TCRAP_Public/051228.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

            Wednesday, December 28, 2005, Vol. 8, No. 257

                           Headlines

A U S T R A L I A

ASHPAL PTY: Members to Hear Liquidator's Report
AUTHENTIC BRICKLAYING: Creditors OK Liquidator's Appointment
BEED MICMARCY: Set to Declare First, Final Dividend
B.F. HOCKING: Winds Up Operations
BLACKLASH PTY: Enters Voluntary Liquidation

COMMERCIAL ACTIVITIES: Members Pass Winding Up Resolution
CUMMERAGUNGA PTY: Intends to Pay Dividend to Creditors
DOLANY HOLDINGS: Liquidator to Distribute Company Assets
FIRMA ENTERPRISES: Schedules Final Meeting Jan. 5
FORTESCUE METALS: Ready to Roll in Pilbara

FREMANTLE LIVESTOCK: Placed Under Voluntary Liquidation
HENCOL PTY: James Downey Named Liquidator
KAYLEX PTY: Members, Creditors to Review Wind Up Report
MAES LIMITED: Issues Final Dividend Notice
MANBUSH PTY: Court Orders Winding Up

MYER LIMITED: Makes a Head Start Over David Jones
NATIONAL AUSTRALIA: Customers Baited in 'Phishing' Scam
OTMINEX PTY: Liquidator to Explain Winding Up to Members
PENRITH VENTURES: Wind Up Process Initiated
ROYSTON FLATS: Shuts Down Business

ROZELLE PTY: Court Orders Liquidation
TOWNS HAULAGE: To Declare Dividend to Priority Creditors
VIBRO-PILE PTY: Creditors Opt for Voluntary Liquidation
WATTYL LIMITED: Analysts See No Rival Takeover Bid
WESTPOINT GROUP: Picketers Won't Leave Without Entitlements


C H I N A  &  H O N G  K O N G

BEARCOLE LIMITED: Creditors to Convene Meeting Next Week
KING MOUNT: Creditors Meeting Set Jan. 6
SINO TRADE: Court Names Joint, Several Liquidators
STAR CRUISES: Forms Venture to Bid for H.K. Terminal Job
SURPLUS TRADER: Picks Liquidators from KPMG

TCL COMMUNICATION: Shares Plunge 10% on Rights Issue Plan
TKR FINANCE: Creditors Meeting Fixed Jan. 6
VISIONS BALLOONS: Creditors to Meet Feb. 10
VISION TECH: First Half Net Loss Shrinks to HK$486K
WING HONG: Sinks to HK$2 Mln Loss

WORLDFORD INDUSTRIES: Releases Creditors Meeting Notice


I N D I A

DUNLOP INDIA: Seeks Shareholders' OK for Special Resolution
GALAXY AGRICO: Fixes Board Meeting Jan. 5
GROWEL INVESTMENT: Stratcap Offers to Acquire Shares
SAURASHTRA CEMENT: Embarks on Financial Restructuring
SOVEREIGN DIAMONDS: Sends Final Notice for Call Money Payment

SUPERSTAR DISTILLERIES: Unveils Outcome of AGM


I N D O N E S I A

BANK LIPPO: Fitch Ugrades Support Rating to 4
PERTAMINA: Opts to Buy Cheap Oil from Contractors; Avoids Import


J A P A N

JAPAN AIRLINES: Needs Cure for 'Big Company Disease'
RESONA HOLDINGS: S&P Raises Governance Score to 'CGS-7'
SANYO ELECTRIC: To Enter Wireless Broadband System Market
* S&P Notes Overall Improvement in Credit Profile of Japan Firms


K O R E A

ASIANA AIRLINES: New Deal Enhances Customer Satisfaction
LG CARD: Shareholders OK Executive Stock Option Scheme


M A L A Y S I A

AKTIF LIFESTYLE: Awaits Approval of Regularization Plan
ANCOM BERHAD: Buys Back Ordinary Shares  
HUNZA CONSOLIDATION: Provides Rehabilitation Updates
I-BERHAD: Acquires Ordinary Shares on Buy Back
KILANG PAPAN: Securities on Verge of Being Delisted

K.P. KENINGAU: Books MYR1,287,000 Net Loss in 1Q
LION CORPORATION: Updates Restructuring Exercise Info
MAGNUM CORPORATION: Issues Shares Buy Back Notice
MALAYSIA PACIFIC: Court OKs Wind-Up Petition on Unit
MALAYSIAN AIRLINE: Clarifies New Straits Times Article

NORTH BORNEO: Agrees to Extend Agreement with Parties  
PACIFIC & ORIENT: Buys Back Ordinary Shares
PAN MALAYSIA: Holds Share Buy Back
PANTAI HOLDINGS: Bourse to List, Quote New Shares
SOUTHERN BANK: Details Call, Put Option Agreement

SOUTHERN BANK: Purchases New Shares


P H I L I P P I N E S

AL-AMANAH BANK: Seeking PDIC's Help for Rehabilitation
MANILA ELECTRIC: Fewer Clients File for Refund Claims
NATIONAL POWER: PSALM Taps BPI to Handle IPP Contracts
NATIONAL POWER: Projects Another Break Even Year in 2006
PANASONIC MOBILE: Sister Firms Unlikely to Absorb Axed Workers

PHILIPPINE AIRLINES: Suffers Php240-Mln Loss in Q2


S I N G A P O R E

COLOSSEUM CORPORATION: Creditor Files Winding Up Petition
DIVCON INTERNATIONAL: Intends to Declare Dividend
RADIANT INVESTMENT: Creditors Seek to Wind Up Firm
SAPPHIRE CORPORATION: Bourse Approves Debt Conversion Exercise
SPEEDHELM PTE: Intends to Pay Dividend to Creditors



T H A I L A N D

ABICO HOLDINGS: Concludes Capital Increase Procedures
THAI DURABLE: Managing Director Quits
WYNCOAST INDUSTRIAL: Bad Health Prompts Director to Step Down

     -  -  -  -  -  -  -  -

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

ASHPAL PTY: Members to Hear Liquidator's Report
-----------------------------------------------
Notice is given that a final meeting of the members of Ashpal
Pty Limited will be held on Jan. 5, 2006, 10:20 a.m. at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide
SA to present the Liquidator's account on the Company's winding
up and disposal of property, and to hear any explanation that
may be given by the Liquidator.

Dated this 18th day of November 2005

Timothy Paul Burfield
Liquidator
Ernst & Young
Level 21, 91 King William Street
Adelaide SA 5000
Phone: 08 8233 7111


AUTHENTIC BRICKLAYING: Creditors OK Liquidator's Appointment
------------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Authentic Bricklaying Pty Limited held on Dec. 5, 2005, a
Special Resolution was passed to voluntarily wind up the
Company, and Messrs. P. Ngan and G. Parker were appointed as
Joint and Several Liquidators for such purpose.

Creditors confirmed the Liquidators' appointment at a creditors'
meeting held that same day.

Dated this 7th day of December 2005

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


BEED MICMARCY: Set to Declare First, Final Dividend
---------------------------------------------------
Beed Micmarcy Australia Pty Limited will declare a first and
final dividend on Jan. 6, 2006.

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

Dated this 6th day of December 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
C/o Jones Condon Chartered Accountants
Phone: 02 9893 9499


B.F. HOCKING: Winds Up Operations
---------------------------------
Notice is hereby given that at an extraordinary general meeting
of B.F. Hocking Pty Limited held on Dec. 2, 2005, the following
resolutions were passed:

That the Company be wound up voluntarily, and

That Schon Condon and Bruce Gleeson be appointed as Joint
Liquidators for the winding up.

Creditors of the company are required to prove their debts or
claims by Jan. 8, 2006. Failing which, they will be excluded
from any distribution made and from objecting to any such
distribution.

Formal Proof of Debt forms are available on application to the
Joint Liquidators.

Dated this 8th day of December 2005

Schon G. Condon RFD
Bruce Gleeson
Joint Liquidators
Jones Condon Chartered Accountants
Phone: 02 9893 9499


BLACKLASH PTY: Enters Voluntary Liquidation
-------------------------------------------
At an extraordinary general meeting of Blacklash Pty Limited
held on Dec. 1, 2005, members resolved to wind up the Company
Voluntarily, and to appoint Messrs. John Gibbons and Keiran
Hutchison of Ernst & Young, Ernst & Young Centre, Level 37, 680
George Street, Sydney NSW 2000 as Liquidators for the wind up.

Dated this 13th day of December 2005

John Gibbons
Keiran Hutchison
Liquidators
Ernst & Young
Level 37, 680 George Street
Sydney NSW 2000
Phone: 02 9248 4124


COMMERCIAL ACTIVITIES: Members Pass Winding Up Resolution
---------------------------------------------------------
At a general meeting of the members of Commercial Activities Pty
Limited held on Nov. 30, 2005, the following Special Resolution
was passed:

That the Company be wound up voluntarily.

Dated this 30th day of November 2005

Rohan William Dyson, CPA
Liquidator
Vaughan Storer & Associates Pty Limited
788 High Street, Thornbury Vic 3071


CUMMERAGUNGA PTY: Intends to Pay Dividend to Creditors
------------------------------------------------------
Cummeragunga Pty Limited will declare a dividend on Jan. 5,
2006.

Creditors, whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 5, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 5th day of December 2005

Susan Carter
Liquidator
Downie Insolvency
Level 6, 50 Cavill Avenue
Surfers Paradise Qld


DOLANY HOLDINGS: Liquidator to Distribute Company Assets
--------------------------------------------------------
Notice is hereby given that at a meeting of the members of
Dolany Holdings Pty Limited held on Dec. 5, 2005, the following
special and ordinary resolutions were passed:

That the Company be wound up as a members voluntary liquidation
and that its assets may be distributed (in whole or in part) to
the members in specie, should the Liquidator so desire; and

That Mr. John Vouris be appointed as the Company Liquidator.

Creditors are required to prove their debts or claims and to
establish any title they may have to priority on or before Jan.
21, 2005, by delivering or sending through the post to the
Liquidator a Proof of Debt verifying their respective debts or
claims. In default thereof, they will be excluded from the
benefit of any distribution made before such debts or claims are
proven or such priority is established, and from objecting to
any such distribution.

Dated this 7th day of December 2005

John Vouris
Liquidator
Vouris & Bell Chartered Accountants
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 9232 6800


FIRMA ENTERPRISES: Schedules Final Meeting Jan. 5
-------------------------------------------------
Notice is given that a final meeting of the members of Firma
Enterprises Pty Limited will be held on Jan. 5, 2006, 10:50 a.m.
at the offices of Newmont Australia Limited, 100 Hutt Street,
Adelaide SA, to present the Liquidator's account on the
Company's winding up, and to hear any explanation that may be
given by the Liquidator.

Dated this 18th day of November 2005

Timothy Paul Burfield
Liquidator
Ernst & Young
Level 21, 91 King William Street
Adelaide SA 5000.
Phone: 08 8233 7111


FORTESCUE METALS: Ready to Roll in Pilbara
------------------------------------------
Fortescue Metals' iron-ore plan starts to become a reality with
the arrival of a dredge off Anderson Point at Port Hedland, The
Weekend Australian has learned.

The said dredge will operate to deepen the harbor at the site
where Fortescue plans to build its berth.

The construction of the berth forms part of Fortescue's AU$1.95-
billion Chichester Ranges project.

On Friday last week, Fortescue wrapped up its final pre-
Christmas business with the announcement that it has signed
another five Chinese steel mills to take the mine's output.
The new agreements cover five million tonnes a year, which means
Fortescue now has contracts covering 30 million tonnes of its
planned 45 million tonnes a year production.

Fortescue's performance in the past few months seemed better
than at mid-year when, after having for the first time topped
AU$1 billion, the firm's shares plummeted to as low as AU$2.32.

CONTACT:

Fortescue Metals Group
Fortescue House
50 Kings Park Road
WEST PERTH
WESTERN AUSTRALIA WA 6005
Phone: +61 8 9266 0111
Fax: +61 8 9266 0188
E-mail: fmgl@fmgl.com.au  
Web site: http://www.fmgl.com.au


FREMANTLE LIVESTOCK: Placed Under Voluntary Liquidation
-------------------------------------------------------
At a general meeting of the members of Fremantle Livestock
Services Pty Limited held on Dec. 1, 2005, the following Special
Resolutions were passed:

(i) That the Company be wound up voluntarily.

The resolution was unanimously carried.

(ii) That the Liquidators shall distribute in cash, or in
specie, the Company assets to the shareholders in accordance
with the Articles of Association.

The resolution was unanimously carried.

(iii) That each E Class shareholder be paid a pro rata
distribution from the Company's retained earnings, limited to
AUD1,000 per E class shareholder.

The resolution was unanimously carried.

Messrs. Simon Andrew Read and Andrew John Birch of PPB, Level 1,
5 Mill Street, Perth were appointed as Liquidators for such
purpose.

Dated this 6th day of December 2005

Andrew J. Birch
Simon A. Read
Liquidators
PBB
Level 1, 5 Mill Street
Perth


HENCOL PTY: James Downey Named Liquidator
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Hencol Pty Limited held on Dec. 6, 2005, it was resolved that
the Company be wound up voluntarily, and that James Patrick
Downey of Cole Downey & Co. Chartered Accountants, Level 1, 22
William Street, Melbourne Vic 3000 be nominated to act as
Liquidator for such purpose.

Dated this 7th day of December 2005

James P. Downey
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


KAYLEX PTY: Members, Creditors to Review Wind Up Report
-------------------------------------------------------
Notice is given that a meeting of the members & creditors of
Kaylex Pty Limited will be held on Jan. 5, 2006, 2:30 p.m. at
Downie Insolvency, Level 6, 50 Cavill Avenue, Surfers
Paradise, Queensland, for the following purposes:

AGENDA

(1) To receive the final receipts and payments from the
Liquidator;

(2) To receive formal notice of the end of the administration;

(3) To resolve that the Company be dissolved;

(4) To resolve that the books and records of the Company be
destroyed.

Dated this 11th day of November 2005

Jason Bettles
Liquidator
Downie Insolvency
Web site: http://www.downieinsolvency.com.au


MAES LIMITED: Issues Final Dividend Notice
------------------------------------------
Maes Limited will declare a first and final dividend on Jan. 6,
2006.

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

Dated this 8th day of November 2005

Simon Read
Liquidator
C/o PPB
Level 1, 5 Mill Street
Perth WA


MANBUSH PTY: Court Orders Winding Up
------------------------------------
On Dec. 6, 2005, the Supreme Court of New south Wales, Equity
Division ordered the winding up of Manbush Pty Limited, and
appointed Mr. Steven Nicols to be the Company Liquidator.

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


MYER LIMITED: Makes a Head Start Over David Jones
-------------------------------------------------
Myer Limited had the chance to gain an edge over rival David
Jones during the crucial Boxing Day sales, according to The Age.

The ailing department store chain opened its Melbourne outlet
half an hour before the advertised time for the launch of Boxing
Day sales.

Boxing Day is the most important trading day of the year for the
department stores, and competition between the two retail giants
heated up as hundreds of shoppers queued up before dawn to get
first grabs on specials.

David Jones tried a new approach this year, bringing in
supermodel and Australian icon Elle Macpherson to ring a bell
announcing the store's 100th summer clearance sale. The ceremony
was set for 6:50 a.m., 10 minutes before the official store
opening in Melbourne's Bourke Street Mall.

But Myer, which is located next door to David Jones, opened 20
minutes earlier at 6:30 a.m., dragging hundreds of bargain
hunters away from its rival.

Myer expected more than 1.5 million people to enter its stores
on Boxing Day including between 130,000 and 140,000 through its
flagship store on Bourke Street.

CONTACT:

Myer Limited
295 Lonsdale Street
Melbourne Vic 3000
Telephone: (61 3) 9661 1111
Facsimile: (61 3) 9661 3770
Web site: http://www.myer.com.au


NATIONAL AUSTRALIA: Customers Baited in 'Phishing' Scam
-------------------------------------------------------
Customers of National Australia Bank (NAB) are the latest
victims of an organized online crime, The Daily Telegraph
reports.

Bogus e-mails supposedly coming from NAB direct customers to
fake Internet sites, trying to lure them into divulging personal
details.

The "phising" scams are becoming a more common method for
criminals to steal personal details and cash.

The e-mails, like those targeting NAB customers, tell victims to
click on a link and fill in information on a site that pops up.
The e-mails ask for a person's banking identification code and
password.

NAB, which serves 1.1 million online clients, said it was aware
of the e-mails and is working to address the issue.

The bank assured customers they would not lose out financially
by fraud.

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


OTMINEX PTY: Liquidator to Explain Winding Up to Members
--------------------------------------------------------
Notice is given that a final meeting of the members of Otminex
Pty Limited will be held on Jan. 5, 2006, 10:40 a.m. at the
offices of Newmont Australia Limited, 100 Hutt Street, Adelaide
SA to receive the Liquidator's account on the Company's winding
up and disposal of property, and to hear any explanation that
may be given by the Liquidator.

Dated this 18th day of November 2005

Timothy Paul Burfield
Liquidator
Ernst & Young
Level 21, 91 King William Street
Adelaide SA 5000
Phone: 08 8233 7111


PENRITH VENTURES: Wind Up Process Initiated
-------------------------------------------
At a meeting of the members and creditors of Penrith Ventures
Pty Limited held on Dec. 2, 2005, it was resolved that the
Company be wound up voluntarily, and that Mr. David Patrick
Watson of Bentleys MRI Sydney, Business Recovery & Insolvency
Partnership, Level 8 Carrington House, 50 Carrington Street,
Sydney NSW be appointed as Liquidator for such purpose.

Dated this 5th day of December 2005

David P. Watson
Liquidator
Phone: 02 8221 8433
Fax:   02 8221 8422
Web site: http://www.bentleys.com.au


ROYSTON FLATS: Shuts Down Business
----------------------------------
Notice is hereby given that at a general meeting of the members
of Royston Flats Pty Limited held on Dec. 5, 2005, it was
resolved that the Company be wound up voluntarily, and that
David H. Scott of Jones Condon Chartered Accountants, 77 Station
Street, Malvern Vic 3144 be nominated to act as Liquidator for
the winding up.

Dated this 5th day of December 2005

David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144


ROZELLE PTY: Court Orders Liquidation
-------------------------------------
On Dec. 9, 2005, the Federal Court of Australia, NSW District
Registry ordered the winding up of Rozelle Pty Limited, and
appointed Mr. Stephen James Parbery to be the Company
Liquidator.

Dated this 12th day of December 2005

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


TOWNS HAULAGE: To Declare Dividend to Priority Creditors
--------------------------------------------------------
Towns Haulage Pty Limited will declare a first and final
dividend to its priority creditors on Jan. 3, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on Jan. 2,
2006. If they do not, they will be excluded from the benefit of
the dividend.

Dated this 24th day of November 2005

Andrew McLellan
Liquidator
C/o PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


VIBRO-PILE PTY: Creditors Opt for Voluntary Liquidation
-------------------------------------------------------
Notice is hereby given that on Dec. 1, 2005, the following
special resolution was passed:

That Vibro-Pile (W.A.) Pty Limited be wound up voluntarily
relating to a Creditors' Voluntary Winding Up, and that Mr. K.
L. Sutherland, Chartered Accountant of Level 5, 332 St. Kilda
Road, Melbourne be appointed as Liquidator for such purpose.

Dated this 1st day of December 2005

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


WATTYL LIMITED: Analysts See No Rival Takeover Bid
--------------------------------------------------
A rival takeover bid for Wattyl Limited was not expected after a
recent AU$275 million (US$201.02 million) offer by investment
firm Allco Equity Partners Limited, Asia Pulse reports.

Analysts from both Merrill Lynch and JPMorgan said that Allco's
potential rival bidders Dulux and Taubmans are unlikely to
launch their own bids due to competition concerns. Dulux is
owned by Orica and Taubmans is owned by Barloworld.

Analysts also expect Allco to close some of Wattyl's
manufacturing and distribution sites in an attempt to improve
their efficiency if the firm achieves the takeover

The Wattyl board will meet very soon to consider Allco's AU$3.25
per share offer. In the meantime, it has advised shareholders to
take no action.

CONTACT:

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


WESTPOINT GROUP: Picketers Won't Leave Without Entitlements
-----------------------------------------------------------
A group of workers and subcontractors have picketed a Sydney
construction site to protest the failure of a Westpoint Group
company to pay their entitlements, Australian Associated Press
reports.

Although the Construction Forestry Mining and Energy Union
(CFMEU) got the project's backer to agree to pay out AU$1
million in owed entitlements, the group has warned it will keep
up its picket until all staff is paid.

Project financier Capital Finance owed 200 workers and
subcontractors AU$2.5 million in leave, loading and redundancy
pay.

Capital has to pay out AU$1 million, but the remaining AU$1.5
million was still in question. Capital said payment of the rest
of its obligations depended on a decision in a court case
between the Australian Securities and Investments Commission
(ASIC) and Westpoint.

Capital property finance director Rod O'Neill said the company
was co-operating closely with the union and doing everything it
could to ensure workers received what they were owed.

Westpoint has fallen into administration and is expected to go
into liquidation.


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

BEARCOLE LIMITED: Creditors to Convene Meeting Next Week
--------------------------------------------------------
Notice is hereby given, pursuant to Section 228A(5)(C) of the
Hong Kong Companies Ordinance, that a meeting of the creditors
of Bearcole Limited (In Creditors' Voluntary Liquidation) will
be held at the Auditorium, Duke of Windsor Social Service
Building, No.15 Hennessy Road, Wanchai, Hong Kong on January 5,
2006 at 2:30 p.m. for the purposes provided for in Sections 241,
242, 243, 244, 251(1)(a), 255A(2) and 283 of the Companies
Ordinance.
  
Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, not later than 4:00 p.m. on January 4, 2006.

Dated this 23rd day of December 2005

Noboru Takahashi
Director


KING MOUNT: Creditors Meeting Set Jan. 6
----------------------------------------
Notice is hereby given, pursuant to Section 228A(5)(C) of the
Hong Kong Companies Ordinance, that a meeting of the creditors
of King Mount Limited (In Creditors' Voluntary Liquidation) will
be held at Room 204, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on January 6, 2006 at 10:30
a.m. for the purposes provided for in Sections 241, 242, 243,
244, 251(1)(a), 255A(2) and 283 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, not later than 4:00 p.m. on January 5, 2006.

Dated this 23rd day of December 2005

Noboru Takahashi
Director


SINO TRADE: Court Names Joint, Several Liquidators
--------------------------------------------------
Notice is hereby given that by an order of the High Court of the
Hong Kong Special Administrative Region dated December 5, 2005,
Mr. Grant A. Jamieson and Mr. Edward S. Middleton both of KPMG,
8th Floor, Prince's Building, 10 Chater Road, Central, Hong
Kong, were appointed as the Joint and Several Liquidators of
Sino Trade Asia Limited (In Liquidation) without a Committee of
Inspection.

Dated this 23rd day of December, 2005

Edward S. Middleton
Joint and Several Liquidator


STAR CRUISES: Forms Venture to Bid for H.K. Terminal Job
--------------------------------------------------------
Star Cruises Limited has formed a venture with two Hong Kong-
based firms to develop a second terminal for ocean-sailing
liners in the city, Business Times reports.

Star Cruises and financial services firm VXL Capital Ltd will
each own 30 percent of the venture while builder Nan Fung
Development Ltd holds 40 percent.

The three companies are bidding to build new facilities in one
of the world's most famous harbors to cater for the record 11
million people who may take holidays on ocean liners this year.
  
Star Cruises, a Malaysian-owned company that sails to 200 global
destinations with a fleet of 22 ships, is based in Hong Kong.

The venture brings together two members of the Lim family that
controls Genting Bhd, one of Malaysia's largest companies with
businesses including casino, hotels, power plants, papermills
and oil exploration.

Kuala Lumpur-based Genting owned 0.3 percent of Star Cruises as
of November 11 and controlled another 36 per cent of the holiday
operator through Resorts World Bhd.

VXL Capital, formerly the Hong Kong unit of Singapore's largest
publicly traded stock brokerage Kim Eng Holdings Ltd, was sold
in December 2003 to Malaysian businessman Lim Chee Wah. Lim is a
former Genting deputy managing director until May 2002.

Wharf (Holdings) Ltd, a Hong Kong telecommunications and
property investor, operates the city's sole cruise terminal.

CONTACT:

Star Cruises Limited
Suite 1501, Ocean Centre
5 Canton Road, Tsimshatsui
Kowloon, Hong Kong  
Phone: 23782000  
Fax: 23143809  
Web site: http://www.starcruises.com


SURPLUS TRADER: Picks Liquidators from KPMG
-------------------------------------------
Notice is hereby given that by an order of the High Court of the
Hong Kong Special Administrative Region dated December 5, 2005,
Mr. Grant A. Jamieson and Mr. Edward S. Middleton both of KPMG,
8th Floor, Prince's Building, 10 Chater Road, Central, Hong
Kong, were appointed as the Joint and Several Liquidators of
Surplus Trader Limited (In Liquidation) without a Committee of
Inspection.

Dated this 23rd day of December, 2005

Edward S. Middleton
Joint and Several Liquidator


TCL COMMUNICATION: Shares Plunge 10% on Rights Issue Plan
---------------------------------------------------------
Shares of TCL Communication Technology, a unit of TCL
Corporation, fell more than 10 percent on Saturday after it
disclosed plans to raise HK$594 million through a one-for-one
rights issue, The Standard reports.

Shareholders will be offered one rights share at HK$0.20 for
each share held now. The price is an 18.3 percent discount to
Thursday's closing price of HK$0.24.

The rights issue will double TCL Communication's share base to
5.94 billion shares from 2.97 billion.

TCL Corporation will take up its full entitlement of 1.62
billion rights shares. Executive Director Wong To-yeung, the
second- largest shareholder at 9.7 percent, also intends to take
up his full entitlement of 288.3 million shares.

TCL Communication will use HK$200 million from the rights issue
for research and development on products such as 3G handsets. It
will also use a further HK$150 million to pay suppliers, while
the remainder is to be utilized as working capital.

For the nine months ended September 30, TCL Communication
incurred a net loss of HK$1.3 billion.

CONTACT:

TCL Communication Technology Holdings Limited
33 Canton Rd Tsimshatsui Kowloon
Hong Kong
Phone: (86) 755 3331 3042
Fax: (86) 755 3331 3007


TKR FINANCE: Creditors Meeting Fixed Jan. 6
-------------------------------------------
Notice is hereby given that, that a meeting of the creditors of
TKR Finance Limited will be held at the offices of John Lees &
Associates Limited, 1904 Hong Kong Club Building, 3A Chater
Road, Central, Hong Kong on January 6, 2006 at 10:00 a.m. for
the purpose of considering an ordinary resolution to remove two
members of the Committee of Inspection of the Company, as they
are no longer creditors, and if that resolution is passed, to
consider whether the vacancies should be filled by the
appointment of new members, or whether these vacancies should
not be filled.

Proxies used at the meeting can be obtained from, and must be
lodged with, John Lees & Associates Limited of the above address
not later than 4:00 p.m. on the day before the meeting.

Dated this 23rd day of December 2005

JOHN ROBERT LEES
Liquidator


VISIONS BALLOONS: Creditors to Meet Feb. 10
-------------------------------------------
A meeting of the creditors of Visions Balloons Limited will be
held at 1403, 43 Queen's Road East, Hong Kong on February 10,
2006 at 09:30 for the purposes provided for in Sections 241,
242, 243, 255A(2) and 283 of the Companies Ordinance.

Creditors may vote in person or by proxy. Proxies must be lodged
at the above address no later than 09:30 on February 9, 2006.

Dated: December 14, 2005

Ian Hayworth
Director


VISION TECH: First Half Net Loss Shrinks to HK$486K
---------------------------------------------------
Vision Tech International Holdings Limited (0922) recorded a net
loss of HK$486,000 for the six months ended September 30, versus
to a net loss of HK$1.13 million in the same period a year
earlier, Infocast News reports.

The loss per share (LPS) was $0.001. No interim dividend was
declared.  

The Group is principally engaged in the sale and distribution of
a range of medium to high range audio-visual products that
include larger-size TVs, Hi Fi systems, VD players, camcorders
and other medium to high-end digital products in the PRC and
Hong Kong.

CONTACT:

Vision Tech International Holdings Limited
11 th Floor 156-160
Des Voeux Road West Sheung Wan
Hong Kong
Phone: 27212300  
Fax: 27216769  
Web site: http://www.visiontech-int.com


WING HONG: Sinks to HK$2 Mln Loss
---------------------------------
Wing Hong (Holdings) Limited incurred a net loss of HK$1.982
million for the six months ended September 30, 2005, compared to
a net profit of HK$422,000 in the same period a year earlier,
according to Infocast News.

The loss per share (LPS) was $0.0019. No interim dividend was
declared.

CONTACT:

Wing Hong (Holdings) Limited
7th Floor, Eastern Commerical Building Centre
395-399 Hennessy Road Wan Chai
Hong Kong  
Phone: 2861-2363  
Fax: 2861-2971  


WORLDFORD INDUSTRIES: Releases Creditors Meeting Notice
-------------------------------------------------------
Notice is hereby given, pursuant to Section 228A(5)(C) of the
Hong Kong Companies Ordinance, that a meeting of the creditors
of Worldford Industries Limited will be held at Room 103, Duke
of Windsor Social Service Building, No.15 Hennessy Road,
Wanchai, Hong Kong on January 6, 2006 at 2:30 p.m. for the
purposes provided for in Sections 241, 242, 243, 244, 251(1)(a),
255A(2) and 283 of the Companies Ordinance.  

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at the 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, not later than 4:00 pm on Jan. 5, 2006.

Dated this 23rd day of December 2005

NOBORU TAKAHASHI
Director


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

DUNLOP INDIA: Seeks Shareholders' OK for Special Resolution
-------------------------------------- --------------------
Dunlop India Ltd has informed Bombay Stock Exchange (BSE) that
the Board of Directors of the Company at its meeting held on
December 09, 2005, has resolved to seek shareholders approval
for the Special Resolution for the proposed indirect acquisition
and change in control of the Company by the Acquirer in
accordance with Regulation 12 of the SEBI (Substantial
Acquisition of Shares and Takeovers) regulation, 1997, by way of
Postal Ballot.

Further the Company has informed that the members of the Company
will consider to the approve Special Resolution, by way of
Postal Ballot, for the proposed indirect acquisition and change
in control of the Company by Wealth Sea Pte Ltd Singapore
(Acquirer) from Jumbo World Holdings Ltd in the Company's
existing promoters, DIL Rim and Wheel Corporation Ltd without
making public announcement by the Acquirer for acquiring the
further equity shares held by other shareholders of the Company
in accordance with Regulation 12 of the Securities and Exchange
Board of India (Substantial Acquisition of Shares & Takeovers)
Regulations, 1997.

The Board of Directors of the Company has appointed Hon'ble
Justice Ajit Kumar Sengupta (former judge of Calcutta High
Court) as Scrutinizer for conducting Postal Ballot process in a
fair & transparent manner.

The Postal Ballot form duly completed should reach the
Scrutinizer on or before January 20, 2006. The Scrutinizer will
submit his report to the Chairman of the Extraordinary General
Meeting (EGM) of the Company after completion of the scrutiny
and the results of Postal Ballot will be announced by the
Chairman at the EGM of the Company to be held on January 25,
2006.

CONTACT:

Dunlop India Limited
46 B, Kings Court, Flat No 14 & 18, Chowringhee Road,
Kolkata 700071  
West Bengal  
Phone: 22821607 22821773 22821662 22821664/22824978/1152  
Fax: 22821551   


GALAXY AGRICO: Fixes Board Meeting Jan. 5
-----------------------------------------
Galaxy Agrico Exports Ltd has informed Bombay Stock Exchange
(BSE) that a meeting of the Board of Directors of the Company
will be held on January 05, 2006, to consider the forfeit of the
shares in respect of Non Payment of call in arrears.

CONTACT:

Galaxy Agrico Exports Ltd
Diwali Chambers, 302, Dhebar Road, Opp. Mehta Petrol Pump
Rajkot 360002  
Gujarat  
Phone: 2234139 2233091    
Fax: 2224888  


GROWEL INVESTMENT: Stratcap Offers to Acquire Shares
----------------------------------------------------
Stratcap Securities (India) Pvt Ltd (Manager to the Offer), on
behalf of, Mr. Hozef Darukhanawala (Acquirer) has issued this
Public Announcement (PA) to the Equity Shareholders of Growel
Investment Ltd (Target Company), pursuant to provision of
Regulations 10 and 12 in compliance with Securities & Exchange
Board of India (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 (Regulations) and subsequent amendments
thereto as below.

The Offer:

The Acquirer is now making open offer in terms of the Securities
& Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997 to the fully paid equity
shareholders of the target Company to acquire 48,714 equity
shares representing 20% of the total equity shares capital of
the Company and 20% of the total voting capital of the Target
Company at a price of INR33/- per equity share payable in cash
(Offer Price).

Schedules of Activities:

Specified Date: January 23, 2006

Date of Opening of the Offer: February 13, 2006

Date of Closing of the Offer: March 04, 2006

CONTACT:

Growel Investment Ltd
Growel House, Akruli Road, Kandivali (E)
Mumbai 400101  
Maharashtra  
Phone: 56993000     
Fax: 56993010   


SAURASHTRA CEMENT: Embarks on Financial Restructuring
-----------------------------------------------------
Saurashtra Cement Ltd advised that the Company's financial
restructuring package has been approved by the Corporate Debt
Restructuring (CDR) Empowered Group entailing partial remissions
of interest and other charges, reduction in interest rates,
repayment rescheduling and option to the lenders for partial
conversion of debt into equity of company.

CONTACT:

Saurashtra Cement Ltd
Ranavav 360560  
Gujarat  
Phone: 230824     
Fax: 230830   


SOVEREIGN DIAMONDS: Sends Final Notice for Call Money Payment
-------------------------------------------------------------
Sovereign Diamonds Ltd has advised that the Board of Directors
of the Company at its meeting held on December 14, 2005, has
decided to send the final notice for payment of call money of
INR10,77,500/- payable on 2,15,500 equity shares.

CONTACT:

Sovereign Diamonds Ltd
Sovereign House, 11-A, Mahakali Caves Road,
Mahal Industrial Estate, Andheri E
Mumbai 400093  
Maharashtra  
Phone: 26870537 56923871 56923873   
Fax: 26870530 26870540, 56923880  


SUPERSTAR DISTILLERIES: Unveils Outcome of AGM
----------------------------------------------
Superstar Distilleries & Foods Ltd has informed Bombay Stock
Exchange (BSE) that the members at the 15th Annual General
Meeting (AGM) of the Company held on September 29, 2005, inter
alia, have accorded to the following:

1. Adoption of the Audited Profit and Loss account for the year
ended March 31, 2005 and the Balance Sheet as at the date and
reports of the Directors and Auditors thereon.

2. Re-appointment of Mr. K V Mohan Menon and Mr. M P
Gopalakrishnan as Directors of the Company.

3. Re-appointment of M/s Varma & Varma, Chartered Accountants,
Calicut, as Statutory Auditors of the Company, to hold office
till the conclusion of the next Annual General Meeting of the
Company.

CONTACT:

Superstar Distilleries & Foods Ltd
SDF House, 7/352, NH By Pass Road,
Chandranagar PO
Palakkad 678007  
Kerala  
Phone: 2572629 2572421    


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

BANK LIPPO: Fitch Ugrades Support Rating to 4
---------------------------------------------
Fitch Ratings Services has on Dec. 23, 2005 upgraded Indonesia-
based PT Bank Lippo Tbk's Support rating to '4' from '5' to
reflect the entry of Khazanah Nasional Berhad, the investment
arm of the Malaysian government, as the majority shareholder of
the bank.

Bank Lippo's Individual rating is affirmed at 'D'.

Khazanah became a majority shareholder of Bank Lippo in October
2005 following the purchase of a 52% stake from the Swissasia
Global group. With the close of a mandatory offer on Dec. 20,
2005, Khazanah now holds an 87.5% interest in Lippo with the
founding Riady family holding 5.5%, and the Indonesian
government, 2.5%. As the investment arm of the Malaysian
government (rated 'A-' (A minus)), Khazanah should be willing
and able to support Lippo if necessary, although any support
could be limited by the potential for transfer risk in
Indonesia. Its majority ownership should also bode well for Bank
Lippo's operational development in the long run given Khazanah's
better access to financial resources and banking expertise via
its involvement in the Malaysian banking industry.

Several Khazanah appointees have since been made to Lippo's
executive board of directors, including two ex-Citibankers, an
ex-partner from PricewaterhouseCoopers, and a senior staff
member from Khazanah's investments division. Meanwhile Lippo's
non-executive board of commissioners is now headed by an
experienced Malaysian banker and includes a Khazanah director of
investments.

Established in 1948 and listed in 1989, Lippo is the 9th largest
bank in Indonesia with assets of USD2.7 billion (2% of system
assets). Its underlying profitability, as measured by its pre-
provision ROA, improved to 2.3% over 9M05 versus a peer average
of 3.3%. Lippo's lower return reflects its limited loan growth
in the years after the Asian crisis (with end-September 2005
loans-to-assets ratio at just 23%) as the bank focused on
operational development then. Loans began expanding in earnest
only from mid-2004 with an emphasis on consumers and SMEs.

New regulatory requirements on NPL classification had a limited
impact on Lippo, with its absolute NPLs stable between end-2003
to Sept. 30, 2005, when its NPL ratio stood at 5.3%. Meanwhile,
reserves were sufficient at 1.6x NPLs, even after taking into
account a 4.8% level of weak "special mention" loans. However,
further reserves for the bank's portfolio of foreclosed
properties (amounting to IDR2 trillion or 7.3% of assets/80% of
equity) may well be required. The bank has agreed to dispose of
these over a four year period to an Austrian-based property
group. Details are sketchy at this juncture but Lippo's
management expects a recovery rate of 60-70%. However, any
losses even assuming a lower recovery rate (of 40-50%), should
be covered by about one to two years' worth of earnings. As
such, significant impairment to the bank's equity base (at 9.1%
of assets) is unlikely.

CONTACT:

PT Bank Lippo Tbk.
Asia Tower Building
Jl. Diponegoro Boulevard
Lippo Village, Karawaci, Tangerang
Indonesia
Phone: 62-21 546 0555; 546 0666
Fax:   62-21 546 0601; 546 0605


PERTAMINA: Opts to Buy Cheap Oil from Contractors; Avoids Import
----------------------------------------------------------------
PT Pertamina may buy more crude oil from contractors operating
in Indonesia to cut costly oil imports next year, AFX News
reveals, citing Koran Tempo. The Company's overseas supply
contracts will expire next year.

The plan has already acquired the go signal of the finance
minister in October.  However, the Company has yet to secure a
supply deal with contractors.

According to Pertamina's Marketing Director Arie Soemarno,
buying crude oil from contractors is often cheaper because of
lower transportation costs.  

At present Pertamina can buy only 25 percent of contractors' oil
share, according to Tempo.

The government required Pertamina in September to buy more
locally produced crude oil, which is otherwise earmarked for
exports in order to reduce crude oil exports by up to 110,000
barrels per day.

The move is said to automatically cut crude oil imports for
refineries and is therefore expected to lower the cost of
producing fuel at home.

Indonesian refineries processed about 998,000 bpd of crude oil
last year.  About 404,500 bpd of which was imported and the rest
was domestic crude.

Total domestic oil output amounted to 1.096 mln bpd, of which
488,700 bpd was exported over the same period.

CONTACT:

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


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

JAPAN AIRLINES: Needs Cure for 'Big Company Disease'
----------------------------------------------------
A safety advisory panel for Japan Airlines (JAL) said the
carrier is suffering from "big company disease", according to
Japan Today.

The panel, which was established after a string of mishaps at
JAL, said the group needed to change its mentality in order to
survive.

The panel called for a mentality reform among workers to think
actively as well as organizational reforms, including the
establishment of a post in charge of safety issues vested with
powerful investigative powers.

CONTACT:

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


RESONA HOLDINGS: S&P Raises Governance Score to 'CGS-7'
-------------------------------------------------------
Standard & Poor's Ratings Services (S&P) raised its Corporate
Governance Score (CGS) on Resona Holdings Inc. (RHI) to 'CGS-7'
from 'CGS-6+', reflecting the company's ongoing implementation
of high-standard governance practices. The four component scores
of the CGS were each raised by one notch.
     
RHI, the holding company of Resona Bank Ltd. (BBB+/Positive/A-
2), has increased its public disclosure while ramping up
internal controls and the independence of directors. The company
has also improved monitoring functions while maintaining
favorable relationships with a diverse group of stakeholders.
These improvements have been realized through the new governance
system adopted by RHI in June 2003, and progress is continuing.
The 'CGS-7' score indicates that RHI's corporate governance is
strong by international comparison.
     
RHI has been undergoing significant organizational transition
since receiving a JPY2 trillion capital injection from the
government in June 2003.

The company has put in place a new senior management team and
adopted the "Company With Committees" governance structure that
is now allowed under Japan's Commercial Code. Standard & Poor's
expects that the committee structure at RHI will lead to further
improvements in corporate governance over time.
     
The main positive aspects of RHI's governance profile include
the following:
  - A transparent ownership structure and, except for the
majority government ownership stake, a dispersed ownership base.
  - The government has not tried to exert influence on RHI's
operations following the capital injection.
  - Generally sound procedures that facilitate shareholder
participation at shareholder meetings.
  - Good relations with all stakeholders.
  - Timely, accurate, and accessible disclosure.
  - A strong audit process, enhanced by the presence of two
outside audit firms and an empowered auditing committee.
  - A significant majority of outside directors on the board of
directors and board committees.
  - A diverse, experienced, and engaged board of directors.

The key areas of concern include the following:
  - The potential still exists for overt government interference
in RHI's operations, strategy, and personnel decisions.
  - Disclosure shortcomings regarding accounting and
compensation for executives and directors.
  - The chairman of the board concurrently serves as CEO,
creating a risk of power concentration.
  - The chairman/CEO is a member of the Nominating and
Compensation committees, limiting their independence.
  - Partly due to the bank's quasi-nationalization, RHI's
executive officers and directors accept lower remuneration than
their peers, meaning the bank may have weaknesses in retaining
talent.
  - Although the Company With Committees structure has been in
place since June 2003, it is still too early to determine its
ultimate effectiveness in providing independent oversight,
representing the interests of all shareholders, and instilling a
strong governance culture throughout the organization.
     
A Corporate Governance Score ('CGS') reflects Standard & Poor's
assessment of a company's corporate governance practices and
policies and the extent to which these serve the interests of
the company's financial stakeholders, with an emphasis on
shareholders' interests. These governance practices and policies
are measured against Standard & Poor's corporate governance
scoring methodology, which is based on a synthesis of
international codes, governance best practices and guidelines of
good governance practice.

The scoring scale operates on a numerical basis with a total of
19 calibrations: starting with CGS-10 the highest score, the
scores follow with CGS-9+, CGS-9, CGS-8+, CGS-8, CGS-7+, etc.

CONTACT:

Resona Holdings, Inc.
Address:  2-1, Bingomachi 2-chome, Chuo-ku
Osaka 540-8608, Japan
Phone: +81-6-6271-1221
Fax: +81-6-6268-1337
Web site: http://www.resona-hd.co.jp


SANYO ELECTRIC: To Enter Wireless Broadband System Market
---------------------------------------------------------
Sanyo Electric Co. will launch a wireless broadband
communications system it has developed jointly with U.S.-based
Soma Networks Inc., Kyodo News reveals.

The new system will pave the way for the launch of low-cost
telecommunications services.

Sanyo will initially develop and produce transmitting and
receiving equipment, ground stations and other devices for the
system before providing the service of creating telecom systems.

Sanyo expects to reap JPY30 billion in fiscal 2010 by selling
the system to telecom firms in the United States, Europe and
other markets.

CONTACT:

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


* S&P Notes Overall Improvement in Credit Profile of Japan Firms
----------------------------------------------------------------
Standard & Poor's Rating Services (S&) announced the overall
credit profile of Japanese companies improved during 2005 with
the agency's rating upgrades far surpassing downgrades for the
second year in a row.

The rating agency upgraded the ratings of 90 companies during
the 12-month period, while those of 14 were downgraded.

The percentage of the issuers of debt instruments rated BBB-
minus or above rose to 86.8 percent as of Monday, from 82.3
percent a year earlier, S&P said, adding both Japan's economic
recovery and individual firms' efforts to improve their
profitability and financial profiles through restructuring are
behind the upbeat trend.

The percentage of issuers rated A-minus or higher went up to
54.0 percent from the previous year's 50.0 percent.

Citing some examples of firms that did poorly, S&P noted Sony
Corp., Sanyo Electric Co., Japan Airlines Corp. and Fuji Heavy
Industries Ltd. were downgraded due to their "tepid responses to
changing market needs and the business environment".


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

ASIANA AIRLINES: New Deal Enhances Customer Satisfaction
--------------------------------------------------------
Asiana Airlines currently entered into code share deal with
Turkish Airlines starting January to enhance passenger
convenience, reveals Asia Pulse.

Asiana customers fly on Turkish Airlines' flights between
Incheon and Istanbul twice a week.  Under the code-sharing
agreements, both parties can sell tickets on each other's
flights, allowing carriers to boost revenue by effectively
enlarging their flight and destination networks.

"Since 80 per cent of customers are South Koreans, we decided to
place two Asiana crew members to serve on each flight," said
Asiana in a statement.

Passengers of either airlines could also benefit from loyalty
program mileage points from both companies.

CONTACT:

Asiana Airlines Incorporated
47 Osoe-Dong Kangseo-Gu
157-270
Korea (South)
Telephone: +82 2 669 3114 / +82 2 669 3170


LG CARD: Shareholders OK Executive Stock Option Scheme
------------------------------------------------------
Shareholders of LG Card Co. agreed to an executive stock option
on 250,000 shares, some of which were given to the Company's
president, Asia Pulse relates.

The Company's 13 executives were given an option to buy the
shares. President Park Hae-choon was given an option to buy
100,000 shares.

LG Card's Vice Presidents, Lee Jong-ho, Kang Hong-kyu and Park
Jae-woong were given options to buy 20,000 shares each, while
the remaining nine executives were granted stock options for
10,000 shares.

Effective December 22, 2008 until December 21, 2010 the
executives can begin exercising their options at a strike price
of KRW47,788.

CONTACT:

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


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

AKTIF LIFESTYLE: Awaits Approval of Regularization Plan
-------------------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) furnished Bursa
Malaysia Securities Berhad details of the extension of time
pursuant to Paragraph 6.1 of Practice Note No. 10/2001 (PN10) of
the Listing Requirements of Bursa Malaysia Securities Berhad
(Bursa Securities).  

Pursuant to Paragraph 6.1(c) of PN10, Aktif is required to
obtain all necessary approvals for the implementation of the
proposed restructuring scheme within four (4) months from the
date of submission which was made on August 16, 2005.

On December 16, 2005, Avenue Securities Sdn Bhd (Avenue), on
behalf of the Board of Directors of Aktif, had submitted an
application to Bursa Securities for an extension of time to June
16, 2006 to comply with the provisions of PN10.

On behalf of the Board of Directors of Aktif, Avenue advised
that Bursa Securities, via its letter dated December 22, 2005
stated that since Aktif had submitted its regularization plans
to the relevant authorities for approval, it will await the
outcome of the Company's application to the relevant
authorities.

Nevertheless, Bursa Securities' decision is without prejudice to
its right to proceed to commence proceedings for de-listing of
the securities of Aktif from the official list of Bursa
Securities in the event Aktif fails to obtain any of the
authorities' approvals necessary for the implementation of its
regularization plans and no further extension of time is granted
to the Company.

This announcement is dated 22 December 2005.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798


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

Date of buy back: December 22, 2005

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

Total number of shares purchased (units): 17,500

Minimum price paid for each share purchased (MYR): 0.655

Maximum price paid for each share purchased (MYR): 0.675

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 17,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,903,903

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

CONTACT:

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

HUNZA CONSOLIDATION: Provides Rehabilitation Updates
----------------------------------------------------
Hunza Consolidation Berhad (HCB) submitted to Bursa Malaysia
Securities Berhad the following announcement:

- Rental Arrangement with Lakudang (M) Sdn Bhd (Lakudang)

- Suspension of Seafood Operations

- Voluntary Separation Scheme (VSS)

Further to the announcement dated November 15, 2005 the Board of
Directors of HCB (Board) advised the following developments with
regard to its efforts in turning around the Company.

(1.0) Rental arrangement with Lakudang

On December 22, 2005, Hunza Marine Products Sdn. Bhd. (HMP), a
wholly owned subsidiary of HCB, entered into a tenancy agreement
with Lakudang for the letting out of HMP's factory premises
situated at Plot 25-32 Jalan Kuala Kurau, Simpang Lima, 34200
Parit Buntar, Perak together with the equipment and machinery
installed at the factory premises (Tenancy Agreement).

Pursuant to the terms of the Tenancy Agreement, Lakudang will
use the factory premises, equipment and machinery for the
purpose of processing seafood and marine products. Lakudang's
tenancy will commence on December 16, 2005 for an initial term
of three (3) years at a monthly rental of MYR90,000.

The other salient terms of the Tenancy Agreement are as follows:

(I) Subject to provisions of the Tenancy Agreement, there is an
option for Lakudang to renew the tenancy for two (2) further
terms of three (3) years each;

(II) The monthly rental for the first and second renewal terms
has been fixed at MYR91,800.00 and MYR92,700.00 respectively.

(III) Either party has the right to effect the termination of
the tenancy by giving three (3) months prior notice and in the
case of Lakudang, Lakudang has an option to pay three (3)
months' rent in lieu of such notice.

(IV) The monthly rent payable under the Tenancy Agreement is for
the rental of the factory premises including the right to use:

(a) Existing furniture fittings and fixtures and office
equipment at the factory premises;

(b) Existing plant equipment and machinery installed at the
factory premises owned by HMP;

(c) Certain plant equipment and machinery owned by Tung Hai
Fishing Sendirian Berhad (TH) a subsidiary of HCB which are
installed at the factory premises, the consent of which has been
granted by TH.

Lakudang is currently a dormant company with an authorized share
capital of MYR100,000 comprising 100,000 ordinary shares of
MYR1.00 each and issued and paid up share capital of MYR2.00
comprising two ordinary shares of MYR1.00 each. The Board of
Directors of Lakudang are Tan Cheong Sin (TCS), Tan Cheong Cheng
(TCC) and Chow Choon Yen. TCS and TCC are also shareholders with
each of them holding one ordinary share in Lakudang.

None of the directors and/or major shareholders and/or persons
connected to them have any interest, direct and indirect, in the
lease arrangement with Lakudang.

(2.0) Suspension of seafood operation

The Board also announced that HCB and its subsidiaries (HCB
Group) have suspended their seafood processing business. Such a
measure was taken in view of the losses incurred by its seafood
processing business, which had continued to deplete the HCB
Group's resources.

However, the Company has not decided on whether the suspension
will be temporary or permanent and will continue to monitor and
assess the market conditions of the seafood business prior to
making such a decision.

The said suspension is expected to result in cost saving (in
terms of salaries and wages utilities etc.) of up to
approximately MYR200,000 per month.

As an interim measure, the HCB Group has decided to rent out its
factory premises, equipment and machinery to Lakudang as set out
in Section 1.0 above.

(3.0) THE VSS

In addition, the Company also wishes to inform that the VSS (as
announced on November 15, 2005), which was offered to all
employees in HMP and TH, has been completed with all employees
having accepted the offer. The total actual payout under the VSS
is approximately MYR305,000.

The suspension of the seafood business and the rental
arrangement with Lakudang and VSS as mentioned above are
expected to help curb losses incurred by the HCB Group's seafood
business and form part of the HCB Group's strategy of ultimately
turning around its performance.

Notwithstanding the above, the HCB Group will continue to focus
on its packaging operations, which remain a core business of the
HCB Group.

The Board is of the opinion that the rental arrangement with
Lakudang, the suspension of the HCB Group's seafood business and
the VSS are in the best interest of the HCB Group.

CONTACT:

Hunza Consolidation Bhd   
No. 5-3-3, Hunza Complex,
Jalan Gangsa,
Penang 11600
Malaysia
Telephone: 04-6572888   
Fax: 04-6573888


I-BERHAD: Acquires Ordinary Shares on Buy Back
----------------------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back: December 21, 2005

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

Total number of shares purchased (units): 45,200

Minimum price paid for each share purchased (MYR): 1.110

Maximum price paid for each share purchased (MYR): 1.110

Total consideration paid (MYR): 50,544.10

Number of shares purchased retained in treasury (units): 45,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,127,800

Adjusted issued capital after cancellation (no. of shares)
(units):  
   
This announcement is dated 21 December 2005.

CONTACT:

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


KILANG PAPAN: Securities on Verge of Being Delisted
---------------------------------------------------
Kilang Papan Seribu Daya Berhad received a notice dated December
22, 2005 from Bursa Malaysia Berhad to show cause on de-listing
of securities of the company.

(a) The Company has been accorded five market days to make
written representation to Bursa Securities on why its securities
should not be removed from the Official List of Bursa
Securities.

(b) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon the expiry of seven
market days from the date of notification of the decision to de-
list the Company or upon such other date as may be specified by
Bursa Securities; and

(c) In the event Bursa Securities decides not to de-list the
Company, other appropriate action/penalties may be imposed
pursuant to paragraph 16.17 of the Bursa Securities Listing
requirements.

CONTACT:

Kilang Papan Seribu Daya Berhad
Lot 1, Harmoni Industrial Estate Inanam
88100 Kota Kinabalu, Sabah
Telephone: 088-423385
Fax: 088-423287


K.P. KENINGAU: Books MYR1,287,000 Net Loss in 1Q
------------------------------------------------
K.P. Keningau Berhad submitted to Bursa Malaysia Securities
Berhad a copy of its First Quarter financial report for the
financial period ended October 31, 2005.

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

(1) Revenue  

    172           765             172            765

(2) Profit/(loss) before tax  

    -1,287        -1,455          -1,287         -1,455

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

    -1,287        -1,465         -1,287          -1,465

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

    -1,287        -1,465         -1,287          -1,465

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

    -2.58         -2.93          -2.58            -2.93

(6) Dividend per share (sen)  

    0.00          0.00            0.00            0.00

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

(7) Net tangible assets per share (MYR)  

      -0.6600                  -0.6300

To view a full copy of the financial statement, go to
http://bankrupt.com/misc/KPKeningauFS122305.xls

To view a full copy of the notes to FS, go to
http://bankrupt.com/misc/KPKeningaUNotestoFS31102005.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


LION CORPORATION: Updates Restructuring Exercise Info
-----------------------------------------------------
Lion Corporation Berhad furnished Bursa Malaysia Securities
Berhad with an update to the debt and corporate restructuring
exercise of LCB Group (LCB Scheme).

(1) Proposed variation to:

(1.1) Redemption date of the Zero-Coupon Redeemable Secured MYR
denominated bonds; and

(1.2) Repayment date of the Zero-Coupon Redeemable Secured US$
denominated consolidated and rescheduled debts (LCB Debts); and

(2) Proposed cancellation and substitution of the subordinated
bonds agreement  

Reference is made to the announcement by LCB on December 5, 2005
regarding the issuance of notices of meetings dated December 5,
2005 to the holders of the Bonds (Bondholders) and the holder of
the LCB Debts (Lender) to seek, amongst others, the approval of
the relevant Bondholders and the Lender to:

(a) Vary the redemption/repayment date for the Bonds/LCB Debts
on December 31, 2005 (Proposed Variation); and

(b) Cancel and substitute the Subordinated Bonds Agreement
(Proposed Cancellation and Substitution of the Subordinated
Bonds Agreement).

The Board of Directors of LCB advised that at the meetings of
the Bondholders and the Lender held earlier, the resolutions
tabled thereat in relation to the Proposed Variation were duly
passed, whilst the resolution in relation to the Proposed
Cancellation and Substitution of the Subordinated Bonds
Agreement was withdrawn by LCB.

The Proposed Variation is subject to the approvals of the
Securities Commission and Bank Negara Malaysia.

CONTACT:

Lion Corporation Berhad
165 Jalan Ampang
50450 Kuala Lumpur, Kuala Lumpur 50450
Malaysia
Telephone: +60 3 2162 2155 / +60 3 2162 3448


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

Date of buy back: December 22, 2005

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

Total number of shares purchased (units): 551,200

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

Maximum price paid for each share purchased (MYR): 1.900

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 551,200

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

Cumulative net outstanding treasury shares as at to-date
(units): 88,656,300

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


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

The Company advised that the Kuala Lumpur High Court (Commercial
Division) had on December 20, 2005 allowed the winding-up
petition presented by Puan Asnah Binti Mohd Salleh (Asnah)
against TBBM, a wholly owned sub-subsidiary of MPCB.

Though TBBM's solicitors has notified the Court the intention to
file an appeal, TBBM has instructed its solicitors to instead,
pay the sum already held in trust by TBBM's solicitors to Asnah
on a without prejudice basis in order to clear this item of
litigation where TBBM is a defendant for an amount of
MYR186,455.10. The full provision of this claimed amount has
been provided for in the financial statements.

There is no other financial impact on the Company.

This announcement is dated 22 December 2005.

CONTACT:

Malaysia Pacific Land Sdn Bhd   
2, 50 JLN Penchala Seksyen 51 46050
Petaling Jaya Petaling Jaya Selangor 46050
Malaysia
Telephone: 03 77841169


MALAYSIAN AIRLINE: Clarifies New Straits Times Article
------------------------------------------------------
Malaysian Airline System Berhad submitted a reply to Bursa
Malaysia Securities Berhad's query letter regarding the news
article released in The New Straits Times, Prime News, page 2,
on Thursday, December 22, 2005, entitled "Senators say no to
selling MAS building".

In view of the losses suffered by Malaysia Airlines for two (2)
consecutive quarters, the company is now looking at various
options to meet its funding needs.

One of the serious options considered is the disposal of its
assets, which would include Bangunan MAS at Jalan Sultan Ismail.

The option to sell its assets had been considered and was part
of the financial restructuring during the Widespread Asset
Unbundling exercise approved by its shareholders in November
2002.

In that exercise, Bangunan MAS was to be sold and leased back to
Assets Global Network Sdn. Bhd., a subsidiary of Ministry of
Finance Inc. The intended sale and leaseback was later aborted
(refer to earlier Announcement dated March 27, 2003).

In the light of the current situation, the Company is revisiting
this option and an announcement to that effect will be made at
an appropriate time.

To view a full copy of Bursa Malaysia's query letter, go to
http://bankrupt.com/misc/MalaysianAirlineQueryLetterfromBMSB.doc

CONTACT:

Malaysian Airline System Bhd
(Malaysian Airlines System Bhd)   
G Passenger Terminal SB Airport
JLN Sibu-Durin 96000 SIBU Sibu Sarawak 96000
Malaysia
Telephone: 084 307799   
Fax: 084 307988


NORTH BORNEO: Agrees to Extend Agreement with Parties  
-----------------------------------------------------
The North Borneo Corporation Bhd furnished Bursa Malaysia
Securities Berhad with details of the agreement relating to the
corporate restructuring of the Company dated May 30, 2004
between Yoke Hoh Sdn Bhd, Seatex Plantations Sdn Bhd, Super
Worth Ventures Sdn Bhd, LLT Plantations Sdn Bhd, Prospell
Enterprise Sdn Bhd, LLT Resources Berhad, Dato' Looh Keo and
Looh Lim Teng, Leong Sze Eam and The North Borneo Corporation
Berhad.

The Board of Directors of the Company advised that the parties
have mutually agreed to extend the above Agreement for a further
period of twelve (12) months with retrospective effect from
November 30, 2005.

This announcement is dated 22 December 2005.

CONTACT:

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


PACIFIC & ORIENT: Buys Back Ordinary Shares
-------------------------------------------
Pacific & Orient Berhad issued to Bursa Malaysia Securities
Berhad details of shares buy back.  

Date of buy back: December 22, 2005

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

Total number of shares purchased (units): 24,300

Minimum price paid for each share purchased (MYR): 1.750

Maximum price paid for each share purchased (MYR): 1.760

Total consideration paid (MYR): 43,074.94

Number of shares purchased retained in treasury (units): 24,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 7,895,289

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

CONTACT:

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

PAN MALAYSIA: Holds Shares Buy Back
-----------------------------------
Pan Malaysia Corporation Berhad issued to Bursa Malaysia
Securities Berhad a notice of shares buy back with the following
details:
   
Date of buy back: December 22, 2005

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

Total number of shares purchased (units): 150,000

Minimum price paid for each share purchased (MYR): 0.465

Maximum price paid for each share purchased (MYR): 0.480

Total consideration paid (MYR): 71,120.33

Number of shares purchased retained in treasury (units): 150,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,995,500

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


CONTACT:

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


PANTAI HOLDINGS: Bourse to List, Quote New Shares
-------------------------------------------------
Pantai Holdings Berhad advised that its additional:

(i) 316,100 new ordinary shares of MYR1.00 each issued pursuant
to the Employees' Share Option Scheme; and

(ii) 178,570 new ordinary shares of MYR1.00 each arising from
the conversion of MYR200,000 nominal amount of Irredeemable
Convertible Unsecured Loan Stocks 2002/2007 (ICULS).

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Wednesday,
December 28, 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: Details Call, Put Option Agreement
-------------------------------------------------
Southern Bank Berhad furnished Bursa Malaysia Securities Berhad
with details of the Call & Put Option Agreement.

(1) Further to the announcements made by Southern Bank Berhad
(SBB) on August 24, 2005 and October 18, 2005 in relation to the
possible mandatory offers for Asia General Holdings Limited
(AGHL) and Asia Life Assurance Society Limited (Asia Life), the
Board of Directors of SBB advised that the conditions precedent
for the exercise of the options under the Call and Put Option
Agreement dated August 18, 2005 as amended by the Supplemental
Deed thereto dated October 18, 2005 (the Call & Put Option
Agreement) have not been satisfied as at December 17, 2005,
being the last date for fulfillment of the said conditions
precedent. The Call & Put Option Agreement has thus lapsed.

(2) Notwithstanding the above, SBB is currently exploring
various possible options in relation to the transaction with
Bank Negara Malaysia. In the meantime, SBB will also be entering
into discussions with the vendors of the 51.58 percent of the
shares in AGHL which are the subject of the Call & Put Option
Agreement with a view to the acquisition of the AGHL shares on
the same terms as provided for in the Call & Put Option
Agreement. An announcement will be made at the appropriate time
as and when the relevant parties have reached a decision on the
matter.

Responsibility Statement

(3) The Directors of SBB (including those who have delegated
detailed supervision of this announcement) have taken all
reasonable care to ensure that the facts stated in this
announcement are fair and accurate and that no material facts
have been omitted from this announcement, and they jointly and
severally accept responsibility accordingly.

Where any information has been extracted from published or
publicly available sources, the sole responsibility of the
Directors of SBB has been to ensure through reasonable enquiries
that such information has been accurately extracted from such
sources or, as the case may be, reflected or reproduced in this
announcement.

For more information, go to
http://bankrupt.com/misc/SouthernBankBerhad122605.pdf

By order of the Board
Southern Bank Berhad
December 22, 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


SOUTHERN BANK: Purchases New Shares
-----------------------------------
Southern Bank Berhad unveiled to Bursa Malaysia Securities
Berhad details of the shares buy back undertaken on December 22,
2005.  
   
Date of buy back: December 22, 2005

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

Total number of shares purchased (units): 73,000

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

Maximum price paid for each share purchased (MYR): 4.040

Total consideration paid (MYR): 294,283.40

Number of shares purchased retained in treasury (units): 73,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 54,695,900

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

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

AL-AMANAH BANK: Seeking PDIC's Help for Rehabilitation
------------------------------------------------------
Al-Amanah Islamic Investment Bank of the Philippines is seeking
a Php400-million credit line from the Philippine Insurance Corp.
(PDIC) to bankroll its rehabilitation ahead of its sale.

BusinessWorld revealed that the state-owned bank has written a
letter to PDIC, seeking the latter's help.

The bank's latest move came after the Land Bank of the
Philippines withdrew a planned injection of funds into the cash-
strapped Al-Amanah Bank.

Land Bank was tapped by the Finance Department to help
rehabilitate Al-Amanah prior to its privatization. It accepted
the request provided that PDIC would pitch in half of the amount
Landbank would infuse. PDIC, however, was unable to secure the
capital.

As a result, another technical working group will be formed for
the rehabilitation and then privatization of the bank.

As part of its rehabilitation, the bank, which is saddled by
Php7 million in bad loans and Php32 million in foreclosed
assets, would sell some of its assets in Mindanao. Its high
value assets in Davao, General Santos, Zamboanga, Cagayan de
Oro, Jolo, and in Tawi-Tawi are to be sold in the first quarter
next year. The bank would also find ways to cut spending next
year.

Al-Amanah's operations adhere to the laws of the Koran, treating
depositors and borrowers as partners who do not earn or pay
interest but share in the profit of the businesses where the
bank's funds were used.

CONTACT:

Al-Amanah Islamic Investment Bank of The Philippines

Makati Executive Office
G/F - NDC Building
116 Tordesillas St., Salcedo Village,
Makati City
Phone: 816-42-58/893-43-50
Fax: 819-52-49

Head Office
G/F Mindpro Bldg., La Purisima St,
Zamboanga City.
Phone: (062) 991-4158
Fax : (062) 991-2030

Web site: http://www.islamicbank.com.ph/


MANILA ELECTRIC: Fewer Clients File for Refund Claims
-----------------------------------------------------
The number of firms that sought refunds from Manila Electric
Company (Meralco) for excess power charges was lower than
expected, according to ABS-CBN News.

Less than 100 of Meralco's commercial, industrial, and
government customers filed applications for the firm's fourth
phase of refund.

The fewer filings were blamed on the increased requirements and
stricter procedures set by the Lopez-led power distributor for
claims.

While more than 100,000 customers are expected to benefit from
the refund scheme, the Meralco nevertheless is preparing to
refund some Php18 billion in the next five years. After
completion, the total refund amount is expected to reach Php31
billion.

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


NATIONAL POWER: PSALM Taps BPI to Handle IPP Contracts
------------------------------------------------------
The Power Sector Assets and Liabilities Management Corp. (PSALM)
has commissioned an international consultant for National Power
Corporation's (Napocor) contracts with independent power
producers (IPPs), The Philippine Star has learned.

PSALM hired British Power International (BPI) after gaining
approval from the Asian Development Bank (ADB).

ADB has provided technical assistance (TA) to enable PSALM to
draw up a blueprint for the appointment of IPP administrators
(IPPAs).

BPI is now drafting a work coverage, including the bidding terms
for the selection of IPPAs.

The IPPAs will be tapped through a competitive bidding. Those
being targeted are international power industry players and
traders to be engaged as IPP administrators. At least four IPPAs
are eyed to manage the Napocor-IPPs portfolio in the Luzon area.

As proposed, the IPPAs would become responsible for
administering the IPP contracts and selling the energy output of
their plants.

CONTACT:

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


NATIONAL POWER: Projects Another Break Even Year in 2006
--------------------------------------------------------
The National Power Corporation (Napocor) forecasts another break
even in 2006, The Philippine Star reports.

Napocor President Cyril del Callar said the power firm is
confident it will return to profit for the first time in seven
years.

The state power firm also expects to wipe out its Php117-billion
net loss this year.

Napocor's improved financial performance is attributed to the
power firm's effort to reduce the use of imported fossil fuel.
The firm also engaged in various schemes to strengthen the
company's financial management.

Napocor vice president for finance Lorna Dy, on the other hand,
said all their debts since 1993 was pegged at Php56 to a dollar.
With the improvement in the forex, Mr. Dy said they may even
surpass the "break-even projection".

Last year, Napocor recorded a net loss of php29.9 billion. Since
2001, Napocor has been borrowing about US$1.5 billion annually
to meet its budgetary shortfall.


PANASONIC MOBILE: Sister Firms Unlikely to Absorb Axed Workers
--------------------------------------------------------------
Matsushita Group's Philippine subsidiaries are not likely to
hire displaced employees of the Japanese firm's handset
manufacturing arm, Panasonic Mobile Communications Corp.
according to BusinessWorld.

The closure of Panasonic Mobile, which is set for March 2006,
will affect around 842 workers who are mostly operators.

Panasonic Mobile, located in Laguna Technopark in Sta. Rosa
Laguna, makes Panasonic handset units for the Asian, American,
Middle Eastern and Oceania markets.

The firm's shutdown is in line with the global decision of
Matsushita to cease production of GSM handsets after losing
share in the international market.

Panasonic Mobile is now preparing for the graduated separation
package for its workers to be releases in April.

The firm will adopt the Labor Department compensation policy for
financially troubled companies that is half a month per every
year of service rule.

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 AIRLINES: Suffers Php240-Mln Loss in Q2
--------------------------------------------------
Philippine Airlines (PAL) bled US$4.5 million (around Php240
million) in the second quarter of its fiscal year, according to
The Philippine Star.

The financial result is a sharp turnaround from the US$3.9-
million net income recorded a year ago.

In the first half of its fiscal year, however, PAL posted a net
income of US$23 million, up 16 percent from US$19.9 million a
year earlier.

In a financial report filed with the Securities and Exchange
Commission (SEC), PAL said net operating revenues reached
US$242.6 million in July to September this year, up five percent
from the year ago's US$230.4 million. The increase was driven by
higher passenger revenues amounting to US$13.1 million.

Operating expenses, on the other hand, grew nine percent to
US$208.3 million, mainly due to higher maintenance costs.

Fuel cost also climb six percent mainly brought about by higher
fuel consumption as well as in the average fuel prices per
barrel of aviation fuel.

Meanwhile, PAL has been up-to-date in the payment of its
obligations to creditors. From US$2 billion in 1999, PAL's debt
is now down to just US$1 billion.

Last year, PAL made payments for principal and interest to its
creditors in accordance with the terms embodied in the amended
and restated rehabilitation plan. From March 1999 to March 2005,
PAL paid a total of US$1.43 billion to its creditors.

CONTACT:

Philippine Airlines
Mabuhay Miles Service Center
Ground Floor, Philippine Airlines Center
Legazpi Street, Legaspi Village
Makati City 0750, Philippines
Phone: Manila (632) 817-8000
       USA/CANADA 1-800-747-1959
Fax: (632) 818-4921 ; 893-6884
E-mail: mabuhaymiles@pal.com.ph
Web site: www.philippineairlines.com


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

COLOSSEUM CORPORATION: Creditor Files Winding Up Petition
---------------------------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Colosseum Corporation (Pte) Limited, filed a winding
up petition against the Company with the Singapore High Courton
Dec. 12, 2005.

The petition is directed to be heard before the Court sitting at
the Singapore High Court on Jan. 20, 2006, 10:00 a.m.

Any Company creditor or contributory desiring to support or
oppose the making of an order on the 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 Company creditor
or contributory requiring the copy of the petition by the
undersigned on payment of the regulated charge for the same.

The Petitioner's address is at 80 Raffles Place, UOB Plaza,
Singapore 048624.

The Petitioner's solicitors are Messrs Rajah & Tann of 4 Battery
Road #15-01, Bank of China Building, Singapore 049908.

Dated this 23rd day of December 2005

Messrs Rajah & Tann
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the petition
must serve on or send by post to the Petitioner's solicitors a
written notice of his intention to do so. The notice must state
the name and address of the person, or if a firm, the name and
address of the firm, and must be signed by the person, firm,
or his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
Petitioner's solicitors not later than 12:00 p.m. of Jan. 19,
2006 (the day before the day appointed for the hearing of the
petition).


DIVCON INTERNATIONAL: Intends to Declare Dividend
-------------------------------------------------
Divcon International Pte Limited, formerly of 21 Pandan
Crescent, Singapore 128471, posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Divcon International Pte Limited
Court: Supreme Court, Singapore
Number of Matter: Companies Winding Up No. 120 of 1993
Last day for receiving proofs: Jan. 6, 2006
Name  & address of Liquidators: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118

Dated: Dec. 23, 2005

Moey Weng Foo
Assistant Official Receiver


RADIANT INVESTMENT: Creditors Seek to Wind Up Firm
--------------------------------------------------
Notice is hereby given that Messrs. See Yat Tuck and Chia Yee
Jing, creditors of Radiant Investment Pte Limited, filed a
winding up petition against the Company with the Singapore High
Court on Dec. 13, 2005.

The Petition is directed to be heard before the Court sitting at
the Singapore High Court on Jan. 20, 2006, 10:00 a.m.

Any Company creditor or contributory desiring to support or
oppose the making of an order on the 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 Company creditor
or contributory requiring the copy of the Petition by the
undersigned on payment of the regulated charge for the same.

The Petitioners' addresses are Blk 120, Kim Tian Place #25-62,
Singapore 160120 and 192 Eng Kong Garden, Singapore 599290
respectively.

The Petitioners' Solicitors are Messrs DSH Law Corporation of 46
South Bridge Road, #04-01 Kingly Building, Singapore 058679.

Messrs DSH Law Corporation
Solicitors for the Petitioners.

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to solicitors Messrs DSH Law
Corporation a written notice of his intention to do so. The
notice must state the name and address of the person, or if a
firm, the name and address of the firm, and must be signed by
the person or firm, or his or their Solicitors (if any) and must
be served, or if posted, must be sent by most in sufficient time
to reach the solicitors not later than 12:00 p.m. of Jan. 19,
2006 (the day before the day appointed for the hearing of the
Petition).


SAPPHIRE CORPORATION: Bourse Approves Debt Conversion Exercise
--------------------------------------------------------------
Sapphire Corporation Limited announced that on Nov. 25, 2005,
the Company and its subsidiary, Caravelle Construction &
Development Pte Limited, undertook a best efforts debt to equity
conversion exercise with its trade creditors for the conversion
of up to SGD4 million and SGD2 million of trade liabilities owig
to them by the Company and Caravelle respectively into new
ordinary shares in the Compant's capital.

On Dec. 27, 2005, the Company obtained in-principle approval
from the Singapore Exchange Securities Trading Limited (SGX-ST)
for the issue of, admission to and the listing and quotation on
the SGX Dealing & Automated Quotation System of the Best Efforts
Debt Conversion Shares.

The SGX-ST's in-principle approval does not reflect the merits
of the Company and its subsidiaries, the debt conversion
exercise, the debt conversion shares and the Company's shares.

An aggregate of 187,771,333 new shares will be alotted and
issued to the creditors of the Company and Caravelle purusant to
the bilateral debt conversion agreements entered into as
announced on Nov. 25, 2005. The Best Efforts Debt Conversion
Exercise is currently still ongoing, and the Company will make
the relevant announcement as and when any new shares in its
capital are allotted and issued, pursuant to the Exercise.

By Order of the Board

Michael Tay Kwang How
Company Secretary
Dec. 27, 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/


SPEEDHELM PTE: Intends to Pay Dividend to Creditors
---------------------------------------------------
Speedhelm Pte Limited posted a notice of intended dividend at
the Government Gazette, Electronic Edition with the following
details:

Name of Company: Speedhelm Pte Limited
Last day for receiving proofs: Jan. 6, 2006
Name  & address of Liquidators: Gui Kim Young and Lim Siong
Sheng
C/o Gui Kim Young & Company
415B Jalan Besar
Singapore 209016

Dated this 23rd day of December 2005


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

ABICO HOLDINGS: Concludes Capital Increase Procedures
-----------------------------------------------------
Abico Holdings Co. Ltd. notified the Stock Exchange of Thailand
(SET) that it has adjusted the capital structure in accordance
with the Restructuring Plan of the Company.

The Company advised that on December 22, 2005 it has completely
adjusted the specified (par) ordinary share value from THB10 per
share to THB1 per share to the Business Development Department
and Ministry of Commerce.

The Company's registered issued and paid-up shares now stand at
THB235,000,000 and there are already 235,000,000 number of
shares.

Forwarded for your information.

Yours sincerely,
Abico Holdings Public Co. Ltd.
in the status of Plan Administrator
Mr. Chatchai Boonyarat
Mr. Kitti Vilaivarangkul

CONTACT:

Abico Holdings Pcl   
Abico Tower, Floor 5, 401/1 Moo 8,
Phaholyothin Road Lam Luk Ka Pathum Thani    
Telephone: 0-2992-5858 (14 Lines)   
Fax: 0-2992-5878-9   
Web site: http://www.abicogroup.com


THAI DURABLE: Managing Director Quits
-------------------------------------
Thai Durable Group advised the Stock Exchange of Thailand (SET)
on the resignation of Mrs. Phakarat Visudhimark as Managing
Director effective December 21, 2005.

Mrs. Phakarat stepped down from her post due to reasons that
made her unable to fully devote her time to the Company.

Please be informed accordingly.

Yours Sincerely,
Mr. Chavalit Thonglim
Director

CONTACT:

Thai Durable Group Pcl   
33 Moo 4 Suksawadi Road,
Tambol Bangchak, Phra Pradaeng Samut Prakarn    
Telephone: 0-2463-0024, 0-2463-2293-6   
Fax: 0-2463-3821


WYNCOAST INDUSTRIAL: Bad Health Prompts Director to Step Down
-------------------------------------------------------------
Wyncoast Industrial Park Public Company Limited informed the
Stock Exchange of Thailand (SET) that on December 22, 2005 the
company received a resignation letter from Mrs. Sunisa
Pathompruek showing her intention to resign as director and
executive director of the company. The reason for her
resignation was her health problem.
  
The proceeding for the selection of a new director will be done
soon.

Moreover, the company will immediately report to The Stock
Exchange of Thailand again after the completion of such
procedure.
  
Please be informed accordingly

Yours sincerely,
Mr. Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

Wyncoast Industrial Park Public Company Limited   
105 Moo 3,Bangna-Trat Road,
Thakham, Bang Pakong Chacherngsao    
Telephone: 0-3857-3161-72   
Fax: 0-3857-3173-4




                            *********


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

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

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

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

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

                 *** End of Transmission ***