Foreign Currency Preferred Stock Shelf Rating of (P)B1

Moody's notes the Ba1 local currency rating is principally
driven by PLDT's position as the largest telecommunications
operator in the Philippines, its strengthening financial profile
and its free cash flow generative status. The rating also
considers the effective industry duopoly prevailing in the
Philippines and the rise in barriers against competitors, given
the network and marketing strengths of the incumbents.

On the other hand, the rating factors in the risks associated
with the political and economic uncertainty evident in the
Philippines. Notably, any deterioration in the political
environment or changes in the regulatory regime could impact
PLDT's operating profile and/or tax base that could impair
prospects for continued growth and, at the margin, impact PLDT's
financial profile. PLDT's continues to be exposed the challenges
of servicing foreign currency debt obligations with cash flow
primarily denominated in Pesos, albeit this risk has diminished
with lower levels of debt and higher effective hedging of
exposure - now over 50% of debt is covered.

Moody's commented that should Smart's debt increase from its
current level of 26% of PLDT's total consolidated debt, there is
a possibility that structural subordination could become an
issue for the ratings, although this would be a function of debt
and cash flows at various entities at any given time.
Moody's notes that up to five 3G licenses may be awarded in the
Philippines the next six months. There is unlikely to be an
upfront fee; rather, licenses will be required to have an
operable service offering within 12 months and a ubiquitous
offering within five years.

It is likely that the current players will be awarded licenses
and continues to dominate the market. PLDT expects capex to rise
to around P20-25 billion per annum. This would encompass both 3G
build out and upgrading of fixed line network to an all IP
network. Moody's expects that PLDT will continue to generate
strong free cash flows notwithstanding the increases in capex
and dividends.

PLDT's current foreign currency senior unsecured debt rating of
Ba2 is above the Philippines' foreign currency country ceiling
of B1. The foreign currency senior unsecured debt rating
incorporates convertibility risk, which is the likelihood of the
government declaring a debt moratorium to counter a foreign
currency crisis. Moody's views foreign currency bonds subject to
international law as less likely to be subject to a debt
moratorium than foreign currency obligations subject to local
law.

The ratings outlook for the local currency corporate family
rating is positive as a result of PLDT's strong and stable free
cash flow and reducing debt. PLDT currently enjoys a healthy
financial and operating risk profile, and downward pressure on
the rating is not expected. Event risk is, however, apparent due
to sovereign-related issues that could manifest in changes in
either tax or regulatory environments.

Moody's notes the rating could experience upward pressure if
there are no adverse developments with the issuance of 3G
licenses and the regulatory environment remains stable. There
could also be upward pressure should PLDT continue to strengthen
its profile through increasing profitability and decreasing
debt, such that the ratio of Adj. Debt to Adj. EBITDA falls
below 1.5x on a sustainable basis while achieving a ratio of
FFO+Interest/Interest ratio of above 5.5x.

The foreign currency ratings have a negative outlook and would
be downgraded should the Philippines' foreign currency country
ceiling of B1 be downgraded.

Philippine Long Distance Company, based in Manila, Republic of
Philippines, is that country's leading provider of integrated
telecommunication services.


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

DEVON INVESTMENTS: Distributes Dividend
---------------------------------------
Devon Investments Pte Limited, formerly of 65 Dedap Road
Singapore 809469, posted a notice of intended dividend at the
Government Gazette, Electronic Edition with the following
details:

Name of Company: Devon Investments Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 216 of 1996
Last day for receiving proofs: Jan. 6, 2006
Name  & address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: 23rd Day of December 2005

Sunari Bin Kateni
Assistant Official Receiver


HESHE HOLDINGS: Issues 18 Mln Shares to CEO
-------------------------------------------
The Director and Chief Executive Officer of Heshe Holdings
Limited, Chng Weng Wah, served a notice to exercise his option
to subscribe for 18,000,000 ordinary shares in the Company's
share capital at SGD0.055 per share pursuant to the terms of the
option (the Option) granted to him to subscribe for up to
78,000,000 ordinary shares in its share capital as set out in
the Investment Agreement between the two parties dated Dec. 29,
2003.

Upon the completion of the above exercise of the Option, the
Company will receive SGD990,000.00.

Mr. Chng was granted a waiver by the Securities Industry Council
on Feb. 24, 2004 from having to make a mandatory general offer
for all the issued shares in the Company's capital of the
Company upon, inter alia, his exercise of the Option.

The agreed date of completion of the transaction is Dec. 28,
2005, and further announcements in respect of the resulting
change in shareholdings will be made in due course.

Following the above exercise of the Option, Mr. Chng continues
to have an option to subscribe for 24,000,000 ordinary shares in
the Company's share capital of the Company on the terms set out
in the Investment Agreement.

The Company intends to utilise the proceeds from the above
exercise of the Option for, inter alia, its general working
capital, including the reduction of its liabilities to its
creditors.

By Order of the Board

Lee Bon Leong
Director
Dec. 22, 2005

CONTACT:

Heshe Holdings Limited
78 Shenton Way
#20-01 MCL Land Building
Singapore 079120
Phone: 65 6372 4300
Fax: 65 6220 4327
Email: contacts@heshe.com.sg
Web site: http://www.heshe.com.sg


LINDETEVES-JACOBERG: Updates Agreement with ATB
-----------------------------------------------
Lindeteves-Jacoberg Limited refers to its previous announcements
in relation to the proposed subscription of 148,781,725 new
shares in the Company by ATB Austria Antriebstechnik AG (ATB).

On Dec. 21, 2005, the Company entered into supplemental
agreements in respect of the following:

(a) the conditional advance agreement dated Aug. 27, 2005
entered into between the Company and ATB; and

(b) the subscription agreement dated Aug. 27, 2005 entered into
between the Company and ATB.

In connection therewith, G15 Investment Holdings Pte Ltd (G15)
and ATB have on Dec. 21, 2005 entered into a supplemental
agreement in respect of the call option agreement dated Aug. 27,
2005 entered into between G15 and ATB.

To view the details of the Company's agreement, go to:

http://bankrupt.com/misc/tcrap_lindeteves-jacoberg122305.pdf

CONTACT:

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


MILLENIUM-WESTMONT PTE: Intends to Declare Dividend
---------------------------------------------------
Millenium-Westmont Pte Limited of 16 Raffles Quay, #14-02 Hong
Leong Building, Singapore 048581, posted a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Name of Company: Millenium-Westmont Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 241 of 1998
Last day for receiving proofs: Jan. 6, 2006
Name  & address of Liquidator: Ong Yew Huat
C/o 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315

Dated the 23rd day of December 2005


SAPPHIRE CORPORATION: Issues Shares in Debt Conversion Scheme
-------------------------------------------------------------
Sapphire Corporation Limited announces that in relation to a
debt conversion agreement it had entered with Standard Chartered
Bank (SCB) on April 29, 2004, the Company had on Dec. 21, 2005
allotted and issued 30 million ordinary shares of SGD0.01 each
in its capital to SCB.

By Order of the Board

Michael Tay Kwang How
Company Secretary
Dec. 22, 2005

CONTACT:

Sapphire Corporation Limited (formerly known as I.R.E.
Corporation Limited)
123 Genting Lane #07-02, Yenom Industrial Building
Singapore 349574
Phone: 65 6250 3838
Fax:   65 6253 8585
Email: info@sapphirecorp.com.sg
Web site: http://www.sapphirecorp.com.sg/


VERIZON PTE: Receiving Claims Until Jan. 23
-------------------------------------------
Notice is hereby given that the creditors of Verizon Pte
Limited, which is being wound up voluntarily, are required on or
before Jan. 23, 2006 to send in their names and addresses and
the particulars of their debts or claims, and the names and
addresses of their solicitors (if any), to the Company
Liquidators, and, if so required, are to come in and prove their
debts or claims as shall be specified in such notice; in default
thereof, they will be excluded from the benefits of any
distribution made before such proof.

Date: 23rd December 2005

Aw Eng Hai
Kon Yin Tong
Wong Kian Kok
Joint Liquidators
C/o 47 Hill Street
#05-01, Chinese Chamber of Commerce & Industry Building
Singapore 179365


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EASTERN WIRE: Unveils Resolutions of Board Meeting
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Eastern Wire Public Company Limited (EWC) informed the Stock
Exchange of Thailand (SET) on the resolution of the Board of
Directors Meeting which was held on December 22, 2005:

(1) Resolved to appoint a new director, Mr. Ben Boonluang to
replace Mr. Sonthaya Noicharoen, resigned director, for the
remaining term of the office of Mr. Sonthaya Noicharoen, to take
effect from December 22, 2005.

(2) The resignation of Director and Audit Committee of Mr.
Sompoch Intranukul will be effective from January 22, 2006.

Please be informed accordingly

Best regards,
Dr. Nop Satyasai
Managing Director and Secretary to the Board

CONTACT:

Eastern Wire Pcl   
Rasa Tower, Room 1201-1203,
555 Phaholyothin Road,
Chatu Chak Bangkok    
Telephone: 0-2937-0058-66   
Fax: 0-2937-0067


NATURAL PARK: Details Unit's Sale of Assets
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Natural Park Public Company Limited notified the Stock Exchange
of Thailand (SET) that the Board of Directors Meeting held on
December 8, 2005 resolved to approve Natural Real Estate Company
Limited (which is a subsidiary of the Company that holds 100
percent of the register capital) to sell the leasehold rights of
land and Mercury Office Building and other assets related to
such office building to Bangkok Office 2 Company Limited.

(1) Date of transaction: December 22, 2005

(2) Related parties and relationship with listed companies

Purchaser: Bangkok Office 2 Company Limited, a company in the
group of Lehman Brothers, which invests in businesses.

Seller: Natural Real Estate Company Limited

Guarantor: Natural Park Public Company Limited

Relationship between the parties and listed companies: The
purchaser is not a connected person under the Notification of
the Board of Governors of The Stock Exchange of Thailand.

(3) Nature of Transaction: Natural Real Estate Company Limited
will sell leasehold rights of land and Mercury office building
and other assets related to such office building at the price
totaling THB1,100 million. The Company will be a guarantor on
the compliance with the sale and purchase agreement of Natural
Real Estate Company Limited, a subsidiary of the Company.  The
size of transaction under Notification of The Board of Governors
of The Stock Exchange of Thailand, Re: Disclosure of Information
and Other Acts of Listed Companies Concerning the Acquisition
and Disposition of Assets, 2004 is calculated from the financial
statement of the Company as of September 30, 2005 as follow:

(1) Value of Assets Acquired or Disposed Method - cannot be
calculated

(2) Net After Tax Profit Method - cannot be calculated

(3) Total Value of Consideration Received Method - 7.21 percent

(4) Value of Securities Issued by the Listed Company as
Consideration of the Assets Acquired - cannot be calculated

(4) Details of disposed assets: Details of disposed assets are
as follows

Disposed assets: Leasehold rights of land and Mercury Office

Building Location: Corner of Ploenchit Road and LangSuan,
Bangkok

Type of project: Office Building Rental

Rental area: 22,000 sq. m.

Current status: Operating and under partial renovation

(5) Total value of consideration and payment conditions:

Total value of consideration: THB1,100 million

Payment method: Full payment shall be made on the date of
transaction.

(6) Value of acquired assets: Approximately THB300 million,
which comprised of leasehold rights of land and building,
building improvement and assets related to Mercury office
building according to the book value in the financial statements
of the Company as at September 30, 2005.

Nonetheless, if calculated including Goodwill, the book value
will be approximately THB895 million as appeared in the
consolidated financial statements on September 30, 2005.

(7) Method used to determine the value of consideration: Based
on negotiation and the value is higher than the book value of
assets and the appraisal value as appraised by an independent
appraiser (the appraisal value is THB956 million, which valued
on August 22, 2005 by CB Richard Ellis (Thailand) Company
Limited using the Income Approach Method)

(8) Benefit, which the Company will receive from the
transaction:

The Company will gain profit from the sale transaction.  The
Company will have higher working capital and stronger financial
stability.

(9) Plan of the Usage of Fund

The Company will use the fund received as working capital of the
Company and to repay loan to financial institutions.  Also, the
Company will use the fund to develop existing real estate
projects and invest in new business opportunities in the future.

(10) Transaction conditions: The size of such transaction is
7.21 percent under the Total Value of Consideration Received
Method, thus, the Company does not have to notify information
memorandum to the shareholders and does not have to obtain
approval from the shareholders under the Notification of The
Board of Governors of The Stock Exchange of Thailand, Re:
Disclosure of Information and Other Acts of Listed Companies
Concerning the Acquisition and Disposition of Assets, 2004.11
Future operating plan of Natural Real Estate Company Limited:

The Company is in the process of considering the future-
operating plan of Natural Real Estate Company Limited after the
assets was sold.  The Company may invest in new business
opportunities through Natural Real Estate Company Limited or in
the case where Natural Real Estate Company Limited will not
continue to operate; the Company may consider to dissolve
Natural Real Estate Company Limited to reduce management and
financial statements preparation complexities.  The Company will
consider future operating plan of Natural Real Estate Company
Limited carefully and for the best benefit of the shareholders.

Please be informed accordingly.

Sincerely Yours,
Mr. Sermsin Samalapa
President and Chief Executive Officer

CONTACT:

Natural Park Public Company Limited   
Address: 88 Soi Klang (Sukhumvit 49),
Sukhumvit Road, Wattana, Bangkok
Telephone: 0-2259-4800-11   
Fax: 0-2259-4819, 0-2259-4815   





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