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

                     A S I A   P A C I F I C

             Thursday, January 5, 2006, Vol. 9, No. 004

                            Headlines

A U S T R A L I A

AGP MANAGEMENT: Requires Creditors to Submit Debt Claims
AMCOR LIMITED: Hints at Possible Fallout
ASIA PACIFIC: Schedules Final Meeting Jan. 12
AUSTIN GROUP: Warns of Another Profit Slump
BRIGOOD PTY: Liquidator to Detail Wind Up Manner

COMPUTER POWER: Parent Withdraws Financial Support
CROESUS MINING: Mulls Mergers to Reap Profits
DISTAGA PTY: Members Convene to Review Liquidator's Report
FRAME MAKE IT: Liquidator to Present Winding Up Report
HADSPEN DEVELOPMENT: Members Final Meeting Fixed Jan. 12

HESNEV PTY: Placed Under Voluntary Liquidation
JARCARN PTY: Intends to Pay Dividend to Creditors
KGB APPLICATORS: Poised to Declare Employee Dividend
KINGSLEY BROWN: Court Rules on Mismanagement
MAIN JENKINS: To Hold Final Meeting Jan. 13

MCLAUGHLIN ASSOCIATES: Declares First, Final Dividend
M&T HIDDING: Members to Discuss Liquidator's Report
NYLEX LIMITED: Wraps Up AH Plant Hire Sale
PARKVON PTY: Set to Pay Dividend to Creditors
ROCK N TAILS: Members, Creditors Meet to Review Wind Up Report

SLIMLINE FURNITURE: Joint Meeting Slated for Jan. 13
TERRY O'CONNOR: To Declare Final Dividend
TRYLOW MORLOAD: Winds Up Operations
VADA PTY:  Creditors to Receive Final Dividend
VOLANTE GROUP: Analysts Say Hostile Bid Too Low

WATTYL LIMITED: Board Intends to Snub Allco's Hostile Bid
WD KEIR: Liquidation Process Initiated
WILSON PLASTERING: To Pay Dividend to Employee Creditors


C H I N A  &  H O N G  K O N G

BANK OF CHINA: Bank of Tokyo-Mitsubishi UFJ Eyes Stake
FRIENDSHIP EXPRESS: Poised to Exit Bankruptcy This Year
GENERAL MOTORS: Price Cuts Could Spark Sales Battle
GOLDCONE PROPERTIES: Appoints Official Liquidators
GUANGDONG KELON: First EGM Set Jan. 20

GUANGDONG MEIYA: Predicts More Losses for FY/2005
HEILONGJIANG BLACK: Court Freezes Shares Over Loan Dispute
INDUSTRIAL AND COMMERCIAL: Agent Sales Service Swells in 2005
NG PO: Prepares to Exit Bankruptcy
NEW ZEALAND FIRE: Prepares to Wind Up Business

NINGBO SUCCESS: Faces Special Risk Warning
PROCREATIVE INDUSTRIAL: Bankruptcy Proceedings Near End
SHING LEE: Winding Up Process Ends


I N D I A

DHOOT INDUSTRIES: Welcomes New CEO, CFO
FOOD CORPORATION: Blacklists 166 Mills; Charges 164 Execs
HARSH POLYMERS: Unveils Board Meeting Outcome
RPG Cables: Equity Shares Delisted from VSE
SIMBHAOLI SUGAR: Court Approves Scheme of Restructuring


I N D O N E S I A

BANK MANDIRI: Reviewing Proposed IDR2.9-Tln Bond Issue
DIRGANTARA INDONESIA: Celebrates 30 Years of Aircraft Making
DIRGANTARA INDONESIA: Workers Stage Rally to Protest Layoffs


J A P A N

DAIEI INCORPORATED: Shares Climb 4.3% Wednesday
FOR-SIDE.COM COMPAY: Widens Net Loss to JPY9.74 Bln
SANYO ELECTRIC: Launches World's Smallest Digital Media Camera


K O R E A

DAEWOO SHIPBUILDING: Targets US$10Bln Worth of Orders in 2006


M A L A Y S I A

FOUNTAIN VIEW: Unveils Director's Dealings in Securities  
GEORGE TOWN: Explains Delayed Submission of Audited Accounts
KUMPULAN EMAS: Books MYR14,652,000 Net Loss in 1Q/FY05
MALAYSIA AIRLINES: Needs to Restructure to Compete in 2006
MAXIS COMMUNICATIONS: Updates Proposed Acquisition Info

MYCOM BERHAD: Sets Out Status of Proposed Timeline
NORTH BORNEO: Unveils Outcome of 55th AGM
OLYMPIA INDUSTRIES: Discloses Status of Restructuring Timeline
PATIMAS COMPUTERS: To Convene EGM Jan. 17
POHMAY HOLDINGS: Bourse Junks Bid to Extend Deadline

PSC INDUSTRIES: Seeks Time to Comply with Listing Requirements
PSC INDUSTRIES: Unit Fully Settles Loan with Credit Suisse
SELANGOR PROPERTIES: Proposes Listing of Unit to Bourse
SUGAR BUN: Incurs Net Loss in 3Q/FY05
TAP RESOURCES: Misses Out on Interest Payment

TENGGARA OIL: Books MYR1,913,000 Net Loss in 3Q


P H I L I P P I N E S

COLLEGE ASSURANCE: Court Orders Review of Rehab Petition
COMPREHENSIVE ANNUITY: Watchdog Smells Insolvency
EXPORT AND INDUSTRY: Clarifies News About PDIC Aid
EXPORT AND INDUSTRY: Special Stockholders' Meeting Set Jan. 25
EXPORT AND INDUSTRY: Sells Bad Assets to State Insurer

MAKATI MEDICAL: Hunt for New President Goes On
PHILNICO INDUSTRIAL: State Debt Delays Mine Rehab


S I N G A P O R E

BOYED PTE: To Hold Final Meeting Jan. 27
LIM PIN: Members Agree to Wind Up Operations
SUNWAY HOLDINGS: Receiving Claims Until Jan. 28
UNITED FIBER: Makes First Partial Repayment on Loan Note
WU CHUAN: Creditor Seeks to Wind Up Firm


T H A I L A N D

ADVANCE AGRO: S&P Raises Bond Rating to B-
JASMINE INTERNATIONAL: Unveils Result of Warrant Exercise
THAI ENGINE: Names New Auditor

     -  -  -  -  -  -  -  -

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

AGP MANAGEMENT: Requires Creditors to Submit Debt Claims
--------------------------------------------------------
AGP Management Limited will declare a final dividend on Jan. 13,
2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 9, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 13th day of December 2005

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


AMCOR LIMITED: Hints at Possible Fallout
----------------------------------------
Amcor Limited admitted it could lose customers over its alleged
involvement in a price-fixing cartel in the cardboard box
industry, The Australian has learned.

Amcor's statement comes as alleged conspirator Visy Industries
works on its own defense to an upcoming Federal Court case
brought by the Australian Competition and Consumer Commission
(ACCC).

In a document filed with the U.S. Securities and Exchange
Commission (U.S. SEC), Amcor also warned that while the
competition regulator had granted it immunity from prosecution
in return for co-operating with the investigation, the company
could still face damages claims from third parties who mighty
have been affected by the supposed cartel.

The New Zealand Commerce Commission is, likewise, investigating
cartel conduct on the other side of the Tasman, where Amcor has
also been granted conditional immunity.

At least two major law firms have canvassed alleged victims of
the cardboard box cartel to mount a multi-million-dollar civil
action.

Amcor is concerned that any damages, which ultimately will be
awarded, will be material to the results of operations of the
financial condition of the company.

CONTACT:

Amcor Limited
679 Victoria Street
Abbotsford, Victoria 3067
Australia
Phone: +61 3 9226 9000
Fax: +61 3 9226 9050
Web site: http://www.amcor.com/


ASIA PACIFIC: Schedules Final Meeting Jan. 12
---------------------------------------------
Notice is hereby given that a final meeting of the members of
Asia Pacific Equity Business Exchange Limited will be held on
Jan. 12, 2006, 10:00 a.m. at the Meeting Room of B. K. Taylor &
Co., 9th Floor, 608 St. Kilda Road, Melbourne, to present the
Liquidator's account showing the manner in which the Company's
winding up was conducted and its property disposed of, and to
hear any explanation that may be given by the Liquidator.

Dated this 25th day of November 2005

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


AUSTIN GROUP: Warns of Another Profit Slump
-------------------------------------------
Dwindling sales in November and December have forced Austin
Group Limited to issue an earnings downgrade for the first half
of 2005/06, Sydney Morning Herald relates.

The clothing wholesaler warned earnings for the six months to
Dec. 31 will be AU$1.5-million or 47.5 percent weaker than for
the same period last year.

Full season sales are now expected to be 15 percent below the
previous corresponding period.

Chief Executive Brendan Santamaria blamed the weak forecast on
the disappointing performance of the menswear division, which
has suffered an AU$1.2 million earnings shortfall on the
previous corresponding period.

He said Austin had recently appointed a new general manager for
menswear with 25 years industry experience who is undertaking a
complete review of the division.

"The company is confident that winter 2006 full season sales and
earnings will be in line with the previous corresponding
period," Mr. Santamaria said.

He said directors anticipate maintaining a three cents per share
dividend given the retained earnings of AU$5.6 million, strong
balance sheet and low level of debt.

CONTACT:

Austin Group Limited
16-20 Apparel Close,
BREAKWATER, VICTORIA,
AUSTRALIA, 3219  
Phone: 03 5225 2699  
Fax: 03 5225 2773  
Web site: http://www.austingroup.com.au


BRIGOOD PTY: Liquidator to Detail Wind Up Manner
------------------------------------------------
Notice is hereby given that the final meeting of Brigood Pty
Limited, which will be held on Jan. 13, 2006, 9:00 a.m. at 60
Phegans Bay Road, NSW 2256, will consider the following:

(1) The Liquidator's account which shows how the Company's
winding up was conducted and its property disposed of, and

(2) To give such explanation of the account as may be required.

Dated this 1st day of December 2005

Brian Michael Goodey
Liquidator
60 Phegans Bay Road, Phegans Bay NSW 2256
Phone: 02 4341 4295


COMPUTER POWER: Parent Withdraws Financial Support
--------------------------------------------------
The Board of EasyCall International Limited has resolved to
immediately cease providing ongoing financial support to its
wholly owned subsidiary, Computer Power Group Ltd (CPG). As a
consequence, the Board of CPG has determined to appoint Messrs
Ferrier Hodgson as administrator to CPG with immediate effect.

Group Chief Executive Officer of EasyCall, Mr. Chia Yew Boon,
said:

"This is a tough decision, but one of which we felt compelled to
take in the interests of EasyCall's shareholders. This decision
follows a thorough review of the CPG business by the board
members of EasyCall.

Since EasyCall acquired CPG in June 2004, we have provided
significant financial assistance to try and keep it afloat. Over
the last 18 months we have managed to reduce the ongoing
operating losses but the prospect for a turnaround in the near
future is certainly bleak. We will continue to actively pursue
our ongoing legal action, which was started immediately after
our takeover of CPG, to recover the full extent of our losses
from Spherion Group, CPG's previous owner.

We particularly regret the inconvenience this decision will
cause to CPG's students, and we are committed to working
proactively with the administrator to minimize the impact on
students - this is our top priority.

We also note that the administration of CPG does not in any way
affect the ongoing operations of EasyCall's other education
business, the Tianjin University of Commerce Boustead College in
China, which continues to perform strongly."

The financial impact of CPG's administration on EasyCall on a
consolidated basis cannot be fully determined at this stage,
given the ongoing litigation against Spherion Group and the
uncertainty of final outcomes from the administration process.

However, on a consolidated basis EasyCall anticipates that a
material write-off will be required, comprising all or part of
the following items (and off-set by the amount recovered through
litigation against Spherion Group, if any):

- AU$7.1 million shareholders' loans advanced by EasyCall to
CPG. It is yet to be determined whether there is any reasonable
prospect of any of this amount being recovered by EasyCall
through the administration process.

- AU$1.4 million indemnity provided by EasyCall in connection
with a letter of credit provided for the New Zealand subsidiary
of CPG. Whether this liability crystallizes will depend on the
extent to which the New Zealand subsidiary of CPG can be sold as
a going concern

- AU$0.5 million indemnity provided by EasyCall in connection
with bank guarantees given to various landlords of premises
occupied by CPG

- AU$0.5 million capitalized legal fees in connection with the
litigation against Spherion Group

EasyCall will update the market of any material developments,
and expects to be in a position to more accurately quantify the
required write-off when EasyCall's full year results to March
31, 2006 are prepared.


CROESUS MINING: Mulls Mergers to Reap Profits
---------------------------------------------
Cash-strapped gold miner Croesus Mining NL is considering two
separate merger proposals, as part of efforts to return to
profitability, Dow Jones reports.

Croesus said it has received two approaches in line with its
longer-term growth strategy of engaging in joint ventures,
mergers or acquisitions.

Croesus Managing Director Michael Fowler said the early state
discussions are "probably along the merger line" rather than
joint ventures or outright acquisitions.

Falling grades and skyrocketing costs has pulled down Croesus
production and profitability in the past months. After selling
its Davyhurst project to fellow Western Australian gold miner
Monarch Resources Ltd. in November to focus on its flagship
Norseman operation, Croesus warned of a AU$28 million pretax
loss for the six months to Dec. 31 on lower output and hedging
losses.

Croesus plans to present the two merger approaches at the
company's January board meeting.

Analysts speculate interest to merge with Croesus may be coming
from other prospective miners in the area such as Avoca
Resources Ltd that could use Norseman's processing plant, or
possibly a Canadian mid-tier player seeking an Australasian
presence.

CONTACT:

Croesus Mining N.L. Head Office
39 Porter Street
Kalgoorlie, Western Australia 6430
Phone: +61 8 9091 2222
Fax: +61 8 9021 7724
E-mail: croesus@croesus.com.au
Web site: http://www.croesus.com.au/


DISTAGA PTY: Members Convene to Review Liquidator's Report
----------------------------------------------------------
Notice is given that a meeting of the members of Distaga Pty
Limited will be held on Jan. 13, 2006, 9:00 a.m. at the offices
of Grant Thornton, Level 17, 383 Kent Street, Sydney NSW 2000,
to present the Liquidator's account showing the manner of the
Company's winding up and the disposal of its property, and to
hear any explanations that may be given by the Liquidator.

Dated this 5th day of December 2005

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


FRAME MAKE IT: Liquidator to Present Winding Up Report
------------------------------------------------------
Notice is hereby given that a joint meeting of the members and
creditors of Frame Make It (Australia) Pty Limited will be held
on Jan. 12, 2006, 10:30 a.m. at the Meeting Room of B. K. Taylor
& Co., 9th Floor, 608 St. Kilda Road, Melbourne, to show an
account of the Liquidator's acts and dealings and of the conduct
of the Company's winding up.

Members and Creditors are advised that the Liquidator's accounts
of receipts and payments may be inspected at the Liquidator's
offices during business hours.

Dated this 25th day of November 2005

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


HADSPEN DEVELOPMENT: Members Final Meeting Fixed Jan. 12
--------------------------------------------------------
Notice is given that a final meeting of the members of Hadspen
Development Pty Limited will be held on Jan. 12, 2006, 11:00
a.m. at 33 George Street, Launceston, to receive the
Liquidator's account showing the manner of the Company's winding
up and disposal of property, and to receive any explanation of
the account.

Dated this 11th day of November 2005

Michael H. Cooke
Liquidator
KPMG
Level 2, 33 George Street
Launceston Tasmania 7250
Phone: 03 6337 3737


HESNEV PTY: Placed Under Voluntary Liquidation
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Hesnev Pty Limited held on Dec. 13, 2005, the
following special and ordinary resolutions were passed:

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

Dated this 13th day of December 2005

Adam Farnsworth
Liquidator
C/o Hills Insolvency Services Pty Limited
PO Box 915, Rockdale NSW 2216
Phone: 02 9599 7945
Fax:   02 9599 7946


JARCARN PTY: Intends to Pay Dividend to Creditors
-------------------------------------------------
Jarcarn Pty Limited will declare a first and final dividend on
Jan. 12, 2006.

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

Dated this 2nd day of December 2005

Mervyn J. Kitay
Liquidator
Grant Thornton
Level 6, 256 St. George's Terrace
Perth WA 6000


KGB APPLICATORS: Poised to Declare Employee Dividend
----------------------------------------------------
KGB Applicators Pty Limited will declare an employee dividend on
Jan. 13, 2006.

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

Dated this 2nd day of November 2005

Andrew Fielding
Julie Williams
Joint Liquidators
PPB Chartered Accountants & Business Reconstruction Specialists
Level 4, 31 Sherwood Road
Toowong Qld 4066
Phone: 07 3371 7244
Fax:   07 3371 7311


KINGSLEY BROWN: Court Rules on Mismanagement
--------------------------------------------
The Supreme Court of Victoria has ordered the winding up of a
Melbourne-based property development company after finding
serious and fundamental deficiencies in its conduct and
management.

In proceedings brought by the Australian Securities and
Investments Commission (ASIC), Justice Philip Mandie ordered
that Kingsley Brown Properties Pty Ltd be wound up. Mr Paul
Pattison of Pattisons Consulting was appointed liquidator.

This decision brings to an end a proceeding commenced by ASIC in
June 2004 to wind up four companies associated with Mr Robert
Kingsley Brown (the Kingsley Brown Group). All four companies
are now in liquidation.

ASIC alleged, amongst other things, that:

- significant funds had been raised from the public by two of
the four companies without a prospectus or disclosure document;

- the funds had been used to finance property developments at
Phillip Island in Victoria by the Kingsley Brown Group;

- there was little or no record keeping recording the use of the
funds; and

- the companies had been mismanaged.

ASIC argued that the winding up action was necessary to protect
the interests of the investors even if, as in the case of
Kingsley Brown Properties Pty Ltd, it could not be established
that all the companies in the group were insolvent.

The Supreme Court of Victoria agreed with ASIC's submission and
found there had been 'serious and gross mismanagement' and that
Mr Brown had a 'cavalier approach' to his responsibilities as a
director and officer.

ASIC's Deputy Executive Director of Enforcement, Mr Mark Steward
said that the judgment indicated that the courts took the issue
of company management and proper record keeping very seriously.

"The judge found there is a public interest in the protection of
investors and in the fulfillment of legal obligations by
companies, particularly obligations that relate to the raising
of funds, record keeping and proper management. This decision
shows that companies will be wound up where the Court finds a
justifiable lack of confidence in the conduct and management of
their affairs. ASIC is pleased that the Courts have taken a firm
view in enforcing those responsibilities," said Mr. Steward.

Background

ASIC commenced proceedings following an investigation into the
Kingsley Brown group. ASIC was concerned that shareholder
investments in Kingsley Brown Finance Pty Ltd and Kingsley Brown
Holdings Pty Ltd were not adequately protected and had been
applied to property developments undertaken by other companies
in the Kingsley Brown group. ASIC obtained orders in 2004 for
the winding up of the other companies in the group, Kingsley
Brown Finance Pty Ltd, Kingsley Brown (Cowes) Pty Ltd and
Kingsley Brown Holdings Pty Ltd.

The Kingsley Brown group developed a number of properties in
Cowes, Phillip Island.


MAIN JENKINS: To Hold Final Meeting Jan. 13
-------------------------------------------
Notice is given that the final meeting of the members and
creditors of Main Jenkins will be held on Jan. 13, 2006, 11:00
a.m. at the offices of CJL Partners, Level 3, 180 Flinders Lane,
Melbourne, 3000, for the following purposes:

AGENDA

To lay before the meetings a final account of the Liquidator's
acts and dealings and of the conduct of the Company's winding
up.

Dated this 2nd day of December 2005

David J. Lofthouse
Liquidator
CJL Partners
Level 3, 180 Flinders Lane
Melbourne Vic 3000
Phone: 9639 4779
Fax:   9639 4773


MCLAUGHLIN ASSOCIATES: Declares First, Final Dividend
-----------------------------------------------------
McLaughlin Associates will declare a first and final dividend on
Jan. 12, 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

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


M&T HIDDING: Members to Discuss Liquidator's Report
---------------------------------------------------
Notice is given that a final meeting of the members of M&T
Hidding Pty Limited will be held on Jan. 12, 2006, 12:00 p.m. at
33 George Street, Launceston, to receive the Liquidator's
account showing how the Company's winding up was conducted and
its property disposed of, and to receive any explanation of the
account.

Dated this 11th day of November 2005

Michael H. Cooke
Liquidator
KPMG
Level 2, 33 George Street
Launceston Tasmania 7250
Phone: 03 6337 3737


NYLEX LIMITED: Wraps Up AH Plant Hire Sale
------------------------------------------
Nylex Limited will finally turn over its plant hire business to
its new owner, according to Sydney Morning Herald.

Nylex on Monday completed the sale of AH Plant Hire to National
Hire Group for AU$111 million.

The completion of the sale is expected to pump around AU$300
million into Nylex in 2005/06 and as much as AU$400 million in
2006/07.

A portion of the sale's proceeds is earmarked for the repayment
of debt, making the company more financially stable than at any
other time over the last five years.

CONTACT:

Nylex Limited
564 St Kilda Road
Melbourne, Victoria 3004
AUSTRALIA
Phone: +61 3 9533 9333
Fax: +61 3 9533 9388


PARKVON PTY: Set to Pay Dividend to Creditors
---------------------------------------------
Parkvon Pty Limited will declare a dividend on Jan. 12, 2006.

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

Dated this 28th day of November 2005

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


ROCK N TAILS: Members, Creditors Meet to Review Wind Up Report
--------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Rock N Tails Pty Limited will be held on Jan. 12,
2006, 2:30 p.m. at the offices of Ferrier Hodgson, Level 26, 108
St. George's Terrace, Perth, for the following purposes:

AGENDA

(1) To receive the Liquidator's report on the conduct of the
liquidation.

(2) To consider and if thought fit, pass a resolution for the
destruction of the Company's books and records.

(3) To consider and if thought fit, pass a resolution for the
approval of the Liquidator's fees.

(4) Any other business that may properly be conducted.

Dated this 6th day of December 2005

Martin Jones
Liquidator
Ferrier Hodgson Chartered Accountants
Level 26, 108 St. George's Terrace
Perth WA 6000


SLIMLINE FURNITURE: Joint Meeting Slated for Jan. 13
----------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Slimline Furniture Pty Limited will be held on Jan.
13, 2006, 10:00 a.m. at the offices of GHK Green Krejci, to have
an account laid before them showing the manner of the Company's
winding up and disposal of its property, and to hear any
explanations that may be given by the Liquidator.

Dated this 6th day of December 2005

Martin J. Green
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


TERRY O'CONNOR: To Declare Final Dividend
-----------------------------------------
Terry O'Connor Metal Roofing Pty Limited will declare a first
and final dividend on Jan. 12, 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

R. G. Tolcher
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


TRYLOW MORLOAD: Winds Up Operations
-----------------------------------
Notice is given that a joint meeting of the members and
creditors of Trylow Morload Services Pty Limited will be held on
Jan. 13, 2006, 10:30 a.m. at the offices of GHK Green Krejci,
Level 9, 179 Elizabeth Street, Sydney NSW, to present the
Liquidator's account showing the manner of the Company's winding
up and disposal of its property, and to hear any explanation
that may be given by the Liquidator.

Dated this 5th day of December 2005

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


VADA PTY:  Creditors to Receive Final Dividend
----------------------------------------------
Vada Pty Limited will declare a first and final dividend on Jan.
13, 2006.

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

Dated this 14th day of November 2005

Todd Kelly
Peter Morris
Joint Liquidators
Foremans Business Advisors
Suite 1, 29 Lake Street, Cairns Qld


VOLANTE GROUP: Analysts Say Hostile Bid Too Low
-----------------------------------------------
Commander Communications might be forced to increase its hostile
takeover bid price for Volante Group after analysts deemed the
offer a "low-ball bid", Sydney Morning Herald reports.

Analysts said the telecommunications firm will need to increase
its price from AU$1.01 a share to as much as AU$1.20 in order to
get the shareholders to sell.

Commander, however, said it was too early to consider raising
the cash offer.

Volante's major shareholders have already indicated they are
unwilling to accept the offer at its present price.

JM Financial Group, which owns 5 percent of Volante, said this
week that Commander's offer "highly undervalues" the company.

CONTACT:

Volante Group Limited
Binary Centre, Level 1, 3 Richardson Place,
Riverside Corporate Park,
NORTH RYDE, NSW,
AUSTRALIA, 2113  
Telephone: (02) 8870 2070  
Fax: (02) 8870 2139  
Web site: http://www.volante.com.au


WATTYL LIMITED: Board Intends to Snub Allco's Hostile Bid
---------------------------------------------------------
The Directors of Wattyl Limited met Tuesday (Jan. 3) to consider
the unsolicited takeover offer for Wattyl of AU$3.25 per share
by AEP Financial Investments Pty Limited, a wholly owned
subsidiary of Allco Equity partners Limited (Allco).

The Directors of Wattyl have reviewed Allco's Bidder's Statement
and intend in the Target's Statement to unanimously recommend
that shareholders reject the offer from Allco as they intend to
do in relation to their own shareholdings in the company.

The Directors believe that Allco's offer is inadequate and
opportunistic. As announced on Dec. 13, 2005, Wattyl's
restructuring program announced in June is ahead of schedule and
cost reductions implemented to dare will generate savings of
more than AU$10 million annualized. Additional initiatives of a
similar amount are being implemented during the next six months
with a full year benefit from these initiatives expected in the
2007 financial year.

The Directors believe that Allco's offer has been timed to occur
before the benefits of this restructuring are reflected in
Wattyl's financial results and also to take advantage of
temporary weakness in Australian residential construction
activity, which the Directors consider has adversely affected
Wattyl's share price.

Mr. John Ingram, Chairman of Wattyl said, "This offer
undervalues the strengths of our brands and our financial
position. Our shareholders will have to decide whether they or
Allco benefit from the significantly improved performance which
we expect to result from the restructuring."

Shareholders should also be aware of the press release by
Barloworld Limited (the owner of the Taubmans and Bristol paint
brands in Australia) on Dec. 28, 2005 that Barloworld has
appointed advisers to review the terms of the Allco proposal and
advise it on a range of alternatives, following the announcement
of Allco's unsolicited offer. Wattyl will continue to keep the
market fully informed of developments with potentially
interested parties as and when appropriate.

Details of the Director's recommendation and the reasons for the
Director's recommendation to reject Allco's offer will be
provided in Wattyl's Target's Statement, which will be
distributed to Wattyl shareholders in January 2006.

Merrill Lynch and Clayton Utz have been appointed to advise
Wattyl in relation to Allco's offer.

CONTACT:

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


WD KEIR: Liquidation Process Initiated
--------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of WD Keir Pty Limited will be held on Jan. 12, 2006,
11:00 a.m. at the office of Nicholls & Co. Chartered
Accountants, Suite 6, 459 Peel Street Tamworth NSW 2340, to
receive the Liquidator's account showing how the Company's
winding up was conducted and its property disposed of, and to
hear any explanation which may be given by the Liquidator.

Dated this 14th day of November 2005

A. R. Nicholls
Liquidator
Nicholls & Co. Chartered Accountants
Suite 6, 459 Peel Street
Tamworth NSW 2340


WILSON PLASTERING: To Pay Dividend to Employee Creditors
--------------------------------------------------------
Wilson Plastering Pty Limited will declare in first and final
dividend to its priority employee creditors on Jan. 12, 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

J. A. Shaw
Liquidator
Ferrier Hodgson (Newcastle)
PO Box 840, Newcastle NSW 2300
Phone: 02 4908 4444
Fax:   02 4908 4499


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

BANK OF CHINA: Bank of Tokyo-Mitsubishi UFJ Eyes Stake
------------------------------------------------------
The newly created Bank of Tokyo-Mitsubishi UFJ is in talks to
buy a stake in The Bank of China Ltd. by March, the Yomiuri
Shimbun reported Wednesday.

The deal, if realized, would represent the first capital tie-up
between a major Japanese bank and a Chinese commercial bank, the
report said.

The Japanese bank was created Sunday via the merger of the Bank
of Tokyo-Mitsubishi and UFJ Bank,

CONTACT:

Bank of China
1 Fuxingmen Nei Dajie
Beijing, 100818, China
Phone: +86-10-6659-6688
Fax: +86-10-6601-4024
Web site: http://www.bank-of-china.com


FRIENDSHIP EXPRESS: Poised to Exit Bankruptcy This Year
-------------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Chung Suk Chun Susan
trading as Friendship Express Company (the bankrupt), will be
discharged from bankruptcy on June 19, 2006, in the absence of
any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 30th day of December 2005.

CONTACT:

Lee Mei Yee May
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 28672448
Fax: 31051814
Web site: Http://www.info.gov.hk/oro/


GENERAL MOTORS: Price Cuts Could Spark Sales Battle
---------------------------------------------------
Shanghai GM, the car venture between Shanghai Automotive
Industry Corp (SAIC) and General Motors, will lower the price of
its products including the Buick Regal sedans by US$2,460-
US$3,210, a move that could ignite a price war, Panorama News
reports.

Shanghai GM said its sales climbed by 29 per cent to 325,000
vehicles last year compared to 2004. This helped it outstrip
Volkswagen's car venture in Shanghai, the former market leader.

General Motors, which is losing market share to Toyota and other
Asian rivals in the North American market, has not forecast its
output for this year. It predicted last month that it would make
9.1 million vehicles in 2005.

CONTACT:

General Motors Corporation
300 Renaissance Center
Detroit, MI 48265-3000  
Phone: 313-556-5000
Fax: 248-696-7300


GOLDCONE PROPERTIES: Appoints Official Liquidators
--------------------------------------------------
Mr. Lui Wan Ho (H.K.I.C. No. E611940(2) and Mr. Lui Yee Lin
(H.K.I.C. No. K831901(4) both of Room 1701, Olympia Plaza, 255
King's Road, North Point, Hong Kong, have been appointed
Liquidators of Goldcone Properties Limited (In Compulsory
Liquidation) jointly and severally by virtue of a Court Order
dated December 22, 2005 in place of Messrs. Simon Richard Blade
and Bruno Arboit.

Dated this 29th day of December, 2005

LUI WAN HO
LUI YEE LIN
Joint and Several Liquidators


GUANGDONG KELON: First EGM Set Jan. 20
--------------------------------------
Guangdong Kelon Electrical Holdings Company Limited announced
that the First 2006 Extraordinary General Meeting (the EGM) of
the Company will be held at the conference room of the Company's
head office, Shunde, Foshan, Guangdong Province of the People's
Republic of China on Friday, January 20, 2006.

The Company shall further notify the shareholders of the agenda,
date and venue of the general meeting by an announcement and
hold the general meeting at the time originally scheduled.

The agenda, date and venue of the EGM will remain the same as
the contents disclosed in the announcement dated December 2,
2005. (Please refer to the announcement dated December 2, 2005
published in "China Securities Journal", "Securities Times",
"Hong Kong Commercial Daily" and "China Daily" for further
details.) This announcement is made in accordance with Rule
13.09(2) of the Rules Governing the Listing of Securities on The
Stock Exchange of Hong Kong Limited.

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on June 16,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in H
shares of the Company will remain suspended until further
notice.

By order of the Board of
Guangdong Kelon Electrical Holdings Company Limited
Liu Cong Meng
Vice Chairman


GUANGDONG MEIYA: Predicts More Losses for FY/2005
-------------------------------------------------
Guangdong Meiya Group Co. has hit the down-limit on daily price
fluctuation in three consecutive trading days, Panorama News
relates.

The company expects to post losses for the year of 2005, the
third year for which it recorded losses.

As a result, dealing in the company's shares may be suspended
upon the disclosure of its 2005 annual report.

CONTACT:

Guangdong Meiya Group Co.,Ltd
Hainan Branch
Room 1608 Longhua Shopping Center
29 Longhua Hainan, China 570204
Phone: 86-898-66745398
Fax: 86-898-66745398


HEILONGJIANG BLACK: Court Freezes Shares Over Loan Dispute
----------------------------------------------------------
Heilongjiang Black Dragon Co., Ltd. was recently notified that
its 50 million state-owned legal person shares held by its
controlling shareholder Heilongjiang Black Dragon Group Co.,
Ltd., were frozen by the High People's Court of Heilongjiang
Province due to a loan dispute, Panorama News reports.

The term of the freeze is from December 21, 2005 to December 20,
2006.

The above shares have been pledged and cannot be transferred or
traded during the term of freeze.

CONTACT:

Heilongjiang Black Dragon Co., Ltd
No. 27 Changqing Road
Qiqihar, HNG  161005  
China
Phone: (452) 598-2151


INDUSTRIAL AND COMMERCIAL: Agent Sales Service Swells in 2005
-------------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) saw its agent
sales service expand rapidly in 2005, selling 16 open-ended
funds on commission with total volume exceeding CNY65 billion,
Panorama News reports.

The Group's principal activities are the provision of commercial
banking, retail banking, treasury and markets, corporate banking
and investment banking.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited
ICBC Tower, 3 Garden Road
Central, Hong Kong
Phone: 25343333
Fax: 28051166
Web site: http://www.icbcasia.com


NG PO: Prepares to Exit Bankruptcy
----------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Ng Po Kwan formerly
trading as Chuen Kee Restaurant (the bankrupt), will be
discharged from bankruptcy on June 19, 2006, in the absence of
any objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 30th day of December 2005.

CONTACT:

Lee Mei Yee May
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 28672448
Fax: 31051814
Web site: Http://www.info.gov.hk/oro/


NEW ZEALAND FIRE: Prepares to Wind Up Business
----------------------------------------------
New Zealand Fire Service Engineer Company Limited has received a
notice of winding up order in the High Court of the Hong Kong
Special Administrative Region Court of First Instance on
December 14, 2005.

The company's registered office is G/F Nno 285 Tokwawan Road
Kowloon.

Date of Presentation of Petition: October 25, 2005

Dated this 23rd day of December 2005

E T O'CONNELL
Official Receiver


NINGBO SUCCESS: Faces Special Risk Warning
------------------------------------------
Trading in the stock of Ningbo Success Information Industry Co.,
Ltd. has been suspended for two months, due to the company's
failure in disclosing its revised previous accounting reports on
time, according to Panorama News.

In line with relevant regulations, the company's stock trading
will be put under the special treatment of special risk warning
from January 5, 2006.

The company said it failed to turn to profit for 2005. As a
result, the company predicted that it would record losses for
the fiscal 2005.
        

PROCREATIVE INDUSTRIAL: Bankruptcy Proceedings Near End
-------------------------------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Ng Heung King trading
as Procreative Industrial Co. (the bankrupt), will be discharged
from bankruptcy on June 19, 2006, in the absence of any
objections from their trustee in bankruptcy or creditors.

The bankrupts' creditors have the right to object to their
discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 30th day of December 2005.

CONTACT:

Lee Mei Yee May
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 28672448
Fax: 31051814
Web site: Http://www.info.gov.hk/oro/


SHING LEE: Winding Up Process Ends
----------------------------------
Notice is hereby given that under the provisions of section 30 A
of the Bankruptcy Ordinance (Chapter 6), Ho Ho Yuk trading as
Shing Lee Construction Company (the bankrupt), will be
discharged from bankruptcy on June 19, 2006, in the absence of
any objections from their trustee in bankruptcy or creditors.

The that the bankrupts' creditors have the right to object to
their discharge on any of the following grounds:

(i) In the case of a discharge to which section 30A(2)(a) of the
Bankruptcy Ordinance (Chapter 6) applies, that the bankrupt is
likely within 5 years of the commencement of the bankruptcy to
be able to make a significant contribution to its estate;

(ii) That the discharge of the bankrupt would prejudice the
administration of its estate;

(iii) That the bankrupt has failed to co-operate in the
administration of its estate;

(iv) That the conduct of the bankrupt, either in respect of the
period before or the period after the commencement of the
bankruptcy, has been unsatisfactory;

(v) Without limiting section 30A(4)(c) or (d) of the Bankruptcy
Ordinance (Chapter 6)(i.e. ground (iii) or (iv)), that the
bankrupt has departed from Hong Kong and has failed forthwith to
return to Hong Kong following a request to do so from the
trustee;

(vi) That the bankrupt has continued to trade after knowing to
be insolvent;

(vii) That the bankrupt has committed an offence under section
129 or any of sections 131 to 136 of the Bankruptcy Ordinance
(Chapter 6); and

(viii) That the bankrupt has failed to prepare an annual report
of his/her earnings and acquisitions for the trustee.

Dated this 30th day of December 2005.

CONTACT:

Lee Mei Yee May
Acting Official Receiver
10th Floor, Queensway Government Offices,
66 Queensway, Hong Kong
Phone: 28672448
Fax: 31051814
Web site: Http://www.info.gov.hk/oro/


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

DHOOT INDUSTRIES: Welcomes New CEO, CFO
---------------------------------------
Dhoot Industries Ltd has informed Bombay Stock Exchange (BSE)
that the Board of Directors of the Company at its meeting held
on December 31, 2005 has appointed Shri. Ramesh Khetan as a
Chief Executive Officer (CEO) and Shri. Nitin Agarwal as a Chief
Finance Officer (CFO).

CONTACT:

Dhoot Industries Ltd
Prathmesh Leela, Shop No 4,
New Link Road, Opp Don Bosco,
Borivali (W)
Mumbai 400092  
Maharashtra  
Phone: 56970244     
Fax: 56970245  


FOOD CORPORATION: Blacklists 166 Mills; Charges 164 Execs
---------------------------------------------------------
The Food Corporation of India (FCI) has blacklisted around 166
rice mills, which were involved in supplying substandard rice to
the Central pool with the cooperation of certain FCI officials,
Tribune News Service reports.

The state food agency has also identified 30 centers in Punja,
which are notorious for supplying substandard rice.

Some 164 FCI officials were also issued chargesheets for a major
penalty, including dismissal from service for conniving with
rice millers to accept substandard rice for the Central pool.

Rice with 5 per cent damage is declared unfit for human
consumption. However, in certain cases of rice, supplied to the
Central pool, the damage was found to be up to 22 per cent.

Sources said the FCI's top brass in Delhi had informed the
Punjab Government that the scandal involved INR700 crore.

CONTACT:

Food Corporation of India

North Zone
A-2a,2b Sector -24
Noida - 201301

East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
E-mail: zmeast@fci.delhi.nic.in

South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623

Web site: http://fciweb.nic.in/


HARSH POLYMERS: Unveils Board Meeting Outcome
---------------------------------------------
Harsh Polymers (India) Ltd has advised that the Board of
Directors of the Company at its meeting held on December 30,
2005, inter alia, has finalized the following:

1. Mr. Prakash V Amin, Managing Director of the Company has been
appointed as Chief Executive Officer (CEO) of the Company.

2. Mr. Narendra J Shah, Director of the Company has been
appointed as Chief Financial Officer (CFO) of the Company.

3. The Company has adopted code of conduct for the Board Members
and other senior members of the Company.

CONTACT:

Harsh Polymers (India) Ltd
134, Budasan, Kadi
Mehsana   
Gujarat  
Phone: 3342    


RPG Cables: Equity Shares Delisted from VSE
-------------------------------------------
RPG Cables Ltd advised that the equity shares of the Company
have been delistied from the Vadodara Stock Exchange Ltd (VSE)
with effect from December 28, 2005.

CONTACT:

RPG Cables Ltd
Hootagalli, Hebbal Industrial Area, Belavadi Post
Mysore 571186  
Karnataka  
Phone: 2402401 2402403 2402404 2402409  
Fax: 2402499


SIMBHAOLI SUGAR: Court Approves Scheme of Restructuring
-------------------------------------------------------
Simbhaoli Sugar Mills Ltd has informed BSE that the Hon'ble High
Court, Allahabad has approved the Scheme of Restructuring
between the Company and its Secured Creditors vide its order
dated December 19, 2005.

CONTACT:

Simbhaoli Sugar Mills Ltd
Simbhaoli
Ghaziabad 245207  
Uttar Pradesh  
Phone: 223010 223117 223118 223119  
Fax: 223042   


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

BANK MANDIRI: Reviewing Proposed IDR2.9-Tln Bond Issue
------------------------------------------------------
State lender PT Bank Mandiri is currently reviewing a planned
issuance of a 10-year bond worth IDR2.9 trillion, reports
Reuters News.

According to Bank Mandiri's Corporate Secretary Ekoputro
Adijayanto, they are still revewing the Company's needs and
market conditions.

The planned bond has been delayed several times due to
unfavorable market conditions.

Bank Mandiri has chosen JP Morgan, Deutsche Bank, and its
affiliate PT Mandiri Sekuritas to manage the bond issue.

CONTACT:

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


DIRGANTARA INDONESIA: Celebrates 30 Years of Aircraft Making
------------------------------------------------------------
State-owned aircraft manufacturer PT Dirgantara Indonesia (DI)
claims that it has produced 484 aircraft since its establishment
in 1976, reports Xinhua News.

PT DI Acting President Nuril Fuad said that the Company has sold
aircraft to foreign markets, such as Malaysia, South Korea and
Thailand.

Mr. Fuad hopes that the government would purchase aircraft in
stock, because if the government would purchase the rest of its
planes in stock for IDR1.93 trillion, then the Company would
stay afloat.

PT DI had also developed a commuter propeller plane (N-250) and
a jet plane (N-2130), but both projects were delayed because of
limited funds.

Dirgantara Indonesia was hit heavily by the 1998 Asian financial
crisis, and has never fully recovered; the Company had to
streamline its 18 businesses into 5 core businesses, and
dismissed 6,000 workers out of its total workforce of 9,600
employees.

PT DI now subcontracts from international aircraft manufacturers
due to the lack of orders from local and foreign buyers.

CONTACT:

PT Dirgantara Indonesia
Jl. Pajajaran no. 154 Bandung 40174,
Indonesia
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696
E-mail: infosales@indonesian-aerospace.com
Web site: http://www.indonesian-aerospace.com


DIRGANTARA INDONESIA: Workers Stage Rally to Protest Layoffs
------------------------------------------------------------
Around 100 former employees of ailing state aircraft maker PT
Dirgantara Indonesia (DI) held a rally in front of the Husein
Sastranegara Air Foce Base on Jan. 3, 2005, Antara News reports.

According to PT DI Workers' Union Secretary AM Bone, the
demonstrators wanted to clarify the legal status of the
Company's president director Edwin Sudarmo, who was sentenced to
two months' jail time by a Bandung District Court, since he had
dismissed several employees unilaterally.

The demonstrators were also seeking information on a pension
scheme to be applied to the dismissed workers.

The rally occured prior to the visit of President Susilo Bambang
Yudhoyono, who came to witness the turnover of a helicopter and
aircraft to the Indonesian Air Force.


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

DAIEI INCORPORATED: Shares Climb 4.3% Wednesday
-----------------------------------------------
Daiei Inc. shares surged 4.3 percent on Tuesday after reports
that sales increased 5 percent in December from a year earlier,
according to Kyodo News.

The Kobe-based retailer cut more than 1,000 jobs and closed 54
unprofitable outlets by the end of November, almost completing
its large-scale restructuring measures.

CONTACT:

The Daiei, Inc.
4-1-1, Minatojima Nakamachi, Chuo-ku
Kobe 650-0046, Japan
Phone: +81-78-302-5001
Fax: +81-3-3433-9226


FOR-SIDE.COM COMPAY: Widens Net Loss to JPY9.74 Bln
---------------------------------------------------
For-side.com Co. said it widened a full-year net loss to JPY9.74
billion from JPY889 million a year earlier, citing restructuring
and other costs, Bloomberg News reports.

Sales jumped to JPY41.5 billion from JPY9.01 billion a year
earlier, the company said.

CONTACT:

For-side.com Co., Ltd.   
Nittochi Nishi-shinjuku Bldg. 7F
6-10-1 Nishi-shinjuku
Shinjuku-ku, Tokyo,
Japan
Telephone: +81-3-5339-5211  


SANYO ELECTRIC: Launches World's Smallest Digital Media Camera
--------------------------------------------------------------
Presenting the first model of the Xacti `E-Series' from SANYO
Electric Co. Ltd, the new E6 is a compact digital camera capable
of capturing both still and moving image but this new camera
features a whopping 3 inch LCD screen - the largest in its
class! Another ground-breaking feature is the SANYO unique
`touch sensor shutter button' another world's first which lets
the user know that their picture is fully in focus.

6 MegaPixel Stills with 3X Optical Zoom

With its 6.37 megapixel CCD and a 3X Konica-Minolta inner
optical zoom, the E6 combines simple photography giving stunning
results, enabling all users to easily and successfully frame and
capture their chosen subject matter. In addition its 6 megapixel
CCD also features an image interpolation feature allowing you to
enlarge your images (within the camera) to over 10 million
pixels, this will ensure great quality prints, even up to A3 in
size!

Also Capture Natural Looking Video!

The new E6 can also capture VGA size (640x480) TV quality movies
at 30 frames per second (30fps) thanks to the effective 6.0
megapixel CCD and the unique high-speed image processor (pure
engine).

Movies are captured in the QuickTime movie format that is
compatible with both Windows and Macintosh operating systems and
because each movie is composed of separate still photos, your
favorite shots can be extracted right from the camera and
reproduced as single still photographs!

With Internal Memory and a 512MB Media Card Supplied!
For a limited period, the new Xacti E6 comes complete with a
512MB memory card which allows you to capture and store your
chosen images, the camera also has its own 16MB internal memory
which makes it possible to shoot without a memory card installed
at all!

Large Format 3" LCD Screen - Simplicity Makes for Great Shots
The E6's powerful large format LCD screen uses a low-temperature
Polysilicon Liquid Crystal Display, which is renowned for its
superlative colour reproduction. Taking up almost the entire
rear of the camera, the screen ensures accurate photography even
if the camera is held away from the user - extra detailed
pictures can also be taken in Super Macro mode, shooting from
just 1cm from the subject, meaning close ups and group shots are
equally as successful.

The LCD monitor can also be used in a number of different ways
in order to get the utmost from its large size.

Guidance display

Using a 2-inch area of the monitor for displaying the
photographic subject leaves space to display a handy guide
providing information about shooting conditions, making it easy
for anyone to take good photos.

Best shot mode

This smart camera can determine the optimum shooting conditions
(scene mode), and take 4 consecutive shots while slightly
adjusting the exposures. All 4 shots are displayed on the
screen. You can store all the images or just choose the best one
to save and the rest are deleted. Because the camera adjusts all
the settings automatically, it makes worrying about which mode
is best a thing of the past and makes it easy for anyone to get
beautiful photos.

Zoom jump view

Snap a picture, and it takes just two quick button presses to
zoom in and check the focus accuracy. The magnification ratio is
automatically set according to the resolution of each
photographed image for smooth checking of the image.

Visual Scheduler

Enter photos pertinent to your appointments in the handy
scheduler for an image-based calendar. This makes it easy to
find the particular image you want.

36-image index display

Just like an index print of developed negatives, the 36-image
display is invaluable for checking your images all on one
screen, or for choosing which one to view full-screen whilst the
9-image thumbnail display is also still conveniently available.

World First! `Touch Sensor Shutter Button'

The E6 includes a touch sensor auto focus button which enables
the quick and accurate shooting - a light finger touch will
immediately activate the focus in the camera, compared to
conventional camera models in which the auto focus is activated
by pressing the shutter button halfway to focus the subject,
before pushing the button all the way down. The Touch Sensor
button means that sudden photo opportunities need not be missed
and focus is captured straight away - indicated by a light
beeping sound. After that a gentle press of the shutter button
captures the scene.

Assistance mode means the camera does all the work!

A `Zoom Jump View' facility allows the user to snap a picture
and then quickly zoom in and check the focus accuracy. Shooting
modes include ID mode for passport sized photos, composite mode
which lets you add fun effects to your pictures, landscape mode
for distant scenery, as well as best shot mode - where the
camera actually decides on the your behalf which is the best
mode for the image being shot. In this instance, four
consecutive shots are taken by the camera with slightly varying
exposure levels for the user. These four shots are then
displayed on screen so that they can be evaluated by the user,
and the best version being saved.

Nine-Point Auto Focus System

A newly adopted 9-point Auto Focus system combines with the
popular Scene Select feature that makes great photography
available to everyone, with various digital filters and an
internal 16MB memory, the E6 makes it possible to take
photographs without even having a memory Card installed.

The E6 has a stunningly simple design - measuring only 10cm by
6cm, it features a simple lens configuration (with automatic
lens protection) on one side and its large 3" screen and easy to
use function buttons on the other. Small enough to be used with
one hand, it is light and stylish, however packs a wide range of
functions, enabling all users to take the best images possible.

CONTACT:

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


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

DAEWOO SHIPBUILDING: Targets US$10Bln Worth of Orders in 2006
-------------------------------------------------------------
Daewoo Shipbuilding and Marine Engineering Co. eyes a 47 percent
increase worth of orders in 2006 to US$10 billion compared to
US$6.8 billion in 2005, Reuters relates.

In a filing to the Korea Exchange, the Company is expecting to
clinch a combined US$1.8 billion worth of shipbuilding orders
between January and February for an unspecified number of
liquefied natural gas carriers and other ships.

Reuters Estimates forecast the Company's revenue to reach
KRW4.67 trillion lower than the Company's aim of KRW5.1
trillion.

CONTACT:

Daewoo Shipbuilding & Marine Engineering Co.
South Korea
Phone: 02-2129-0114
Web site: http://www.dsme.co.kr


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

FOUNTAIN VIEW: Unveils Director's Dealings in Securities  
--------------------------------------------------------
Fountain View Development Berhad furnished Bursa Malaysia
Securities Berhad with notification pursuant to Paragraph 14.09
of the Listing Requirements of Bursa Malaysia Securities Berhad
on Dealings during Open Period.

The company advised that it has received a notification pursuant
to Paragraph 14.09 of the Listing Requirements of Bursa
Securities from Datin Yam Yuet Chew, an Executive Director of
the Company of her dealings in the securities of the Company
outside the closed period.

Details of which are set out below:

Date of (Disposal)    No. of        %       Price (MYR)
or Acquisition        Shares          

26/12/2005          (105,000)     0.0257      0.300

27/12/2005           (77,800)     0.0191      0.295


Her shareholding after the disposal are as follows:

(1) 17,703,100 (Direct) and 7,330,496 (Indirect) Ordinary Shares    
    of MYR1.00 each representing 4.34 percent and 1.80 percent   
    respectively.

(2) 80,800 (Indirect) units of ICULS of MYR1.00 each
    representing 0.22 percent

The notice was received on December 30, 2005

CONTACT:

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


GEORGE TOWN: Explains Delayed Submission of Audited Accounts
------------------------------------------------------------
George Town Holdings Berhad advised Bursa Malaysia Securities
Berhad that pursuant to the requirement of Paragraph 9.26(3)(b)
of the Bursa Securities LR, the Company has not issued the
Annual Audited Accounts for financial period ended December 31,
2004 by the due date of April 30, 2005, First Quarterly Report
ended March 31, 2005 by the due date of May 31, 2005, Annual
Report for financial period ended December 31, 2004 by the due
date of June 30, 2005, Second Quarterly Report ended June 30,
2005 by the due date of August 31, 2005 and Third Quarterly
Report ended September 30, 2005 by the due date of November 30,
2005 pursuant to Paragraph 9.22 and 9.23 of the Bursa Securities
LR (collectively Financial Statements).

The delay in the issuance of the Financial Statements was due to
the fact that the Company is still in the midst of working on
the proposed restructuring scheme as announced earlier to Bursa
Malaysia Securities Berhad.

The expected date to submit the abovementioned Financial
Statements will depend on the outcome of the said proposed
restructuring scheme. The consequences of non-compliance of the
requirements under Paragraph 9.22 and 9.23 of the Bursa
Securities LR may result in the Company being suspended and/or
delisted by Bursa Malaysia Securities Berhad pursuant to
Paragraph 16.02 and 16.09 of the Bursa Securities LR
respectively.

CONTACT:

George Town Holdings Berhad
Jalan 14/20 Section 14
46100 Petaling Jaya, Selangor Darul Ehsan 50300
Malaysia
Telephone: +60 3 7958 8166 / +60 3 7957 8471


KUMPULAN EMAS: Books MYR14,652,000 Net Loss in 1Q/FY05
------------------------------------------------------
Kumpulan Emas Berhad submitted to Bursa Malaysia Securities
Berhad a copy of its First Quarter financial report for the
financial period ended October 31, 2005.  

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

(1) Revenue  

    14,002        15,018          14,002          15,018

(2) Profit/(loss) before tax  

    -13,665        -3,560         -13,665         -3,560

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

    -14,652        -4,960         -14,652         -4,960

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

    -14,652        -4,960         -14,652         -4,960

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

    -2.25           -0.84           -2.25          -0.84

(6) Dividend per share (sen)  

    0.00             0.00            0.00           0.00

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

(7) Net tangible assets per share (MYR)  

    0.4932                      0.5158

To view a full copy of the financial statement, click
http://bankrupt.com/misc/KumpulanEmasBerhad123005.xls

CONTACT:

Kumpulan Emas Berhad
17th Floor, Menara Summit
Persiaran Kewajipan USJ 1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Malaysia
Phone: 603-80248899
Fax: 603-80248998
Email: (investor relations) maria@keb.com.my
       (business opportunities) nfwong@keb.com.my
Web site: http://www.keb.com.my


MALAYSIA AIRLINES: Needs to Restructure to Compete in 2006
----------------------------------------------------------
The year 2006 could be a tough year for Malaysia Airlines as
regional competition becomes fierce, Agence France Presse (AFP)
reveals.

According to analysts, there is a need for the airline to cut
costs and boost revenue to survive, as rivals have already
rolled out restructuring efforts in the rise of the budget
airline phenomenon.

"It has not kept pace with its competitors in its rate of
adaptation to the new environment," said the Centre for Asia
Pacific Aviation executive chairman Peter Harbison.

"It needs to become a profitable and effective airline -- and to
do this will require a major act of commitment and focus,
recognizing that all of its competitors are moving ahead of it
in this process of adaptation," AFP quotes Mr. Harbison as
saying.

The year 2005 was not a good year for Malaysia Airlines as it
reported two consecutive losses and facing calls for costs to be
slashed and better contingency plans made for rising fuel
prices.

Mr. Harbison called 2006 a watershed year for the airline and
said the Malaysian government's patience was running out.

"The airline world is a much more competitive place, where
reliance on government for support can no longer be taken for
granted," he said.

Analysts prescribed rationalizing routes by cutting out
international and domestic loss-making services despite Malaysia
Airline's obligations as a national carrier, so that it can
become a commercially competitive airline.

Drastically reducing costs and inefficiencies, including those
associated with staffing, and raising revenue by forging better
partnerships with other airlines to share flights and resources
also figure strongly.

"It needs to find some strong partners, and quickly," said
Sydney-based Harbison.

Analysts are looking out for signs of real change as what the
new managing director Idris Jala stated that MAS was looking at
costs and revenue measures, including raising fares.
Mr. Idris reportedly suggested the sale of Kuala Lumpur
headquarters in order to raise needed revenue for restructuring
amid strong opposition.

Observers are saying that debate over changes at MAS inevitably
incites strong feelings and this could be considered a stumbling
block to change.

"MAS is operating a very fragile business model. There has to be
a more sustainable plan. Frankly I don't see a comprehensive one
being announced any time soon because the situation has turned
too political," one fund manager was quoted as telling the Star
daily over the weekend.

According to ECM Libra Securities aviation analyst Eu Jin Song,
Mr. Idris plan would not happen overnight, it would take a long
time before the plan could be implemented. Mr. Song added that
in the short term MAS will be seeing more red ink in its balance
sheets.


MAXIS COMMUNICATIONS: Updates Proposed Acquisition Info
-------------------------------------------------------
Maxis Communications Berhad (Maxis) announced in a press release
that together with its Indian Joint Venture Company (JVC), it
will acquire a 100 percent interest in a leading Indian mobile
operator, Aircel Limited (Aircel).

Maxis and JVC will jointly invest US$1.08 billion (MYR4.104
billion) to purchase the 100 percent stake of which US$280
million (MYR1.064 billion) will be injected into the company as
cash. This implies a pre-money equity valuation of US$800
million (MYR3.040 billion) for Aircel.

On completion of the proposed acquisition, Maxis will hold a 65
percent equity stake in Aircel directly while the JVC will hold
the remaining 35 percent.

The JVC will be an Indian company jointly owned by Maxis and its
Indian partner in a ratio that will give Maxis an overall equity
interest in Aircel of 74 percent, the maximum foreign ownership
permitted in Indian telecommunications companies. Maxis' Indian
partner in the JVC is the Chennai based Reddy family.

The transaction will be executed in two independent stages; the
first, a subscription for new equity shares (26 percent of the
expanded capital) and the second, the purchase of all of the
existing equity shares held by Aircel Televentures Limited
(ATVL).

The second transaction will be subject to shareholders' and
Malaysian as well as Indian regulatory approvals. (Details are
set out in the attached announcement to Bursa Malaysia
Securities Berhad).

Speaking to reporters at the press conference, Maxis Chairman,
Tan Sri Dato' Megat Zaharuddin said, "We are delighted to make
this strategic entry into the Indian telecommunications market.

As you know, the Indian economy is one of the largest economies
globally and one of the fastest growing in the world with an
expected growth rate of six to seven percent p.a. in the medium
term.

While the mobile penetration rate is currently low at 6.2
percent, the Indian mobile market is also amongst the fastest
growing, and the number of subscribers is expected to grow
between two to three times from the current 67 million.

"This exciting acquisition which is also the largest Malaysian
investment ever in India, marks another milestone in our
aspiration to be a regional communications player of choice.
With investments in both India and Indonesia*, we now have the
opportunity to build strong footholds in two of the world's most
attractive high growth, low mobile penetration markets while
diversifying our market base".

He added, "This will be a major step towards boosting Maxis'
growth and sustaining profitability, and in creating significant
value for investors, customers and employees."

Ms. Suneeta Reddy, on behalf of the JVC said, "Our investment
philosophy is to invest in businesses that continuously enhance
the lifestyle of our customers. We believe that this
telecommunications venture, in partnership with Maxis, would be
a perfect fit in our endeavor to grow the telecommunications
market".

The acquisition of Aircel will provide Maxis with a strong
platform to build on one of the few remaining opportunities to
enter India.

Firstly, Aircel is the No. 1 mobile operator in Tamil Nadu, one
of the most affluent and industrially advanced states in India
with one of the largest and fastest growing economies. It has
2.2 million subscribers in Tamil Nadu and Chennai as of October
2005. Given its leadership position and a low 10 percent mobile
penetration rate among Tamil Nadu's 65 million strong population
- which is 2.5x the size of Malaysia, the southern state itself
represents a very good growth opportunity for Maxis.

Secondly, with a total of 12 circles* in operation by the end of
2006, Aircel will provide Maxis with a near national platform
with access to a market of about 628 million people or 58
percent of India's total population.

Aircel has already launched its services in five (5) other
circles in September this year. In less than three (3) months,
it has acquired close to 60,000 subscribers in West Bengal,
Orissa, Assam, North East, and Jammu and Kashmir. Aircel is
expected to offer its services in five (5) other new regional
markets, Bihar, Himachal Pradesh, Madhya Pradesh, Uttar Pradesh
(E), and Uttar Pradesh (W) by the end of 2006. These new circles
are presently grossly underserved with penetration levels of
only about two to four percent.

Thirdly, Aircel has a strong and respected management team that
has delivered superior financial performance in a low ARPU
(Average Revenue Per User) environment. With ARPU of US$7.30
(MYR27.74), Aircel's mobile operations are already profitable
with revenue of US$122 million (MYR463.6 million), EBITDA
(Earnings before interest, taxation, depreciation and
amortization) of USD57 million (MYR216.6 million) and PAT
(Profit after tax) of US$25 million (MYR95 million) for the 2005
financial year, as of March 31, 2005.

Commenting on this acquisition, Aircel's Director, Mr. V.
Srinivasan, said, "Aircel has taken rapid strides from being a
single circle operator to spreading its wings across various
geographies in North and East India. Aircel is proud to have
created a strong platform of performance and profitability that
will help realize Maxis' vision of entering the Indian market
and becoming a leader in the Indian telecommunications space."

Aircel's CEO and Director, Mr. K. V. P. Baskaran reiterated,
"Aircel has a proven track record of making mobile telephony
affordable to the masses and possesses a strong management team
and distribution network that has delivered superior operating
and financial performance."

Maxis CEO, Dato' Jamaludin Ibrahim said, "Aircel is one of the
few companies in the region that meets all of our financial and
strategic investment criteria including market leadership,
existing operations, a high growth market, and synergistic
potential. In the long-term, we see Aircel emerging as a major
national player in India and contributing significantly to
Maxis' subscriber, revenue and profit growth."

Maxis intends to actively seek synergies between its Malaysian,
Indonesian and Indian operations given the potential scale of
the combined businesses. Aircel will provide Maxis with access
to its expertise in mass marketing, capex optimization and low
cost operations as well as skilled manpower. In turn, Maxis
intends to provide expertise in branding, product development
and next generation technologies.

"We also expect to gain from Aircel's experience in managing low
cost business models and leverage upon India's strength in
offshoring some of our backend process and build redundancy
capabilities.

"Apart from the large mobile opportunity, we also see tremendous
opportunities in newer technologies such as 3G and wireless
broadband. With operations in three countries with low broadband
penetration, we expect to have enough capacity to build
businesses in these areas in the medium term. India will also be
an important source of content for both mobile and broadband
services," he added.

Jamaludin also assured Maxis shareholders that the acquisition
will not affect Maxis' attractive dividend payout.

"I would like to assure all our shareholders that our 2005
planned dividend payout of 60-65 percent of Maxis' net profit
remains unchanged. I am also pleased to announce that we are
confident of maintaining or even increasing the level of
dividend in the coming years," he emphasized.

The financial advisor to Maxis for the proposed acquisition is
Standard Chartered Bank.

For more information, click
http://bankrupt.com/misc/MaxisCommunicationsBerhad010205.pdf

CONTACT:

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


MYCOM BERHAD: Sets Out Status of Proposed Timeline
--------------------------------------------------
Mycom Berhad (Mycom) issued to Bursa Malaysia Securities Berhad
an update to the Restructuring Scheme.

Reference is made to the announcement dated November 30, 2005 on
the status of the implementation of the Restructuring Scheme and
the subsequent announcement dated December 16, 2005, wherein the
Company had submitted an application to the Securities
Commission (SC) for an extension of time for four (4) months up
to April 30, 2006 to complete the implementation of the
Restructuring Scheme. The SC's decision on the outcome of the
said application is still pending.

In relation thereto, the Board of Directors of Mycom (Board)
wishes to set out below the current status of the major
outstanding events based on the proposed timeline to complete
the implementation of the Restructuring Scheme (Proposed
Timeline).

Major Outstanding Events Proposed Timeline Status of
Implementation

(i) Execution of trust deeds/deed poll and other creditors'
agreements February 2006

To be met

(ii) Execution of the Underwriting Agreement in connection with
the Rights Issue with Warrants February 2006

To be met

(iii) Books Closing Date for the Capital Reduction, Capital
Consolidation and Rights Issue with Warrants March 2006

To be met

(iv) Despatch of Abridged Prospectus, Rights Subscription Forms
and Notice of Provisional Allotment March 2006

To be met

(v) Listing of the new Mycom shares, warrants, Irredeemable
Convertible Unsecured Loan Stocks, Redeemable Unsecured Loan
Stocks and Irredeemable Convertible Bonds on the Bursa Malaysia
Securities Berhad April 2006

To be met

Subject to the completion of items (i) and (ii) by February
2006, the Board will work towards completing the Restructuring
Scheme by April 2006.

This announcement is dated 30 December 2005.

CONTACT:

Mycom Berhad
No 8 Jalan Raja Chulan
Kuala Lumpur, 50200
Malaysia
Telephone: +60 3 2072 3993
Fax: +60 3 2072 3996


NORTH BORNEO: Unveils Outcome of 55th AGM
-----------------------------------------
On behalf of the Board of Directors of The North Borneo
Corporation Berhad, the Company advised Bursa Malaysia
Securities Berhad that at the Adjourned Fifty-Fifth Annual
General Meeting of the Company held on December 29, 2005, all
the resolutions, with the exception of Resolution No. 5, put to
the Meeting were not carried.

Resolution No. 5 on the proposed re-appointment of auditors, was
not put to the Meeting as the agenda was considered at the
Extraordinary General Meeting held immediately after the
conclusion of the Adjourned Fifty-Fifth Annual General Meeting.

This announcement is dated 30 December 2005.

CONTACT:

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


OLYMPIA INDUSTRIES: Discloses Status of Restructuring Timeline
--------------------------------------------------------------
Reference is made to the announcement dated November 30, 2005 on
the status of the implementation of the Restructuring Scheme and
the subsequent announcement dated December 16, 2005, wherein the
Olympia Industries had submitted an application to the
Securities Commission (SC) for an extension of time for four (4)
months up to April 30, 2006 to complete the implementation of
the Restructuring Scheme.

The SC's decision on the outcome of the said application is
still pending.

In relation thereto, the Board of Directors of OIB (Board)
wishes to set out below the current status of the major
outstanding events based on the proposed timeline to complete
the implementation of the Restructuring Scheme (Proposed
Timeline).

Major Outstanding Events Proposed Timeline Status of
Implementation

(i) Execution of trust deeds/deed poll and other creditors'
agreements February 2006

To be met

(ii) Execution of the Underwriting Agreement in connection with
the Rights Issue with Warrants February 2006

To be met

(iii) Books Closing Date for the Capital Reduction, Capital
Consolidation and Rights Issue with Warrants March 2006

To be met

(iv) Dispatch of Abridged Prospectus, Rights Subscription Forms
and Notice of Provisional Allotment  

March 2006

To be met

(v) Listing of the new OIB shares, Irredeemable Convertible
Unsecured Loan Stocks, Redeemable Unsecured Loan Stocks and
Irredeemable Convertible Bonds on the Bursa Malaysia Securities
Berhad April 2006

To be met

Subject to the completion of items (i) and (ii) by February
2006, the Board will work towards completing the Restructuring
Scheme by April 2006.

This announcement is dated 30 December 2005.

CONTACT:

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


PATIMAS COMPUTERS: To Convene EGM Jan. 17
-----------------------------------------
Notice is hereby given that an Extraordinary General Meeting of
Patimas Computers Berhad (Patimas) will be held at Langkawi
Room, Bukit Jalil Golf & Country Resort, Jalan 3/155B, Bukit
Jalil, 57000 Kuala Lumpur on Tuesday, January 17, 2006 at 10:00
a.m. for the purpose of considering, and if thought fit, passing
with or without modifications the following resolution:

Ordinary Resolution

Proposed authority to Patimas Computers Berhad to purchase its
own shares

"THAT subject always to the Companies Act, 1965 (Act), the
provisions of the Memorandum and Articles of Association of the
Company, the Listing Requirements of Bursa Malaysia Securities
Berhad (Bursa Securities), and the approvals of all relevant
governmental and/or the relevant authorities, the Company be
authorized, to buy-back such amount of ordinary shares of
MYR1.00 each in the Company as may be determined by the
Directors of the Company from time to time through Bursa
Securities upon such terms and conditions as the Directors may
deem fit and expedient in the interest of the Company provided
that:

(i) The aggregate number of shares bought back does not exceed
10 percent of the total issued and paid-up share capital of the
Company at any point of time;

(ii) The maximum amount of funds to be allocated for the share
buy-back shall not exceed the aggregate of the retained profits
and/or share premium of the Company; and

(iii) The shares purchased are to be treated in either of the
following manner:

(a) Cancel the purchased ordinary shares; or

(b) Retain the purchased ordinary shares as treasury shares held
by the Company; or

(c) Retain part of the purchased ordinary shares as treasury
shares and cancel the remainder;

(hereinafter referred to as the Proposed Share Buy-Back).

The treasury shares may be distributed as dividends to the
shareholders and/or resold through Bursa Securities and/or
subsequently cancelled;
AND THAT the authority conferred by this resolution shall
commence upon the passing of this resolution until:

(i) The conclusion of the next annual general meeting (AGM) of
Patimas, unless by ordinary resolution passed at that meeting,
the authority is renewed, either unconditionally or subject to
conditions; or

(ii) The expiration of the period within which the next AGM is
required by law to be held; or

(iii) Revoked or varied by ordinary resolution passed by
shareholders of the Company at a general meeting of the Company,
whichever occurs first;

AND THAT the Directors of the Company be and are hereby
authorized to take such steps to give full effect to the
Proposed Share Buy-Back with full power to assent to any
conditions, modifications, variations and/or amendments as may
be imposed by the relevant authorities and/or to all acts and
things as the Directors may deemed fit and expedient in the best
interest of the Company."

By Order of the Board
Tai Yit Chan (MAICSA 7009143)
Secretaries
Liew Irene (MAICSA 7022609)
Kuala Lumpur
30 December 2005

Notes:

(1) A member of the Company entitled to attend and vote at this
meeting is entitled to appoint a proxy or proxies to attend and
vote in his stead. A proxy may but need not be a member of the
Company and the provisions of Section 149(1)(b) of the Companies
Act, 1965 shall not apply.

(2) A member shall not be entitled to appoint more than two (2)
proxies to attend and vote at the same meeting and where a
member appoints two (2) proxies, the appointment shall be
invalid unless he specifies the proportions of his shareholdings
to be represented by each proxy.

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

(4) The instrument appointing a proxy must be deposited at the
Company's registered office at Level 7, Setia 1, 15 Lorong
Dungun, Damansara Heights, 50490 Kuala Lumpur, not less than
forty-eight (48) hours before the time set for holding the
meeting or any adjournment thereof.

CONTACT:

Patimas Computers Bhd   
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818   
Fax: 03-89941188


POHMAY HOLDINGS: Bourse Junks Bid to Extend Deadline
----------------------------------------------------
Pohmay Holdings Bhd advised that its application to Bursa
Malaysia Securities Berhad (Bursa Securities) for an extension
of time to submit a regularization plan to the relevant
authorities pursuant to Paragraph 4.1 of Practice Note No.
17/2005 had been rejected by Bursa Securities vide its letter
dated December 30, 2005.

The Company had been directed by Bursa Securities vide its
letter dated December 30, 2005 to announce the following:

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

(b) In the event Bursa Securities decides to de-list the
Company, the securities of the Company shall be removed from the
Official List of Bursa Securities upon 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.

In respect of the above, the Company is earnestly working
towards a regularization plan and will be submitting a written
representation to Bursa Securities within five market days from
December 30, 2005 on why its securities should not be removed
from the Official List of Bursa Securities.

This announcement is dated 30 December 2005.

CONTACT:

Pohmay Holdings Berhad   
No. 23, Jalan Maharajalela,
Kuala Lumpur Wilayah
Persekutuan 50150 Malaysia
Telephone: 03-21419500   
Fax: 03-21417730


PSC INDUSTRIES: Seeks Time to Comply with Listing Requirements
--------------------------------------------------------------
The Board of Directors of PSC Industries Bhd (PSCI) advised the
following to Bursa Malaysia Securities Berhad:

(1) Further to the announcement dated August 17, 2005 on the
resignation of one of the executive directors, Encik Ibrahim Bin
Topaiwah, which stated that with the said resignation, the
Company do not comply with the requirement of Paragraph
15.10(1)(c) of the Listing Requirements (LR) which requires at
least one member of the audit committee:

(i) Must be a member of the Malaysian Institute of Accountants;

(ii) If he is not a member of the Malaysian Institute of
Accountants, he must have at least three years' working
experience and:

(aa) He must have passed the examinations specified in Part I of
the 1st Schedule of the Accountants Act 1967; or

(bb) He must be a member of one of the associations of
accountants specified in Part II of the 1st Schedule of the
Accountants Act 1967; or

(iii) Fulfills such other requirements as prescribed by the
Exchange.

(2) Although the Company have been sourcing for candidate who
has the required qualification for appointment as director to
fill the vacancy, the Company have not been successful in
securing the required candidate especially the Company is now a
PN17 company.

(3) Bursa Malaysia Securities Bhd has vide its letter dated
December 29, 2005 approved the Company's application for an
extension of time of six months until May 16, 2006 to comply
with Paragraph 15.10(1)(c) of the LR.

CONTACT:

PSC Industries Berhad
3rd Flr, Ming Building
Jln Bukit Nanas
50250 Kuala Lumpur
Telephone: 03-20787770/ 20716516
Fax: 03-20787768


PSC INDUSTRIES: Unit Fully Settles Loan with Credit Suisse
----------------------------------------------------------
PSC Industries Berhad issued to Bursa Malaysia Securities Berhad
a monthly announcement on default in payment of loans by the
company and certain of its subsidiaries pursuant to Practice
Note 1/2001.

Pursuant to Practice Note 1/2001 in relation to the default in
payment of loans by the Company and certain of its subsidiaries,
the Board of Directors of the Company wishes to inform that
there is no change to the status of the default in payments
since our last announcement on 29 November 2005 except for the
following:

(1) Foreclosure by Limaran Logistics Sdn Bhd

As announced on December 6, 2005, the term loan facility of
US$31,578,947 granted by Credit Suisse, Labuan Branch Perstim
Industries Sdn Bhd, a subsidiary of the Company, under a
facility agreement dated June 11, 2002 has been fully settled
following the foreclosure of forty million (40,000,000) ordinary
shares of MYR1.00 each (Foreclosure Shares) in the capital of
PSC-Naval Dockyard Sdn Bhd (PSCND).

(2) Danaharta Managers Sdn Bhd

As announced on December 13, 2005, Danaharta Managers Sdn Bhd
had on December 9, 2005 obtained summary judgement against the
Company in respect of a judgement sum of MYR39,802,687.54 (as at
January 31, 2004) plus interests and costs.

The Company has filed notice of appeal against the summary
judgement, which will be heard by the judge in chambers. No date
has been set for hearing of the appeal.

(3) OCBC Bank (Malaysia) Bhd

On November 15, 2005, OCBC Bank (Malaysia) Bhd had obtained
summary judgement against the Company and its wholly owned
subsidiaries, Penang Shipbuilding & Construction Sdn Bhd (PSCSB)
and PSC Asset Holdings Sdn Bhd (PSCA) in respect of a judgment
sum of MYR40,662,932.72 (comprising of principal of
MYR39,000,000.00 plus accrued interest up to February 28, 2005)
plus interest and costs.

The Company, PSCSB and PSCA have filed notice of appeal against
the summary judgment, which will be heard by the judge in
chambers and the hearing date of the appeal has been fixed for
January 25, 2006.

The Company will be formulating a regularization plan for the
Group pursuant to Practice Note 17/2005.


SELANGOR PROPERTIES: Proposes Listing of Unit to Bourse
-------------------------------------------------------
Selangor Properties Berhad (SPB) issued to Bursa Malaysia
Securities Berhad an update to the Proposed Restructuring
Exercise of HELP International Corporation Berhad (HELP) and
HELP University College Sdn Bhd (formerly known as HELP
Institute Sdn Bhd) and their group of companies, which will lead
to the proposed listing of and quotation for HELP's entire
issued and paid-up share capital on the Second Board of Bursa
Malaysia Securities Berhad (Proposed Listing).

(1) Introduction

The Board of Directors of SPB advised that it is proposing,
subject to the approval of the relevant authorities and
shareholders, to list HELP on the Second Board of Bursa Malaysia
Securities Berhad (Bursa Securities).

(2) Information on Help

HELP was incorporated in Malaysia on June 20, 2005 as a public
limited company. Under the proposed listing, HELP will become
the holding company for HELP University College Sdn Bhd (HUC)
(formerly known as HELP Institute Sdn Bhd) and HUC group of
companies through a proposed pre-listing restructuring exercise,
which details will be set out in the Circular.

Currently, HUC is 74.89 percent owned by SPB. Its other
shareholders include Tan Sri Datuk Paduka Hajjah Saleha bte Mohd
Ali (4.28 percent of direct and indirect interest), Mrs. Chan
Kam Yoke (3.84 percent), Dr Chan Tuck Hoong (2.80 percent),
Dato' Dr Zakaria Haji Ahmad (4.49 percent) and Mr. Ng Teh Kha
(2.80 percent).

The founding shareholders of HUC were Tan Sri Datuk Paduka Dr
Hajjah Saleha Bte Mohd Ali, Dr Chan Tuck Hoong, Mrs. Chan Kam
Yoke, Dr Tarcisius Chin, Mr Ng Teh Kha and Mr Lee Ah Kow.

The authorized share capital of HELP as at December 30, 2005 is
MYR100,000.00 comprising 100,000 ordinary shares of MYR1.00
each. Its issued and paid-up share capital as at December 30,
2005 is MYR2.00 comprising two ordinary shares of MYR1.00 each.
HELP's authorized and paid-up share capital will be
substantially increased under the proposed pre-listing
restructuring exercise.

The authorized share capital of HUC as at December 30, 2005 is
MYR25,000,000 comprising 25,000,000 ordinary shares of MYR1.00
each. Its issued and paid-up share capital as at December 30,
2005 is MYR22,293,000.00 comprising 22,293,000 ordinary shares
of MYR1.00 each.

HUC is the education arm of SPB. The principal activity of HUC
is to provide tertiary education for a wide range of pre-
university, undergraduate and postgraduate degrees program.

The aggregate audited after tax-profit of the HUC group of
companies for the past five (5) financial years ended October
31, 2000 to October 31, 2004 is as follows:

Financial years ended October 31   After tax profit MYR'000

2000                               6,390
2001                               5,757
2002                               6,068
2003                               5,078
2004                               5,691

(3) Rationale for the proposed listing

The Proposed Listing would enable the HELP Group to have access
to the equity capital for funds required for its future
expansion and continued growth.

The Proposed Listing will also provide an opportunity for the
Directors and employees of HELP Group to participate in the
equity and continued growth of the HELP Group.

(4) Details of the proposed listing

A Circular to the shareholders of SPB setting out the details of
the Proposed Listing together with the notice of Extraordinary
General Meeting will be dispatched in due course.

Commerce International Merchant Bankers Berhad (CIMB) has been
appointed as advisor to HELP for the Proposed Listing.

(5) Effects of the proposed listing

The Proposed Listing will not have material effect on the issued
and paid-up share capital, earnings per share or net assets per
share of SPB for the financial year ending October 31, 2006.

(6) Directors' and substantial shareholders' interests

None of the directors or substantial shareholders of SPB or
persons connected to the directors or substantial shareholders
of SPB is interested in the Proposed Listing save for Dato' Dr
Zakaria Bin Ahmad, who is a director and non-substantial
shareholder of HUC, by virtue of him being the brother of Dato'
Zaibedah Binti Ahmad, a director of SPB.

(7) Conditions of the proposed listing

The Proposed Listing is conditional upon approvals being
obtained from the relevant approving authorities and the
shareholders of SPB.

This announcement is dated 30th December 2005.

CONTACT:

Selangor Properties Bhd   
Level 2, Blok D, Komplek Pejabat Damansara, Jalan Dungun,
Kuala Lumpur Wilayah Persekutuan 50490
Malaysia
Telephone: 03-20954994   
Fax: 03-20950441


SUGAR BUN: Incurs Net Loss in 3Q/FY05
-------------------------------------
Sugar Bun Corporation Berhad issued to Bursa Malaysia Securities
Berhad a copy of its Third Quarter financial report for the
financial period ended January 31, 2006.

Summary of Key Financial Information
January 31, 2006
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    31/10/2005    31/10/2004      31/10/2005     31/10/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  
   
    3,945         12,566          17,149         32,146

(2) Profit/(loss) before tax  

    -2,413        -2,665          -7,976        -7,673

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

    -2,360        -2,652          -7,882        -7,623

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

    -2,360        -2,652          -7,882        -7,623

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

    -2.62          -2.94          -8.75          -8.49

(6) Dividend per share (sen)  

    0.00           0.00            0.00           0.00
  
        As at end of               As at Preceding
        Current Quarter            Financial Year End  

(7) Net tangible assets per share (MYR)  

        0.6482                      0.7308

Remarks:

(i) The basic loss per share is based on the weighted average
number of ordinary shares in issue for the Quarter-to-Date and
Year-to-Date of 90,104,000 (2004: 90,104,000) and 90,104,000
(2004: 90,104,000) respectively.

To view a full copy of the report, go to
http://bankrupt.com/misc/SugarBunInterimReport123005.doc


TAP RESOURCES: Misses Out on Interest Payment
---------------------------------------------
Tap Resources Berhad (Tap) issued the following announcement to
Bursa Malaysia Securities Berhad.

(1) Practice Note No. 1/2001- non-payment of half-yearly
interest in respect of Redeemable Convertible Secured Loan
Stocks (RCSLS) due on December 30, 2005; and

(2) Practice Note No. 1/2001- monthly announcement on redemption
and interest payment in respect of RCSLS due on June 30, 2005

(1) Pursuant to Practice Note No. 1/2001, the Board of Directors
of TAP advised that the Company had defaulted in the half-yearly
interest payment amounting to MYR447,684.84 in respect of the
following RCSLS due on December 30, 2005:

RCSLS RCSLS Holders          Interest Due (MYR)

RCSLS-A Loan Stockholder A   219,386.92
RCSLS-B Loan Stockholder B   126,169.73
RCSLS-C Loan Stockholder C   102,128.19
                             ----------
                             447,684.84

The RCSLS were issued by the Company to the RCSLS Holders on
June 30, 2003 and are constituted under various Trust Deeds
dated May 8, 2003 entered into between the Company and AmTrustee
Bhd (the Trustee).

The Company is in the midst of addressing the matter with the
RCSLS Holders.

Further details, if any, will be announced accordingly.

(2) Further to the announcement made on December 23, 2005 on the
above (monthly announcement), the Board of Directors of TAP
advised that the Company is still deliberating with the RCSLS
Holders on the redemption and interest payment of the RCSLS
which were due on June 30, 2005.

Further development if any, will be announced accordingly.

This announcement is dated 30 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


TENGGARA OIL: Books MYR1,913,000 Net Loss in 3Q
-----------------------------------------------
Tenggara Oil Berhad furnished Bursa Malaysia Securities Berhad a
copy of its Third Quarter financial report for the financial
period ended October 31, 2005.

Summary of Key Financial Information
September 30, 2005
         
        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period  
    31/10/2005    31/10/2004      31/10/2005     31/10/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue  

    7,169         8,253           22,571         24,842

(2) Profit/(loss) before tax  

    -1,895        -1,376          -4,682         -5,093

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

    -1,913        -1,406          -4,762         -5,213

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

    -1,913        -1,406          -4,762         -5,213

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

    -2.30          -1.70          -5.80          -6.40

(6) Dividend per share (sen)  

    0.00            0.00           0.00           0.00

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

(7) Net tangible assets per share (MYR)  

    0.2000                      0.2500

For more information, click on the following links
http://bankrupt.com/misc/TenggaraOilConsolBursaQ305.xls
http://bankrupt.com/misc/TenggaraOilBerhadbursaQ305.doc
http://bankrupt.com/misc/TenggaraOilntaMASBQ305.doc


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

COLLEGE ASSURANCE: Court Orders Review of Rehab Petition
--------------------------------------------------------
The Makati Regional Trial Court has granted due course to the
rehabilitation petition of embattled pre-need firm College
Assurance Plans (Philippines) Inc. (CAP), according to
BusinessWorld.

Judge Romer F. Barza has ordered court-appointed receiver
Mamerto Marcelo to study the pre-need firm's petition and
business plan and to submit a recommendation 30 days from
receipt of the order.

While noting the concerns of the Securities and Exchange
Commission (SEC) and creditors on CAP's solvency, Judge Barza
said the court "finds in the interests of the plan
holders/investing public as an overriding consideration which
cannot be summarily or injudiciously dismissed without a
thorough evaluation by the Rehabilitation Receiver of the
corporation's chances of being restored to a successful
operation and solvency if given the opportunity and considering
particularly the adverse results to the plan holders of a
liquidation scenario as against its proposed rehabilitation
under which they may possibly recover 100% of their
contributions."

The SEC has threatened to order a management takeover of CAP,
which has some 700,000 planholders.

The regulator had yet to receive the court order.

CONTACT:

College Assurance Plans Philippines Inc.
CAP I Building
126 Amorsolo cor. Herrera Streets
Legazpi Ville, Makati City
Malaysia
Phone: 817-6586, 759-2000
Fax: (0632) 818-0560


COMPREHENSIVE ANNUITY: Watchdog Smells Insolvency
-------------------------------------------------
The Securities and Exchange Commission (SEC) said the financial
woes of College Assurance Plan Phils. Inc. (CAP) has spilled
over its pension plan firm, Comprehensive Annuity Plans and
Pension Corp. (CAP Pension), Manila Standard reports.

The corporate watchdog has found CAP Pension to be illiquid and
insolvent.

In its third qaurter financial statement, CAP Pension's cash and
cash equivalents amounted only to Php1 million compared to
accounts payable and other liabilities totaling Php1.2 billion.
This means that the company is illiquid.

The report also showed the firm's trust fund deficiency as of
end September 2005 reached Php2.28 billion since only Php1. 84
billion was put in the trust fund while total liabilities
reached Php4. 12 billion.  

CAP Pension is one of the five preneed companies that sought
regulatory leeway from SEC in 2003.  Under this scheme, a
preneed company may amortize its trust fund deficit for a period
of five years.  

The pre-need provider has over Php3 billion in trust fund
deficit, meaning it has to put in Php731 million from 2003 to
2008.  But sources said CAP Pension has not made any single
payment.

CONTACT:

Comprehensive Annuity Plans and Pension Corp.
126 Amorsolo cor. Herrera Sts.,         
Legaspi Village,  
1229 Makati City, Philippines
Phone: 759-2000 ; 817-6586
Web site: http://www.cap.com.ph/pension/


EXPORT AND INDUSTRY: Clarifies News About PDIC Aid
--------------------------------------------------
This is in reference to the news article entitled "Exportbank
gets Php6-B assistance from PDIC" published in the January 3,
2006 issue of BusinessWorld.

The article reported in part that:

"The Philippine Deposit Insurance Corp. (PDIC) will be lending
Php6 billion in 10 years to Export and Industry Bank
(Exportbank) to help the bank clean up its balance sheet. In a
telephone interview, PDIC President Ricardo M. Tan said the
deposit insurer will be putting in Php600 million in the bank
every year for 10 years.

'We will be providing assistance,' he told BusinessWorld.

According to him, the bank needs financial aid because it is
saddled with the Php10-billion nonperforming assets it inherited
from Urban Bank when the two banks merged in 2002. The Php600-
million yearly aid is part of an agreement reached with PDIC on
Dec. 29, 2005. Among others, the financial package called for
the deposit insurer to extend concessional loans and income
support to help the bank clean its books. The terms and
conditions of the aid have yet to be disclosed."

Export and Industry Bank Inc., in its letter dated January 3,
2006, disclosed that:

"As stated in our previous disclosure dated Dec. 29, 2005, the
Bank's Board of Directors approved the sale to the PDIC of the
non-performing assets (NPAs) worth Php10 billion which the Bank
acquired from Urban Bank Inc. (UBI) and Urbancorp Investments
Inc. (UII), through PDIC, as UBI statutory receiver, at a
discount of 70%. A component of and one of the conditions of the
sale of these UBI/UII NPAs is an income support mechanism to be
provided by PDIC for the Bank in the form of a loan equivalent
to the difference between the gross book value of the NPA's and
the said discount, the details of which are fully discussed in
the Bank's Definitive Information Statement."

Further the Bank provided the Philippine Stock Exchange a copy
of its Definitive Information Statement in connection with its
Special Stockholders' Meeting, which will be held on January 25,
2006, at 8:00 a.m. at the Lower Lobby of Exportbank Plaza, Chino
Roces Ave. corner Gil Puyat Ave., Makati City.

A copy of the said report shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_exportbank010406.pdf

CONTACT:

Export and Industry Bank
30 Paseo de Roxas Ave. cor. Jupiter St.,
Makati City, Metro Manila
E-mail: expertinfo@exportbank.com.ph
Web site: http://www.exportbank.com.ph


EXPORT AND INDUSTRY: Special Stockholders' Meeting Set Jan. 25
--------------------------------------------------------------
Export and Industry Bank (the Bank) advised of the following
details of its Special Stockholders' Meeting on Jan. 25, 2006.

Date:  Jan. 25, 2006 (Wednesday), 8:00 AM
Venue: Lower Lobby, ExportBank Plaza
       Chino Roces Ave., Makati

In order to comply with the Bank's By-Laws, the Bank's Board of
Directors has set the record date as of Jan. 3, 2006.


EXPORT AND INDUSTRY: Sells Bad Assets to State Insurer
------------------------------------------------------
Export and Industry Bank (EIB) has sold Php10 billion worth of
its bad assets to state insurer Philippine Deposit Insurance
Corp. (PDIC), according to The Manila Bulletin.

The sale, which is expected to boost the bank's profitability,
was part of the incentives granted by regulators when the bank
decided to rehabilitate and merge with Urban Bank in 2002.

Trading on EIB shares was suspended for the whole of this week
to prevent investors from speculating on recent action taken by
the bank's board, the Philippine Stock Exchange said.

EIB's board has approved a fresh capital infusion by existing
shareholders, the sale of nonperforming assets, and a proposed
quasi-reorganization, the bourse said.

The PSE said the moves "will likely cause undue speculation in
the price of EIB shares, resulting in drastic movements in the
market, which could be prejudicial to the investing public."

EIB will revalue and reclassify its common shares due to the
increase in authorized stock to Php7.5 billion to provide entry
for the additional equity investment.

EIB will hold a special stockholders' meeting on Jan. 25 to vote
on the quasi-reorganization that will include amendments to the
bank's articles of incorporation.


MAKATI MEDICAL: Hunt for New President Goes On
----------------------------------------------
Ailing Makati Medical Center is still looking for a new
president to replace the outgoing Gabino Mendoza, The Journal
Group says.

Although Mr. Mendoza resigned on Dec. 13, he had agreed to stay
on until the end of 2005, completing a six-month term.

The hospital's selection committee is currently sifting through
the nominees for presidency.

In the meantime, Makati Med Vice President Manuel Fernandez Jr.
has been acting president since Dec. 31.

Dr. Ernie Santos, the hospital's director for communications and
marketing, said Mr. Fernandez was the logical successor as
president.

"Dr. Manuel Fernandez has been acting in his capacity as
president because that is a logical succession," Dr. Santos
added.

CONTACT:

Makati Medical Center
2 Amorsolo St., Legaspi Village,
Makati City
Philippines
Phone 815-9911
Web site: http://www.makatimed.ph


PHILNICO INDUSTRIAL: State Debt Delays Mine Rehab
-------------------------------------------------
Philnico Industrial Corp.'s debt to the government is holding up
a US$1-billion investment to rehabilitate the Nonoc mine in
Surigao del Norte, BusinessWorld reveals.

China's much-publicized investment is still on hold, as the
government has yet to come to terms with Philnico on how to
settle the nickel miner's liabilities.

So far, Philnico has only paid US$1 million of its US$300-
million debt.

Government officials earlier hinted the case could still be
settled outside of the courts to pave the way for the entry of
Chinese investors. The Finance department had said it would try
to explore "legal and pragmatic options" to finally end the
dispute.

The government is reportedly insisting on recovering its full
investment in Nonoc, one of various foreclosed assets turned
over by the Development Bank of the Philippines and the
Philippine National Bank to the Asset Privatization Trust, now
the Privatization and Management Office. The then Nonoc Mining
and Industrial Corp. ceased operations in 1986 because of
technical problems.

CONTACT:

Philnico Industrial Corporation
Rm 11-2, 11/F Manila Banking Corp. Bldg.,
6772 Ayala Avenue, Makati City.
Phone: (0632) 867-4334 thru 41, 816-7026
Fax: (632) 816 7039


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

BOYED PTE: To Hold Final Meeting Jan. 27
----------------------------------------
Notice is hereby given that the final meeting of the members of
Boyed (Singapore) Pte Limited will be held on Jan. 27, 2006,
11:00 a.m. at  20 Maxwell Road, #08-01N Maxwell House, Singapore
069113, to present the Liquidator's account showing the manner
of the Company's winding up and the disposal of its property,
the disposal of its books and records, and to hear any
explanation that may be given by the Liquidator.

Dated this 28th December 2005

Sanjay Mohnot
Liquidator
S. P. Mohnot & Co.
20 Maxwell Road
#08-01N Maxwell House
Singapore 069113


LIM PIN: Members Agree to Wind Up Operations
--------------------------------------------
At an extraordinary general meeting of the members of Lim Pin
Kong Pte Limited held on Dec. 30, 2005, the following
Special Resolutions were passed:

(a) That Lim Pin Kong Pte Limited be wound up voluntarily;
and

(b) That Mr. Tay Joo Soon, Certified Public Accountant of 1
North Bridge Road, #13-03 High Street Center, Singapore 179094
be and is hereby appointed as Liquidator for such purpose; and
that the Liquidator be indemnified by the Company against all
costs, charges, losses, expenses and liabilities incurred or
sustained by him in the execution and discharge of his duties in
relation to the wind up.

Dated this 30th December 2005

Tay Joo Soon
Liquidator
1 North Bridge Road
#13-03 High Street Center
Singapore 179094


SUNWAY HOLDINGS: Receiving Claims Until Jan. 28
-----------------------------------------------
Notice is hereby given that the creditors of Sunway Holdings Pte
Limited, which is being wound up voluntarily, are required to
send in their names and addresses with particulars of their
debts and claims, and the names and addresses of their
solicitors (if any) to the Company Liquidator on or before Jan.
28, 2006, and if so required by written notice from the said
Liquidator are, by their solicitors or personally, to come in
and prove the said debts or claims at the time and place
specified in such notice; in default thereof, they will be
excluded from the benefit of any distribution made before such
debts are proven.

Dated this 30th December 2005

Tay Joo Soon
Liquidator
1 North Bridge Road
#13-03 High Street Center
Singapore 179094


UNITED FIBER: Makes First Partial Repayment on Loan Note
--------------------------------------------------------
United Fiber System Limited announced that on Aug. 4, 2005, the
Company secured a SGD50 million loan note from Cornell Capital
Partners Offshore LP.

The loan note is backed by a SGD165 million amended and restated
Equity Line of Credit Agreement, which the Company entered into
with Cornell on Aug. 2, 2005. The loan note is repayable within
380 days, either via cash or drawdowns from the credit
agreement.

In an update to the loan note, the Company has on Dec. 27, 2005
issued an Advance Notice for SGD2,000,000 to Cornell, pursuant
to the Expanded Equity Line as a first partial repayment of the
loan note.

Following the 3-day pricing period, the exercise price for the
Advance has been determined to be SGD0.2802, which is not lower
than 94% of the volume weighted average price of the Company's
shares traded on Dec. 23, 2005 of SGD0.2768.

To expedite the settlement of shares under the Advance, the
Company will borrow 7,137,759 shares from its controlling
shareholder, Tektronix Industries Limited, to deliver to
Cornell. The shares delivered will comprise 0.37% of the
Company's enlarged issued and paid-up share capital after the
issue of 7,137,759 new shares to return to Tektronix. Tektronix
will not receive any financial benefit, directly or indirectly,
from such arrangement.

By Order of the Board
Kishore Dass
Chief Executive Officer
Jan. 3, 2006  

CONTACT:

United Fiber System Limited
103 Defu Lane 10
Poh Lian Building 1
Singapore 539223
Phone: 65 62846006
Fax:   65 62840074
Web site: http://www.ufs.com.sg


WU CHUAN: Creditor Seeks to Wind Up Firm
----------------------------------------
Notice is hereby given that APP Marine Services & Parts Pte
Limited, a creditor of Wu Chuan Internatrional Pte Limited,
filed a winding up petition against the Company with the
Singapore High Court on Dec. 5, 2005.

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

Any Company creditor or contributory desiring to support or
oppose the making of an order on the said Petition may appear at
the time of the hearing by himself or his Counsel for that
purpose.

A copy of the said Petition will be furnished to any Company
creditor or contributory requiring the same by the undersigned
on payment of the regulated charge for the same.

The Petitioners' address is at 5 Siglap Road #14-48, Singapore
448908.

The Petitioners' Solicitors is Messrs Yik Koh Teo LLC of 71
Robinson Road, #04-03, Singapore 068895.

Messrs Yik Koh Teo LLC
Solicitors for the Petitioners

Note:

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


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

ADVANCE AGRO: S&P Raises Bond Rating to B-
------------------------------------------
Advance Agro Public Co. Ltd. received from Standard & Poor's
Rating Services a B- rating, an upgrade from the previous CCC
rating to its US$250 million 11 percent bonds due 2012.

At the same time, the issue rating on Advance Agro Capital
B.V.'s US$48.7 million 13 percent notes due 2007 was also raised
to 'B-' from 'CCC'. The ratings were removed from CreditWatch,
where they were placed with positive implications on November
29, 2005.

The rating upgrade reflects the successful refinancing of the
company's
secured bank debt with the proceeds from the bond issuance in
December 2005.

At the same time, the collateral associated with the secured
bank debt has also been released. As such, the ratings on the
bonds are not differentiated from the corporate credit rating,
as the percentage of priority debt and other liabilities
relative to all available assets falls below the 15 percent
general guideline applicable for speculative-grade corporate
credit ratings.

Advance Agro is one of the leading integrated pulp and paper
companies in Thailand, with total assets of about Thai baht
(THB) 28 billion (US$680 million) at September 30, 2005. The
company has an annual production capacity of about 556,000 tons
of printing and writing paper, and produces 500,000 tons of
pulp. It has a significant overseas presence, particularly in
Asia, with exports accounting for 60% of sales.
   
Advance Agro's liquidity is weak. At September 30, 2005, the
company had debt of THB3.6 billion due within the next 12
months, compared with its cash and cash equivalent of THB0.6
billion. Advance Agro will need to roll over or refinance the
remaining debt.

In addition, there is a moderate risk of a declaration of
acceleration on the principal and accrued interest by the
bondholders of the bond due 2007, and a corresponding cross
default on Advance Agro's other long-term debt. In the event of
an acceleration of payment for debts, Advance Agro may not have
sufficient liquid resources to meet the payment and this may
result in severe financial strain.

CONTACT:

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


JASMINE INTERNATIONAL: Unveils Result of Warrant Exercise
---------------------------------------------------------
The resolution of the Board of directors' meeting of Changwatana
Planner Co. Ltd. (Plan Administrator) as the Plan Administrator
of Jasmine International Public Company Limited held on
September 25, 2003 approved the issuance and offer warrants
(JAS-W2) at the number of 551,970,477 units to purchase new
shares to the existing shareholders, whose names appear on the
registration book at the closing date on October 20, 2003.  

After that the Board of directors' meeting of the Plan
Administrator held on December 24, 2003 passed the resolution to
proceed changing the par value of shares of the Company (par
split) from the par value of THB10 (Ten Baht) per share to be
THB1 (One Baht) per share, so the number of JAS-W2 was increased
to 5,519,704,770 units.  

The holders of JAS-W2 can exercise his/her right to purchase the
Company's common shares every three months during 8:30 a.m. to
3:30 p.m. on March 30, June 30, September 30 and December 30 of
each year through the maturity date.

The exercise date this time is on December 30, 2005, the holders
of JAS-W2 can notify their intention to exercise during December
16 to 29, 2005 at the ratio of one right warrant into one common
share at THB0.50 per share.  The Company would like to report
the results of warrant conversion to common shares as follows:

- No warrant holder exercises his right -

After this conversion, there are 5,035,417,950 remaining
warrants and the Company will have a paid-up capital occurring
from warrant conversion at THB8,319,877,163.

Please be informed accordingly.
Authorized director
Mr. Somboon Patcharasopak
Chaengwatana Planner Co. Ltd.
Plan Administrator of
Jasmine International Public Company Limited

CONTACT:

Jasmine International Public Company Limited   
200 Fl. 30, Moo 4, Chaengwatthana Rd.,
Pak Kret, Nonthaburi    
Telephone: 0-2502-3000-7   
Fax: 0-2502-3150-2   
Web site: http://www.jasmine.co.th


THAI ENGINE: Names New Auditor
------------------------------
Thai Engine Manufacturing Public Company Limited as the plan
administrator of the business rehabilitation plan, informed the
Stock Exchange of Thailand (SET) that the Company changed its
auditor by appointing Mr. Somchai Kurujitkosol, Certified Public
Accountant No. 3277 of S.K. Accountant Services Company Limited,
replace the existing auditor and to act as the new auditor of
the Company.

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







                            *********


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
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Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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