TCRAP_Public/060109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, January 9, 2006, Vol. 9, No. 006

                            Headlines

A U S T R A L I A

ADVANCED ENERGY: Issues Restructuring Update
BEEJAY TEXTILES: Schedules Final Meeting Jan. 17
BROWNGATES PTY: Members Resolve to Wind Up Business
COMET EQUITY: Prepares to Declare Dividend
CONCRETE RECYCLERS: Requires Creditors to Submit Debt Claims

CRC PTY: Liquidator to Present Wind Up Report Jan. 16
CROESUS MINING: Rights Issue Fully Subscribed
DARKANE PTY: Decides to Close Operations
FISHER'S DAIRYING: Wind Up Process Initiated
FRONTLINE NOMINEES: Intends to Pay Dividend to Creditors

GK HUDSON: Placed Under Voluntary Liquidation
GOLDEN CHEF: Drivers Denied Access to Work Vans
MACCON PTY: To Declare First, Final Dividend
MEC CONSTRUCTION: Creditors to Receive Dividend
MICHAEL DURRANT: Members, Creditors to Discuss Winding Up

MIDDLESEX INVESTMENTS: Liquidator to Detail Wind Up Manner
MULTIPLEX: Seeks to Trim Wembley Delay Fees
MULTIPLEX: Bookmaker's Odds on Wembley Won't be Ready
MYER LIMITED: Stocktake Sale Draws Strong Response
PAPER PACKING: Final Members Meeting Fixed Jan. 16

PRECIOUS LITTLE: To Declare Dividend Jan. 18
QANTAS LIMITED: Budget Unit Launches Melbourne-Perth Flight
SIDE ON: Members to Hear Liquidator's Report
S&J MOLLOY: Creditors Required to Prove Debts, Claims
SUPERMARKET SUPPORT: Members, Creditors to Meet Jan. 16

UNITED PREMIUM: Members to Review Liquidator's Report
VOLANTE GROUP: Commander Likely to Get Cold Shoulder
WATTYL LIMITED: JPMorgan Backs Allco's Bid
WATTYL LIMITED: AEP Dispatches Offer Document to Shareholders
WOODVILLE INVESTMENTS: Members Pass Winding Up Resolution


C H I N A  &  H O N G  K O N G

DANA ASIA: Creditors' Proofs of Debt Due Jan. 23
FULL SPIRIT: Issues Debt Claim Notice
HUANENG POWER: EGM Slated for Jan. 18
HUANENG POWER: UBS Upgrades Rating to 'Neutral'
KOCH ASPHALT: Appoints Provisional Liquidators

LANAGAN LIMITED: Creditors Must Submit Claims by Feb. 7
METZLER INTERNATIONAL: Creditors Meeting Fixed Jan. 23
POLY INVESTMENTS: Sells Commercial Building for $63.5 Mln
TCL MULTIMEDIA: Sees 2006 Breakeven for Overseas Operations
VERTEX COMMUNICATIONS: Regulator Probes Trading in Vertex Shares

VERTEX COMMUNICATIONS: Notes Unusual Trading Volume
WING TAK: Creditors Meeting Slated for January 13


I N D I A

ALCOBEX METALS: Posts Updates on AGM
DMC VAULTS: Board to Consider Scheme of Merger
SS ORGANICS: Board to Discuss Modified Rehab Scheme Order
SYNERGY LOG-IN: Seeks to Acquire Globsyn to Boost Business
VANS INFORMATION: Board to Consider Capital Restructure, Merger


I N D O N E S I A

EXCELCOMINDO PRATAMA: S&P Gives BB- Rating to Unsecured Notes
GARUDA INDONESIA: Seeks Loan to Repay IDR538-Bln Debt
PERTAMINA: To Shut Down Balongan Refinery in February
PERUSAHAAN LISTRIK: Aims to Buy Cheaper Gas


J A P A N

HITACHI LIMITED: Teams with Ember to Enter Zigbee Sensor Market
KAJIMA CORPORATION: U.K. Unit's Products Prove Faulty
MITSUBISHI MOTORS: Sees Profit Return With New Models
MITSUBISHI MOTORS: Fitch Alters Thai Unit's Outlook
MITSUBISHI MOTORS: December Sales Up 28% to 8,264

SONY CORPORATION: Chairman Unveils Sony's 'Four Pillars'


K O R E A

HANARO TELECOM: Installs New Director


M A L A Y S I A

ASTRO ALL: Unit Enters Winding Up Process
AYER HITAM: Extends Completion Date of PKNS Acquisition
DATUK KERAMAT: To Appeal Bourse's Decision to Delist Securities
FURQAN BUSINESS: Issues New Shares for Listing, Quotation
GEORGE TOWN: To Appeal Security Delisting

JIN LIN: Restraining Order Extended for 120 Days
KRAMAT TIN: Completion Date of Agreement Conditions Extended
MAGNUM CORPORATION: Buys Back Ordinary Shares
MAXIS COMMUNICATIONS: New Shares Up for Listing, Quotation
NORTH BORNEO: Issues Regularization Plan Update

PAN MALAYSIA: To Undergo Due Diligence
POS MALAYSIA: Bourse to List, Quote New Shares
POLY GLASS: Finds Ways to Overcome Auditor's Report
POLYMATE HOLDINGS: Works Out Regularization Plan
POLYMATE HOLDINGS: Seeks to Restructure Group's Debt

SETEGAP BERHAD: Regularization Plan Remains Unchanged


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Notes Change in Shareholdings
COLLEGE ASSURANCE: Bad Investments Blamed for Insolvency
MAYNILAD WATER: To Convene Annual Stockholders' Meeting
PHILIPPINE AIRLINES: Switches Pacific Stop to Guam
REYNOLDS PHILIPPINES: Shanghai Firm Buys Plant for Php365 Mln


S I N G A P O R E

ABACA CAPITAL: Asks Creditors to Submit Debt Claims
INFORMATICS HOLDINGS: Rights Issue Oversubscribed
LIM PIN: Receiving Claims Until Jan. 28
MAJESTIC ELECTRIC: Creditor Initiates Wind Up Action
MOUNT EMILY: Dissolved by Parent Firm

PIONEER BARGING: Opts for Voluntary Liquidation


T H A I L A N D

THAI AIRWAYS: Still on the Lookout for Head Honcho
THAI PETROCHEMICAL: Awaits SC Decision on ESOP
WYNCOAST INDUSTRIAL: Undertakes Warrant Exercise

     -  -  -  -  -  -  -  -  

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

ADVANCED ENERGY: Issues Restructuring Update
--------------------------------------------
Advanced Energy Systems Limited (AES) met with major AES
creditors and shareholders who support an extension of the
restructuring completion date to June 30, 2006.

AES Directors will request the Deed Administrator to seek a
formal extension from creditors at a meeting the company
proposes to hold during the first week of February 2006.

It should be noted that at a formal meeting in November,
creditors voted in favor of a settlement of their claims by the
issue of AES shares at AU$0.20 each on a post consolidation
basis. The consolidation is on a 10:1 basis for historical AES
shareholders. There is no longer an obligation for AES to
provide a cash component for unsecured creditor debts.

AES has paid out the National Australia Bank (NAB) in full and
has reached an agreement with Australian Ethical Investments to
convert their debt to equity.

The Company has held discussions with a party that was formally
associated with AES. This party has agreed to assist AES with
new orders and business partnerships as well as new equity and
other sales and marketing matters. The firm will advise the
market when a formal agreement is signed. This assistance may
extend to certain Asian and European markets.

The AES restructuring has taken longer than the AES Directors
expected. The major reasons are activities associated with India
and Malaysia, the loss of AES' Investment in India and related
matters. The Directors have written off AES' investment in India
and the Company continues to investigate and review historical
matters associated with India and Malaysia. The company does not
believe that there is any further downside from our historical
investment in India as AES has completely written this
investment off in the 2004 accounts. AES has also terminated all
foreign manufacturing rights to the AES solar inverters in order
to protect its intellectual property.

AES has kept Mr. Brian McMaster (AES Deed Administrator) fully
informed and will request that he call a meeting of unsecured
creditors in February 2006 in order to obtain their formal
consent to an extension to June 30, 2006.

The Company will update the market on the outcome of the formal
creditor's meeting in February. Upon successful completion of
the AES restructuring, the company will take all steps to obtain
shareholder approvals for AES' shares to be re-quoted.

CONTACT:

Advanced Energy Systems Limited
121 Ewing Street , WELSHPOOL , AUSTRALIA, 6106  
Telephone: 9258 1300  
Fax: 9358 3644  
Web site: http://www.aesltd.com.au


BEEJAY TEXTILES: Schedules Final Meeting Jan. 17
------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Beejay Textiles Pty Limited will be held on Jan.
17, 2006, 10:30 a.m. at the offices of Pitcher Partners, Level
19, 15 William Street, Melbourne, to have an account laid before
them showing the manner of the Company's winding up and disposal
of property, and to hear any explanations that may be given by
the Liquidator.

Dated this 6th day of December 2005

G. M. Rambaldi
Liquidator
Pitcher Partners
Level 19, 15 William Street
Melbourne Vic 3000


BROWNGATES PTY: Members Resolve to Wind Up Business
---------------------------------------------------
Notice is hereby given that the final meeting of the members of
Browngates Pty Limited will be held on Jan. 16, 2006, 11:00 a.m.
at Suite 601, 3 Waverley Street, Bondi Junction, to present the
Liquidator's an account showing how the Company's winding up was
conducted and its property disposed of.

Dated this 2nd day of December 2005

G. A. Marx
Liquidator
Suite 601, 3 Waverley Street
Bondi Junction NSW 2022


COMET EQUITY: Prepares to Declare Dividend
------------------------------------------
Comet Equity Pty Limited will declare a first and final dividend
on Jan. 15, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 14, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 3rd day of November 2005

Scott Darren Pascoe
Liquidator
SimsPartners Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000


CONCRETE RECYCLERS: Requires Creditors to Submit Debt Claims
------------------------------------------------------------
Concrete Recyclers Demolition Pty Limited will declare a first
and final dividend to its ordinary unsecured creditors on Jan.
18, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 17, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 5th day of December 2005

John Vouris
Liquidator
Vouris & Bell
Level 9, 4 O'Connell Street
Sydney NSW 2000
Phone: 02 9232 6800


CRC PTY: Liquidator to Present Wind Up Report Jan. 16
-----------------------------------------------------
Notice is given that a final meeting of the members of CRC Pty
Limited will be held on Jan. 16, 2006, 10:00 a.m. at Level 30,
Central Plaza One, 345 Queen Street, Brisbane, Qld, 4000, to
receive the Liquidator's account showing how the Company was
wound up and its property disposed of, and to give any
explanation of the account.

Dated this 5th day of December 2005

R. J. May
Liquidator
KPMG
Level 30, Central Plaza One
345 Queen Street, Brisbane Qld 4000
Phone: 07 3233 3111


CROESUS MINING: Rights Issue Fully Subscribed
---------------------------------------------
Croesus Mining NL announced the pro-rata renounceable tights
issue closed on Tuesday, Jan. 3, 2006 and the Company is pleased
that with a flood of last minute acceptances, the rights issue
was 100% taken up by shareholders.

The new shares issued under the renounceable rights issue will
be allotted no later than Jan. 11, 2006 and holding statements
will be issued to shareholders immediately thereafter.

The Board of Directors would like to thank the shareholders for
their support of the issue and their continued confidence in the
Company.

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/


DARKANE PTY: Decides to Close Operations
----------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Darkane Pty Limited will be held on Jan. 16, 2006,
10:00 a.m. in the Boardroom of Andrew Dunner & Associates
Chartered Accountants, 23 Erin Street, Richmond, to present the
Liquidator's account showing the manner of the Company's winding
up and disposal of property, and to hear any explanation that
may be given by the Liquidator.

Dated this 13th day of December 2005

A. L. Dunner
Liquidator
Andrew Dunner & Associates
23 Erin Street, Richmond


FISHER'S DAIRYING: Wind Up Process Initiated
--------------------- ----------------------
Notice is hereby given that the final meeting of the members of
Fisher's Dairying Industries Pty Limited will be held on Jan.
16, 2006, 9:00 a.m. at the offices of Chapman & Eastway, Level
12, 10 Barrack Street, Sydney NSW, to lay before the meeting the
Liquidator's final account and report, and to give any
explanation thereof.

Dated this 8th day of December 2005

Andrew Carter
Liquidator
C/o Chapman & Eastway
Level 12, 10 Barrack Street
Sydney NSW


FRONTLINE NOMINEES: Intends to Pay Dividend to Creditors
--------------------------------------------------------
Frontline Nominees Pty Limited will declare a first and final
dividend on Jan. 16, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 13, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 8th day of December 2005

James P. Downey
Liquidator
Cole Downey & Co. Chartered Accountants
Unit 2, 6 Moorabool Street
Geelong Vic 3220


GK HUDSON: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is hereby given that a general meeting of the members of
GK Hudson Investments Pty Limited will be held on Jan. 16, 2006,
10:00 a.m. at 230/2 Ulmarra Place, East Lindfield NSW 2070, to
receive the Liquidator's account on the manner of the Company's
winding up and disposal of property, and to hear any
explanations that may be given by the Liquidator.

Dated this 5th day of December 2005

G. K. Hudson
Liquidator
C/o 230/2 Ulmarra Place
East Linfield NSW 2070


GOLDEN CHEF: Drivers Denied Access to Work Vans
-----------------------------------------------
Golden Chef drivers were refused access to their work vans when
they arrived for duty Wednesday last week, The Advertiser has
learned.

The troubled mobile food company, now under administration, told
about 12 employees they would not be required to make
deliveries.

A spokeswoman for Golden Chef explained most staff is on leave
until this week. She claimed she did not know why the drivers
reported for their shifts.

The Transport Workers' Union said the drivers had been met by
security guards.

CONTACT:

Golden Chef
203-205 Hanson Road
Athol Park South Australia 5012
Phone: 1300 881 588/ 08 8348 1700
Fax: 08 8445 6488
Web site: http://www.goldenchef.com.au/


MACCON PTY: To Declare First, Final Dividend
--------------------------------------------
Maccon Pty Limited will declare a first and final dividend to
its priority unsecured creditors on Jan. 16, 2006.

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

Dated this 24th day of November 2005

Nick Combis
Liquidator
Vincents Chartered Accountants
Level 27, 239 George Street
Brisbane Qld 4000
Phone: 07 3854 4555
Fax:   07 3236 2452
Email: ncombis@vincents.com.au


MEC CONSTRUCTION: Creditors to Receive Dividend
-----------------------------------------------
MEC Construction Services Pty Limited will declare a first and
final dividend on Jan. 15, 2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims on or
before Jan. 14, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 3rd day of November 2005

Scott Darren Poscoe
Liquidator
SimsPartners Chartered Accountants
Level 24, Australia Square
264 George Street, Sydney NSW 2000


MICHAEL DURRANT: Members, Creditors to Discuss Winding Up
---------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Michael Durrant & Associates Pty Limited will be
held on Jan. 16, 2006, 11:00 a.m. at the Liquidator's office, to
have an account laid before them showing how the Company was
wound up and its property disposed of, and to hear any
explanations thereof.

Proxies to be used at the meeting must be lodged with the
Liquidator.

Dated this 13th day of December 2005

Bryan Collis
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney NSW 2000
Phone: 02 9232 3322
Fax:   02 9232 3388


MIDDLESEX INVESTMENTS: Liquidator to Detail Wind Up Manner
----------------------------------------------------------
Notice is given that a meeting of the members of Middlesex
Investments Pty Limited will be held on Jan. 16, 2006, 10:00
a.m. at the offices of Grant Thornton, Level 17, 383 Kent
Street, Sydney NSW 2000, to receive the Liquidator's account on
the manner of the Company's winding up and disposal of its
property, and to hear any explanations thereof.

Dated this 5th day of December 2005

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


MULTIPLEX: Seeks to Trim Wembley Delay Fees
-------------------------------------------
Multiplex is reportedly in talks to offset potentially huge fees
for late delivery of the new Wembley Stadium in London,
according to the Sydney Morning Herald.

The embattled construction firm earlier admitted there is
"material risk" that the Wembley project will not be completed
by the March 31 deadline, in time for the FA Cup final on May
13.

Multiplex is subject to fees of STG120,000 (AU$283,000) for
every day beyond the scheduled March 31 handover the stadium is
not delivered.

But now Multiplex is reportedly in discussions with the English
Football Association, through the FA's subsidiary Wembley
National Stadium Ltd (WNSL), about whether the FA may have to
trim those late fees if it was found WNSL contributed to late
delivery. The late fees are capped at STG14 million ($A33.5
million).

WSNL has been in dispute with landowner Quintain Estates. The
row led to a four-month delay in the construction of the main
pedestrian walkway.

Multiplex estimated mounting losses from the Wembley project
could reduce its profit by AU$165 million this financial year.

CONTACT:

Multiplex Group
1Kent Street
Miller's Point, New South Wales 2000
AUSTRALIA
Phone: +61 2 9256 5000
Fax: +61 2 9256 5001


MULTIPLEX: Bookmaker's Odds on Wembley Won't be Ready
-----------------------------------------------------
Big U.K. bookmaker William Hill has slashed the odds on whether
London's Wembley national soccer stadium will host England's FA
Cup final in May, Sydney Morning Herald reveals.

The online sport betting company said a GBP6 (AU$14.10) winning
bet at the stadium won't be ready to pay GBP3, or odds of 1/2,
down from a payout of GBP5 previously.

Hill is also offering odds of 6/4 that the GBP757 million
stadium will meet the deadline. For the first time, the odds
show Wembley probably won't be ready.

The odds reflected press reports and demand for wagers.

Multiplex, which is constructing the Wembley stadium, has been
embroiled in a series of delays and cost overruns. The
Australian firm ha also issued several profit downgrades in the
past year.

Construction of the world's most expensive sports ground has
been slowed by subcontractor and union disputes.

Multiplex said on December 21 that it might miss the completion
deadline and cut its profit forecast for the fifth time in the
year.

Despite Multiplex conceding it might not be able to deliver the
stadium as scheduled, the Football Association (FA) is confident
the ground will be ready in time for the May 13 FA Cup final.

The FA has already booked the Millennium Stadium, the Cup
final's home since 2001, as a precaution but news that work on
the main pedestrian walkway to the stadium was behind schedule
would not affect the venue for this season's final, according to
Wembley, its builders and the FA.


MYER LIMITED: Stocktake Sale Draws Strong Response
--------------------------------------------------
A big bunch of consumers flocked to Myer Limited outlets to
avail of the ailing retailer's post-Christmas stocktake sale,
The Australian relates.

Around 6.8 million people swarmed a Myer store in the first week
of the stocktake sale, up 5.4 percent last year.

The strong consumer response came as potential buyers of the
embattled business continue to work on final bids due early next
month.

The five shortlisted bidders for the Myer business, which is
expected to sell for more than AU$500 million, will then lodge
final offers, with a buyer to be decided by the end of March.

Bids for the flagship Myer Bourke St store, which spreads across
four blocks in central Melbourne, are also expected to be
finalized in February.

CONTACT:

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


PAPER PACKING: Final Members Meeting Fixed Jan. 16
--------------------------------------------------
Notice is hereby given that a final meeting of the members of
Paper Packing Supplies Pty Limited will be held on Jan. 16,
2006, 10:00 a.m. at 32 Church Street, Abbotsford Vic 3067, for
the following purposes:

BUSINESS

(1) To receive and adopt the report of the Liquidator's acts and
dealings during the winding up.

(2) To receive and adopt Australian Securities and Investments
Commission Form 524 Accounts and Statement by a Liquidator.

(3) To transact any other business which may properly be brought
forward at the meeting.

Dated this 17th day of December 2005

Gregory John McCluskey
Liquidator
C/o 32 Church Street, Abbotsford Vic 3067


PRECIOUS LITTLE: To Declare Dividend Jan. 18
--------------------------------------------
Precious Little Blossom Pty Limited will declare a dividend on
Jan. 18, 2006.

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

Dated this 21st day of November 2005

Oren Zohar
Liquidator
KordaMentha
Level 11, 37 St. Georges Terrace
Perth WA 6000


QANTAS LIMITED: Budget Unit Launches Melbourne-Perth Flight
-----------------------------------------------------------
Qantas Airways' low-cost carrier Jetstar will service a daily
service between Perth and Melbourne in late March, The
Advertiser reveals.

Starting March 28, one of Jetstar's new fleet of Airbus A320
aircraft will leave Melbourne in the morning and return from
Perth in the late afternoon each day. The cost of a one-way
flight will be AU$189 with a special deal of AU$99 available to
mark the launch of the service.

Jetstar's acting chief executive, Bruce Buchanan, said the new
service would add about 2,500 seats to existing Qantas
operations between the two cities and would boost tourism in
Western Australia.

In Melbourne the service will operate out of Avalon airport,
which is 55 kilometers west of the CBD and 15 kilometers north
east of Geelong.

Mr. Buchanan said Jetstar's roll out of the Airbus A320 was on
track with 23 of the aircraft expected to be in the air by June
2006.

CONTACT:

Qantas Airways Limited
Qantas Centre, Level 9,
Building A, 203 Coward Street,
Mascot, NSW, Australia, 2020
Head Office Telephone: (02) 9691 3636
Head Office Fax: (02) 9691 3339
Web site: http://www.qantas.com.au


SIDE ON: Members to Hear Liquidator's Report
--------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Side ON Enterprises Pty Limited will be held on
Jan. 16, 2006, 10:00 a.m. at the Liquidator's office, to receive
the Liquidator's account showing how the Company was wound up
and its property disposed of, and to hear any explanations
thereof.

Dated this 13th day of December 2005

Bryan Collis
Liquidator
O'Brien Palmer
Level 4, 23 Hunter Street
Sydney NSW 2000
Phone:  9232 3322
Fax: 02 9232 3388


S&J MOLLOY: Creditors Required to Prove Debts, Claims
-----------------------------------------------------
S&J Molloy Signaling Pty Limited will declare a second dividend
on Jan. 16, 2006.

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

Dated this 23rd day of November 2005

John Frederick Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


SUPERMARKET SUPPORT: Members, Creditors to Meet Jan. 16
-------------------------------------------------------
Notice is given that a joint meeting of the members and
creditors of Supermarket Support Services Pty Limited will be
held on Jan. 16, 2006, 10:00 a.m. at the offices of GHK Green
Krejci, to present the Liquidator's account showing the manner
in which the Company's winding up was conducted and its
property, and to hear any explanations thereof.

Dated this 13th day of December 2005

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


UNITED PREMIUM: Members to Review Liquidator's Report
-----------------------------------------------------
Notice is given that a final meeting of the members of United
Premium Funding Pty Limited will be held on Jan. 16, 2006, 10:00
a.m. at Level 9, 10 Shelley Street, Sydney NSW, to receive the
Liquidator's account on the Company's winding up and disposal of
property, and to hear any explanation thereof.

Dated this 5th day of December 2005

M. C. Smith
Liquidator
McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000
Phone: 9338 2666
Web site: http://www.mcgrathnicol.com.au


VOLANTE GROUP: Commander Likely to Get Cold Shoulder
----------------------------------------------------
Volante Group's board is expected to reject Commander
Communication's AU$130-million takeover bid, according to Sydney
Morning Herald.

Volante's board is set to meet this week to consider its
response to Commander's hostile bid. But it is very likely that
the offer will be snubbed because it does not represent value
for Volante shareholders at AU$1.01 per share.

In a letter to shareholders last week, Volante reiterated its
earlier comments that the offer represented a "negligible
premium" to the average price at which the company's shares had
traded in the three months before Commander announced its bid on
December 23.

Analysts from Citigroup and Deutsche Bank has described the
offer as a "low-ball bid", saying it would need to raise its
offer to about AU$1.20 a share to convince Volante's
shareholders to sell.

Volante Chief Executive Ian Penman said the board was yet to
engage in talks with its major shareholders, including JM
Financial Group and Perpetual Trustees, since they still have
not received Commander's offer.

The company has also appointed Macquarie Bank as its financial
adviser.

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: JPMorgan Backs Allco's Bid
------------------------------------------
Broker JPMorgan believes Allco Equity Partners will succeed in
its AU$275-million bid for paint maker Wattyl Limited, reports
Sydney Morning Herald.

JPMorgan analysts said Allco will eventually take over Wattyl,
adding that Wattyl'y hesitation to accept the offer is merely a
tactic to achieve the best price for shareholders.

On Wednesday, Wattyl's directors formally rejected Allco's
AU$3.25 per share takeover bid as "inadequate and opportunistic"
and said it was timed to take advantage of Wattyl's
restructuring program which they expect to generate AU$10
million a year in savings.

But JPMorgan analysts said, "We expect management's AU$10
million in restructuring benefits to be at least partially
offset by revenue weakness. This reflects the softness in the
residential construction market."

South African firm Barloworld has previously shown interest in
making a bid for Wattyl. However, the firm declined to comment
on its December 28 statement that it was reviewing the Allco
proposal and expected to complete its consideration early next
month.

CONTACT:

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


WATTYL LIMITED: AEP Dispatches Offer Document to Shareholders
-------------------------------------------------------------
Allco Equity partners' subsidiary AEP Financial Investments Pty
Ltd (AEP) dispatched its bidder's statement on Friday detailing
its generous AU$3.25 a share cash offer to Wattyl Limited's
9,700 shareholders.

Wattyl's board has two weeks to respond in its target's
statement.

"Wattyl was a serial underperformer. After years of promises of
turnarounds and improvements that have failed to materialize,
shareholders have a real choice now between further uncertainty
with Wattyl or AEP's generous cash offer," said AEP Chief
Executive Peter Yates.

"Wattyl has undergone numerous restructurings and cost-cutting
exercises since the late 1990s. However, in the two-year period
before AEP's approach to Wattyl when these measures should have
been delivering for shareholders, the stock has underperformed
the all ordinaries accumulation index by 74 percent.

"In light of this, we fail to see how shareholders can have
confidence that Wattyl's latest cost-cutting proposal will have
any more success in improving Wattyl's earnings than previous
attempts.

"Clearly, the target's statement must address the ongoing
earnings, share price performance and execution risks for
shareholders. Future profitability for Wattyl shareholders will
be dependent on a range of factors, including the weak housing
outlook and rising raw material costs, not just hoped-for cost
savings.

"AEP's offer is a 30 percent premium to Wattyl's average share
price in the month before AEP initially approached Wattyl and
there is a significant risk that Wattyl's share price will fall
materially if AEP's offer does not succeed.

"Shareholders should seriously consider accepting the AU$3.25
per share AEP cash offer."


WOODVILLE INVESTMENTS: Members Pass Winding Up Resolution
---------------------------------------------------------
Notice is given that the final meeting of the members of
Woodville Investments Pty Limited will be held on Jan. 16, 2006,
3:30 p.m. at 2a Hope Street, Pymble, to lay before the meeting
an account on the Company's winding up and disposal of property,
and to given any explanation of such account.

Dated this 12th day of December 2005

R. J. Harper
Liquidator
C/o 2a Hope Street, Pymble


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

DANA ASIA: Creditors' Proofs of Debt Due Jan. 23
------------------------------------------------
Notice is hereby given that the Creditors of Dana Asia (Hong
Kong) Limited, whose debts or claims have not already been
admitted, are required on or before the January 23, 2006 to
prove by affidavit their debts or claims by sending in their
names, addresses and descriptions and full particulars of their
debts or claims in accordance with Form 63A of the Companies
(Winding-up) Rules, and the names and addresses of their
Solicitors (if any) to the undersigned Liquidators of the
Company.

If so required by notice in writing from the said Liquidators,
are personally or by their Solicitors or duly authorized
representative, to come and prove their said debts or claims and
to establish any title they may have to priority at such time
and place as shall be specified in such notice.  

In default of complying with this Notice, such creditors will be
excluded from the benefit of any distribution made before such
debts or claims are proved and/or from objecting to any
distribution made before such priorities are established.

Dated this 5th day of January, 2006

Natalia K M SENG
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong

Susan Y H LO
Joint and Several Liquidator
28/F, Bank of East Asia Harbour
View Centre, 56 Gloucester Road,
Wanchai, Hong Kong


FULL SPIRIT: Issues Debt Claim Notice
-------------------------------------
Notice is hereby given that the creditors of Full Spirit Limited
(In Members' Voluntary Winding Up) which is being wound up
voluntarily are required on or before 5:30 p.m. on February 7,
2006 to send particulars of their debts or claims and the names
and addresses of their solicitors.

If so required by notice in writing from the liquidators, they
are to come in and prove their said debts or claims by
themselves or their solicitors at such time and place as shall
be specified in the Notice.

In default thereof they will be deemed to have waived all or any
of such debts or claims and the liquidators shall be entitled
seven days after the above date to distribute the funds
available or any part thereof to the members.

Dated this 6th day of January, 2006.
Natalia Seng Sze Ka Mee
Cynthia Wong Tak Yee
Joint and Several Liquidators
28/F., Bank of East Asia Harbour View Centre
56 Gloucester Road, Wanchai, Hong Kong


HUANENG POWER: EGM Slated for Jan. 18
-------------------------------------
Huaneng Power International, Inc. will hold an extraordinary
general meeting at 9:00 a.m. on Wednesday, January 18, 2006 at
the office of the Company at West Wing, Building C, Tianyin
Mansion, 2C Fuxingmennan Street, Xicheng District, Beijing, The
People's Republic of China.

At the EGM, the following resolutions will be tabled for
approval:

Ordinary Resolution:

1. Proposal regarding change of supervisor - to appoint Mr. Guo
Junming as supervisor; Special Resolutions:

2. Proposal regarding the issue of asset-backed debt financing
products:

(i) an approval to be given to the Company to issue within the
PRC asset-backed debt financing products of a principal amount
up to RMB15 billion (in either one or multiple tranches) within
15 months from the date on which shareholders' approval is
obtained; (ii) an unconditional general mandate to be given to
the Company's board of directors or any two or more directors to
determine the terms and conditions and other relevant matters in
relation to the respective tranches of the issue of asset-backed
debt financing products in accordance with the need of the
Company and the market conditions, including but not limited to
the final principal amount of the asset-backed debt financing
products to be issued and the time limit thereof within the
prescribed scope as set out in (i) above, the execution of all
necessary legal documents and the conduct of appropriate
information disclosures.

3. Proposal regarding the issue of short-term debentures:

(i) an approval to be given to the Company to issue within the
PRC short-term debentures of a principal amount up to RMB5
billion (in either one or multiple tranches) within 12 months
from the date on which shareholders' approval is obtained; (ii)
an unconditional general mandate to be given to the Company's
board of directors or any two or more directors to determine the
terms and conditions and other relevant matters in relation to
the respective tranches of the issue of short-term debentures in
accordance with the need of the Company and the market
conditions, including but not limited to the final principal
amount of the short-term debentures to be issued and the time
limit thereof within the prescribed scope as set out in (i)
above, the execution of all necessary legal documents and the
conduct of appropriate information disclosures.

The Company develops, constructs, operates and manages power
plants in China nationwide, with a total generation capacity of
22,253MW on an equity basis. The Company wholly owns sixteen
operating power plants, and has controlling interests in ten
operating power companies and minority interests in four
operating power companies.

CONTACTS:

Huaneng Power International Inc.
40 Xueyuan Nanlu
Haidian District
Beijing, PRC  
Phone: 25288900  
Fax: 25245599  
Web site: http://www.hpi.com.cn   


HUANENG POWER: UBS Upgrades Rating to 'Neutral'
-----------------------------------------------
UBS has upgraded its rating on Huaneng Power to "Neutral" from
"Reduce" but remains cautious on its profit outlook, Infocast
News reports. The target price is unchanged at $5.

If Huaneng fails to reach a settlement price of power pooling in
Liaoning, its 2005 profit may fall to RMB3.85 billion from
RMB5.44 billion in 2004, the brokerage said in a research
report. The brokerage now expects a profit of RMB3.91 billion
for 2005.

UBS said Huaneng is likely to be a victim of the two-tier tariff
system. The State Electricity Regulatory Commission (SERC) is
leading the tariff reform and power pooling, not the National
Development and Reform Commission (NDRC).

The State Council's research center has warned that in 2006
there will be lower utilization hours; an acceleration of tariff
reform and increased competition.  

According to Chong Hing Securities, Huaneng has current assets
of HK$9.02 million in the year ending December 31, 2004, while
its current liabilities stood at HK$15.6 million.


KOCH ASPHALT: Appoints Provisional Liquidators
----------------------------------------------
Koch Asphalt Products (Hong Kong) Company Limited issued a
notice of appointment of provisional liquidators in the High
Court of the Hong Kong Special Administrative Region Court of
First Instance.

Registered office: 9/F., Gloucester Tower, The Landmark 11,
Pedder St., Central, Hong Kong.

Joint & Several Liquidators' Names:  Messrs Cosimo Borrelli and
Kelvin Flynn both of Alvarez & Marsal Asia Limited.

Provisional Liquidators' Address: 5th Floor, Allied Kajima
Building, 138 Gloucester Road, Wanchai, Hong Kong.

Date of Appointment: December 6, 2005

Dated this 6th day of January 2006

E T O'CONNELL
Official Receiver


LANAGAN LIMITED: Creditors Must Submit Claims by Feb. 7
-------------------------------------------------------
Notice is hereby given that the creditors of Lanagan Limited,
which is being voluntarily wound up, are required (if they have
not already done so), on or before February 7, 2006, to send in
their names, addresses and particulars of their debts or claims,
and the name and address of their solicitors, if any, to the
undersigned and Mr. John James Toohey, the Joint and Several
Liquidators of the company.

If so required by notice in writing from the said Liquidators,
they are to personally or by their solicitors to come in and
prove the said debts or claims at such time and place as shall
be specified in such notice.

In default thereof, they will be excluded from the benefit of
any distribution before such debts are proved.

Dated this 6th day of January, 2006

RAINIER HOK CHUNG LAM
Joint and Several Liquidator
22/F., Prince's Building
Central, Hong Kong


METZLER INTERNATIONAL: Creditors Meeting Fixed Jan. 23
------------------------------------------------------
Metzler International (Asia) Limited announced that the first
meeting of creditors and contributories will be held on January
23, 2006 at 3 p.m. and 4 p.m. respectively.

Place: Room 207, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong.

Dated this 6th day of January 2006

RODERICK JOHN SUTTON
DESMOND CHUNG SENG CHIONG
Joint and Several Provisional Liquidators


POLY INVESTMENTS: Sells Commercial Building for $63.5 Mln
---------------------------------------------------------
Poly Investments Holdings has agreed to sell Winsome Commercial
Building at Tai Cheung Street, Yuen Long to Standard Asia
Investment Ltd for $63.5 million, Infocast News reports.

The carrying value of the property as at June 30, 2005 was $63
million. Poly Investments expects a gain of approximately
$500,000 from the disposal.

The HK$55.15 million worth of proceeds will be used to repay
bank and other borrowings, and the remaining sum will be used as
working capital.

The property is a 14-storey commercial building with an
aggregate gross floor area of approximately 42,665 square feet.
The ground floor of the property is shop units while the other
floors are office units.

The net profit attributable to the property for the year of 2004
was approximately $6.577 million (including a surplus on
revaluation of the property of approximately $6.216 million).

The net loss attributable to the property for the six months
ended June 30, 2005 was approximately $4.292 million.

CONTACT:

Poly Investments Holding Limited
Suites 1502-3, 15th Floor
Great Eagle Centre
23 Harbour Road, H.K.  
Phone: 31626666  
Fax: 31626669  


TCL MULTIMEDIA: Sees 2006 Breakeven for Overseas Operations
-----------------------------------------------------------
China's TCL Multimedia Technology Holdings Ltd. expects its
money-losing North American and European operations to break
even this year, a half year behind previous targets, according
to Reuters, citing TCL Multimedia Chairman Li Dongsheng.

Mr. Li declined to forecast when this year the overseas assets
would collectively move out of the loss column.

Mr. Li said both the North American and European operations,
which operate under the RCA and Thomson brands, respectively,
posted losses of about HK$30 million in 2005.

The North American loss was within the company's targets, and
was down from a HK$90 million loss the previous year.

But the company had previously hoped that 2005 would be a break-
even year for Europe, which also posted a loss of about HK$30
million in 2004.

TCL became the world's largest TV maker with its Thomson deal in
2004, giving it instant access to the U.S. and European markets
via the Thomson and RCA brand names.

CONTACT:

TCL Multimedia Technology Holdings Ltd
13/F TCL Tower
8 Tai Chung Rd.
Tsuen Wan, N.T.
Hong Kong
Phone: 24377322  
Fax: 24058466  
Web site: http://www.tclhk.com


VERTEX COMMUNICATIONS: Regulator Probes Trading in Vertex Shares
----------------------------------------------------------------
The Securities and Futures Commission (SFC) is investigating
trading in the shares of Vertex Communications & Technology
Group Ltd., which have risen sharply on its plans to break into
the territory's electricity market, reports the South China
Morning Post.

The company owns a 15% stake in a joint venture led by China
Power International Holdings Ltd., which this week announced
plans to sell electric power in Hong Kong, competing with
existing suppliers CLP Holdings Ltd. (0002.HK) and Hongkong
Electric Holdings Ltd. (0006.HK).

Vertex's share price has more than doubled in trading over the
last three days. The report says the Securities and Futures
Commission is checking trading data to see if any particular
group of investors had pushed up the share price to entice
others to buy the stock.

"The SFC is very concerned about statements made by the
executives of Vertex and would ask the company to show evidence
to support its business plan," the report quotes the unnamed
source as saying.
     
CONTACT:

Vertex Communications & Technology Group Limited
Unit 3103-5, 31/F
West Tower, Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong  
Phone: 21873333  
Fax: 21873334  
Web site: http://www.vctg.com


VERTEX COMMUNICATIONS: Notes Unusual Trading Volume
---------------------------------------------------
This announcement is made at the request of The Stock Exchange
of Hong Kong Limited

The board of directors of Vertex Communications & Technology
Group Limited has noted an increase in the price and trading
volume of the shares of the Company and wishes to state that the
Board is not aware of any reasons for such movement.

Save as disclosed in the announcement of the Company dated
January 4, 2006 in relation to the conclusion of a framework
shareholders' agreement by the Company, China Power
International Holding Limited and China Southern Power Grid Co.,
Ltd, we also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Chapters 19 and 20 of the Rules
Governing the Listing of Securities on the Growth Enterprise
Market of the Stock Exchange, neither is the Board aware of any
matter discloseable under the general obligation imposed by Rule
17.10 of the GEM Listing Rules, which is or may be of a price-
sensitive nature.

Made by the order of the Board of the Company, the directors of
which collectively and individually accept responsibility for
the accuracy of this announcement.

By Order of the Board
Vertex Communications & Technology Group Limited
Poon Shu Yan Joseph
Chief Executive Officer
Hong Kong, 5 January, 2006


WING TAK: Creditors Meeting Slated for January 13
-------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), a meeting of the members of
Wing Tak Wholesale, Import and Exoprt Limited will be held at
26th Floor, Wing On Centre, 111 Connaught Road Central, Hong
Kong on January 13, 2006 at 2:30 p.m. and will be followed by a
meeting of the creditors of the company to be held at the same
place at 2:45 p.m. for the purpose of receiving an account of
the liquidator's act and dealings and of the conduct of the
winding up of the company during the year ended October 15,
2005.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and on a poll, vote instead
of him. A proxy need not be a member or creditor of the company.

Forms of proxies for both meetings must be lodged at 26th Floor,
Wing On Centre, 111 Connaught Road Central, Hong Kong not less
than 4:00 p.m. on the day before the meetings.

Dated this 6th day of January 2006

LAI KAR YAN (DEREK)
DARACH E. HAUGHEY
Joint and Several Liquidators


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

ALCOBEX METALS: Posts Updates on AGM
------------------------------------
Alcobex Metals Ltd has advised that the members at the 35th
Annual General Meeting (AGM) of the Company held on September
29, 2005, inter alia, have also accorded to the following:

1. Adoption of Directors Report, Audited Balance Sheet as at
March 31, 2005, Profit and loss Account and Cash Flow Statement
for the year ended on that date and Auditors Report thereon for
the period ending March 31, 2005.

2. Re-appointment of Shri. B L Kanunga & Shri. Manoj Kanunga as
Director of the Company.

3. Appointment of M/s. Ray & Ray, Chartered Accountants, Delhi
as Auditors of the Company to hold office from the conclusion of
this Annual General Meeting until the conclusion of the next
Annual General Meeting of the Company.

CONTACT:

Alcobex Metals Ltd
4223 / 1, Ansari Road, Daryaganj
New Delhi 110002
Delhi
Phone: 23273496 23274641 23273494 23273496
Fax: 23286565


DMC VAULTS: Board to Consider Scheme of Merger
----------------------------------------------
DMC Vaults Ltd advised that a meeting of the Board of Directors
of the Company will be held on January 17, 2006, inter alia, to
consider and take on record the unaudited financial results of
the Company for the quarter ended December 31, 2005 and approve
scheme of merger.

CONTACT:

DMC Vaults Ltd
F-25, Lajpat Nagar - I
City New Delhi
Pincode 110024
State Delhi
Phone: 55432829 29811333
Fax: 5735437


SS ORGANICS: Board to Discuss Modified Rehab Scheme Order
---------------------------------------------------------
SS Organics Ltd has informed Bombay Stock Exchange (BSE) that a
meeting of the Board of Directors of the Company will be held on
January 09, 2006, inter alia, to consider the Order of AAIFR
dated December 28, 2005 upholding the Modified Rehabilitation
Scheme sanctioned by BIFR vide order dated January 27, 2005 and
consequential actions thereon.

CONTACT:

SS Organics Ltd
Aroor Village, Sadasivapet Mandal
Medak 502291  
Andhra Pradesh  
Phone: 250280 250080    
Fax: 250090   


SYNERGY LOG-IN: Seeks to Acquire Globsyn to Boost Business
----------------------------------------------------------
Synergy Log-In Systems Ltd advised that the Board of Directors
of the Company at its meeting held on January 05, 2006, inter
alia, has decided the following:

1. Acquisition of software business of Globsyn Technologies Ltd
and to issue Equity Shares as consideration for the same,
subject to necessary approval from the shareholders. This would
enable the Company to implement its future growth plans and
further strengthen its business model.

2. Globsyn Technologies Ltd proposes to acquire management
control of the Company subject to the applicable provision of
the Securities and Exchange Board of India (Substantial
Acquisition of Shares & Takeovers) regulation, 1997 as may be
applicable and necessary.

3. The Board has appointed a committee for the purpose
finalizing the EGM date, EGM notice to be sent to the
shareholders and to finalize the issue price for allotment of
the new equity shares that would be determined in terms of the
Preferential Guidelines of the Securities and Exchange Board of
India (Disclosure and Investors Protection) Guidelines, 2000.

CONTACT:

Synergy Log-In Systems Ltd
Meerlan Towers, 33, Hanumantha Road,
Balaji Nagar, Royapettah
Chennai 600014  
Tamil Nadu  
Phone: 28131741 28131745    
Fax: 28133502   


VANS INFORMATION: Board to Consider Capital Restructure, Merger
---------------------------------------------------------------
Vans Information Ltd announced that a meeting of the Board of
Directors of the Company will be held on January 12, 2006, to
consider the following:

1. Restructuring of the capital of the Company.

2. Merger of content business of In House Productions Pvt Ltd
with the Company.

CONTACT:

Vans Information Ltd
35-C, Popular Press Building,
Pandit Madan Mohan Malaviya Road, Tardeo
Mumbai 400034  
Maharashtra  
Phone: 24960300     
Fax: 24945294   


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

EXCELCOMINDO PRATAMA: S&P Gives BB- Rating to Unsecured Notes
-------------------------------------------------------------
Standard & Poor's Ratings Services had on Jan. 6, 2006 assigned
its 'BB-' rating to PT Excelcomindo Pratama Tbk.'s (XL, BB-
/Stable/--) proposed senior unsecured notes of up to IDR2.4
trillion (USD250 million). These notes will be issued by XL's
wholly owned subsidiary, Excelcomindo Finance Co. B.V., and will
be unconditionally and irrevocably guaranteed by XL.

The notes will mature after five (or seven) years from the date
of issue with a bullet repayment, and will carry a fixed
semiannual coupon. The proceeds will be mainly used to fund
capital expenditure.

Standard & Poor's credit analyst Cheow Hon Lee said, "The rating
on XL benefits from possible financial support from parent
Telekom Malaysia and strong domestic wireless growth prospects.
Nevertheless, the rating is constrained by an expected
deterioration in XL's capital structure, its weakened market
position, significant foreign currency exposure, and increasing
wireless competition."

XL primarily provides GSM-based cellular communications services
in Indonesia. It had a subscriber base of 7 million at Dec. 31,
2005, of which about 98% were prepaid customers. XL is the
third-largest cellular operator in Indonesia, with a market
share of about 12% at Sept. 30, 2005. For the year ended Dec.
31, 2004, XL's total revenues totaled IDR3.1 trillion (USD313
million) and EBITDA was IDR1.6 trillion.

Standard & Poor's expects XL to continue to expand its network
and improve operating efficiency to partly mitigate potential
pressure on its margin and market share due to intensifying
competition.

CONTACT:

PT Excelcomindo Pratama
Jl. Mega Kuningan Lot. E4-7 No. 1
Kawasan Mega Kuningan
Jakarta 12950 - Indonesia
Phone: +62-21-579 59818
Fax: +62-21-579 59808
Web site: http://www.xl.co.id/


GARUDA INDONESIA: Seeks Loan to Repay IDR538-Bln Debt
-----------------------------------------------------
Ailing state carrier PT Garuda Indonesia sought a bridging loan
from the Indonesian government in order to pay a IDR537. 8
billion debt, reports AFX News.

According to Minister of Transportation Hatta Rajasa, the
government is studying how to help the Company avoid a debt
default but did not specify the due date of the maturing debt.

Earlier, the Company had said that it would not be able to make
its debt repayments due at the end of 2005, but that it would
continue its interest payments and required payments to aircraft
lessors.

Minister Hatta said that aside from the bridging loan, Garuda
would also need working capital of up to IDR538 billion. He
added that the government was willing to help the Company, but
that it had to change its "corporate culture" first.

The government is planning to sell off 49% stake in the Company
to strategic investors, and will keep the controlling 51% stake.

CONTACT:

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


PERTAMINA: To Shut Down Balongan Refinery in February
-----------------------------------------------------
State-owned oil and gas firm PT Pertamina will shut down its
Balongan refinery for 20 days due to maintenance reasons, Dow
Jones reports.

According to a Pertamina official, the temporary shutdown was
already scheduled, and was not related to a technical problem of
reduced capacity. The Balongan refinery produces 23,000 barrels
of oil on a daily basis.

Despite the planned shutdown, the Company will not be increasing
its fuel imports for February, as it has fuel stock reserves
enough to last 28 days, and wants to reduce its stock to the
optimum 22-day level.

CONTACT:

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


PERUSAHAAN LISTRIK: Aims to Buy Cheaper Gas
-------------------------------------------
State power firm PT Perusahaan Listrik Negara (PLN) is looking
to buy natural gas at a price lower than market prices due a
future increase in demand, reports Antara News.

According to PLN President Eddie Widiono, the Company will need
natural gas for its power plants. If it can get gas at a lower
price, then production costs could also be lowered, leading to a
decreased power rate.

In order to cut back on production costs, PLN is considering
using alternative energy sources such as coal, hydro and
geothermal energy to operate its power plants. The government
has said that it would reserve its natural gas for industry use,
rather than exporting it.

Last year, 30% of PLN's power plants used fuel oil in its
operations; this year, the Company is targeting to change the
composition to 18% for plants using fuel oil, 43 % to use coal,
24% to use gas, 10% to use hydro-energy, and 5% of power plants
to use geothermal energy.

CONTACT:

PT Perusahaan Listrik Negara (Persero)
Jl. Trunojoyo Blok M-1 No. 135, Kebayoran Baru
Jakarta, 12160, Indonesia
Phone: 62 21 725 1234
Fax:   62 21 722 1330
Web site: http://www.pln.co.id


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

HITACHI LIMITED: Teams with Ember to Enter Zigbee Sensor Market
---------------------------------------------------------------
Hitachi WirelessInfo Venture Company (WI), a new division of
Hitachi, Ltd. (NYSE: HIT) formed in July 2005, is working with
Ember Corporation to develop a family of ZigBee-based sensors
for use in a variety of wireless monitoring, sensing and control
applications. ZigBee is an embedded wireless network standard
that solves the unique needs of remote monitoring and control,
and sensor network applications.

Hitachi WI is developing ZigBee wireless sensor and control
modules based on Ember's ZigBee compliant platform. The new
modules will be marketed to other Hitachi business units,
including Hitachi Electronics Services Co. and Hitachi Urban
Development, as well as other OEM companies. Hitachi WI plans to
adopt Ember's next generation EM250 system-on-a-chip in 2006.

Hitachi WI is developing both standard and application-specific
ZigBee modules using Ember chips and software. These include
innovative wireless applications for:

-- Sanitary control in warehouses and food factories.

-- Commercial building security and energy saving systems.

-- Supply chain quality monitoring.

-- Remote facility monitoring and control.

"We are sure that with Hitachi's AirSense (TM) products,
utilizing Ember's proven, state of the art ZigBee technology,
our customers can experience the benefits of a low-power,
wireless, and maintenance-free network," said Taizo Kinoshita,
president & CEO of Hitachi WirelessInfo Venture Company. "The
partnership with Ember is essential to our strategy to
commercialize sensor network systems as well as promote an
industry wide standard in wireless data communications."

Ember develops tiny, low power ZigBee systems for creating
wireless sensing and control networks that automatically
configure and heal themselves, and work for years on very little
power. The Ember EM250 is a 802.15.4/ZigBee semiconductor system
that integrates a programmable microprocessor, RF radio, network
protocol stack and memory into a tiny, single-chip solution.

Ember's ZigBee systems are already being used in a variety of
consumer and industrial applications, such as home automation
and control, automatic meter reading and asset management.

"One measure of an industry standard's market success is its
adoption by major OEM brands," said Ember Chairman Dr. Robert M.
Metcalfe. "Hitachi's adoption of Ember's ZigBee platform is a
strong validation of a standards-based approach to commercial
wireless sensing and control."

ZigBee: Wireless Control That Simply Works

The ZigBee Alliance is an association of companies working
together to enable reliable, cost-effective, low-power,
wirelessly networked, monitoring and control products based on
an open global standard. The ZigBee Alliance is a rapidly
growing, non-profit industry consortium of leading semiconductor
manufacturers, technology providers, OEMs, and end-users
worldwide. Membership is open to all.

About Hitachi

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

About Ember Corporation

Ember enables communication among embedded microcontrollers with
standards-based wireless mesh networking semiconductors and
software. Ember helps its customers to automate home appliances,
lower energy consumption in buildings, keep borders and
infrastructure secure, and control industrial processes, just to
name four of the many diverse applications being developed by
Ember's more than 100 customers. Spun out of MIT in 2001, Ember
is headquartered in Boston and has its radio development center
in Cambridge, England, and distributors worldwide. Ember is a
lead member of the ZigBee Alliance, and its platform is the
National Technical Systems' (NTS) "Golden Suite" for
802.15.4/ZigBee interoperability testing.

CONTACT:

Hitachi Limited
6-6 Marunouchi 1-Chome
Chiyoda-Ku 100-8280, Tokyo 101-8010
Japan
Phone: +81 3 3258 1111
Fax: +81 3 3258 5480
Web site: http://www.hitachi.com
   

KAJIMA CORPORATION: U.K. Unit's Products Prove Faulty
-----------------------------------------------------
Residents of apartments built by Kajima Europe (UK) Holdings
have been forced to vacate the building due to structural
weakness, Japan Today reports.

Kajima Europe, a unit of Japan-based Kajima Corporation, said it
would investigate the building's construction for about two more
months and cover the evacuation expenses.

The building was made with prefabricated sections produced by a
British housing maker, the company said, adding that the
building will probably have to undergo large-scale repairs.

CONTACT:

Kajima Corporation
2-7 Motoakasaka 1-Chome
Minato-Ku 107-8388, Tokyo 107-8388
Japan
Phone: +81 3 3404 3311
Fax: +81 3 3470 1444


MITSUBISHI MOTORS: Sees Profit Return With New Models
-----------------------------------------------------
Mitsubishi Motors Corp.'s shares more than doubled last year
after two bailouts convinced investors the company would
survive, Bloomberg News relates. The company's ability to return
to profit rests on the success of six new models.

The struggling carmaker will introduce three new vehicles in
Japan and three in North America in the year beginning April 1.
It will show the Eclipse Spyder convertible at Detroit's North
American International Auto Show next week.

The company needs to regain consumer confidence in Japan after
admitting that managers had hidden defects for more than 30
years. A drop in sales forced the company to seek JPY1 trillion
($8.6 billion) in assistance from the Mitsubishi Group in 2004
and 2005.

The carmaker incurred a record loss of JPY478.4 billion last
fiscal year and expects a loss of JPY64 billion in the current
year.

CONTACT:

Mitsubishi Motors Corporation
16-4 Konan 2-Chome
Minato-Ku 108-8410, Tokyo 108-8410
JAPAN
Phone: +81 3 6719 2111
Fax: +81 3 5232 7747


MITSUBISHI MOTORS: Fitch Alters Thai Unit's Outlook
---------------------------------------------------
Fitch Ratings (Thailand) Limited has changed the rating Outlook
on the THB5.0 billion three-year guaranteed debentures to be
issued by Mitsubishi Motors (Thailand) Company Limited (MMTh) to
Positive from Stable following a similar revision in Outlook on
Bank of Tokyo Mitsubishi UFJ (BTMU, the entity created by the
merger of Bank of Tokyo Mitsubishi and UFJ Bank).

At the same time, the National Long-term rating on the bonds was
affirmed at 'AA+(tha)'. The rating is based entirely on a full,
irrevocable and unconditional guarantee by BTMU, which is rated
International Long-term foreign currency 'A-' (A minus).

The rating Outlook on BTMU was revised to Positive from Stable
on January 1, 2006, reflecting that the good asset quality and
adequate capitalization of the combined Bank of Tokyo Mitsubishi
and UFJ Bank if sustained could lead to a rating upgrade.


MITSUBISHI MOTORS: December Sales Up 28% to 8,264
-------------------------------------------------
Sales of Mitsubishi Motors Corporation surged 28 percent in
December to 8,264 vehicles, according to Bloomberg News.

In the same month a year earlier, the company's sales were hurt
as it admitted cover-ups of vehicle defects. In 2005, domestic
sales at Mitsubishi Motors increased 0.7 percent to 82,910
units.

Shares of Mitsubishi Motors jumped after sales figures were
released, gaining 3.7 percent to close at 255 yen in Tokyo.


SONY CORPORATION: Chairman Unveils Sony's 'Four Pillars'
--------------------------------------------------------
Sir Howard Stringer, Chairman and CEO of Sony Corporation,
delivered the opening keynote today at the 2006 International
Consumer Electronics Show (CES) in Las Vegas.  In his
presentation, entitled "Entertaining the Future," Mr. Stringer
spoke about the changing relationship between content,
technology and the consumer, and outlined the "four pillars" of
e-Entertainment, Digital Cinema, High-er Definition and
PlayStation, that are featured throughout the Sony booth at CES,
and are key to the future of electronics and entertainment.

In e-Entertainment, Mr. Stringer focused on the increasingly
personalized nature of entertainment and the importance of
recognizing and accommodating the needs of the individual while
providing choice and convenience in the ways that consumers use
Sony products.  Among other products, Mr. Stringer introduced
the new Sony Reader, which will be available this spring, and
was joined on stage by Dan Brown, author of The Da Vinci Code,
to discuss the many benefits of eBook technology for readers,
authors and the environment.  The Sony Ericsson W810, the latest
version of the Walkman(TM) phone, which established the mobile
phone as a credible digital music player, was also demonstrated.  
Following that, Mr. Stringer showcased PlayStation(R) Portable's
ability to allow consumers to watch their favorite television
programs any time, from anywhere in the world using Sony's
Location Free(R) technology.

In a discussion of Digital Cinema, Mr. Stringer detailed how
leading directors around the world to redefine the way consumers
enjoy the motion picture experience is using Sony's digital
cinema equipment.  Brain Grazer, producer of the highly
anticipated film The Da Vinci Code, along with the film's
director, Ron Howard, and Academy Award-winning actor, Tom
Hanks, joined Mr. Stringer on stage to discuss how the film is
progressing and the technological advancements in high-
definition filmmaking and projection systems that are keeping
the theater-going experience alive and thriving. Sony also
debuted a scene from its upcoming release of The Da Vinci Code.

Beyond Digital Cinema, Mr. Stringer emphasized that Sony is well
positioned to succeed in the transition to High-er Definition -
both inside and out of the home.

"The transition to HD is especially important to Sony, because
from film production in Hollywood to television viewing at home,
Sony has connected every link in the HD chain," he said.  "With
professional equipment, camcorders, television displays, Blu-ray
Disc players, packaged media and more, no one is better
positioned to lead the way to full high definition. That's why
we say Sony is High-er Definition."

In addition to highlighting Sony's HD equipment and award-
winning Grand WEGA(R) and BRAVIA(TM) televisions, Mr. Stringer
talked about the rapid growth and proliferation of HD content.  
After announcing that Sony Entertainment Television's Jeopardy
and Wheel of Fortune -- the two most successful game shows in
television history -- will be the first game shows available in
HD this fall, he was joined onstage by CBS sports anchor Greg
Gumbel, who discussed the ways in which sports programming in HD
is changing the nature of the viewing experience.  Michael Dell,
Chairman of Dell Inc., made a special appearance to discuss the
importance of the Blu-ray disc format for both the consumer
electronics and IT industries.

In the last of the four pillars, Kaz Hirai, President and CEO of
Sony Computer Entertainment America, joined Mr. Stringer to
discuss how PLAYSTATION(R) 3 will build on the incredible
success of the PlayStation(R) 2, which experienced a 10.5% year-
over-year gain in holiday sales and was the only platform in the
videogame industry with positive growth, and on the success of
the PlayStation(R) Portable (PSP(R)).  Mr. Hirai also emphasized
the importance of the Cell processor, which is designed to
support broadband consumer applications and HD video streams and
will be at the heart of the PLAYSTATION 3, scheduled to launch
later this year.  By utilizing Blu-ray, PLAYSTATION 3 will also
provide the large storage capacity required by game creators to
achieve real-time gameplay mechanics in a true HD world.

For more information on Sony's announcements at CES, go to
http://www.sony.com/news/ces06.

Sony Corporation of America, based in New York City, is the U.S.
subsidiary of Sony Corporation, headquartered in Tokyo. Sony is
a leading manufacturer of audio, video, communications, and
information technology products for the consumer and
professional markets. Its music, motion picture, television,
computer entertainment, and online businesses make Sony one of
the most comprehensive entertainment companies in the world.
Sony's principal U.S. businesses include Sony Electronics Inc.,
Sony Pictures Entertainment, Sony Computer Entertainment America
Inc., and a 50% interest in Sony BMG Music Entertainment, one of
the largest recorded music companies in the world. Sony recorded
consolidated annual sales of approximately $67 billion for the
fiscal year ended March 31, 2005, and it employs 151,400 people
worldwide. Sony's consolidated sales in the U.S. for the fiscal
year ended March 31, 2005 were $18.4 billion. For more
information see http://www.sony.com.

CONTACT:

Sony Corporation
7-35 Kitashinagawa 6-Chome
Shinagawa-Ku 141-0001, Tokyo 141-0001
JAPAN
Phone: +81 3 5448 2111
Fax: +81 3 5448 2244


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

HANARO TELECOM: Installs New Director
-------------------------------------
Hanaro Telecom Inc. announced in a press release that it had
designated Chairman of its Management Committee Byung-moo Park
as the new Representative Director in the BOD meeting held on
January 5.

It explained that Representative Director designee Byung-moo
Park would be officially appointed as Representative Director in
the Annual Shareholders' Meeting to be held in Mar.

It added that the new Representative Director was designated as
the current Representative Director Soon-yub Kwon had expressed
his intention to resign.

Representative Director designee Byung-moo Park remarked,
"Hanaro Telecom is a strong national network operator, which has
invested approximately KRW4 trillion in network since it
commercialized the ADSL service in 1999 for the first time in
the world and it is able to provide various services including
TV portal and bundle products that its competitors cannot
provide".

He added, " we will move forward to become a network-based sales
& marketing as well as integrated media company.

CONTACT:

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

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

ASTRO ALL: Unit Enters Winding Up Process
-----------------------------------------
Astro All Asia Networks Plc (Astro) issued to Bursa Malaysia
Securities Berhad details of the member's voluntary winding up
of a wholly owned Subsidiary.

The Board of Directors (Board) of Astro had on December 3, 2004
announced its proposal for an internal restructuring (Internal
Restructuring) of its subsidiaries in order to create a leaner
and more efficient group structure and that as part of the
Internal Restructuring, Radio Advertising and Programming
Systems Sdn Bhd (RAPS), a wholly owned subsidiary of the
Company, will be voluntarily wound up.

On January 31, 2005, the Board announced, inter alia, that the
Company had completed the acquisition of the entire equity
interests of the subsidiaries of RAPS.

The Board now advised that a resolution was passed on January 5,
2006 for the voluntary winding-up of RAPS pursuant to Section
254(1) of the Companies Act, 1965 (Act). Mr. Jeffrey Gerard
Gomez of Messrs Gomez & Co, 16A (1st Floor), Jalan Tun
Sambanthan 3, Brickfields, 50470 Kuala Lumpur has been appointed
as the liquidator of RAPS with full authority to exercise all
the powers conferred under the Act on all matters relating to
the winding-up.

RAPS was incorporated in Malaysia under the Act as a private
company limited by shares on August 23, 1996. The authorized
share capital of RAPS is MYR40,200,002 comprising 40,000,002
ordinary shares of MYR1.00 each, all of which are issued and
fully paid-up, and 200,000 Non-Voting Redeemable Convertible
Preference Shares of MYR1.00 each, none of which are issued.
RAPS is currently dormant and there are no plans to re-activate
it.

The voluntary winding up of RAPS has no material effect on the
net assets of ASTRO and is not expected to have any material
effect on the earnings of the ASTRO group for the financial year
ending January 31, 2006.

This announcement is dated 5 January 2006.


AYER HITAM: Extends Completion Date of PKNS Acquisition
-------------------------------------------------------
The Ayer Hitam Planting Syndicate Berhad (TAHPS) refers to the
announcements made to Bursa Malaysia Securities Berhad dated
July 1, 2005, September 6, 2005, October 6, 2005, October 25,
2005, November 17, 2005 and December 5, 2005 on the acquisition
by the Company of 20,000,001 ordinary shares of MYR1.00 each in
Bukit Hitam Development Sdn Bhd (Bukit Hitam) from Perbadanan
Kemajuan Negeri Selangor (PKNS) for a total cash consideration
of MYR104,000,005.20 or at MYR5.20 per share (Acquisition).

On behalf of the Company, Commerce International Merchant
Bankers Berhad advised that on January 5, 2006, PKNS made a
request to extend the completion date of the Acquisition by one
(1) month from January 5, 2006 due to administrative reasons and
TAHPS has agreed to the said request.

This announcement is dated 5 January 2006.

CONTACT:

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


DATUK KERAMAT: To Appeal Bourse's Decision to Delist Securities
---------------------------------------------------------------
Datuk Keramat Holdings Berhad advised that it will appeal
against a Notice to Show Cause issued on January 3, 2006 from
Bursa Malaysia Securities Berhad (Bursa Securities) to delist
the Company.

The decision to delist the Company by Bursa Securities is
subject to any representation from the Company and after the
decision on any appeals from the Company, if any, in the event
Bursa Securities rejects the representation from the Company.

CONTACT:

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


FURQAN BUSINESS: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Furqan Business Organisation Berhad advised that its additional
34,640,800 new ordinary shares of MYR1.00 each issued pursuant
to the conversion of MYR34,640,800 five percent Redeemable
Convertible Secured Loan Stocks 2002/2005 into 34,640,800 new
ordinary shares of MYR1.00 each will be granted listing and
quotation with effect from 9:00 a.m., Monday, January 9, 2006.

CONTACT:

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


GEORGE TOWN: To Appeal Security Delisting
-----------------------------------------
George Town Holdings Berhad advised that it will appeal against
a Notice to Show Cause issued on the January 3, 2006 from Bursa
Malaysia Securities Berhad (Bursa Securities) to delist the
Company.

The decision to delist the Company by Bursa Securities is
subject to any representation from the Company and after the
decision on any appeals from the Company, if any, in the event
Bursa Securities rejects the representation from the Company.

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


JIN LIN: Restraining Order Extended for 120 Days
------------------------------------------------
Jin Lin Wood Industries Berhad (JLWIB) submitted a monthly
announcement pursuant to Paragraph 4.1(b) of Practice Note No.
4/2001 (PN4) of the Listing Requirements of Bursa Malaysia
Securities Berhad (Bursa Securities Listing Requirements).

In compliance with PN4 paragraph 4.1 (b) of the Bursa Securities
Listing Requirements which requires an affected listed issuer to
announce the status of its plan to regularize its financial
condition on a monthly basis until further notice from Bursa
Securities, JLWIB informed the Exchange that on December 2,
2005, JLWIB and its subsidiaries have been granted an extension
of the Restraining Order for a further period of 120 days
effective from November 24, 2005 to March 23, 2006 by the Kuala
Lumpur High Court pursuant to Section 176(10) of the Companies
Act, 1965, as announced on December 2, 2005.

With regard to the appeal to the Securities Commission (SC) on
some of the conditions imposed by SC on the Proposed
Restructuring Scheme of JLWIB, SC had, vide its letter dated
November 30, 2005, reverted on the appeal. The details of SC's
response was announced on December 5, 2005.

This announcement is dated 5 January 2006

CONTACT:

Jin Lin Wood Industries Bhd
Phone: 60 3 2710 5555
Fax: 60 3 2710 3108
E-mail: jlwood@po.jaring.my


KRAMAT TIN: Completion Date of Agreement Conditions Extended
------------------------------------------------------------
Reference is made to the announcement dated December 19, 2005
whereby the parties to the Proposals, namely Kramat Tin Dredging
Berhad (KTD), Prudent Location Sdn Bhd, SP Setia Bhd, Putrajaya
Holdings Sdn Bhd, Abad Kilat Sdn Bhd and Kelana Ventures Sdn Bhd
have agreed to extend the expiry date of the fulfillment of all
conditions precedent of the Restructuring Agreement from
December 24, 2005 to June 8, 2006.

Based on the foregoing, the status of KTD's plan remains
unchanged from what had been announced on December 1, 2005 and
December 19, 2005.

This announcement is dated 3 January 2006.

CONTACT:

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


MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back: January 5, 2005

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

Total number of shares purchased (units): 521,000

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

Maximum price paid for each share purchased (MYR): 1.950

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 521,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 91,873,600

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

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


MAXIS COMMUNICATIONS: New Shares Up for Listing, Quotation
----------------------------------------------------------
Maxis Communications Berhad advised that its additional 220,000
new ordinary shares of MYR0.10 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, January 11, 2006.

CONTACT:

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


NORTH BORNEO: Issues Regularization Plan Update
-----------------------------------------------
The Board of Directors of The North Borneo Corporation Berhad
informed Bursa Malaysia Securities Berhad that there are no
changes to the status of its plan to regularize its financial
position since the following announcements were made:

The Securities Commission had via its letter dated January 24,
2005 approved the Revised Scheme. The details of the conditions
imposed by the Securities Commission can be obtained through the
announcement dated January 25, 2005.

The Securities Commission had via its letter dated March 10,
2005, informed that the application by the Company on the
Proposed Exemption will now be considered under Practice Note
2.9.1 of the Malaysian Code on Takeovers and Mergers, 1998
instead of under Practice Note 2.9.3. The details of the
conditions imposed for the approval of the Proposed Exemption
can be obtained through the announcement dated March 18, 2005.

The Securities Commission had also via its letter dated March
17, 2005 approved the application by the Company to expand the
Proposed Special Issue to include a proposed private placement
of 10,000,000 new LLT Shares. The details can be obtained
through the announcement dated March 21, 2005.

The Court had on March 30, 2005 granted an Order pursuant to
Section 176 of the Companies Act, 1965 to restrain all further
proceedings against the Company for a period of nine months from
the date of the Order and to convene the meetings of its members
and the meetings of its scheme creditors no later than nine
months from the date of the Order. The details can be obtained
through the announcement dated April 20, 2005.

The Equity Compliance Unit of the Securities Commission had vide
its letter dated April 28, 2005, informed that they have no
objection to the Revised Scheme pursuant to Foreign Investment
Committee's Guideline on Acquisition of Interests, Mergers and
Takeovers by Local and Foreign Interests. The details of the
conditions imposed can be obtained through the announcement
dated May 3, 2005.

This announcement is dated 3 January 2006.

CONTACT:

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


PAN MALAYSIA: To Undergo Due Diligence
--------------------------------------
Pan Malaysia Capital Berhad informed Bursa Securities that PM
Securities Sdn. Bhd. (PMS), a 99.99 percent owned subsidiary of
PM Capital, has paid an initial deposit of MYR10 million on
January 5, 2006 as part payment of a total contribution of
MYR52.5 million to Bank Negara Malaysia (BNM).

Upon payment of the initial deposit, BNM and the Securities
Commission would conduct a due diligence review on PMS to ensure
that PMS meets the preconditions of becoming an investment bank.

CONTACT:

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


POS MALAYSIA: Bourse to List, Quote New Shares
----------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 124,000 new ordinary shares of MYR1.00 each issued
pursuant to the Employees' Share Option Scheme will be granted
listing and quotation by Bursa Malaysia Securities Berhad with
effect from 9:00 a.m., Monday, January 9, 2006.

CONTACT:

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


POLY GLASS: Finds Ways to Overcome Auditor's Report
---------------------------------------------------
In compliance with the requirements of Paragraph 3.1(b) of
PN17/2005, Poly Glass Fibre (M) Bhd advised Bursa Malaysia
Securities Berhad that it is still in the process of examining
ways, including discussion with the Company's auditors, Messrs
KPMG, to overcome the auditors' qualifications as stated in the
financial statements of the Company for the financial year ended
February 28, 2005.

Dated this 3rd day of January 2006.

CONTACT:

Poly Glass Fibre (M) Bhd
2449, Lorong Perusahaan 10,
Kawasan Perusahaan Prai,
Perai Penang 10600
Malaysia
Telephone: 04-3908460   
Fax: 04-3996197


POLYMATE HOLDINGS: Works Out Regularization Plan
------------------------------------------------
Further to the First Announcement made on December 1, 2005 and
in compliance with Paragraph 3.2 of the Practice Note No.
17/2005 (PN17) of the Listing Requirements of Bursa Securities,
Polymate Holdings Berhad (Polymate) advised that the Company is
in the process of working out the possible plans to regularize
the condition of Polymate and shall announce the same to Bursa
Securities upon finalization.


POLYMATE HOLDINGS: Seeks to Restructure Group's Debt
----------------------------------------------------
Further to the announcement made on December 1, 2005, Polymate
Holdings Berhad (Polymate) issued to Bursa Malaysia Securities
Berhad an update to the status of the various credit facilities
in default by its three (3) subsidiaries to the financial
institutions as December 31, 2005 as detailed in Table A
attached.

To view a full copy of Table A, go to
http://bankrupt.com/misc/PolymatetableA311205.xls

The Company is still in the process of negotiations with the
lending banks to restructure the Group's credit facilities and
is actively working on various schemes to regulate its financial
position.


SETEGAP BERHAD: Regularization Plan Remains Unchanged
-----------------------------------------------------
The Board of Directors of Setegap Bhd. advised Bursa Malaysia
Securities Berhad that there is no new development since the
date of the last announcement and, the Company is still in the
midst of finalizing the scheme to regularize its financial
condition.

This announcement is dated 5 January 2006

CONTACT:

Setegap Berhad
72B&C, Jalan SS22/25
Damansara Jaya
47400 Petaling Jaya
Malaysia
Phone: 03-77297009
Fax: 03-77271555
Web site: http://www.setegap.com.my


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

BACNOTAN CONSOLIDATED: Notes Change in Shareholdings
----------------------------------------------------
Bacnotan Consolidated Industries Inc. furnished the Philippine
Stock exchange a copy of SEC form 23-B (Statement of Changes in
Beneficial Ownership of Securities) of Mr. Roberto M. Lavina,
Senior Vice President-Treasurer, which reported the following:

1. Acquisition of shares on December 27, 2005; and

2. Acquisition of shares on December 28, 2005, pursuant to
Section 13 of the Revised Disclosure Rules pertaining to
"Disclosure on Transactions of Directors and Principal Officers
in the Issuer's Securities".

A copy of the said document shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_bacnotanconsolidated010606.pdf.

CONTACT:

Bacnotan Consolidated Industries Incorporated
No 39 Plaza Drive Rockwell Centre
4th Floor PHINMA Building
Makati City 1200
Philippines
Phone: +63 2 8700 100
Fax: +63 2 8700 456


COLLEGE ASSURANCE: Bad Investments Blamed for Insolvency
--------------------------------------------------------
The Securities and Exchange Commission (SEC) blamed the
financial woes on College Assurance Plans (Philippines) Inc.
(CAP) on a number of bad investments, according to The Manila
Bulletin.

SEC Chairman Fe Barin said the Sobrepenas failed to properly
manage CAP's trust fund, which incurred a deficit of about Php2
billion.

With the suspension of payments order following the recent
ruling of the Makati Regional Trial Court in favor of CAP's
petition for rehabilitation, the 780,000 plan holders will need
to wait until 2012 to get payment from CAP.

The court decision means that more than half-a-million students
will not be able to avail themselves of their plans after the
full rehabilitation is completed.

But Ms. Barin assured that despite the payments suspension, the
SEC would continue to monitor the movement of CAP's trust fund
to protect the planholders.

CAP also assured its plan holders that it will continue to pay
the tuition of its plan holders for the duration of the
rehabilitation period by infusing additional capital and
liquidating the real estate assets of the trust fund. This would
ensure payment of benefits to all planholders.

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


MAYNILAD WATER: To Convene Annual Stockholders' Meeting
-------------------------------------------------------
Maynilad Water Services Inc. will hold an annual stockholders
meeting on January 9, The Philippine Star has learned.

The meeting will be the first since Maynilad was taken over by
the government as the company prepares for its privatization by
June this year.

The meeting will pave the way for the constitution of the
company's board of directors with representatives nominated by
the Metropolitan waterworks and Sewerage System (MWSS).

The election of MWSS representatives into the Maynilad board
would allow the selection of a financial advisor, the first step
towards the ultimate sale of government's interests in Maynilad.

Finance Undersecretary Jay Singson Jr. said the same group of
investors are still interested in Maynilad, eagerly awaiting the
process that would allow the company to hire the financial
adviser and set the public towards the ultimate sale of
government's shares.

CONTACT:

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


PHILIPPINE AIRLINES: Switches Pacific Stop to Guam
--------------------------------------------------
Philippine Airlines (PAL) will replace Honolulu as its technical
stop, according to The Manila Times.

The national flag carrier will start using Guam as a technical
stop for trans-Pacific flights, expect in cases of inclement
weather.

The move to replace Honolulu with Guam is expected to benefit
PAL passengers with longer, uninterrupted rest time on their
trans-Pacific journey.

The switch initially covers PAL's daily Boeing 747-400 flights
originating from Los Angeles (PR 103) and San Francisco (PR
105). The setup will later be implemented on the Airbus A340
service every Wednesday, Friday and Sunday from both cities.

Honolulu has been PAL's technical stop for many years but the
setup required passengers to break their rest period twice. With
the switch to Guam, located further west of Honolulu, passengers
can enjoy up to 10 hours of continuous rest after their inflight
dinner.

CONTACT:

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


REYNOLDS PHILIPPINES: Shanghai Firm Buys Plant for Php365 Mln
-------------------------------------------------------------
Reynolds Philippines Corp.'s foreclosed aluminum sheet plant was
sold to a Shanghai-based aluminum scrap company for Php365
million, The Philippine Daily Inquirer reports.

The firm's creditor-banks composed of Land Bank of the
Philippines, Metropolitan Bank and Trust Co., RCBC Savings Bank
and AsiaTrust Development Bank sold the Reynolds building and
equipment in Dasmarinas town, outside Manila, to the Chinese
firm.

They said the buyer, which offered to pay Php365 million for the
equipment, excluding the real property where the plant stands,
was chosen from among four companies that bid for the plant in
October.

The proceeds from the assets sale will be divided between the
banks. Land Bank, which has the biggest exposure in Reynolds
among the banks, will get a 53-percent share, followed by
Metrobank with 38 percent.

The now-defunct Reynolds Philippines was established in 1954 by
Reynolds International Inc. The firm used to manufacture and
distribute aluminum sheets, foil and extruded sections in the
packaging, container, construction, appliance manufacturing and
vehicle manufacturing industries.


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

ABACA CAPITAL: Asks Creditors to Submit Debt Claims
---------------------------------------------------
Notice is hereby given that the creditors of Abaca Capital
Partners Pte Limited, which is being wound up voluntarily, are
required to send in their names and addresses and particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) to the Company Liquidators on or before Jan.
30, 2006.

If so required by written notice from the said Liquidators are,
by their solicitors or personally, to come in and prove their
debts or claims at such time and place as shall be 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 day of December 2005

Chee Yoh Chuang
Lim Lee Meng
Liquidators
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


INFORMATICS HOLDINGS: Rights Issue Oversubscribed
-------------------------------------------------
Informatics Holdings Limited, a leading provider of quality
lifelong learning services, announced that its latest rights
issue was 1.68 times subscribed.

Excluding the excess application by controlling shareholder,
Berjaya Leisure Capital (Cayman) Limited (BLCC), the issue would
have been 1.04 times subscribed. With the good take-up rate for
the rights issue, BLCC was not allotted any excess rights shares
with warrants.

Informatics Chief Executive Officer Dr Michael Teng Yeow Heng
said, "I would like to thank all our shareholders for
demonstrating such tremendous support for the Group by
subscribing to the rights issue. It shows that they are
confident of the new Board and management."

The rights issue raised net proceeds of some SGD18.9 million,
before the exercise of the warrants and after deducting
estimated issue expenses of about SGD0.7 million. As and
when the warrants are exercised, the proceeds from them may be
used by the Group for working capital and/or other purposes to
be determined by the Directors.

The Company will announce the dates for listing and trading of
the rights shares and warrants in due course.

CONTACT:

Informatics Holdings Limited
Informatics Campus
12 Science Centre Road
Singapore 609080
Phone: 65 6562 5625
Fax:   65 6565 1371
Web site: http://www.informaticsgroup.com


LIM PIN: Receiving Claims Until Jan. 28
---------------------------------------
Notice is hereby given that the creditors of Lim Pin Kong
Investment 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.

If so required by written notice from the said Liquidator,
creditors are, by their solicitors or personally, to come in and
prove the said debts or claims at such time and place as shall
be 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


MAJESTIC ELECTRIC: Creditor Initiates Wind Up Action
----------------------------------------------------
Notice is hereby given that United Overseas Bank Limited, a
creditor of Majestic Electric Co. Pte Limited, filed a winding
up petition against the Company with the Singapore High Court on
Dec. 12, 2005.

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

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

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

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

The Petitioner's solicitor is Messrs Tan Kok Quan Partnership of
No. 5 Shenton Way, Level 29 UIC Building, Singapore 068808.

Dated this 21st day of December 2005

Messrs Tan Kok Quan Partnership
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the Petition
must serve on or send by post to the solicitors for the
Petitioner a written notice of his intention to do so. The
notice must state the name and address of the person, or,
if a firm, the name and address of the firm, and must be signed
by the person firm, or his or their solicitor (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).


MOUNT EMILY: Dissolved by Parent Firm
-------------------------------------
Oversea-Chinese Banking Corporation Limited (OCBC Bank)
announces that its dormant wholly owned subsidiary, Mount Emily
Properties Private Limited, was dissolved on Jan. 5, 2006.

In effect, the Company ceased to be a subsidiary of OCBC Bank
from that date.

CONTACT:

Mount Emily Properties Private Limited
C/o Oversea-Chinese Banking Corporation Limited
65 Chulia Street, OCBC Center
Singapore 049513
Phone: 65 6318 7222
Fax:   65 6533 7955
Web site: http://www.ocbc.com.sg


PIONEER BARGING: Opts for Voluntary Liquidation
-----------------------------------------------
At a general meeting of Pioneer Barging (Singapore) Pte Limited
held on Dec. 21, 2005, the following resolutions were passed:

SPECIAL RESOLUTIONS:

(a) That the Company be wound up voluntarily, and that Messrs.
Steven Tan Chee Chuan and Douglas Tan Kay Yeow of 138 Cecil
Street, #15-00 Cecil Court, Singapore 069538, be and are hereby
appointed as Joint Liquidators for the winding up;  

(b) That the Liquidators be and are hereby authorized (when and
as soon as the Company's debts and liabilities have been paid
off and duly satisifed) to distribute the assets (in specie or
kind) among the Company contributories, in accordance with their
respective rights and interests.

(c) That the Liquidators of the Company be and are hereby
authorized to exercise any of the powers given by section 272
(1) (b), (c), (d) and (e) of the Singapore Companies Act, Cap.
50.

ORDINARY RESOLUTION

That the Liquidators, Messrs. Steven Tan Chee Chuan and Douglas
Tan Kay Yeow, be remunerated for the winding up of the Company
on their normal scale of fees and that the Liquidators be
indemnified by the Company against all costs, charges, losses,
expenses and liabilities incurred or sustained by them in the
execution and discharge of their duties in relation thereto.

Dated this 23rd day of December 2005

Steven Tan Chee Chuan
Douglas Tan Kay Yeow
Liquidators
138 Cecil Street, #15-00 Cecil Court
Singapore 069538


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

THAI AIRWAYS: Still on the Lookout for Head Honcho
--------------------------------------------------
The search for the successor of the chief executive post at Thai
Airways International Public Co. Ltd. will most likely take
time, as credentials of candidates did not pass the standards of
the Company's authorities, Bangkok Post reveals.

The applicants include three existing senior executives of the
Company.  Details of four applicants with background in finance
not connected to Thai Airways were not disclosed.  

But Government Savings Bank director-general Goanpot Asvinvichit
and Government Housing Bank president Khan Prachuabmoh, who were
earlier tipped to be vying for the THAI job, did not apply.

The airline's Vice-President for special projects Narongsak
Sangkapong who was rumored to be vying for the job did not apply
also.

Of the three insiders, two were identified as Norachuch Ployyai,
executive vice-president for the Standards and General
Administration Department; and Chinawut Naressanee, executive
vice-president for the Customer Service Department. The sources
also noted that Capt Norachuch was a classmate of Prime Minister
Thaksin Shinawatra.

A meeting between Thai Airway's board of directors will be
convened to discuss the next course of action, including the
extension of application timeframe.

The airline's Chief Executive Kanok Abhiradee was sacked in
August after the airline made its biggest quarterly loss in five
years, THB4.77 billion in the third quarter to June 30. His term
is due to expire in May this year.

CONTACT:

Thai Airways International Public Co., Ltd. (TG)
89 Viphavadi-Rangsit Road
Ladyao Chatuchak
Bangkok 10900 Thailand
Telephone: 662-5451000
Fax: 662-5122173


THAI PETROCHEMICAL: Awaits SC Decision on ESOP
----------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. (TPI) issued to the
Stock Exchange of Thailand (SET) details of the Employee Stock
Options Program (ESOP).

Please be informed that on December 26, 2005, the Company
submitted the application form with the dissemination of
information and the draft prospectus for the warrant and common
stocks issuance under the ESOP to the Securities Exchange
Commission for their consideration.

The Company shall update the SET for further developments.
           
Yours sincerely,
Suwit Nivartvong
Plan Administrator, for
Thai Petrochemical Industry Pcl

CONTACT:

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


WYNCOAST INDUSTRIAL: Undertakes Warrant Exercise
------------------------------------------------
Wyncoast Industrial Park Public Company Limited unveiled to the
Stock Exchange of Thailand (SET) the result of the 30th warrant
exercise on December 30, 2005.

- Exercise ratio: 1 warrant has a right to subscribe 0.2685
ordinary shares

- Exercise price: THB1 per share

- Ordinary shares reserved to support the exercise: 16,974,570
shares

- No. of warrant holders exercise: none

- No. of warrant being exercised: none

- Ordinary shares resulted from the exercise: none

- Amount of money received from the share sale: none

- Total remaining warrants listed in the Stock Exchange of
Thailand: 63,220,000 units.
   
Please be informed accordingly,
   
Yours sincerely,
Mr. Pathrlap Davivongsa
Chief Executive Officer

CONTACT:

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



                            *********


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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ
USA, and Beard Group, Inc., Frederick, Maryland USA. Lyndsey
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Dejito and Erica Fernando, Editors.

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

This material is copyrighted and any commercial use, resale or
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