TCRAP_Public/060117.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, January 17, 2006, Vol. 9, No. 012

                            Headlines

A U S T R A L I A

AAA ETHEREDGE: To Declare Dividend Jan. 26
A.C.T. OFF ROAD: Placed in Voluntary Liquidation
AGENIX LIMITED: Unveils New CEO's Remuneration Package
ALWAYS FOR HIRE: To Undergo Winding Up Exercise
AUSTRALIAN GAS: Concludes AU$5-Bln PNG Gas Deals

BOULTON ENTERPRISES: Members Agree to Wind Up Business
COASTAL RECORDS: Members, Creditors to Meet Jan. 24
DENVER MALONEY: Creditors Set to Receive Dividend
DESTINATION LONDON: Taps Liquidator from Ferrier Hodgson
FITNESS EXPRESS: Lays Out Final Meeting Agenda

FRANK HOUSTON: Liquidator to Present Winding Up Report
GIVE US A BREAK: Enters Winding Up Process
GOLDEN CHEF: Three Assets Up for Sale
GOLDWEEK PTY: Final Meeting Set Next Month
JAY GARDENING: Resolves to Undertake Voluntary Liquidation

KNITCOM PTY: Court Issues Winding Up Order
LAND AND NATIONAL: Members Favor Liquidation
MEDAPRI PTY: Appoints Ernst & Young Liquidators
MYER LIMITED: Parent to Reap AU$1 Bln from Sale
NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business

NIX ESTATE: To Convene Meeting Jan. 24
PAYASO PTY: Names Official Liquidator
PHILMART TRANSPORT: Liquidator Prepares to Distribute Assets
QANTAS AIRWAYS: Management, Unions In for Another Round of Talks
ROBBJADE PTY: Steven Nicols Named Liquidator

SONS OF GWALIA: Shareholders Await Court Ruling
TELECOM NEW ZEALAND: Sees Sale of Ailing Australian Unit
TELSTRA CORPORATION: Wants to Extend Ties with Brightstar
VILLAGE LIFE: Mystery Buyer Revealed
WESTPOINT GROUP: Investors Likely to Lose AU$1 Bln

YENDOCK PTY: Liquidator to Present Wind Up Report Jan. 24


C H I N A  &  H O N G  K O N G

GOLDCONE PROPERTIES: Appoints New Liquidators
HEBEI SECURITIES: China Shuts Loss-Making Brokerage
JONESKY DEVELOPMENT: Court Releases Winding Up Notice
NETEL TECHNOLOGY: 1H05 Net Loss Narrows to HK$2 Mln
NEW WORLD: To Seek Partners for Aviation Biz

NEW WORLD: Unveils January 13 SGM Results
LAPAGAYO LIMITED: Winding Up Hearing Fixed Feb. 15
RINGWAY DEVELOPMENT: Court Issues Winding Up Order
LOGON ENGINEERING: Commences Winding Up Process
O'CLASSIC INTERNATIONAL: Prepares to Shut Down Business

ORIENT YORK: Court to Hear Wind Up Petition Feb. 22
POLYAIM LIMITED: Winding Up Process Initiated
SWEETMART INTERNATIONAL: Court Issues Winding Up Order
UDL HOLDINGS: Notes Unusual Price Movement
UNITED FAME: Winding Up Hearing Slated for Feb. 8


I N D I A

HARYANA FINANCE: RBI Cancels Certificate of Registration
ITD CEMENTATION: Unveils Outcome of Board Meeting
JAYSHREE CHEMICALS: BIFR Confirms Financial Recovery


I N D O N E S I A

DAVOMAS INTERNATIONAL: Moody's Assigns (P)B2 Rating to Bonds
KIANI KERTAS: Purchase, Debt Settlement Deal Nears
PERTAMINA: Mulls US$500-Mln Bonds Issue
PERTAMINA: Buys Sweet Crude for March Delivery


J A P A N

FUJITSU LIMITED: Stock Jumps 5% on Expansion Plans
FUJITSU LIMITED: Wins 2005 Asia Pacific Partner of the Year
JAPAN AIRLINES: Ministry Orders Revision of Safety Measures
JAPAN AIRLINES: R&I Assigns BB Rating
MITSUBISHI MOTORS: Rules Out Joint Venture With Proton

SOJITZ CORPORATION: R&I Upgrades Rating to BB-


K O R E A

DAEWOO ENGINEERING: Scores Another Project in Nigeria


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
DFZ CAPITAL: New Shares up for Listing, Quotation
LANKHORST BERHAD: Court Extends Restraining Order for 120 Days
LITYAN HOLDINGS: Deadline for Plan Submission Extended
MAGNUM CORPORATION: Undertakes Share Buy Back

MBF HOLDINGS: Unveils New Court Hearing Date
OLYMPIA INDUSTRIES: MoU with Vinci Construction Still Unchanged
PACIFIC & ORIENT: Purchases New Shares
PANTAI HOLDINGS: Holds Share Buy Back
PILECON ENGINEERING: Fixes Stock Prices at MYR0.50

PELIKAN INTERNATIONAL: Converts ICULS, RCULS to Ordinary Shares
RASHID HUSSAIN: Bourse to Grant Listing, Quotation of New Shares
SAAG CONSOLIDATED: Sets Issue Price of Private Placement
SARAWAK ENTERPRISE: Sub-unit in Wind Up Process
TANCO HOLDINGS: Court Extends Restraining Order for Two Months

WEMBLEY INDUSTRIES: Applies for Extension of Proposal Completion


P H I L I P P I N E S

COLLEGE ASSURANCE: Union Warns of Possible Strike
COLLEGE ASSURANCE: SEC Complaint Junked for Lack of Evidence
HOME GUARANTY: Mulls Sale of Php12-Bln Assets
MAKATI MEDICAL: Creditors May OK Loan Restructuring by March
NATIONAL BANK: PNB Gen Net Income Up 11% In 2005

NATIONAL BANK: PDIC to Sell Stake to Tan
SWIFT FOODS: San Miguel Unit Sues Firm


S I N G A P O R E

DAPOLITE INDUSTRIES: Creditor Files Winding Up Petition
E.G. TAN: Intends to Pay Dividend
GLENN INDUSTRIES: Prepares to Pay Dividend to Creditors
HENG ELECTRICAL: Set to Declare Dividend


T H A I L A N D

CIRCUIT ELECTRONIC: Sets Creditors' Meeting February 21
EMC PUBLIC: Clinches New Contract
THAI AIRWAYS: Courts MCOT Head to Become President
BOND PRICING: For the Week 16 January to January 2006

     -  -  -  -  -  -  -  -

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

AAA ETHEREDGE: To Declare Dividend Jan. 26
------------------------------------------
A dividend is to be declared on Thursday, January 26, 2006 for
AAA Etheredge Pty Limited (In Liquidation).

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

Dated this 25th day of November 2005

Bruce n. Mulvaney
Liquidator
Bruce Mulvaney & Co
1st Floor, 613 Canterbury Road,
Surrey Hills Vic 3127


A.C.T. OFF ROAD: Placed in Voluntary Liquidation
------------------------------------------------
Notice is hereby given that at a general meeting of the members
of A.C.T. Off Road Centre Pty Limited, held on December 21,
2005, it was resolved that the company be wound up voluntarily
and that Michael Edward Slaven of Rangott Slaven Hundy, Level 3,
Engineering House, 11 National Circuit, Barton ACT 2600 be
appointed Liquidator.

Dated this 10th day of January 2006

Keith Snell
Secretary


AGENIX LIMITED: Unveils New CEO's Remuneration Package
------------------------------------------------------
Agenix Limited CEO and Managing Director, Mr. Neil Leggett, who
was appointed on Dec. 15, 2005, on Monday signed a three-year
employment contract with the company ending Dec. 15, 2008.

The main terms of the contract are:

- Fixed remuneration per annum (salary,
  superannuation, motor vehicle and any
  other benefits)                                   AU$265,000

- First review of fixed remuneration to be
  July 1, 2006
- Short term incentive per annum dependent on
  achievement of strategic and operational objectives
  set by the Board:
    - Standard percentage of fixed remuneration          40%
    - Additional amount for outstanding
      acheivement                                        20%

- An options package subject to shareholder approval
  at the next meeting of shareholders:
    - 3.0 million options exercisable at double the
      average closing share price for the 20 trading
      days prior to the date of appointment on
      Dec. 15, 2005.

    - 1.0 million options exercisable at double the
      average closing share price fpr the 20 trading
      days prior to the date of appointment on
      Dec. 15, 2005. These options only vest if the
      average closing share price is greater than the
      Intersuisse/Elixir Securities valuation (Oct. 2005)
      of AU$1.26 for a continuous three-month period prior
      to the end of the term of employment contract
      on Dec. 15, 2008.

    - 500,000 options to be issued on each of July 21,
      2006 (at a 50% premium to the market price),
      2007 and 2008 in conjunction with the annual
      Employee Option Plan.

- six months notice is required.

- If the contract is terminated early with no breach of the
conditions of employment by the employee then the company will
be required to make a lump sum payment equivalent to the sum of:
    - 12 month's fixed remuneration plus average short-term
incentive previously paid,
    - unused annual leave and long service leave,
    - an amount equal to the Black Scholes valuation of
      unxercised options issued to the employee whilst a
      Director,
    - the difference between the lease payout and trade-in value
      of the vehicle normally driven by the employee, and
    - in the event of termination prior to Dec. 15, 2006, an
      additional 25% of fixed remuneration and short term
      incentive.

Mr. Leggett has an indirect beneficial interest in 281, 750
shares previously acquired on market by a family entity at an
average price of 35.7 cents per share.

CONTACT:

Agenix Limited
11 Durbell Street
Acacia Ridge QLD 4110
Phone: +61 7 3370 6396
Fax: +61 7 3370 6347
E-mail: mail@agenix.com
Web site: http://www.agenix.com


ALWAYS FOR HIRE: To Undergo Winding Up Exercise
-----------------------------------------------
Notice is hereby given that, at a general meeting of members of
Always For Hire Pty Limited (In Liquidation) held on December
15, 2005 it was resolved that the company be wound up
voluntarily and that for such purpose Danny Vrkic, of Jirsch
Sutherland & Co -Wollongong Chartered Accountants be appointed
Liquidator.

A meeting of creditors held later that day confirmed this
appointment.

Dated this 27th day of December 2005

Danny Vrkic
Liquidator
Jirsch Sutherland & Co
Chartered Accountants
Level 3, 6-8 Regent Street,
Wollongong NSW 2500
Telephone: 02 4225 2545
Facsimile: 02 4225 2546


AUSTRALIAN GAS: Concludes AU$5-Bln PNG Gas Deals
------------------------------------------------
The Australian Gas Light Company (AGL) finalized the agreement
with Oil Search Limited for the acquisition of a 10 percent
interest in the Papua New Guinea Gas Project for around US$400
million (AU$530 million) including interests in gas and oil
reserves, production and processing infrastructure.

An initial payment of about 90 percent of the total acquisition
price will be made on completion, with the balance to be paid on
PNG Gas Project sanction and financial close.

In addition, AGL has also become the first customer to convert
its 1,500 petajoule (PJ), AU$4.5 billion, 20-year Gas Sale
Agreement with the PNG Gas Producers into a binding Sale and
Purchase Agreement (SPA).

AGL Managing Director Greg Martin said, "The early finalization
of the equity agreement will deliver a number of benefits to AGL
and its Shareholders, including an immediate positive impact on
AGL's earnings per share (EPS). It also reflects the Company's
confidence in the ability of the PNG Gas Project, and the
associated PNG to Queensland natural gas pipeline, to provide an
alternative source of competitively priced energy to support
economic development in Eastern Australia.

"AGL believes the other Project participants will benefit from
our direct input into key Project decisions, which also delivers
AGL a more immediate ability to plan for the wider AGL
downstream businesses."

Mr. Martin added there was logic in aligning the PNG Gas Project
with AGL's binding 1,500 PJ, 20 year SPA.

The 10 percent equity agreement is effective from 1 January 2006
and follows AGL's announcement in July 2005 of its intention to
acquire an interest in the PNG Gas Project.

Completion of the acquisition is expected in February 2006, at
which time AGL will become a full equity participant in the PNG
Gas Project and associated oil projects. Completion of this
agreement had previously been conditional on the Gas Project
reaching financial close, which remains on schedule to occur in
the second half of this calendar year.

"The removal of this condition, as well as the alignment with
the SPA, has facilitated AGL's immediate participation in the
upstream PNG oil and gas businesses to deliver early benefits to
Shareholders, enhance our wholesale energy business and provide
additional momentum for the PNG Gas Project as it approaches
project sanction and financial close," Mr. Martin said.

Financial Benefits

AGL's interests in oil production are expected to provide
immediate EPS accretion of about two to three cents per share
for the six months to June 2006 and about seven to eight cents
per share for the financial year to June 2007. In addition to
this, surplus cash flow from AGL's share of oil production is
expected to fully fund AGL's participation in the PNG Gas
Project.

The estimated acquisition price is consistent with the value
generated by AGL's earlier access to increased oil reserves and
oil production, as well as the oil price anticipated at
completion. AGL will hedge its oil revenues to protect the value
of the investment and the cash flows from oil reserves.

AGL's upstream PNG oil and gas equity investment will be fully
debt funded from existing facilities and is estimated to lift
the Company's gearing to approximately 50 per cent (net debt to
debt plus equity).

"AGL and Oil Search have complementary skills and knowledge in
the upstream and downstream energy sectors and will use these to
consider other value adding opportunities where our respective
skills can be applied," Mr. Martin added.

AGL Signs Binding Sale and Purchase Agreement for PNG Gas

In addition to the equity investment, AGL has shown further
support for the PNG Gas Project by converting its conditional
1,500 PJ Gas Sales Agreement into a binding SPA with the PNG Gas
Producers. The SPA is now only conditional on the PNG Gas
Project reaching financial close, currently on schedule for the
second half of 2006.

"AGL has signed a binding Sale and Purchase Agreement which,
together with completing the acquisition of our ten per cent
equity in the PNG Gas Project, underpins the Company's
confidence in the continued progress of the project," Mr. Martin
concluded.

PNG Pipeline Update In addition to AGL's participation in the
PNG Gas Project, the Company also has a commitment to build the
Australian component of the PNG to Queensland natural gas
pipeline.

AGL and its pipeline consortium partner Malaysian company
Petronas Australia Ltd (together APC) are currently completing
Front End Engineering and Design (FEED) activities for the
pipeline, including the lateral extension to Gove. The pipeline
project remains on track to reach project sanction followed by
financial close in the second half of 2006 consistent with the
PNG Gas Project timetable.

APC has previously announced a budget of approximately AU$67
million for the FEED process which involves investigating the
physical design, engineering and deliverability of the
Australian component of the PNG to Queensland pipeline.
Concurrent with FEED activities, APC has also been negotiating
the key commercial agreements to support the pipeline,
clarifying the regulatory regime, developing its financing
strategies and conducting due diligence.

CONTACT:

Australian Gas Light Company
Locked Bag 1837
St. Leonards
NSW 2065
General Inquiries: 02 9921 2999
General Fax: 02 9921 2552
Share Registry: 02 9921 2259
Share Registry Fax: 02 9921 2465
Web site: http://www.agl.com.au/


BOULTON ENTERPRISES: Members Agree to Wind Up Business
------------------------------------------------------
At a general meeting of the members of Boulton Enterprises Pty
Limited duly convened and held at 103-105 Northbourne Avenue,
Turner ACT on December 16, 2005, the special resolution set out
below was duly passed:

That the company be wound up voluntarily.

Dated this 16th day of December 2005

Robert Sommerville
Director
c/- Frank Lo Pilato
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2611
Telephone: 02 6247 5988


COASTAL RECORDS: Members, Creditors to Meet Jan. 24
---------------------------------------------------
Notice is hereby given that a meeting of the creditors and
members of Coastal Records Australia Pty Limited (In
Liquidation) will be held at Hall Chadwick, Level 29, 31 Market
Street, Sydney NSW 2000 on January 24, 2006 at 10:00 a.m.

The meeting will be a Final Meeting in accordance with Section
509 of the Corporations Act 2001.

Richard Albarran
Liquidator
c/- Hall Chadwick
Level 29, 31 Market Street,
Sydney NSW 2000


DENVER MALONEY: Creditors Set to Receive Dividend
-------------------------------------------------
A first and final dividend is to be declared on February 2, 2006
to priority creditors for Denver Maloney Pty Ltd (In
Liquidation).

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

Dated this 21st day of November 2005

J. P. Mcleod
Liquidator
McLeod & Partners
Level 30 AMP Place, 10 Eagle Street,
Brisbane Qld 4000


DESTINATION LONDON: Taps Liquidator from Ferrier Hodgson
--------------------------------------------------------
Notice is hereby given that at a meeting of creditors of
Destination London Pty Ltd (In Liquidation) convened pursuant to
Section 439A of the Corporations Act 2001 held on December 14,
2005, it was resolved that the Company be wound up.

Pursuant to Section 446A of the Corporations Act 2001, John
Melluish of Ferrier Hodgson, Chartered Accountants, Level 17, 2
Market Street, Sydney, NSW was appointed Liquidator on that
date.

Dated this 14th day of December 2005

John Melluish
Liquidator


FITNESS EXPRESS: Lays Out Final Meeting Agenda
----------------------------------------------
Notice is given that pursuant to Section 509 of the Corporations
Act, a Final Meeting of members and creditors of Fitness Express
(WA) Pty Ltd will be held at the offices of Jones Condon,
Chartered Accountants, Colmel House, 241 Stirling Street, Perth
on Tuesday, January 24, 2006 at 11:00 a.m.

AGENDA

(1) To lay before the meeting the Liquidator's Account showing
how the winding up has been conducted and how the property of
the company has been disposed of, and giving any explanations
thereof.

(2) To review and approve, if required, the Liquidator's
remuneration.

(3) To resolve any other matters as may arise during the course
of the meeting.

Dated this 2nd day of December 2005

G. A. Lopez
Joint Liquidator
Jones Condon
Chartered Accountants
Colmel House, 241 Stirling Street,
Perth WA 6000


FRANK HOUSTON: Liquidator to Present Winding Up Report
------------------------------------------------------
Notice is hereby given that pursuant to Section 509 of the
Corporations Law the Final Meeting of Frank Houston Pty Ltd (In
Liquidation) will be held at Terriadi, Daydown Road, Weemelah,
NSW on January 26, 2006, at 10:00 a.m., for the purpose of
laying before the meeting the liquidator's final account and
report and giving any explanation thereof.

Dated this 23rd day of November 2005

Frank William O'connor
Liquidator
43 Auburn Street, Moree NSW


GIVE US A BREAK: Enters Winding Up Process
------------------------------------------
Notice is hereby given that at a general meeting of members of
Give Us A Break Pty Limited (In Liquidation), held on December
14, 2005 it was resolved that the company be wound up
voluntarily and that Thomas Javorsky, of Jones Condon Chartered
Accountants, Level 13, 189 Kent Street Sydney NSW, be appointed
Liquidator for the purposes of such winding up.

Dated this 14th day of December 2005

Thomas Javorsky
Liquidator
c/- Jones Condon
Chartered Accountants
Telephone: (02) 9251 5222


GOLDEN CHEF: Three Assets Up for Sale
-------------------------------------
The appointed receivers for Golden Chef have already advertised
the sale of the failed caterer's three key assets, according to
The Advertiser.

The planned sale, which was announced last week, has attracted a
number of potential buyers from across Australia.

Two weeks ago, receivers SimsPartners sold off key parts of the
business after it failed to pay license fees payable under a
scheme set up to keep the company operating. SimsPartners
decided not to keep operating the businesses until their sale
but said a purchaser potentially could resurrect the food-
delivery business as the Golden Chef trademarks were also owned
by the companies it controlled.

The affected businesses included those that own the majority of
the firm's 226 catering vans in South Australia and Victoria.

Meanwhile, former managing director Pantelis Charitopoulos
declined to give out details of his meeting with financiers in
Melbourne last week. He was expected to discuss measures on how
to keep the business afloat.

Mr. Charitopoulos said he will announce the results of the
meeting this week.

Golden Chef, which owes creditors around AU$3.1 million, was
placed in administration in July after the Australian Taxation
Office took action over AU$300,000 in tax.

CONTACT:

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


GOLDWEEK PTY: Final Meeting Set Next Month
------------------------------------------
A final combined meeting of the members and creditors of
Goldweek Pty Ltd (In Liquidation) formerly trading as Walkabout
Crushing & Screening will be held at the offices of McLeod &
Partners, Level 30, AMP Place, 10 Eagle Street, Brisbane, Qld,
4001, on February 7, 2006 at 11:00 a.m.

Dated this 18th day of November 2005

Jonathan Mcleod
Liquidator


JAY GARDENING: Resolves to Undertake Voluntary Liquidation
----------------------------------------------------------
Notice is hereby given that it was resolved by special
resolution on December 13, 2005 that Jay Gardening Pty Ltd (In
Liquidation) be wound up voluntarily and that for such purpose,
Mr. David Levi of PKF Chartered Accountants, Level 10, 1
Margaret Street, Sydney, be appointed Liquidator.

Dated this 21st day of December 2005

David Levi
Liquidator
PKF
Chartered Accountants
Level 10, 1 Margaret Street,
Sydney NSW 2000


KNITCOM PTY: Court Issues Winding Up Order
------------------------------------------
Notice is hereby given that on December 16, 2005 the Supreme
Court of New South Wales, ordered the winding up of Knitcom Pty
Limited (In Liquidation) and R. M. Sutherland was appointed as
Official Liquidator of the company.

Dated this 19th day of December 2005

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


LAND AND NATIONAL: Members Favor Liquidation
--------------------------------------------
At a general meeting of the members of Land and National
Development Corporation Pty Limited (In Liquidation) duly
convened and held at Level 1, 103-105 Northbourne Avenue, Turner
ACT 2612, on December 23, 2005, the special resolution set out
below was duly passed:

That the company be wound up voluntarily.

Dated this 23rd day of December 2005

Frank Lo Pilato
Liquidator
RSM Bird Cameron Partners
Level 1, 103-105 Northbourne Avenue,
Turner ACT 2612
Telephone: (02) 6247 5988


MEDAPRI PTY: Appoints Ernst & Young Liquidators
-----------------------------------------------
A written resolution of the sole member of Medapri Pty Ltd (In
Liquidation) on December 12, 2005 resolved to wind up the
Company voluntarily and to appoint John Georgakis and Kate
Warwick of Ernst & Young, 120 Collins Street Melbourne as
Liquidators of the company.

Dated this 12th day of December 2005

John Georgakis
Kate Warwick
Liquidators
Ernst & Young
120 Collins Street,
Melbourne Vic 3000
Telephone: 9288 8000


MYER LIMITED: Parent to Reap AU$1 Bln from Sale
-----------------------------------------------
Coles Myer Limited expects to gain around AU$1 billion from the
sale of Myer Limited's department stores and flagship property
on Bourke Street, The Sydney Morning Herald has learned.

A Citigroup analyst said the sale of the Bourke Street site
could net Coles Myer up to AU$350 million, but after
redevelopment the property's value could rise by 70 percent to
AU$600 million.

Citigroup also believes sale of the retail business could
generate AU$700 million. Other analysts, however, valued the
department store business at around AU$450 million.

Potential buyers of the Bourke Street site include shopping
center owners and property developers such as Westfield Group,
Gandel, GPT and Lend Lease.

The five short-listed bidders for the Myer retail business are
South African retailer Edgars Consolidated; Harvey Norman; the
Carlyle Group and JPMorgan Capital (bidding jointly); Newbridge
Capital in a consortium with the Myer family; and CVC Asia-
Pacific, which is making a solo bid.

The Coles Myer board is believed to be asking AU$900 million to
AU$1 billion for the Myer chain and as much as AU$400 million
for its prized Bourke Street property.

The bidders are expected to submit their final bids early next
month.

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


NATIONAL AUSTRALIA: Agrees to Transfer U.K. Management Business
---------------------------------------------------------------
National Australia Bank (NAB) announced that it has reached an
agreement to transfer the management of its U.K. Clydesdale and
Yorkshire Bank Discretionary Investment Management portfolios to
Tilney Investment Management.

The Clydesdale and Yorkshire Bank Discretionary Investment
Management operation has over 1500 customer portfolios with an
approximate value of funds under management of GBP300 million.

Tilney is one of the largest independent wealth managers in the
U.K., with over 12,000 clients and assets under management in
excess of GBP5 billion.

The sale is expected to be completed prior to June 2006.

Terms of transaction are commercial in confidence but are not
material to NAB.

CONTACT:

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


NIX ESTATE: To Convene Meeting Jan. 24
--------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of NIX
Estate Pty Ltd (In Liquidation) will be held at the offices of
Grant Thornton, Level 6, 256 St. George's Terrace, Perth WA
6000, on January 24, 2006, at 10:00 a.m., for the purpose of
having an account laid before them showing the manner in which
the winding up has been conducted and the property of the
company disposed of and of hearing any explanations that may be
given by the Official Liquidator.

Dated this 28th day of November 2005

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


PAYASO PTY: Names Official Liquidator
-------------------------------------
Notice is hereby given that at a General Meeting of Payaso Pty
Ltd (In Liquidation) held on December 15, 2005 it was resolved
that the company be wound up voluntarily as a Members' Voluntary
Winding up and that for such a purpose, Mark Stafford Byrnes be
appointed liquidator.

Dated this 15th day of December 2005

Mark Stafford Byrnes
Liquidator
Summerhill, Mitchell Highway,
Orange NSW 2800


PHILMART TRANSPORT: Liquidator Prepares to Distribute Assets
------------------------------------------------------------
At a General Meeting of Philmart Transport Pty Ltd (In
Liquidation), duly convened and held at 53 Junction Street,
Nowra on December 22, 2005 at 11:00 a.m. the following special
resolution passed:

That the company be wound up as a Members' Voluntary Liquidation
and that the assets of the company may be distributed in whole
or in part to the members in specie should the liquidators so
desire.

Dated this 22nd day of December 2005

Mark Crowther
Liquidator
Tait Miller McIntyre & Co
Accountants
53 Junction Street, Nowra NSW 2541


QANTAS AIRWAYS: Management, Unions In for Another Round of Talks
----------------------------------------------------------------
Tension between Qantas Airways' management and its union eased
after the two parties agreed to hold another round of
negotiations early next month, reports The Sydney Morning
Herald.

The row between the carrier and its maintenance crew started
after Chief Executive Geoff Dixon warned in October that jobs
and costs would be slashed in order to avoid shifting
maintenance jobs overseas where labor is cheap.

The national flag carrier wanted its new enterprise agreement
with the Australian Manufacturing Workers Union (AMWU) and
Australian Workers Union (AWU) to cut the overtime and shift
allowances paid to maintenance staff.

The unions, however, refuse to surrender any of the existing job
conditions of their 2100 Qantas members during the negotiations.

Qantas says it is at a huge cost disadvantage to other airlines,
which outsource the upkeep of their planes to huge maintenance,
repair and overhaul centers in China.

Some analysts estimate Qantas could save AU$100 million a year
by sending large chunks of its heavy maintenance overseas.

The resumption of enterprise bargaining talks next month will be
overshadowed by Qantas's decision on whether to outsource
maintenance work overseas, which is also expected to be made in
February.

CONTACT:

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


ROBBJADE PTY: Steven Nicols Named Liquidator
--------------------------------------------
On December 16, 2005 the Federal Court of Australia New South
Wales, District Registry made an Order that Robbjade Pty Limited
(In Liquidation) be wound up by the Court and appointed Steven
Nicols to be Liquidator.

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


SONS OF GWALIA: Shareholders Await Court Ruling
-----------------------------------------------
Shareholders of failed gold miner Sons of Gwalia Limited are
still waiting for a critical High Court decision, according to
Business Weekly.

Major shareholder Luka Margetic sued Sons of Gwalia for losses
incurred when the mining company collapsed.

In a controversial decision, the Federal Court of Australia held
that since misleading company information caused Mr. Margetic to
buy the shares, his claim for losses should receive equal
ranking to those of other unsecured creditors.

Many insolvency practitioners contend that if the ruling is
upheld by the High Court, it will become nearly impossible to
achieve turnarounds of insolvent firms via deeds of company
arrangement, and creditors will have to wait for a long time for
their debts to be paid.

CONTACT:

Sons of Gwalia Limited
16 Parliament Place
West Perth, Western Australia 6005
Australia
Phone: +61 8 9263 5555
Fax: +61 8 9481 1271
Web site: http://www.sog.com.au/


TELECOM NEW ZEALAND: Sees Sale of Ailing Australian Unit
--------------------------------------------------------
Telecom New Zealand raised the possibility of selling its
troubled Australian AAPT unit, The Advertiser reveals.

The firm's latest statement refuted reports that the telco had
ruled out an AAPT sale because the offers were too low.

Analysts believe the telco may be worth less than half its book
value of AU$1.35 billion, due to increased competition and
reduced fixed-line earnings in the Australian telecommunications
market.

Telecom spokesman Phil King said a review would look at
"different permutation of acquisitions, divestments, leaving the
business as a stand-alone basis, amalgamations, or joint
ventures etc".

He refused to say if takeover favorite, Optus, had made an
offer.

CONTACT:

Telecom New Zealand Ltd
P.O. Box 1473
Christchurch
New Zealand
Web site: http://www.telecom.co.nz


TELSTRA CORPORATION: Wants to Extend Ties with Brightstar
---------------------------------------------------------
Telstra Corporation is seeking to extend its controversial
relationship with Miami-based mobile phone wholesaler
Brightstar, The Age reveals.

The two parties have inked a fresh outsourcing deal worth as
much as AU$150 million over the next five years.

Telstra, which is seeking to cut costs in an increasingly
competitive mobiles market, wants to move its entire mobile
warehousing, distribution and "life cycle" management to a third
party provider to save more money.

Industry sources said the talks with Brightstar could result in
Telstra increasing the existing deal by a further AU$30 million
a year at much higher margins of up to 30 percent.

Telstra is reportedly in talks with Brightstar in relation to
logistics and distribution, but these talks have not yet
concluded.

The move is part of a bid to cut costs in Telstra's mobile phone
business as margins across the AU$11 billion a year sector get
squeezed in an ongoing price war that threatens to take as much
as 30 percent in revenues out of the industry.

Last November, Telstra contracted Brightstar to source the two
million-plus mobile phone handsets it sells every year both
directly and through its third-party sales channel - a deal
Telstra claimed may save it $50 million.

That original deal was tinged with controversy because it was
awarded without going to a competitive tender, and executives
from Telstra and Brightstar have common business interests
elsewhere. Telstra chief executive Sol Trujillo and chief
operating officer Greg Winn are co-investors with Brightstar
founder and chairman Marcelo Claure in a US$4.5 million (AU$6
million) investment round for Chinese telco Silk Road
Telecommunications.

But Telstra defended the deal, saying the investments by Mr.
Trujillo and Mr. Winn were made prior to them commencing their
appointments with Telstra."

Following the announcement of the original deal, Telstra asked
Brightstar, as well as the two biggest mobile phone distributors
in Australia, Brightpoint and Roadhound, to submit a general bid
on their logistic capabilities. Bids were submitted at the end
of November but no decision has yet been reached.

Brightstar first appeared in the Australian market at the very
end of 2004, contacting Telstra and its main rival Optus in a
bid to win business, but it remained without a major contract
with a local operator until late last year.

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 Revealed
------------------------------------
A group linked top Gold Coast financier MFS is reportedly the
one behind a recent massive purchase of shares in Village Life,
according to The Advertiser.

Thursday's sale of about 16 million shares in the ailing
retirement village operator sparked a stock market frenzy over
the buyer's identity and intentions and sent Village Life's
shares soaring.

The 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.

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/


WESTPOINT GROUP: Investors Likely to Lose AU$1 Bln
--------------------------------------------------
The collapse of property giant Westpoint Group will see around
six thousand investors losing AU$1 billion, according to The
Advertiser.

The main product the group offered investors was a complex
"mezzanine" finance, where people lend money to the company to
develop property in return for receiving interest payments.

The company, however, was subject to an investigation by the
Australian Securities and Exchange Commission (ASIC).

The Mezzanine finance schemes are highly controversial among
finance experts, who have warned for years about the high risk
that comes with them.

Victims claimed they were told the investment was safer than
buying property or shares. They first noticed something was
wrong when their regular interest payments stopped arriving
early last month.

A few days later seven of Westpoint's 14 property funds, which
are considered separate entities under the law, fell into
receivership or administration.

The corporate regulator has since started winding up the entire
Westpoint Corporation.

The true number of victims and the amount they lost is still
unclear because the company failed to lodge full financial
reports last year.

Administrators PricewaterhouseCoopers estimate about AU$300
million may be lost. Other sources say the amount could be well
over AU$1 billion.


YENDOCK PTY: Liquidator to Present Wind Up Report Jan. 24
---------------------------------------------------------
Notice is given pursuant to Section 509 of the Corporations Act
2001 that a joint meeting of the members and creditors of
Yendock Pty Ltd (In Liquidation) will be held at the offices of
Grant Thornton, Level 6, 256 St George's Terrace Perth WA 6000
on January 24, 2006, at 10:00 a.m.

The purpose of the meeting is to have an account laid before
them showing the manner in which the winding up has been
conducted and the property of the company disposed of and of
hearing any explanations that may be given by the
Official Liquidator.

Dated this 28th day of November 2005

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


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

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

Dated this 29th day of December, 2005

LUI WAN HO
LUI YEE LIN
Joint and Several Liquidators


HEBEI SECURITIES: China Shuts Loss-Making Brokerage
---------------------------------------------------
China will shut down Hebei Securities Co. Ltd. as part of
Beijing's latest effort to clean up the loss-making brokerage
sector, South China Morning Post reports.

Guangfa, China's sixth-largest brokerage by operating income,
would run Hebei Securities for a few months while the government
prepared to auction its assets, a senior industry executive
said.

Hebei Securities controls CNY4.78 billion in assets and runs
more than 30 outlets across central China from its headquarters
in Shenzhen. It was set up in 1988, around the time that China
set up its first stock exchange.

CONTACT:

Guangfa or GF Futures Co., Ltd.
22/F,New Wu Yang City Plaza
111-115 New ShiYou Road
Guangzhou,China
Code: 510600
Phone:020-87382988
Fax:020-87383523


JONESKY DEVELOPMENT: Court Releases Winding Up Notice
-----------------------------------------------------
Jonesky Development Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on January 4, 2006.

The company's registered office is located at Rm A 12th Floor
Tower 1 Tern Centre 237 Queen's Road Central Hong Kong.

Date of Presentation of Petition: November 11, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


NETEL TECHNOLOGY: 1H05 Net Loss Narrows to HK$2 Mln
---------------------------------------------------
Netel Technology (Holdings) Limited incurred a net loss HK$2.201
million for the six months ended November 30, 2005, versus a net
loss of HK$6.2 million in the same period a year earlier,
Infocast News relates.

Loss per share (LPS) was 0.57 cent. No dividend was declared.

The Group is principally engaged in the provision of long
distance call services through an integrated network
infrastructure, comprising both the packet-switched system (IP
based) and the circuit-based system (conventional phone based).

CONTACT:

Netel Technology (Holdings) Limited
Room 1903, 19/F
Olympia Plaza
255 King's Road
North Point, Hong Kong
Phone: 25768826
Fax: 25760730
Web site: http://www.neteltech.com.hk


NEW WORLD: To Seek Partners for Aviation Biz
--------------------------------------------
New World CyberBase Limited is seeking suitable cooperation
partners for the aviation business it has invested, Infocast
News reports, citing New World Managing Director Yvette Ong.

Ms. Ong added that the company's revenue for the fiscal 2006
will be mainly from the leasing of Bank of America Tower because
the newly developed aviation business will not contribute any
profit in the near term. However, the business will start its
profit contribution at the end of the year.

According to Chong Hing Securities, the company posted a profit
of HK$15.16 million in the yar ended March 31, 2005, versus a
net loss of HK$6.87 million a year earlier.

The Group is engaged in the property investment & development,
e-commerce infrastructure, money lending, information services,
e-commerce, software development & system integration.

CONTACT:

New World Cyberbase Limited
21/F, Asia Orient Tower
Town Place, 33 Lockhart Road
Wanchai, Hong Kong
Phone: 21388000
Fax: 21388111
Web site: http://www.nwcyberbase.com


NEW WORLD: Unveils January 13 SGM Results
-----------------------------------------
The Board of Directors of New World Cyberbase Limited announced
that the Shareholders duly passed all the ordinary resolutions
as set out in the notice of the Shareholder's General Meeting
(SGM) contained in the Circular or the independent shareholders
held on January 13, 2006.

As at the date of the SGM, there were 494,872,087 Shares in
issue. There were no Shares entitling the holders to attend and
vote only against each of the ordinary resolutions at the SGM
under the Listing Rules.

The total number of Shares entitling the Shareholders to vote
for or against each of the ordinary resolutions regarding the
Possible Disposal, the G200 Aircraft Purchase Agreement, the
G450 Aircraft Purchase Agreement and the Convertible Notes
Placing Agreement at the SGM was 494,872,087 Shares,
representing 100% of the voting rights of the Company as at the
date of the SGM.

To the best of the Directors' knowledge and information and
having made all reasonable enquiries, none of the Shareholders
were required to abstain from voting on the ordinary resolutions
at the SGM. The total number of Shares entitling the Independent
Shareholders to vote for or against each of the ordinary
resolutions regarding the Rights Issue and the Whitewash Waiver
at the SGM was 452,682,120 Shares, representing approximately
91.47% of the voting rights of the Company as at the date of the
SGM.

In accordance with the Listing Rules and the Takeovers Code,
Golden Infinity and its Concert Parties (including NWCBN and Mr.
Lau Wai Piu, an independent non-executive Director), who were
interested in 42,189,967 Shares (representing approximately
8.53% of the voting rights of the Company as at the date of the
SGM) have abstained from voting on the abovementioned ordinary
resolutions at the SGM.

For more information, go to
http://bankrupt.com/misc/tcrap_newworld011606.pdf

By Order of the Board
New World CyberBase Limited
Tang Chi Kei
Company Secretary
Hong Kong, 13 January 2006


LAPAGAYO LIMITED: Winding Up Hearing Fixed Feb. 15
--------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Lapagayo (Holdings) Limited by the High Court of Hong Kong
Special Administrative Region was on December 16, 2005 presented
to the said Court by Shunde You Lian Knit Garment Factory Co.,
Limited whose registered office is situate at No. 16, Mai Lang
Road, Mai Lang Management Zone Long Jiang, Shun De City, Guang
Dong Province, the People's Republic of China.

The said Petition is directed to be heard before the Court at
9:30 a.m. on February 15, 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.

Y. C. LEE, PANG & KWOK
Solicitors for the Petitioner
2803 Wing On House
71 Des Voeux Road Central
Central, 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 February 7, 2006.


RINGWAY DEVELOPMENT: Court Issues Winding Up Order
--------------------------------------------------
Ringway Development Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on January 4, 2006.

The company's registered office is located at G/F 209-223 Shau
Kei Wan Road Hong Kong.

Date of Presentation of Petition: November 8, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


LOGON ENGINEERING: Commences Winding Up Process
-----------------------------------------------
Logon Engineering Limited has received a notice of winding up
order in the High Court of the Hong Kong Special Administrative
Region Court of First Instance on January 4, 2006.

The company's registered office is located at Flat H 4th Floor
Valiant Industrial Center 2-12 Au Pui Wan Street, Shatin New
Territories.

Date of Presentation of Petition: November 11, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


O'CLASSIC INTERNATIONAL: Prepares to Shut Down Business
-------------------------------------------------------
O'Classic International Limited has received a notice of winding
up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 4,
2006.

The company's registered office is located at Unit 2201 B 22nd
Floor Ginza Square 565-567 Nathan Road Kowloon.

Date of Presentation of Petition: November 8, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


ORIENT YORK: Court to Hear Wind Up Petition Feb. 22
---------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
Orient York Development Limited by the High Court of Hong Kong
Special Administrative Region was on December 30, 2005 presented
to the said Court by Great Glory International Limited whose
registered office is situate at 17th Floor, Shing Lee Commercial
Building, 6-12 Wing Kut Street, Central, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 a.m on February 22, 2006.

Any creditor or contributor 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.

YUEN & PARTNERS
Solicitors for the Petitioner
10th Floor, Chiyu Bank Building
78 Des Voeux Road Central
Central, Hong Kong
Phone: 2815 2688
Fax: 2541 2088

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 February 21,2 006.


POLYAIM LIMITED: Winding Up Process Initiated
---------------------------------------------
Polyaim Limited has received a notice of winding up order in the
High Court of the Hong Kong Special Administrative Region Court
of First Instance on January 4, 2006.

The company's registered office is located at Shop E G/F 54
Jaffe Road Wanchai Hong Kong.

Date of Presentation of Petition: November 11, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


SWEETMART INTERNATIONAL: Court Issues Winding Up Order
------------------------------------------------------
Sweetmart International Company Limited has received a notice of
winding up order in the High Court of the Hong Kong Special
Administrative Region Court of First Instance on January 4,
2006.

The company's registered office is located at 2nd Floor Wong's
Factory Building 368-370 Sha Tsui Road Tsuen Wan New
Territories.

Date of Presentation of Petition: November 9, 2005

Dated this 13th day of January 2006

E T O'CONNELL
Official Receiver


UDL HOLDINGS: Notes Unusual Price Movement
------------------------------------------
The Stock Exchange of Hong Kong has received a message from UDL
Holdings Limited, which is reproduced as follows:

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

The company have noted the decrease in price of the shares of
the Company on January 13, the company is not aware of any
reasons for such decrease.

Save and except for the disclosures in the announcement dated
29th December 2005, the company also confirm that there are no
negotiations or agreements relating to intended acquisitions or
realizations which are discloseable under rule 13.23, neither is
the Board aware of any matter discloseable under the general
obligation imposed by rule 13.09, which is or may be of a price-
sensitive nature.

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

Currently, the Board comprises three executive directors namely
Mrs. Leung Yu Oi Ling, Irene, Miss Leung Chi Yin, Gillian, Mr.
Lee Ka Lun, Stephen and three independent non-executive
directors, namely Mr. Pao Ping Wing, JP, Professor Yuen Ming
Fai, Matthew and Ms. Tse Mei Ha.

By order of the Board
UDL HOLDINGS LIMITED
PANG KEE CHAU
Company Secretary
Hong Kong, 13 January 2006"

As of July 31, 2004, UDL Holdings has total current assets of
HK$100.49 million while total current liabilities stood at
HK$145.14 million, according to Chong Hing Securities Ltd.

CONTACT:

UDL Holdings Limited
Room 702, 7/F
Aitken Vanson Centre
61 Hoi Yuen Road
Kwun Tong, Kowloon
Hong Kong
Phone: 23312488
Fax: 27548974


UNITED FAME: Winding Up Hearing Slated for Feb. 8
-------------------------------------------------
Notice is hereby given that a Petition for the Winding up of
United Fame Enterprise Limited by the High Court of Hong Kong
Special Administrative Region was on December 19, 2005 presented
to the said Court by United Fame Enterprise Limited whose
registered office is situate at Shop No. 108, 1st Floor, Fortune
Shopping Centre, Fortune Estate, Fortune Street, Cheung Sha Wan,
Kowloon, Hong Kong.

The said Petition is directed to be heard before the Court at
9:30 am on February 8, 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.

KNIGHT & HO
Solicitors for the Petitioner
Rooms 2207-2210, 22nd Floor
World-Wide House
19 Des Voeux Road Central
Central, 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 February 7, 2006.


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

HARYANA FINANCE: RBI Cancels Certificate of Registration
--------------------------------------------------------
The Reserve Bank of India (RBI), has on December 27, 2005
cancelled the certificate of registration granted to Haryana
Finance Private Limited, having its registered office at 3996,
Roshan Ara Road, New Delhi-110007 for carrying on the business
of a non-banking financial institution.

Following cancellation of registration certificate, Haryana
Finance Private Limited, cannot transact the business of a non-
banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank
of India Act, 1934, the Reserve Bank can cancel the registration
certificate of non-banking financial company.

The business of a non-banking financial institution is defined
in clause (a) of Section 45-I of the Reserve Bank of India Act,
1934.

CONTACT:

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


ITD CEMENTATION: Unveils Outcome of Board Meeting
-------------------------------------------------
ITD Cementation India Ltd advised that the Board of Directors of
the Company at its meeting held on January 16, 2006, has decided
to issue further equity shares by way of rights, subject to the
approval of the shareholders at its general meeting, upto a
maximum value of INR750 million.

The above value will be inclusive of premium to be decided by
the Directors at a later stage.

CONTACT:

ITD Cementation India Ltd
Apeejay House, Dinshaw Vachha Road,
Mumbai 400020
Maharashtra
Phone: 22836164 22836165
Fax: 22855032 22855446


JAYSHREE CHEMICALS: BIFR Confirms Financial Recovery
----------------------------------------------------
Jayshree Chemicals Ltd announced that the Board for Industrial
And Financial Reconstruction ('BIFR') has, vide Order dated
December 30, 2005, noted that the prescribed provisions of the
Scheme for revival of the Company sanctioned by the BIFR vide
its order dated April 16, 2002 (SS-02) have been substantially
implemented by the Company / promoter(s) and other concerned
agencies, as a result of which the Company's net worth has
turned positive at the end of November 30, 2005.

Accordingly, as the Company ceased to be a sick industrial
Company within the meaning of Section 3(1)(o) of the Sick
Industrial Companies (Special Provisions) Act, 1985 ('SICA'),
the BIFR has discharged the Company from the purview of SICA.

CONTACT:

Jayshree Chemicals Ltd
Ganjam, P.O. Jayshree
Jayshree 761025
Orissa
Phone: 254319 254329 254336 254160
Fax: 254384


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

DAVOMAS INTERNATIONAL: Moody's Assigns (P)B2 Rating to Bonds
------------------------------------------------------------
Moody's Investors Service has assigned its provisional (P)B2
senior unsecured rating to the proposed USD bonds to be issued
by Davomas International Finance Company Pte. Ltd. and
guaranteed by P.T. Davomas Abadi Tbk (Davomas). At the same
time, Moody's has affirmed its B2 corporate family rating of
Davomas. The ratings outlook is stable.

The bond proceeds will be utilized to expand Davomas' cocoa-bean
grinding capacity and refinance all outstanding debts, while the
balance will be used for general working capital. Moody's
expects to affirm the bond rating and remove it from provisional
status upon completion of the bond issuance and refinancing of
the existing secured debts, which will the eliminate legal
subordination risk.

The ratings reflect Davomas' key credit strengths: (1) its
position as a sizable player in the Indonesian cocoa grinding
market; (2) its cost competitiveness relative to its
international peers; (3) its hedging strategy to minimize price
risk and match orders with cocoa bean supply; and (4) the
outsourcing trend by branded chocolate players as a long-term
industry growth driver.

At the same time, the ratings reflect the following key credit
challenges: (1) the commodity nature of cocoa beans and price
fluctuations for cocoa products introduce volatility into cash
flow and profitability; (2) evidence of customer concentration
risk and the absence of long-term sales contracts; (3) the lack
of back-up bank facility limits its liquidity cushion; and (4)
its track record for default and debt restructuring.

Upward rating pressure will arise if the company demonstrates an
ability to increase utilization for its newly installed grinding
capacity and achieve the projected growth in cash flow such that
TD/EBITDA of over 3x and EBITDA/Interest coverage above 4x
across the cycle. Evidence of an improved back-up liquidity
arrangement with the establishment of committed banking
facilities to buffer industry shocks will also be positive for
the rating.

On the other hand, downward rating pressure will emerge if: 1)
the company fails to maintain grinding utilization due to the
loss of a big customer; 2) an aggressive dividend policy which
deprives cash reserves; or 3) emergence of a debt-funded
expansion strategy. The key credit metrics that Moody's would
consider for a downgrade include TD/EBITDA exceeds 4.5x and
EBITDA/Int coverage falls below 2.0x.

P.T. Davomas Abadi Tbk, established in 1990 and listed on the
Jakarta Stock Exchange since 1994, is one of the dominant
producers and exporters of cocoa butter and cocoa powder in
Indonesia.


KIANI KERTAS: Purchase, Debt Settlement Deal Nears
--------------------------------------------------
PT Bank Mandiri is likely to close a US$401-million purchase and
debt settlement deal for Kiani Kertas with billionaire Putra
Sampoerna, The Jakarta Post reports.

Although Bank Mandiri is committed to its January 2 agreement
with Mr. Sampoerna, the lender said it is still accepting other
offers for the ailing pulpmaker.

Bank Mandiri is expecting an offer from Singapore-based United
Fiber System (UFS), whose previous offer the bank refused.

Mandiri spokesperson Ekoputro Adijayanto explained the bank
prefers Mr. Sampoerna's bid since the latter has agreed to pay
in full some US$201 million of Kiani Kertas' debt to Bank
Mandiri.

Last month, Mr. Sampoerna offered last month to pay Mandiri and
shareholders US$200 million in cash for Kiani Kertas. The
businessman later raised his bid to US$401 million, in which
US$201 million alone will be used to pay off the pulp company's
debt to Bank Mandiri.

UFS, whose offer had been valued at some $600 million, had paid
$22 million last year to help the pulpmaker run its operations
and pay off some debts, Kiani Kertas commissioner Luhut
Panjaitan said. Mandiri, however, then rejected UFS' proposal,
saying it did not meet all the criteria.

Bank Mandiri is seeking to sell Kiani Kertas to recover the
money it spent to assume the pulp company's debt in August 2002,
and will thus reduce its bad-loan ratio.

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: Mulls US$500-Mln Bonds Issue
---------------------------------------
PT Pertamina plans to issue around US$500 million worth of bonds
by September this year, Reuters reports, citing Finance Director
Alfred Rohimone.

Mr. Rohimone admitted that the firm has not yet tapped any
arranger for the bond issue.

He also refused to give details of the float but said the bonds
may be denominated in both dollars and rupiah.

The proceeds from the bond issue will be used to fund
Pertamina's business expansion.

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: Buys Sweet Crude for March Delivery
----------------------------------------------
State oil and gas firm PT Pertamina has purchased 5.27 barrels
of sweet crude for March delivery in its monthly tender,
according to Dow Jones Newswires.

The purchase, down from more than 6 million bbl for the previous
month, was finalized late Friday.

It includes six cargoes of Asian origin and 1 million bbl each
of Libyan Sarir and Algerian Sahara Blend.

Pertamina's purchase of the two Mediterranean cargoes was
unexpected, as they weren't included in the company's shortlist.

Crude oil pegged to Atlantic basin benchmark Brent is considered
uneconomic to ship to Asia on a spot basis because of high long-
haul freight rates.

Still, the tender results are considered supportive for the
Asian market, as six cargoes were taken.

Pertamina had snapped up a bumper nine regional cargoes last
month, ending a three-month run of below-average imports.

The following are the confirmed results of Pertamina's crude oil
import tender for March:

Grade            Seller           Volume (bbl)
Wenchang         Petral             420,000
Bach Ho          Sumitomo Corp.     600,000
Bach Ho          Concord            450,000
Sarir            Kipco            1,000,000
Sahara Blend     Concord          1,000,000
Champion/Seria   Astra Oil Co.      300,000 each
Tapis            Itochu Corp.       600,000
Tapis            Astra Oil Co.      600,000


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

FUJITSU LIMITED: Stock Jumps 5% on Expansion Plans
--------------------------------------------------
Fujitsu Ltd's shares jumped more than 5 percent Friday on news
that the struggling company plans to expand its hard disk drive
business, the Associated Press reports.

The electronics company also said it will enter the growing
business of 1.8-inch (4.6-centimetre) hard disk drives, used for
storing digital data in portable music players, video cameras
and portable computers.

Fujitsu plans to develop the product in a partnership with U.S.
maker Cornice Inc., Fujitsu official Ichiro Komura told
reporters.

The company, now ranked fifth among the world's hard drive
makers, aims to be one of the top three by fiscal 2008, doubling
its annual shipment to US$54 million.

CONTACT:

Fujitsu Limited
Shiodome City Center
1-5-2 Higashi-Shimbashi
Minato-ku, Tokyo
Japan, 105-7123
Phone: +81 (0) 3-6252-2176
Fax: +81 (0) 3-6252-2783
Web site: http://www.fujitsu.com


FUJITSU LIMITED: Wins 2005 Asia Pacific Partner of the Year
----------------------------------------------------------
CA announced the winners of its 2005 Partner of the Year awards
for exceptional performance in their respective regions. Fujitsu
Australia and New Zealand was awarded 2005 Partner of the Year
for the Asia Pacific region for its overall commitment to and
integration of CA technology within its business.

In 2005, Fujitsu expanded its use of CA technology and re-
committed to the successful alliance between the two companies.

Vicki Bain, Director Channel and Alliances with CA Australia
said, "Fujitsu is an innovative and responsive partner to work
with. During 2005, Fujitsu expanded its use of CA technology and
is now working towards utilising CA's Unicenter product to
manage all their outsourcing and managed service engagements, as
well as to internally manage its own business. We are proud to
acknowledge Fujitsu's business success and expertise around CA's
products in the security, storage and infrastructure management
areas."

As part of the expanded alliance, Fujitsu is currently
developing a CA Professional Services practice to engage in
joint implementations of CA technology across security, storage
and enterprise management. This involves having capability and
certification across all CA product sets.

Fujitsu is currently migrating its operation to CA Unicenter
Service Desk, which will be the largest CA Unicenter Service
Desk in the Asia Pacific region.

Peter McFarlane, Executive General Manager, Infrastructure
Services, Fujitsu Australia and New Zealand said, "Fujitsu has a
long standing and successful alliance with CA, and for some
years CA has been a significant partner in our Infrastructure
Services business. Today however, the partnership extends across
the majority of our business lines and we have embraced CA
technology internally.

"Working with CA is an important part of our business. CA's
quality products and solutions support make them easy to partner
with. We are very pleased with our achievement this year and
look forward to continuing our winning efforts with CA,"
concluded McFarlane.

About Fujitsu Australia Limited
Fujitsu is a full service provider of information technology and
communications solutions. Throughout Australia and New Zealand
we partner with our customers to consult, design, build, operate
and support business solutions. From strategic consulting to
application and infrastructure solutions and services, Fujitsu
has earned a reputation as the single supplier of choice for
leading corporate and government organisations. Fujitsu
Australia Limited is a wholly owned subsidiary of Fujitsu
Limited of Japan.
For more information, please see: www.au.fujitsu.com

About Fujitsu Limited

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

About CA

CA (NYSE: CA), one of the world's largest information technology
(IT) management software companies, unifies and simplifies the
management of enterprise-wide IT. Founded in 1976, CA is
headquartered in Islandia, N.Y., and serves customers in more
than 140 countries. For more information, please visit:

For more information, please see: www.ca.com.

Press Contacts

Elizabeth Greene
Fujitsu Australia and New Zealand Limited
Phone: +61 2 9113 9252
Mobile: 0411 438 720
E-mail:elizabeth.greene@au.fujitsu.com

This is a company press release.


JAPAN AIRLINES: Ministry Orders Revision of Safety Measures
-----------------------------------------------------------
The Ministry of Land, Infrastructure and Transport Ministry has
ordered Japan Airlines (JAL) to revise a set of measures it
compiled last April to prevent operational blunders, following a
string of mishaps since late last year, Kyodo News reports.

The transport ministry January 9 summoned JAL Vice President
Katsuo Haneda, who is in charge of safety operations, resubmits
preventive measures by the end of this month.

In the April package, the carrier promised to review procedures
and manuals for flight operations and aircraft servicing while
promoting information sharing between management and employees,
and their reeducation about the importance of safety.

But two blunders by JAL, both caused by human errors, in the
past one-month prompted the ministry to order compilation of
more safety measures.

CONTACT:

Japan Airlines Corporation Company
2-4-11, Higashi-shinagawa, Shinagawa-ku
Tokyo 140-8605, Japan
Phone: +81-0120-25-5931


JAPAN AIRLINES: R&I Assigns BB Rating
-------------------------------------
Rating and Investment Information, Inc. (R&I) has assigned a BB
rating to Japan Airlines Corporation under the Shelf
Registration scheme. The rating outlook is stable.

Japan Airlines Corporation is the pure holding company for the
JAL Group. Japan Airlines International Co., Ltd. (JALI) and
Japan Airlines Domestic Co., Ltd. (JALJ) are the core operating
subsidiaries.

Japan Airlines Corp. (JAL) controls the operating subsidiaries
in terms of capital, personnel, management plans and funding.
The Group's earning structure has deteriorated due to the hike
in fuel prices and a decline in passenger numbers resulting from
operational problems.

It is expected to fall into a final deficit for fiscal 2005, so
R&I will take note of the extent of damage to the company's
finances and future demand trends. In addition to the high
degree of Group integration, JAL plans to include the joint and
several guarantee of JALI and JALD on the bonds to be issued in
the program, so the rating for the program is the same as the
long-term debt rating for JALI.


MITSUBISHI MOTORS: Rules Out Joint Venture With Proton
------------------------------------------------------
Mitsubishi Motors Corp (MMC) confirmed it has no plans to
jointly set up a plant with Malaysian carmaker Proton Holdings
Bhd to assemble or manufacture Mitsubishi cars, the Business
Times reported Saturday.

The speculations about Mitsubishi reestablishing ties with
Proton arose after Mitsubishi Motors Malaysia announced last
month that it is in talks with a few car manufacturers,
including Proton, on the possibility of assembling Mitsubishi
cars locally.

Mitsubishi Motors Malaysia is 52% owned by Mitsubishi
Corporation, a trading house that leads the Mitsubishi business
conglomerate, with the rest held by Malaysia's Edaran Otomobil
Nasional Bhd.

CONTACT:

Mitsubishi Motors North America, Inc.
6400 Katella Ave.
Cypress, CA 90630-0064 (Map)
Phone: 714-372-6000
Fax: 714-373-1020
Web site: http://www.mitsucars.com


SOJITZ CORPORATION: R&I Upgrades Rating to BB-
----------------------------------------------
Rating and Investment Information, Inc. has upgraded Sojitz
Corporation's rating to BB- from B+.

RATIONALE:

Improvement in the soundness of the company's assets has made
substantial progress as a result of the withdrawal from low
profit businesses and the disposal of a large amount of losses,
including the disposition of real estate holdings, being
implemented under the New Business Plan enacted in 2004.
Earnings are headed for recovery, and Sojitz is seeking to
expand its earnings base in the future by concentrating
investment in growth areas. In view of these circumstances, R&I
has upgraded the company's Issuer Rating to BB-. Nevertheless,
much of the company's capital is highly dependent on preferred
shares. Considering the equity-like qualities of preferred
shares, the accumulation of equity capital in relation to risk
assets will be an issue in the future.

With an increasing shift toward long-term funds, the cash flow
management is stabilizing. However, R&I considers it is still
not adequate, therefore, has affirmed the b rating for the
Domestic Commercial Paper Programme.

CONTACT:

Sojitz Holdings Corporation
1-23 Shiba 4-Chome
Minato-Ku 108-8408, Tokyo
Japan
Phone: +81 3 5446 3600
Fax: +81 3 5446 1542


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

DAEWOO ENGINEERING: Scores Another Project in Nigeria
-----------------------------------------------------
Daewoo Engineering & Construction Co. entered the Nigerian
market again through an $875 million contract to build petroleum
and gas production facilities, Asia Pulse reports.

The project, which is equivalent to about 70 percent of last
year's estimated total orders worth $1.2 billion, is considered
as the largest the Company has ever received.

The facilities will be located in the Gbaran-Ubie region, about
100 kilometers northwest of Port Harcourt in southern Nigeria,
which faces the Gulf of Guinea, the company said.

Shell Petroleum Development Co. (SPDC) of Nigeria ordered for
the construction of facilities with a daily capacity of one
billion cubic feet of natural gas and 120,000 barrels of crude
oil.

The state-run Nigerian National Petroleum Corp. controls 55
percent of SPDC while energy giant Royal Dutch Shell Plc. holds
30 percent.

"We'll aggressively penetrate plant construction markets in West
Africa," the company said.

With previous projects in Nigeria that include installing
pipelines and building plants in swamps, the Company's
Nigerian project now amounts to $3 billion since it advanced
into the African country in 1980.

CONTACT:

Daewoo Engineering and Construction
South Korea
Phone: 82 2 2288 5140
Fax: 82 2 2288 3113
Web site: http://www.dwconst.co.kr


===============
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


DFZ CAPITAL: New Shares up for Listing, Quotation
-------------------------------------------------
DFZ Capital Berhad advised that its additional 4,000 new
ordinary shares of MYR1.00 each arising from the conversion of
44,000 Irredeemable Convertible Preference Shares will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Wednesday, January 18, 2006.


LANKHORST BERHAD: Court Extends Restraining Order for 120 Days
--------------------------------------------------------------
Further to the Lankhorst Berhad's announcements released on May
30, 2005 and September 13, 2005 respectively, the Company
informed Bursa Malaysia Securities Berhad that the High Court of
Kuala Lumpur has granted a further extension of the RO to the
Company and the following subsidiaries:

(1) Lankhorst Pancabumi Contractors Sdn. Bhd.

(2) Cardon (M) Sdn. Bhd.

(3) Lankhorst Hartanah Sdn. Bhd.

(4) Lankhorst M&E Sdn. Bhd.

(5) Port Dickson Sepang Quarry Sdn. Bhd.

(6) Lankhorst Track Construction Sdn. Bhd.

(7) Rampai Budi Jaya Sdn. Bhd.

(8) Tradepro Sdn. Bhd.

The further extension to the RO is valid for a period of One
Hundred Twenty (120) days from the date of the Order.

The further extension of the RO is to facilitate a corporate
restructuring exercise, the full details of which shall be
announced in due course.

By Order of the Board

This announcement is dated 13th January 2006.

CONTACT:

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


LITYAN HOLDINGS: Deadline for Plan Submission Extended
------------------------------------------------------
Lityan Holdings Berhad (Lityan) furnished Bursa Malaysia
Securities Berhad with an update to the following proposals:

- Proposed Acquisition of Guanhong Group

- Proposed Exemption

- Proposed scheme of arrangement with shareholders

- Proposed scheme of arrangement with creditors

- Proposed issuance of shares

- Proposed offer for sale

- Proposed transfer of listing status; and

- Proposed disposal

(collectively, the Proposed Restructuring Scheme)

Following the announcement dated January 3, 2006, the Company
advised that Bursa Securities has approved on January 12, 2006
an extension of time of one month from January 10, 2006 to
February 9, 2006 to enable Lityan to submit a regularization
plan to the relevant authorities for approval.

The Company shall provide regular updates on the progress of the
Proposed Restructuring Scheme.

CONTACT:

Lityan Holdings Berhad
Bangunan Lityan,
Peremba Square Saujana Resort,
Section U2, 40150 Shah Alam
Selangor Darul Ehsan, Malaysia
Phone: + 603-7622-1188
Fax: +603-7666-6870
E-mail: enquiry@lityan.com.my


MAGNUM CORPORATION: Undertakes Share Buy Back
---------------------------------------------
Magnum Corporation Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: January 12, 2006

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

Total number of shares purchased (units): 319,000

Minimum price paid for each share purchased (MYR): 1.980

Maximum price paid for each share purchased (MYR): 2.000

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 319,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 92,982,600

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

CONTACT:

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


MBF HOLDINGS: Unveils New Court Hearing Date
--------------------------------------------
Further to the announcement on December 6, 2005, MBf Holdings
Berhad advised that the Court has adjourned the following
hearings to January 25, 2006:

(1) Pre-trial case management for MBF Cards Action.

(2) GrandTech's appeal on the dismissal of GrandTech's Action
for Summary Relief and Interim Payment.

Yours faithfully,
For and on behalf of
MBf Holdings Berhad
Ding Lien Bing
Company Secretary
12 January 2006

CONTACT:

Mbf Holdings Berhad
No 8 Jalan Yap Kwan Seng
50450 Kuala Lumpur, Selangor Darul Ehsan 46150
Malaysia
Telephone: +60 2167 8000 / +60 2164 6985


OLYMPIA INDUSTRIES: MoU with Vinci Construction Still Unchanged
---------------------------------------------------------------
Olympia Industries Berhad (OIB) informed Bursa Malaysia
Securities Berhad that there has been no change in the status on
the Memorandum of Understanding (MOU) between OIB, Vinci
Construction Grand Projects and Invescor-Dumez Jaya-Woh Hup JV
subsequent to the last update on October 12, 2005.

CONTACT:

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


PACIFIC & ORIENT: Purchases New Shares
--------------------------------------
Pacific & Orient Berhad furnished Bursa Malaysia Securities
Berhad with a notice of shares buy back with the following
details:

Date of buy back: January 12, 2006

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

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

Minimum price paid for each share purchased (MYR): 1.770

Maximum price paid for each share purchased (MYR): 1.780

Total consideration paid (MYR): 8,935.77

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

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

Cumulative net outstanding treasury shares as at to-date
(units): 8,318,889

Adjusted issued capital after cancellation (no. of shares)
(units): 0

CONTACT:

Pacific & Orient Bhd
11th Floor, Wisma Bumi Raya,
No 10, Jalan Raja Laut,
PO Box 10953,
Kuala Lumpur Wilayah
Persekutuan 50730
Malaysia
Telephone: 03-26985033
Fax: 03-26944209


PANTAI HOLDINGS: Holds Share Buy Back
-------------------------------------
Pantai Holdings Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:

Date of buy back: January 12, 2006

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

Total number of shares purchased (units): 38,000

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

Maximum price paid for each share purchased (MYR): 1.920

Total consideration paid (MYR): 72,845.99

Number of shares purchased retained in treasury (units): 38,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 40,355,300

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

CONTACT:

Pantai Holdings Berhad
8 Jalan Damansara Endah
Damansara Heights Kuala Lumpur, Malaysia 50490
Malaysia
Telephone: +60 3 2713 2282 / +60 3 2094 4528


PILECON ENGINEERING: Fixes Stock Prices at MYR0.50
--------------------------------------------------
Pilecon Engineering Berhad (Pilecon) issued to Bursa Malaysia
Securities Berhad an update to the following proposals:

- Proposed Capital Reduction;

- Proposed Share Consolidation;

- Proposed Rights Issue;

- Proposed Debt-Restructuring Scheme comprising:

- Proposed Cash Settlement;

- Proposed Debt-to-Equity Conversion;

- Proposed Issue of Redeemable Convertible Secured Loan Stocks
(RCSLS);

- Proposed Issue of Irredeemable Convertible Unsecured Loan
Stocks (ICULS).

(Collectively referred to as the Approved Revised Proposals)

- Proposed Exemption

Alliance Merchant Bank Berhad (Alliance), on behalf of the Board
of Directors of Pilecon (Board), advised that Pilecon had
earlier obtained the confirmation and sanction of the High Court
of Malaya at Kuala Lumpur for the Approved Revised Proposals
pursuant to Sections 64 and 176 of the Companies Act, 1965.

In respect to regulatory approvals required for implementation,
the Approved Revised Proposals are now subject to the approval
of Bursa Malaysia Securities Berhad (Securities Exchange) for
the admission to the Official List and the listing of and
quotation for the ICULS and the new ordinary shares to be issued
pursuant to the Approved Revised Proposals and upon the
conversion of the RCSLS (if any) and the ICULS.

Alliance, on behalf of the Board, advised that the Board had on
January 12, 2006 fixed the conversion price of the RCSLS and
ICULS to be issued pursuant to the Proposed Debt-Restructuring
Scheme at MYR0.50 nominal value for one (1) new ordinary share
in Pilecon.

In accordance with the proposed terms and conditions of the
RCSLS and ICULS, the conversion price for the RCSLS and ICULS
was arrived at based on the weighted average price of Pilecon
shares for five (5)-market days immediately prior to the date
where all required approvals for the Approved Revised Proposals
have been obtained (save for the Securities Exchange's approval
as stated above) or the par value, whichever is higher.

In view of the weighted average market price of Pilecon shares
for the five (5)-market days up to January 11, 2006 is MYR0.08
i.e. below the par value of Pilecon shares, the conversion price
is fixed at the par value of Pilecon shares of MYR0.50
(Conversion Price).

The Conversion Price represents a premium of 525 percent over
the weighted average market price of Pilecon shares for five
(5)-market days up to January 11, 2006 of MYR0.08.

This announcement is dated 12 January 2006.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888


PELIKAN INTERNATIONAL: Converts ICULS, RCULS to Ordinary Shares
---------------------------------------------------------------
Pelikan International Corporation Berhad advised that its
additional 64,663 new ordinary shares of MYR1.00 each issued
pursuant to the

(i) Conversion of MYR96,000 nominal value of three year five-
year Irredeemable Convertible Unsecured Loan Stocks 2005/2010
(ICULS) into 63,997 new ordinary shares of MYR1.00 each; and

(ii) Conversion of MYR1,000 nominal value of three percent five-
year Redeemable Convertible Unsecured Loan Stocks 2005/2010
(RCULS) into 666 new ordinary shares of MYR1.00 each;

will be granted listing and quotation by Bursa Malaysia
Securities Berhad with effect from 9:00 a.m., Monday, January
16, 2006.


RASHID HUSSAIN: Bourse to Grant Listing, Quotation of New Shares
----------------------------------------------------------------
Rashid Hussain Berhad advised that its additional 20,900 new
ordinary shares of MYR1.00 each issued pursuant to the
conversion of MYR23,617 nominal value of Irredeemable
Convertible Unsecured Loan Stocks-B 2002/2012 into 20,900 new
ordinary shares will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m., Monday,
January 16, 2006.

CONTACT:

Rashid Hussain Berhad
9th Floor, RHB 1, 424,
Jalan Tun Razak, Kuala Lumpur Wilayah
Persekutuan 50400
Malaysia
Telephone: 03-92852233
Fax: 03-92848949


SAAG CONSOLIDATED: Sets Issue Price of Private Placement
--------------------------------------------------------
Saag Consolidated (M) Bhd (SAAG) furnished Bursa Malaysia
Securities Berhad with details of the Private placement of up to
4,467,500 new ordinary shares of MYR1.00 each in the Company.

Further to the announcements dated October 18, 2005 and October
28, 2005 in respect of the Private Placement, Hwang-DBS
Securities Berhad, on behalf of the Board of Directors of SAAG,
advised that the issue price of the Private Placement has been
fixed at par.

The issue price of MYR1.00 per Placement Share represents a
premium of 21.95 percent over the five-day weighted average
market price of the ordinary shares of MYR1.00 each in SAAG up
to and including January 11, 2006, being the price fixing date
for the issue, of MYR0.82.

This announcement is dated 12 January 2006.

CONTACT:

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


SARAWAK ENTERPRISE: Sub-unit in Wind Up Process
-----------------------------------------------
The Board of Directors of Sarawak Enterprise Corporation Berhad
(SECB) advised 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 one 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
RM1.00 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


TANCO HOLDINGS: Court Extends Restraining Order for Two Months
--------------------------------------------------------------
Further to the announcement dated August 1, 2005 in relation to
the Restraining Order pursuant to Section 176 (10) of the
Companies Act, 1965 (the RO), Tanco Holdings Berhad (Tanco)
advised Bursa Malaysia Securities Berhad that it has been
advised by its solicitors, Messrs. Cheang & Ariff in a letter
dated January 11, 2006 that the Kuala Lumpur High Court (the
Court) has on January 11, 2006 granted to the Company and its
following affected subsidiaries a further extension of two (2)
months on the RO which is now expiring on March 10, 2006:

(1) JKMB Development Sdn. Bhd. (Company No. 284683-H)

(2) Palm Springs Development Sdn. Bhd. (Company No. 72160-X)

(3) Palm Springs Resort Management Berhad (Company No. 382001-H)

(4) Popular Elegance (M) Sdn. Bhd. (Company No. 358335-K)

(5) Tanco Development Sdn. Bhd. (Company No. 231587-D)

(6) Tanco Land Sdn. Bhd. (Company No. 251830-M)

(7) Tanco Properties Sdn. Bhd. (Company No. 75902-X)

(8) Tanco Resorts Berhad (Company No. 237900-H)

(9) Tanco Club Berhad (Company No. 219037-P)

In conjunction with the grant of further extension on the RO,
the Court has also approved Mr. William Leong Jee Keen to
continue to act as a Director of TANCO and the above affected
subsidiaries pursuant to Section 176(10A)(d) of the Companies
Act, 1965 and whose nomination has the consent from the majority
of the creditors to represent their interest.

This announcement is dated 12 January 2006.

CONTACT:

Tanco Holdings Berhad
Jalan Desa Bandar Country Homes
48000 Rawang, Selangor Darul Ehsan 48000
Malaysia
Telephone: +60 3 6092 8333 / +60 3 6091 3188


WEMBLEY INDUSTRIES: Applies for Extension of Proposal Completion
----------------------------------------------------------------
Wembley Industries Holdings Berhad (WIHB) provided Bursa
Malaysia Securities Berhad with an update to the following
proposals:

- Proposed capital reduction and consolidation;

- Proposed debt restructuring;

- Proposed two-call rights issue with warrants; AND

- Proposed increase in authorised share capital.

(collectively referred to as the proposals)

Reference is made to the announcement dated April 25, 2005 in
which the Securities Commission (SC) had vide its letter dated
April 18, 2005 granted its approval to WIHB for an extension of
time for a period of one (1) year up to January 27, 2006 to
complete the implementation of the Proposals subject to the
conditions stipulated in the said letter.

In relation thereto, the Board of Directors of WIHB advised that
the Company had, on January 13, 2006, submitted an application
for an extension of time for a period of one (1) year up to
January 27, 2007 to complete the implementation of the
Proposals.

This announcement is dated 13 January 2006.

CONTACT:

Wembley Industries Holdings Berhad
No 1 Jalan Pandungan
Kuching, Sarawak 93100
Malaysia
Phone: +60 82 236920
Fax: +60 82 236922


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

COLLEGE ASSURANCE: Union Warns of Possible Strike
-------------------------------------------------
Members of The College Assurance Plans (Philippines) Inc. (CAP)
union threatened to go on strike anytime soon with conciliation
and mediation talks leading nowhere, BusinessWorld reveals.

The Solidarity in College Assurance Plan union filed a notice of
strike with the National Conciliation and Mediation Board on
December 19 after the CAP management announced it would axe 200
workers. The union accused CAP of union busting through mass
dismissal.

The union leadership called a strike vote on Jan. 4, with the
results showing 67 percent of the union's 315 members supporting
a strike versus only a tenth against it. The remaining union
members abstained.

CAP earlier implemented a two-phase voluntary retirement program
for employees who wanted to retire with full benefits. But it
was forced to do an involuntary separation scheme after the
union strongly campaigned against the voluntary retirement
program, with only a few takers.

A CAP official said the pre-need firm had to retrench workers
since their functions were mooted by the firm's lack of a
dealer's license since August 2004, noting the company "cannot
afford to continue paying salaries as if operations were the
same". CAP lost its license when it failed to inject fresh funds
to service obligations both to creditors and planholders.

Meanwhile, the CAP management assured it would not take any
action against union members unless they go beyond their rights
as employees.

CONTACT:

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


COLLEGE ASSURANCE: SEC Complaint Junked for Lack of Evidence
------------------------------------------------------------
A criminal complaint filed by the corporate regulator against
executives of College Assurance Plans (Philippines) Inc. was
shelved by the Department of Justice (DoJ) for insufficient
evidence, The Philippine Star has learned.

The Securities and Exchange Commission (SEC) earlier lodged its
complaint against CAP officers and directors for breaching the
Securities Regulation Code (SRC) through unauthorized selling of
pre-need plans.

The DoJ ruled there is "no probable cause sufficient to indict
the respondents for the alleged violations of the SRC".

"It is fairly evident that the complainant merely resorted to
abstract and general averments on the duties of the board of
directors and officers under the Corporation Code and the CAP
Manual of Governance," the DoJ said.

"The complainant's mere assumption that CAP's officers and
directors have done something illegal or criminal or have
participated in the alleged SRC violation, if any, merely by
virtue of their being officers or directors of CAP, cannot
properly establish probable cause much less prevail over the
constitutional presumption of innocence," the DOJ added.

According to the DOJ, the petition suffers from "vagueness and
generalization".

Hubert Guevara, head of the SEC's Compliance and Enforcement
Department, said while they have not yet received a copy of the
order, the SEC will file a motion for reconsideration or a
petition for review before the DOJ.


HOME GUARANTY: Mulls Sale of Php12-Bln Assets
---------------------------------------------
Home Guaranty Corp. will dispose of Php12 billion worth of
assets this year to raise funds for operations and to settle
debts, BusinessWorld reports.

The state-owned firm has hired Isla Liapan &
Co./PricewaterhouseCoopers Phils. to come up with measures to
fast-track the sale of its large inventory of acquired assets.

About 95 percent of the assets are covered by Asset
Participation Certificates, which were issued in the 1990s to
raise funds for various government projects including the
development of Smokey Mountain and the Old Bilibid Compound in
Manila, the National Government Center Commonwealth Market,
Suburban Housing project in Montalban, and the Sariling Pabahay
sa Riles.

Isla Lipana & Co./Pricewater-houseCoopers Phils. will assist
Home Guaranty in implementing the modes of sale through a
special purpose vehicle (SPV), joint ventures, public auctions,
and securitization.

The firm had veered away from extraneous and non-core functions
such as trusteeship and administration of resettlement,
relocation and urban renewal projects which have compromised its
capacity and ability to fulfill its mandate of guaranteeing
housing loans and investments.

The company suffered and has been rendered vulnerable and
capital impaired because it was made to guaranty asset
participation certificates to fund government flagship housing
and urban renewal projects in the 1990s without requisite
financial and administrative capabilities.

Home Guaranty Corp. is also considering selling the five
remaining villas at Triboa Bay in Subic Bay Freeport Zone in
Olongapo City, Zambales called Asia-Pacific Economic Cooperation
Villa. It is also selling 42 units in Forest Hills Village
Resort, overlooking Subic Bay.

CONTACT:

Home Guaranty Corporation
Jade Building
335 Sen. Gil Puyat Avenue
Makati City, Philippines
Phone: 897-3531/ 890-4534
Web site: http://www.hgc.gov.ph/


MAKATI MEDICAL: Creditors May OK Loan Restructuring by March
------------------------------------------------------------
The Makati Medical Center anticipates creditor approval for its
loan restructuring by the end of March 2006.

Creditors are currently undertaking due diligence with regard to
the debt restructuring, Ernesto A. Santos, director of
communications and marketing, informs BusinessWorld. The due
diligence looks into the status of the hospital's assets and
liabilities.

Makati Med is asking creditors to restructure its P1.2-billion
loan after incurring Php300 million in losses from 2002 to 2004.
Presently, the hospital is only paying interest for the loans.

Mr. Santos says that the hospital is positive that the debt
restructuring will get the needed consent.

The creditors include the Development Bank of the Philippines,
Rizal Commercial Banking Corp., Insular Savings, the Social
Security System, and DEG of Germany.

According to Mr. Santos, the hospital is also waiting for the
board of directors to approve the plan before it conducts a
stock rights offer to raise Php160 million in fresh funds.
Makati Med earlier said that these funds will be used for the
hospital's needs, as well as to "correct" the status of some of
its doctors.

"The status of doctors is determined to some extent by
stockholdings and credentials. There are different levels of
memberships in the corporations so the stock rights offer is
just a correction of the requirements," Mr. Santos explains. He
said that if the offering pushes through, the funds raised will
not be enough to cover all the hospital expenditures.

Makati Med has tapped ATR-Kim Eng to be its financial adviser
for the fund raising plan.

CONTACT:

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


NATIONAL BANK: PNB Gen Net Income Up 11% In 2005
------------------------------------------------
PNB General Insurers Co., Inc. (PNB Gen), the wholly owned non-
life insurance subsidiary of the Philippine National Bank (PNB),
has reported an unaudited net income of Php125.2 million for
year 2005, an 11% increase over the previous year's net profit
of Php112.9 million.

According to PNB Gen President & CEO Jose B. Zuniga, the
improved profit performance was due to sustained growth in
premium production, which reached Php580 million in 2005 and
higher net underwriting margins.

Mr. Zuniga said, the company bucked the trend in the non-life
insurance industry which saw a continuing decline in premium
rates as a result of cutthroat competition among its almost 100
industry players.

Mr. Zuniga explained that PNB Gen which is very strong in the
property and engineering lines has kept underwriting and
operational costs to a minimum leading to a very high profit
performance.

PNB Gen also offers other insurance lines such as marine,
casualty, personal, accident, motor car and bonding.

PNB President & CEO Omar Byron T. Mier, for his part, is elated
with the non-life insurance subsidiary's performance.

"PNB Gen's strong income performance will further boost PNB's
own profit results in 2005."

According to Mr. Mier, PNB will utilize its 324 domestic
branches to push its bancassurance products and augment PNB
production further.

PNB started selling Bancassurance products in 2004.

PNB Gen ranks no. 5 in terms of net income level and #15 in
terms of premium production among 95 licensed non-life insurance
companies.

CONTACT:

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


NATIONAL BANK: PDIC to Sell Stake to Tan
----------------------------------------
State insurer Philippine Deposit Insurance Corporation (PDIC) is
considering selling its remaining stake in the Philippine
National Bank (PNB) to majority owner Lucio Tan, according to
Malaya News.

The Php2-billion worth of preferred shares were remnants fro the
government sale of shares to Mr. Tan in August last year.

PDIC thought of offering the shares to Mr. Tan after failing to
draw interest of small investors.

The shares will be sold at the same price the Tan Group bought
the blocks last year.


SWIFT FOODS: San Miguel Unit Sues Firm
--------------------------------------
San Miguel Foods Inc., has filed a collection case against rival
Swift Foods Inc.

The 10-page complaint, which was filed at the Pasig Regional
Trial Court on December 21, 2005, seeks payment of Php140.63
million on account of Swift's non-payment of assorted broiler
feeds.

San Miguel Foods said it delivered Php188.56-million worth
of broiler feeds to Swift's manufacturing plants in Bulacan,
Isabela, Cagayan de Oro, Cebu, General Santos and Zamboanga from
September 2004 to February 2005.  Swift, however, paid only
Php69 million in return.

Thus, the total amount sought in the complaint includes the
Php126.18-million balance and its 1.5% monthly interest
exceeding the 60-day credit term worth Php14.21 million.
According to the complaint, Swift had refused to pay the balance
despite repeated demands.

San Miguel Foods also seeks at least Php100,000 in exemplary
damages, Php100,000 in attorney's fees and at least Php50,000 in
litigation expense reimbursement.

CONTACT:

SWIFT FOODS, INC.
Pioneer Corner Sheridan Streets
RFM Corporate Center
Mandaluyong City 1603
Philippines
Phone: +63 2 631 8101
Fax: +63 2 631 5064
Web site: http://www.rfm.com.ph/


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

DAPOLITE INDUSTRIES: Creditor Files Winding Up Petition
-------------------------------------------------------
Notice is hereby given that a Petition for the Winding Up of
Dapolite Industries Pte Ltd. by the High Court was, on the
December 23, 2005, presented by Messrs Sit Ley Timber Pte Ltd.
(Registration No. 03572/1984-E), a company incorporated in the
Republic of Singapore and having its registered office at No. 46
Sungei Kadut Street 1, Singapore 729350, a creditor of the
company and that the petition is directed to be heard before the
Court sitting at Singapore at 10.00 o'clock in the forenoon on
January 27, 2006.

Any creditor or contributory of the company desiring to support
or oppose the making of an order on the petition may appear at
the time of hearing by himself or his counsel for that purpose;
and a copy of the petition will be furnished to any creditor or
contributory of the company requiring the copy of the petition
by the undersigned on payment of the regulated charge for the
same.

The Petitioners' address is No. 46 Sungei Kadut Street 1,
Singapore 729350.

The Petitioners' Solicitor is Messrs Rayney Wong & Eric Ng of
133 New Bridge Road, #18-01/2 Chinatown Point, Singapore 059413.

Messrs RAYNEY WONG & ERIC NG
Solicitors for the Petitioners.

Note: Any person who intends to appear at the hearing of the
petition must serve on or send by post to the abovenamed
solicitors Messrs Rayney Wong & Eric Ng, notice in writing of
his intention to do so. The notice must state the name and
address of the person, or, if a firm, the name and address of
the firm, and must be signed by the person, firm or his or their
solicitor (if any) and must be served, or, if posted, must be
sent by post in sufficient time to reach the abovenamed not
later than 12 o'clock noon of January 26, 2006 (the day before
the day appointed for the hearing of the Petition).


E.G. TAN: Intends to Pay Dividend
---------------------------------
E.G. Tan & Co (Pte) (In Liquidation) issued a notice of intended
dividend at the Government Gazette, Electronic Edition with the
following details:

Address of Registered Office : c/o 10 Collyer Quay #21-01 Ocean
Building
Singapore 049315.

Court: High Court of Singapore.

Number of Matter: 212 of 1986.

Last day for receiving proofs: January 27, 2006.

Name of Liquidator: Ong Yew Huat.

Address: 10 Collyer Quay
#21-01 Ocean Building
Singapore 049315.


GLENN INDUSTRIES: Prepares to Pay Dividend to Creditors
-------------------------------------------------------
Glenn Industries (Asia) Pte Ltd. issued a notice of dividend at
the Government Gazette, Electronic Edition with the following
details:

Address of Registered Office: Formerly of 138 Cecil Street, #15-
00 Cecil Court Singapore 069538.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 82 of 2000.

Amount Per Centum: 2.412%.

First and Final or otherwise: First & Final Dividend.

When Payable: 18th October 2005.

Where Payable: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 13th January 2006.

BEVERLY WEE YING LING
Assistant Official Receiver.


HENG ELECTRICAL: Set to Declare Dividend
----------------------------------------
Heng Electrical Engineering Pte Ltd. posted a notice of intended
preferential dividend at the Government Gazette, Electronic
Edition with the following details:

Address of Registered Office: Formerly of 4025 Ang Mo Kio
Industrial Park 1 #01-283 Singapore 569636.

Court: Supreme Court, Singapore.

Number of Matter: Companies Winding Up No. 242 of 2000.

Last Day for Receiving Proofs: 27th January 2006.

Name & Address of Liquidator: The Official Receiver
The URA Centre (East Wing)
45 Maxwell Road #06-11
Singapore 069118.

Dated: 13th January 2006.

BEVERLY WEE YING LING
Assistant Official Receiver.


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

CIRCUIT ELECTRONIC: Sets Creditors' Meeting February 21
-------------------------------------------------------
Circuit Electronic Industries Public Co. Ltd. advised the Stock
Exchange of Thailand (SET) that the receiver has set the
creditors' meeting to consider the reorganization plan on
February 21, 2006.

Please be informed

Yours sincerely,
Mr. Siva Nganthavee
Director

CONTACT:

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


EMC PUBLIC: Clinches New Contract
---------------------------------
EMC Public Company Limited informed the Stock Exchange of
Thailand (SET) that it has signed a new contract with the
following detail.

Project name: New Finished Goods Warehouse

Employer: Thai Central Chemical Public Co. Ltd.

Scope of work: Installation of Electrical systems

Date of completion: March 20, 2006

Contract value: THB8,100,000 (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


THAI AIRWAYS: Courts MCOT Head to Become President
--------------------------------------------------
Thai Airways International is interested to take in MCOT
President Mingkwan Sangsuwan as successor for the Company's
outgoing president on March, The Nation reveals.

The Company's board regards Mr. Mingkwan as competent,
knowledgeable, competent, knowledgeable and visionary executive,
a source at the airline who prefers anonymity said.

MCOT runs TV Channel 9 as well as the Thai News Agency and
several radio stations.

But an executive at MCOT said it is unlikely for Mr. Mingkwan to
leave his post in exchange for the Thai Airways presidency.

"We all know that managing THAI involves politics. Being at
MCOT, although a smaller company, Mr. Mingkwan is paramount,"
said the executive.

"The board thinks that marketing is very important because of
the cut-throat competition in the industry. It views Mr.
Mingkwan as skilled in this respect and someone who could make
things happen, just as he has transformed MCOT into a leading
corporation," the executive added.

Thai Airways had earlier approached Pichai Chunhavajira, PTT
Plc's Chief Financial Officer for the presidential post.  But
Mr. Pichai refused the offer saying the Company needs someone
who is willing to take on the challenge to face the escalating
problems the Company is currently beset with.

The deadline for the appointment of the new president has been
moved to January 20, due to lack of qualified candidates.




BOND PRICING: For the Week 16 January to January 2006
-----------------------------------------------------

Issuer                              Coupon     Maturity   Price
------                              ------     --------   -----


AUSTRALIA
---------
Advantage Group Ltd                  10.000%     4/15/06     1
Ainsworth Game                        8.000%    12/31/09     1
Amcom Telecommunications Ltd         10.000%    10/28/07     2
APN News & Media Ltd                  7.250%    10/31/08     5
A&R Whitcoulls Group                  9.500%    12/15/10     9
Arrow Energy NL                      10.000%     3/31/08     1
Babcock & Brown Pty Ltd               8.500%    12/31/49     8
Becton Property Group                 9.500%     6/30/10     1
BIL Finance Ltd                       8.000%    10/15/07     9
BIL Finance Ltd                       9.250%    10/15/06     9
Capital Properties NZ Ltd             8.500%     4/15/07     8
Capital Properties NZ Ltd             8.500%     4/15/09     8
Capital Properties NZ Ltd             8.000%     4/15/10     8
Cardno Limited                        9.000%     6/30/08     4
CBH Resources                         9.500%    12/16/09     1
Chrome Corporation Ltd               10.000%     2/28/08     1
Clean Seas Tuna Ltd                   9.000%     9/30/08     1
Djerriwarrh Investments Ltd           6.500%     9/30/09     4
EBet Limited                         10.000%    11/29/06    23
Evans & Tate Ltd                      8.250%    10/29/07     1
Fletcher Building Ltd                 7.550%     3/15/11     8
Fletcher Building Ltd                 7.800%     3/15/09     8
Fletcher Building Ltd                 7.900%    10/31/06     9
Fletcher Building Ltd                 8.300%    10/31/06     8
Fletcher Building Ltd                 8.600%     3/15/08     8
Fletcher Building Ltd                 8.750%     3/15/06     8
Fletcher Building Ltd                 8.850%     3/15/10     8
Fernz Corp Ltd                        8.560%    10/15/06     8
Futuris Corporation Ltd               7.000%    12/31/07     2
Gympie Gold Ltd                       8.500%     9/30/07     1
Hy-Fi Securities Ltd                  7.000%     8/15/08     8
Hy-Fi Securities Ltd                  8.750%     8/15/08    10
Hudson Timber Products Ltd            7.000%    12/31/10     1
Hutchison Telecoms Australia          5.500%     7/12/07     1
Infrastructure & Utilities NZ Ltd     8.500%     9/15/13     8
Investa Property Group Ltd            6.000%     5/28/08     6
Kagara Zinc Ltd                       9.750%     5/06/07     2
Kiwi Income Properties Ltd            8.000%     6/30/10     1
Longreach Group Ltd                  10.000%    10/31/08     1
Minerals Corporation Ltd             10.500%     9/30/07     1
Nuplex Industries Ltd                 9.300%     9/15/07     8
Pacific Print Group Ltd              10.250%    10/15/09    11
Primelife Corporation                 9.500%    12/08/06     1
Primelife Corporation                10.000%     1/31/08     1
Salomon SB Australia                  4.250%     2/01/09     8
Sapphire Securities Ltd               7.410%     9/20/35     7
Silver Chef Ltd                      10.000%     8/31/08     1
Software of Excellence                7.000%     8/09/07     1
Sydney Gas Company                   12.000%     4/01/06     1
Sydney Gas Limited                   12.000%     6/01/06     1
Tower Finance Ltd                     8.650%    10/15/09     8
Tower Finance Ltd                     8.750%    10/15/07     8
TrustPower Ltd                        8.300%     9/15/07     8
TrustPower Ltd                        8.300%    12/15/12     8
TrustPower Ltd                        8.500%     9/15/14     8
TrustPower Ltd                        8.500%     3/15/14     8
Vision Systems Ltd                    9.000%    12/15/08     2


MALAYSIA
--------

Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%     7/15/07     1
Crescendo Corporation Bhd             3.000%     8/25/07     1
Crest Builder Holdings Bhd            7.000%     2/24/06     1
Dataprep Holdings Bhd                 4.000%     8/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%     6/16/10     1
Equine Capital Bhd                    3.000%     8/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%     4/23/08     1
Hong Leong Industries Bhd             4.000%     6/28/07     1
Huat Lai Resources Bhd                5.000%     3/28/10     1
I-Berhad                              5.000%     4/30/07     1
Insas Bhd                             8.000%     4/19/09     1
Kamdar Group Bhd                      3.000     11/09/09     1
Killinghall Bhd                       5.000%     4/13/09     2
Kiwi Income Properties Ltd            8.000%     6/30/10     1
Kosmo Technology Industrial Bhd       2.000%     6/23/08     1
Kretam Holdings Bhd                   1.000%     8/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%     1/06/07     3
Lion Diversified Holdings Bhd         2.000%     6/01/09     1
Media Prima Bhd                       2.000%     7/18/08     1
Mithril Bhd                           3.000%     4/05/12     1
Mithril Bhd                           8.000%     4/05/09     1
Mutiara Goodyear Development Bhd      2.500%     1/15/07     1
Nam Fatt Corporation Bhd              2.000%     6/24/11     1
Pantai Holdings Bhd                   5.000%     7/31/07     2
Patimas Computers Bhd                 6.000%     2/19/06     1
Pelikan International Corp Bhd        3.000%     4/08/10     1
Poh Kong Holdings Bhd                 3.000%     1/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%     2/15/09     1
Southern Steel                        5.500%     7/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%     6/29/06     1
Tenaga Nasional Bhd                   3.050%     5/10/09     1
VTI Vintage Bhd                       4.000%     8/22/06     1
WCT Land Bhd                          3.000%     8/02/09     1
Wah Seong Corp                        3.000%     5/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

Sengkang Mall                         8.000%    11/20/12     1
Structural System Singapore          11.000%     6/30/07     1
Tampines Assets Ltd                   6.000%   12/07/06      1







                            *********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.  Information
contained herein is obtained from sources believed to be
reliable, but is not guaranteed.

The TCR -- Asia Pacific subscription rate is $575 for 6 months
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.

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