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

                     A S I A   P A C I F I C

             Friday, December 30, 2005, Vol. 8, No. 259

                            Headlines

A U S T R A L I A

ADDISON POTTER: Members Pass Winding Up Resolution
AIR NEW ZEALAND: Qantas Ground Jobs Hang on Decision
B.A.P ELECTRICS: Appoints Official Liquidator
BARLE INVESTMENTS: Wind Up Process Initiated
CENTRAL CASE: To Declare Dividend

DOUBLE D: Liquidator to Present Winding Up Report
ECOLAB FINANCE: Placed Under Voluntary Liquidation
EMPEROR MINES: Clarifies Notice of General Meeting
HARRIETTE STREET: Schedules Final Meeting Jan. 6
HOLLAND HOLDINGS: Peter Whiteman Named Liquidator

JUSTIFIED COMMUNICATIONS: Intends to Pay Dividend to Creditors
KADY'S FENCING: Creditors Confirm Liquidator's Appointment
NORTH WEST: Members, Creditors to Discuss Liquidator's Report
PATERAK PTY: Enters Voluntary Liquidation
PLDT PTY: Decides to Close Operations

PRYTON PTY: To Declare Second, Final Dividend
SACNISO PTY: Winds Up Business
SHERFAM HOLDINGS: Liquidator to Distribute Assets
SINJ STEELFIXING: Members, Creditors Meet to Review Wind Up
STONSTY PTY: Members Resolve to Wind Up Firm

TALOOMBI ENTERPRISES: Prepares to Pay Dividend
TELSTRA CORPORATION: Presents Formal Proposal for New Price Plan
VALMONT PTY: Creditors Resolve to Wind Up Firm
WATTYL LIMITED: Barloworld Sets Eyes on Rival
WESTPOINT GROUP: Free to Recruit Amid Winding Up Action


C H I N A  &  H O N G  K O N G

BEIJING INVESTMENT: Receives Petition to Wind Up
CHINA CONSERVATIONAL: Suffers Wider Net Loss in Q3
CHINA MERCHANTS: Third Quarter Sees Turnaround
GUANGDONG KELON: To Sue Execs for Fraud, Embezzlement
MANCHY LIMITED: Set to End Business

SCHOLARS' GROUP: Prepares to Cease Operations
SEYMOUR PACIFIC: Court Issues Winding Up Order
TCL CORPORATION: Philips Mulls Additional Stake
UNION INTERNATIONAL: Winds Up Business


I N D I A

JAGSON AIRLINES: Proposes to Issue Shares to Promoters
KAASHYAP RADIANT: Takes Steps to Change Company Name
MULTI-ARC INDIA: Unveils Outcome of Board Meeting
SWAN MILLS: Appoints Additional Directors


I N D O N E S I A

GARUDA INDONESIA: Government Plans to Sell Off Airline
PERTAMINA: Government Expects Agreement on Cepu Operations
PERUSAHAAN LISTRIK: Asks Government to Raise Rates, Subsidy


J A P A N

HITACHI LIMITED: Sells Shares of Subsidiaries
HITACHI LIMITED: Mulls Foundry Venture with Toshiba, Renesas
HITACHI LIMITED: Signs Dubai Monorail Construction Contract
ITO-YOKADO COMPANY: R&I Places Rating on Monitor
RYOU-KUU RESORT: METI OKs Business Restructuring Plan

SOFTBANK CORPORATION: Teams Up With Microsoft, Japan Telecom
* IRCJ to Complete Caseload Before Closure


K O R E A

DAEWOO PRECISION: Creditors Scrap MoU with Hyosung
HANARO TELECOM: Foreign Shareholders Rumored to Join Management


M A L A Y S I A

AVANGARDE RESOURCES: Required to Submit Written Representations
AVANGARDE RESOURCES: Bourse Junks Request for Time Extension
BINTAI KINDEN: Restructures Operations to Streamline Business
I-BERHAD: Purchases New Shares
LION CORPORATION: Unveils Dealings in Shares

MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
MALAYSIA PACIFIC: Updates on Wind-up Petition Against Taman
MALAYAN FLOUR: Dormant Unit Struck off from Registry
MALAYSIA BUILDING: Acquires Entire Shareholding in Dormant Unit
SINORA INDUSTRIES: EGM Slated for Jan. 13

SOUTHERN BANK: Bourse to List, Quote New Shares
TAP RESOURCES: Shareholders Agree to Extend RCSLS-C Redemption
TELEKOM MALAYSIA: Details Wind Up Petition Filed by Unit
UBS CORPORATION: Unit Placed in Voluntary Winding Up


P H I L I P P I N E S

NATIONAL BANK: Merger with Allied Still on Hold
NATIONAL POWER: Told to Iron Out Differences with Meralco
TPG CORPORATION: Finds Ways to Address Cash Flow Woes
UNIOIL RESOURCES: Notes Change in Shareholding
WELLEX INDUSTRIES: Posts Definitive Information Statement


S I N G A P O R E

CHINA AVIATION (S): Quarterly Net Loss Narrows Significantly
ECOWISE HOLDINGS: FY2005 Net Loss Narrows
SAPPHIRE CORPORATION: Issues Shares in Debt Conversion Scheme


T H A I L A N D

CIRCUIT ELECTRONIC: Reschedules Creditors' Meeting
THAI ENGINE: Complies with Rehab Plan Provisions
THAI HEAT: Unveils Result of Warrant Exercise
THAI PETROCHEMICAL: Explains Estimated Profit for 2005
* Large Companies With Insolvent Balance Sheets

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ADDISON POTTER: Members Pass Winding Up Resolution
--------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Addison Potter Pty Limited held on Dec. 5, 2005, the
following special resolution was passed:

That the Company be wound up voluntarily.

David J. Bulgeries of David J. Bulgeries and Co. was appointed
as Liquidator for the winding up.

Dated this 5th day of December 2005

David J. Bulgeries
Liquidator
David J. Bulgeries & Co.
4th Floor, 20 Wentworth Street
Parramatta NSW


AIR NEW ZEALAND: Qantas Ground Jobs Hang on Decision
----------------------------------------------------
Some 200 Qantas ground workers could lose their jobs if Air New
Zealand decides not to renew its contract with the Australian
carrier, according to the Sydney Morning Herald.

Air NZ will probably announce early next year the winner of its
new Australian contract for ground-handling services.

Qantas has been Air NZ's ground handler since the 1960s. The New
Zealand carrier is Qantas's biggest foreign customer for ground
services. As part of its cost cutting efforts, Air NZ has
requested proposals for a new ground-handling contract.

Air NZ Chief Executive Officer Rob Fyfe has already said the
biggest cost-cutting opportunity Air NZ and its low-cost
subsidiary, Freedom Air, have is to renegotiate and combine
their ground-handling contracts.

Air NZ's delayed decision is believed to be a result of the
carrier realizing the complexities of re-awarding the contract.
It covers ramp handling (aircraft loading), passenger services
such as check-in and baggage handling, cargo and line services
(engineering checks).

There is growing speculation Qantas will keep the contract.

CONTACT:

Air New Zealand Limited
Air New Zealand Airpoints Service Centre
Private Bag 4755
Christchurch
New Zealand
Phone: +64 (0)9 488 8777
Fax: +64 (0)9 488 8787
E-mail: enquiry@computershare.co.nz
Web site: http://www.airnz.co.nz/


B.A.P ELECTRICS: Appoints Official Liquidator
---------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of B.A.P. Electrics (Australia) Pty Limited held
on Dec. 7, 2005, it was resolved that the Company be wound up
voluntarily, and Mr. Richard Herbert Judson of Judson & Co.
Chartered Accountants, Level 1, 10 Park Road, Cheltenham was
appointed as Liquidator at a creditors' meeting held later that
day.

Dated this 7th day of December 2005

Richard H. Judson
Liquidator
Judson & Co. Chartered Accountants
Suite 4, Level 1, 10 Park Road
Cheltenham Vic 3192
Phone: 9585 4155


BARLE INVESTMENTS: Wind Up Process Initiated
--------------------------------------------
Notice is hereby given that at a general meeting of the members
of Barle Investments Pty Limited held on Dec. 5, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
John Frederick Taylor of Level 15, 309 Kent Street, Sydney be
appointed as Liquidator for such purpose.

Dated this 5th day of December 2005

John F. Taylor
Liquidator
C/o WHK Greenwoods
Level 15, 309 Kent Street
Sydney


CENTRAL CASE: To Declare Dividend
---------------------------------
Central Case Co. Pty Limited will declare a first and final
dividend on Jan. 10, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 3, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 13th day of December 2005

Salvatore Algeri
Liquidator
C/o Deloitte Touche Tohmatsu
180 Lonsdale Street, Melbourne Vic 3000


DOUBLE D: Liquidator to Present Winding Up Report
-------------------------------------------------
The final meeting of the members and creditors of Double D
Developments Pty Limited will be held on Jan. 6, 2006, 2:30 p.m.
at the offices of Bentleys MRI Sydney Business Recovery &
Insolvency Partnership, Level 8, 50 Carrington Street, Sydney
NSW, to present the Liquidators' final account and report, and
to give any explanation thereof.

Ozem Kassem
Liquidator
Bentleys MRI - Sydney Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: 02 8221 8433
Fax:   02 8221 8422,
Web site: http://www.bentleys.com.au


ECOLAB FINANCE: Placed Under Voluntary Liquidation
--------------------------------------------------
At an extraordinary general meeting of Ecolab Finance Pty
Limited held on Dec. 7, 2005, members resolved to wind up the
Company voluntarily, and to appoint Messrs. Keiran Hutchison and
John Gibbons of Ernst & Young Centre, Level 37, 680 George
Street, Sydney NSW 2000 as Liquidators for the wind up.

Dated this 20th day of December 2005

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


EMPEROR MINES: Clarifies Notice of General Meeting
--------------------------------------------------
Emperor Mines Limited clarified an announcement to the
Australian Stock Exchange on Dec. 28, 2005 entitled "Notice of
General Meeting & Explanatory Memorandum" (Notice).

The Notice has been lodged with the Australian Stock Exchange
(ASX) for approval under Listing Rule 15.1.7. The Notice is in
draft, and is subject to approval by the Australian Securities
and Investments Commission (ASIC) under the Corporations Act
2001 and ASX under the Listing Rules.

The Board expects to issue the final Notice of General Meeting
and Explanatory Memorandum in approximately two weeks after
approval by ASIC and ASX.

The Company apologizes for any inconvenience caused.

CONTACT:

Emperor Mines Limited
Level 1 WBM Building
490 Upper Edward Street
Spring Hill QLD 4004
E-mail: emperor@emperor.com.au
Web site: http://www.emperor.com.au


HARRIETTE STREET: Schedules Final Meeting Jan. 6
------------------------------------------------
Notice is hereby given that a meeting of the members and
creditors of Harriette Street Pty Limited will be held on Jan.
6, 2006, 10:00 a.m. at Hall Chadwick, Level 29, 31 Market
Street, Sydney, NSW, 2000, for the following purposes:

BUSINESS

(1) To receive the Liquidator's account of his acts and dealings
and of the conduct of the Company's winding up during the
liquidation period ending on Jan. 6, 2006.

(2) That the Liquidator be empowered to destroy all books and
records of the Company on completion of all duties.

(3) Any other business.

Dated this 25th day of November 2005

Robert Elliott
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


HOLLAND HOLDINGS: Peter Whiteman Named Liquidator
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Holland Holdings Pty Limited held on Dec. 7, 2005, the
following Special Resolution was passed:

That Mr. Peter Leonard Whiteman of Thomas Davis & Co., 68 Pitt
Street, Sydney NSW, be and is hereby appointed Liquidator of the
Company, to wind up the affairs and distribute the property of
the Company.

Dated this 7th day of December 2005

Peter L. Whiteman
Liquidator
Thomas Davis & Co.
68 Pitt Street, Sydney NSW 2000


JUSTIFIED COMMUNICATIONS: Intends to Pay Dividend to Creditors
--------------------------------------------------------------
Justified Communications Group Pty Limited will declare a first
and final dividend on Jan. 10, 2006.

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

Dated this 15th day of November 2005

P. A. Billingham
Liquidator
Grant Thornton
Level 17, 383 Kent Street
Sydney NSW 2000


KADY'S FENCING: Creditors Confirm Liquidator's Appointment
----------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Kady's Fencing Pty Limited held on Dec. 6, 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 8th day of December 2005

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


NORTH WEST: Members, Creditors to Discuss Liquidator's Report
-------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of North West Sector Project Marketing Pty Limited
will be held on Jan. 6, 2006, 11:00 a.m. at Hall Chadwick, Level
29, St Martins Tower, 31 Market Street, Sydney, for the
following purposes:

BUSINESS

(1) To receive the Liquidator's report on his acts and dealings
and the conduct of the Company's winding up during the
liquidation period ending on Jan. 6, 2006.

(2) Any other business.

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


PATERAK PTY: Enters Voluntary Liquidation
-----------------------------------------
Notice is hereby given that at a general meeting of the members
of Paterak Pty Limited held on Dec. 6, 2005, it was resolved
that the Company be wound up voluntarily, and that Mr. John
Frederick Taylor of Level 15, 309 Kent Street, Sydney be
appointed as Liquidator for such purpose.

Dated this 6th day of December 2005

John F. Taylor
Liquidator
C/o WHK Greenwoods
Level 15, 309 Kent Street
Sydney


PLDT PTY: Decides to Close Operations
-------------------------------------
Notice is hereby given that at a general meeting of the members
of Pldt (Australia) Pty Limited held on Dec. 2, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Steven John Sherman, Chartered Accountant of Ferrier Hodgson,
Level 17, 2 Market Street, Sydney NSW be appointed as Liquidator
for the winding up.

Dated this 13th day of December 2005

Steven Sherman
Liquidator
Ferrier Hodgson
Level 17, 2 Market Street
Sydney NSW 2000


PRYTON PTY: To Declare Second, Final Dividend
---------------------------------------------
Pryton Pty Limited will declare a second and final dividend on
Jan. 10, 2006.

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

Dated this 29th day of November 2005

Henry Kazar
Liquidator
SimsPartners
Suite 5, 32 Thesiger Court
Deakin ACT 2600


SACNISO PTY: Winds Up Business
------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Sacniso Pty Limited held on Dec. 2, 2005, it
was resolved that the Company be wound up voluntarily, and Mr.
Peter Paul Krejci of GHK Green Krejci, Level 9, 179 Elizabeth
Street, Sydney NSW 2000 was appointed as Liquidator at a
creditors' meeting held that same day.

Dated this 2nd day of December 2005

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


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

That the companies 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 Liquidator of the Company.

Creditors are required on or before Jan. 11, 2006 to prove their
debts or claims, and to establish any title they may have to
priority by delivering or sending through the post a Proof of
Debt verifying their respective debts or claims to the
Liquidator. 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


SINJ STEELFIXING: Members, Creditors Meet to Review Wind Up
-----------------------------------------------------------
The final meeting of the members and creditors of Sinj
Steelfixing Pty Limited will be held on Jan. 6, 2006, 10:00 a.m.
at the offices of Bentleys MRI Sydney Business Recovery &
Insolvency Partnership, Level 8, 50 Carrington Street, Sydney
NSW, to present the Liquidators' final account and report, and
to give any explanation thereof.

Ozem Kassem
Liquidator
Bentleys MRI - Sydney Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: 02 8221 8433
Fax:   02 8221 8422
Web site: http://www.bentleys.com.au


STONSTY PTY: Members Resolve to Wind Up Firm
--------------------------------------------
Notice is hereby given that a Special Resolution was passed to
voluntarily wind up Stonsty Pty Limited, and Mr. Mark Pearce was
appointed as Liquidator for such purpose.

Dated this 2nd day of December 2005

Mark Pearce
Liquidator
C/o Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street
Brisbane Qld 4000


TALOOMBI ENTERPRISES: Prepares to Pay Dividend
----------------------------------------------
Taloombi Enterprises Pty Limited will declare a first and final
dividend on Jan. 9, 2006.

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

Dated this 22nd day of November 2005

Robert Elliott
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


TELSTRA CORPORATION: Presents Formal Proposal for New Price Plan
----------------------------------------------------------------
Telstra Corporation has stepped up its campaign for a new
pricing plan for access to its copper wire network, The Age
relates.

The embattled telco has formally proposed to charge a new
monthly nationwide wholesale price of AU$30, after the
competition watchdog junked last week a proposal involving
different prices for access to Telstra's network.

Telstra supported the tiered pricing structure until the arrival
of new chief executive Sol Trujillo in July. Since then, Telstra
has argued strongly that it should be allowed to charge other
telcos the same price regardless of where they access the
network.

Telstra's rivals claim this system would block them from
accessing Telstra's network to roll out broadband and voice
services in the cities. But Telstra argues it is losing money
subsidizing the tiered prices.

Telstra's latest move will be overrun next year by a strategic
review on fixed network services commissioned by the Australian
Competition and Consumer Commission (ACCC).

The review was ordered by the Federal Government this month, at
the same time the telco announced its intention to impose common
retail prices.

CONTACT:

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


VALMONT PTY: Creditors Resolve to Wind Up Firm
----------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Valmont (NSW) Pty Limited held on Dec. 6, 2005, it was resolved
that the Company be wound up, and Mr. Peter P. Krejci of GHK
Green Krejci, Level 9, 179 Elizabeth Street, Sydney NSW
2000 was appointed as Liquidator for such purpose.

Dated this 12th day of December 2005

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


WATTYL LIMITED: Barloworld Sets Eyes on Rival
---------------------------------------------
Barloworld Limited is reportedly planning to bid for its rival
in the Australian paint market, Wattyl Limited, Dow Jones
reveals.

The South African firm announced Wednesday it has retained ANZ
Investment Bank after Allco Equity Partners Limited launched a
takeover bid for Wattyl.

ANZ will review the terms of the Allco proposal and advise
Barloworld on a range of alternatives.

Barloworld expects to complete its consideration in early
February 2006.

Allco unveiled a AU$3.25 a share cash bid for Wattyl on December
22, valuing the company at AU$274.8 million.

Allco said its bid for Wattyl follows "a prolonged period of
underperformance" by the paint company.

Wattyl has advised shareholders to take no action on the bid,
pending a board meeting.

CONTACT:

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


WESTPOINT GROUP: Free to Recruit Amid Winding Up Action
-------------------------------------------------------
The Westpoint Group is not banned from recruiting new investors
despite a petition by the corporate watchdog to close the
troubled property group, The West Australian reveals.

The Australian Securities & Investments Commission is powerless
to stop the recruitment, as its application to wind up Westpoint
Corporation was adjourned from Dec. 23 to Fe. 10.

The court could not stop Westpoint Corporation from trading
until the winding up application had been decided.

Meanwhile, Westpoint's AU$300 million web of mezzanine schemes
face an anxious wait to find out whether it can successfully
defend the application.

ASIC lodged the wind-up petition over the firm's alleged non-
payment of supperannuation to employees.

Earlier, the Federal Court has ordered Westpoint Group to
produce annual reports for Westpoint Corporation, Westpoint
Constructions Pty Ltd and Scots Church Development by Jan. 5. A
second round of creditors meetings for three of its mezzanine
companies is set down for Jan. 9.

Concerns over the group's capacity to meet obligations to these
investors triggered ASIC's application to appoint provisional
liquidators to two of the group's most distressed schemes, York
Street Mezzanine Pty Ltd and Ann Street Mezzanine Pty Ltd.

The Federal Court has since ordered both schemes to be wound up
after declaring them both insolvent.


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C H I N A  &  H O N G  K O N G
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BEIJING INVESTMENT: Receives Petition to Wind Up
------------------------------------------------
Beijing Investment Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance dated Dec. 12, 2005.

The company's registered office is located at Suite 2102 21st
Floor Hong Kong Trade Center, 161-167 Des Voeux Road, Central
Hong Kong.

The petition was presented Sept. 22, 2005.

E T O'CONNELL
Official Receiver


CHINA CONSERVATIONAL: Suffers Wider Net Loss in Q3
--------------------------------------------------
China Conservational Power Holdings Limited booked a net loss of
HK$58.23 million in the third quarter of the current fiscal year
as against a HK$24.71 million net loss in the same current last
year.

Loss per share is HK$0.128 compared to the previous HK$0.077.

No dividends were paid or declared during the period. The
Directors do not recommend the payment of any interim dividend
for the six months ended Sept. 30, 2005.

A summary of the Company's financial results is available for
downloading free of charge at:
http://bankrupt.com/misc/TCRAP_CHCONSERVATION121905.pdf.

CONTACT:

China Conservational Power Holdings Limited
Shun Tak Centre, 168-200 Connaught Road
Kowloon, Central Sheung Wan
HONG KONG
Phone: +852 3105 1863
Fax: +852 3105 1862


CHINA MERCHANTS: Third Quarter Sees Turnaround
----------------------------------------------
China Merchants DiChain (Asia) Limited booked a net profit of
HK$7.39 million in the third quarter of the year ended March 31,
2006.

The latest result is a significant turnaround from the HK$18.421
million net loss it incurred in the previous quarter.

This is also a significant improvement compared to the HK$13.45
million net loss booked in the same period last year.

CONTACT:

China Merchants Dischain (Asia) Limited
Units 3611, 36/F, West Tower
Shun Tak Centre, 168-200 Connaught Road Central
Hong Kong
Phone: 22550688
Fax: 28513660
Web site: http://www.dichainasia.com


GUANGDONG KELON: To Sue Execs for Fraud, Embezzlement
-----------------------------------------------------
Guangdong Kelon Electrical Holdings Co. will file a case against
former executives arrested for stealing the company's funds,
Shanghai Daily reports.

Former Chairman Gu Chujun and two other board members, Yan
Yousong and Zhang Hong, reportedly incurred losses for the
company.

The China Securities Regulatory Commission released an
investigative report, saying Mr. Gu and several board members
allegedly embezzled as much as CNY3.49 billion.

The commission charged that Gu and the others carried out their
scheme by fabricating documents, using fake company stamps and
issuing fraudulent financial information, including false sales,
expense and profit reports.

Kelon has auditing firm KPMG to launch an investigation into
company cash flow dating back to Oct. 1, 2001, when former
Chairman Gu Chujun joined Greencool Enterprise Development Co,
Kelon's parent.

The company is seeking compensation for the alleged losses
incurred by its former executives.

The final amount to be recovered will be determined by the
auditor's report.

CONTACT:

Guangdong Kelon Electrical Holdings Co Ltd
12 Qiaodong Road
Ronggui District, Shunde
Guangdong, China
Phone:  (86 757) 28361159  (86 757) 28261545
Fax:  (86 757) 28361060


MANCHY LIMITED: Set to End Business
-----------------------------------
Manchy Limited has received a notice of winding up order in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance dated Dec. 14, 2005.

The company's registered office is located at Rm B, 24th Floor
Tai Yau Bldg, 181 Johnston Rd, Wanchai, Hong Kong.

The petition was presented Oct. 17, 2005.

E T O'CONNELL
Official Receiver


SCHOLARS' GROUP: Prepares to Cease Operations
---------------------------------------------
Scholars' Group of Schools Limited has received a notice of
winding up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance dated Dec. 14,
2005.

The company's registered office is located at 5/F Prosperous
Centre 1, Knutsford Terrace, Tsimshatsui, KLN.

The petition was presented Oct. 12, 2005.

E T O'CONNELL
Official Receiver


SEYMOUR PACIFIC: Court Issues Winding Up Order
----------------------------------------------
Seymour Pacific Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance dated Dec. 14, 2005.

The company's registered office is located at Unit 16, 9th Floor
Blk A, Po Lung Centre, 11 Wang Chiu Rd Kln

The petition was presented Oct. 17, 2005.

E T O'CONNELL
Official Receiver


TCL CORPORATION: Philips Mulls Additional Stake
-----------------------------------------------
The local unit of a European electronics giant has hinted on
plans to take an additional five percent stake in TCL
Corporation, The Associated Press reports.

Philips Electronics China BV will pay CNY204.5 million (US25.3
million) for 129.3 million TCL shares, bringing its total stake
to 7.46 percent. The purchase will make Philips Electronics the
third largest shareholder in TCL.

The deal, however, still requires government approval.

Philips already holds a 2.5 percent stake in TCL, whose largest
shareholder is the local government in Huizhou, Guangdong, the
city where it is based. TCL executives hold the next largest
tranche of shares. The two companies set up a partnership in
2002, with TCL providing distribution and service for Philips'
products in several Chinese provinces.

Guangdong-based TCL expects to sell 22 million color television
sets this year to offset the HK$85.5 million loss it incurred in
the first half of 2005. The losses resulted from its integration
with joint venture partners and a downturn in mobile phone
sales.

CONTACT:

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


UNION INTERNATIONAL: Winds Up Business
--------------------------------------
Union International Investment Limited has received a notice of
winding up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance dated Dec. 14,
2005.

The company's registered office is located at Unit 16, 9th
Fllor, Blk A, Po Lung Center, 11 Wang Chiu, Rd, KLN.

The petition was presented Oct. 17, 2005.

E T O'CONNELL
Official Receiver


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I N D I A
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JAGSON AIRLINES: Proposes to Issue Shares to Promoters
------------------------------------------------------
Jagson Airlines Ltd advised that the Board of Directors of the
Company at its meeting December 24, 2005, has proposed to issue
further 616800 shares to promoters and to get the approval of
the shareholders at the Extra Ordinary General Meeting of the
Company to be held on February 04, 2006.

CONTACT:

Jagson Airlines Ltd
B, SDA Complex, 18, Kasumati
Shimla 171009
Himachal Pradesh


KAASHYAP RADIANT: Takes Steps to Change Company Name
----------------------------------------------------
Kaashyap Radiant Systems Ltd announced the Board of Directors of
the Company at its meeting held on December 26, 2005, has in
view of the joint venture agreement with Radiant Systems Inc.,
U.S.A., which was in force before three years terminates.

As the Company is doing the same type of business and in view
the activities of the Company would represent the name, the
present name of the Company could change to any of the
following:

1. Kaashyap Technologies Ltd
2. Kashyap Industries Ltd
3. Kashyap Infrastructure Ltd

Further the Board has decided to take requisite steps to change
its present name.

CONTACT:

Kaashyap Radiant Systems Ltd
33/8, C P Ramaswamy Road, Alwarpet
Chennai 600018
Tamil Nadu
Phone: 55291778


MULTI-ARC INDIA: Unveils Outcome of Board Meeting
-------------------------------------------------
Multi-Arc India Ltd advised that the Board of Directors of the
Company at its meeting held on December 28, 2005, has taken the
following decisions:

1. Appointed Mr. Richard H Bourret, Mr. Peter Flood and Dr.
Yancy W Riddle as Additional Independent Directors of the
Company.

2. Approved Joint Venture with Universal Chemical Technologies
Inc. in UCT (India) Pvt Ltd. Pursuant to Joint Venture Agreement
the Company will hold 51% of the equity of UCT (India) Pvt Ltd
and balance 49% of the equity will be held by Universal Chemical
Technologies Inc.

CONTACT:

Multi-Arc India Ltd
14, Lumbini Palace, V S Khandekar Road, Vile Parle (E)
Mumbai 400057
Maharashtra
Phone: 26166313 26166602 26115630
Fax: 26166185


SWAN MILLS: Appoints Additional Directors
-----------------------------------------
Swan Mills Ltd announced that Mr. Sobhan I Diwanji and Mr.
Pitambar S Teckchandani has been appointed as Additional
Directors of the Company w.e.f. from December 22, 2005.

They will be holding office as Non Executive Independent
Directors.

CONTACT:

Swan Mills Ltd
15, Tokersey Jivraj Road, Sewree
Mumbai 400015
Maharashtra
Phone: 24133216 24139092 24145832
Fax: 24145831


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

GARUDA INDONESIA: Government Plans to Sell Off Airline
------------------------------------------------------
The Indonesian government is planning to sell its struggling
state airline, PT Garuda Indonesia, and wants an initial public
offering (IPO) as soon as possible, reports ABC Asia Pacific.

According to Minister of State Enterprises Sugiharto, the
Company is planning its IPO in 2009, but the process may be
hastened so that interested investors can enter as early as next
year.

Garuda is struggling to stay afloat amid increasing fuel costs
and heavy competition from budget airlines that have cropped up.

The Company is having a hard time keeping up with its annual
IDR986.68 billion debt repayments, and had earlier sough to
reschedule its annual principal payments in order to restructure
its IDR5.08 trillion debt to foreign creditors.

CONTACT:

PT Garuda Indonesia
Garuda Indonesia Bldg.,
Jalan Merdeka Selatan No. 13
Jakarta, 10110, Indonesia
Phone: +62 21 231 0082
Fax:   +62 21 231 1679
Web site: http://www.garuda-indonesia.com


PERTAMINA: Government Expects Agreement on Cepu Operations
----------------------------------------------------------
The Indonesian government is expecting state oil and gas firm PT
Pertamina and its U.S. partner ExxonMobil to reach an agreement
on the operations of an oil-rich block in Cepu by next month,
Reuters News reports.

Minister of State Enterprises Sugiharto expects there to be an
answer to the long standing dipsute between the two firms on the
Cepu block after the holidays, and is waiting to see an
agreement on the block early next month.

ExxonMobil Indonesia officials are slated to discuss a proposal
to resolve the deadlocked negotiations on the block's operations
with the Office of the State Enterprises Minister soon.

Minister Sugiharto said that it is likely that the proposal
would be in the form of a joint operating scheme, but did not
elaborate on whether a joint venture firm would be created to
facilitate the scheme.

President Susilo Bambang Yudhoyono said that he hopes the Cepu
block will begin production in 2008.

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


PERUSAHAAN LISTRIK: Asks Government to Raise Rates, Subsidy
-----------------------------------------------------------
State pwer firm PT Perusahaan Listrik Negara (PLN) has asked the
government to either raise power rates or increase the state
subsidy for power, reports the Jakarta Post.

According to PLN President Eddie Widiono, the Company's costs
have increased since it is now required to pay market prices for
petroleum-based fuel, and the government's allotted IDR15
trillion subsidy for 2006 is not enough to cover costs.

Mr. Widiono said that if power rates would not increase, the
alloted subsidy would be consumed by the second quarter of next
year.

The Company is aiming to increase its 2006 revenues by 63% to
IDR99.6 trillion, compared to this year's IDR61 trillion
revenues.

Next year, PLN will have to spend IDR51.4 million to purchase
marine fuel oil and high-speed diesel fuel next year, almoust
twice the IDR27.3 trillion it had spent for fuel this year. The
Company also expects power generation costs to increase from the
current IDR76.6 trillion to IDR108.52 trillion next year.

Last Oct. 7, 2005, PLN had sought to raise power rates from
between 23% to 39% in order to offset increasing costs. The
government is still considering whether to grant such request,
but a price hike is inevitable, according to analysts.

The government has asked PLN to simplify its rate structure and
implement efficiency measures before further discussing a power
rate increase.


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

HITACHI LIMITED: Sells Shares of Subsidiaries
--------------------------------------------
Hitachi Limited announced that it has sold a part of shares of
its subsidiaries.

1.  Sales of shares:

(1) Name and number of shares sold

     (i) Shares of Hitachi High-Technologies Corporation:
5,000,000 shares owned by Hitachi, Ltd.

         Following the sale, Hitachi owns 70,807,382 shares,
which represent 51.4 % of the issued and outstanding shares of
Hitachi High-Technologies Corporation.

    (ii) Shares of Hitachi Systems & Services, Ltd.: 3,000,000
shares owned by Hitachi, Ltd.

         Following the sale, Hitachi owns 12,800,000 shares,
which represent 51.2 % of the issued and outstanding shares of
Hitachi Systems & Services, Ltd.

(2) Aggregate proceeds of the sales

        Approximately JPY18.6 billion

(3) Method of the sales

        Sales underwriting by securities firms and over-
allotment

(4) Date of the sales

        Shares of Hitachi High-Technologies Corporation:
November 21, 2005

        Shares of Hitachi Systems & Services, Ltd.: November 30,
2005

2.  Impact on fiscal 2005 financial results

        The sales of shares are expected to record:

        (i)  Approximately JPY12 billion in income before income
taxes and minority interests and approximately JPY5.7 billion in
net income on consolidated bases; and

        (ii) Approximately JPY16.8 billion in income before
income taxes and approximately JPY10.5 billion in net income on
unconsolidated bases.

Hitachi does not expect that the above sales of shares would
affect the business forecast for the fiscal year ending March
31, 2006, which was announced on October 31, 2005.

CONTACT:

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


HITACHI LIMITED: Mulls Foundry Venture with Toshiba, Renesas
------------------------------------------------------------
Hitachi, Ltd., Toshiba Corporation and Renesas Technology Corp.
today announced that they have initiated a joint study on the
feasibility of an independent semiconductor foundry business
offering advanced fabrication processes to which each of the
companies could outsource fabrication.

The joint study will consider establishing of a planning
company, the outline of which is not yet decided.

About Hitachi, Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales
totaled JPY9,027.0 billion ($84.4 billion). The company offers a
wide range of systems, products and services in market sectors
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
company's website at http://www.hitachi.com.

About Toshiba Corporation

Toshiba Corporation is a leader in the development and
manufacture of electronic devices and components, information
and communication systems, digital consumer products and power
systems. The company's ability to integrate wide-ranging
capabilities, from hardware to software and services, assure its
position as an innovator in diverse fields and many businesses.
In semiconductors, Toshiba continues to promote its leadership
in the fast growing system LSI market and to build on its world-
class position in NAND flash memories, analog devices and
discrete devices. Visit Toshiba's website at
http://www.toshiba.co.jp/index.htm.

About Renesas Technology Corp.

Renesas Technology Corp. designs and manufactures highly
integrated semiconductor system solutions for mobile, automotive
and PC/AV markets. Established on April 1, 2003 as a joint
venture between Hitachi, Ltd. and Mitsubishi Electric
Corporation and headquartered in Tokyo, Japan, Renesas
Technology is one of the largest semiconductor companies in the
world and the world's leading microcontroller supplier globally.
Besides microcontrollers, Renesas Technology offers flash
memories, system-in-package and system-on-chip devices, Smart
Card ICs, mixed-signal products, SRAMs and more. Web site:
http://www.renesas.com.


HITACHI LIMITED: Signs Dubai Monorail Construction Contract
-----------------------------------------------------------
A group comprising Marubeni Corporation, Hitachi Limited,
Obayashi and several others, announced a construction supply
contract worth approximately US$390 million with Nahkeel of
Dubai for a passenger monorail system on December 14. The system
is scheduled to start operation in December 2008.

Under this deal, Marubeni, as the sole main contractor, will
construct and provide a straddle-beam monorail system 5.4
kilometers long with four stations. The system will be operated
unmanned and be fully automatic, with a full turnkey handover,
including civil engineering and construction.

The company's subcontractors under the contract are Hitachi,
Ltd., Nippon Signal Co., Ltd., Omron Corporation Co., Ltd., a
joint venture of Obayashi Corporation and Oriental Construction
Co., Ltd., as well as Tonichi Engineering Consultants, Inc. and
Tostems, Inc.

Hitachi will supply the cars, consisting of four trains each
with three cars, as well as the electrification system,
operation management, communications and platform screen doors.
Nippon Signal will supply the signaling facilities while Omron
will provide the automatic fare collection system.

Obayashi and Oriental will be responsible for the civil
engineering and construction, while Tonichi Engineering
Consultants, Inc. and Tostems, Inc. will provide the design
supervision works.

Nakheel is one of Dubai's largest developers, and is currently
planning the development of The Palm Jumeirah Island and other
major resort islands, such as The Palm Jebel Ali, The Palm Deira
and the Waterfront. Our deal is the largest single contract for
those related to The Palm Jumeirah Island.

Marubeni was awarded a power-generator/hydro construction
contract at Abu Dhabi this January with total construction costs
amounting to three billion dollars. The latest deal is a
consecutive contract on a major infrastructure deal in the UAE
market.


ITO-YOKADO COMPANY: R&I Places Rating on Monitor
------------------------------------------------
Rating and Investment Information, Inc. (R&I) has placed the
following rating on the Rating Monitor with a view to
downgrading.

ISSUER: Ito-Yokado Co., Ltd. (Sec. Code: Unlisted)
        Issuer Rating

R&I RATING: (AA+); Placed on the Rating Monitor with a view to
downgrading

RATIONALE:

On December 26, Seven & I Holdings Co., Ltd., the holding
company of Ito-Yokado Co. Ltd., announced it will acquire a
65.45% stake of Millennium Retailing Inc. worth JPY131.1 billion
which Nomura Principal Finance Co. currently holds at the end of
January 2006. Seven & I also plans to acquire the remaining
34.55% stake by cash and exchange of shares.

Millennium Retailing Group consists of a group of retail
companies such as Sogo Co., Ltd., The Seibu Department Stores
Ltd., a grocery Shell Garden Co., Ltd. and a chandler The Loft,
Co., Ltd. The group has not disclosed its consolidated business
results. However, according to the combined results of August
2005 interim period between Sogo and Seibu Department Stores,
gross sales stood at JPY450.2 billion, operating profit at
JPY17.7 billion, outstanding debt at JPY384.3 billion and the
equity capital ratio at 9.3%.

The acquisition will likely to undermine the financial
composition of Seven & I. The company has long been maintaining
a substantial negative debt; however, the balance between the
group's cash flow and debt will significantly change due to the
complete subsidiarization of the U.S. subsidiary in November and
the acquisition of Millennium Retailing this time.
Considering such factors, R&I has placed the rating of Ito-
Yokado, the subsidiary of Seven & I on the Rating Monitor with a
view to downgrading. R&I will announce a new rating after making
a thorough review on the impact of the business integration with
Millennium Retailing.

R&I RATINGS:
ISSUER: Ito-Yokado Co., Ltd. (Sec. Code: Unlisted)
ISSUER RATING: (AA+); Placed on the Rating Monitor with a view
to downgrading

LONG-TERM ISSUE RATING: Issue Date   Redemption   Issue
                                                  Amount(mln)
Unsec. Str. Bonds No. 3 Mar 29, 2000 Mar 29, 2007 JPY30,000
Unsec. Str. Bonds No. 4 Mar 29, 2000 Mar 29, 2010 JPY20,000
Unsec. Str. Bonds No. 5 Nov 01, 2002 Sep 18, 2009 JPY50,000
R&I RATING: (AA+); Placed on the Rating Monitor with a view to
downgrading

Issuer Rating is an R&I's opinion regarding an issuer's overall
capacity to repay its entire financial obligation, and it will
be assigned to all issuers. The rating of individual obligations
(i.e. bonds and loans etc.) includes the prospect of recovery
and reflects the terms and conditions of the agreement and it
may be lower or higher than Issuer Rating.

CONTACT:

Ito-Yokado Co. Ltd.
8-8, Nibancho, Chiyoda-ku
Tokyo 102-8450, Japan
Phone: +81-3-6238-2111
Fax: +81-3-6238-3492


RYOU-KUU RESORT: METI OKs Business Restructuring Plan
-----------------------------------------------------
The Ministry of Trade and Industry (METI) has authorized the
business restructuring plan of Ryou-kuu Resort Development Co.,
Ltd. under the Law on Special Measures for Industrial
Revitalization.

CONTACT:

METI Public Relations Office
1-3-1 Kasumigaseki
Chiyoda-ku,
Tokyo, 100-8901
Phone: +81-3-3501-1619
Fax: +81-3-3501-6942


SOFTBANK CORPORATION: Teams Up With Microsoft, Japan Telecom
------------------------------------------------------------
Microsoft Co. Ltd., SOFTBANK BB Corp., and JAPAN TELECOM CO.
LTD., announced that they are developing a security-enhanced,
integrated communications service that combines voice over
Internet protocol (VoIP), e-mail, Internet access, groupware,
presence, instant messaging and desktop services with network
infrastructure, and that they have formed a strategic business
alliance to provide this service as a business-oriented
solution.

The combination of Microsoft(R) Solution for Enhanced VoIP
Services with the IP phone expertise of SOFTBANK BB, Japan's
largest carrier of IP phone services, delivers a platform with
enhanced security that provides rich messaging, presence and
collaboration functions with high-quality voice services.
Further, JAPAN TELECOM plans to couple this integrated
communication service with its high-quality networking
infrastructure and managed network operation to provide its own
information communication technologies (ICT) platform service to
the corporate market.

Linking the Microsoft Solution for Enhanced VoIP Services with
BB Phone's voice platform and JAPAN TELECOM's managed network
service will enable small and midsize businesses to take
advantage of enterprise-class communications services, including
VoIP services, to achieve increased productivity through
internal and external real-time communications. The Microsoft
Solution for Enhanced VoIP Services comprises hosted versions of
Microsoft server products including Microsoft Exchange Server
2003, Microsoft Office Live Communications Server 2005 and
Windows(R) SharePoint(R) Services with Sylantro Systems Corp.'s
Application Feature Server.

The companies plan to begin trials of the integrated
communications services in spring of 2006.

About SOFTBANK BB Corp.

Established in May 2000, SOFTBANK BB engages in the provision of
broadband infrastructure as well as in technical development,
marketing, sales and support. The company offers IT-related
distribution and services, and supervises and administers
affiliated broadband and e-commerce companies.

About JAPAN TELECOM

JAPAN TELECOM is one of the largest Information & Communications
Technology solution service providers in Japan with a more than
13,000km nationwide fiber optic digital network. The company is
also growing its substantial international business with its
world-wide presence. JAPAN TELECOM provides a wide range of
voice and data communications services tailored to
suit all needs of corporate, small and medium-sized enterprises,
along with consumers. The company is a 100% subsidiary of
SOFTBANK BB CORP.

About Microsoft

Founded in 1975, Microsoft (Nasdaq: MSFT) is the worldwide
leader in software, services and solutions that help people and
businesses realize their full potential.

NOTE:  Microsoft, Windows and SharePoint are either registered
trademarks or trademarks of Microsoft Corp. in the United States
and/or other countries.
       The names of actual companies and products mentioned
herein may be the trademarks of their respective owners.

CONTACT:

Softbank BB Corp.
International and Multinational Private company
24-1 Nihonbashi-Hakozakicho, Chuo-ku, Tokyo , Japan
Phone: 81 03 5642 8383
Fax: 81 03 5641 3406
Web site: http://www.softbankbb.co.jp


* IRCJ to Complete Caseload Before Closure
------------------------------------------
The Industrial Revitalization Corporation of Japan (IRCJ) is
looking to complete all its caseload by the end of next year
before its scheduled closure in March 2008, Bloomberg reports.

The corporate rehabilitation agency, set up in April 2003, helps
restructure finances of troubled companies for sale to
investors.

IRCJ, which took in 41 cases, has already completed the
restructuring of 20 firms. The remaining companies include
Mitsui Mining Co., Misawa Homes Co. and retailer Daiei Inc.

The agency has already sold all its JPY20 billion worth of
shareholding in Mitsui Mining. It plans to sell the company's
debt by next summer.

The agency plans to sell JPY50 billion worth of shares in Daiei
and its debt by the end of next year. Loans provided to Misawa
Homes will be refinanced, probably with the help of Toyota Motor
Corp. and other sponsors.

IRCJ is expected to post "some" profit at the time of
liquidation in 2008.


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

DAEWOO PRECISION: Creditors Scrap MoU with Hyosung
--------------------------------------------------
Daewoo Precision Industries Co. creditors nullified their non-
binding contract with preferred bidder, Hyosung Corp., Yonhap
News Agency

The creditors did not cite reasons nor provide details regarding
the decision.

The creditors led by Woori Bank negotiated the price and final
sale terms with Hyosung, the preferred bidder they selected in
July.

An e-mail from Woori Bank stated that creditors are to start
talks with S&T Dynamics Co., the second preferred bidder for the
stake.

Daewoo Precision formerly under the umbrella of Daewoo Group was
separated in 2002.  Daewoo Group filed for bankruptcy in 1999.

CONTACT:

Daewoo Precision Industries, Ltd.
5, Songjong-Ri, Cholma-Myon
Gijang-Gun, Pusan-Shi 626-875
Korea (South)
Telephone: +82 51 5092114 / +82 51 5083339


HANARO TELECOM: Foreign Shareholders Rumored to Join Management
---------------------------------------------------------------
The chief executive officer of Hanaro Telecom Inc. has
reportedly expressed his intention to resign. Amid the rumors,
foreign shareholders are expected to join the management of the
Company, Yonhap News Agency reveals.

CEO Kwon Soon-yup said it would be best for the combined entity
between Hanaro and its affiliate Thrunet Co. to be handed over
to a new management.

However, Hanaro dismissed the allegation as groundless, but
market watchers said Mr. Kwon is sure to step down.

According to sources, Park Byung-mu, president of Newbridge
Capital Korea, will likely take up the post until an annual
shareholders' meeting is held in March to pick his replacement.

In September 2003, a consortium of Newbridge Capital Ltd. and
American International Group Inc. (AIG) invested a combined
US$1.1 billion in Hanaro to become its largest shareholder.

Newbridge Capital owns 10.72 percent of the company and AIG
13.67 percent, according to their recent regulatory filings.

The sources added that three to four representatives from the
consortium are likely to be elected to Hanaro's board.

Experts said that if the change would be realized it would be
the first case for foreign shareholders to participate in the
management of a local network provider.

CONTACT:

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


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

AVANGARDE RESOURCES: Required to Submit Written Representations
---------------------------------------------------------------
Avangarde Resources Berhad advised Bursa Malaysia Securities
Berhad that in connection with the Company's failure to submit a
regularization plan to the relevant authorities for approval
within the prescribed time frame stipulated by Bursa Securities
pursuant to Paragraph 8.14C of the Listing Requirements and
paragraph 4.0 of Practice Note No. 17/2005 and no further
extension of time had been granted by Bursa Securities, the
Company had been directed by Bursa Securities vide its letter
dated December 23, 2005 to announce the following:

(a) That the Company has been accorded five market days by Bursa
Securities to make written representations 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/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements of Bursa
Securities.

CONTACT:

Avangarde Resources Berhad
2nd Floor, 17 & 19, Jalan Brunei Barat,
Pudu 55100, Kuala Lumpur Malaysia
Telephone: (60) 3 242 6689
Fax: (60) 3 244 1854


AVANGARDE RESOURCES: Bourse Junks Request for Time Extension
------------------------------------------------------------
Avangarde Resources Berhad advised that its application to Bursa
Malaysia Securities Berhad (Bursa Securities) for an extension
of time pursuant to Paragraph 4.1 of Practice Note No. 17/2005
had been rejected by Bursa Securities vide its letter dated
December 23, 2005.


BINTAI KINDEN: Restructures Operations to Streamline Business
-------------------------------------------------------------
Bintai Kinden Corporation Berhad unveiled to Bursa Malaysia
Securities Berhad details of proposed internal reorganization.

(1) Introduction

The Board of Directors of Bintai Kinden Corporation Berhad
(BKCB) informed the Exchange that the Company is undertaking an
internal reorganization to streamline its business activities
which entails, inter-alia, the restructuring of its operations
into four (4) synergistic core divisions, operating under four
(4) wholly owned subsidiary companies, as follows:

(a) Kejuruteraan Bintai Kindenko Sdn Bhd (KBK) - KBK will remain
focused in specialized electrical and mechanical engineering
services, environmental and facilities management;

(b) Bintai Kinden Integrated Power Engineering Sdn Bhd (now
known as Bintai Integrated Engineering & Construction Sdn Bhd)
(BIEC) - BIEC is principally involved in the provision of civil
and structural, undertaking of turnkey and infrastructure
projects;

(c) Bintai Kinden Property Sdn Bhd (now known as Bintai Kinden
Property & Development Sdn Bhd) (BKPD) - BKPD is principally
involved in property holding and development; and

(d) Bintai Asset Holdings Sdn Bhd (a newly incorporated wholly
owned subsidiary company) (BAH) - BAH will be an investment
holding company, holding all the investments in associated
companies currently held by BKCB.

(hereinafter referred to as the Proposed Internal
Reorganization).

The corporate structure of BKCB before and after the Proposed
Internal Reorganization is set out in Table 1.

To view a full copy of Table I, go to
http://bankrupt.com/misc/BintaiKinden122605.pdf

(2) Rationale

The Proposed Internal Reorganization forms part of the Group's
internal corporate reorganization exercise to streamline its
Group's business activities and reap economies of scale and the
optimal utilization of available resources. The segregation of
core activities under the four (4) main wholly owned subsidiary
companies will also result in greater operational efficiency.

(3) Effects of the Proposed Internal Reorganization

The Proposed Internal Reorganization will not affect BKCB's
issued and paid-up share capital and its substantial
shareholders and will not have any material effect on the
earnings and net tangible assets of the Group for the financial
year ending March 31, 2005.

(4) Directors' and substantial shareholders' interests

None of the directors and/or substantial shareholders of BKCB
and/or persons connected to them has any interest, direct or
indirect, in the Proposed Internal Reorganization.

(5) Directors' opinion

The Board of Directors of the Company, having taken into
consideration of all the aspects of the Proposed Internal
Reorganization, is of the opinion that the Proposed Internal
Reorganization is in the best interest of the Group.

(6) Approval required

The Proposed Internal Reorganization is not subject to the
approval of the shareholders of the Company or relevant
authorities.

This announcement is dated 23 December 2005.

CONTACT:

Bintai Kinden Corporation Bhd
Unit A-3-1, Wisma HB, Megan Phileo Avenue, 39, Jalan Yap Kwan
Seng, Kuala Lumpur Wilayah Persekutuan 50450
Malaysia
Telephone: 03-21613633
Fax: 03-21625633


I-BERHAD: Purchases New Shares
------------------------------
I-Berhad issued to Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:

Date of buy back: December 23, 2005

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

Total number of shares purchased (units): 5,000

Minimum price paid for each share purchased (MYR): 1.100

Maximum price paid for each share purchased (MYR): 1.100

Total consideration paid (MYR): 5,541.20

Number of shares purchased retained in treasury (units): 5,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 4,133,800

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

This announcement is dated 23 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


LION CORPORATION: Unveils Dealings in Shares
--------------------------------------------
Lion Corporation Berhad (LCB) furnished Bursa Malaysia
Securities Berhad with details of the conditional take-over
offer to acquire the remaining 71,522,971 issued and fully paid-
up ordinary shares of MYR1.00 each in Amalgamated Containers
Berhad (ACB) representing approximately 95.73 percent of the
issued and paid-up share capital of ACB (Offer Shares) not
already owned by LCB and its wholly owned subsidiary, Limpahjaya
Sdn Bhd, to be settled by the issue of two (2) new ordinary
shares of MYR1.00 each in LCB (LCB Consideration Shares) at an
issue price of MYR1.31 each for existing three (3) offer shares
held in ACB.

Pursuant to Section 32 of the Code, K & N Kenanga Berhad
(Kenanga) advised on behalf of LCB, the dealings in the ordinary
shares in LCB and ACB as well as warrants of LCB by LCB, persons
acting in concert with LCB and/or the persons connected to them,
which are dealt in for their own account, as set out in Section
32 of the Code (Parties).

The details of the dealings in the Affected Securities by the
Parties are set out in Table 1 below.

To view a full copy of Table 1, go to
http://bankrupt.com/misc/LionCorpTableI122605.doc

Any disclosures made by Kenanga pursuant to Section 32 of the
Code, on behalf of the relevant Parties, are based on the
disclosures as furnished to us by LCB.

Kenanga shall not be responsible for any omission and/or error
in such disclosure to the authorities.

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 New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 315,000
new ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Thursday, December 29, 2005.

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: Updates on Wind-up Petition Against Taman
-----------------------------------------------------------
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

Further to the announcement made by the Company on December 22,
2005, the Company wishes to make a supplementary announcement on
the matter.

On July 22, 2005, a winding up order under Section 218 of the
Companies Act 1965 was presented at the High Court of Malaya in
Kuala Lumpur by Puan Asnah bt. Mohd Salleh (Asnah) against TBBM,
a wholly owned sub-subsidiary of the Company.

The petitioner's claim was for an unpaid amount of MYR186,455.10
which is based on a Consent Judgment granted by former directors
of TBBM and the Company, dated January 10, 2005 against TBBM.
TBBM responded and have made representations to set aside the
Consent Judgment and requested for a stay of execution.

This matter as well as other separate actions by or against TBBM
and the Company's former directors were also explained in Note
26 to the financial statements under Material Litigation in the
Company's Annual Report for the year ended June 30, 2005.

However, on December 20, 2005, the Court did not agree to set
aside Asnah's petition. Notwithstanding TBBM's solicitors'
confidence in appealing the matter and informing the court that
it intends to do so, TBBM has nevertheless instructed their
solicitors to pay the sum of MYR186,455.10 already held in
escrow by them to Asnah as settlement immediately, without
prejudice.

The Company informed the shareholders that the sum of
MYR186,455.10 was amply provided for in the form of
MYR190,000.00 already deposited with the Company's solicitors as
previously reported pending the setting aside hearing on
December 20, 2005.

The Company informed the Exchange that save and except the sum
of MYR186,455.10 plus legal costs payable to Asnah, it is of the
opinion that there is no other related financial implication on
the Company.

It is to be noted that this is a legal progressional matter,
which is much anticipated, one way or another, under Note 26 to
the financial statements of Material Litigation disclosure in
the Company's 2005 Annual Report.

CONTACT:

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


MALAYAN FLOUR: Dormant Unit Struck off from Registry
----------------------------------------------------
Malayan Flour Mills Berhad (MFM) advised Bursa Malaysia
Securities Berhad that it has on December 27, 2005 received a
notification dated December 12, 2005 from the Companies
Commission of Malaysia (CCM) that CCM had struck the name of
Accord Hotel Sdn Bhd [133043-U] (AHSB), a wholly owned
subsidiary of MFM, off the register pursuant to Section 308(4)
of the Companies Act, 1965.

AHSB was a dormant company since its incorporation. The striking
off of AHSB will not have a material effect on the earnings per
share and net assets of the Group for the financial year ending
December 31, 2005.

CONTACT:

Malayan Flour Mills Berhad
163, Jalan Ampang, 10th Floor, Wisma MCA,
Kuala Lumpur Wilayah Persekutuan 50450
Malaysia
Telephone: 03-21619055
Fax: 03-21610502


MALAYSIA BUILDING: Acquires Entire Shareholding in Dormant Unit
---------------------------------------------------------------
The Board of Directors of Malaysia Building Society Berhad
advised Bursa Malaysia Securities Berhad that the Company had on
December 27, 2005 acquired the entire shareholding in Idaman
Usahamas Sdn Bhd (Company No. 713213-W) (Idaman), comprising two
(2) ordinary shares from Zatizam Binti Zahari and Faridah Binti
Razali each holding one (1) ordinary share in Idaman, for a cash
consideration of MYR2 only. (the Transfer Shares).

The Company's investment cost in Idaman is MYR2.00. The Transfer
Shares does not have any significant effect on the net tangible
assets per share, the earnings of the Company and of the Group
for the year ending December 31, 2005.

Idaman was incorporated on October 20, 2005 with an authorized
capital of MYR100,000 comprising 100,000 ordinary shares of
MYR1.00 each while its issued share capital comprises two (2)
ordinary shares of MYR1.00 each. Idaman is a dormant company and
has not commenced operations since the date of its
incorporation.

Idaman is expected to be utilized in furtherance of future
strategic Company plans.

The Directors of the Company further advised that the
transaction is in the best interest of the Company and that none
of the Directors and/or major shareholders of the Company or
persons connected thereto has any interest, direct or indirect
in this transaction.

CONTACT:

Malaysia Building Society Berhad
11th Floor, Wisma MBSB, 48, Jalan Dungun, Damansara Height,
Kuala Lumpur Wilayah Persekutuan 50490
Malaysia
Telephone: 03-20954000
Fax: 03-20954260


SINORA INDUSTRIES: EGM Slated for Jan. 13
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Sinora Industries Berhad (Sinora) will be held at Kinabalu Room
1, Shangri-La's Tanjung Aru Resort, Kota Kinabalu, Sabah on
Friday, January 13, 2006 at 10:00 a.m. or at any adjournment
thereof for the purpose of considering and, if thought fit, pass
the following resolutions, with or without modifications:

Ordinary Resolution 1

Proposed appointment of Serijaya Industri Sdn Bhd (Serijaya),
the wholly owned subsidiary of Sinora, as log extraction
contractor by Rakyat Berjaya Sendirian Berhad (RBSB) (Proposed
Logging)

"THAT, subject to the terms and conditions of the Log Extraction
Contract dated October 26, 2005 entered into between Serijaya
and RBSB and all relevant approvals being obtained, approval be
and is hereby given to Serijaya to enter into the Log Extraction
Contract with RBSB for the appointment of Serijaya as contractor
for the proposed extraction of timber logs.

AND THAT the Directors be and are hereby authorized to give
effect to the Proposed Logging with full power to assent to any
condition, modification, variation and/or amendment as may be
required by the relevant authorities and to take all such steps
to enter into all such agreements, arrangements, undertakings,
indemnities, transfers, assignments and guarantees with any
party or parties as may deem necessary or expedient in order to
implement, finalize and give full effect to the Proposed
Logging."

Ordinary Resolution 2

Proposed development by Serijaya of approximately 22,763
hectares of land into an oil palm plantation pursuant to an
agreement between Serijaya and Benta Wawasan Sdn Bhd (Benta)
(proposed development of oil palm plantation)

"THAT, subject to the terms and conditions of the Agreement for
Oil Palm Plantation dated November 18, 2005 and all relevant
approvals being obtained, approval be and is hereby given to
Serijaya to enter into the Agreement with Benta for the proposed
development of approximately 22,763 hectares of land with an
estimated net plantable area measuring approximately 20,000
hectares into an oil palm plantation.

AND THAT the Directors be and are hereby authorized to give
effect to the Proposed Development of Oil Palm Plantation with
full power to assent to any condition, modification, variation
and/or amendment as may be required by the relevant authorities
and to take all such steps to enter into all such agreements,
arrangements, undertakings, indemnities, transfers, assignments
and guarantees with any party or parties as may deem necessary
or expedient in order to implement, finalize and give full
effect to the Proposed Development of Oil Palm Plantation."

By Order of the Board of Directors

Sinora Industries Berhad
Peter Wong (LS 006049)
Ernest D. Gilingan (LS 0008755)
Company Secretaries
23 December 2005
Kota Kinabalu, Sabah

Notes:

(1) A member entitled to attend and vote at the meeting is
entitled to appoint a proxy/proxies who may but need not be a
member of the Company to attend and vote in his/her stead.

(2) Where a member appoints two or more proxies, the
appointments shall be invalid unless he/she specifies the
proportions of his/her holdings to be represented by each proxy.

(3) The instrument appointing a proxy shall be in writing under
the hand of the appointor or his/her attorney duly authorized in
writing or, if the appointor is a corporation, either under its
Common Seal or under the hand of an officer or attorney duly
authorized.

(4) The instrument appointing a proxy must be deposited at the
Company's Registered Office at 6th Floor, Menara Tun Mustapha
Teluk Likas, P.O. Box 11623, 88817 Kota Kinabalu, Sabah not less
than 48 hours before the time set for holding the meeting or any
adjournment thereof.

This announcement is dated 22 December 2005.

CONTACT:

Sinora Industries Berhad
Likas Bay
Kota Kinabalu, 88817
Malaysia
Telephone: +60 88 326 572 / +60 88 432 104


SOUTHERN BANK: Bourse to List, Quote New Shares
-----------------------------------------------
Southern Bank Berhad advised that its additional 1,226,600 new
ordinary shares of MYR1.00 each issued pursuant to the exercise
of 1,082,800 warrants 1996/2006 (Local Warrants); and exercise
of 143,800 warrants 1996/2006 (Foreign Warrants) will be granted
listing and quotation with effect from 9:00 a.m., Thursday,
December 29, 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


TAP RESOURCES: Shareholders Agree to Extend RCSLS-C Redemption
--------------------------------------------------------------
Further to the announcement made on November 30, 2005 on
Practice Note No. 1/2001, the Board of Directors of Tap
Resources Berhad (TAP) informed Bursa Malaysia Securities Berhad
that the Company had on December 21, 2005, received a letter
dated December 20, 2005 from one of the Redeemable Convertible
Secured Loan Stock (RCSLS) Holders, Hong Leong Bank Berhad
informing that they are agreeable to the Company's request for
an extension of time until April 30, 2006 for the redemption of
the RCSLS-C amounting to MYR3,643,815.00 subject to:

(a) Full settlement of all interest due and payable to Hong
Leong Bank as at June 30, 2005 within seven days from the date
of their letter; and

(b) All interest due and payable pursuant to Clause 7.1 of the
Trust Deed executed between TAP and AmTrustee Bhd, to be settled
on or before the respective due dates.

The terms of their letter are conditional upon Genus Computing
Sdn Bhd accepting and agreeing to the terms of Hong Leong Bank's
letter dated December 20, 2005 to Genus Computing Sdn Bhd.

Further development if any, will be announced accordingly.

This announcement is dated 23 December 2005.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


TELEKOM MALAYSIA: Details Wind Up Petition Filed by Unit
--------------------------------------------------------
Telekom Malaysia Berhad submitted to Bursa Malaysia Securities
Berhad details of the winding-up petition presented by
Technology Resources Industries Berhad on Tri Telecommunication
Zanzibar Limited pursuant to Section 218 of the Zanzibar
Companies Decree Cap. 153.

Pursuant to confirmation dated December 23, 2005 from our
solicitors, Telekom Malaysia Berhad (TM) advised that its
subsidiary, Technology Resources Industries Berhad (TRI) held
via Celcom (Malaysia) Berhad has on December 21, 2005, presented
a winding-up petition to the High Court of Zanzibar at Vuga,
Zanzibar (Winding-Up), in respect of its 60 percent subsidiary,
TRI Telecommunication Zanzibar Limited (Company No. L.1047)
(Tritel Zanzibar).

The Winding-Up petition was presented pursuant to Sections 218
(c) and (f) of the Zanzibar Companies Decree Cap. 153 (Companies
Decree) on the grounds of the suspension of business for a whole
year and it is just and equitable to do so.

Information on Tritel Zanzibar

Tritel Zanzibar was incorporated in Zanzibar on November 15,
1995. Currently it has an authorized capital of Tshs1,000,000
comprising 100 ordinary shares of Tshs10,000 each and an issued
and paid up capital of Tshs50,000 comprising five ordinary
shares of Tshs10,000 each. TRI holds 60 percent of the total
equity of Tritel Zanzibar whilst VIP Engineering & Marketing
Limited (VIPEM), holds the remaining 40 percent.

Tritel Zanzibar was originally incorporated to promote,
establish and carry on the business of providing all kinds of
telecommunication services in Zanzibar. VIPEM is the same joint
venture partner with TRI in Tritel Telecommunication Tanzania
Limited (Tritel Tanzania), now under liquidation.

Following the revocation of the operating license of Tritel
Tanzania by Tanzania Communications Commission vide its letter
dated January 2, 2003, Tritel Tanzania had ceased its operations
on January 31, 2003. Consequently, Tritel Zanzibar, which was
incorporated pursuant to the said license, also ceased
operations on that date.

Rationale for the Winding-Up

Tritel Zanzibar was proposed to be wound up due to the
differences between TRI and VIPEM to the extent that they are
unable to convene a Shareholders' or Board meeting or make a
decision in accordance with the Memorandum and Articles of
Association or to meet its statutory obligations under the
Companies Decree which could lead to possible striking off from
the register by the Registrar of Companies.

Financial Effects of the Winding-Up

The Winding-Up will not have any material effect on the
consolidated earnings of TM Group for the year ending December
31, 2005.

Directors' and Substantial Shareholders' Interest

None of the Directors and Substantial Shareholders of TM or
persons connected with them has any interest, direct or
indirect, in the Winding-Up.

CONTACT:

Telekom Malaysia Berhad
Level 51, North Wing, Menara Telekom,
Off Jalan Pantai Baharu
50672 Kuala Lumpur, Malaysia
Phone: +60-3-2240-9494
Fax: +60-3-2283-2415S


UBS CORPORATION: Unit Placed in Voluntary Winding Up
----------------------------------------------------
The Board of Directors of UBS Corporation Berhad (UBS) advised
that User Business System International Pte. Ltd (User
Business), a wholly owned subsidiary of the Company have been
put under members' voluntary wind-up with effect from December
23, 2005.

User Business, incorporated in Singapore on June 3, 2000 has an
issued and paid-up capital of SG$490,000 divided into 490,000
shares of SG$1.00 each and was formerly involved in the
marketing of the Company's business application software in
Singapore. The original cost of investment in the subsidiary is
MYR866,565.

The winding up of User Business will not have any material
financial and operational effects of the Company for the
financial year ending December 31, 2005 on a consolidation
basis.

The Board of Directors is of the opinion that the winding up is
in the best interest of the Company and is not subject to the
approval of the shareholders of the Company.

None of the Directors, substantial shareholders and persons
connected to the Directors or substantial shareholders of UBS
have any interest, direct or indirect in the winding up of User
Business.

This announcement is dated 23 December 2005.

CONTACT:

UBS Corporation Sdn Bhd
Level 51, Tower 2, Petronas Twin Tower,
Kuala Lumpur Wilayah Persekutuan 50088
Malaysia
Telephone: 03-20316178
Fax: 03-20316428


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

NATIONAL BANK: Merger with Allied Still on Hold
-----------------------------------------------
A merger between Philippine National Bank (PNB) and Allied Bank
is still far off, The Manila Standard says.

Banking sources revealed that income disparities between
employees of the two Lucio Tan-controlled banks would make a
merger difficult at this time.

PNB employees reportedly receive higher compensation than their
counterparts at Allied Bank. Allied Bank employees, meanwhile,
are paid less but are more efficient.

The income disparities and clashing culture needed to be
addressed first before the merger process is initiated.

Mr. Tan has long controlled Allied Bank but only gained majority
control of PNB in August when he won the auction for
government's shares in the bank.

CONTACT:

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


NATIONAL POWER: Told to Iron Out Differences with Meralco
---------------------------------------------------------
National Power Corporation (Napocor) and Manila Electric Company
(Meralco) were ordered to settle their differing stands under
the transition supply contract (TSC), Manila Bulletin reports.

This refers to the proposed demand cap that will set out
flexibility in the latter's power supply offtake under the TSC.

While the parties have already agreed on the parameters of
placing a demand cap on Meralco's volume of electricity
procurement from the state-owned power firm, the Energy
Regulatory Commission (ERC) noted that this needed to be
reconciled with what is being pursued by the Power Sector Assets
and Liabilities Management Corporation (PSALM) as reasonable
revenue commitments that it would be able to get hold of from
Napocor's contracted capacity.

The regulatory body has entered the picture, indirectly as a
mediator, so there could be more smooth sailing flow of
negotiations between the parties.

Up until this date, the ERC has confirmed that there is no
agreement reached yet with Meralco as far as volume of hourly
commitments is concerned.

The regulator urged Meralco and Napocor to re-evaluate their
respective assumptions. The parties are having other concerns on
the TSC such as the timeframe on when it shall be in force,
given that most of the timetables prescribed under the Electric
Power Industry Reform Act (EPIRA) are now being thrown into the
air.

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/


TPG CORPORATION: Finds Ways to Address Cash Flow Woes
-----------------------------------------------------
TPG Corporation has joined the growing list of pre-need firms in
the country that are experiencing financial difficulties, The
Philippine Star reports.

The pre-need firm is reportedly holding explanatory talks with
the Securities and Exchange Commission (SEC) on how it plans to
address its cash flow issues.

A SEC official disclosed that TPG is considering converting
payments due to planholders into equity to solve its dilemma.

The Company had sought regulatory leeway after incurring a trust
fund deficit. The leeway program allows a pre-need company to
amortize for a period of five years its trust fund deficit.

TPG earlier said it was in talks with at least two investor-
groups that will make the pre-need firm a much bigger and
stronger company.

It is also seeking to convert the company from a purely pre-need
entity into a holding company. The company will be converted
into a cooperative that will have pre-need plans as one of its
products.

While the conversion plan is being fine-tuned, the interest of
planholders will continue to be preserved and enhanced since TPG
will still be maintaining its pre-need license.

The SEC has been keeping a close watch on pre-need companies
following the collapse of the pre-need firms Pacific Plans,
Platinum Plans and College Assurance Plans Inc. to safeguard the
interest of the investing public.

CONTACT:

TPG Corporation
The Professional Tower
37 EDSA corner Boni Avenue
Mandaluyong City 1550
Phone: (02) 533-7061 to 66; (02) 746-7878 to 91
Web site: http://www.professional.com.ph


UNIOIL RESOURCES: Notes Change in Shareholding
----------------------------------------------
Further to Circular for Brokers No. 5427-2005 dated Dec. 16,
2005, Unioil Resources & Holdings Company Inc. furnished the
Philippine Stock Exchange (PSE) a copy of SEC Form 23-A (Initial
Statement of Beneficial Ownership of Securities) of Mr. Nemesio
R. Briones, in relation to his election as director of the
Company during the Annual Stockholders' Meeting held on Dec. 15,
2005.

A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/TCRAP_UNIOILRESOURCES122905.pdf.

CONTACT:

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


WELLEX INDUSTRIES: Posts Definitive Information Statement
---------------------------------------------------------
Further to Circular for Brokers No. 5389-2005 dated Dec. 13,
2005, Wellex Industries Inc. (WIN) furnished the Philippine
Stock Exchange a copy of its SEC Form 20-IS (Definitive
Information Statement) in connection with its Annual
Stockholders' Meeting which will be held on January 19, 2006 at
10:00 A.M. at the Top of the Citi, 34th Floor, Citibank Tower,
8741 Paseo de Roxas Street, Makati City.

As previously announced, "(a)ll stockholders of record as of
Dec. 23, 2005 are entitled to notice and vote at the Annual
Stockholders' Meeting."

A copy of WIN's Definitive Information Statement shall be made
available for downloading at the PSE web site:
http://www.pse.com.ph(under Listed Companies).

CONTACT:

Wellex Industries Inc.
22/F, Citibank Tower
8741 Paseo de Roxas, Makati City 1200
Phone No/s:  848-0851 local 114
Fax No/s:  848-0532
E-mail Address:  info@ccplaw.com.ph


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

CHINA AVIATION (S): Quarterly Net Loss Narrows Significantly
------------------------------------------------------------
China Aviation Oil (Singapore) Corp. posts a significant
decrease in its net loss for the third quarter of 2005.

The Company reported a SGD13,000 net loss for the third quarter
ended Sept. 30, 2005, compared to a SGD317.07 million net loss
for the same period last year.

To view the Company's financial statements, click on:

http://bankrupt.com/misc/tcrap_chinaaviation122905.pdf

CONTACT:

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


ECOWISE HOLDINGS: FY2005 Net Loss Narrows
-----------------------------------------
Ecowise Holdings Limited announced that the Company posted a
47.3% decrease in its net loss for the financial year ended Oct.
31, 2005.

In its report, the Company posted a SGD872,000 net loss, as
compared to its SGD1.65 million net loss for the same period
last year.

To view the Company's financial report, go to:

http://bankrupt.com/misc/tcrap_ecowiseholdings122905.pdf

CONTACT:

ecoWise Holdings Limited
3 Phillip Street, #14-01 Commerce Point
Singapore 048693
Phone: 65 6536 2489
Fax:   65 6536 7672
Email: enquiries@ecowise.com.sg
Web site: http://www.ecowise.com.sg


SAPPHIRE CORPORATION: Issues Shares in Debt Conversion Scheme
-------------------------------------------------------------
Sapphire Corporation Limited announced that in relation to its
Best Efforts Debt Conversion Exercise, the Company and its
subsidiary Caravelle Construction & Development Pte Limited have
issued 187,771,333 new ordinary shares to its various creditors.

The New Ordinary Shares were listed and quoted on the Singapore
Exchange on Dec. 29, 2005.

By Order of the Board

Michael Tay Kwang Hoe
Company Secretary

Dec. 29, 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/


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

CIRCUIT ELECTRONIC: Reschedules Creditors' Meeting
--------------------------------------------------
Circuit Electronic Industries Public Co. Ltd. issued to the
Stock Exchange of Thailand (SET) an update to the progress of
reorganization process.

The company advised SET that it has postponed the creditors
meeting to consider the reorganization plan to December 22,
2006.

The company will inform and update upon receipt of the
information from the financial consultant.

Please be informed

Yours sincerely,
Mr. Siva Nganthavee
Director

CONTACT:

Circuit Electronic Industries Public Company Limited
45 Moo 12,Rojana Industrial Park, Amphoe Uthai Ayutthya
Telephone: 0-3533-0556-9, 0-3522-6280-9, 0-3522-6711
Fax: 0-3533-0560, 0-3522-6710
Web site: http://www.cei.co.th


THAI ENGINE: Complies with Rehab Plan Provisions
------------------------------------------------
Thai Engine Manufacturing Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that on September 28, 2005 the
Central Bankruptcy Court ordered the company to:

(i) Apply the proceeds from its capital increase to acquire the
necessary assets from T.E.M. Business Operations Company Limited
(T.E.M. Business); and

(ii) Dispose of the shares in T.E.M. Business and TEM Assets
Recovery Company Limited (T.E.M. Assets) held by the Company to
a third party at the price at least equal to the book value of
those shares calculated on December 31, 2004.

The Company, as the plan administrator, informed the SET that
the court-approved rehabilitation plan has been fulfilled as
follows:

(1) Capital increase

The Company completely increased its capital from THB20,000,000
to THB200,000,000 on December 23, 2005.

Currently, the Company's paid-up registered capital is
THB200,000,000 constituting 200,000,000 ordinary shares having
the par value of THB1 per share.

(2) Asset acquisition

On December 26, 2005 the Company applied the proceeds from its
capital increase to acquire the necessary assets back from
T.E.M. Business after the Company had initially transferred them
to T.E.M. Business as required by the rehabilitation plan.

T.E.M. Business then applied the proceeds received from the
Company relating to the sale of those assets to pay the
outstanding debt to T.E.M. Business's creditors.

(3) Share sale

The Company sold its 49,994 shares in T.E.M. Business and 49,994
shares in T.E.M. Assets to Mr. Thanakorn Namkham who is not a
connected person under the SET rules, at THB0.10 per share. The
total payment of these shares is THB9,998.80.

Please be informed accordingly.

Yours sincerely,
Mr. Jakkrit Thanawiroon
Deputy Managing Director

CONTACT:

Thai Engine Manufacturing Pcl
Alfa Bldg, Floor 8-12,69/8-12
Vibhavadi Rangsit Road, Phaya Thai Bangkok
Telephone: 0-2644-4151-75
Fax: 0-2644-4181-2
Web site: http://www.thaiengine.com


THAI HEAT: Unveils Result of Warrant Exercise
---------------------------------------------
Thai Heat Exchange Public Company Limited unveiled to the Stock
Exchange of Thailand (SET) the result of the warrant exercise on
December 6-20, 2005.

Warrant (THECO-WA) in the amount of 61,276,900 units.

Exercise result   No. of        No. of         No. of common
                  holders       warrant        shares
                                exercise

(1) Local         0 person      0 unit         0 share

(2) Foreign       0 person      0 unit         0 share

    Total         0 person      0 unit         0 share

Therefore, there are 61,276,900 warrants remaining.

Please be informed accordingly.

Yours Sincerely,
Mr. Surin Wanpensakul
Director

CONTACT:

Thai Heat Exchange Public Company Limited
1364 Ramkhamhaeng Road, Suan Luang Bangkok
Telephone: 0-2318-2478-9, 0-2314-4582, 0-2319-1911-5
Fax: 0-2318-2655, 0-2319-4268
Web site: http://www.thaiheat.com


THAI PETROCHEMICAL: Explains Estimated Profit for 2005
------------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. informed the Stock
Exchange of Thailand (SET) that the THB7,584 million estimated
profit from operation for the year ended December 31, 2005
consisted of estimated income and estimated expenses amounting
to THB186,516 million and THB178,932 million respectively.

The concept of the above estimated operation profit was
attributed to the budgeted income and expenses for December 2005
plus actual income and expenses for January to November 2005.

The budgeted income and expenses for December 2005 was
THB16,486 million and THB16,474 million respectively. Such a
budget was prepared mainly from sale budget, Production budget,
Cost of goods sold budget, Selling expense and Administration
expense budget. By the way, the financial statement for the year
ended December 31, 2005 has yet to be audited by the auditor.

Your acknowledgement of the above matter is highly appreciated.

Yours sincerely,
Suwit Nivartvong
Plan Administrator for
Thai Petrochemical Industry Pcl

CONTACT:

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



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

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


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise
Group Co. Ltd-A                000030    -182.94      35.98
Guangdong Sunrise
Group Co. Ltd-B                200030    -182.94      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Shenz China Bi-A               000017      -206.9      50.08
Shenz China Bi-B               200017      -206.9      50.08
Xinjiang Tunhe Investment      600737      47.57      476.47
Co. Ltd.

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

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT         20.1        56.55
Panglobal Bhd                   PGL       (-50.36)     189.92
PSC Industries Bhd              PSC         51.63      639.35

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

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Informatics Holdings Ltd         INFO      -6.73       27.59
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC      -145.53    1289.71

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




                            *********


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

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

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

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