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

                     A S I A   P A C I F I C

             Monday, January 16, 2006, Vol. 9, No. 011

                            Headlines

A U S T R A L I A

ADVISION PTY: Liquidator to Present Wind Up Report
ALI MAY: Placed Under Voluntary Liquidation
ALLSTATE EXPLORATIONS: Issues Beaconsfield Reserve Statement
BAIRNS INVESTMENTS: Asks Creditors to Submit Proofs of Claim
BEATTY BROKERS: To Declare First, Final Dividend

CARTER HOLT: Rank Extends Offer for Sixth Time
CHEM SERVICES: Wind Up Process Initiated
CORALTREE INVESTMENTS: Liquidator to Distribute Company Assets
DURI WORLD: Inability to Pay Debt Prompts Winding Up
EVP ADELAIDE: Schedules Final Meeting Jan. 23

FAR WEST: Intends to Pay Final Dividend
FREESCALE AUSTRALIA: 145 Jobs to Go After Closure
GLOSTER APPAREL: Appoints Official Liquidators
HERITAGE FINE: Businessman Travels to Sell Wine
J MUSCAT: Members to Review Wind Up Report

M&D REAL: Winds Up Operations
MUSIC AUSTRALIA: Creditors to Receive First, Final Dividend
MYER LIMITED: Melbourne Price 'Wishful Thinking'
NOWRA WALL: Creditors Confirm Liquidator's Appointment
ROAN CONSTRUCTIONS: Decides to Close Business

SAM WHO: Court Orders Winding Up
SOFT CENTRE: Creditors Resolve to Wind Up Firm
STIRLING VENTILATION: Members, Creditors Meet to Discuss Wind Up
TEAGIN PTY: Enters Voluntary Liquidation
TELSTRA CORPORATION: Works Things Out with Telecom NZ

VILLAGE LIFE: Mystery Buyer Grabs Stake
VILLAGE LIFE: Says Stake Buyer Unknown
VOLANTE GROUP: Panel Explains Decision on Commander Bid
WA FISHER: Members Pass Winding Up Resolution
WESTPOINT GROUP: Planners Admit Huge Fees


C H I N A  &  H O N G  K O N G

401 CLEANSING: Set to Shut Down Business
401 CONCEPT: Commences Winding Up Process
401 LIMITED: EGM Set for February 9
BANK OF CHINA: Becomes EBS Spot Customer
BANK OF CHINA: Launches New Foreign Exchange Management Products

CHINA HAISHENG: Fails to Reveal End of Stabilization Period
CHINA LIFE: Morgan Stanley Downgrades Rating to 'Underweight'
CLP HOLDINGS: Hong Kong Plans May Hurt Credit Quality
GENERAL MOTORS: May Export Cheap Cars from China Factories
JILIN CHEMICAL: Notes Last Day of Dealings

LUCCI CREATION: Winding Up Hearing Fixed Dec. 7
MAE HOLDINGS: 1H05 Net Loss Widens to HK$22.8 Mln
ORIENTAL INVESTMENT: Postpones Result Announcement to Jan. 24
SHORTRIDGE LIMITED: In Creditors' Voluntary Liquidation
TCL COMMUNICATION: Delays Dispatch of Circular


I N D I A

IT PEOPLE: Unveils Outcome of Board Meeting
IT PEOPLE: Notes Change in Directorate
MODIPON LIMITED: Refutes IFCI's Notice
SILVERLINE TECHNOLOGIES: In Talks for One Time Settlement


I N D O N E S I A

GARUDA INDONESIA: Investors Ask to Conduct Road Show
KIANI KERTAS: Singapore Firm Acquires Funds for Takeover Bid
PERTAMINA: Develops 15 Oil Blocks with Contractors
PERTAMINA: Set to Import 8.5 Million Barrels of Fuel in March
PERUSAHAAN LISTRIK: Government Considers Subsidy Increase


J A P A N

DAIEI INCORPORATED: Introduces 54 New Entrees
FUJITSU LIMITED: To Expand Hard Disk Drive Business
JAPAN AIRLINES: JCR Assigns BBB Rating
NIPPON ELECTRIC: Rating Outlook Revised to Positive
SANYO ELECTRIC: Morgan Stanley Becomes Top Shareholder

SANYO ELECTRIC: Canada Launches World's Smallest Digital Camera


K O R E A

CITIBANK KOREA: Under Yet Another Investigation


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
AMBB CAPITAL: Preference Shares Rated (P)Ba2 by Moody's
ANTAH HOLDING: AGM Slated Next Month
ANTAH HOLDING: Auditors Fail to Give Opinion on FS
AVANGARDE RESOURCES: To Convene AGM Next Month

AVANGARDE RESOURCES: Issues Update to Unit's Wind Up Process
AYER HITAM: Sees No Changes to Payment Default Status
GEORGE TOWN: To Make Representation to Avoid Delisting
LANKHORST BERHAD: Securities on the Brink of Delisting
MALAYAN UNITED: SC Extends Compliance to Equity Condition

MANGIUM INDUSTRIES: Unveils Public Shareholding Spread
NALURI CORPORATION: Details Public Shareholding Spread
POLY GLASS: Director Acquires Additional Shares
SARAWAK ENTERPRISE: Sub-unit Placed in Winding Up Process
SOUTHERN BANK: Holds Share Buy Back

TRU-TECH HOLDINGS: Updates Proposed Restructuring Scheme


P H I L I P P I N E S

MAYNILAD WATER: Taps Financial Adviser for 'Reprivatization'
NATIONAL FOOD: Seeks Additional Rice Imports to Boost Reserves
PHILIPPINE AIRLINES: Enjoying More Perks than Rivals, Says DoJ
RFM CORPORATION: Posts Amended Beneficial Ownership Reports
T'BOLI AGRO-INDUSTRIAL: To Restart Operations After Idle 1 Year


S I N G A P O R E

ACCORD CUSTOMER: Unaware of Increase in Share Trading
CHINA AVIATION (S): Presents Rehab Plan to Investor Group
DURABEAU CONSTRUCTION: Prepares to Pay Dividend
LINDETEVES-JACOBERG: Discontinues Capital Reduction Plan
MARLEX DISTRIBUTORS: Set to Declare Dividend


T H A I L A N D

EMC PUBLIC: Clinches New Contract
SRITHAI FOOD: Seeks to Undergo Rehabilitation
THAI AIRWAYS: Unveils Result of Warrant Exercise

     -  -  -  -  -  -  -  -

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

ADVISION PTY: Liquidator to Present Wind Up Report
--------------------------------------------------
Notice is hereby given that a final meeting of the members and
creditors of Advision Pty Limited will be held on Jan. 23, 2006,
9:00 a.m. at the office of Nicholls & Co. Chartered Accountants,
Suite 103, 1st Floor, Wollundry Chambers, Johnston Street, Wagga
Wagga NSW, to receive the Liquidator's account showing how the
Company was wound up and its property disposed of, and to hear
any explanation that may be given by the Liquidator.

Dated this 7th day of December 2005

Stephen Jay
Liquidator
C/o Nicholls & Co. Chartered Accountants
PO Box 852, Wagga Wagga NSW 2650


ALI MAY: Placed Under Voluntary Liquidation
-------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Ali May Clothing Pty Limited held on Dec. 13,
2005, the following Special and Ordinary Resolutions were
passed:

That the Company be wound up voluntarily, and that Mr. Arthur
Eady, Chartered Accountant of Level 6, 131 Clarence Street,
Sydney be appointed as Liquidator for the winding up.

Dated this 14th day of December 2005

Arthur Eady
Liquidator
Level 6, 131 Clarence Street
Sydney


ALLSTATE EXPLORATIONS: Issues Beaconsfield Reserve Statement
------------------------------------------------------------
The Resource/Reserve Statement for the Beaconsfield Mine as at
December 31, 2005 is attached.
http://bankrupt.com/misc/tcrap_allstateexplorations011306.pdf.

Allstate Explorations NL (Subject to Deed of Company
Arrangement) notes the following:

(1) Pleasingly, excluding depletion for the period July-December
2005 the reserve is not materially different to that as at June
30, 2005.

(2) The material change in the Inferred resource category from
the June 30, 2005 Resource Statement is a result of the movement
of material located in the 840E Zone of the Beaconsfield Mine
from the Inferred category to the Indicated category, as a
result of the completion of the diamond drilling campaign in
that area.

(3) Work is ongoing to optimize the current resources for
possible conversion to reserves. This detailed study is expected
to be completed by April 2006.

CONTACT:

Allstate Explorations NL
The Administrator
Taylor Woodings Corporation Services
6th Floor, 30 The Esplanade
PERTH, AUSTRALIA, 6000
Telephone: 08 9321 8533
Fax: 08 9321 8544


BAIRNS INVESTMENTS: Asks Creditors to Submit Proofs of Claim
------------------------------------------------------------
Notice is given that the creditors of Bairns Investments Pty
Limited, whose debts or claims have not already been admitted,
are required to prove their debts or claims and to establish any
title they may have to priority by delivering or sending through
the post a formal proof of debt or claim to the Liquidator, on
or before Jan. 31, 2006.

In default thereof, they will be excluded from the benefit of
any distribution made before their debts or claims are proven or
their priority is established, and from objecting to the
distribution.

Dated this 23rd day of December 2005

Allan William Donald FCA
Liquidator
Level 8, 37 York Street
Sydney NSW 2000


BEATTY BROKERS: To Declare First, Final Dividend
------------------------------------------------
Beatty Brokers (Insurance) Pty Limited will declare a first and
final dividend on Jan. 24, 2006.

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

Dated this 21st day of December 2005

Dennis Beatty
Liquidator
C/o HLB Mann Judd
Level 19, 207 Kent Street
Sydney NSW 2000


CARTER HOLT: Rank Extends Offer for Sixth Time
----------------------------------------------
Rank Group owner Graeme Hart has extended his NZ$3.3-billion
(AU$2.3 billion) takeover offer for forest products group Carter
Holt Harvey Limited for the sixth time, Reuters reports.

Mr. Hart's investment vehicle, Rank Group, revealed the offer
has been extended by 14 days and will now close on Friday, Jan.
27.

Mr. Hart's NZ$2.50-a-share offer has delivered him 85.6 percent
of Carter Holt, up from 85.2 percent at the date of his last
extension three weeks ago.

Mr. Hart has not said what he plans to do if he takes full
control of Carter Holt, aside from reviewing the company's
operations.

Selling into Rank's offer has slowed ahead of the 90 percent
level at which he can compulsorily acquire remaining shares, but
buying interest is emerging from other parties. The share price
rose to a nearly five-month high of NZ$2.57 on Wednesday, seven
cents above the offer price.

If necessary, Mr. Hart can extend the deadline into February,
150 days from the offer's launch on Sept. 14.

CONTACT:

Carter Holt Harvey Limited
640 Great South Road
Manukau City, Auckland 1030
NEW ZEALAND
Phone: +64 9 262 6000
Fax: +64 9 262 6099
Web site: http://www.chh.com


CHEM SERVICES: Wind Up Process Initiated
----------------------------------------
Notice is hereby given that at a general meeting of the members
of Chem Services Pty Limited held on Dec. 14, 2005, it was
resolved that the Company be wound up voluntarily, and that Mr.
Graham Dudley Short, Chartered Accountant of 54 Sailors Bay
Road, Northbridge NSW 2063 be appointed as Liquidator for such
purpose.

Dated this 14th day of December 2005

Graham D. Short
Liquidator
54 Sailors Bay Road
Northbridge NSW 2063


CORALTREE INVESTMENTS: Liquidator to Distribute Company Assets
--------------------------------------------------------------
At a general meeting of Coraltree Investments Pty Limited held
on Dec. 16, 2005, the following Special Resolution was passed:

That the Company be wound up as a Member's Voluntary
Liquidation, and that Mr. Douglas John Farram of Carruthers
Farram & Co. Services Pty Limited be appointed as Liquidator for
such purpose, with the power to distribute the Company assets
(in specie) for the winding up.

Dated this 16th day of December 2005

Douglas J. Farram
Liquidator
C/o Carruthers Farram & Co Services Pty Limited
Suite 4, Level 4, 105 Pitt Street
Sydney 2000


DURI WORLD: Inability to Pay Debt Prompts Winding Up
----------------------------------------------------
Notice is hereby given that at a meeting of Duri World Pty
Limited held on Dec. 16, 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. Geoffrey Reidy
be appointed as Liquidator for such purpose.

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


EVP ADELAIDE: Schedules Final Meeting Jan. 23
---------------------------------------------
Notice is given that the final meeting of the members and
creditors of EVP Adelaide Pty Limited will be held on Jan. 23,
2006, 11:00 a.m. in the meeting room of SimsPartners, Level 4,
12 Pirie Street, Adelaide SA 5000, for the following purposes:

AGENDA

To lay before the meeting the Liquidator's final account on the
Company's winding up, and to give an explanation thereof.

Dated this 29th day of November 2005

Andre J. Strazdins
Liquidator
C/o SimsPartners
Level 4, 12 Pirie Street
Adelaide SA 5000


FAR WEST: Intends to Pay Final Dividend
---------------------------------------
Far West Labour Hire Pty Limited will declare a first and final
dividend on Jan. 25, 2006.

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

Mark Roufeil
Liquidator
Level 9, 31 Market Street
Sydney NSW 2000


FREESCALE AUSTRALIA: 145 Jobs to Go After Closure
-------------------------------------------------
Freescale Australia's impending closure is expected to leave 145
software engineers jobless, The Advertiser reveals.

Managing Director Jay Yntchev told staff about the decision
Wednesday last week, giving 25 people two weeks to leave and the
rest until March to finish at the Adelaide plant.

Employees are believed to have signed confidentiality agreements
as part of redundancy packages.

Freescale is a spin-off of mobile phone maker Motorola's
semiconductor products business and is listed on the New York
Stock Exchange and based in Texas. The Adelaide office and
Australian headquarters were set up in April 2004. Freescale's
Adelaide office was focusing on Systems-on-Chip (SoCs) for high-
end communications, control and consumer equipment.

The closure will follow Motorola Australia's 120 job losses at
its Technology Park operations in September, 2004, when 23 of
those workers transferred to Freescale.

CONTACT:

Freescale Australia Pty Ltd
(Australia System-on-Chip (SoC) Technology Centre)
Web site: http://www.freescale.com/


GLOSTER APPAREL: Appoints Official Liquidators
----------------------------------------------
Notice is hereby given that at an extraordinary general meeting
of the members of Gloster Apparel Productions Pty Limited held
on Dec. 13, 2005, it was resolved that the Company be wound up
voluntarily, and Ms. Robyn Louise Duggan and Mr. Max Christopher
Donnelly of Ferrier Hodgson Chartered Accountants, Level 17,
2 Market Street, Sydney, NSW were appointed as Joint and Several
Liquidators for the winding up.

Dated this 22nd day of December 2005

Robyn L. Duggan
Max C. Donnelly
Joint Liquidators
Ferrier Hodgson Chartered Accountants
Level 17, 2 Market Street
Sydney NSW 2000


HERITAGE FINE: Businessman Travels to Sell Wine
-----------------------------------------------
Brian McGuigan is now in the United States looking for buyers
for 1.3 million bottles of premium wine held by receivers of the
collapsed investment scheme Heritage Fine Wines, The Australian
has learned.

A leading wine producer, Mr. McGuigan, is reportedly talking to
several wholesalers, supermarket chains and retailers in the
U.S. about buying Heritage's wines, which include a Penfolds
Grange valued at more than AU$50,000.

Mr. McGuigan is then scheduled to visit Britain to find other
potential buyers and hold talks with Tesco, one of the big
supermarket chains.

An overseas sale of Heritage is expected to produce better
results for Heritage's investors, as it would prevent a deluge
of highly-priced vintage wine flooding the local market.

Some 3000 investors poured AU$70 million into the Heritage
scheme before it collapsed in March last year. About 1.3 million
bottles worth about AU$40 million have been reconciled by
receiver Nicholas Crouch of Crouch Insolvency.

Mr. McGuigan, with former NSW premier Nick Greiner, who invested
AU$5000 in the failed scheme, Theo's bottle shop founder Theo
Karedis, wine expert Nick Bulleid, auctioneer Steve Laws and
wine distributor Christopher Burr, have formed a team to advise
Heritage on the sales strategy of the wine.

The group, which is providing its services free, is expected to
meet on January 23 to make recommendations on which wines to
sell and which to keep.

CONTACT:

Nicholas Crouch
Liquidator
Crouch Insolvency
Chartered Accountants
Level 5, 82 Elizabeth Street,
Sydney NSW 2000
Phone: 02 9221 0266
Fax: 02 9221 0566
E-mail: admin@crouch.net.au


J MUSCAT: Members to Review Wind Up Report
------------------------------------------
Notice is hereby given that the final meeting of the members of
J Muscat Nominees Pty Limited will be held on Jan. 23, 2006,
11:00 a.m. at the offices of Allen & Co. TVA Pty Limited
Chartered Accountants, 1 Milton Close, Malvern 3144, to present
the Liquidator's final account and report on the Company's
winding up and disposal of property, and to give an explanation
thereof.

Dated this 6th day of December 2005

Desmond P. Deckker
Liquidator
C/o 1350 Ferntree Gully Road
Scoresby Vic 3179


M&D REAL: Winds Up Operations
-----------------------------
At a meeting of the members and creditors of M&D Real Estate Pty
Limited held on Dec. 12, 2005, it was resolved that the Company
be wound up voluntarily, and Mr. Ozem Kassem of Bentleys MRI
Sydney Business Recovery & Insolvency Partnership, Level 8
Carrington House, 50 Carrington Street, Sydney NSW was appointed
as Liquidator for such purpose.

Dated this 15th day of December 2005

Ozem Kassem
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
Level 8, Carrington House
50 Carrington Street, Sydney NSW


MUSIC AUSTRALIA: Creditors to Receive First, Final Dividend
-----------------------------------------------------------
Music Australia Guide Pty Limited will declare a first and final
dividend on Jan. 24, 2006.

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

Dated this 6th day of December 2005

Frank Lo Pilato
Liquidator
C/o RSM Bird Cameron Partners Chartered Accountants
GPO Box 200, Canberra ACT 2601
Phone: 02 6247 5988


MYER LIMITED: Melbourne Price 'Wishful Thinking'
------------------------------------------------
The sale price of Myer Limited's iconic Melbourne store may be a
bit unrealistic, The Sydney Morning Herald says.

Coles Myer's hopes of selling the property at between AU$600
million to AU$800 million range may be wishful thinking.

The latest broker analysis of the likely sale of Myer and its 61
stores values the 1.5 hectare prime retail site in Melbourne's
CBD at around $350 million.

Citigroup retail analyst Craig Woolford said the site, if
redeveloped, could be worth $500 million to $600 million.

Coles Myer is currently undertaking a review of the department
store and has pared down potential bidders to around five,
including Harvey Norman Holdings Ltd, with the options of
retaining or demerging the business.

The Myer site in the heard of Melbourne's CBD was one of the
most lucrative in Australia.
Property developers such as Westfield, CFS Gandel, Lend Lease,
GPT and Centro are likely to be interested in Myer Melbourne.

CONTACT:

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

or

Coles Myer Limited
800 Toorak Road
Tooronga Vic 3146
Telephone: (61 3) 9829 3111
Facsimile: (61 3) 9829 6787
Web site: http://www.colesmyer.com.au


NOWRA WALL: Creditors Confirm Liquidator's Appointment
------------------------------------------------------
Notice is hereby given that at a meeting of the members of Nowra
Wall & Floor Tiles Pty Limited held on Dec. 19, 2005, it was
resolved that the Company be wound up voluntarily. Mr. Steve
Nicols of Nicols+Brien was appointed as Liquidator for such
purpose, and creditors confirmed his appointment (as Liquidator)
at a creditors' meeting held later that day.

Dated this 20th day of December 2005

Steven Nicols
Liquidator
Nicols + Brien
Level 5, 221-229 Crown Street
Wollongong NSW 2500
Phone: 02 4226 6025
Web site: http://www.bankrupt.com.au


ROAN CONSTRUCTIONS: Decides to Close Business
---------------------------------------------
Notice is hereby given that at a meeting of the creditors of
Roan Constructions Pty Limited held on Dec. 13, 2005, it was
resolved that the Company be wound up voluntarily, and Mr.
Roderick Mackay Sutherland of Jirsch Sutherland Chartered
Accountants, was appointed as Liquidator for the wind up.

Dated this 14th day of December 2005

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


SAM WHO: Court Orders Winding Up
--------------------------------
On Dec. 14, 2005, the Supreme Court of Victoria ordered the
winding up of Sam Who Co. Pty Limited, and appointed Mr. James
Stewart to be the Company's Official Liquidator.

Dated this 23rd day of December 2005

James Stewart
Liquidator
Ferrier Hodgson
Level 29, 600 Bourke Street
Melbourne Vic 3000


SOFT CENTRE: Creditors Resolve to Wind Up Firm
----------------------------------------------
Notice is hereby given that on Dec. 15, 2005, the creditors of
Soft Centre Australia Pty Limited resolved to wind up the
Company voluntarily.

Dated this 15th day of December 2005

Daniel P. Juratowich
Bruno A. Secatore
Liquidators
Bentleys MRI
Level 7, 114 William Street
Melbourne Vic 3000


STIRLING VENTILATION: Members, Creditors Meet to Discuss Wind Up
----------------------------------------------------------------
Notice is given that a final meeting of the members and
creditors of Stirling Ventilation Pty Limited will be held on
Jan. 23, 2006, 10:00 a.m. at the offices of Lawler Partners, 763
Hunter Street, Newcastle West NSW 2302, to receive the
Liquidator's account showing the manner of the Company's winding
up and disposal of property, and to hear any explanations that
may be given by the Liquidator.

Dated this 20th day of December 2005

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


TEAGIN PTY: Enters Voluntary Liquidation
----------------------------------------
Notice is hereby given that at a meeting of the members and
creditors of Teagin Pty Limited held on Dec. 22, 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. Geoffrey
McDonald be appointed as Liquidator for such purpose.

Geoffrey McDonald
Liquidator
C/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


TELSTRA CORPORATION: Works Things Out with Telecom NZ
-----------------------------------------------------
Telecom Corporation of NZ Limited (TEL) and Telstra Corporation
(TLS) subsidiary, TelstraClear on Friday announced that they
have signed an agreement on a number of longstanding issues,
according to Egoli News.

The agreement includes interconnection, wholesaling and
Unbundled Bitstream Service (UBS).

Under the contract, Telecom NZ will provide a wholesale discount
of 5% for Homeline service and 18% for other wholesale services.
Wholesale discount for Homeline service is currently at 2%,
while discounts for other wholesale services are currently at
16%.

In addition, the interconnection rate will be set at 1c per
minute and Telecom NZ will supply TelstraClear with two UBS
services with maximum possible download speeds of 256kbps and
3584kbps at $26 and $30 respectively. The two plans will be
available to both residential and business customers.

Telecom NZ will also pay TelstraClear a one-off amount of $17.5
million as settlement of a number of longstanding commercial
issues between the two companies, principally backdating of
pricing.

Telecom NZ's general manager wholesale service, Mr Tim Lusk said
the agreement was possible because both parties had focused on
settling outstanding issues and delivering wholesale UBS
services as quickly as possible.

"We have always believed negotiated solutions are more
sustainable and better for customers than regulated outcomes, so
we were happy to help TelstraClear introduce nationwide
broadband services more quickly," he said.

"Broadband is gaining real momentum in New Zealand and it will
be good for the whole market to have a player with
TelstraClear's scale increasing its activity."

With this agreement, Telecom NZ will provide UBS services to
TelstraClear via a commercial deal rather than via terms
outlined in the Commission's December determination.

This agreement also means that a number of pending regulatory
applications can be withdrawn.

CONTACT:

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


VILLAGE LIFE: Mystery Buyer Grabs Stake
---------------------------------------
A mystery buyer has snapped up 13.5 percent of retirement
village operator Village Life in one trade.

According to The Sydney Morning Herald, the purchase sparked
speculations that Village Life could attract a takeover bid
despite standing out as the All Ordinaries index's worst
performing stock for 2005.

The AU$4.9-million trade came just days after shares in the firm
nose-dived to an all-time low of 25 cents. The company's shares
have fallen 85 percent in the past 12 months.

The crisis at Village Life, which triggered a series of profit
downgrades, was blamed on cost blowouts in the development of
new retirement villages and poor occupancy levels.

Amid growing interest in the retirement village sector from fund
managers and investors such as Babcock & Brown and Macquarie,
the flurry of trade was enough to push Village Life shares 11.5
cents or 41 percent higher, to 39.5 cents.

Market observers believe ING is the most logical buyers.
However, a spokesman from the ING Real Estate Community Living
Fund said he was unaware of any planned bid.

There were also rumors Gold Coast property trust MFS could be
behind the bid.

Some have ruled out PrimeLiving as a bidder because its business
model is entirely different to Village Life's.

Village Life's third largest shareholder, Ray Catelan, was
identified as one of the sellers in the mystery trade. Mr.
Vatelan reportedly offloaded his 5.67 percent stake.

Village Life's two largest shareholders, former managing
director Tony Roberts and AMP, were unavailable to say whether
they had sold their stakes to yesterday's buyer.

CONTACT:

Village Life Limited
61 Park Road (PO Box 1162)
Milton Queensland 4064 Australia
Telephone: +61 7 3514 6400
Facsimilie: +61 7 3514 6497
Web site: http://www.villagelife.com.au/


VILLAGE LIFE: Says Stake Buyer Unknown
--------------------------------------
Village Life admitted it was aware of the massive shares trading
on Thursday last week but said it was unaware of who acquired
them, The Age reveals.

The retirement home operator said the trade represented around
13 percent of the company, which has sparked speculation of a
takeover bid from a competitor.

"The board will continue to monitor the status of the company's
shareholding and, in accordance with its continuous disclosure
obligations, will advise the market of any matters that come to
the board's attention that may have an impact on Village Life
shares," the company said.


VOLANTE GROUP: Panel Explains Decision on Commander Bid
-------------------------------------------------------
The Takeovers Panel has published its reasons for its decision
in relation to an application from Volante Group Limited in
relation to the proposed takeover offer by Commander Corporation
Pty Limited (Commander), a subsidiary of Commander
Communications Limited, announced on Dec. 23, 2005.

The Panel was concerned that the original bidder's statement
contained a number of errors (as agreed by Commander) and had
not been prepared with the highest standards of care and
accuracy. The Panel decided that all of the issues raised in the
application relating to errors in the original bidder's
statement or announcement could suitably be dealt with by a
supplementary bidder's statement dispatched with the original
bidder's statement, and that the draft supplementary bidder's
statement tendered by Commander would be sufficient, with some
refinements requested by the Panel and accepted by Commander.

The Panel did not accept that the issues relating to the
defeating conditions of the bid and to consent to cite providers
of Australian Stock Exchange (ASX) prices would have merited a
declaration of unacceptable circumstances.

On Commander undertaking to issue that supplementary bidder's
statement, the Panel declined to commence proceedings in
response to the application and released Commander from its
undertaking not to dispatch its bidder's statement without the
prior consent of the Panel.

The reasons of the Panel are available on the Panel's web site
at Decisions or at
http://bankrupt.com/misc/tcrap_volantegroup011306.pdf.

The sitting Panel which considered the application was Nerolie
Withnall (Sitting President), Jeremy Schultz and Simon Withers.

CONTACT:

Nigel Morris
Director, Takeovers Panel
Level 47, 80 Collins Street
Melbourne, VIC 3000
Phone: +61 3 9655 3501
E-mail: nigel.morris@takeovers.gov.au

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


WA FISHER: Members Pass Winding Up Resolution
---------------------------------------------
At an extraordinary general meeting of WA Fisher Developments
Pty Limited held on Dec. 19, 2005, members resolved to wind up
the Company voluntarily, and to appoint Messrs. Justin Walsh and
Rick Dennis of Ernst & Young, Waterfront Place, Level 5, 1 Eagle
Street, Brisbane, Qld 4000 as Liquidators of the Company.

Dated this 19th day of December 2005

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


WESTPOINT GROUP: Planners Admit Huge Fees
-----------------------------------------
A financial planning group belonging to Westpoint Group's
mezzanine financing web admitted it received commissions as high
as 10 percent to collect money from the public to bankroll the
ailing property group, according to The West Australian.

Kebbel confirmed it has been paid commission in excess of 20
percent for raising cash for Westpoint.

The figure, however, was rejected by a spokesman for Kebbel and
its Executive Chairman, Richard Beck. Mr. Beck was also the
managing director of Westpoint until he resigned in
September, two months before ASIC launched an array of legal
actions against Westpoint and its network of mezzanine finance
companies. Mr. Beck has remained a director of financing
companies.

Mr. Beck's spokesman said Westpoint paid Kebbel no more than 10
percent of the money raised from investors.  From that,
commissions of between 4 and 8 percent were paid to financial
advisers for putting their clients into Westpoint's schemes.

The issue regarding commissions paid to financial advisers are
coming under the spotlight as the Australian Securities and
Investments Commission (ASIC) begins probing the role of
financial advisers in pushing their client's money into
Westpoint's high-risk, high-return development financing
schemes.

The savings of an estimated 4000 people are at risk as ASIC,
receivers, administrators and liquidators work to unravel the
network of property developments, mezzanine finance schemes and
cross-guarantees that underpinned Westpoint's national
development activities.


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

401 CLEANSING: Set to Shut Down Business
----------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance, Extraordinary General Meetings of the
Members of 401 Cleansing Services Limited will be held at
Meeting Room 1, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, at 9:15 a.m. on February 9,
2006, for the purpose of passing the following, if thought fit:

By way of Special Resolution:

"THAT it has been demonstrated to the satisfaction of this
meeting that the Companies cannot, by reason of its liabilities
and other matters, continue its business and should be wound up
voluntarily pursuant to the provisions of the Hong Kong
Companies Ordinance."

By way of Ordinary Resolution:

"THAT Cosimo Borrelli and Kelvin Edward Flynn of Alvarez &
Marsal Asia Limited, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong be nominated as Joint and Several
Liquidators of the Companies."

Members entitled to attend and vote at the meeting may appoint a
proxy to attend and vote in their place.  A proxy need not be a
Member of the Companies.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 p.m. on
8 February 2006.

Dated this 13th day of January 2006


401 CONCEPT: Commences Winding Up Process
-----------------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance, Extraordinary General Meetings of the
Members of 401 Concept Mall Development Limited will be held at
Meeting Room 1, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong, at 9:30 a.m. on February 9,
2006, for the purpose of passing the following, if thought fit:

By way of Special Resolution:

"THAT it has been demonstrated to the satisfaction of this
meeting that the Companies cannot, by reason of its liabilities
and other matters, continue its business and should be wound up
voluntarily pursuant to the provisions of the Hong Kong
Companies Ordinance."

By way of Ordinary Resolution:

"THAT Cosimo Borrelli and Kelvin Edward Flynn of Alvarez &
Marsal Asia Limited, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong be nominated as Joint and Several
Liquidators of the Companies."

Members entitled to attend and vote at the meeting may appoint a
proxy to attend and vote in their place.  A proxy need not be a
Member of the Companies.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 p.m. on
8 February 2006.

Dated this 13th day of January 2006


401 LIMITED: EGM Set for February 9
-----------------------------------
Notice is hereby given pursuant to Section 241 of the Hong Kong
Companies Ordinance, Extraordinary General Meetings of the
Members of 401 (China) Limited will be held at Meeting Room 1,
5th Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong, at 9 a.m. on February 9, 2006, for the purpose of
passing the following, if thought fit:

By way of Special Resolution:

"THAT it has been demonstrated to the satisfaction of this
meeting that the Companies cannot, by reason of its liabilities
and other matters, continue its business and should be wound up
voluntarily pursuant to the provisions of the Hong Kong
Companies Ordinance."

By way of Ordinary Resolution:

"THAT Cosimo Borrelli and Kelvin Edward Flynn of Alvarez &
Marsal Asia Limited, 5th Floor, Allied Kajima Building, 138
Gloucester Road, Hong Kong be nominated as Joint and Several
Liquidators of the Companies."

Members entitled to attend and vote at the meeting may appoint a
proxy to attend and vote in their place.  A proxy need not be a
Member of the Companies.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong not later than 12:00 p.m. on
8 February 2006.

Dated this 13th day of January 2006


BANK OF CHINA: Becomes EBS Spot Customer
----------------------------------------
EBS announced that the Bank of China (Beijing) has become its
latest EBS Spot customer.

EBS Spot covers the world's established and emerging money
markets, delivering stability and reliability, facilitating
unbiased, orderly access to the global FX market. Every day 2000
traders on 800 floors use EBS Spot to trade an average of
USD$120 billion in FX transaction, in addition to 500,000 oz of
gold and four million oz of silver.

As an EBS Spot customer Bank of China (Beijing), which conducts
the largest volume of FX transactions in China, has the
advantage of accessing the purest source of the world's Spot FX
prices. Through EBS Spot Bank of China (Beijing) will gain
access to unparalleled depth and liquidity in the G7 and other
leading currencies due the volume of transactions conducted on
the system.

EBS Spot facilitates an orderly market by providing global
counterparties access to the latest market prices through an
anonymous screen-based technology. Designed by traders for
traders, EBS Spot permits viewing and executing transactions on
the screen at the same time, and has the benefit of showing a
panel of six pairs per price allowing traders to buy and sell at
a price they want, when they want it.

Bank of China (Beijing) will install five desks on their trading
floor in Beijing in January 2006.

KC Lam, Head of Sales Asia Pacific, EBS says: "Spot FX trading
has grown by 60.5% between April 2001 to April 2004 and with
gold prices at record levels, banks in China are seeking FX
partners that help them to capitalize on the opportunities in
the market."

"We're delighted that Bank of China (Beijing) has chosen to work
with EBS and are confident that the EBS Spot system will help
Bank of China (Beijing) to increase revenues by allowing it to
directly enter the interbank FX market and access the tighter
pricing and global liquidity."

Mr. Xiaofan Sun, Global Head of FX, Bank of China (Beijing)
explains: "As a leading bank in China with a growing presence
globally, it's imperative for us to partner with the right FX
facilitator. The installation of EBS Spot ensures that our FX
traders maintain their competitive edge by gaining access to the
G7 currencies at the best prices. This is the first step to
building a long and successful relationship with EBS."

The announcement of Bank of China (Beijing) as an EBS Spot
customer is the latest in a series of high profile client wins
for EBS in China and the Asia Pacific region, having recently
announced the significant partnerships with Agricultural Bank of
China, China Construction Bank Corporation, Bank of
Communications, and CITIC Industrial Bank as EBS Spot and EBS
Prime customers. In addition, in May 2005 EBS signed Bank of
Tokyo-Mitsubushi as its first Asia-based EBS Prime Bank, and
Standard Chartered became the 18th Prime Bank in September 2005.

This press release is lifted from EBS.

CONTACT:

EBS Head Office
EBS Dealing Resources International Limited
10 Paternoster Square
London
EC4M 7DY
United Kingdom
Phone: +44 (0) 20 7029 9000


BANK OF CHINA: Launches New Foreign Exchange Management Products
----------------------------------------------------------------
Bank of China (BOC) plans to launch two new foreign exchange
management products on Thursday, China in Focus reports.

Product A will be tagged to a basket of Hong Kong listed stocks,
covering crude oil, banks, insurance and telecom sectors. It
will be traded in Hong Kong dollars. Product B will be traded in
US dollars with a maturity of 15 months and will be linked to
stock indexes, which is made up of 25 mainland companies with
the largest market value.

CONTACT:

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


CHINA HAISHENG: Fails to Reveal End of Stabilization Period
-----------------------------------------------------------
China Haisheng Juice Holdings announced that the stabilization
period in connection with the Share Offer has ended on November
27, 2005, and no stabilizing action was taken during the
stabilizing period.

The Over-allotment Option has not been exercised and lapsed.

Due to an oversight, the company failed to make an announcement
within 7 days after the end of the stabilizing period, that is,
by December 4, 2005.

CONTACT:

China Haisheng Juice Holdings
Room 1608, 16th Floor Nan Fung Tower
173 Des Voeux Road Central, Hong Kong


CHINA LIFE: Morgan Stanley Downgrades Rating to 'Underweight'
-------------------------------------------------------------
Morgan Stanley said that the valuations for the stocks of
Chinese insurance companies have become expensive and downgraded
its rating for China Life Insurance (2628) from "Equal-weight"
to "Underweight", Infocast News reports.

The brokerage also trimmed its profit forecast for the insurer.
It lowered its earnings per share (EPS) estimate to RMB0.35 from
RMB0.36 for 2005, to RMB0.42 from RMb0.46 for 2006.

The brokerage says that bond yield rebound in the fourth quarter
of 2005 was brief and did not prove to be sustainable, and that
has negative implications for investment yield outlook.
Expectation of RMB appreciation drives strong demand for RMB
denominated assets. If the insurance companies are not able to
rebalance into higher yield investment assets in a prolonged low
bond yield environment, the risks are more likely to the
downside, said the brokerage firm.

According to Chong Hing Securities, China Life has current
assets of HK$43.5 million in the year ended December 31, 2004,
while current liabilities stood at HK$342.9 million.

CONTACT:

China Life Insurance Company Limited
18th Floor, C.L.I. Building
313 Hennessy Road, Wanchai
Hong Kong
Phone: 25458111
Fax: 25444395
Web site: http://www.chinalife.com.hk


CLP HOLDINGS: Hong Kong Plans May Hurt Credit Quality
-----------------------------------------------------
Standard & Poor's Ratings Services said in an article released
on January 12 that proposed changes to the Scheme of Control
Agreements (SCAs) under which Hong Kong electricity companies
operate could have an impact on their credit quality.

The article, titled 'Credit FAQ: Hong Kong's Electricity Reform
Proposals Won't Shock, But Could Rock Profitability', says that
while the Hong Kong government proposed in a recent report to
continue the SCAs after they expire in 2008, it suggests
significant changes to their framework, including lowering the
rate of return range.

This could affect the financial performances of the two
electricity operators, Hongkong Electric Co. Ltd. (Hongkong
Electric; A+/Stable/--) and CLP Power Hong Kong Ltd. (CLP Power;
A+/Stable/A-1), as well as that of their respective parents, CLP
Holdings Ltd. (A+/Stable/A-1) and Hongkong Electric Holdings
Ltd. (A+/Stable/--).

Standard & Poor's analyses the impact the proposals would have
on the credit quality of these companies and addresses other
significant questions raised by the government's report.

"The financial profiles of the power companies are exceptionally
strong, leaving some capacity for their profiles to weaken while
the current 'A+' ratings are maintained. Nevertheless, it is
possible that a severe reduction in the rate of return-say to
about 7% for the bulk of assets-could result in materially
weakened credit quality, and trigger a negative outlook or
downgrade," says Standard & Poor's credit analyst Mary Ellen
Olson.

The government's report, titled 'Stage II Consultation on the
Future Development of the Electricity Market in Hong Kong', was
released in December 2005. The key recommended changes include:
lowering the permitted rate of return for power companies from
13.5% to 7%-11%, depending on asset type; shortening the term of
the SCAs from 15 years to 10 years; periodic review of key terms
of the agreements, such as tariffs and development plans; and
financial incentives to promote efficiency and environmental
conservation.

The government will be soliciting comments on its proposals
until the end of March 2006. The feedback will be taken into
consideration when negotiating new bilateral agreements with the
power companies that will take effect when the current SCA
agreements expire in 2008.

The FAQ article is available to subscribers of RatingsDirect,
Standard & Poor's Web-based credit research and analysis system,
at www.ratingsdirect.com.

All Standard & Poor's research information is accessible for 24
hours after publication on the public Web site at
standardandpoors.com. In the region/language dropdown menu,
select Asia/English. Then select Credit Ratings in the left hand
navigation bar. Finally, select the title of the item under the
heading Commentary & News.


GENERAL MOTORS: May Export Cheap Cars from China Factories
----------------------------------------------------------
General Motors plans to export vehicles from its Chinese
division to developing markets to supply the world with cheaply
built vehicles, the Financial Times reported Thursday.

The troubled U.S. carmaker is evaluating whether there is
sufficient demand for exports to markets such as India,
Indonesia, the Middle East and South America and will make a
decision later this year, Troy Clarke, head of GM's Asian
division, said in an interview with the newspaper.

Exports would be of the small vans and buses made by Wuling, a
carmaker bought by GM and its Chinese partner, Shanghai
Automotive Industry Corp, in 2004.

CONTACTS:

General Motors Corporation
300 Renaissance Center
Detroit, MI 48265-3000
Phone: 313-556-5000
Fax: 313-556-5108
Web Site: http://www.gm.com

Shanghai Automotive Industry Corporation (Group) Company
489 Wei Hai Rd.
Shanghai 200041, China
Phone: +86-21-2201-1888
Fax: +86-21-2201-1777


JILIN CHEMICAL: Notes Last Day of Dealings
------------------------------------------
Market participants are requested to note that dealings in the H
shares of Jilin Chemical Industrial Company Limited will cease
after the close of business on January 17, 2006 and listing of
which will be withdrawn with effect from 9:30 a.m. on January
23, 2006.

CONTACT:

Jilin Chemical Industrial Company Limited
No. 9 Longtan Rd., Longtan District
Jilin 132021, China
Phone: +86-432-390-3912
Fax: +86-432-302-8126


LUCCI CREATION: Winding Up Hearing Fixed Dec. 7
-----------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lucci Creation Limited by the High Court of Hong Kong was on
December 7, 2005 presented to the said Court by the Director of
Legal Aid of the Government of the Hong Kong Special
Administrative Region of 27th Floor, Queensway Government
Offices, 66 Queensway, Hong Kong.

The said petition is directed to be heard before the Court at
9:30 a.m. on the February 1, 2006.

Any creditor or contributory of the said company desirous to
support or oppose the making of an order on the said petition
may appear at the time of hearing by himself or his counsel for
that purpose.

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

(THOMAS E KWONG)
For Director of Legal Aid
27th Floor, Queensway Government Offices
66 Queensway
Hong Kong

Note: Any person who intends to appear at the hearing of the
said petition must serve on or send by post to the abovenamed,
notice in writing of his intention to do so. The Notice must
state the name and address of the person, or if a firm or his or
their Solicitor (if any) and must be served or if posted, must
be sent by post in sufficient time to reach the abovenamed not
later than six o'clock in the afternoon of January 31, 2006.


MAE HOLDINGS: 1H05 Net Loss Widens to HK$22.8 Mln
-------------------------------------------------
Mae Holdings Limited posted a net loss of HK$22.835 million for
the fiscal first half ended October 31, 2005, compared to a net
loss of HK$9.703 million a year ago, Infocast News reports.

Loss per share was HK$0.058. No interim dividend was declared.

CONTACT:

Mae Holdings Limited
Room 1001-1007
10/F, Lippo Sun Plaza
28 Canton Road
Tsimshatsui, Kowloon
Hong Kong
Phone: 31253125
Fax: 26948854
Web site: http://www.mae.com.hk


ORIENTAL INVESTMENT: Postpones Result Announcement to Jan. 24
-------------------------------------------------------------
Oriental Investment Corporation Limited (0735) has postponed the
announcement of its results for the six months ended January 31,
2005 from January 20, 2006 to January 24, 2006.

According to Chong Hing Securities, Oriental Investment has
current assets of HK$21.46 million in the year ended April 30,
2005, while its current liabilities stood at HK$137.94 million
in the same period a year earlier.

CONTACT:

Oriental Investment Corporation Ltd
Room 904-5, Great Eagle Centre
23 Harbour Road, Wanchai
Hong Kong
Phone: 21212221
Fax: 21212227


SHORTRIDGE LIMITED: In Creditors' Voluntary Liquidation
-------------------------------------------------------
Notice is hereby given that pursuant to Section 247 of the
Companies Ordinance (Chapter 32), the annual meetings of
creditors and contributories of Shortridge Limited will be held
at the offices of Grant Thornton, 13th Floor, Gloucester Tower,
The Landmark, 11 Pedder Street, Central, Hong Kong on January
26, 2006 at the 11 a.m. and 11:30 a.m. respectively, for the
purposes of having an account laid before the meetings by the
Joint and Several Liquidators of their acts and dealings and of
the conduct of the winding-up.

Creditors or contributories may vote either in person or by
proxy. Proxies to be used at the meetings must be lodged at the
offices of Grant Thornton at 13th Floor, Gloucester Tower, The
Landmark, 11 Pedder Street, Central, Hong Kong or sent by
facsimile to (852) 2218 3500 not later than 4 p.m. on the day
before the meeting or adjourned meetings at which they are to be
used.

Dated this 6th day of January 2006.

Alan Chung Wah Tang
Alison Wong Lee Fung Ying
Joint and Several Liquidators


TCL COMMUNICATION: Delays Dispatch of Circular
----------------------------------------------
Reference is made to the announcement of TCL Communication
Technology Holdings Limited dated December 22, 2005 in relation
to the proposed increase in authorized share capital and
proposed open offer of new shares.

The Announcement has indicated that the Company will dispatch to
the Shareholders a circular (the Circular) containing, inter
alia, the proposed increase in authorized share capital and the
Open Offer on January 13, 2006. As additional time is required
for preparation of the Circular (including the letter of advice
of the independent financial adviser) in respect of certain
financial information of the Group, the Company will delay the
dispatch of the Circular to a date not later than January 20,
2006. Save for the date of dispatch of the Circular, other dates
stated under the Section headed ``Expected Timetable'' in the
Announcement will remain unchanged.

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

CONTACT:

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


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

IT PEOPLE: Unveils Outcome of Board Meeting
-------------------------------------------
IT People India Ltd announced that the Board of Directors of the
Company at its meeting held January 09, 2006, inter alia, has,
subject to the necessary compliances and directions of the Stock
Exchanges / SEBI or any appropriate authority, considered the
following business:

1. Issue of 5% Redeemable Optionally Convertible Bonds (ROCS) of
the face value of INR80/- not exceeding the total value of INR60
million to the Promoters of the Company.

2. To raise funds way of various options that may be available
and at such times as the Board may think fit by way of Public
Issue, Rights Issue, ADR / GDR etc, to such persons as may be
determined by the Board up to an aggregate value of INR1,250
million.

3. To Increase the Authorized Share Capital from present 150
million to INR250 million.

4. Proposed Split up of the equity shares of the Company from
the present face value of INR10/- per share to INR2/- per share
subject to approval of members.

5. Extra Ordinary General Meeting for passing of necessary
resolutions is proposed to be held on February 10, 2006.

CONTACT:

IT People India Ltd
S V Road, A K Industrial Estate,
Veer Savarkar Flyover, Goregaon (W)
Mumbai 400062
Maharashtra
Phone: 28786600 28786601 28786602
Fax: 28783939


IT PEOPLE: Notes Change in Directorate
--------------------------------------
IT People India Ltd advised that the following changes in
directorate have taken place at the meeting of the Board of
Directors of the Company, held on January 09, 2006:

1. Mr. Adi Cooper, was appointed as Whole Time Director and Vice
Chairman of the company with effect from October 11, 2005.

2. Resignation of Mr. Vikram Shah as Director w.e.f. October 05,
2005, due to his preoccupancy was noted by the Board of
Directors of the Company.

Further the Company has informed that that the following changes
in directorate have taken place by way of Circular Resolution
passed by the Board of Directors of the Company on December 31,
2005:

1. Mr. Kishore Hegde appointed as Non Executive Independent
Director on the Board of the Company with effect from December
31, 2005.

2. Mr. M N Chaturvedi appointed as Non Executive Independent
Director on the Board of the Company with effect from December
31, 2005.


MODIPON LIMITED: Refutes IFCI's Notice
--------------------------------------
With reference to the earlier announcement regarding receipt of
a Notice from IFCI for conversion of defaulted installments of
loans of INR23.76 million into fully paid up Equity Shares of
INR10/- each at par, Modipon Ltd has announced that the Company
has sent necessary reply to IFCI Ltd intimating that Notice is
contrary to the terms of the Loan Agreement, unwarranted,
untenable in law and hence liable to be withdrawn.

CONTACT:

Modipon Ltd
Modinagar
Ghaziabad 201204
Uttar Pradesh


SILVERLINE TECHNOLOGIES: In Talks for One Time Settlement
---------------------------------------------------------
Silverline Technologies Ltd announced that under Financial
Restructuring Process initiated by their Corporate Advisors M/s.
Firstcall India Equity Advisors Pvt Ltd., the Company is
negotiating with various banks for One Time Settlement.

The Company is confident of reaching an amicable One Time
Settlement with various Banks and Financial Institutions.

CONTACT:

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


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

GARUDA INDONESIA: Investors Ask to Conduct Road Show
----------------------------------------------------
Potential investors have asked troubled state carrier PT Garuda
Indonesia to conduct a roadshow to cooperate in a strategic
alliance, reports Asia Pulse.

Minster for State Enterprises Sugiharto said that the Company
has been lobbying for such a request. He added that many foreign
firms were interested in conducting a strategic alliance with
Garuda Indonesia. The Company is slated to visit Australia,
Europe, the Middle East and Southeast Asia in the road show.

In order for Garuda Indonesia to compete with international
airlines, it has to cooperate in a strategic alliance with its
investors, according to Minister Sugiharto. In the first stages,
strategic cooperation would mean managing the Company, and a
possible acquisition later on. Relating to the acquisition, the
Company would keep its name, "Garuda'" and the government would
retain a controlling 51% stake.

Garuda Indonesia halted its debt payments due last December 2005
due to a lack of funds, but continues to pay interest on its
debt to its European Credit Agency creditors.

CONTACT:

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


KIANI KERTAS: Singapore Firm Acquires Funds for Takeover Bid
------------------------------------------------------------
Singapore firm United Fiber System Ltd (UFS) announced on Jan.
12, 2006 that it has lined up the necessary funds for the
acquisition of pulp mill PT Kiani Kertas and to refinance the
Company's existing creditors, including Bank Mandiri.

Kiani Kertas creditor Kingsclere Finance Limited (Kingsclere)
informed UFS that it signed an exclusive sales and purchase
agreement with the Company's existing shareholders to acquire
all its issued and outstanding share capital.

UFS said that it is in an advanced stage of negotiations with
Kingsclere for the transfer of the agreement to UFS. "This
funding will provide UFS with a solid financial capacity to
acquire PT Kiani Kertas as well as addressing the rights and
interests of its creditors," said UFS CEO Kishore Dass.

He reiterated that UFS is still pursuing the acquisition of PT
Kiani Kertas in spite of all its complications, because the
facility will give UFS an operationally-ready pulp mill and a
new revenue stream. "The acquisition will provide us a platform
to realize our vision of becoming a world-class market pulp
player in this region," he said.

Mr. Dass added that Kingsclere informed UFS that Kingsclere and
PT Kiani Kertas's shareholders are actively involved in ongoing
discussions with creditors, including Bank Mandiri.

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: Develops 15 Oil Blocks with Contractors
--------------------------------------------------
State oil firm PT Pertamina will develop 15 oil blocks together
with contractors through its subsidiary PT Pertamina EP, Asia
Pulse reports.

Pertamina EP manages the Company's mainstream operations, and
currently has 142,170 square kilometers of concession areas,
including undeveloped, old and operational oil blocks.

In cooperating with contractors, the Company hopes to hasten the
operation of the oil blocks owned by Pertamina EP. The blocks
are located in eastern Indonesia, Java, Kalimantan and Sumatra.

Pertamina's concession areas currently produce up to 135,000
barrels of crude oil on a daily basis.

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


PERTAMINA: Set to Import 8.5 Million Barrels of Fuel in March
-------------------------------------------------------------
State-owned oil and gas firm PT Pertamina plans to import up to
8.5 million barrels of fuel in March, reports Dow Jones.

According to Pertamina Marketing Director Ari Sumarno, the
Company will use the fuel imports to meet local demand.

Previous reports, however, cited the Company as cutting its fuel
imports for next month due to decreased consumption. Pertamina
will import 7.6 million barrels of oil for February, instead of
a planned 8.6 million barrel import.

Pertamina's current fuel stock level is enough to cover
consumption for 28 days, and it aims to reduce it to a more
normal 20-day to 22-day level, so as to reduce costs.


PERUSAHAAN LISTRIK: Government Considers Subsidy Increase
---------------------------------------------------------
The Indonesian government is reviewing the possibility of
increasing the fuel subsidy for state power firm PT Perusahaan
Listrik Negara (PLN), Asia Pulse reports.

Under the 2006 state budget, PLN will receive a IDR15 trillion
fuel subsidy, assuming that the global fuel price stands at
USD57 per barrel.

The Company is expected to post a IDR23 trillion loss this year,
and must therefore increase the electricity tariff if it doesn't
receive a higher fuel subsidy to operate its oil-powered plants.

Finance Minister Sri Mulyani said that PLN would need a IDR38
trillion subsidy to meet the power demands of the nation's
residential and industrial areas.

PLN President Eddie Widiono said that the government can either
increase the Company's proposed fuel subsidy or raise power
rates to cope with the losses. The government has set up a
special team to study a possible subsidy increase for the
Company.

CONTACT:

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


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

DAIEI INCORPORATED: Introduces 54 New Entrees
---------------------------------------------
Daiei Incorporated will launch 54 new precooked dishes at its
stores nationwide to boost sales by 10 percent year-on-year,
Japan Times reports, citing Chairwoman Fumiko Hayashi and
President Yasuyuki Higuchi.

Ms. Hayashi urges customers to try the firm's new precooked
products with President Yasuyuki Higuchi (right) and a chef from
Tsuji Cooking School at its outlet in Urayasu, Chiba Prefecture.

The company aims to stop using artificial colors and
preservatives in the prepackaged meals, offer foods tailored to
local tastes and increase the choice of vegetable dishes.

CONTACT:

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


FUJITSU LIMITED: To Expand Hard Disk Drive Business
---------------------------------------------------
Fujitsu Limited recently announced strategic measures to expand
its hard disk drive (HDD) business. Fujitsu will be expanding
its line of 2.5-inch models and also entering the 1.8-inch small
form factor HDD market.

The company has been focusing on 2.5-inch HDDs for mobile PCs
and 3.5-inch models for enterprise server and network storage
systems, and due to the high quality and technological
advancement of its products, held second-largest market share
worldwide in both sectors in 2005(1). Fujitsu will be focusing
its resources in markets where significant growth is expected,
aiming to double unit sales and secure its position as the
world's third-largest overall supplier of HDDs in fiscal 2008.

2.5-inch HDDs for Mobile PCs

In the mobile PC HDD market, Fujitsu will offer high-capacity
200GB products in fiscal 2006 to meet rapid growth in demand
related to the burgeoning popularity of audio visual-oriented
PCs. In addition, the company plans to introduce 7,200 rpm HDDs
for high-end PCs, as well as HDDs incorporating perpendicular
magnetic recording technology during the same fiscal year. It
also plans to introduce models capable of withstanding extreme
heat and cold for automotive and other non-PC applications. With
this expanded product lineup, Fujitsu aims to capture 30% of
this global market segment.

2.5-inch and 3.5-inch HDDs for Enterprise Systems

In addition to its flagship 3.5-inch HDDs for enterprise
servers, Fujitsu will also pursue further performance gains in
2.5-inch form factor HDDs, reflecting the trend to downsizing.
For interfaces, the company will concentrate on the increasingly
popular serial-attached SCSI (SAS) interface. In fiscal 2006, it
plans to offer high-speed, high-capacity 2.5-inch and 3.5-inch
models running at 10,000 rpm with 147GB capacity and 15,000rpm
with 300GB capacity, respectively, for use in enterprise systems
that require both high performance and high reliability. Fujitsu
likewise aims to win a 30% share of this global market segment.

1.8-inch HDDs

Fujitsu will enter the market for small form factor 1.8-inch
HDDs for application in portable music players, video cameras,
and ultra-portable notebooks that are rapidly increasing in
popularity. To accelerate development in this new sector,
Fujitsu will jointly develop products with Cornice Inc.(2), and
is planning to introduce a 120GB model in the first half of
fiscal 2007. By combining Fujitsu's experience and technology in
developing 2.5-inch HDDs with Cornice's experience and
technology in developing 1-inch hard drives for consumer
electronics, Fujitsu intends to quickly develop and bring highly
reliable products to the market.

About Fujitsu

Fujitsu is a leading provider of customer-focused IT and
communications solutions for the global marketplace. Pace-
setting device technologies, highly reliable computing and
communications products, and a worldwide corps of systems and
services experts uniquely position Fujitsu to deliver
comprehensive solutions that open up infinite possibilities for
its customers' success. Headquartered in Tokyo, Fujitsu Limited
(TSE: 6702) reported consolidated revenues of 4.7 trillion yen
(US$44.5 billion) for the fiscal year ended March 31, 2005. For
more information, please see www.fujitsu.com

Press Contacts
Fujitsu Limited
Public and Investor Relations

Customer Contacts
Fujitsu Limited
Marketing Department Storage Products Group
Tel: +81-44-754-2130 (direct)
E-mail: hdd@fujitsu.com


JAPAN AIRLINES: JCR Assigns BBB Rating
--------------------------------------
Japan Credit Rating Agency (JCR) has assigned a preliminary BBB
and a BBB/Negative rating to the shelf registration and senior
debts of Japan Airlines Corporation (JAL). It has also assigned
a BBB/Negative rating to senior debts of Japan Airlines
International.

Japan Airlines estimates that it would incur a pretax loss
before extraordinary items of JPY57 billion for fiscal year
through March 31, 2006. It is not likely that the weak financial
structure will improve for the near future. JCR factored in
qualitative evaluations such as high evaluations on safety and
user-friendliness relative to overseas airlines, Japanese
people's preference and tangible and intangible support to be
extended from the government on the back of the public nature of
the business. However, rating outlook is negative.

CONTACT:

For further information contact:
E-mail: geoffrey.tudor@jal.com
        stephen.pearlman@jal.com
Telephone: 81-3-5460-3109
Fax: 81-3-5769-6487
Web site: www.jal.com/en/corporate


NIPPON ELECTRIC: Rating Outlook Revised to Positive
---------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
long-term corporate credit rating on Nippon Electric Glass Co.
Ltd. to positive from stable, reflecting expectations that the
company's decision to shift its business focus toward glass
substrates for flat panel displays (FPD) will improve its
financial profile. At the same time, the 'BBB' long-term
corporate credit rating was affirmed.

Nippon Electric Glass is a major manufacturer of glass products
for cathode-ray tube (CRT) TVs. To address the rapid decrease in
demand for CRT, the company is accelerating the restructuring of
its CRT glass business and shifting to FPD glass substrates.

"Although Nippon Electric Glass is a latecomer in the FPD glass
substrates market, it has made progress in enhancing its
business franchise in this field, backed by its strong
technological capabilities in the area of specialty glass," said
Standard & Poor's credit analyst Makiko Yoshimura.

Recently, Nippon Electric Glass succeeded in supplying substrate
glass for FPDs to a Korean manufacturer. Given that competition
among makers of substrate glass products for FPDs is moderate,
the company is expected to benefit from increasing demand for
the products.

Capital investment is likely to remain at a high level for the
next several years as Nippon Electric Glass enhances its
business franchise for FPD. The rating could be raised if the
company maintains the improving trend of its financial profile
through absorbing its capital investment burden with enhanced
earnings. On the other hand, the outlook could be revised to
stable if its financial profile is eroded by such events as a
rapid deterioration of profitability in the CRT glass products
business.

CONTACT:

Nippon Sheet Glass Company Limited
2-1-7 Kaigan, Minato-ku
Tokyo 105-8552, Japan
Phone: +81-3-5443-9522
Fax: +81-3-5443-9566


SANYO ELECTRIC: Morgan Stanley Becomes Top Shareholder
------------------------------------------------------
The Morgan Stanley group became the top shareholder of Sanyo
Electric Co. as of December 31 by acquiring an 8.83 percent
stake, Japan Today reports.

The stock purchase was requested by its clients and was not part
of its proprietary trading.

CONTACT:

Sanyo Electric Co. Ltd.
5-5 Keihan-Hondori, 2-chome
Moriguchi, Osaka 570-8677, Japan
Phone: +81-6-6991-1181
Fax: +81-6-6991-2086


SANYO ELECTRIC: Canada Launches World's Smallest Digital Camera
---------------------------------------------------------------
Unveiled at the 2006 International CES, the SANYO Xacti HD1 is
the world's first, smallest and lightest high-definition compact
digital media camera.

SANYO, the world's leading manufacturer of digital cameras and
components, designed the Xacti HD1 Digital Media Camera to
easily record both 720p high-definition video and 5.1 megapixel
digital still images to a standard SD flash memory card.

It features a 2.2-inch SANYO-developed OLED (Organic Light-
Emitting Diode) display that flips out from the camera and
rotates up to 285 degrees on axis for taking video or still
images in otherwise difficult locations. The camera also sports
a 10x optical zoom lens and combined with a 10x digital zoom
capability, the HD1 is capable of a total 100x zoom. As with all
previous SANYO Xacti digital media cameras, the camera can
record both 5.1 megapixel still images and high-definition (1280
x 720-pixel) digital video at the same time with a simple press
of the shutter button during the shooting of a video clip.

The HD1 can record more than 21 minutes of 720p HD video on a 1-
Gigabyte SD card or more than 42 minutes on a 2-Gigabyte card.
Alternatively, HD1 users can record in Standard Definition mode
(640 x 480 pixels at 30fps progressive) for up to two hours on a
2-Gigabyte SD card. Users can easily switch between high-
definition and standard-definition recording modes. SD cards are
sold separately.

An ergonomic, one-handed grip and convenient, thumb-operable
controls make the SANYO HD1 exceptionally easy to use.
Lightweight at only 8.3 ounces (including battery and a standard
SD memory card), the HD1 measures 80mm (W) x 110mm (H) x 36mm
(W).

The SANYO Xacti HD1 will be available in Canada in late March at
a Manufacturer‹¨«s Suggested Retail Price (MSRP) of $1,099.99.
Product images are available at www.ccnmatthews.com/sanyo/

Other SANYO Xacti HD1 features include:

- 16:9 widescreen format (HD-SHQ / HD-HQ modes)
- 60 fps Fluid Motion Recording (640 x 480 TV-HR Mode)
- Rapid Continuous still shooting
- Pop-up flash with double the brightness of conventional models
- Anti-shake digital image stabilizer
- Talking navigation guide for first-time users
- Super Macro shooting down to 1 cm (W) / 1 m (T)
- Self timer (2 seconds / 10 seconds)
- Voice recorder function: over 33 hours recording time with
optional 2 GB SD Memory Card
- Red-eye reduction mode
- Multifunction docking station
- High-capacity SANYO rechargeable Lithium-ion battery
- Remote control included
- Exif Print and Print Image Matching III
- PictBridge-capable for PC-Free printing with PictBridge-
compatible printers

Founded in 1958, SANYO Canada is based in Concord, Ontario (an
industrial suburb north of Toronto), employing 100 people across
the country. Founded in 1947 in Osaka, Japan, SANYO, which
stands for 'three oceans,' has $22 billion worldwide in sales.
The company provides a full range of SANYO consumer and
industrial products including audio and video, digital cameras,
wireless communication, LCD projectors and monitors, security
video, air conditioning and home appliance products. SANYO is
also the world's largest manufacturer of rechargeable batteries.
Its environmental focus includes solar energy panel products,
non-fluorocarbon refrigeration, and electric vehicle power
solutions (for the Ford Escape Hybrid). It is also a major
manufacturer of lab equipment and C02 incubators. Visit
www.sanyo.ca for more information.

For information and to arrange interviews/demos, please contact:

Mark LaVigne, APR
President,
Hunter LaVigne Communications Inc.
905-841-2017 (office)
416-884-2018 (cell)
mark.lavigne@sympatico.ca

Bryan Asa
General Manager, Digital Imaging
Sanyo Canada
Phone: (905) 760-4005 (office)
       (416) 705-7193 (cell)
E-mail: basa@sci.sanyo.com


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

CITIBANK KOREA: Under Yet Another Investigation
-----------------------------------------------
The Financial Supervisory Service launched in early December an
investigation into Citibank Korea Inc. over derivatives trading
losses, Associated Press reveals.

The financial watchdog found it necessary to probe into the more
than KRW10 billion losses to find out whether the trading
activities were properly managed.  It also wants to find out the
cause of the losses.

"After our regular inspection in October revealed derivatives-
related losses that looked necessary for further investigation,
we launched an extraordinary probe early December to find the
cause of the losses and whether the trading activities were
properly managed," said a Financial Supervisory Service
official, who asked not to be named.

But the official was mum on the details of the transaction under
investigation. The regulator hasn't decided yet whether the case
is subject to a penalty or what the size of a possible penalty
might be.

Citibank Korea declined to comment, saying it is checking the
matter.

Derivatives are complex financial instruments akin to contracts
whose value depends on an underlying asset, such as a currency
or a commodity. They are used by financial companies to guard
against losses from unexpected market movements.

The probe is not the first for Citibank Korea.  Last year, the
Company was investigated for charging a higher fixed interest
rate on mortgage products with a floating rate.  Citibank
reasoned out that the incident was caused by a technical error.
In December it gave customers a rebate to the overcharged
interest.

CONTACT:

Citigroup PAO Office
Citibank Korea Inc.
39, Da-Dong, Chung-gu
Seoul, Korea 100-180
Telephone: 82-2-3455-2114
Fax: 82-2-3455-2966

Media Matters
Sun-Oh Park
Telephone: 82-2-3455-2340

Administrative Matters
Kun-Sang Kim
Telephone: 82-2-3705-0609


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

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Affin Holdings Berhad advised that its additional 522,000 new
ordinary shares of MYR1.00 each issued pursuant to the
Employees' Share Option Scheme will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Monday, January 16, 2006.

CONTACT:

Affin Holdings Berhad
Jalan Bukit Bintang
55100 Kuala Lumpur, Kuala Lumpur 55100
Malaysia
Telephone: +60 3 2142 9569
           +60 2143 1057


AMBB CAPITAL: Preference Shares Rated (P)Ba2 by Moody's
-------------------------------------------------------
AMBB Capital (L) Ltd.--AmBank (M) Berhad's wholly owned special
purpose vehicle received from Moody's Invetors Service a rating
of (P)Ba2 to its proposed issue of perpetual, non-cumulative
non-voting guaranteed preference shares.

The rating reflects the issue's structure, AmBank's subordinated
guarantee, and Malaysia's supportive regulatory regime. The
outlook for the rating is stable.

Typical of many Tier I capital-qualifying issues, the dividends
on AMBB Capital's preference shares are non-cumulative and may
be limited under certain circumstances. If implemented, such
provisions, while not legally constituting an event of default,
could result in payment terms appreciably different from senior
securities.

This distinction as well as the preference shares' ranking in
liquidation (after subordinated debt, but before common shares)
is reflected in the three-notch rating differential between
AmBank's Baa2 long-term deposits and this issue.

The rating is subject to receipt of final documentation, the
terms and conditions of which have not been changed materially
from the draft documents on which this rating is based.

Headquartered in Kuala Lumpur, AmBank reported total assets of
MYR51.6 billion (US$13.7 billion) as at September 30, 2005.


ANTAH HOLDING: AGM Slated Next Month
------------------------------------
Notice is hereby given that the Twenty-Eighth Annual General
Meeting of Antah Holding Berhad will be held at Grand Seasons
Ballroom, 2nd Floor, Grand Seasons Hotel, No. 72, Jalan Pahang,
50350 Kuala Lumpur on Thursday, February 9, 2006 at 10:00 a.m.
for the following purposes:

Agenda

(1) To receive the Audited Financial Statements for the
financial year ended June 30, 2004 together with the Reports of
the Directors' and the Auditor's thereon. (Resolution 1)

(2) To approve the payment of Directors' Fees for the financial
year ended June 30, 2004. (Resolution 2)

(3) To re-elect, the following Directors, who retire pursuant to
Article 104 of the Company's Articles of Association and being
eligible, have offered themselves for re-election:

(a) Mr. Ong Lai @ Ong Kong Lai

(b) Encik Jaleeludeen Bin Abu Baker

(c) Mr. Cedric Choo Sia Teik

(Resolution 3)
(Resolution 4)
(Resolution 5)

(4) To re-elect the Director, Y. Bhg. Dato' Mohd Shahar Bin
Abdul Hamid who retire pursuant to Article 99 of the Company's
Articles of Association, and being eligible, has offered himself
for re-election. (Resolution 6)

(5) To appoint Auditors and to authorize the Directors to fix
their remuneration.

Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965 has been received by the Company for the
nomination of Messrs. Lean Chin & Co. (a member firm of Russell
Bedford International), who has given their consent to act, for
appointment as Auditors and of the intention to propose the
following ordinary resolution:

"That Messrs. Lean Chin & Co. (a member firm of Russell Bedford
International) be and are hereby appointed as Auditors of the
Company in place of the retiring auditors, Messrs. BDO Binders
to hold office until the conclusion of the next Annual General
Meeting at a remuneration to be determined by the Directors."
(Resolution 7)

By Order of the Board

Chua Siew Chuan
(MAICSA 0777689)
Company Secretary
Kuala Lumpur
12 January 2006

Notes:

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

The instrument appointing a proxy and the power of attorney or
other authority, if any, under which it is signed or notarially
certified copy of such power of authority, must be deposited at
the Company's Registered Office at Level 7, Menara Milenium,
Jalan Damanlela, Pusat Bandar Damansara, Damansara Heights,
50490 Kuala Lumpur not less than 48 hours before the time
appointed of holding the above meeting and at any adjournment
thereof.

The instrument appointing a proxy shall be in writing under the
hand of the appointor or of his attorney duly authorized in
writing or if the appointor is a corporation, either under the
corporation's seal or under the hand of an officer or attorney
duly authorized.

Where a member appoints more than one (1) proxy, the appointment
shall be invalid unless he specifies the proportion of his
shareholding to be represented by each proxy.

CONTACT:

Antah Holding Berhad
9577 Jalan SS16/1 Subang Jaya
47500 Petaling Jaya Selangor
Telephone: 03-5632 8668
Fax: 03-5635 1234


ANTAH HOLDING: Auditors Fail to Give Opinion on FS
--------------------------------------------------
Further to Antah Holding Berhad's announcement on January 9,
2006 made pursuant to Practice Note No. 17/2005, the Company
advised Bursa Malaysia Securities Berhad that as per the
Company's latest audited financial statements released on
December 30, 2005, the Auditors reported that they are unable to
express an opinion as to whether the financial statements of the
Group and the Company have been prepared in accordance with the
provisions of the Companies Act, 1965 and applicable approved
accounting standards in Malaysia so as to give a true and fair
view of:

(i) The matters required by Section 169 of the Companies Act,
1965 to be dealt with in the financial statements; and

(ii) The state of affairs of the Group and the Company as at
June 30, 2004 and of the results and cash flows of the Group and
the Company for the financial year ended on that date.

This announcement is dated 11 January 2006.


AVANGARDE RESOURCES: To Convene AGM Next Month
----------------------------------------------
Notice is hereby given that the Sixth Annual General Meeting of
Avangarde Resources Berhad will be held at the Tioman Room,
Bukit Jalil Golf & Country Resort, Jalan 3/155B, Bukit Jalil,
57000 Kuala Lumpur, on Monday, February 6, 2006 at 9:00 a.m. for
the following purposes:

Agenda

(1) To consider the following resolutions, with or without
modifications, as ordinary resolutions:

(1.1) To receive the Audited Financial Statements for the
financial year ended December 31, 2002 together with the Reports
of the Directors and Auditors thereon. (Resolution 1)

(1.2) To seek shareholders' approval to receive the Audited
Financial Statements for the financial years ended December 31,
2003, December 31, 2004 and December 31, 2005 together with the
Reports of the Directors and Auditors thereon, at an adjourned
general meeting to be held at a later date.
(Resolution 2)

(2) To approve the Directors' Fees for the financial year ended
December 31, 2002. (Resolution 3)

(3) To re-elect Mr. Ahmad Bin Abu Bakar retiring in accordance
with Article 83 of the Articles of Association of the Company.
(Resolution 4)

(4) To re-elect Mr. Abdul Razak Bin Abdul retiring in accordance
with Article 90 of the Articles of Association of the Company.
(Resolution 5)

(5) To re-elect Mr. Tamunif Bin Mokhtar retiring in accordance
with Paragraph 7.28 of Bursa Malaysia Listing Requirements.
(Resolution 6)

(6) To appoint Auditors and to authorize the Directors to fix
their remuneration.

Notice of Nomination pursuant to Section 172(11) of the
Companies Act, 1965, two (2) copies of which are annexed in the
Annual Report have been received by the Company for the
nomination of Messrs Kreston John & Gan who have given their
consent to act, for appointment as Auditors and of the intention
to propose the following Ordinary Resolution:

"THAT Messrs Kreston John & Gan be and are hereby appointed as
Auditors of the Company for the financial years ended December
31, 2003, December 31, 2004 and December 31, 2005 in place of
the retiring Auditors, Messrs KPMG Desa Megat & Co, who do not
wish to seek for re-appointment as Auditors of the Company, and
to hold office until the conclusion of the next Annual General
Meeting at a remuneration to be agreed between the Directors and
the Auditors." (Resolution 7)

(7) As special business, to consider and if thought fit, to
pass, with or without any modifications, the following Ordinary
Resolution:

Authority to Directors to Issue Shares

"That subject always to the Companies Act, 1965, the Articles of
Association of the Company and the approvals of the relevant
government and/or regulatory authorities, the Directors be and
are hereby authorized, pursuant to Section 132D of the Companies
Act, 1965, to allot and issue shares in the Company from time to
time at such price, upon such terms and conditions, for such
purposes and to such person or persons whomsoever as the
Directors may, at their absolute discretion deem fit and
expedient in the interest of the Company, provided that the
aggregate number of shares to be issued pursuant to this
resolution does not exceed 10 percent of the issued and paid-up
share capital of the Company for the time being AND THAT such
authority shall continue in force until the conclusion of the
next Annual General meeting of the Company and that the
Directors be and are also empowered to obtain the approval from
the Bursa Malaysia Securities Berhad for the listing of and
quotation for the additional shares so issued. (Resolution 8)

(8) To transact any other ordinary business of which due notice
shall have been given.

By Order of the Board

Tan Kai Jong
Tan Lin Hong
Company Secretaries
Kuala Lumpur
13 January 2006

Notes:

(1) A proxy may but need not be a member of the Company and the
provision of Section 149(1)(b) of the Act shall not apply.

(2) To be valid this form, duly completed must be deposited at
the Registered Office of the Company at 2nd Floor, 17 & 19,
Jalan Brunei Barat, Pudu, 55100 Kuala Lumpur, Malaysia not less
than 48 hours before the time appointed for holding the meeting.

(3) A member shall be entitled to appoint more than one (1)
proxy to attend and vote at the same meeting provided that the
provisions of Section 149(1)(d) of the Act are complied with.

(4) Where a member appoints more than one (1) proxy, the
appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each proxy.

(5) If the appointor is a corporation, this form must be
executed under its common seal or under the hand of an officer
or its attorney duly authorized.

(6) Explanatory Notes on Special Business

Resolution 8 - Authority To Directors to Issue Shares

The ordinary resolution proposed in Agenda 7 above, if passed,
will empower the Directors of the Company to issue shares in the
Company up to an aggregate number not exceeding 10 percent of
the issued share capital of the Company for the time being for
such purposes as they consider would be in the interest of the
Company. This authority unless previously revoked or varied at a
general meeting will expire at the next Annual General Meeting.

CONTACT:

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


AVANGARDE RESOURCES: Issues Update to Unit's Wind Up Process
------------------------------------------------------------
Avangarde Resources Berhad furnished Bursa Malaysia Securities
Berhad details of the petition by Ceratrade (M) Sdn. Bhd. to
wind-up Jayarena Construction Sdn. Bhd., a wholly owned
subsidiary of Avangarde Resources Berhad for a claim of
MYR53,281.58.

The Company refers to its announcement dated January 11, 2006
(Ref: CM-060111-35773) in reply to the Exchange's query letter
dated January 9, 2006 (Ref: CY-060109-42589) and the Company
advised that:

(1) There are no operational impacts on Jayarena Construction
Sdn Bhd as a result of the above proceeding.

To view a full copy of the Query Letter, click
http://bankrupt.com/misc/AvangardeResourcesBerhad011106.pdf


AYER HITAM: Sees No Changes to Payment Default Status
-----------------------------------------------------
Ayer Hitam Tin Dredging Malaysia Berhad (AHTIN) submitted to
Bursa Malaysia Securities Berhad a monthly status announcement
on default in payment.

Pursuant to Practice Note No. 1/2001, AHTIN provided the
Exchange with an update on its default in payments position as
at December 31, 2005 as shown in Table A.

The total default by AHTIN Group in principal sums plus interest
as at December 31, 2005 amounted to MYR39,399,498.50. The
default in payments owed to the lenders are in respect of the
term loan and syndicated term loan as per the Company's
announcement made on August 27, 2004.

Save as disclosed in Table A, there is no other material
development which requires an announcement since the previous
monthly announcement on December 19, 2005 with regard to this
Practice Note.

To view Table A, click
http://bankrupt.com/misc/AyerHitam011106.pdf

This announcement is dated 11 January 2006.

CONTACT:

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


GEORGE TOWN: To Make Representation to Avoid Delisting
------------------------------------------------------
George Town Holdings Berhad advised Bursa Malaysia Securities
Berhad that it has appealed against a Notice to Show Cause
issued on the January 3, 2006 from Bursa Malaysia Securities
Berhad (Bursa Securities) to delist the Company.

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

In this respect, 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 delist 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 delist the
Company, other appropriate action/penalty(ies) may be imposed
pursuant to paragraph 16.17 of the Listing Requirements of Bursa
Securities.

The Company advised as previously announced that it had obtained
an interim Restraining Order from the Court of Appeal on the
October 24, 2005 which restrains further proceedings in any
action or proceeding against the Company except by leave of
Court.

CONTACT:

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


LANKHORST BERHAD: Securities on the Brink of Delisting
------------------------------------------------------
Further to Lankhorst Berhad's (LB) announcement on January 4,
2006 and subsequent to meetings with auditors, the Company
informed Bursa Malaysia Securities Berhad on the status of the
issuance of the outstanding prescribed financial statements
as stated in the timeline tabulated below:

Description        Timeline                    Status

Finalising and
signing of
Annual Audited
Accounts (AAA)    End-January 2006            On-going

Issuance of
Notice of Annual
General Meeting
(AGM) and the Annual
Report 2004
(including AAA)   2nd week of February 2006   To be achieved

As a consequence of the non-compliance of the Bursa Securities
Listing Requirements under paragraph 9.23, Bursa Malaysia
Securities Berhad may take action against LB, including the
possibility of delisting.

By Order of the Board

This announcement is dated 11th January 2006.

CONTACT:

Lankhorst Berhad
5th Floor, Bangunan Umno Selangor
Persiaran Perbandaran , Section14
40000 Shah Alam
Selangor, Malaysia
Phone: 03-50313030
Fax: 03-50313036


MALAYAN UNITED: SC Extends Compliance to Equity Condition
---------------------------------------------------------
Malayan United Industries Berhad (MUIB) furnished Bursa Malaysia
Securities Berhad with details of the settlement of inter-
company amounts owing to MUI Properties Berhad and Pan Malaysia
Corporation Berhad involving the issuance of up to MYR2,213
million nominal value of Irredeemable Convertible Unsecured Loan
Stocks (ICULS) comprising:

(i) Up to MYR1,956 million nominal value of Class A1 and Class
A2, eight-year ICULS to be issued on the basis of MYR1.00
nominal value of Class A1 and Class A2, eight-year ICULS for
every MYR0.83 of inter-company amounts owing; and

(ii) Up to MYR257 million nominal value of class A3, two and a
half-year ICULS being issuance of additional ICULS as
compensation in place of interest in cash on the outstanding
Class A1 and Class A2, eight-year ICULS.

(collectively referred to as the settlement)

The Company refers to its announcements to Bursa Malaysia
Securities Berhad dated March 26, 2004, March 2, 2005 and
December 29, 2005 in respect of the Bumiputera equity condition
imposed by the Securities Commission (SC) via the SC's letter
dated March 24, 2004 in relation to the Settlement.

The Company was required to increase its Bumiputera equity
holding to 5.83 percent. As at November 15, 2005, the Company's
Bumiputera equity holding stood at 5.38 percent.

PM Securities Sdn Bhd, on behalf of the Company, advised the
Exchange that the SC has granted an extension of time of up to
December 29, 2006 for the Company to comply with the afore-
mentioned Bumiputera equity condition.

This announcement is dated 11 January 2006

CONTACT:

Malayan United Industries Bhd
14th Floor, MUI Plaza, Jalan P. Ramlee,
Kuala Lumpur Wilayah Persekutuan 50250
Telephone: 03-21482566
Fax: 03-31689117,03-31670211


MANGIUM INDUSTRIES: Unveils Public Shareholding Spread
------------------------------------------------------
Pursuant to Bursa Malaysia Securities Berhad's Letter dated
December 2, 2005, the Board of Directors of Mangium Industries
Berhad (MIB) advised Bursa Malaysia Securities Berhad that the
public shareholding spread of the Company as at December 31,
2005 is as follows:

Percentage (%)                          No. of public
of public                               shareholders holding
shareholdings                           not less than 100 shares

85.20%                                  3,121

CONTACT:

Mangium Industries Berhad
Suite 19.06, 19th Floor,
Menara MAA, No. 12,
Jalan Dewan Bahasa,
50460 Kuala Lumpur
Telephone: 603-2145 1880
Fax: 603-2143 1880


NALURI CORPORATION: Details Public Shareholding Spread
------------------------------------------------------
Further to the Circular dated December 2, 2005 issued by Bursa
Malaysia Securities Berhad requesting all listed issuers to make
an announcement on the level of public shareholding spread no
later than 14 days after June 30 and December 31 of each year,
Naluri Corporation Berhad (formerly known as Naluri Berhad)
advised that it has complied with the public shareholding spread
requirement pursuant to paragraph 8.15 (1) of the Listing
Requirements.

The details of the public shareholding spread of the Company as
at December 31, 2005 are as follows:

No. of public shareholders - 36,997

% of public shareholding spread - 66.46

This announcement is dated 11 January 2006.

CONTACT:

Naluri Berhad
161B Jalan Ampang
50450 Kuala Lumpur, 50450
Malaysia
Telephone: +60 3 2162 0878 / +60 3 2162 0676


POLY GLASS: Director Acquires Additional Shares
-----------------------------------------------
Pursuant to Paragraph 14.08 of the Listing Requirements of Bursa
Malaysia Securities Berhad, this is to notify that Poly Glass
Fibre (M) Berhad has on January 9, 2006 received a notification
dated January 11, 2006 from Mr. Fong Wah Kai, the Executive
Director of the Company in relation to his indirect acquisition
of 150,000 ordinary shares of MYR1.00 each in the Company as per
the information below:

Date of Dealing: January 9, 2006

Consideration for the dealing: MYR0.10 per ordinary share

Amount of Securities acquired: 150,000 ordinary shares of
MYR1.00 each

Percentage of Securities acquired: 0.09 percent

Total number of Securities and percentage held after
acquisition:

Direct: 6,317,500 (3.95%)

Indirect: 54,980,500 (34.37%)

Dated this 11th day of January 2006.

CONTACT:

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


SARAWAK ENTERPRISE: Sub-unit Placed in Winding Up Process
---------------------------------------------------------
The Board of Directors of Sarawak Enterprise Corporation Berhad
(SECB) informed Bursa Malaysia Securities Berhad that Intrafix
Sdn. Bhd. (Intrafix), a wholly owned subsidiary company of
Dunlop Properties Sdn. Bhd. which is in turn wholly owned by
SECB has on January 12, 2006 been placed under members'
voluntary winding-up (Winding-Up Exercise) and that Mr. Teo Kin
Mia of Messrs. Moore Stephens TNT, Lot 187, 2nd Floor, Jalan
Song Thian Cheok, 93100 Kuching, Sarawak was appointed as
Liquidator of Intrafix on January 12, 2006.

Information on Intrafix

Intrafix was incorporated in Malaysia under the Companies Act,
1965 on February 14, 2002. The authorized share capital of
Intrafix stood at MYR1 million comprising 1 million ordinary
shares of MYR1.00 each whilst the issued and paid-up share
capital of Intrafix is MYR2.00 comprising two ordinary shares of
MYR1.00 each.

At present, SECB is the ultimate holding company of Intrafix and
the original cost of investment in Intrafix is MYR2.00. Intrafix
has not commenced operations since incorporation.

Rationale for the Winding-Up Exercise

Intrafix is currently dormant. The Winding-up Exercise will save
cost and time in monitoring and maintaining Intrafix on a
regular basis.

Effect of the Winding-Up Exercise

The Winding-up Exercise will not have any material financial and
operational impact on the net tangible asset per share, earnings
per share and the share capital of SECB Group.

Interests of directors, major shareholders and persons connected
to directors and major shareholders

None of the directors or major shareholders or the persons
connected with them has any interests, directly or indirectly,
in the Winding-up Exercise.

Statement by Board of Directors

The Board of Directors, having considered all aspects of the
Winding-Up Exercise, is of the opinion that it is in the best
interests of SECB and not to the detriment of the minority
shareholders and no shareholders' approval is required in
respect of the Winding-Up Exercise.

CONTACT:

Sarawak Enterprise Corporation Berhad
Lot 2679 Jalan Rock
93200 Kuching, Sarawak 93673
Malaysia
Telephone: +60 82 244 000 / +60 82 248 588


SOUTHERN BANK: Holds Share Buy Back
-----------------------------------
Southern Bank Berhad furnished Bursa Malaysia Securities Berhad
a notice of shares buy back with the following details:

Date of buy back: January 11, 2006

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

Total number of shares purchased (units): 42,000

Minimum price paid for each share purchased (MYR): 3.980

Maximum price paid for each share purchased (MYR): 4.020

Total consideration paid (MYR): 168,509.24

Number of shares purchased retained in treasury (units): 42,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 55,804,700

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

CONTACT:

Southern Bank Berhad
83 Medan Setia 1 Plaza Damansara Bukit
Damansara, 50490 Kuala Lumpur, Kuala Lumpur 50490
Malaysia
Telephone: +60 3 2087 3000
           +60 3 2093 3157


TRU-TECH HOLDINGS: Updates Proposed Restructuring Scheme
--------------------------------------------------------
Tru-Tech Holdings Berhad (Tru-Tech) provided Bursa Malaysia
Securities Berhad with an update to the following proposals:

- Proposed Acquisition;

- Proposed Exemption;

- Proposed Capital Reconstruction;

- Proposed Scheme of Arrangement with Creditors;

- Proposed JVA Settlement;

- Proposed Listing Transfer;

- Proposed Disposal;

- Proposed offer for sale; and

- Proposed Placement

(collectively, the Proposed Restructuring Scheme)

(1) Introduction

The Company refers to the announcements made on November 10,
2004, July 21, 2005, October 3, 2005 and December 8, 2005 in
relation to the Proposed Restructuring Scheme.

In view that the Proposed Restructuring Scheme was not approved
by the Securities Commission (SC), the Company together with
Renewed Development Sdn Bhd (RDSB) have on January 6, 2006
agreed to revise certain terms of the Proposed Restructuring
Scheme, namely the Proposed Acquisition and the Proposed JVA
Settlement. The Company had on the same date submitted an appeal
against the SC's decision setting out the terms of the revised
Proposed Restructuring Scheme.

(2) Details of the revision to the Proposed Restructuring Scheme

(2.1) Revision to the proposed acquisition

The acquisition of 10,000,000 ordinary shares of MYR1.00 each
representing the entire issued and paid-up share capital of RDSB
for a purchase consideration of MYR130 million to be satisfied
by the issuance of 130 million ordinary shares of MYR1.00 each
in Renewed Group Sdn Bhd (RGSB) (RGSB Shares) at par.

The revised purchase consideration of RM130 million was arrived
at on a willing buyer-willing seller basis after taking into
consideration, inter alia the following:

(i) The audited net tangible asset (NTA) of RDSB group of
approximately MYR40.48 million as at August 31, 2004;

(ii) The unaudited NTA of RDSB group of approximately MYR57.00
million as at August 31, 2005;

(iii) The future earnings potential of RDSB group from the
development of Bandar Pulai Jaya and Jaya Putra Perdana; and

(iv) The revised structure of RDSB group whereby 49.99 percent
equity interest in Oxbridge Heights Sdn Bhd (currently 99.99
percent held by RDSB) will be divested to the shareholders of
RDSB.

(2.2) Revision to the proposed JVA settlement

It is proposed that RGSB will issue and allot 30 million RGSB
Shares to Ambang Budi Sdn Bhd (ABSB) at par as part settlement
pursuant to the joint venture agreements between Hartaplus
Realty Sdn Bhd (HRSB), RDSB and ABSB (JVA).

Following the revision to the number of RGSB Shares to be issued
to ABSB from 60 million RGSB Shares to 30 million RGSB Shares,
the payment obligations by HRSB under the JVA will increase by
RM30 million.

(3) Effects of the revision to the Proposed Restructuring Scheme

The effects of the revision to the Proposed Restructuring Scheme
on the issued and paid up share capital, substantial
shareholdings and NTA of Tru-Tech and RGSB are set out in Tables
1,2 and 3 respectively.

This announcement is dated 11 January 2006.


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

MAYNILAD WATER: Taps Financial Adviser for 'Reprivatization'
------------------------------------------------------------
ABN-AMRO has been appointed as the financial adviser of Maynilad
Water Services Inc. in drafting a plan to return the utility to
private sector hands.

BusinessWorld reported that the entry of ABN-AMRO is still
subject to approval by the court hearing the firm's
rehabilitation case, but the recent appointment already
signified a formal engagement.

ABN-AMRO has started drafting the terms of reference to rebid
Maynilad since late last year even if it has yet to be appointed
by the new board.

With the appointment, Maynilad expects ABN-AMRO to complete its
reprivatization documents by end-January.

Maynilad elected on Monday Metropolitan Waterworks and Sewerage
System (MWSS) representatives led by MWSS Chairman Oscar Garcia,
Atty. Gerardo Cabochan, former Court of Appeals Justice Perlita
J. Tria Tirona, Santiago Gabionza, Jr., Felipe Siapno and Rommel
Macas Cancio to the interim board. This means the government
nominees will sit in the Maynilad board until the new investor
comes in.

During the organizational meeting Thursday last week, Mr. Garcia
was elected Maynilad chairman, Maynilad chief finance officer
Philamer Torio as treasurer and Al Agra as corporate secretary.

CONTACT:

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


NATIONAL FOOD: Seeks Additional Rice Imports to Boost Reserves
--------------------------------------------------------------
The National Food Authority (NFA) has scheduled a public bidding
next month as part of efforts to increase the country's rice
stockpile, The Philippine Star has learned.

The state-run food agency is seeking to import additional rice
importations of 400,000 metric tons (MT).

The NFA expects to take delivery of an initial volume of 87,500
MT by end January, the next 175,000 MT will come in by February
while the balance of 87,500 MT should be in by March. Most of
the stocks will be coming from Vietnam.

This should bring NFA rice imports in the first quarter to
750,000 MT. The remaining volume will be brought in by the
private sector and farmer groups that were allocated an import
volume of 138,000 MT. The private sector is expected to bring in
the additional volume by May 31, when the onset of the lean
season for rice begins.

The NFA wanted the additional volume to come in early so the
government could take advantage of lower prices in the world
market.

CONTACT:

National Food Authority
101 E. Rodriguez Sr. Ave.,
Quezon City, 1100
Philippines
Web site: http://www.nfa.gov.ph/


PHILIPPINE AIRLINES: Enjoying More Perks than Rivals, Says DoJ
--------------------------------------------------------------
The Department of Justice (DoJ0 believes government privileges
granted to Philippine Airlines (PAL) should also be enjoyed by
rival carriers, according to BusinessWorld.

In a three-page legal opinion, the DoJ said perks enjoyed by PAL
should likewise be accorded to its competitor Cebu Air, which
flies Cebu Pacific.

Justice Secretary Raul M. Gonzalez rules that Cebu Air is
exempted from payment of chattel mortgage registration fees over
at least four Airbus A319-100 aircraft it recently acquired.

The Justice chief was responding to a letter sent by Land
Registration Authority administrator Benedicto B. Ulep that
sought to clarify the application of Presidential Decree 1529,
also known as the Property Registration Decree, on Cebu
Pacific's aircraft.

He contends that Cebu Pacific would be entitled to similar
incentives the government granted to PAL only after the former
shows proof the Lucio Tan-led firm's enjoyment of favorable
terms will place Cebu Pacific at a disadvantage.

PAL's privileges were laid down in Presidential Decree 1590. The
law grants the firm franchise to operate, and stipulates that
its payment of basic corporate income tax and franchise tax
would be in lieu of all other duties, including fees on the
registration of aircraft.

Mr. Gonzalez, however, said Republic Act 7151 or the legislative
franchise granted to rival firm Cebu Pacific provided a "most
favored treatment" clause, which places the Gokongwei firm on an
equal footing with its competitors.

"This department confirms that the most favored treatment
clause... expressly provides that tax privileges or favorable
term/s received or enjoyed by any competing individual,
partnership or corporation - in this case, PAL, shall
automatically be deemed incorporated in the franchise of Cebu
Pacific," the Justice chief said.

"The basic idea of the aforesaid clause is 'fair play', such
that a rival firm will not gain undue or unfair advantage over
the other in the pursuit of their respective competing
business," Mr. Gonzalez added.

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


RFM CORPORATION: Posts Amended Beneficial Ownership Reports
-----------------------------------------------------------
Further to Circular for Brokers No. 0144-2006 dated January 9,
2006, RFM Corporation furnished the Philippine Stock Exchange
(PSE) copies of Beneficial Ownership Reports of the following
officers:

- Amended SEC Form 23-A (initial Statement of Beneficial
Ownership of Securities), reflecting the correct amount of
securities beneficially owned:

1. Mr. Norman P.Uy   -   SVP & General Manager

- Amended SEC Form 23-B (Statement of Changes in Beneficial
Ownership of Securities), reflecting the amount of securities
acquired and the correct amount of securities beneficially owned
at the end of the month:

1. Mr. Felicisimo M. Nacino, Jr.  -  EVP/COO

Copies of the said documents shall be made available for
downloading free of charge at
http://bankrupt.com/misc/tcrap_rfmcorporation011306.pdf.

CONTACT:

RFM CORPORATION
RFM Corporate Center,
Pioneer corner Sheridan Streets,
Mandaluyong City 1550,
Metro Manila, Philippines
Telephone: (63-2) 631-8101
Facsimile: (63-2) 631-5094
Web site: http://www.rfm.com.ph


T'BOLI AGRO-INDUSTRIAL: To Restart Operations After Idle 1 Year
---------------------------------------------------------------
Cash-strapped pineapple firm T'boli Agro-Industrial Development
Inc. (TADI) has inked a packing agreement with multinational
food giant Dole Philippines Inc., according to BusinessWorld.

The contract will pave the way for TADI to reopen cannery
operations after more than a year of inactivity. The cannery
shut down in May 2004 after its unserviceable debts forced it to
cease operations.

Under the agreement, TADI will process and can Dole's pineapples
for a fee using its facility in Surallah, South Cotabato. It
will also be compensated for variable cost of operations such as
canning materials, electricity and workers' wages.

The agreement is good for a year, but it can be renewed on an
annual basis.

TADI's court-appointed receiver Francisco Buencamino said that
the company's financial problems started in 1997 with the Asian
financial crisis. Its dollar-denominated loans ballooned to
Php1.4 billion from around Php800 million. The firm then filed a
petition to suspend payments to its creditors on grounds of
insolvency.

Mr. Buencamino said he approved TADI's agreement with Dole
because it will make its cannery operational while he is
crafting the company's rehabilitation plan.

The rehabilitation plan will see the cannery being sold within
the year, and creditors being paid.

TADI's creditors consist of banks, suppliers, service providers,
and contract growers of pineapples.

CONTACT:

T'Boli Agro-Industrial Development Inc.
Exchange Road, Ortigas Centre
W-2603 A/B Philippine Stock Exchange Centre
Pasig City
Metro Manila
Philippines
Phone: 632-6355038
Fax: 632-6355037


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

ACCORD CUSTOMER: Unaware of Increase in Share Trading
-----------------------------------------------------
Accord Customer Care Solutions Limited refers to the queries
from the Singapore Exchange Securities Trading Limited (SGX-ST)
concerning the substantial increase in the trading volume of the
Company's shares on the SGX-ST on Jan. 12, 2006.

Question 1: Are you aware of any information not previously
announced concerning you (the issuer), your subsidiaries or
associated companies which, if known, might explain the trading?

The Company is not aware of any information not previously
announced concerning the Company, its subsidiaries or associated
companies which, if known, might explain the trading.

Question 2: Are you aware of any other possible explanation for
the trading?

The Company is not aware of any other possible explanation for
the trading.

Question 3: Can you confirm your compliance with the listing
rules and, in particular, listing rule 703?

The Company confirms its compliance with the listing rules and,
in particular, listing rule 703.

BY ORDER OF THE BOARD

Woo Kah Wai
Company Secretary

CONTACT:

Accord Customer Care Solutions Limited
20 Toh Guan Road #07-00
Accord District Center
Singapore 608839
Phone: 65 6410 2600
Fax:   65 6410 2610
Web site: http://www.accordccs.com


CHINA AVIATION (S): Presents Rehab Plan to Investor Group
---------------------------------------------------------
The Singapore Investors Association (SIAS) conducted an informal
dialogue on the proposed restructuring scheme of troubled jet
fuel trader China Aviation Oil (Singapore) Corp. Limited on Jan.
12, 2006.

At the invitation of SIAS, the Company's representatives and
advisers made a presentation to the attendees and answered
questions in relation to its proposed restructuring plan.

To view the slides of the Company's presentation, go to:

http://bankrupt.com/misc/tcrap_chinaaviation011306.pdf

By Order of the Board of Directors

CONTACT:

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


DURABEAU CONSTRUCTION: Prepares to Pay Dividend
-----------------------------------------------
Durabeau Construction Pte Limited of 98 Amoy Street, Singapore
069918, posted a notice of intended dividend at the Government
Gazette, Electronic Edition with the following details:

Name of Company: Durabeau Construction Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 600295 of 2001
Last day for receiving proofs: Jan. 20, 2006
Name  & address of Liquidators: Chee Yoh Chuang
Lim Lee Meng
C/o RSM Chio Lim
18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423


LINDETEVES-JACOBERG: Discontinues Capital Reduction Plan
--------------------------------------------------------
Lindeteves-Jacoberg refers to its plans to undertake a capital
reduction to reduce the par value of each Share in its issued
and paid-up share capital from SGD0.20 to SGD0.10 per share.

The Companies Act currently provides that a company may not
issue shares at a discount, unless it complies with the
requirements set out in Section 68 of the Companies Act (which
Requires, inter alia, the authorization of such issue of shares
at a discount by a resolution passed in general meeting of the
company and confirmed by an order of court).

The rationale for the Proposed Capital Reduction was inter alia
to facilitate any future fund raising exercises of the Company
which involve the issue of new shares to potential investors,
and to facilitate the allotment and issue of Shares to ATB
Austria Antriebstechnik AG (ATB) at an issue price below the par
value of SGD0.20 in connection with the proposed investment by
ATB in the Company as announced last Aug. 27, 2005.

On Dec. 30, 2005, it was gazetted that the Companies (Amendment)
Act 2005, which inter alia abolishes the concept of par value
and removes the prohibition against a company issuing shares at
a discount to its par value would come into force on Jan. 30,
2006.

In the circumstances, the directors have decided not to proceed
with the Proposed Capital Reduction exercise.

CONTACT:

Lindeteves-Jacoberg Limited
238A Thomson Road
Singapore 307684
Phone: 65 6383 4248
Fax:   65 6383 4068


MARLEX DISTRIBUTORS: Set to Declare Dividend
--------------------------------------------
Marlex Distributors Pte Limited of 60 Martin Road, #07-27
Trademart Singapore 239065, posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: Marlex Distributors Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 95 of 2004
Last day for receiving proofs: Jan. 27, 2006
Name  & address of Liquidator: Kung Seah Lim
C/o 336 Smith Street
#05-310 New Bridge Centre
Singapore 050336


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

EMC PUBLIC: Clinches New Contract
---------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand that the Company has been awarded a new contract as
following detail.

Project name:     Tesco Lotus Express- Standard Shop House

Employer:         Ek-chai Distribution System Co. Ltd.

Scope of work:    Mechanical & Electrical Works,
                  Electrical and communication systems,
                  Fire fighting and sanitary systems,
                  And Air conditioning and ventilation systems

Contract value:   THB85,386,000 (including VAT)

The execution of above-mentioned work is regarded as normal
business transaction according to the company action plan.

Please be informed accordingly.

Yours faithfully,
Lt. Gen. Samang Thongpan
Director

CONTACT:

EMC Public Company Limited
Rasa Tower, Floor 22, 555 Phaholyothin Road,
Chatu Chak Bangkok
Telephone: 0-2937-0333
Fax: 0-2937-0329
Web site: http://www.emc-group.co.th


SRITHAI FOOD: Seeks to Undergo Rehabilitation
---------------------------------------------
Srithai Realty & Development Co. Ltd. (creditor) filed a
petition to the Central Bankruptcy Court requesting for the
rehabilitation of Srithai Food and Beverage PCL again.

The Court moved the consideration of the petition from January
9, 2006 to January 16, 2006.

The company will later issue a report to the progress of the
said petition.

Please be acknowledge.

Sincerely yours,
Mr. Anan Jantranukul
Managing Director

CONTACT:

Srithai Food & Beverage Public Company Limited
69 Moo 4 Watkingkaew Road,
Rajadhewa, Bang Plee, Samut Prakarn
Telephone: 0-2312-4281-4, 0-2312-4289-300
Fax: 0-2312-4285
Web site: http://www.srithaifood.thailand.com


THAI AIRWAYS: Unveils Result of Warrant Exercise
------------------------------------------------
The Stock Exchange of Thailand (SET) refers to the issuance of
Thai Airways International Public Company Limited of 154,650
units of type-one warrant (THAI-WA), and 154,650 units of type-
two warrant (THAI-WB) with exercise ratio being 1:1, exercise
price of THB15 per unit and exercised every three months
thereafter.

The first exercise dates of THAI-WA and THAI-WB were on October
4, 2004, and April 4, 2005, respectively and the last exercise
date for both types of warrant will be on April 2, 2007. The
Company would like to report the result of the 6th exercise
THAI-WA and the 4th exercise of THAI-WB on January 4, 2006 as
follows:

(1) On the sixth exercise date of THAI-WA, there are 4 employees
who have exercised their warrant for 1,100 shares at THB15 per
share, totaling to THB16,500. By combining the results of the
first to fifth exercise of THAI-WA, there are 386 employees who
have exercised their warrant for 149,100 shares at THB15 per
share, totaling THB2,236,500. Therefore, 5,550 units of THAI-WA
have not yet exercised.

(2) On the fourth exercise date of THAI-WB, there are 12
employees who have exercised their warrant for 4,100 shares at
THB15 per share, totaling to THB61,500.

By combining the results of the first to third exercise of THAI-
WB, there are 375 employees who have exercised their warrant for
145,400 shares at THB15 per share, totaling THB2,181,000.

Therefore, 9,250 units of THAI-WB have not yet exercised.

The next exercise date of warrant is April 3, 2006.

This matter is being reported for your information.

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

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