TCRAP_Public/060112.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

             Thursday, January 12, 2006, Vol. 9, No. 009

                            Headlines

A U S T R A L I A

AIR NEW ZEALAND: Expresses Dismay at Watchdog's Appeal
AMBRO PTY: Liquidator to Detail Wind Up Manner
BAULKHAM HILLS: Court Orders Liquidation
BUSINESS CLUB: Inability to Pay Debt Prompts Winding Up
CHONG & FUNG: Members, Creditors to Review Liquidator's Report

CLINDO PTY: Creditors Confirm Liquidators' Appointment
CONSORTEO PTY: Creditors Opt for Voluntary Liquidation
DEDHAM ENTERPRISES: Liquidator to Distribute Company Assets
DEMMAJADA PTY: To Declare Final Dividend
DUNCAN'S OF CLARE: Receiving Proofs of Debt Until Feb. 7

E.C. SOLUTIONS: Creditors Meeting Set Jan. 25
FLOWCOM LIMITED: General Shareholders Meeting Set Feb. 10
GIFFORD CONSTRUCTIONS: Members Resolve to Wind Up Firm
HITECHNOLOGY METAL: Schedules Final Meeting Jan. 19
LORICA INVESTMENTS: Appoints Official Liquidators

MINIX PTY: Wind Up Process Initiated
MNJ SALES: Placed Under Voluntary Liquidation
NARAL PTY: Court Issues Wind Up Order
NATIONAL AUSTRALIA: Scottish Branch Closes
PANELLI AND ASSOCIATES: Winds Up Business

PF PANTHER: Roger Smith Named Liquidator
QANTAS AIRWAYS: Sees Huge Savings in China
REIN FINANCE: Members Pass Winding Up Resolution
TORO INVESTMENTS: Intends to Pay Dividend to Employee Creditors
TRADEMARKS AUSTRALIA: Enters Voluntary Liquidation

WINZET PTY: To Declare Final Dividend Jan. 23
* Australian Bankruptcies on the Rise


C H I N A  &  H O N G  K O N G

ALYEAR DEVELOPMENT: Prepares to Shut Down Operations
BRILLIANT DAY: Court Releases Winding Up Notice
CHINA SOUTHERN: Notes Recent Increase in Trading Volume
CIL HOLDINGS: Accounting Issue Delays FY05 Results
FIRST DRAGONCOM: Winding Up Hearing Set March 1

GLOBAL FLEX: Issues Profit Warning
GOLDKEEP DEVELOPMENT: Court Orders Winding Up
PCCW LIMITED: Updates Capital Reduction Scheme
PIONEER GLOBAL: Notes Unusual Price, Volume Movements
THAI-ASIA FUND: To Declare Special Dividend

WINHOST CORPORATION: Winds Up Business
YANGTZEKIANG GARMENT: Incurs HK$25.02 Mln Loss


I N D I A

BANARAS BEADS: Management Disputes Far from Over
KAASHYAP RADIANT: Board Proposes Cut in Paid-up Share Capital
KHATOO SYNTHETICS: Board to Consider Draft of Rights Issue Offer
MODI RUBBER: Unveils Changes in BOD Constitution
RITESH INDUSTRIES: Notes Change in Directorate

SILVERLINE TECHNOLOGIES: To Discuss 2Q Results, Restructuring
SINDH MERCANTILE: Seeks to Challenge RBI Notice
SUDSUN HOUSING: Unveils Outcome of Board Meeting
SYNERGY LOG-IN: Members EGM Fixed Feb. 10
TRITON CORPORATION: Court OKs Scheme of Amalgamation


I N D O N E S I A

GARUDA INDONESIA: Asked to Address Pilots' Sudden Exit
KIANI KERTAS: Sampoerna Family Set to Acquire Firm
PERTAMINA: Oil Regulator Proposes Lower Premium for Oil Prices


J A P A N

JAPAN AIRLINES: Unveils New Year Vacation Period Traffic Results
SANKEI COMPANY: IRCJ Completes Debt Payment
SEIBU RAILWAY: Japan Post Files JPY3.67 Suit
SEIYU LIMITED: Wal-Mart's Move Drives Up Shares
SOJITZ CORPORATION: To Dissolve Subsidiary

SOFMAP CO.: Bic Camera to Acquire Shares for JPY2 Bln


K O R E A

C&M FINANCE: Moody's Gives (P)Ba2 Rating to Proposed Notes Issue
HANARO TELECOM: New Owner Could Acquire Company through M&A  
SSANGYONG FIRE: Taekwang to Acquire Controlling Stake


M A L A Y S I A

ANCOM BERHAD: Buys Back Ordinary Shares  
GADANG HOLDINGS: Unveils Related Party Transaction
I-BERHAD: Purchases New Shares
IBRACO BERHAD: Complies With Bourse's Listing Requirement
LEBAR DAUN: Unveils Level of Public Shareholding  

LION CORPORATION: Details Dealings in Securities, Warrants
MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
PANGLOBAL BERHAD: To Amend Proposed Loan Stocks Buy-Back
PATIMAS COMPUTERS: Converts ICULS to Ordinary Shares
POS MALAYSIA: New Shares Up for Listing, Quotation

PROMTO BERHAD: To Appeal Against Notice to Show Cause
SAAG CONSOLIDATED: Undertakes Private Placement


P H I L I P P I N E S

BACNOTAN CONSOLIDATED: Notes Change in Shareholdings
LAFAYETTE MINING: Working to Resume Rapu-Rapu Operations
LEPANTO CONSOLIDATED: Monitors Shares Pursuant to Rights Offer
NATIONAL POWER: Given Until Jan. 20 to Ink Meralco Supply Deal
PHILIPPINE AIRLINES: Quits Riyadh, KL Services for U.S. Flights

TPG CORPORATION: Says Planholders' OK of Pre-need Exit Unlikely


S I N G A P O R E

BNP PARIBAS: Asks Creditors to Submit Debt Claims
HOLLAND LEEDON: Prepares to Wind Up Operations
INFORMATICS HOLDINGS: Lists Rights Issues, Warrants
MITSUI HIGH-TEC: Asks Creditors to Submit Proof of Claims
SHANGHAI EASTERN: Receiving Claims Until Feb. 6


T H A I L A N D

MILLENNIUM STEEL: Concludes Conversion of Shares
THAI AIRWAYS: Presidential Post Attracts Five Applicants

     -  -  -  -  -  -  -  -  

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

AIR NEW ZEALAND: Expresses Dismay at Watchdog's Appeal
------------------------------------------------------
Air New Zealand said it was disappointed by the New Zealand
Commerce Commission's announcement that the commission has
appealed the airline's acquittal on six charges last year under
the Fair Trading Act.

The acquittals included the highly publicized "Fare Dinkum"
advertisement, which Judge Thorburn described as "a good example
of the sort of creative fun that has its rightful place in the
market of free enterprise and healthy competition that
advertising revels in".

Air New Zealand was charged with 20 counts under the Act
relating to its advertising primarily between 2001 and 2003.

"We understood clearly and accepted the Court's decision and we
have already changed our advertising in response," said Air New
Zealand General Counsel John Blair.

"We have also announced further changes to achieve all inclusive
fares as soon as they can be implemented.

Mr. Blair said it was clear from the Commerce Commission's
statement that the prosecution was a test case with other
industry participants having charges pending.

"But the Judge dismissed the six appealed charges on their facts
and it is difficult to see how further clarification is needed
or will be achieved by the appeal," he said.

Air New Zealand will defend appeal.

CONTACT:

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


AMBRO PTY: Liquidator to Detail Wind Up Manner
----------------------------------------------
Notice is given that the final meeting of Ambro Pty Limited will
be held on Jan. 19, 2006, 10:00 a.m. at the offices of PPB, 10th
Floor, 26 Flinders Street, Adelaide SA, to receive an account of
the Company's winding up and disposal of property.

Dated this 1st day of December 2005

T. J. Clifton
M. C. Hall
Joint Liquidators
C/o PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000


BAULKHAM HILLS: Court Orders Liquidation
----------------------------------------
On Dec. 15, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Baulkham Hills Auto
Electrical Services Pty Limited, and appointed Mr. Steven Nicols
as the Company Liquidator.

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


BUSINESS CLUB: Inability to Pay Debt Prompts Winding Up
-------------------------------------------------------
Notice is hereby given that at a meeting of The Business Club
Company Pty Limited held on Dec. 13, 2005, the following Special
Resolution was passed:

That as it is unable to pay its debts as and when they fall due,
the Company be wound up voluntarily; and that Mr. Robert Moodie
be appointed as Liquidator for the winding up.

Robert Moodie
Liquidator
C/o Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


CHONG & FUNG: Members, Creditors to Review Liquidator's Report
--------------------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Chong & Fung Enterprise Pty Limited will be held on
Jan. 19, 2006, 9:30 a.m. at Ogilvie House, 12 Kintail Road,
Applecross WA 6153, for the following purposes:

AGENDA

To consider and, if thought fit, approve the Liquidator's
account showing how the Company was wound up, and its property
disposed of.

Any other business.

Dated this 5th day of December 2005

M. H. Lyford
Liquidator
C/o Ogilvie House
12 Kintail Road, Applecross WA 6153


CLINDO PTY: Creditors Confirm Liquidators' Appointment
------------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Clindo Pty Limited held on Dec. 8, 2005, it was resolved that
the Company be wound up voluntarily, and that Messrs. Neil
Geoffrey Singleton and Anthony Milton Sims of SimsPartners,
Chartered Accountants, Level 24, 264 George Street, Sydney
NSW be appointed as Joint and Several Liquidators for such
purpose.

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

Dated this 14th day of December 2005

Anthony M. Sims
Neil G. Singleton
Joint Liquidators
SimsPartners Chartered Accountants
Level 24, 264 George Street
Sydney NSW 2000


CONSORTEO PTY: Creditors Opt for Voluntary Liquidation
------------------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Consorteo Pty Limited held on Dec. 9, 2005, it was resolved that
the Company be wound up voluntarily, and Messrs. S. Arnautovic
and R. M. Sutherland of Jirsch Sutherland Chartered Accountants
were appointed as Joint Liquidators for such purpose.

Dated this 12th day of December 2005

S. Arnautovic
R. M. Sutherland
Joint Liquidators
Jirsch Sutherland Chartered Accountants
GPO Box 4256, Sydney NSW 2001
Phone: 02 9233 2111
Fax:   02 9233 2144


DEDHAM ENTERPRISES: Liquidator to Distribute Company Assets
-----------------------------------------------------------
At a general meeting of Dedham Enterprises Pty Limited held on
Dec. 14, 2005, the following Special Resolution was passed:

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

Dated this 14th day of December 2005

Bryan D. Threlfall
Liquidator
107-111 Main Street
Murwillumbah NSW 2484


DEMMAJADA PTY: To Declare Final Dividend
----------------------------------------
Demmajada Pty Limited will declare a final dividend on Jan. 19,
2006.

Creditors whose debts or claims have not already been admitted,
are required to formally prove their debts or claims today, Jan.
12, 2005. In default thereof, they will be excluded from the
benefit of the dividend.

Dated this 29th day of December 2005

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


DUNCAN'S OF CLARE: Receiving Proofs of Debt Until Feb. 7
--------------------------------------------------------
Creditors of Duncan's of Clare Pty Ltd will hold a meeting on
Feb. 8, 2006 at 9:30 a.m.

The meeting will be held at the office of PPB Chartered
Accountants, 10th Floor, 26 Flinders Street, Adelaide, SA, 5000.

Creditors are required to lodge their proofs of debt on or
before Feb. 7, 2006.

CONTACT:

Christine Alomes
E-mail: calomes@ppbsa.com.au


E.C. SOLUTIONS: Creditors Meeting Set Jan. 25
---------------------------------------------
Creditors of E.C. Solutions (SA) Pty Ltd will hold a meeting on
Jan. 25, 2006 at 9:30 a.m.

The meeting will be held at the office of PPB Chartered
Accountants, 10th Floor, 26 Flinders Street, Adelaide, SA, 5000.

Creditors are required to lodge their proofs of debt on Jan. 24,
2006.

CONTACT:

Denise McCormack
E-mail: dmccormack@ppbsa.com.au


FLOWCOM LIMITED: General Shareholders Meeting Set Feb. 10
---------------------------------------------------------
Notice is given that the General Meeting of Shareholders of
Flowcom Limited will be held at the Rooftop Terrace, Park Hyatt
Sydney, 7 Hickson Road, The Rocks, New South Wales at 3:00 p.m.
(EST) on Feb. 10, 2006.

The Explanatory Statement to this Notice Meeting provides
additional information on matters to be considered at the
General Meeting. The Explanatory Statement and the proxy form
are part of this Notice of Meeting.

The Directors have determined pursuant to regulation 7.11.37 of
the Corporations Regulations 2001 (Cth) that the persons
eligible to vote at the General Meeting are those who are
registered Shareholders of the Company on Feb. 8, 2006 at 5:00
p.m. (EST).

A full copy of the notice is available for downloading free of
charge at
http://bankrupt.com/misc/tcrap_flowcomlimited011106.pdf.

CONTACT:

Flowcom Limited
C/-Lawler Partners , Level 7,
1 Margaret Street , SYDNEY,
NSW, AUSTRALIA, 2000
Telephone: (02) 8346 6000
Fax: (02) 8346 6099
Web site: http://www.flow.com.au


GIFFORD CONSTRUCTIONS: Members Resolve to Wind Up Firm
------------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Gifford Constructions Pty Limited held on Dec.
8, 2005, it was resolved that the Company be wound up
voluntarily, and Messrs. Morgan James Chubb & David Michael
Morgan of Clout & Associates, Level 1, 144-148 West High Street,
Coffs Harbour NSW 2450 were appointed as Joint & Several
Liquidators for such purpose.

Dated this 19th day of December 2005

Morgan J. Chubb
David M. Morgan
Joint Liquidators
Clout & Associates
Level 1, 144-148 West High Street
Coffs Harbour NSW 2450
Phone: 02 6652 3288
Fax:   02 6651 9393


HITECHNOLOGY METAL: Schedules Final Meeting Jan. 19
---------------------------------------------------
Notice is hereby given that a joint meeting of the members and
creditors of Hitechnology Metal Recyclers (HMR) Queensland Pty
Limited will be held on Jan. 19, 2006, 10:30 a.m. at the Meeting
Room of B.K. Taylor & Co., 9th Floor, 608 St. Kilda Road,
Melbourne, to lay before the meeting an account of the
Liquidator's acts and dealings and of the conduct of the winding
up.

The Liquidator's accounts of receipts and payments may be
inspected at the Liquidator's office during business hours.

Dated this 5th day of December 2005

Paul Vartelas
Liquidator
B.K. Taylor & Co.
9th Floor, 608 St. Kilda Road
Melbourne Vic 3004


LORICA INVESTMENTS: Appoints Official Liquidators
-------------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Lorica Investments Pty Limited held on Dec. 9,
2005, it was resolved that the Company be wound up voluntarily,
and Messrs. Morgan James Chubb & David Michael Morgan of Clout &
Associates, Level 1, 144-148 West High Street, Coffs Harbour NSW
2450 were appointed as Joint & Several Liquidators for the
winding up.

Dated this 19th day of December 2005

Morgan J. Chubb
David M. Morgan
Joint Liquidators
Clout & Associates
Level 1, 144-148 West High Street
Coffs Harbour NSW 2450
Phone: 02 6652 3288
Fax:   02 6651 9393


MINIX PTY: Wind Up Process Initiated
------------------------------------
Notice is hereby given that at an extraordinary general meeting
of Minix Pty Limited held on Dec. 19, 2005, the following
Special Resolution was passed:

That as the Company will not be able to pay its debts within 12
months, the Company be wound up by a Creditors' Voluntary
Winding Up.

Mr. Stephen Jay of Nicholls & Co., Chartered Accountants, Suite
103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga, NSW was appointed as Liquidator for such purpose.

Dated this 20th day of December 2005

Stephen Jay
Liquidator
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


MNJ SALES: Placed Under Voluntary Liquidation
---------------------------------------------
Notice is hereby given that at a general meeting of MNJ Sales
Pty Limited held on Dec. 12, 2005, it was resolved that the
Company be wound up voluntarily as a Members' Voluntary Winding
up, and that Mr. Stephen French be appointed as Liquidator for
the winding up.

Dated this 12th day of December 2005

Stephen French
Liquidator
First Floor, 15-17 Forest Road
Hurstville NSW 2220


NARAL PTY: Court Issues Wind Up Order
-------------------------------------
On Dec. 12, 2005, the Supreme Court of New South Wales, Equity
Division ordered the winding up of Naral Pty Limited, and
appointed Mr. R. J. Porter to be the Company Liquidator.

R. J. Porter
Liquidator
Moore Stephens Chartered Accountants
Level 6, 460 Church Street
Parramatta NSW 2150


NATIONAL AUSTRALIA: Scottish Branch Closes
------------------------------------------
The Clydesdale bank in Whitehaven has finally shut down Tuesday,
according to News & Star.

The bank, a branch of National Australia Bank (NAB), is being
closed as part of sweeping national closures, which are also
affecting branches in Kingstown, Carlisle and Annan.

NAB is blaming an upsurge in Internet and telephone banking for
the closures. But its said no compulsory redundancies and staff
could be transferred to other branches.

The three full-time staff will transfer to the Workington branch
along with customers' accounts.

Clydesdale is now left with a network of 153 branches.

CONTACT:

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


PANELLI AND ASSOCIATES: Winds Up Business
-----------------------------------------
Notice is given that a final meeting of the members of Panelli
and Associates Pty Limited will be held on Jan. 19, 2006, 10:00
a.m. in the boardroom of Anthony Matthews & Associates, Ground
Floor, 91 Hutt Street, Adelaide SA for the following purposes:

AGENDA

(1) To lay before the meeting an account showing the Company's
winding up and disposal of its property.

(2) Any other business.

Dated this 9th day of December 2005

A. C. Matthews
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: 08 8232 8885
Fax:   08 8232 8886
E-mail: info@matthewsassociates.com.au


PF PANTHER: Roger Smith Named Liquidator
----------------------------------------
Notice is hereby given that at a general meeting of the members
of PF Panther Nominees Pty Limited held on Dec. 9, 2005, it was
resolved that the Company be wound up voluntarily, and Mr. Roger
David Midgley Smith of 126 George Street, Morwell was appointed
as the Company Liquidator.

Dated this 9th day of December 2005

Roger D. M. Smith
Liquidator
126 George Street, Morwell Vic 3840


QANTAS AIRWAYS: Sees Huge Savings in China
------------------------------------------
Qantas Airways is seeing China as a potential source of big
savings, according to The Sydney Morning Herald.

The national flag carrier is looking for ways to cut maintenance
and repair costs, which are 20 percent lower in centers such as
China.

Qantas is engaged in internal discussions on the subject with
labor unions and other parties, which were expected to end next
month.

In October, Qantas said it was considering a substantial
restructuring of engineering and maintenance as part of a
flagged AU$1.5 billion savings program over 2007-2008. The cost
saving plans succeeds an existing AU$1.5 billion economy drive
that is due to finish in June.

A decision whether to relocate the operations within Australia,
or move significant parts offshore, would be made within three
to four months.

Meanwhile, Qantas is planning to double the number of direct
flights between Australia and China within two years to 14 per
week, serving both Beijing and Shanghai.

The total travel market between the two countries grew 22
percent in the past year, some four or five times the average
global growth rate.

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


REIN FINANCE: Members Pass Winding Up Resolution
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of Rein Finance Pty Limited held on Dec. 12, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Christopher Wykes, of Level 7, 1 Margaret Street, Sydney NSW
2000 be nominated to act as Liquidator for the winding up.

Dated this 13th day of December 2005

Christopher Wykes
Liquidator
Lawler Partners Chartered Accountants
Level 7, 1 Margaret Street
Sydney NSW 2000


TORO INVESTMENTS: Intends to Pay Dividend to Employee Creditors
---------------------------------------------------------------
Toro Investments Pty Limited will declare a first and final
dividend on Jan. 24, 2006.

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

Dated this 28th day of November 2005

Todd Kelly
Liquidator
Foremans Business Advisors
Suite 1, 29 Lake Street
Cairns Qld 4870


TRADEMARKS AUSTRALIA: Enters Voluntary Liquidation
--------------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Trademarks Australia Pty Limited held on Dec. 13, 2005, it was
resolved that the Company be wound up voluntarily, and Messrs.
Adrian Lawrence Brown and George Georges of Ferrier Hodgson,
Level 29, 600 Bourke Street, Melbourne, Victoria were appointed
as Joint Liquidators for such task.

Dated this 15th day of December 2005

Adrian L. Brown
George Georges
Liquidators
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


WINZET PTY: To Declare Final Dividend Jan. 23
---------------------------------------------
Winzet Pty Limited will declare a final dividend on Jan. 23,
2006.

Creditors whose debts or claims have not already been admitted
are required to formally prove their debts or claims on or
before Jan. 16, 2006. If they do not, they will be excluded from
the benefit of the dividend.

Dated this 8th day of December 2005

Justin Denis Walsh
Richard John Dennis
Liquidators
Ernst & Young
Level 5, Waterfront Place
1 Eagle Street, Brisbane Qld 4000
Phone: 07 3243 3707


* Australian Bankruptcies on the Rise
-------------------------------------
The number of bankruptcies filed in Australia in the December
quarter jumped to more than 5000, according to The Australian.

Inspector-General in Bankruptcy David Bergman released a report,
which showed the number of new bankruptcies in the December 2005
quarter jumped to 5029 - an increase of 5.3 percent compared
with the same period in 2004.

The latest figure was down nine percent on the September 2005
quarter.

The Northern Territory recorded the highest rise, up almost 18
percent on the same quarter in 2004, with bankruptcies in New
South Wales increasing 15.6 percent and 12.3 percent in
Queensland.

The Australian Capital Territory recorded a 63 percent fall in
bankruptcies.


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

ALYEAR DEVELOPMENT: Prepares to Shut Down Operations
----------------------------------------------------
Alyear Development Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on December 28, 2005.

The company's registered office is 8-9 G/F Chun Shek Estate
Commercial Contre Shatin New Territories.

Date of Presentation of Petition: November 7, 2005

Dated this 6th day of January 2006

E T O'CONNELL
Official Receiver


BRILLIANT DAY: Court Releases Winding Up Notice
-----------------------------------------------
Brilliant Day Limited has received a notice of winding up order
in the High Court of the Hong Kong Special Administrative Region
Court of First Instance on December 28, 2005.

The company's registered office is 1-2/F Liberty Mansion 26E
Jordon Road Kowloon.

Date of Presentation of Petition: November 7, 2005

Dated this 6th day of January 2006

E T O'CONNELL
Official Receiver


CHINA SOUTHERN: Notes Recent Increase in Trading Volume
-------------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
China Southern Airlines Company Limited, which is reproduced as
follows:

"This statement is made at the request of The Stock Exchange of
Hong Kong Limited.

The Company has noted the recent increase in the trading volume
of the shares of China Southern Airlines Company Limited and
wishes to state that it is not aware of any reasons for such
increase.  

The Company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under Rule 13.23 of the Rules Governing
the Listing of Securities on The Stock Exchange of Hong Kong
Limited, neither is the board of the Company aware of any matter
discloseable under the general obligation imposed by Rule 13.09
of the Listing Rules, which is or may be of a price-sensitive
nature.

Made by the order of the Board of directors of which
individually and jointly accept responsibility for the accuracy
of this statement.

Guangzhou, January 10, 2006
By order of the Board of
China Southern Airlines Company Limited
Su Liang
Company Secretary

As at the date of this notice, the Directors of the Company
include Liu Shao Yong, Wang Quan Hua, Zhao Liu An, Zhou Yong
Qian, Xu Jie Bo and Si Xian Min as executive Directors; and
Peter Lok, Wei Ming Hai, Wang Zhi and Sui Guang Jun as
independent non-executive Directors."

CONTACT:

China Southern Airlines
Mr. Jeff Ruffolo
Phone: 714-532-2054
E-mail: RuffoloPR@aol.com
Web site: http://www.cs-air.com


CIL HOLDINGS: Accounting Issue Delays FY05 Results
--------------------------------------------------
CIL Holdings Limited is waiting to finalize a material
accounting issue in order to complete the accounting records of
the Group for the year ended June 30, 2005.

The Hong Kong Stock Exchange unveiled that the annual results of
the company in the year ended June 30, 2005 will be further
delayed to a date, which will be on or before March 17, 2006 and
the dispatch of the annual report to approximately four weeks
thereafter.

The reason of delay in publication of annual results is that a
material accounting issue related to accounting receivable and
payable is not yet settled. However, the Board confirmed that
the issue would be resolved in a month. The Company expects the
current year audit will commence early of February 2006 and the
annual result will be announced and the annual report dispatch
on or before March 17, 2006.

The delay constitutes breaches of Rules 13.46(2)(a) and 13.49(1)
of the Listing Rules. In this regard, the Stock Exchange
reserves its rights to take appropriate actions against the
Company and its directors in respect of such breaches.

By Order of the Board
Chairman
Ke Jun Xiang
Hong Kong, January 9, 2006

CONTACT:

CIL Holdings Limited
Room 910, Premier Centre
20 Cheung Shun Street
Lai Chi Kok
Kowloon, Hong Kong  
Phone: 27239157  
Fax: 28278778  


FIRST DRAGONCOM: Winding Up Hearing Set March 1
-----------------------------------------------
On January 6, 2006, a winding up petition dated January 5, 2006
was served on First Dragoncom Agro-Strategy Holdings by Capital
Wealth Corporation Limited.

SUSPENSION OF TRADING

At the request of the Company, trading in the Company's
securities has been suspended from 9:30 a.m. on April 28, 2005
and will remain suspended until further notice.

UPDATE ON THE COMPANY

Reference is made to the announcements of First Dragoncom Agro-
Strategy Holdings Limited dated September 13, 2005, September
22, 2005 and January 6, 2006, respectively, relating to, among
other things, the service of a statutory demand by Capital
Wealth Corporation Limited dated September 9, 2005 and
subsequently a writ of summons served on the Company in respect
of a sum of HK$4,860,000.00. On January 6, 2006, Capital Wealth
served a winding up petition dated January 5, 2006 on the
Company in respect of the above amount of HK$4,860,000.00 plus
costs and interest.

The Petition has been fixed to be heard on Wednesday, March 1,
2006 at the High Court of Hong Kong. The Company will actively
seek legal advice in relation to the Petition and continue to
negotiate with Capital Wealth to settle the Petition.

Further announcements will be made to keep the shareholders of
the Company updated on the development of the Petition in due
course.

SUSPENSION OF TRADING

At the request of the Company, trading in the Company's
securities has been suspended from 9:30 a.m. on April 28, 2005
and will remain suspended until further notice.

CONTACT:

First Dragoncom Agro-Strategy Holdings Limited
Unit 2303, 23rd Floor
Far East Finance Centre
16 Harcourt Road, Admiralty
Hong Kong, Hong Kong
Telephone: (852) 2526 5338
Fax:  (852) 2536 9223


GLOBAL FLEX: Issues Profit Warning
----------------------------------
Global Flex Holdings Limited issued a profit warning after
listing three months, saying that its results for the year ended
December 31, 2005 are expected to be materially adversely
affected due to an unexpected delay in the launch of new
products by key customers and shortage of key component
supplies.

Those factors have an adverse impact on the turnover growth and
the overall gross profit margin from the product mix of the
company. Accordingly, while it is expected that the company's
turnover for 2005 will be slightly higher than that for 2004 and
a profit will be recorded for 2005, the gross profit margin, and
in turn the net profit margin, of the company has been
materially adversely affected as a result.

These have an adverse impact on the turnover growth and the
overall gross profit margin from the product mix of the Group.
Accordingly, while it is expected that the Group's turnover for
2005 will be slightly higher than that of 2004 and a profit will
be recorded for 2005, the gross profit margin, and in turn the
net profit margin, of the Group has been materially adversely
affected as a result. However, the Group has received confirmed
orders for some of the delayed orders, which are expected to be
delivered in early 2006.

In addition, based on its communication with its key customers,
the new products originally to be launched in late 2005 may be
launched in the first half of 2006.

Shareholders of the company and investors should exercise
caution when dealing in the shares of the company.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_globalflex011106.pdf

This is a company press release.

CONTACT:

Global Flex Holdings Limited
Unit 507 Tower Two
Lippo Centre, 89 Queensway
Hong Kong  


GOLDKEEP DEVELOPMENT: Court Orders Winding Up
---------------------------------------------
Goldkeep Development Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on December 28, 2005.

The company's registered office is B2 Harbour Crystal Centre 100
Granville Road Tsim Sha Tsui Kowloon.

Date of Presentation of Petition: November 7, 2005

Dated this 6th day of January 2006

E T O'CONNELL
Official Receiver


PCCW LIMITED: Updates Capital Reduction Scheme
----------------------------------------------
Reference is made to the announcements of PCCW Limited dated
April 22, 2004 and August 3, 2004 and to its shareholders'
circular dated April 23, 2004, all relating to the cancellation
of the Company's share premium account and the application of
the credit thereby arising to write off the Company's
accumulated losses as at June 30, 2004, with the balance of the
credit thereby arising being transferred to a special capital
reserve of the Company (the Capital Reduction). The Capital
Reduction was approved by the High Court of the Hong Kong
Special Administrative Region and became effective on August 3,
2004.

The board of directors of the Company announced that on January
10, 2006 the Court made an order permitting the release of the
Company from its undertakings given to the Court in connection
with the Capital Reduction. The terms of the undertakings are
described in detail in Note 17 (c) to the Company's interim
financial statements in respect of the six month period ended
June 30, 2004, Note 31a. to the Company's audited consolidated
financial statements in respect of the year ended December 31,
2004 and in Note 13 to the Company's interim financial
statements in respect of the six month period ended June 30,
2005.

In summary, the undertakings required certain amounts to be
credited to a special capital reserve created in connection with
the Capital Reduction; that those amounts should not be treated
as realized profit for the purposes of the Hong Kong Companies
Ordinance (Companies Ordinance); that the special capital
reserve should be treated as undistributable for the purposes of
the Companies Ordinance; and that the Company record a summary
of the undertakings in its audited or interim financial
statements. The amounts in question required to be credited to
the special capital reserve included the balance of the credit
arising from the Capital Reduction, after writing off the
Company's accumulated losses as at June 30, 2004, and sums
received by the Company after the date of the Capital Reduction
in respect of its investments in relation to which losses were
written off in the Capital Reduction.

Following the release of the undertakings, the Company and the
special capital reserve will cease to be subject to the
restrictions set out in the undertakings, summarized above, and
the Company will no longer be required to record a summary of
the undertakings in its audited or interim financial statements.
The Order of the Court made on January 10, 2006 permits the
undertakings to be released subject to the Company setting aside
certain amounts for the sole purpose of discharging certain
debts or liabilities of the Company existing at the date of the
Capital Reduction, principally being the aggregate amount of
principal, accrued interest and redemption premium payable on
maturity of the US$450,000,000 1% convertible bonds due in
January 2007 issued by PCCW Capital No. 2 Limited and guaranteed
by the Company.

It is anticipated that those amounts will be set aside, and the
release of the undertakings will thereby become effective, in
the first half of 2006. Once the release of the undertakings
becomes effective, amounts credited to the special capital
reserve will, subject to compliance with relevant laws
applicable to distributions, be available for distribution. The
release, however, does not impact upon the income statement of
the Company. The release of the undertakings represents the
final step in a process, which began with the Capital Reduction,
designed to ensure that the Company has the flexibility to pay
dividends as and when the Board considers it appropriate in the
future.

By Order of the Board
Alexander Anthony Arena
Director
Hong Kong, January 10, 2006

CONTACT:

PCCW Limited
39th Floor,
Hong Kong Telecom Tower
Taikoo Place
979 King's Road Quarry Bay
Hong Kong
Phone: 28882888  
Fax: 28778877  
Web site: http://www.pccw.com
  

PIONEER GLOBAL: Notes Unusual Price, Volume Movements
-----------------------------------------------------
The Stock Exchange of Hong Kong has received a message from
Pioneer Global Group Limited, which is reproduced as follows:

"This statement is made at the request of the Stock Exchange of
Hong Kong Limited.

The company has noted the recent increases in the price and
trading volume of the shares of the Company and wishes to state
that we are not aware of any reasons for such increases.

The company also confirm that there are no negotiations or
agreements relating to intended acquisitions or realizations
which are discloseable under rule 13.23, neither is the Board
aware of any matter discloseable under the general obligation
imposed by rule 13.09, which is or may be of a price-sensitive
nature.

Made by the order of Pioneer Global Group Limited the Board of
the directors of which individually and jointly accept
responsibility for the accuracy of this statement.

As at the date of this statement, the executive directors of the
Company are Mrs. Rossana Wang Gaw, Mr. Goodwin Gaw, Mr. Kenneth
Gaw and Ms. Tsui Kwai Ying and the independent non-executive
directors of the Company are Dr. Charles Wai Bun Cheung, J.P.,
The Hon. Bernard Charnwut Chan and Mr. Arnold Tin Chee Ip.

The Group is engaged in property, stock investments, telecom
infrastructure and information technology and manage a hotel in
Thailand.  

CONTACT:

Pioneer Global Group Limited
Suites 01-03, 30/F
Office Tower, Convention Plaza
1 Harbour Road, Wanchai
Hong Kong  
Phone: 25266068  
Fax: 28101813  
Web site: http://www.pioneerglobalgroup.com  


THAI-ASIA FUND: To Declare Special Dividend
-------------------------------------------
Thai-Asia Fund Limited resolved on January 9, to declare a
special dividend of US$0.2296 (equivalent to $1.7794) per share.
The dividend will be paid in U.S. dollar to all shareholders
recorded on the registrar of members as at the close of business
on January 26. Trading in the company's shares will then be
suspended on January 27.

Following the distribution of the special dividend declared on
January 9, the company said, it is unlikely to have any surplus
assets available for further distribution. In accordance with
the proposal, the company will then convene an extraordinary
general meeting to seek the shareholders' approval to wind up
the company voluntarily and seek a withdrawal of the listing of
its shares. A further announcement will be made at appropriate
time by the company.

As announced, Thai-Asia Fund's audited net asset value per share
as at December 31, 2004 was US$0.23, and its unaudited net asset
value per share as at December 30, 2005 was US$0.2308. The stock
price of the company closed yesterday at $1.75.

CONTACT:

Thai-Asia Fund Limited
32/F, Three Pacific Place
1 Queen's Road East, Hong Kong  


WINHOST CORPORATION: Winds Up Business
--------------------------------------
Winhost Corporation Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on December 28, 2005.

The company's registered office is 1/F 182 Woosung Street
Kowloon.

Date of Presentation of Petition: November 7, 2005

Dated this 6th day of January 2006

E T O'CONNELL
Official Receiver


YANGTZEKIANG GARMENT: Incurs HK$25.02 Mln Loss
----------------------------------------------
Yangtzekiang Garment expects a loss of HK$25.02 million from the
sale of its 35 percent holding in loss-making aluminum smelter
Changqing Aluminium Corporation to Qinghai Qiaotou Aluminum and
Electricity, the South China Morning Post relates.

The Group's principal activities are the manufacture and sale of
garments. Other activities include investment holding, knitting
and dyeing of fabrics, production and distribution of aluminum
products, manufacture of yarns and fabrics, property development
and investment, manufacture of textile products and design,
manufacture and sale of cameras and binoculars. The Group
operates in Hong Kong, The People's Republic of China, Asia
Pacific and Europe.

CONTACT:

Yangtzekiang Garment Manufacturing CO Ltd
San Po Kong Kowloon, Kowloon
Hong Kong
Phone: +852 2327 5111
Fax: +852 2352 2286


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

BANARAS BEADS: Management Disputes Far from Over
------------------------------------------------
Banaras Beads Ltd advised that the disputes between management
to control the affairs of the company are going on since 1998.

In this regard Company Petition No. 14/99 filed by Shri Raj
Kumar Gupta (Ex-Director) against company, directors and others
before Honorable Company Law Board (CLB), New Delhi is still
pending.

The CLB is trying to resolve the disputes at their end and
appointed Valuers Shri R S Ahuja & Co, Chartered Accounts and
Shri A R Ramanathan, Ex Member of CLB, both have submitted their
report, further process is going on.

The bench heard said Petition on December 16, 2005 and adjourned
the matter for January 17, 2006.

CONTACT:

Banaras Beads Limited
A-1 Industrial Estate
Varanasi 221106  
Uttar Pradesh  
Phone: 2370161 2370162 2370163 2370164  
Fax: 70165 2370214/ 370137  


KAASHYAP RADIANT: Board Proposes Cut in Paid-up Share Capital
-------------------------------------------------------------
Kaashyap Radiant Systems Ltd has informed BSE that the Board of
Directors of the Company at its meeting held on January 10,
2006, has decided the following:

1. Subject to the consent of the shareholders at an Extra
Ordinary General Meeting, by Special Resolution, and also
subject to the confirmation of the high Court at Madras and
other appropriate authorities in this regard, the paid-up share
capital of the Company be and is here by reduced from
INR56,32,06,350/- consisting of 56320635 equity shares of INR10
each fully paid to INR5,63,20,635 consisting of 5,63,20,635
Equity shares of INR1 each fully paid up and to effect such
reduction.

2. An Extra Ordinary General Meeting of the Company be convened
on Feb. 15, 2006.

3. The draft notice for calling the EGM be and is hereby
approved consisting the reduction of capital and amendment of
Capital Clause of the Memorandum and Articles of Association.

CONTACT:

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


KHATOO SYNTHETICS: Board to Consider Draft of Rights Issue Offer
----------------------------------------------------------------
Khatoo Synthetics Ltd has informed BSE that a meeting of the
Board of Directors of the Company will be held on January 16,
2006, inter alia, to consider the following:

1. Approval of Draft offer document for issue of shares and
share warrants on Rights basis.

2. Appointment of Mrs. Uma Karthikeyan and Mr. B Gopalan as
Additional Director of the Company.

CONTACT:

Khatoo Synthetics Ltd
304, Shivshakti Building,
3rd Floor, J P Road, Andheri W
Mumbai 400053  
Maharashtra  


MODI RUBBER: Unveils Changes in BOD Constitution
------------------------------------------------
Modi Rubber Ltd announced about some changes in the constitution
of the Board of Directors (BoD) of the Company due to withdrawal
of nomination of Shri PC Gupta and Shri Ram K Gupta by LIC and
UTI on the Board of Directors of the Company to Shri SB Kunwar
and Shri SS Kohli (Ex CMD PNB) respectively.

CONTACT:

Modi Rubber Ltd
Modinagar 201204  
Uttar Pradesh


RITESH INDUSTRIES: Notes Change in Directorate
----------------------------------------------
Ritesh Industries Ltd informed Bombay Stock Exchange (BSE) that
the Board of Directors of the Company at its meeting held on
Jan. 9, 2006, has accepted the resignation of Mr. Pran Arora
from the position of Managing Director of the Company.

On his place Mr. Sanjeev Arora has been appointed as Managing
Director of the Company.

CONTACT:

Ritesh Industries Ltd
11/5B, 1st Floor, Pusa Road,
New Delhi 110005  
Delhi  
Phone: 25862111     
Fax: 25862110   


SILVERLINE TECHNOLOGIES: To Discuss 2Q Results, Restructuring
-------------------------------------------------------------
Silverline Technologies Ltd advised that a meeting of the Board
of Directors of the Company will be held on January 20, 2006,
inter alia, to discuss the following:

1. Take on records the 2Q results for the period ended December
2005.

2. The on going corporate restructuring under the guidance and
advise of M/s. Firstcall India Equity Advisors Pvt Ltd, Mumbai.

3. The progress with reference to the settlement plan and offers
made to various banks and financial institutions.

CONTACT:

Silverline Technologies Ltd
1405, Maker Chamber V, Nariman Point
Mumbai 400021  
Maharashtra  
Phone: 22049161     
Fax: 22021131   


SINDH MERCANTILE: Seeks to Challenge RBI Notice
-----------------------------------------------
The Sindh Mercantile Co-operative Bank Limited (SMCB) is
considering challenging in court a notice it received last week
from the Reserve Bank of India (RBI), Ahmedabad Newsline
reports.

The notice is asking SMCB to explain why it should keep its
banking license in view of its poor liquidity position. RBI
barred the bank from carrying out banking activities since
October 2002 on grounds of insolvency.

RBI has imposed restrictions on it under section 35A of Banking
(Regulation) Act and ordered its management to make only one
time maximum payment of INR1,000 to deposit holders. The bank's
liquidity suffered badly as its deposit of INR12 crore was
locked in the Madhavpura Mercantile Co-operative Bank Ltd (MMCB)
since the run on that bank in the wake of Ketan Parekh scam in
March 2002.

SMCB complained that MMCB got a special revival package while
the banks whose liquidity suffered because of the MMCB scam are
compelled to suffer instead of receiving a bailout.

SMCB Managing Director Laxmandas Rohra explained the bank's only
fault is that it got 85 percent of its fund (around INR crore)
stalled in MMCB. She added that it is unfair for RBI to serve
cancellation notice.

SMCB said it will challenge the notice in the court because the
bank has to recover only INR1.8 crore from other loanees, which
is not a big amount compared to others.

The cooperative bank was also requesting the Registrar of Co-
operatives as well the RBI to either help it recover its money
in MMCB or allow it to be merged with some other bank.

Last year, the bank has proposed to merge with Gandhidham Co-
operative Bank last year and its board of directors. But the
general body of Gandhidham Bank had put a condition that the
Deposit Insurance and Credit Guarantee Corporation should INR7
crore to SMCB to facilitate the merger. Deposit Insurance and
Credit Guarantee Corporation, however, refused to oblige but was
ready to consider payment of INR10.5 crore provided the SMCB was
taken in liquidation.

Meanwhile, Registrar of Co-operatives J P Gupta said the RBI
notice was served to Sindh Mercantile Co-operative Bank Ltd
because it had not funds left with it. He also said that at no
point of time his office had recommended merger of SMCB with
Gandhidham Co-operative Bank or any other bank.

CONTACT:

Reserve Bank of India
Central Office, Post Box 406
Mumbai 400001
Phone: 2266 0502
Fax: 2266 0358, 2270 3279
E-mail: helpprd@rbi.org.in  
Web site: http://www.rbi.org.in


SUDSUN HOUSING: Unveils Outcome of Board Meeting
------------------------------------------------
Sudsun Housing Development (India) Ltd announced that the Board
of Directors of the Company at its meeting held on January 09,
2006, inter alia, has transacted the following decision:

1. Took on record the resignation of Mr. R Sree Ram Reddy, a
Director of the Company w.e.f December 26, 2005.

2. Appointment of Mr Viji Joseph as Director in the casual
vacancy caused by the resignation of Mr. R Sree Ram Reddy,
Director of the Company.

CONTACT:

Sudsun Housing Development (India) Ltd
10, Tarapore Avenue, Harrington Road,
Chennai 600031  
Tamil Nadu  
Phone: 28365455     
Fax: 28365454


SYNERGY LOG-IN: Members EGM Fixed Feb. 10
-----------------------------------------
Synergy Log-In Systems Ltd has informed Bombay Stock Exchange
(BSE) that an Extra Ordinary General Meeting of the members of
the Company will be held on February 10, 2006.

CONTACT:

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


TRITON CORPORATION: Court OKs Scheme of Amalgamation
----------------------------------------------------
Triton Corp Ltd announced that the Company has received on
January 03, 2006, order dated September 20, 2005, of the
Honorable High Court of Delhi at New Delhi sanctioning the
scheme of amalgamation, in toto, of Sai Info Ltd, Saffron Global
Ltd and Webrizon (India) Ltd with the Company.

The Honorable High Court has sanctioned the scheme of
amalgamation subject to the following conditions to be complied
within the prescribed period from the date of receipt of the
said order.

1. That minimum post merger public shareholding of 25% be
achieved within 6 months and the process has to be initiated
within 4 weeks.

2. That an application within 2 week be made before SEBI for
condoning and / or compounding of the offence committed by Sai
Info Ltd, as a result of the breach of Regulations 6(2), 6 (4),
8(1) and 8(3) of the SEBI (SAST) Regulations, 1997.

CONTACT:

Triton Corp Ltd
Jagriti Enclave, 7, Vikas Marg,
New Delhi 110092  
Delhi  
Phone: 22153344 22167295    
Fax: 22151241  


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

GARUDA INDONESIA: Asked to Address Pilots' Sudden Exit
------------------------------------------------------
Troubled state carrier PT Garuda Indonesia has been warned to
address the issue of its pilots' sudden exit, reports Asia
Pulse.

Indonesian Transport Minister Hatta Rajasa warned the Company to
address this problem upon receiving reports that more than 100
pilots have left the Company to work with foreign airlines, in
exchange for better salaries.

According to the Association of Garuda's Pilots (APG) Chairman
Stephanus G.S. said that the pilots who left Garuda have more
than 10 years of experience and are qualified to fly
internationally. Garuda Vice President Ari Sapari said that it
is cheaper for new budget airlines to pirate experienced pilots
from the Company with tempting salary offers.

It is expected that more pilots would follow and leave the
Company to seek greener pastures with foreign airlines, as well.

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


KIANI KERTAS: Sampoerna Family Set to Acquire Firm
--------------------------------------------------
It seems that the bid for the takeover of troubled pulp and
paper mill PT Kiani Kertas has finally been sealed by the
Sampoerna family, Business Times Singapore reports.

The high-profile founding family of a large cigarette firm in
Indonesia increased its initial bid of IDR3.5 trillion to IDR3.8
trillion in order to acquire Kiani Kertas. The payment would go
to settling the Company's debts with its largest creditor, state
lender PT Bank Mandiri.

Bank Mandiri had earlier rejected a takeover bid for the Company
by Singaporean United Fiber System Limited, as the proposal
didn't meet the bank's criteria.

PT Bank Mandiri, Kiani Kertas shareholder Prabowo Subianto and
the Sampoerna family have agreed to discuss a proposal to settle
its debt and buy stake in the Company.

CONTACT:

PT Kiani Kertas
Bidakara Building, 9th Floor
Jl. Gatot Subroto Kav. 71-73
Jakarta, 12870
Indonesia
Phone : +62(021)8379-3211
Fax:    +62(21)8379-3215
Web site: http://www.kiani.com
                                  

PERTAMINA: Oil Regulator Proposes Lower Premium for Oil Prices
--------------------------------------------------------------
Indonesia's downstream oil regulator BPH Migas proposed a fuel
margin lower than the requested 10-13% margin, to ensure
sufficent fuel subsidies, reports the Jakarta Post.

State oil and gas firm PT Pertamina had previously asked for a
premium from 15% to 19% above Mid Oil Platts Singapore (MOPS)  
prices in order to cover fuel distribution and transportation
costs.

BPH Migas had presented its proposal in a meeting with the
Energy and Finance Ministries. an appropriate margin has yet to
be decided on, but the calculation should be complete next
month, when the government will dsiburse fuel subsidies for
January.

Pertamina's monoply over subsidized fuel distribution was taken
by the government last year, but was later extended for one more
year, as there were no foreign oil firms that were prepared to
meet the government's requirements in order to be able to
distribute fuel nationwide.

A state budget of IDR54.3 trillion has been approved to
subsidize up to 17 million kiloliters of premium gasoline, 14.5
million kiloliters of diesel fuel, and 10 million kiloliters of
kerosene for 2006.

CONTACT:

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


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

JAPAN AIRLINES: Unveils New Year Vacation Period Traffic Results
----------------------------------------------------------------
Japan Airlines Group (JAL) announced the results for the
Japanese "New Year'' vacation period, from December 28, 2005 to
January 9, 2006. The total number of passengers traveling on JAL
Group international passenger routes was down 5.1% on the same
vacation period last year. However, the total number of
passengers traveling on JAL Group domestic passenger routes was
up 1.0%.

Internationally, JAL recorded healthy increases in passenger
traffic on Transpacific and Korea routes: up respectively by
4.2%, and 4.3% when compared to the same period last year. Even
though travel demand to Indonesia remained low during this
period, Southeast Asia routes showed signs of recovery with
passenger traffic up by 1.6% on last year. The seat load factor
on transpacific routes was particularly high at 91.2%.

The reduction in the number of JAL flights serving Honolulu and
Guam, and the suspension of services to Saipan in October last
year, accounted for the decrease in passenger traffic on JAL
flights to Pacific tourist destinations, and resulted in high
seat load factors on Hawaii, Oceania and Guam/Saipan routes:
85%, 87.1% and 89.4% respectively.

Due to lingering concern resulting from anti-Japanese
demonstrations in China earlier last year, JAL saw a 4.1%
decrease in passenger traffic to China, compared to last year,
much less than the 12.1% decrease JAL initially forecast.

JAL Group's international seat load factor was 75.8%: up 1.2
points on the same period last year.

A total of 1,647,708 passengers traveled domestically within
Japan on JAL Group airlines: 1% up on last year. JAL Group
operated an additional 76 flights to meet demand on popular
domestic routes.

Domestic Japan seat load factor was 62.8%: up 2.3 points on the
same period last year.  

CONTACT:

Japan Airlines Corporation
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate

This is a company press release.


SANKEI COMPANY: IRCJ Completes Debt Payment
---------------------------------------
The Industrial Revitalization Committee of the Industrial
Revitalization Corporation of Japan (IRCJ) has approved on
December 30 the transfer of debt and receipt of payment in full
for the debt that IRCJ had purchased as part of a business
revitalization plan for Sankei Company Ltd.

The payment received by the IRCJ means that it no longer holds
any debt or obligations of Sankei.

1. Names of companies concerned

Sankei Co., Ltd. and 15 Group companies (see separate sheet)

2. Process to date

On November 30, 2004 the IRCJ approved an application for
assistance by Sankei under Article 22, Clause 3 of the
Industrial Revitalization Act of 2003. On February 14, 2005,
under Article 25, Clause 1 of the same act, the IRCJ reached
agreement with financial institutions on the purchase of the
company's debts.

Following this, in June 2005, in accordance with the
revitalization plan, following a third-party capital increase
underwritten by the sponsor company Sankei Holdings Co., Ltd.
(formerly MKS Apparel Co., Ltd.), Sankei became a subsidiary of
Sankei Holdings and revitalization is being carried out with the
support of that company.

3. Amount of debt

The principal value of Sankei's debt was JPY27,104 million, a
portion of which was handled by the disposal of collateral. The
IRCJ paid financial institutions JPY18,176 million for the
remaining JPY25,844 million, and JPY6,722 million was handled in
a debt forgiveness scheme according to the business
revitalization plan. Part of the balance of JPY19,122 million
was settled through business income of Sankei and disposal of
collateral. Of the remaining JPY9,445 million, JPY3,510 million
was transferred to financial institutions and the IRCJ has now
received payment in full of the final JPY5,935 million.

4. Comment from the ministers in charge of the Industrial
Revitalization Corporation of Japan

None expressed

Note on comments from ministers: The IRCJ is a quasi-
governmental organization. As such the IRCJ is required to
obtain comments from the government ministers in charge of the
IRCJ about decisions to assist or engage in other initiatives
relating to private sector companies.

For more information, please contact
Corporate Planning Department
The Industrial Revitalization Corporation of Japan
Tel: 03-6212-6437

About the IRCJ

The IRCJ was established jointly by the public and private
sector on April 16, 2003, with the aim of providing
revitalization assistance beneficial to both the industrial and
the financial sectors in Japan. It targets assistance at
companies that have sound business fundamentals but are unable
to thrive because of excessive debt levels or other factors. The
IRCJ has approximately 200 employees and is based in Tokyo. For
more information please visit www.ircj.co.jp

CONTACT:

Sankei Co. Ltd.
2-14-6 Yawata-ishizuka, Ichihara City
Chiba 290
Japan
Phone: ++81 436 41-1820
Fax: ++81 436 41-1845


SEIBU RAILWAY: Japan Post Files JPY3.67 Suit
--------------------------------------------
Japan Post sued Seibu Railway Co. and two other parties on
Tuesday, demanding JPY3.67 billion in damages for the investment
loss it incurred due to the 2004 delisting of Seibu Railway
following the fabrications of its financial statements, Japan
Today reports.

The two other parties are Seibu Railway's former parent Kokudo
Corp and Yoshiaki Tsutsumi, the one-time effective owner of the
Seibu group.

CONTACT:

Seibu Railway Co Ltd
11-1 Kusunokidai 1-Chome
Tokorozawa 359-8520, Saitama 359-8520
Japan
Phone: +81 42 926 2081
Fax: +81 42 926 2237
Web site: http://www.seibu-group.co.jp/


SEIYU LIMITED: Wal-Mart's Move Drives Up Shares
-----------------------------------------------
Wal-Mart Stores Inc.'s increased stake and the program of
renovations helped Seiyu Ltd's shares jump 68 percent in the
second half of 2005, Bloomberg News reports.

Rising sales are good news for Seiyu's new Chief Executive
Officer Edward Kolodzieski.

Mr. Kolodzieski will need to renovate stores fast, according to
investors such as James Fiorillo, who says the store in Tokyo's
Sangenjaya district hurts the company's image.

U.S. retailer Wal-Mart, which remodeled 16 Seiyu stores last
year, took control of Seiyu in 2005 to get a bigger share of
Japan's JPY128 trillion retail business as growth in the U.S.
slows.

Wal-Mart said on November 3 it will raise its stake in Seiyu to
almost 54 percent from 42.48 percent. Wal-Mart has invested
about JPY142 billion in the Tokyo-based chain since first buying
a stake in May 2002.

CONTACT:

Seiyu Limited
Office 1-1, Higashi-Ikebukuro 3-chome
Toshima-ku, Tokyo, Japan
170-6071


SOJITZ CORPORATION: To Dissolve Subsidiary
------------------------------------------
Sojitz Corporation announced details of its decision to dissolve
a subsidiary unit. Details of the subsidiary company to be
dissolved are briefly as follows.

1. Company Profile

a. Company name: Sojitz Development Inc.
b. Head office address: 19-4, Akasaka 2-chome, Minato-ku, Tokyo
c. Representative: Takahiro Toyoda
d. Business activities: Real estate leasing and hotel management
e. Established: November 24, 1989
f. Paid-in capital: JPY50,000,000
g. Shareholder (% share): Sojitz Corporation (100%)

2. Reasons for Dissolution

In recent years, the hotel management industry has experienced
significant difficulties resulting in deteriorating
performances. With little likelihood of a recovery, Sojitz has
decided to sell the hotel holdings and other assets of Sojitz
Development and at the same time to dissolve this subsidiary.

3. Outlook

A resolution confirming the dissolution of the aforementioned
company is anticipated in January 2006 with final settlement in
March 2006. While the dissolution is expected to generate a
loss, the Company has made adequate provisions in the previous
fiscal year. Accordingly, forecasts of consolidated business
results for the fiscal year ending March 31, 2006 remain
unchanged.

CONTACT:

Sojitz Corporation
President & CEO: Akio Dobashi
2768 TSE/OSE 1st Section
Takashi Inada,
General Manager
Public Relations Dept.
Phone: +81-3-5520-3404


SOFMAP CO.: Bic Camera to Acquire Shares for JPY2 Bln
-----------------------------------------------------
Bic Camera Co. will acquire 5,100,000 common shares and
7,577,500 preferred shares in electric appliance retailer Sofmap
Co. for JPY2 billion next month, Japan Times relates.

By obtaining the new shares, Bic Camera will have a 61.56
percent stake in Sofmap, up from 14.47 percent.

Sofmap has been suffering from sluggish sales in recent years
due to falling product prices and competition from rivals, but
it aims to make "a V-shaped recovery" from the next fiscal year
by sharing expertise and enhancing cooperation in distribution
and original product development under the deal.

Sofmap expects a net loss of JPY9.3 billion on sales of JPY100
billion, compared with its October projection of a net loss of
JPY460 million on sales of JPY101.4 billion.

CONTACT:

Bic Camera Co.
Sennichimae 2-10-1
Chuo-ku, Osaka, Japan
542-0074
Phone: (06) 6634-1111
Web Site: http://www.biccamera.co.jp/store21ver2/nanba.html


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

C&M FINANCE: Moody's Gives (P)Ba2 Rating to Proposed Notes Issue
----------------------------------------------------------------
Moody's Investors Service assigned a provisional foreign
currency senior unsecured long-term debt rating of (P)Ba2 to the
proposed US$550 million Notes (the Notes) issue, due 2011 and
2016, of C&M Finance Ltd., backed by C&M Co. Ltd. (C&M) and its
operating subsidiaries.

The proceeds will be utilized to refinance bank loans and fund
potential acquisitions in the future. At the same time, Moody's
assigned a provisional foreign currency corporate family rating
of (P)Ba2 to C&M. This is the first time that Moody's has
assigned ratings to the C&M Group. The outlook for the ratings
is stable.

The securities will be sold in a privately negotiated
transaction -- without registration under the Securities Act of
1933 (the Act) -- under circumstances reasonably designed to
preclude a distribution thereof in violation of the Act. The
issuance will be designed to permit resale under Rule 144A.

The ratings are principally supported by C&M's solid operating
profile as either a monopoly or duopoly provider of services in
its regions of operation within the Korean cable TV (CATV)
industry, including a large and established customer base. This
situation enables C&M to achieve strong profit margins that are
sustainable and are being translated to acquired operations. The
Korean CATV market displays utility-like characteristics,
commanding a leading position for TV broadcast distribution in
that country.

The ratings benefit from the strong demographic characteristics
of the markets in which C&M operates, primarily in or around
Seoul. Such characteristics correlate to the potential strong
demand for its new product offerings, specifically digital
services and high-speed data (HSD).

The company enjoys the highest levels of subscription revenue
(ARPU) for a Korean CATV operator, and which are expected to
grow, given recent system upgrades and increasing take up of HSD
services by existing cable subscribers.

Its digitalization process is mostly complete, thanks largely to
the concentration of the subscriber base in and around Seoul.
Consequently, Moody's expects that C&M will demonstrate
moderating capex per subscriber requirements in the near term,
bolstering its ability to generate free cash.

The company is the second largest multi-system cable TV operator
(MSO) in South Korea, and the largest in the greater Seoul
metropolitan area. It has 1.6 million subscribers to its CATV
service as well as over 310,000 ISP subscribers. It operates
principally in the greater Seoul metropolitan area,
encompassing Kuyunggi province.

It covers 43 percent of all Korean households, including those
with the highest average annual household income of
US$31,300. The growth of the company and its current position in
the market reflect positively on the strengths of its Chairman,
CEO, and their management team.

C&M's prospective financial profile is one which is well
positioned for its rating category with Adjusted Debt/EBITDA
(adjusted for off-balance sheet liabilities and cash)
potentially reducing to roughly four times during the 2006
financial year. There also appears to be good prospects for this
financial profile to continue improving over the next two to
three years.

Nevertheless, Moody's also notes the ratings reflect the higher
business risk profile of C&M, given it has enjoyed rapid growth
in recent years, both organically and through acquisitions. This
creates integration risk issues.

It also creates a risk that cash may be dissipated on non-
accretive acquisitions in the future and thus whether C&M's will
be as successful as it plans in increasing its cash flows from
new and existing customers.

Balancing this, Moody's notes the company has a sound track
record in assimilating acquired operations efficiently.

Moody's also considered risks associated with the potential for
the regulatory environment to evolve in an unfavourable manner,
including a possibility that telecoms may be able to promulgate
an attractive IP-TV service offering. Such a situation could
impact demand for C&M's services if the telecoms are able to
secure access to content, particularly free-to-air TV and
programming from the two major multiple program providers
(MPPs).

Both of these are necessary and could be challenging to obtain,
particularly given the two major MPPs are also CATV System
Operators (SO).

Moody's concluded however that such a development is more likely
to be a long term threat and it appears to be less likely to
occur in the next two to four years. There are significant
barriers to the convergence of the telecommunications and media
industries, notably regulatory and legal. In addition, any
convergence could also have benign outcomes for C&M,
particularly if it were to merge with a large telecommunications
entity.

Moody's notes that C&M is approximately 66 percent owned by Min
Joo Lee, its Chairman, and his related parties, 30.5 percent by
Goldman Sachs Principal Investment Area (GSPIA), and 3.5 percent
by Olympus Capital Holdings Asia.

C&M, like many private companies, has historically had less than
robust corporate governance. This was evidenced during 2005 when
there was a misunderstanding regarding compliance with bank loan
covenants, the matter of which was subsequently resolved.

Actions have been taken to bolster C&M's governance regime in
January 2006 with the launch of the Board Audit committee, the
appointment of two independent directors, and appointment of a
Compliance Officer.

Moody's also takes some comfort from the presence of GSPIA as it
is expected to provide strength to corporate governance. GSPIA
has two board members who together with the two independent
directors form a majority on the board, with the other three
members being Mr. Lee and two executives. In addition, GSPIA can
appoint certain key managers, including the CFO, further
enhancing the strength of the management team.

The capital structure is somewhat complex. The US$ Notes will be
issued by an offshore SPV with proceeds on-lent to individual
SOs within the group.  The Notes will enjoy an unlimited
guarantee from C&M the holding company, and more importantly,
limited guarantees from each SO to 130 percent of their
individual loans.

These guarantees rank pari passu with the other senior unsecured
creditors of the SOs. Meanwhile, the Notes covenants, to which
the SOs are party, restrict any ability to offer security to
other lenders.

Consequently, there are no material structural or effective
subordination issues for the Note-holders.

The Notes covenants include an allowance for additional debt and
this situation has been factored into the rating. Specifically,
the debt incurrence test allows leverage to a limit of six times
debt to EBITDA, while there is a carve-out of US$35 million for
additional debt that maybe secured. The restricted payments test
allows 50 percent of net income to be paid out, assuming the
debt incurrence test remains satisfied.

Moody's comments that the debt incurrence test is important as
it will limit C&M's ability to undertake additional
acquisitions, particularly if the regulatory restriction on
owning SOs -- 20 percent of the market coverage -- is either
lifted, or removed.

C&M's liquidity profile is adequate. It includes no material
debt maturities in the medium term, while access to committed
facilities enhances working capital management. The company
does, however, face the potential of a material re-financing
risk, given the majority of its debt is represented by the
Notes, which will be bifurcated into 5- and 10-year tranches
with bullet maturities.

Moody's would expect C&M to continue to develop its access to
capital in the intervening period, potentially by way of an IPO.
Access to funding in the Korean market is also considered
likely, if required.

The ratings outlook is stable, reflecting C&M's solid operating
profile. The ratings may experience upward pressure if C&M's
business profile stabilizes from its period of rapid growth and
it executes on its business plan to enhance subscriber ARPUs and
the EBITDA margins of recently acquired SOs; thereby resulting
in improvements in financial leverage and free cash flow.

This may be evidenced by group EBITDA margins between 45 and 50
percent on a stable basis, net adjusted debt/EBITDA between
three and four times on a sustainable basis, and a ratio of net
adjusted debt to free cash flow between 10 and 15 times.

On the other hand, the ratings could encounter downward pressure
if C&M continues with ongoing growth over a period of 2 or more
years and proves unable to enhance its ARPUs through
transitioning subscribers to higher value plans, upscale the
profitability of acquired SOs, and/or becomes free cash flow
negative. This may be reflected by EBITDA margins trending below
45 percent and a ratio of net adjusted debt to EBITDA
approaching five times.

C&M Co. Ltd., based in Seoul, Korea, is a leading provider of
Cable TV services in that country and an emerging provider of
high-speed data services.


HANARO TELECOM: New Owner Could Acquire Company through M&A  
-----------------------------------------------------------
The new owner of Hanaro Telecom Inc. would most likely be
determined through a merger and acquisition deal, The Korea
Herald relates.

The newly appointed leader of the Company Park Byung-mu is known
to have coordinated 30 friendly M&A cases. Mr. Park was
responsible for the merger that created Standard Chartered First
Bank Korea Limited.  He has also handled 15 hostile cases.

"It's hard to predict structural changes in the telecom
industry, but stakes are high for Hanarotelecom's M&A. The
company recently implemented workout, changed its management and
its stock value is rising," said Yang Jong-in of Korea
Investment & Securities.

SK Telecom Co., LG Group and some cable television operators are
said to have expressed interest in taking over Hanaro.  

Industry experts say that synergy effects will be maximized if
Hanarotelecom merges with Dacom Corp., which has a large pool of
fixed-line telephony customers.

Newbridge Capital Ltd. consortium that currently holds a 10.72
percent stake, American International Group Inc., with 13.67
percent stake and other foreign fund invested $1.1 billion in
the Company to become its largest shareholder.

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


SSANGYONG FIRE: Taekwang to Acquire Controlling Stake
-----------------------------------------------------
Taekwang Industrial Co. will soon become the no. 1 shareholder
of Ssangyong Fire & Marine Insurance Co. after it purchases nine
million new shares in the Company, Yonhap News Agency reveals.

Ssangyong Fire will be selling the shares for KRW6 billion or
KRW7,300 per share.  The purchase will let Taekwang hold a 43.6
percent stake in the Company.

The Company will undertake a stake sale as part of efforts to
overcome a cash crunch since April 2003.  It began to experience
financial difficulties after it was separated from the now-
defunct Ssangyong Group.

The stake sale is yet to be approved by the financial watchdog,
the Financial Supervisory Commission by January 15.

CONTACT:

Ssangyong Fire & Marine Insurance Co Ltd
60 Toryom-dong Chongno-gu Seoul,
Seoul 110-051
Korea (South)
Telephone: +82 2 724 9000
           +82 2 739 4251


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

ANCOM BERHAD: Buys Back Ordinary Shares  
---------------------------------------
Ancom Berhad issued to Bursa Malaysia Securities Berhad a notice
of shares buy back with the following details:  
   
Date of buy back: January 10, 2006

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

Total number of shares purchased (units): 31,300

Minimum price paid for each share purchased (MYR): 0.690

Maximum price paid for each share purchased (MYR): 0.700

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 31,300

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

Cumulative net outstanding treasury shares as at to-date
(units): 9,183,303

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

CONTACT:

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


GADANG HOLDINGS: Unveils Related Party Transaction
--------------------------------------------------
Gadang Holdings Bhd issued to Bursa Malaysia Securities Berhad
details of the related party transaction.

(1.0) Introduction

Pursuant to Paragraph 10.08(1) of the Listing Requirements of
Bursa Malaysia Securities Berhad, Gadang Holdings Berhad
(Gadang) informed the Exchange that Mr. Ling Hock Hing, a
director of the Company via his spouse, Madam Chin Yuan Ling had
entered into a Sale and Purchase Agreement with Mandy
Corporation Sdn Bhd, a wholly owned subsidiary of Gadang, to
purchase one (1) residential property in Mandy Court, Segambut,
Mukim of Batu, Daerah Kuala Lumpur, Negeri Wilayah Persekutuan
(Related Party Transaction).

The details of the Related Party Transaction are set out in
Table A.

(2.0) Rationale

Mandy Corporation Sdn Bhd is principally involved in property
development. The sale of this residential property is in the
ordinary course of business of the Group.

(3.0) Financial effects of the related party transaction

The Related Party Transaction will not have any material effect
on the net tangible assets and earnings per share of Gadang
Group for the financial year ending May 31, 2006.

(4.0) Directors' and major shareholders' interest

Save as disclosed in Table A, none of the other directors or
substantial shareholders of Gadang or persons connected to them,
has interest, direct or indirect, in the above transaction.

(5.0) Directors' Statement

The Board, except for Mr. Ling Hock Hing, having considered all
aspects of the sale, is of the opinion that the transaction is
in the normal course of business of Gadang Group. The waiver of
the MYR5,000.00 renovation package is in line with the Company's
policy on staff benefits given to eligible staff and directors.

Table A   

Nature of              Selling              Related Party
Transaction            Price                Nature and
                       (MYR)                Extent of
                                            Related Party's
                                            Interest

Sale of one (1)
unit of apartment
in Mandy Court         99,988               Ling Hock Hing   
                                            (Note 1) Ling
                                            Hock Hing
(being director of Gadang and Mandy Corporation Sdn Bhd and full
time employee of the Group)

Note 1: Purchased via his spouse, Madam Chin Yuan Ling.

CONTACT:

Gadang Holdings Berhad
Wisma Gadang 52, Jalan Tago 2
Off Jalan Persiaran Utama
Sri Damansara 52200 Kuala Lumpur
Telephone: 03-6275 6888
Fax: 03-6275 2136


I-BERHAD: Purchases New Shares
------------------------------
I-Berhad furnished Bursa Malaysia Securities Berhad a notice of
shares buy back with the following details:
   
Date of buy back from: December 28, 2005

Date of buy back to: January 4, 2006

Total number of shares purchased (units): 177,900

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

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

Total amount paid for shares purchased (MYR): 196,986.33

The name of the stock exchange through which the shares were
purchased: Bursa Malaysia Securities Berhad

Number of shares purchased retained in treasury (units):
177,900

Total number of shares retained in treasury (units): 4,321,700

Number of shares purchased which were cancelled (units): 0

Total issued capital as diminished: 0

Date lodged with registrar of companies: 09/01/2006

Lodged by: I-Berhad

This announcement is dated 9 January 2006.

CONTACT:

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


IBRACO BERHAD: Complies With Bourse's Listing Requirement
---------------------------------------------------------
Ibraco Berhad advised Bursa Malaysia Securities Berhad that as
at December 31, 2005, IBRACO has fully complied with paragraph
8.15(1) of the Listing Requirements whereby a listed issuer must
ensure that at least 25 percent of its total listed shares are
in the hands of a minimum 1,000 public shareholders holding not
less than 100 shares each.

As at December 31, 2005, 33.51 percent of IBRACO shares were
held by 1073 public shareholders holding not less than 100
shares each.

This announcement is dated 9 January 2006.


LEBAR DAUN: Unveils Level of Public Shareholding  
------------------------------------------------
Lebar Daun Berhad (Ldaun) unveiled to Bursa Malaysia Securities
Berhad Level of Public Shareholding Spread as at December 31,
2005.

Lebar Daun advised that its level of public shareholding spread
as at December 31, 2005 is as follows:

(a) Percentage of Public Shareholdings: 35.06

(b) Number of Public Shareholders holding not less than 100
shares: 1,128

This announcement is dated 9 January 2006.

CONTACT:

Lebar Daun Berhad
No 2 Jalan Tengku Ampuan Zabedah J9/J
Seksyen 9, 40000 Shah Alam, Selangor Darul Ehsan
Malaysia
Telephone: +60 3 5511 1333 / +60 3 5511 1888


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

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

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

To view a full copy of Table 1, click
http://bankrupt.com/misc/LionCorpTable1.doc

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

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

This announcement is dated 9 January 2006.

CONTACT:

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


MAGNUM CORPORATION: Issues New Shares for Listing, Quotation
------------------------------------------------------------
Magnum Corporation Berhad advised that its additional 62,000 new
ordinary shares of MYR0.50 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Friday, January 13, 2006.

CONTACT:

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


PANGLOBAL BERHAD: To Amend Proposed Loan Stocks Buy-Back
--------------------------------------------------------
Panglobal Berhad (PGB) issued to Bursa Malaysia Securities
Berhad details of the proposed Restructuring Scheme.

(1) Introduction

Reference is made to the announcement dated September 8, 2005
wherein Avenue on behalf of PGB announced that the Company
proposes to undertake a restructuring scheme which entails the
following:

(i) Proposed Capital Reduction;

(ii) Proposed Amendments

(iii) Proposed PGI Disposal;

(iv) Proposed Rights Issue; and

(v) Proposed Loan Stocks Buy-Back.

(collectively, the Original Proposed Restructuring Scheme)

Avenue on behalf of PGB advised that the Company proposes to
revise certain terms of the Proposed Loan Stocks Buy-Back,
further details are set out in Section 2 below.

(2) Details of the revision

The Company proposes the following revision to the Proposed Loan
Stocks Buy-Back (which has been disclosed in the Company's
announcement dated September 8, 2005 (Previous Announcement)):

(i) In addition to the buy-back/settlement of the Loan Stocks,
PGB also proposes to settle its debts owing to all of its
creditors with debt exceeding MYR1.0 million.

Save as disclosed above, there is no other revision to the terms
of the Original Proposed Restructuring Scheme (which has been
disclosed in the Previous Announcement).

As such, the Proposed Restructuring Scheme will entail the
following proposals:

(2.1) Proposed Capital Reduction

PGB proposes to undertake a capital reduction exercise pursuant
to Section 64 of the Act involving the cancellation of MYR0.50
from every existing ordinary share in PGB of MYR1.00 each.
Kindly refer to Section 2.1 of the Previous Announcement for
further details of the Proposed Capital Reduction.

(2.2) Proposed Amendments

To facilitate the change in the par value of the Company's
ordinary shares from MYR1.00 to MYR0.50 resulting from the
Proposed Capital Reduction, the Company proposes to amend its
Memorandum and Articles of Association.

(2.3) Proposed PGI Disposal

The Proposed PGI Disposal shall entail the disposal for cash by
PGB of up to 99,970,156 PGI Shares representing 99.97 percent
equity interest in PGI for not less than the NTA value of PGI,
calculated in proportion to the number of PGI Shares to be
disposed of, based on its latest audited financial statements at
the time of signing of the agreement for the disposal. Kindly
refer to Section 2.3 of the Previous Announcement for further
details of the Proposed PGI Disposal.

(2.4) Proposed Rights Issue

PGB proposes to implement a renounceable rights issue of
420,391,020 PGB Shares at an issue price of MYR0.50 per PGB
Share on the basis of three (3) Rights Shares for every one (1)
PGB Share held after the Proposed Capital Reduction, to the
shareholders of the Company whose names appear on the Record of
Depositors on an entitlement date to be determined and announced
later by the Board. Kindly refer to Section 2.4 of the Previous
Announcement for further details of the Proposed Rights Issue.

(2.5) Proposed Debt Settlement Scheme

PGB proposes to undertake a debt settlement arrangement with all
of its creditors with debts exceeding MYR1.0 million (Proposed
Debt Settlement Scheme) in the following manner:

(2.5.1) Proposed Debt Settlement with Secured Scheme Creditors
The Proposed Debt Settlement with Secured Scheme Creditors
(hereinafter defined) entails the settlement of debts owing to
the Company's secured creditors with an outstanding amount
exceeding MYR1.0 million each (Secured Scheme Creditors). The
principal amount owing to the Secured Scheme Creditors as at
September 1, 2005 is MYR467.551 million (i.e. excluding interest
accrued from June 9, 2005) comprising the MYR467.551 million
nominal value RCSLS held by the RCSLS Holders and which shall be
settled based on the following terms:

(i) Waiver of all interest payment from June 9, 2005 up to and
including the Completion Date and any redemption premium
payable;

(ii) For every ascribed ERV of the debt (Secured Portion), PGB
shall pay that debt to the extent of the ascribed ERV in full.
The ascribed ERV of the respective RCSLS Holders' security
amounts to an aggregate of MYR110.668 million. PGB shall
undertake to settle the Secured Portion of the RCSLS by cash
payment of MYR1.00 for every MYR1.00 nominal value of the
relevant Secured Portion of the RCSLS held by each of the RCSLS
Holders;

(iii) The shortfall between the total Secured Portion and the
outstanding total nominal value of the debt (Unsecured Portion)
shall be settled by cash payment of MYR0.40 for every MYR1.00 of
the Unsecured Portion. The Unsecured Portion of the RCSLS
amounts to an aggregate of MYR356.883 million.

PGB shall undertake to settle the Unsecured Portion of the RCSLS
by cash payment of MYR0.40 for every MYR1.00 nominal value of
the RCSLS to the extent of the Unsecured Portion; and

(iv) The RCSLS settlement set out in paragraphs (ii) and (iii)
above shall be by way of cancellation of the RCSLS upon
satisfaction of the total cash settlement.

Thereafter, all obligations of PGB under the Trust Deed dated
April 27, 2004 constituting the RCSLS shall be discharged and
the security held by the RCSLS Holders shall be released and/or
discharged.

(The above is referred to as Proposed Debt Settlement with
Secured Scheme Creditors)

(2.5.2) Proposed Debt Settlement with Unsecured Scheme Creditors
The Proposed Debt Settlement with Unsecured Scheme Creditors
(hereinafter defined) entails the settlement of debts owing to
the Company's unsecured creditors with an outstanding amount
exceeding MYR1.0 million each (Unsecured Scheme Creditors). The
principal amount owing to the Unsecured Scheme Creditors as at
September 1, 2005 is approximately MYR201.576 million (i.e.
excluding interest accrued from June 9, 2005, if any) which
comprises the following:

(i) MYR197.089 million nominal value RCULS held by the RCULS
Holders; and

(ii) MYR4.487 million* owing to PGB's unsecured creditors with
an outstanding amount at least MYR1.0 million each (other than
the RCULS Holders) (Other Unsecured Scheme Creditors)

* The abovesaid debt was crystallized and recorded as
liabilities in the accounts of PGB on September 1, 2005. As
such, it is deemed not to have accrued any interest on or prior
to September 1, 2005.

which shall be settled based on the following terms:

(i) Waiver of all interest payment from June 9, 2005 up to and
including the Completion Date and any redemption premium
payable;

(ii) PGB shall make a cash payment of MYR0.40 for every MYR1.00
of the principal amount of the debt.

In relation to the Other Unsecured Scheme Creditors, this would
entail an estimated wavier of an aggregate amount of MYR2.693
million of their debts and the settlement of an estimated
aggregate amount of MYR1.795 million in cash; and

(iii) Thereafter, all obligations of PGB in connection with its
debt to the Unsecured Scheme Creditors shall be extinguished.

In connection with the RCULS, this means that the RCULS would be
cancelled upon satisfaction of the total cash settlement set out
in paragraph (ii).

Thereafter, all obligations of PGB under the Trust Deed dated
April 27, 2004 constituting the RCULS shall be discharged. Upon
the cash settlement set out in paragraph (ii) above, the Other
Unsecured Scheme Creditors shall unconditionally release and
discharge PGB in full from all obligations and liabilities
(including indemnities, undertaking and/or debenture
instruments, if any) and where applicable, withdraw and/or
discontinue all legal proceedings whatsoever with no order as to
cost against PGB in their capacity as defendant or respondent
with no liberty to file afresh.

The above is referred to as Proposed Debt Settlement with
Unsecured Scheme Creditors

(2.5.3) Proposed Issuance Of Warrants

(I) Proposed Issuance Of Warrants To Scheme Creditors

As compensation for the discount given by the Secured Scheme
Creditors and Unsecured Scheme Creditors (collectively, the
Scheme Creditors) under the Proposed Debt Settlement with
Secured Scheme Creditors and Proposed Debt Settlement with
Unsecured Scheme Creditors respectively, PGB proposes to issue
69,807,468 free Warrants to the Scheme Creditors on the basis
of:

(i) 12.5 Warrants for every MYR100 nominal value of the
Unsecured Portion of the RCSLS; and

(ii) 12.5 Warrants for every MYR100 debt owed to the Unsecured
Scheme Creditors as at September 1, 2005.

Kindly refer to Section 2.5.3 of the Previous Announcement for
the indicative terms of the Warrants.

(II) Proposed Issuance Of Additional Warrants

In order to ensure that there are at least 100 Warrant holders,
each holding at least 100 Warrants to meet the spread
requirement for the listing of and quotation for the Warrants on
the Main Board of Bursa Securities, PGB proposes to implement an
additional issuance of 10,000 free Warrants to 100 Selected
Holders.

The indicative terms of the Warrants to be issued pursuant to
the Proposed Issuance of Additional Warrants are identical to
the terms of the Warrants set out in Section 2.5.2 (C) (I)
above.

A summary of the returns due to the Scheme Creditors pursuant to
the Proposed Debt Settlement Scheme is set out in Table 1. The
Proposed Debt Settlement Scheme will be implemented by way of a
scheme of arrangement pursuant to Section 176 of the Act.

(3) Utilization of proceeds

In view of the above revision, the total indicative proceeds of
MYR360.196 million from the Proposed Rights Issue and Proposed
PGI Disposal is expected to be utilized for the following:

(a) MYR334.052 million to be utilized for the cash settlement
under the Proposed Debt Settlement Scheme; and

(b) The balance proceeds of RM26.143 million shall be utilized
to finance the working capital requirements of the PGB Group and
to defray expenses incidental to the Proposed Restructuring
Scheme.

The proceeds arising from the exercise of the Warrants shall be
utilized for the working capital requirements of the PGB Group.

(4) Effects of the proposed Restructuring Scheme

The effects of the Proposed Restructuring Scheme on the share
capital, substantial shareholdings, NTA, gearing, earnings and
dividend of the PGB Group are as follows:

(4.1) Share Capital

The effects of the Proposed Restructuring Scheme on the issued
and paid-up share capital of PGB are set out in Table 2.

(4.2) Substantial Shareholdings

The proforma effects of the Proposed Restructuring Scheme on the
substantial shareholdings of PGB are set out in Table 3.

To view a full copy of Table 3, click
http://bankrupt.com/misc/PanGlobalBerhad010605.doc

(4.3) NTA And Gearing

Based on the consolidated audited financial statements of the
PGB Group for the financial year ended December 31, 2004, the
proforma effects of the Proposed Restructuring Scheme on the NTA
and gearing of the PGB Group are set out in Table 4.

(4.4) Earnings

The Proposed Restructuring Scheme is expected to enhance the
future earnings of the PGB Group.

(4.5) Dividend

The potential effect of the Proposed Restructuring Scheme on the
dividends to be declared by PGB for the future financial years
would be dependent on the dividend rate to be determined after
taking into consideration the financial performance of the PGB
Group.

(5) Directors' and substantial shareholders' interest

Save for their interest as shareholders, none of the Directors
and/or substantial shareholders of PGB and persons connected
with the Directors and substantial shareholders have any
interest, direct or indirect, in the Proposed Restructuring
Scheme.

(6) Court Order

The Company had on January 5, 2006 obtained a sealed order
(Order) from the High Court of Malaya (Court) specifying, inter-
alia the following:

(i) PGB is given the liberty to convene separate meetings of its
classes of creditors (Court-Convened Meetings) for the purpose
of considering and, if thought fit, approving with or without
modifications, the Proposed Debt Settlement Scheme;

(ii) The Court-Convened Meetings shall be held within twelve

(12) Months from the date of the Order; and

(iii) All further proceedings in any pending action or
proceedings or the institution or commencement of any
proceedings against the Company in any legal action including
winding-up, attachment, repossession, execution, foreclosure and
arbitration proceedings against the Company be restrained and/or
stayed for a period of 90 days from the date of the Order except
by leave of the Court (Restraining Order).

The Company does not expect the Restraining Order to have any
material effect on the financial and operational matters of the
PGB Group.

This announcement is dated 6 January 2006.

CONTACT:

Panglobal Bhd   
Level 33, Menara Panglobal,
8 Jalan Sultan Ismail,
Kuala Lumpur
Wilayah Persekutuan 50250
Malaysia
Telephone: 03-20319199   
Fax: 03-20323977


PATIMAS COMPUTERS: Converts ICULS to Ordinary Shares
----------------------------------------------------
Patimas Computers Berhad advised that its additional 5,000 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR19,000 six percent Irredeemable Convertible
Unsecured Loan Stocks 2001/2006 INTO 5,000 new ordinary shares
OF MYR1.00 each will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Friday,
January 13, 2006.

CONTACT:

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


POS MALAYSIA: New Shares Up for Listing, Quotation
--------------------------------------------------
POS Malaysia & Services Holdings Berhad advised that its
additional 123,000 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., Friday, January 13, 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


PROMTO BERHAD: To Appeal Against Notice to Show Cause
-----------------------------------------------------
Promto Berhad received a Notice to Show Cause on De-Listing of
Securities of Promto from Bursa Malaysia Securities Bhd (Bursa
Securities). The Notice, dated January 6, 2006 is in respect of
the Company's failure to issue:

(i) Annual Reports for the financial years ended December 31,
2002, 2003 and 2004 pursuant to Paragraph 9.23 (a) of the
Listing Requirements of Bursa Securities (LR);

(ii) Annual Audited Accounts for the financial years ended
December 31, 2002, 2003 and 2004 pursuant to Paragraph 9.23 (b)
of the LR; and

(iii) All Quarterly Reports for the financial years ended
December 31, 2003 and 2004 and the First Quarterly Report for
the period ended March 31, 2005 Pursuant to Paragraph 9.22 of
the LR.

The Company advised that:

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

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

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

The Company will appeal against a Notice to Show Cause issued on
the January 6, 2006 from 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:

Promto Berhad
Lot 13A-2, Level 13A
Menara Milenium
Jalan Damanlela
Damansara Heights
50490 Kuala Lumpur
Telephone: 03-271 02332
Fax: 03-271 02662
Web site: http://www.promto.com


SAAG CONSOLIDATED: Undertakes Private Placement
-----------------------------------------------
Saag Consolidated (M) Bhd advised that SAAG's additional 400,000
new ordinary shares of MYR1.00 each being the first tranche of
the Private Placement of up to 4,467,500 new ordinary shares of
MYR1.00 each will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Friday,
January 13, 2006.

CONTACT:

SAAG Consolidated (M) Berhad
Unit 19-5, Block C1, Dataran Prima, Jalan PJU 1/41
47301 Petaling Jaya, Selangor Darul Ehsan
Telephone: 603 7884 8200
Fax: 603 7880 7958
Media Inquiries: rraveena@commsuite.com.my


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

BACNOTAN CONSOLIDATED: Notes Change in Shareholdings
----------------------------------------------------
Bacnotan Consolidated Industries Inc. (BCI) furnished the
Philippine Stock Exchange a copy of SEC Form 23-B (Statement of
Beneficial Ownership of Securities) of Mr. Roberto M. Lavina,
Senior Vice President-Treasurer, pursuant to Section 13 of the
Revised Disclosure Rules pertaining to 'Disclosure on
Transactions of Directors and Principal Officer 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_bacnotanconsolidated011106.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


LAFAYETTE MINING: Working to Resume Rapu-Rapu Operations
--------------------------------------------------------
Lafayette Mining Inc. said it would comply with the conditions
set by the government so it could restart its gold mining
operations on Rapu-Rapu Island, Albay as soon as possible, The
Philippine Star has learned.

The mining firm's operations were suspended by the Environmental
Management Bureau (EMB) in Region 5 after two mining spill
incidents in October 2005, which leaked about five cubic meters
of mine effluents containing cyanide in nearby creeks.

The company said it is now looking at options with the recent
order of the Department of Environmental and Natural Resources
(DENR) Pollution Adjudication and Control Board (PAB) to pay a
Php10.4 penalty for violating provisions of the Clean Water Act.

Aside from the Php10.4-million fine, the mining company was also
required to submit an International Organization for
Standardizations of all types as well as to government's and
other regulatory bodies.

The fine against Lafayette is to date the biggest penalty
imposed by the DENR for violation of the Clean Water Act.

The PAB order added that Lafayette will not be allowed to
operate and discharge wastewater until the full rehabilitation
of its settling ponds and polishing and events ponds.

The suspension order will remain until the completion of the
following requirements: Submission of an Environmental
Management System or an ISO 14001 certification; submission of a
comprehensive pollution control program which will include
specifications on the budget and the antipollution facility it
will use; a surety bond equivalent to 25 percent of the total
cost of the pollution control program it will undertake; a
detailed description of the interim remedial measure to mitigate
the pollution caused; and proof of employment of a pollution
control officer accredited by the DENR.

CONTACT:

Lafayette Mining Limited
Suite 1, Level 5
189 Flinders Lane
Melbourne
Australia VIC 3000
Telephone: +61 (0)3 9654 6044
Facsimile: +61 (0)3 9654 6010
E-mail: info@lafayettemining.com
Web site: http://www.lafayettemining.com


LEPANTO CONSOLIDATED: Monitors Shares Pursuant to Rights Offer
--------------------------------------------------------------
In connection with the Circular for Brokers No. 4864-2005, dated
November 3, 2005, pertaining to the listing of 4, 264,671,951
common shares of Lepanto Consolidated Mining Company, divided
into 2,558,803,769 Class "A" shares and 1,705,868,182 Class "B"
shares, with a par value of Php0.10 per share, to cover its 1:5
pre-emptive rights offering to all stockholders of record as of
September 21, 2005 at an offer price of Php0.20 per share.

Please be informed that in a letter dated January 5, 2006, the
Company advised that further to the 4,262,527,063 fully paid
shares, an additional 679,200 shares were fully paid broken down
as follows:

Class "A" shares      626,652
Class "B" shares       52,548
TOTAL                 679,200

This brings the number of fully paid shares to a total of
4,263,206,263 common shares and the number of partially paid
shares to 1,465,688 common shares.

In view thereof, the additional fully paid 679,200 common shares
may be traded starting Wednesday, January 11, 2006.

The designated stock transfer agent is authorized to record and
register in its books the additional fully paid 679,200 shares.
The transfer agent shall be authorized to record and register
the remaining 1,465,688 partially paid shares only upon full
payment of the same by the concerned subscribers.

CONTACT:

Lepanto Consolidated Mining Co.
21st Floor, Lepanto Building
8747 Paseo de Roxas
1226 City of Makati
Telephone No. 815-9447
Fax: 63 (2) 812-0451/63 (2) 810-5583
E-mail: mis@lepantomining.com
Web site: http://www.lepantomining.com


NATIONAL POWER: Given Until Jan. 20 to Ink Meralco Supply Deal
--------------------------------------------------------------
The National Power Corporation (Napocor) and Manila Electric
Company (Meralco) are required to sign a transition supply
contract (TSC) by January 20, according to BusinessWorld.

The Energy Regulatory Commission (ERC) said that the TSC between
the two firms will be terminated upon start of commercial
operations of the wholesale electricity spot market.

In a decision amending its directive in November that the two
power companies should already enter into a transition supply
contract, the regulator clarified that Meralco should buy
supplies from Napocor up to the opening of the spot market.

The ERC, however, stressed that the deal should be inked by
January 20 for the contract to take effect midnight of January
25.

The bilateral power supply contract between the two power firms
ended on December 31, 2004. On January 4 last year, the
regulator issued another order directing the power firms to
continue such contract "pending the consummation of a transition
supply contract to avoid power outages within Meralco's
franchise area".

A transition supply deal is mandated under the Electric Power
Industry Reform Act (EPIRA), while the government sells
Napocor's generating assets. This will ensure that the incoming
private investor will have a ready market upon takeover of the
assets.

CONTACT:

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


PHILIPPINE AIRLINES: Quits Riyadh, KL Services for U.S. Flights
---------------------------------------------------------------
Philippine Airlines (PAL) said it will halt services to Riyadh
and Kuala Lumpur in March and February, respectively, The
Philippine Daily Inquirer reports.

PAL's decision is in line with efforts to increase flights to
the United States and revive major destinations such as India.

The national flag carrier will suspend its unprofitable Riyadh
route on March 12 so it can use the aircraft to open more
flights to the United States.

PAL flies thrice a week to Kuala Lumpur. It will suspend the
service on Feb. 15. The carrier's volume to the Malaysian
capital was affected by the entry of Malaysia's low-cost carrier
flying to and from the Clark Special Economic Zone, north of
Manila.

PAL said in a statement it would continue to serve the needs of
travelers to the Middle East, particularly OFWs, via code-share
partnerships with Emirates and Qatar Airways. It said it was
also in talks with other Middle Eastern carriers to expand and
enhance the coverage of its code-share network.

The U.S. route remained the most profitable of PAL's overseas
destinations, and the carrier was considering increasing flight
frequency to San Francisco or Los Angeles. Flights to the U.S.
East Coast were also being considered.

This year or in early 2007, PAL may start also flying to Mumbai
(formerly Bombay) in India. PAL used to fly to India but stopped
serving the route in 1954. Frequency of trips to India is still
under study.

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


TPG CORPORATION: Says Planholders' OK of Pre-need Exit Unlikely
---------------------------------------------------------------
TPG Corporation is finding it hard to secure 100-percent
approval its planholders needed to exit its pre-need operations,
BusinessWorld reports.

The embattled firm admitted it will be tough getting all
planholders to approve its proposed "step-up program".  The
program is aimed at solving the uncontrolled tuition increases
that had plagued the pre-need industry.

TPG's senior assistant vice-president for marketing and product
development Mercedita Pinili-Yutuk said the company could not
get all planholders to approve a proposal necessary to pave the
way for its plan to bolt out of the pre-need industry.

Earlier, the Securities and Exchange Commission (SEC) said it
would not object TPG's plan to become a total financial services
company for as long as it its 20,000 shareholders give their
nod.

But TPG said that the requirement, which differed completely
from the percentage of required approval discussed earlier, may
be a big hurdle for the company.

The firm also dismissed reports that it was coercing planholders
to sign the proposal in its road shows in recent months.

Ms. Pinili-Yatuk said TPG has answered the letters of at least
five planholders who have written to the corporate regulator
about their concerns on the proposal.

CONTACT:

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


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

BNP PARIBAS: Asks Creditors to Submit Debt Claims
-------------------------------------------------
Notice is hereby given that the creditors of BNP Paribas
Peregrine Investment Holdings 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 Feb. 6, 2006, and if so required by
written notice by 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 6th day of January 2006

Neo Ban Chuan
Yeap Lam Kheng
Liquidators
C/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


HOLLAND LEEDON: Prepares to Wind Up Operations
----------------------------------------------
Notice is hereby given that the creditors of Holland Leedon 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 Feb. 6, 2006.

If so required by written notice from the said Liquidators, they
are to come in by their solicitors or personally 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 6th day of January 2006.

Neo Ban Chuan
Yeap Lam Kheng
Liquidators
C/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


INFORMATICS HOLDINGS: Lists Rights Issues, Warrants
---------------------------------------------------
Informatics Holdings Limited announced that in relation to its
latest rights and warrants issue which was 1.68 times
subscribed, 392 million rights shares and 196 million warrants
were listed and quoted on the official list of the Singapore
Exchange & Securities Trading Limited.

As of Jan. 11, 2006 and Jan. 12, 2006, trading in the rights
shares and warrants has begun on a "Ready" basis.

By Order of the Board

Simon Lau Yang Hin
Company Secretary

Jan. 9, 2006

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


MITSUI HIGH-TEC: Asks Creditors to Submit Proof of Claims
---------------------------------------------------------
Notice is hereby given that the creditors of Mitsui High-Tec
International (Singapore) 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 Feb. 6, 2006.

If so required by written notice from the said Liquidators, they
are to come in by their solicitors or personally 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 6th day of January 2006

Bob Yap Cheng Chee
Neo Ban Chuan
Liquidators
C/o 16 Raffles Quay #22-00
Hong Leong Building
Singapore 048581


SHANGHAI EASTERN: Receiving Claims Until Feb. 6
-----------------------------------------------
Notice is hereby given that the creditors of Shanghai Eastern
Construction Consultant Pte Limited, which is being wound up
voluntarily, are required to send in their names and addresses
and the particulars of their debts or claims and the names and
addresses of their solicitors (if any) to the Company Liquidator
on or before Feb. 6, 2006.

If so required by written notice from the said Liquidators, they
are to come in by their solicitors or personally 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 6th day of January 2006

Chia Soo Hien
Liquidator
C/o BDO Raffles
5 Shenton Way
#07-01 UIC Building
Singapore 068808


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

MILLENNIUM STEEL: Concludes Conversion of Shares
------------------------------------------------
Millennium Steel Public Company Limited informed the Stock
Exchange of Thailand (SET) that preferred shares could be
converted into ordinary shares. The conversion period is 11
years and will end on November 28, 2013.

The preferred shareholders can apply for the conversion of the
preferred shares into ordinary shares every business day of the
company.
    
The Company informed the SET that Kasikornbank Public Co. Ltd.
who held the company's preferred shares has exercised the right
to convert preferred shares into ordinary shares in the amount
of 18,449,950 shares. The conversion ratio is 1 preferred share
can be converted into one ordinary share.

The company has completed the conversion on January 6, 2006 and
has currently issued shares totaling 6,316,997,790 which are
5,664,056,515 ordinary shares and 652,941,275 preferred shares.
   
Please be informed accordingly.

Sincerely yours
Millennium Steel Public Company Limited
Mr. Santi Charnkolrawee
President

CONTACT:

Millennium Steel Public Company Limited   
Shinawatra Tower 3, Floor 22,
1010 Viphavadi Rangsit Road, Ladyao,
Chatuchak Bangkok    
Telephone: 0-2949-2949   
Fax: 0-2949-2889   
Web site: http://www.Millenniumsteel.com
    

THAI AIRWAYS: Presidential Post Attracts Five Applicants
--------------------------------------------------------
Thai Airways International Plc. have received five applications
for its presidential post, The Nation reports.

One of the five applicants is veteran financier Teerasak
Suwannayos.  High-profile candidates were also believed to have
submitted applications.  The search for the post is extended
until later this month.

Mr. Teerasak is currently the acting president of the Islamic
Bank of Thailand (SET).  He is also former managing director of
International Trust and Finance and Siam City Credit Finance and
Securities, both of them defunct finance companies.

The remaining four applicants are Thai insiders.  Supachai
Limipisvasti is Thai Airway's managing director of technical
services, who has been with the Company for more than 21 years.

Another insider is Chinawut Naressaenee, executive vice
president for customer service, who has been with THAI for more
than 30 years. He has experience in aircraft engineering and
development, ground machinery support and standards and safety
assurance.

The third in-house applicant is Norahuch Ployyai, executive vice
president for standards and safety assurance.  He has been with
THAI for 27 years, during which he has gained experience in
flight operations and special projects. The last insider is
Apinan Sumanaseni, executive vice president of operations, a
THAI employee for nearly 30 years.

The Company was believed to have asked PTT's Pichai Chunhavajira
to apply due mainly to his expertise in stabilizing PTT's
finances in an environment of huge investment. However, Mr.
Pichai reportedly declined the invitation.

The deadline for the applications was extended as only few well-
qualified outsiders are showing interest in the job.

One member of the selection committee prefers to pick someone
with financial expertise while skills in human resource
management and overseas business expansion will boost an
applicants' chances.

CONTACT:

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






                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
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