TCRAP_Public/060118.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

            Wednesday, January 18, 2006, Vol. 9, No. 013

                            Headlines


A U S T R A L I A

ALDERMAN WOOL: Court Orders Wind-Up
A.M.P.I. TRADING: Appoints Official Liquidator
CAPS INFO: Decides to Close Operations
DREEGAN CONSTRUCTIONS: Creditors to Wind Up Operations
FRANK DANIELS: Placed Under Voluntary Liquidation

ECTON: Liquidator Sets Eyes on My Inventory's Purchase
GFJ PTY: Prepares to Pay Dividend
IMG PRODUCTIONS: Members Resolve to Wind Up Firm
M.C.B. HOMES: Wound Up by Court
MELBOURNE PAINTING: Liquidator Details Wind Up Manner

M. & S. INSURANCE: Names Wesley Santilla as Company Liquidator
NATIONAL AUSTRALIA: Seeks Overhaul of U.K. Pension Scheme
NATURAL STONE: Inability to Pay Debts Prompts Wind Up
NORJEG PTY: Members Pass Winding Up Resolution
PLACER DOME: Expects to Meet PNG Gold Target Despite Strike

PLANDOME HOTEL: Declares Dividend
PROMPT SOURCE: Wind Up Process Initiated
QANTAS AIRWAYS: Keen on Swiss JV for Airbus Services
QANTAS AIRWAYS: Hungry Rivals Drool Over Caterer
QUEENSLAND UNDERWRITERS: Liquidator Distributes Company Assets

R.J. WEISMANTEL: Distributes Final Dividend
SYMBOL SERVICES: Decides to Close Operations
TELSTRA CORPORATION: 11 Banks Get Chance to Sell State's Shares
TELSTRA CORPORATION: Pricing Reviews Withdrawn
TODOR INVESTMENTS: Undergoes Wind Up Exercise

WAIKAN EMPLOYMENT: Creditors OK Liquidator's Appointment
WESTPOINT GROUP: Investors Await Court Decision on Wind Up Bid
WUNDERBAR PTY: Schedules Final Meeting on Jan. 26


C H I N A  &  H O N G  K O N G

ACCUPRODUCT INDUSTRIAL: Creditor Files Winding Up Petition
ASSET PROFIT: Creditors' Proofs of Claim Due Feb. 13
DICKSON CONSTRUCTION: Creditor Serves Winding-up Petition
HONG KONG URBAN: Creditors to Prove Claims by Feb. 20
JILIN CHEMICAL: Notes Last Day of Dealings

KONG SUN: Court to Hear Wind Up Petition Feb. 1
LANDUNE INTERNATIONAL: Court Application Dismissed
LIK CHUNG: Set to Close Business
LUNG ELECTRONICS: Creditors Meeting Fixed Feb. 8
SELCO SALVAGE: Creditors to Meet Feb. 7

SHANGHAI LAND: Former Manager Jailed for Fraud
SPA CLUB: Creditors Meeting Fixed January 27
STATEFIELD COMPANY: Court Releases Winding Up Notice
THAI-ASIA FUND: Seeks Winding-up, Delisting
T.T. LIMITED: Enters Winding Up Process


I N D I A

CRANEX LIMITED: To Consider, Approve Draft Rehab Scheme
IBP Company: Updates Scheme of Amalgamation Status
RAJMATA INVESTMENTS: Board Meeting Fixed Jan. 24
SYNERGY LOG-IN: 'Acquirers' Present Open Offer


I N D O N E S I A

DAVOMAS ABADI: Receives B+ Credit Rating from S&P
KIANI KERTAS: UFS Readies Acquisition Funds
PERTAMINA: Government Appoints Ernst & Young to Audit Reports
PERTAMINA: Rejects Government's Joint Venture Plan for Cepu Ops
* Government to Seek Debt Haircut if Creditors Reject Debt Swap


J A P A N

DAIEI INCORPORATED: Boss Aims to Lift Profitability
JAPAN AIRLINES: To Raise Fuel Surcharges From March
LIVEDOOR CO.: Prosecutors Raid Tokyo Headquarters
SANYO ELECTRIC: Mulls Sale of 90% Stake in Karaoke Unit
TAKARA CO.: Closing Auto Racing Circuit


K O R E A

DAEWOO ENGINEERING: Teachers, Soldiers Eye Firm
INCHON OIL: To Curb Crude Runs for February


M A L A Y S I A

ASTRO ALL: Unit Reorganizes to Boost Operational Efficiency
GEORGE TOWN: Breaches Listing Rules
MAGNUM CORPORATION: Buys Back New Shares
MALAYAN UNITED: Agrees to Settle Suit Through Compromise
OLYMPIA INDUSTRIES: Wants More Time for Implementation of MWOP

PANTAI HOLDINGS: Purchases New Shares
PSC INDUSTRIES: Unit's Winding Up Won't Generate Losses
PUNCAK NIAGA: Issues New Shares for Listing, Quotation
SINORA INDUSTRIES: Shareholders OK Proposals
SOUTHERN BANK: Withdraws Asia General Acquisition

SOUTHERN BANK: Bourse to List, Quote New Warrants
TANAH EMAS: Disposes of Shares in Unit
TECHFAST HOLDINGS: Unit Inks SPA with Eliteprint Liquidator
UNITED CHEMICAL: Updates Default Status Info
WEMBLEY INDUSTRIES: Level of Shareholding Meets Requirement


P H I L I P P I N E S

DIGITAL TELECOMMUNICATIONS: SEC Approves Amended By-Laws
LAFAYETTE MINING: Unveils Board, Management Restructure
MANILA ELECTRIC: Unaware of Tax Complaint Filed with BIR
MONDRAGON LEISURE: Court Clears Way for Mimosa Privatization
* Pre-need Industry's Lackluster Results to Continue in 2006


S I N G A P O R E

CHINA AVIATION: Settles Lawsuit with SMBC Out of Court
CHINA AVIATION: To Review Audited Accounts at AGM
CHOCOLATE CULTURE: Director Seeks to Wind Up Firm
E. G. TAN: Pays Dividend to Creditors
WORLD SPA: Creditors Appoint Liquidator to Wind Up Firm


T H A I L A N D

THAI AIRWAYS: Sangsuwan Intends to Stay at MCOT
TPI POLENE: Net Loss Shrinks in 2005
WYNCOAST INDUSTRIAL: Installs New Directors

     -  -  -  -  -  -  -  -

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

ALDERMAN WOOL: Court Orders Wind-Up
-----------------------------------
On December 13, 2005, the Federal Court of Western Australia
ordered the winding up of Alderman Wool Trading Pty Limited, and
appointed Martin Jones as the Company's official liquidator.

Martin Jones
Ferrier Hodgson
Level 26, 108, St.George's Terrace
Perth WA 6000
Phone: 08 9214 1444
Fax:   08 9214 1400


A.M.P.I. TRADING: Appoints Official Liquidator
----------------------------------------------
After their extraordinary general meeting on December 14, 2005,
the members of A.M.P.I. Trading Pty Limited resolved to
voluntarily wind up the company's operations.

A creditors' meeting was also held on the same day.  
Subsequently, John David Adams and Stephen Robert Dixon were
appointed as Joint and Several Liquidators.

John D. Adams
Stephen R. Dixon
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, 525 Collins Street
Melbourne Vic 3000


CAPS INFO: Decides to Close Operations
--------------------------------------
Members and creditors of Caps Info Pty Limited held a meeting on
December 16, 2005, and agreed to wind up the company
voluntarily.

Moreover, the parties agreed to appoint Ozem Kassem, of Bentleys
MRI Sydney Business Recovery & Insolvency Partnership, as
liquidator to oversee the wind-up operations.

Ozem Kassem
Liquidator
Bentleys MRI Sydney Business Recovery & Insolvency Partnership
Level 8, 50 Carrington Street
Sydney NSW
Phone: 02 8221 8477
Email: okassem@sydbri.bentleys.com.au


DREEGAN CONSTRUCTIONS: Creditors to Wind Up Operations
------------------------------------------------------
The creditors of Dreegan Constructions Pty Limited convened on
December 15, 2005, and concurred that the company should be wind
up its operations voluntarily.

In addition, the creditors appointed Roderick Mackay Sutherland,
of Jirsch Sutherland Chartered Accountants, as liquidator.

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


FRANK DANIELS: Placed Under Voluntary Liquidation
-------------------------------------------------
At a general meeting of the members of Frank Daniels Pty Limited
on December 12, 2005, it was resolved that a voluntary wind-up
of the Company is appropriate and necessary.

Moreover, James Kevin Jennings was appointed as liquidator for
the winding up.

James K. Jennings
Liquidator
Level 2, 52 Kings Park Road
West Perth WA 6005


ECTON: Liquidator Sets Eyes on My Inventory's Purchase
------------------------------------------------------
Software company My Inventory Pty Ltd is under investigation by
a liquidator over assets it received from failed company, Ecton
Pty Ltd, reports The West Australian.

In 2004, My Inventory bought the rights to software from Ecton
and received payments amounting to AU$20,000 from the company in
the six months leading to Ecton's collapse last week. Ecton has
debts of more than AU$3 million.

Ecton liquidator Cliff Rocke accused My Inventory directors
Chris Judd, Terrance Stone and James Middleton of breaching the
laws governing the running of companies.

Ecton took a 10 percent stake in My Inventory in exchange for
the software, while Mr. Stone and Mr. Middleton bought a 44
percent stake in My Inventory. Mr. Stone also joined the My
Inventory board, with Mr. Middleton as a stand-in director.

Mr. Rocke, a liquidator with accountants PPB, will look into the
deals that saw Ecton's money and software transferred to My
Inventory while Ecton was allegedly insolvent.

Ecton's collapse has seen the Australian Taxation Office (ATO),
46 Ecton employees and 21 trade creditors left out of pocket,
even after the Company offloaded its main asset, Osborne  Park
printers Daniels Printing Craftsmen, for AU$1.45 million in
November.

In a report, Mr. Rocke said Ecton was insolvent by late 2003 and
announced his plan to investigate whether My Inventory paid a
fair price for the software. The report also reveals the
Australian Securities and Investments Commission (ASIC) was
investigating Ecton's financial woes as early as October last
year.


GFJ PTY: Prepares to Pay Dividend
---------------------------------
GFJ Pty Limited will declare a first and final dividend on
January 27, 2006.

Creditors whose debts or claims have not already been admitted
are each required to submit a proof of claim by January 20,
2006. Those who fail to comply with this requirement will be
excluded from the benefit of the dividend.

William B. Abeyratne
Liquidator
Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885


IMG PRODUCTIONS: Members Resolve to Wind Up Firm
------------------------------------------------
Notice is hereby given that at a general meeting of the

Members of IMG Productions Pty Limited held a general meeting on
December 14, 2005, and agreed to:

   -- voluntarily wind up the Company's business operations; and

   -- appoint John Frederick Taylor as liquidator for the wind-
      up.

John F. Taylor
Liquidator
C/o WHK Greenwoods
Level 15 309 Kent Street
Sydney



M.C.B. HOMES: Wound Up by Court
-------------------------------
On December 16, 2005, the Supreme Court of New South Wales
directed M.C.B. Homes & Garages Pty Limited to commence its
wind-up activities. The New South Wales Court also appointed
Stephen Jay as the Company's liquidator.

Stephen Jay
Liquidator
C/o Nicholls & Co. Chartered Accountants
Suite 103, 1st Floor, Wollundry Chambers
Johnston Street, Wagga Wagga NSW 2650


MELBOURNE PAINTING: Liquidator Details Wind Up Manner
-----------------------------------------------------
A final meeting of the members and creditors of Melbourne
Painting Pty Limited will be held for the parties to receive the
Liquidator's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held on January 25, 2006, at 11:30 a.m., at
the offices of RSM Bird Cameron Partner, Level 8, 525 Collins
Street, in Melbourne, Victoria.

Glenn A. Crisp
Liquidator
RSM Bird Cameron Partners
Level 8, 525 Collins Street
Melbourne Vic 3000
Phone: 03 9286 1800
Fax:   03 9286 1899


M. & S. INSURANCE: Names Wesley Santilla as Company Liquidator
--------------------------------------------------------------
At a meeting held among the members of M. & S. Insurance Brokers
Pty Limited on December 13, 2005, it was resolved that the
Company will wind up voluntarily.

Subsequently, Wesley D. Santilla was appointed as the official
liquidator to oversee the wind-up operations.


Wesley D. Santilla
Liquidator
3/6 Simmie Street, Echuca Vic 3564


NATIONAL AUSTRALIA: Seeks Overhaul of U.K. Pension Scheme
---------------------------------------------------------
The National Australia Bank (NAB) is proposing to change the
structure of its U.K. pension schemes from "final salary" to
"career average" on April 1, reports Sydney Morning Herald.

Under the new structure, the staff will earn blocks of pension
year by year rather than receiving a pension based solely on
their final salary at retirement, thus making the payments
cheaper for NAB.

The plan to change its calculation of payouts to retiring U.K.
staff is intended to curb the GBP426-million (AU$1.0 billion)
shortfall in its pension schemes. As of September 30 last year,
NAB's U.K. pension schemes had incurred a US$426-million
(AU$565.06 million) deficit.

Aside from the proposed change in the new payment structure, NAB
is also considering a one-off contribution of GBP100 million
(AU$234.96 million) to its benefit schemes this financial year.

The expected changes are estimated to cut the deficit by a
further GBP160 million (AU$375.94 million) accrued over the life
of the schemes.

Members of the schemes will vote on the proposals between Feb.
22 and March 15.

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


NATURAL STONE: Inability to Pay Debts Prompts Wind Up
-----------------------------------------------------
Pursuant to a December 14, 2005 general meeting among the
members of Natural Stone Constructions Pty Limited, these
resolutions were passed:

   -- By reason of its liabilities, the Company cannot continue
      its business and that it be wound up voluntarily; and

   -- Ross Andrew Blakeley and Quentin James Olde, of Chartered
      Accountants and Registered Company Liquidators, will be
      appointed as joint and several liquidators of the
      Company for the wind-up.

Ross A. Blakeley
Quentin J. Olde
Joint Liquidators
Taylor Woodings Chartered Accountants
Suite 612, Level 6, Exchange Tower
530 Little Collins Street, Melbourne Vic 3000


NORJEG PTY: Members Pass Winding Up Resolution
----------------------------------------------
On December 12, 2005, the members of Norjeg Pty Limited agreed
to wind up the Company's operations voluntarily.  They also
appointed Trevor Nixon as liquidator for such purpose.

Trevor Nixon
Liquidator
Phone: 08 9299 6390


PLACER DOME: Expects to Meet PNG Gold Target Despite Strike
-----------------------------------------------------------
Placer Dome Inc. expects to meet this year's output target at
its Papua New Guinea (PNG) site, despite losing more than a week
to a strike, Dow Jones Newswires reveals.

Around 1,500 of a total of 2,200 employees refused to report to
work last week over concerns they would lose their jobs if a
US$10.4-billion takeover bid for Placer Dome from Barrick Gold
Corp. (ABX) succeeds.

The PNG mine has partially restarted operations this week since
one fifth of the striking workers returned to work. Though the
mine shut down for six days, it is expecting to resume full
production in the next couple of days.

The mine, one of Placer Dome's largest, produced around one
million ounces last year and has targeted 720,000 ounces this
year, around the mine's average annual production. The Company
is still confident it will be able to reach the target.

Details of the stoppage's impact on production and revenues
won't be available until finance and other non-essential mine
staff return to work.

Placer Dome is a global gold mining company employing more than
13,000 people at 16 mining operations in seven countries. The
Vancouver-based company's shares trade on the Toronto, New York,
Swiss and Australian stock exchanges and Euronext-Paris under
the symbol PDG.

CONTACT:

Placer Dome Limited
Suite 1600, Bentall IV
1055 Dunsmuir Street
(PO Box 49330,
Bentall Postal Station)
Vancouver, B.C. Canada V7X 1P1
Phone: (604) 682-7082
Web site: http://www.placerdome.com   


PLANDOME HOTEL: Declares Dividend
---------------------------------
Plandome Hotel Pty Limited will declare a first dividend on
January 27, 2006.

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


S. A. Hernyk
Liquidator
Deloitte Touche Tohmatsu Chartered Accountants
49 Elizabeth Street, Launceston Tas 7250
Phone: 03 6337 7000


PROMPT SOURCE: Wind Up Process Initiated
----------------------------------------
At an extraordinary general meeting of Prompt Source Marketing
Pty Limited held on December 12, 2005, Antone de Vries and Riad
Tayeh were appointed as liquidators to supervise the Company's
wind-up activities.


Riad Tayeh
Antony de Vries
Joint Liquidators
de Vries Tayeh
C/o Level 3, 95 Macquarie Street
Parramatta NSW 2150


QANTAS AIRWAYS: Keen on Swiss JV for Airbus Services
----------------------------------------------------
Qantas Airways is working to team up with a former Swissair
maintenance subsidiary for Airbus services, according to the
Sydney Morning Herald.

The joint venture with Zurich-based SR Technics will provide
component management services for Qantas and other carriers set
to receive the giant Airbus A380.

But Qantas stressed the venture does not mean the national flag
carrier will outsource the heavy maintenance of its existing
long-haul aircraft to the new entity.

The airline is still reviewing its heavy maintenance operations
and will decide next month whether to send heavy maintenance
jobs overseas.

Qantas head of engineering, David Cox, stressed that the supply
of components and parts for its fleet of 12 yet-to-be-delivered
A380s was a different issue. But he admitted that Qantas could
go to SR Technics if it decided to outsource its maintenance.

The Qantas-SR Technics venture is expected to supply parts to
other Asia-Pacific airlines such as Singapore Airlines, Thai
Airways and Malaysia Airlines.

The two firms are yet to announce where they will locate their
A380 parts facility.

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


QANTAS AIRWAYS: Hungry Rivals Drool Over Caterer
------------------------------------------------
Qantas Airways' flight catering unit has drawn the attention of
four potential buyers, The Australian says.

Gate Gourmet, LSG Sky Chefs and the catering arms of Singapore
Airlines and Emirates have reportedly signified their interest
in buying Qantas Flight Catering Holdings.

Qantas conceded it has spoken with several industry players
about its plan to sell the business unit. However, the carrier
declined to confirm it was talking with the four rumored buyers.

Qantas executive general manager for airports and catering,
Grant Fenn, said the airline was still reviewing the proposal to
sell the catering unit.

The unit, which is run by UBS, provides meals for passengers of
Qantas and several other airlines. It has a long-term deal with
popular chef Neil Perry and employs about 3000 people in five
Australian cities.

The airline expects to reap as much as AU$400 million from the
sale as it moves to cut costs.


QUEENSLAND UNDERWRITERS: Liquidator Distributes Company Assets
--------------------------------------------------------------
On December 19, 2005, the members of Queensland Underwriters
Limited convened and resolved that:

   -- the Company be wound up voluntarily; and

   -- Lionel Roy Hendy be appointed as liquidator for the wind
      -up of operations.

Furthermore, the Liquidator is authorized to distribute (in
specie) the Company's assets accordingly to creditors.

The Liquidator has set January 31, 2006, as the last day for
persons holding any claim against the Company to submit proofs
of their claims.


Lionel Roy Hendy
Liquidator
26 Gladstone Road, Highate Hill Qld 4101.
Phone: 07 3255 1055


R.J. WEISMANTEL: Distributes Final Dividend
-------------------------------------------
R. J. Weismantel & Co. Pty Limited will declare a first and
final dividend on January 26, 2006.

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


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


SYMBOL SERVICES: Decides to Close Operations
--------------------------------------------
At an extraordinary general meeting on December 16, 2005,
members of Symbol Services concurred that the Company must
voluntarily commence a wind-up of its operations.

Paul William Gidley was nominated to act as liquidator to manage
the wind-up activities.


Paul W. Gidley
Liquidator
Lawler Partners Chartered Accountants
763 Hunter Street, Newcastle West NSW 2302


TELSTRA CORPORATION: 11 Banks Get Chance to Sell State's Shares
---------------------------------------------------------------
Eleven banks have won the chance to help in the sale of the
Federal Government's remaining shares in Telstra Corporation,
according to The Advertiser.

The banks have been tapped to what the government calls the
Institutional Selling Services Panel.

Among the 11, only one Australian institution, Commonwealth
Securities, was included.

The major roles were handed to UBS, which wrote the 1100-page
scoping study into the sale last year, ABN AMRO and Goldman
Sachs JBWere.

Even Societe General and RBC Capital Markets, offshore banks
with a small local presence, scored positions on the new panel.

The banks would be called on to provide specialist skills. Any
share conducted by these institutions would generate a fee.
Otherwise, their presence on the panel would be free of charge.
Nor does their appointment guarantee a spot in the sale.

The Government has reserved the power to appoint other banks.

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/  


TELSTRA CORPORATION: Pricing Reviews Withdrawn
----------------------------------------------
After announcing on Friday, Jan. 13 that they had reached a
commercial agreement relating to a range of services, Telstra
Corporation's TelstraClear and Telecom have withdrawn all the
pricing reviews they had previously lodged with the Commerce
Commission.

Both TelstraClear and Telecom had applied for pricing reviews of
the Commission's decisions relating to interconnection prices
and to wholesaling of a range of Telecom's residential and
business products, including Telecom's private office network
service.

As parties have agreed on outstanding issues and withdrawn their
applications, the Commission will not proceed with the pricing
reviews.

The Telecommunications Act encourages commercial negotiations
and settlements between parties, and the Commission welcomes the
agreement reached by TelstraClear and Telecom in relation to
those services.


TODOR INVESTMENTS: Undergoes Wind Up Exercise
---------------------------------------------
At a general meeting of the members of Todor Investments Pty
Limited on December 14, 2005, a resolution to voluntarily wind
up the Company's business was passed. Gerard John Mier was
nominated as liquidator for that purpose.


Gerard J. Mier
Liquidator
C/o KPMG
Level 13, Cairns Corporate Tower
15 Lake Street, Cairns Qld 4870


WAIKAN EMPLOYMENT: Creditors OK Liquidator's Appointment
--------------------------------------------------------
Members of Waikan Employment & Training Services Pty Limited
convened on December 15, 2005.  The Members resolved to wind up
the Company's operations voluntarily.

In addition, Geoffrey Donald Finch was appointed as liquidator
to supervise Waikan's wind-up activities. The Company's
creditors confirmed the Liquidator's appointment at a creditors'
meeting held later that day.


Geoffrey D. Finch
Liquidator
C/o KPMG
18 Smith Street, Darwin NT 0800


WESTPOINT GROUP: Investors Await Court Decision on Wind Up Bid
--------------------------------------------------------------
Investors of property giant Westpoint Corporation anticipate
Federal Court ruling on the possible liquidation of the property
group, The Advertiser has learned.

Last month, PricewaterhouseCoopers was appointed administrator
to seven mezzanine finance funds associated with Westpoint after
a legal action by the Australian Securities and Exchange
Commission (ASIC) last year. Two of the mezzanine firms, were
already wound up.

Some 3000 investors are now set to hear the fate of
approximately AU$300 million invested across the funds at a
second round of creditors meetings held between Jan. 27 and Feb.
14.

Next month, the Federal Court is expected to hand down its
decision on the corporate regulator's application to wind up
Westpoint on grounds of insolvency.

ASIC raised issues on Westpoint's mezzanine fund-raising
activities in May, 2004, when it requested the Supreme Court of
Western Australia rule on whether certain promissory notes
offered by a related fund should have instead been offered as
debentures or financial products


WUNDERBAR PTY: Schedules Final Meeting on Jan. 26
-------------------------------------------------
A final meeting of the members of Wunderbar Pty Limited will be
held on January 26, 2006, at 9:00 a.m., at the office of PPB,
Level 10, 90 Collins Street, in Melbourne, Victoria, to have an
account laid before them showing the manner of the Company's
wind-up operations and disposal of property. It will also be an
opportunity for the Members to hear any explanation that may be
given by the Liquidator with regard to any action taken.


Andrew McLellan
Liquidator
PPB Chartered Accountants
Level 10, 90 Collins Street
Melbourne Vic 3000


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

ACCUPRODUCT INDUSTRIAL: Creditor Files Winding Up Petition
----------------------------------------------------------
ATM Limited of Flat 1702, 17th Floor, Grandtech Centre, 8 On
Ping Street, Shatin, New Territories, Hong Kong has filed a
winding up petition against Accuproduct Industrial Limited on
Dec. 19, 2005.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region at 9:30 a.m. on Feb. 8, 2006.

Creditors or contributories of the said company who wish to
support or oppose the said petition may appear in court at the
time of the hearing.

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.

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the undersigned notice
in writing of his intention not later than 6:00 p.m. on Feb. 7,
2006.

Tony Kan & Co.
Solicitors for the Petitioner
Suite 1408, Hang Seng Building
No. 77 Des Voeux Road Central
Central, Hong Kong


ASSET PROFIT: Creditors' Proofs of Claim Due Feb. 13
----------------------------------------------------
The creditors of Asset Profit Limited, which is being
voluntarily wound up, are required, on or before February 13,
2006, to send in their names, addresses and particulars of their
debts or claims, and the name and address of their solicitors,
if any, to the undersigned.

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

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

STEPHEN LIU YIU KEUNG
ROBERT ARMOR MORRIS
Joint and Several Liquidators
18th Floor, Two International Finance Centre,
8 Finance Street, Central, Hong Kong.


DICKSON CONSTRUCTION: Creditor Serves Winding-up Petition
---------------------------------------------------------
On Jan. 16, 2006, a creditor served a winding-up petition on
Dickson Construction Company Limited.

Dickson Construction is one of the major subsidiaries of the
Dickson Group Holdings Limited, the revenue of which represents
approximately 99.25% of that of the Group for the financial year
ended March 31, 2005.

In a disclosure to the Hong Kong Stock Exchange, it was alleged
in the winding-up petition that Dickson Construction was
indebted to the creditor for a sum of approximately HK$430,000
arising from 8 invoices (dated December 31, 2004, January 31,
2005, February 28, 2005, February 28, 2005, March 31, 2005,
April 30, 2005, May 31, 2005 and August 30, 2005 respectively)
in respect of legal services provided by the creditor regarding
several contractual disputes.

The failure to handle the debt was due to an inadvertent
omission on Dickson Construction's part. Dickson Construction
intends to oppose the petition and has appointed legal advisors
to handle the matter. The Company will issue further
announcements as and when appropriate.

The Directors confirm that the winding-up petition would not
have any material impact on the Group. Save for the
abovementioned winding-up petition, there is no other wind-up
petition served against the Group.

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

CONTACT:

Dickson Construction Co. Ltd.
23/F, Vicwood Plaza,
199 Des Voeux Road Central,
Hong Kong.
Phone: (852) 2197 8888
Fax: (852) 2528 3313
E-mail: dccl@dicksonconst.com.hk


HONG KONG URBAN: Creditors to Prove Claims by Feb. 20
-----------------------------------------------------
The creditors of Hong Kong Urban Railway Engineering Group
Limited, which is being voluntarily wound up, are required on or
before February 20, 2006, to send in their names, addresses and
particulars of their debts or claims, and the name and address
of their solicitors, if any, to the undersigned.

The creditors are required to prove their debts and claims
personally or by their solicitors or risk being excluded from
the benefit of any distribution before such debts are proved.

Dated this 30th day of December, 2005

CHOW MING KUEN JOSEPH
Liquidator


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

The Group is engaged in the production & sale of petroleum &
petrochemical products, dyestuff & dye intermediates, synthetic
rubber products & chemical fertilizers.

CONTACT:

Jilin Chemical Industrial Company Limited
21/F, Entertainment Building
30 Queen's Road, Central
Hong Kong  
Phone: 86-432-3903651  
Fax: 86-432-3028126  
Web site: http://www.jcic.com.cn


KONG SUN: Court to Hear Wind Up Petition Feb. 1
-----------------------------------------------
A Petition for the Winding up of Kong Sun Holdings Limited was
on Dec. 31, 2005 presented to the said Court by Industrial and
Commercial International Capital Limited whose registered office
is situate at 18th Floor, Fairmont House, 8 Cotton Tree Drive,
Central, Hong Kong.  

The said Petition was amended on December 23, 2005. It will be
heard before the High Court of Hong Kong Special Administrative
Region at 9:30 a.m. on February 1, 2006.

Creditors or contributories of the said company who wish to
support or oppose the said petition may appear in court at the
time of the hearing.

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.

Any person who intends to appear at the hearing of the said
petition must serve on or send by post to the undersigned notice
in writing of his intention not later than 6:00 p.m. on Feb. 7,
2006.

TANG AND SO
Solicitors for the Petitioner
Room 3201, 32nd Floor
Bank of America Tower
12 Harcourt Road
Hong Kong


LANDUNE INTERNATIONAL: Court Application Dismissed
--------------------------------------------------
In November 2004, a former director of the company served a
winding up petition against Landune International Limited
claiming for a sum of HK$1,178,000 for allegedly arrears of
wages, end of year payment, director's fees and disbursements.

The hearing date of the Petition has been fixed on March 22,
2006.

In December 2004, the Company filed an application to the High
Court to strike out the Petition. The Application was dismissed
by the High Court. The Company further applied to the Court of
Appeal to appeal against the decision made by the High Court.
The Court of Appeal, on January 11, 2006, concurred with the
decision of the High Court and dismissed the Company's appeal.

More details of the Application and the Petition are set out
below.

The Company is currently in discussion with its legal advisers
and considering whether further legal actions are to be taken in
relation to the decision made by the Court of Appeal on the
Application. In the event that the outcome of the hearing of the
Petition is in favor of the Former Director, the Company will
pay the HK$1,178,000 demanded by the Former Director from its
internal resources.

General

Trading in the Shares has been suspended with effect from 9:41
a.m. on January 12, 2006 pending release of this announcement.
An application has been made to the Stock Exchange for
resumption of trading in the Shares from 9:30 a.m. on January
17, 2006. Shareholders of the Company and potential investors
are reminded to exercise caution when dealing in the Shares.

UPDATE ON THE STATUS OF THE PETITION

Reference is made to a press article published on January 12,
2006 in relation to the application by Landune International
Limited to strike out a winding up petition against the Company
served by a former executive director of the Company (the Former
Director). In this regard, the board of directors of the Company
wishes to state as follows:

On November 15, 2004, the Former Director against the Company
served the Petition. The Former Director demanded payment by the
Company of a sum of HK$1,178,000 for alleged wage arrears, end
of year payment, director's fees and disbursements. As soon as
the Petition was served, the Company issued an announcement in
respect of the Petition (the Announcement) on November 17, 2004.

The Company further disclosed in its circular dated October 27,
2005 (the Circular) in relation to an acquisition of a sales and
distribution business in China the rescheduled date of hearing
on March 22, 2006. The Company will make further announcement as
soon as reasonably practicable after obtaining the decision of
such hearing.

On December 22, 2004, the Company filed the Application to the
High Court to strike out the Petition on the basis that the
Company together with Kailey International Ltd. (Kailey), a
wholly-owned subsidiary of the Company, are proceeding with a
legal action against the Former Director and certain other
related persons for allegedly conspiracy with the vendor to
defraud the Company or Kailey in respect of an acquisition of a
hotel project in China (the Hotel Project) undertaken by Kailey
in 2000 (the Hotel Project Claim). Details of the background of
the Hotel Project have been disclosed in note 16 in the annual
report of the Company for the year ended December 31, 2002.

The High Court concluded that the Application was not valid
given that the Company was not the direct party, which suffered
losses from the Hotel Project. The High Court was also of the
view that the Company could not strike out the Petition by
reason of it being the sole shareholder of Kailey. Therefore,
the Application was dismissed by the High Court. On July 20,
2005, the Company applied to the Court of Appeal disputing the
decision made by the High Court. The Court of Appeal, on January
11, 2006, concurred with the decision of the High Court and
dismissed the Company's appeal.

As stated in the Announcement, the Directors believed that the
Company had valid defense against the Petition and proceeded
with the Application after seeking legal advice. Notwithstanding
the Company's effort on striking out the Petition by the
Application, the status of the Petition remains unchanged. The
Directors will keep the public informed on a timely manner
should there be any changes in the status of the Petition.

The Directors consider that no matters relating to the Hotel
Project Claim should be brought to the attention of the
Company's shareholders at this stage as the Company is still
proceeding with legal actions against the relevant parties and
is currently attending to interlocutory matters such as exchange
of witness statements. The hearing date of the Hotel Project
Claim has not yet been fixed. The Company will make announcement
regarding the Hotel Project Claim when the outcome of which is
more certain and decisive.

The Company is currently in discussion with its legal advisers
and considering whether further legal actions are to be taken in
relation to the decision made by the Court of Appeal on the
Application.
Based on the Directors' latest assessment, the Group will have
to pay approximately HK$4.6 million (exclusive of legal costs to
be incurred) in the event that the outcome of all three pending
litigations (including the Petition) are not in favor of the
Group. The Directors are of the opinion that, after taking into
account the existing cash and bank balances of the Group
(amounted to approximately HK$2.4 million as at January 13,
2006), the remaining available stand-by loan facility (Note 1)
of HK$5 million granted by its controlling shareholder and the
remaining available loan facility from a finance institution
(Note 2) of approximately HK$5.7 million, the Group will be able
to fully settle the claims and the related legal costs of the
aforesaid litigations if their outcomes are unfavorable to the
Group. Save as disclosed above, the Board is not aware of any
other pending litigations against the Group.

Notes:

1. A stand-by loan facility of HK$30 million was granted by
Group First Limited, the Company's controlling shareholder, in
July 2005, of which HK$25 million is intended for an acquisition
as disclosed in the Circular. It is unsecured, bears an interest
rate to be agreed by both parties at the respective date(s) of
draw-down which will not be higher than the prime rate offered
by The Hongkong and Shanghai Banking Corporation Limited (HSBC)
and repayable after six months from the respective date(s) of
draw-down. Up to the date of this announcement, HK$5 million has
been drawn on September 9, 2005 at an interest rate of 6% per
annum.

2. A loan facility of HK$9 million was granted by a financial
institution on April 30, 2005 for a term of 36 months of which
HK$3.3 million has been drawn up to the date of this
announcement.

It is unsecured, bears interest at HSBC prime rate per annum and
repayable upon the expiry of its term.

GENERAL

Trading in the shares of the Company (the Shares) has been
suspended with effect from 9:41 a.m. on January 12, 2006 pending
release of this announcement. An application has been made to
the Stock Exchange for resumption of trading in the Shares from
9:30 a.m. on January 17, 2006.

Shareholders of the Company and potential investors are reminded
to exercise caution when dealing in the Shares.

The Group is engaged in the property development, construction
and construction-related businesses, utility projects, service
apartments and maintenance business, projects in the high
technology, communication and telecommunications fields.

The press release was lifted from the Hong Kong Stock Exchange.

CONTACT:

Landune International Limited
Units 2201-2, ING Tower
308 Des Voeux Road Central
Sheung Wan, Hong Kong  
Phone: 28773389  
Fax: 25586523  


LIK CHUNG: Set to Close Business
--------------------------------
A winding up petition was served on Lik Chung Group
(Investments) on Nov. 11, 2005.

On Jan. 4, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the company, whose registered address is at Rm 2502B
Admiralty Centre Tower 1 18 Harcourt Road Admiralty Hong Kong.

E T O'CONNELL
Official Receiver


LUNG ELECTRONICS: Creditors Meeting Fixed Feb. 8
------------------------------------------------
The annual meetings of the members of Lung Electronics (HK)
Limited (In Creditors' Voluntary Liquidation) will be held at
Room 1-3, 10th Floor, Kwan Chart Tower, 6 Tonnochy Road,
Wanchai, Hong Kong on February 8, 2006 at 10:00 a.m. and will be
followed by a meeting of the creditors of the company to be held
at the same place at 10:30 a.m. for the purpose of receiving an
account of the liquidator's act and dealings and of the conduct
of the winding up of the company during the year ended November
8, 2005.  

A member or creditor entitled to attend vote at the above
meeting may appoint proxy to attend and on a poll, vote instead
of him. A proxy need not be a member or creditor of the company.
If a proxy is to be appointed, the proxy form for both meetings
must be lodged at Room 1-3, 10th Floor, Kwan Chart Tower, 6
Tonnochy Road, Wanchai, Hong Kong not later than 4:00 p.m. on
the day before the meetings or adjourned meetings.

Dated this 13th day of January 2006

AU-YEUNG SIN MING, CINDY
Liquidator


SELCO SALVAGE: Creditors to Meet Feb. 7
---------------------------------------
Notice is hereby given that the annual meeting of the creditors
of Selco Salvage Limited (In Creditors' Voluntary Liquidation)
will be held at 20th Floor, Prince's Building, Central, Hong
Kong on February 7, 2006 at 11:00 a.m. for the purpose of (1)
laying before the meeting by the liquidator an account of his
acts and dealings and of the conduct of the winding-up during
the preceding year, and (2) approving the liquidator's fees and
disbursements to be paid out of the assets of the above-named
company.  

Forms of general and special proxy are enclosed with the notice
for use at the meeting, if desired. To be valid, a proxy must be
lodged with the liquidator at 20th Floor, Prince's Building,
Central, Hong Kong not less than 4 p.m. on the day before the
meeting or adjourned meeting at which it is to be held.

Dated this 13th day of January 2006

GRAEME A. JACK
Liquidator


SHANGHAI LAND: Former Manager Jailed for Fraud
----------------------------------------------
On Monday Ms. Mo Yuk-ping, General Manager of the former Hong
Kong-listed Shanghai Land Holdings, pleaded guilty and was
sentenced to three-and-a-half years in prison for market
manipulation, Infocast News reports.

Ms. Mo appeared in court for sentencing after being found guilty
in December of manipulating the shares of Shanghai Land, which
she controlled with her husband.

Her husband, Zhou Zhengyi, who was ranked China's 11th richest
man in 2002 by Forbes magazine, was jailed on the mainland for
three years in June 2004 for manipulating share prices and for
falsifying registered share capital reports.

The court also ordered confiscation of over HK$5.8 million
surrendered by a number of people whose securities accounts had
been used by Mo to trade in Shanghai Land shares.

Trading in Shanghai Land shares was halted in June 2003 and the
company was later put into receivership. In September last year,
shareholders voted to wind up the company and distribute about
HK$1.94 billion of its remaining assets among themselves.

CONTACT:

Shanghai Land Holdings Limited
10 Harcourt Road Central
Central,
HONG KONG
Phone: +852 2846 9606
Fax: +852 2827 0715


SPA CLUB: Creditors Meeting Fixed January 27
--------------------------------------------
A meeting of the creditors of SPA Club Asia Limited (In
Creditors' Voluntary Liquidation) will be held at 28th Floor,
Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong on
January 27, 2006 at 11:00 a.m. for the following purposes:

1. To receive a full statement of the position of the Company's
affairs together with a list of the creditors of the Company and
the estimated amount of their claims;

2. If thought fit, to appoint one or more persons to act as
liquidator(s) for the purposes of the wining-up of the Company;

3. If thought fit, to appoint not more than five persons to
serve on a committee of inspection for the purposes of the
winding-up of the Company and to review the appointment to such
committee of any persons nominated by the Company.

4. To fix the remuneration of the Provisional Liquidator and of
the Liquidator if no committee of inspection is appointed; and

5. If thought fit, to waive the audit of liquidators' account.

A creditor may appoint a proxy to attend and vote instead of him
and that proxy need not be a creditor. If a proxy is to be
appointed, the proxy form must be completed and lodged at 28th
Floor, Tesbury Centre, 28 Queen's Road East, Wanchai, Hong Kong,
not later than 4:00 pm on the day before the meeting.

Dated this 13th day of January 2006

JOHN JOSEPH GEDDES
Director


STATEFIELD COMPANY: Court Releases Winding Up Notice
----------------------------------------------------
Statefield 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 Rm 1017 Park-in
Commercial Centre No. 56 Dundas Street Mongkok Kowloon.

Date of Presentation of Petition: November 11, 2005

E T O'CONNELL
Official Receiver


THAI-ASIA FUND: Seeks Winding-up, Delisting
-------------------------------------------
Reference is made to the Circular issued by Thai-Asia Fund
Limited (540) on June 19, 2003 and to the announcement issued by
the Company on January 9, 2006.

The Company, which is incorporated in the Cayman Islands as an
exempted company, was until June 2003 a closed-end investment
company. The Shares are presently, and have been, listed on the
Stock Exchange since November 15, 1989. The Company has been
investing in Thai securities through the Fund, established under
the laws of Thailand and regulated by the Thai SEC.

The Company had, in its placing memorandum dated November 2,
1989, foreshadowed that it might become `open ended' after ten
years of the Company's establishment. On June 10, 1999, the
Shareholders passed a special resolution at the Company's annual
general meeting to `open end' the Company, subject to obtaining
all necessary regulatory consents.

On February 1, 2002, the Company announced that it had obtained
in principle approval from the Thai SEC to the phased open
ending of the Investment Plan over a period of three years. The
Fund was formally converted to an open-end fund upon receiving
the Thai SEC's formal approval to the open ending of the
Investment Plan on June 9, 2003.

On July 22, 2003, an extraordinary general meeting of the
Company was convened to consider, among others, the Proposal. On
the same day, the Company announced that the Shareholders
present at the extraordinary general meeting unanimously passed
all the resolutions necessary for approving the Proposal. Under
the Proposal (as approved by the Shareholders), the Company
would commence redeeming its Investment Units and then,
following such redemptions, the directors of the Company would
effectively cause the Company to return the net proceeds of such
redemptions to the Shareholders through the declaration and
payment of dividends, from time to time, to the Shareholders
thereby allowing Shareholders to realize their investment in the
Company.

It was also stated in the Circular that, following the
distribution of all amounts distributable to the Shareholders
under the Proposal, the Company would be wound up and delisted.
The timeframe and parameters according to which the Thai SEC to
effect redemptions of its Investment Units authorized the
Company were as follows:

Year 1 A maximum of 20% of the Initial Investment Units -
redeemable within the first 12 months following June 9, 2003,
the date of the formal Thai SEC approval to the open ending of
the Investment Plan; Year 2 A maximum of 30% of the Initial
Investment Units - redeemable within the 12-month period
following Year 1, plus any entitlement not used from the
previous year; and Year 3 The remaining Investment Units -
redeemable after Year 2. In the Circular it was explained that,
after the third and final redemption of all remaining Investment
Units takes place and the related dividend distributions are
made to the Shareholders, the Company would be wound up and
withdraw its listing on the Stock Exchange.

This is because the Company, being an investment company, will
no longer carry on any investment activity and, as such, it will
no longer have any commercial business. In accordance with the
Proposal, special dividends were distributed to the Shareholders
on or about October 14, 2003 and January 14, 2005 following the
Company's announcements made on September 19, 2003 and December
22, 2004. On January 9, 2006, the Company announced that all
remaining Investment Units had been redeemed and that it would
distribute the remaining net proceeds of the Investment Plan to
the Shareholders by way of dividend on or about January 17,
2006. The aggregate dividends declared on January 9, 2006 equals
USD11,558,247.68. The special dividend of USD0.2296 per Share
will be paid to all Shareholders recorded on the register of
members as at the close of business on January 26, 2006.

In accordance with the Proposal, the Board has resolved to
convene the EGM to propose for consideration by the Shareholders
resolutions (i) to withdraw the listing of the Company on the
Stock Exchange, (ii) to wind up the Company, and (iii) to
appoint a liquidator in accordance with Part V of the Companies
Law (2004 Revision) of the Cayman Islands. This will ensure that
the Company can be legally terminated. All Shareholders, at the
time when the Company is placed in liquidation, will participate
in the liquidation and share in any remaining assets of the
Company, after liquidation expenses and all other liabilities
have been fully paid. However, since the net proceeds realized
from the redemption of the remaining Investment Units will have
been distributed to the Shareholders by way of dividend
distributions before the liquidation, there are unlikely to be
any surplus assets available for distribution upon the
liquidation of the Company.

Application for the withdrawal of the listing of the Company
from the Stock Exchange has been made to the Stock Exchange.
Under the Listing Rules, the Shareholders must approve the
proposed withdrawal of listing. Such approval must be given by
at least 75 percent of votes held by the Shareholders voting
either in person or by proxy at the meeting and the number of
votes cast against the resolution must not be more than 10
percent of the votes held by the voting Shareholders. The
Company's directors, controlling Shareholders and their
respective associates will abstain from voting on the resolution
concerning the proposed withdrawal of listing. In accordance
with the requirements of the Listing Rules, the Company has
established an independent board committee and appointed an
independent financial adviser to, amongst others, advise the
Shareholders on how to vote at the EGM in relation to the
withdrawal of listing of the Shares on the Stock Exchange.

A circular containing details of the winding-up and withdrawal
of listing proposal, advice and recommendations from the
independent board committee and the independent financial
adviser, and a notice of the EGM to consider and approve the
winding-up of the Company and the withdrawal of listing of the
Shares on the Stock Exchange, will be dispatched to all
Shareholders in advance of the EGM.

A further announcement will be made by the Company shortly after
the EGM to confirm the results of the vote on the resolution in
respect of the winding-up and withdrawal of listing of the
Company. As the Company will unlikely have any net asset
following the distribution of the dividends on or about January
27, 2006, the Company will apply for a suspension of trading of
the Shares on the Stock Exchange from 9:30 a.m. on January 27,
2006.

ESTIMATED TIMETABLE FOR WINDING-UP AND WITHDRAWAL OF LISTING

The estimated timetable for the winding-up process and the
withdrawal of the listing of the Company is set out below:

Book close period: January 24-26, 2006

Suspension of trading of Shares 9:30 a.m. on January 27, 2006

EGM 11:30 a.m. on March 10, 2006

Appointment of Liquidator March 10, 2006

Withdrawal of listing of the Company 4:00 p.m. on March 13, 2006

Copies of the Circular can be inspected during normal business
hours at 32/F, Three Pacific Place, 1 Queen's Road East, Hong
Kong or by viewing a copy of the Circular on the Stock
Exchange's website: www.hkex.com.hk

By Order of the Board
Jeremy Charles Simpson
Company Secretary
Hong Kong, January 16, 2006

The Group is engaged in the investment in Thai securities for
long-term capital appreciation through The Thai-Asia Fund.

For a copy of the press release, go to
http://bankrupt.com/misc/tcrap_thai_asia011706.pdf

CONTACT:

Thai-Asia Fund Limited
Level 28, Three Pacific Place
1 Queen's Road East, Hong Kong  


T.T. LIMITED: Enters Winding Up Process
---------------------------------------
Notice is hereby given that a Petition for the Winding up of
T.T. (Holdings) Limited by the High Court of Hong Kong Special
Administrative Region was on December 20, 2005 presented to the
said Court by Bank of China (Hong Kong) Limited (the successor
banking corporation to Kincheng Banking Corporation pursuant to
Bank of China (Hong Kong) Limited (Merger) Ordinance (Cap.1167)
whose registered office is situated at 14th Floor, Bank of China
Tower, 1 Garden Road, Hong Kong.  

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

TONY KAN & CO
Solicitors for the Petitioner
Suite 1408, Hang Seng Building
No. 77 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 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 company not later than
six o'clock in the afternoon of February 7, 2006.


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

CRANEX LIMITED: To Consider, Approve Draft Rehab Scheme
-------------------------------------------------------
Cranex Ltd announced that the Board of Directors of the Company
at its meeting held on January 16, 2006, has discussed the
following:

The Chairman informed the members of the Board that at the
hearing held on December 26, 2005, the BIFR declared the Company
a sick Industrial Company in terms of Section 3(1)(0) of the
Sick Industrial Companies (Special Provisions) Act 1985 and
appointed PICUP as the Operating Agency (OA) u/s 17(3) of the
Act to prepare a viability study report and revival scheme for
the company and directed the Company to submit a comprehensive
and fully tied up proposal within 30 days to the OA, BIFR and
all others concerned and that the cut-off date (COD) for the
scheme shall be taken as March 31, 2006.

The Draft Rehabilitation Scheme (DRS) prepared by the Company's
consultants was discussed and certain changes in the same were
desired to be incorporated.

The Board Meeting was therefore adjourned for January 19 to
reconsider and approve the draft rehabilitation scheme to BIFR
and PICUP.

The next Board Meeting will be held on January 19 to consider
and approve the DRS and pass necessary resolutions.

CONTACT:

Cranex Limited
9, DDA Market, Katwaria Sarai,
Opp Qutab Hotel
New Delhi 110016  
Delhi       
Fax: 6146961   


IBP Company: Updates Scheme of Amalgamation Status
--------------------------------------------------
With reference to the earlier announcement regarding approval
given by the Board of Directors of the Company for Scheme of
Amalgamation for merger of the Company with Indian Oil
Corporation Ltd (Indian Oil), subject to the approval of the
Govt. of India, and recommendation of the swap ratio of 125:100,
i.e., 125 equity shares of INR10/- each of Indian Oil (the
Transferee Company) as fully paid-up for every 100 equity shares
of INR10/- each of the Company (the Transferor Company), the
Company has advised that the Government of India vide their
letter dated December 26, 2005, have accorded approval to the
Scheme of Amalgamation with the advise that the Board of
Directors may re-consider the swap ratio under different
valuation scenarios.

It may be noted that the Transferor & the Transferee Companies
being Government Companies, prior approval of the Govt. of India
is necessary before any merger.

Accordingly, the Board of Directors has since taken note of the
advise of the Govt. of India and by a resolution passed in
circulation by requisite majority recommended the revised swap
ratio of 110:100 i.e., 110 equity shares of INR10/- each of
Indian Oil (the Transferee Company) as fully paid-up for every
100 equity shares of INR10/- each of the Company (the Transferor
Company).

CONTACT:

IBP Company Ltd
A, IBP House, 34, Nirmal Chandra Street,
Post Box No-8904
Kolkata 700013  
West Bengal  
Phone: 22365818, 22368841
       22362964, 22363774
       22362374, 22368857  
Fax: 22219828  


RAJMATA INVESTMENTS: Board Meeting Fixed Jan. 24
------------------------------------------------
Rajmata Investments & Finance Ltd has informed BSE that a
meeting of the Board of Directors of the Company will be held on
January 24, 2006, inter alia, to transact the following
business:

1. To change the name of the Company.

2. To consider shifting of Registered Office from the State of
Andhra Pradesh to the State of Tamil Nadu.

3. To consider and approve the Un-audited financial results of
the Company for the quarter ended December 31, 2005.

4. To appoint Mr. Suriyaraj Kumar as Managing Director of the
Company.

5. To appoint Mr. Hariharan as an Independent Director of the
Company.

CONTACT:

Rajmata Investments & Finance Ltd
305, 3 - 6 - 111, Bluechip Arcade, Himayatnagar
Hyderabad 500029  
Andhra Pradesh  
Phone: 23225660 23226049    
Fax: 23222211   


SYNERGY LOG-IN: 'Acquirers' Present Open Offer
----------------------------------------------
Ashika Capital Ltd (Manager to the Offer) on behalf of M/s.
Globsyn Technologies Ltd & Mr. Samarth Parekh (Acquirers) has
issued this Public Announcement (PA) pursuant to and in
compliance with among others, Regulation 10 & 12 of the
Securities and Exchange Board of India (Substantial Acquisition
of Shares and Takeovers) Regulations, 1997 and subsequent
amendments thereto (Regulations) as below:

The offer:

The Acquirers are making an open offer in accordance with
Regulation 10 & Regulation 12 of the Regulations, to the
remaining shareholders of Synergy Log-In Systems Ltd (Target
Company) to acquire 20,22,600 fully paid up equity shares of
INR10/- each representing 20% of the post voting equity share
capital of the Target Company at a price of INR17.15/- per share
(Offer Price) payable in cash, in terms of regulation 20 of the
Regulations (Offer).

Schedules of Activities:

Specified Date: January 20, 2006

Date of Opening of the Offer: March 3, 2006

Date of Closing of the Offer: March 22, 2006

CONTACT:

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


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

DAVOMAS ABADI: Receives B+ Credit Rating from S&P
-------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' corporate
credit rating to PT Davomas Abadi Tbk., an Indonesian-based
producer and exporter of cocoa products, on Jan. 13, 2006, with
a stable outlook.

Standard & Poor's credit analyst Royston Quek said,"The rating
on Davomas reflects the Company's vulnerable business profile
and aggressive financial profile due to its limited product
range, risk of operating in a single site, customer
concentration risk, the highly competitive nature of the cocoa
processing industry, and the dependency on cocoa prices for
profitability and cash flow. However, these weaknesses are
partly mitigated by Davomas' leading position in Indonesia's
cocoa grinding industry, its low processing cost, and
established export-oriented business."

Davomas is Indonesia's largest midstream cocoa processor, and is
Involved in producing cocoa butter and cocoa powder. These
products are used as the main raw material for such products as
chocolate bars, biscuits, and other confectionery. The Company's
current production capacity stands at 60,480 metric tons per
annum (tpa), and it is constructing two new production lines to
add 40,320 tpa by the end of first quarter 2006. Davomas intends
to increase its capacity to 141,120 tpa by the first half of
2007.
     
Davomas' liquidity is strong, with a cash balance of IDR424.9
billion (USD41.2 million) against total short-term liabilities
of IDR600 million as of Sept. 30, 2005.

From 1996 to 2005, Davomas did not comply with an Indonesian
environmental law, which requires the Company to submit an
environmental impact analysis report on its production
activities to the environmental authority, Bapedal, every six
months. Standard & Poor's understands that in January 2006,
Davomas filed its first semiannual environmental impact analysis
report for the second half of 2005 with Bapedal. Davomas' legal
counsel advised that if the Company, during the period in which
it did not submit the reports, did not cause damage to the
environment, it will not be sanctioned with severe penalties
(including revocation of business license). However, Bapedal
could still fine Davomas for nonsubmission of the report before
2005.

The stable outlook on Davomas reflects Standard & Poor's
expectation that the Company will maintain its market position
and cost leadership in the medium term. The rating has factored
in the possible growth of outsourcing of cocoa processing by
downstream chocolate makers.

"There could be downward pressure on the rating if Bapedal
imposes a severe fine on Davomas that has significant negative
impact on the company's cash flows. The rating could be lowered
if debt-financed capacity expansion becomes overly aggressive,
or if there is a deterioration of processing margin from the
current average of US$472/mt to below US$250/mt for an extended
period," added Mr. Quek.

CONTACT:

PT Davomas Abadi Tbk
JI. Pangeran Jayakarta 117
Blok B/35-39, Jakarta Pusat
Indonesia
Phone: 62 021 600 9709
Fax:   62 021 600 9708


KIANI KERTAS: UFS Readies Acquisition Funds
-------------------------------------------
Singaporean firm United Fiber System Limited (UFS) says that, to
demonstrate its commitment to its acquisition offer for PT Kiani
Kertas (PT KK), it has prepared the necessary funds for the
proposed purchase and the intended refinancing of outstanding
debts to PT KK's creditors.

Moreover, UFS relates that it has made substantial progress in
negotiating a definitive agreement with PT KK shareholder
Kingsclere Finance Limited, which, in turn, has an exclusive
sales and purchase agreement with PT KK vendors.

However, UFS says that since the primary obligation of its
directors is to act in the best interest of its shareholders,
and to negotiate the best possible terms for the company, it
will exercise prudence in all its transactions. UFS makes it
clear that it will not hesitate to "walk away from a transaction
in the event that the financials no longer make any economical
sense."

According to UFS, it will make necessary announcements at the
appropriate time when the definitive agreement with Kingsclere
is finalized.


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: Government Appoints Ernst & Young to Audit Reports
-------------------------------------------------------------
The Indonesian government appointed Ernst & Young Public
Accountants to probe into the financial reports of state oil and
gas firm PT Pertamina for the years 2002 to 2005, Antara News
reports.

According to State Enterprises Minister Sugiharto, President
Susilo Bambang Yudhoyono requested the audit late last year, so
as to detect possible irregularities in the Company and to
address its financial problems.

Pertamina's financial reports for 2002 to 2005 received a "no
opinion" rating, and its balance sheet is still awaiting the
approval of the Finance Minister and the Minister of Energy &
Mineral Resources.

Minister Sugiharto also said that the Supreme Audit Board may
conduct an operational audit into an oil smuggling case in East
Kalimantan and an oil theft case in Riau province, which
allegedly involved Pertamina officials.

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: Rejects Government's Joint Venture Plan for Cepu Ops
---------------------------------------------------------------
State oil and gas firm PT Pertamina opposes the Indonesian
government's plan to form a joint venture between the Company
and its U.S.-based partner, ExxonMobil Corp., for the operation
of an oil-rich block in Cepu, Asia Pulse reports.

Pertamina says that it will be the sole operator of the Cepu oil
block, which is expected to produce up to 170,000 barrels of
oil, increasing Indonesia's crude oil production output by 20%.

Both Pertamina and ExxonMobil agreed to hold a 45% stake in the
oil block, while the remaining 10% stake would go to the
district administrations where the oil block is located.

According to a Pertamina senior official, the Company and
ExxonMobil had been deadlocked on who would operate the Cepu oil
block before the Indonesian government offered to solve the
dispute by creating a joint venture firm. The official says a
joint undertaking is impossible.

Deputy Officer for the Ministry of Enterprises, Roes Aryawijaya,
says that the government will reveal the operator of the Cepu
oil block soon.

Pertamina is slated to sell US$500 million worth of bonds in
order to develop the oil block.


* Government to Seek Debt Haircut if Creditors Reject Debt Swap
---------------------------------------------------------------
The Indonesian government will ask for a debt haircut if
creditor countries will not agree to a debt swap currently being
negotiated, Asia Pulse reports.

According to Minister for National Development Planning Paskah
Suzetta, a debt haircut is the last resort to reduce Indonesia's
foreign debt, despite criticism from government ministers. The
first option is to attract foreign investment into the country,
while the second option is to swap debt with grants for social
programs.

Chief Economics Minister Boediono says that debt relief is not
possible as Indonesia is categorized as a heavily indebted
country.

Indonesia is currently in talks to swap debt for social program
grants with creditor countries like Britain, Germany, Italy and
the Netherlands. Indonesia's largest creditor country, Japan, to
whom it owes 40% of its total foreign debt, has not responded to
the debt swap proposal as yet.

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

DAIEI INCORPORATED: Boss Aims to Lift Profitability
---------------------------------------------------
Restructuring Japanese retailer Daiei Incorporated will set up
its own food brand around this March to lift profitability and
speed up store renovations, according to Reuters, citing company
Chairman Fumiko Hayashi.

Ms. Hayashi said the company is ready to move forward in the
next financial year after cutting debt and closing unprofitable
stores this business year. She will focus was on rebuilding its
core business and gaining customer and employee satisfaction
rather than growing its size.

As part of its restructuring scheme, Daiei would close 54
unprofitable stores, focus its operations on its food business
and open 80 new outlets. So far, the retailer has closed 53
stores.

The company expects a group operating profit of JPY42 billion
(US$370 million) in the business year to February on sales of
JPY1.67 trillion, which would give a profit margin of 2.5
percent.

CONTACT:

Daiei Incorporated
1-1 Minatojima-Nakamachi 4-Chome
Chuo-Ku, Kobe 650-0046, Hyogo 650-0046
JAPAN  
Phone: +81 78 302 5001
Fax: +81 78 302 5572
Web site: http://www.daiei.co.jp


JAPAN AIRLINES: To Raise Fuel Surcharges From March
---------------------------------------------------
On January 16, the Japan Airlines Group (JAL Group) requested
approval from the Japanese Ministry of Land, Infrastructure and
Transport (MLIT), to extend and increase the fuel surcharge
placed on all international passenger tickets issued on or after
March 1st, 2006.

JAL introduced the fuel surcharge in February 2005 in response
to rises in the cost of fuel. Since then continued fuel cost
increases have led JAL to review the amount of fuel surcharge
levied.

The surcharge applies to flights operated by Japan Airlines and
its international subsidiaries JALways and Japan Asia Airways
including JAL code-share flights operated by other airlines, and
will remain in effect until September 30, 2006. However, the
revised surcharge will be reduced once the price of Singapore
kerosene falls below the benchmark of US$65.00 per barrel within
one consecutive month period. The surcharge will be
progressively reduced as the price of fuel decreases, and will
be cancelled completely when the price of Singapore kerosene
falls below the benchmark of US$40.00 per barrel within one
consecutive month period.

JAL expects high fuel prices to continue into the future. JAL
has estimated that its fuel bill in fiscal year 2005 will be
JPY90 billion higher than that of FY2004, and in FY2006 will be
JPY130-140 billion higher than that of FY2004.

The continuing rise in fuel costs is cause for concern for its
impact on JAL's business performance and its ability to serve
the public. JAL has taken a wide range of counter measures to
offset the price increase including hedging. The JAL Group's
medium term corporate plan for the period 2005 through 2007
includes reform of structural costs by JPY75 billion annually by
2007 but despite these measures the company is reluctantly
obliged to ask its international passengers to continue to bear
part of the burden.

For more information, go to
http://bankrupt.com/misc/tcrap_jal011706.pdf

CONTACT:

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


LIVEDOOR CO.: Prosecutors Raid Tokyo Headquarters
-------------------------------------------------
Prosecutors on Monday raided the Tokyo offices of Internet
company Livedoor Co. on suspicions that it violated securities
laws, the Associated Press reports.

Livedoor is accused of giving false information about a unit in
an alleged effort to improperly boost stock prices.

Company officials did not immediately answer requests for
comment. Prior to the raid, company spokeswoman Ayako Otobe
denied reports about any wrongdoing or an investigation.
  
Reuters reported that shares of Livedoor were untraded on
Tuesday morning with a glut of sell orders at JPY596, down its
daily JPY100 limit from the previous close. If the shares traded
at that price, more than US$900 million of the company's market
value would be wiped out.

CONTACT:

Livedoor Co. Ltd.
Morimo Bldg. 38F, 6-10-1 Roppongi, Minato-Ku
Tokyo 150-0002, Japan  
Phone: +81-3-5766-7211
Fax: +81-3-5766-7221


SANYO ELECTRIC: Mulls Sale of 90% Stake in Karaoke Unit
-------------------------------------------------------
Sanyo Electric Co. will divest a 90-percent stake in Sanyo Mavic
Media Co. to karaoke machine seller BMB Co. for an undecided
amount, NewsEdge reports.

The stock sale is part of the company's business rehabilitation
plan.

Sanyo and BMB are expected to reach a final agreement on the
transaction at the end of next month.

CONTACT:

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


TAKARA CO.: Closing Auto Racing Circuit
---------------------------------------
Toy maker Takara Co. will close an auto racing circuit on
February 28 in Mine, Yamaguchi Prefecture, to withdraw from
unprofitable businesses toward a planned merger with Tomy Co. in
March, Kyodo News reports.

Takara is in talks with some companies to sell the Mine Circuit,
one of the circuits used for the Formula Nippon auto race,
President Nobuyuki Okude said during a news conference in
Yamaguchi.

The circuit, which opened in 1971, is estimated to have incurred
a loss of some JPY50 million in 2005 as the number of visitors
declined to 120,000 from 200,000 in 2001.

Takara incurred around JPY14 billion in consolidated net loss in
the year to March 2005.

CONTACT:

Takara Company Limited
19-16 Aoto 4-Chome
Katsushika-Ku 125-8503, Tokyo 125-8503
JAPAN
Phone: +81 3 3603 2131
Fax: +81 3 3690 3720


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

DAEWOO ENGINEERING: Teachers, Soldiers Eye Firm
-----------------------------------------------
The Korea Teachers' Credit Union (KCTU) and the Military Mutual
Aid Association (MMAA) will join the race for the sale of Daewoo
Engineering & Construction Co., The Korea Times said.

KCTU and MMAA have expressed interest to bid for the Company.
Both are able to shell out as much as KRW500 billion to KRW1
trillion to purchase Daewoo.

Since Daewoo Construction will likely be priced at KRW2 to KRW3
trillion, KTCU and MMAA will contact construction companies or
business groups, seeking strategic partners for the buy out.

"We would actively participate in the bidding," a KTCU official
said. "Considering the asset value of Daewoo, we could form an
alliance with MMAA as the situation requires."

Industry sources said KTCU and MMAA have already talked with
Kumho Asiana.  Doosan, Daewoo Motor Sales and Hanjin Heavy
Industries are also contacting them.

Aside from the association, a number of investors are expected
to bid for Daewoo.  A couple of foreign buyout funds have
submitted a Letter of Intention (LOI) to participate in the
Daewoo bidding.

They include the Government of Singapore Investment Corp. (GIC)
and Temasek Holdings, an investment arm of the Singapore
government.

The due date for the submission of preliminary proposals for the
Daewoo Construction bid is January 20.

CONTACT:

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


INCHON OIL: To Curb Crude Runs for February
-------------------------------------------
Inchon Oil Refinery Co. Ltd. may reduce its crude runs for
February to 140,000 barrels per day (bpd) from 165,000 bpd in
January, according to Reuters, citing a company source.

The Company source said the reduction is mainly caused by poor
fuel oil margins.  

Fuel oil's discount to Middle East Dubai crude has widened to
below $10 a barrel from $8-9 at the end of last month.

The January crude runs at 165,000 bpd is slightly higher than
the earlier plan of 155,000 bpd.  Strong demand for heating fuel
prompted the refiner to increase the crude runs.

The refiner plans to export 300,000 barrels or 40,000 tonnes of
gasoil in February compared with none in January, and it plans
to export about 60,000 tonnes of fuel oil in February, stable
against January, the source said.

Inchon Oil operates a 275,000 bpd refinery in Incheon.

CONTACT:

Inchon Oil Refinery Co. Ltd.
100 Wonchang-dong
Seo-gu, Inchon 404-210
Korea (South)
Telephone: +82 32 570 5151 / +82 2 7292378


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

ASTRO ALL: Unit Reorganizes to Boost Operational Efficiency
-----------------------------------------------------------
Astro All Asia Netwrks Plc (Astro) provided an update on the
transfer of shares of its wholly owned subsidiary on Jan. 13,
2006, as part of an internal organization.

The entire share capital of two shares of HKD1.00 each in Tian
Ying Filmed Entertainment Limited from Celestial Movie Channel
Limited (CMCL) to Celestial Productions Limited (CProd) for a
cash consideration of HK$2.00.

CMCL and CProd are wholly owned subsidiaries of Celestial
Pictures Limited (CPL), which is in turn a wholly owned
subsidiary of ASTRO. The internal reorganization is for the
purpose of re-aligning CPL's lines of businesses to allow for
greater operational efficiency of the CPL group.

The Transfer does not have any material effect on the net assets
for the financial year ended January 31, 2005 and is not
expected to have any material effect on the earnings of the
ASTRO group for the financial year ending January 31, 2006.

As the Transfer is between wholly owned subsidiaries of ASTRO,
none of the directors or major shareholders of the Company
and/or persons connected to them has any interest, direct or
indirect, in the Transfer.

This announcement is dated 13 January 2006.

CONTACT:

Astro All Asia Networks Plc
Asia Broadcast Centre, Technology Park
Malaysia Lebuhraya Puchong-Sungai Besi,
57000 Kuala Lumpur, Bukit Halil
Malaysia
Telephone: +60 3 9543 6688


GEORGE TOWN: Breaches Listing Rules
-----------------------------------
On January 13, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine of MYR2,000 per market day
calculated from December 1, 2005 to the date of submission of
its quarterly report for the financial period ended September
30, 2005 (QR September 30, 2005) or up to three months after the
due date to submit the QR September 30, 2005 (whichever is
earlier) on George Town Holdings Berhad (GTOWN) for breach of
paragraph 9.22(1) of the Listing Requirements of Bursa
Securities (Bursa Securities LR).

Paragraph 9.22(1) of the Bursa Securities LR states that a
listed issuer must give Bursa Securities for public release, an
interim financial report that is prepared on a quarterly basis,
as soon as the figures have been approved by the board of
directors of the listed issuer, and in any event not later than
two months after the end of each quarter of a financial year.

GTOWN has breached paragraph 9.22(1) of the Bursa Securities LR
for failing to submit the Company's QR September 30, 2005 to
Bursa Securities for public release on or before November 30,
2005 (Due Date).

As at todate, GTOWN has yet to furnish the QR September 30, 2005
to Bursa Securities for public release.

The public reprimand and fine were imposed pursuant to paragraph
16.17 of the Bursa Securities LR after taking into consideration
various relevant factors including the fact that GTOWN had
previously breached the Bursa Securities LR.

Bursa Securities further directed GTOWN to furnish the QR
September 30, 2005 to Bursa Securities for public release within
one (1) month from the date hereof.

Bursa Securities views the above contravention seriously and has
cautioned the Company on its responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

Whilst Bursa Securities has not made a finding that any of the
directors of GTOWN caused or permitted the aforesaid breach of
paragraph 9.22(1) of the Bursa Securities LR by GTOWN, Bursa
Securities nevertheless wished to highlight that it is the
responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability
within the company and amongst its officers and employees
including, amongst, others, an awareness of the importance of
compliance with the Bursa Securities LR.

The list of directors of GTOWN on November 30, 2005 is as
follows:

(i) En Azimuddin Bin Ab Ghani

(ii) Mr Willie Howard Pickle

(iii) En Mohd Nor bin Abdul Rahman

Previous Public Reprimands

(I) On October 23, 2003, GTOWN was publicly reprimanded by Bursa
Securities for breach of the following provisions of the Bursa
Securities LR:

(a) Paragraph 9.23(b) for not submitting the Company's annual
audited accounts together with the auditors' and directors'
reports for the 15 months ended June 30, 2001 (AAA 2001) on or
before October 31, 2001. The AAA 2001 was only furnished to
Bursa Securities on January 4, 2002.

(b) Paragraph 9.23(a) for not submitting the Company's annual
report for the 15 months ended June 30, 2001 (AR 2001) on or
before December 31, 2001. The AR 2001 was only furnished on
January 28, 2002.

(c) Paragraph 9.23(b) for not submitting the Company's annual
audited accounts together with the auditors' and directors'
reports for the nine months ended March 31, 2002 (AAA 2002) on
or before July 31, 2002. The AAA 2002 was only furnished to
Bursa Securities on October 21, 2002.

(d) Paragraph 9.23(a) for not submitting the Company's annual
report for the nine months ended March 31, 2002 (AR 2002) on or
before September 30, 2002. The AR 2002 was only furnished on
November 1, 2002.

(II) On August 12, 2005, GTOWN was publicly reprimanded and
fined MYR126,000 by Bursa Securities for breach of paragraph
9.23(b) of the Bursa Securities LR for not submitting the
Company's annual audited accounts for the 15 months ended
December 31, 2004 (AAA 2004) to Bursa Securities for public
release on or before April 30, 2005.

As of the date of sanction, GTOWN has yet to furnish the AAA
2004 to Bursa Securities for public release.

(III) On September 2, 2005, GTOWN was publicly reprimanded and
fined MYR130,000 by Bursa Securities for breach of paragraph
9.22(1) of the Bursa Securities LR for failing to submit the
Company's quarterly report for the quarter ended 31 March 2005
(QR March 31, 2005) to Bursa Securities for public release on or
before May 31, 2005.

As of the date of sanction, GTOWN has yet to furnish the QR
March 31, 2005 to Bursa Securities for public release.

(IV) On December 1, 2005, GTOWN was publicly reprimanded and
fined MYR130,000 by Bursa Securities for breach of paragraph
9.23(a) of the Bursa Securities LR for failing to submit the
Company's annual report for the 15 months ended December 31,
2004 (AR 2004) on or before 30 June 2005. As of the date of
sanction, GTOWN has yet to furnish the AR 2004 to Bursa
Securities for public release.

(V) On December 16, 2005, GTOWN was publicly reprimanded by
Bursa Securities for breach of paragraphs 9.03 and 9.04, in
particular paragraphs 9.03(1) and 9.04(f) of the Bursa
Securities LR for failing to make an immediate announcement that
on July 20, 2005 the Kuala Lumpur High Court (High Court) had
decided not to grant an extension of time to the Restraining
Order dated March 9, 2005 given to the Company and its 22
subsidiary companies. GTOWN only made an announcement in respect
of the High Court's decision on July 27, 2005.

(VI) On December 16, 2005, GTOWN was publicly reprimanded and
fined MYR124,000 by Bursa Securities for breach of Paragraph
9.22(1) of the Bursa Securities LR for failing to submit the
Company's quarterly report for the financial period ended June
30, 2005 (2nd QR 2005) to Bursa Securities for public release on
or before August 31, 2005.

As of the date of sanction, the Company has yet to furnish the
2nd QR 2005 to Bursa Securities for public release.

CONTACT:

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


MAGNUM CORPORATION: Buys Back New Shares
----------------------------------------
Magnum Corporation Berhad furnished Bursa Malaysia Securities
Berhad with a notice of shares buy back with the following
details:

Date of buy back from: January 3, 2006

Date of buy back to: January 6, 2006

Total number of shares purchased (units): 1,305,000

Minimum price paid for each share purchased (MYR): 1.890

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

Total amount paid for shares purchased (MYR): 2,523,589.43

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

Number of shares purchased retained in treasury (units):
1,305,000

Total number of shares retained in treasury (units): 92,099,600

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

Total issued capital as diminished:  

Date lodged with registrar of companies: January 13, 2006

Lodged by: Ms Gan Cheong Ann

CONTACT:

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


MALAYAN UNITED: Agrees to Settle Suit Through Compromise
--------------------------------------------------------
Malayan United Industries Berhad (MUIB) refers to the suit filed
on May 17, 1996 in the High Court of Kuala Lumpur by Loyal
Design Sdn Bhd (LDSB), a wholly owned subsidiary of MUIB,
against Pan Malaysia Holdings Berhad (PMH) (formerly known as
Pengkalen Holdings Berhad) and all its then existing directors
for breach of directors' duties in conducting the affairs of PMH
during the period involved with the takeover offer by MUIB
through LDSB in respect of PMH.

The suit also seeks to declare, inter-alia, that various options
granted by PMH under the then PMH's Executive Share Option
Scheme (PMH ESOS) are void (Suit).

Previously, the parties concerned had consented to an order
essentially restraining PMH from issuing any new shares such as
to increase the capital of PMH beyond 197,804,678 ordinary
shares of MYR1 each except for such shares as are exempted by
the Order of Court dated August 3, 1996.

Subsequently, the order was varied to the extent that PMH be at
liberty to issue further new shares for the purposes of carrying
out a rights issue, a special issue and schemes of arrangement.

The Company advised that the parties to the Suit have agreed to
effect a full and final settlement by way of a compromise and on
January 12, 2006, an order (Consent Order) has been recorded
that, among others, the Order of Court dated August 3, 1996 be
varied to give effect to the terms of the Compromise.

The terms of the Compromise include:

(i) The Compromise is being offered to a total of 191 former
employees of PMH who were injuncted by the Order of Court of
August 3, 1996 from exercising their rights under the PMH ESOS
(Eligible Employees);

(ii) Out of the 191 Eligible Employees:

(a) 79 Eligible Employees, with an aggregate balance of
4,955,000 shares in PMH under the PMH ESOS, have accepted the
Compromise (Employees Category Y).

(b) 24 Eligible Employees, with an aggregate balance of
2,664,000 shares in PMH under the PMH ESOS, have rejected the
Compromise (Employees Category N).

(c) The remaining 88 Eligible Employees, with an aggregate
balance of 6,971,000 shares in PMH under the PMH ESOS, have not
responded to the Compromise (Employees Category U) and will be
given a period of three months from the date of the Consent
Order being advertised to give notice of their acceptance to
MUIB in the prescribed form if they wish to accept the
Compromise.

(iii) Under the Compromise, MUIB shall cause ordinary shares of
par value of RM1 each of PMH to be transferred to Employees
Category Y and Employees Category U who accept the Compromise
(collectively, the ESOS Employees) in proportion of the balance
number of shares against their names under the PMH ESOS.

They have the option to sell back to MUIB the Shares at a
consideration of MYR0.25 per share. Such option to sell shall be
exercised in one installment only and shall lapse if not
exercised within a specified time period.

(iv) Employees Category U who reject the Compromise and
Employees Category N are at liberty to intervene in the Suit
upon the conditions set out in the Compromise.

Effects of the Compromise

Based on the terms of the Compromise as set out above, the
number of ordinary shares in PMH to be transferred to the ESOS
Employees by MUIB would be up to 11,926,000 shares.

The total cost to MUIB in respect of the Compromise will be
recorded as an expense of MUIB and is estimated to be up to an
amount of MYR2.98 million which would not have a material impact
on the earnings per share and net tangible assets per share of
the MUIB Group for the current financial year.

CONTACT:

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


OLYMPIA INDUSTRIES: Wants More Time for Implementation of MWOP
--------------------------------------------------------------
Reference is made to the announcement dated November 30, 2005,
whereby the implementation of the Modified Workout Proposal
(MWOP) of Jupiter Securities Sdn Bhd (JSSB), a 60.06 percent
subsidiary of Olympia Industries Berhad (OIB) is subject to
amongst others, the receipt of proceeds from the capital
injection exercise amounting to MYR53.2 million by JSSB from OIB
on or before March 31, 2006.

The successful implementation of the MWOP, including the said
capital injection exercise is dependent upon the completion of
the restructuring scheme of OIB.

As a result of the delay in the implementation of OIB's scheme,
OIB had on December 16, 2005 submitted an application to the
Securities Commission (SC) for approval to extend the timeframe
for implementation by a further four (4) months from December
31, 2005 to April 30, 2006.

In the event the conditions (which include the above) for the
implementation of the MWOP are not met by March 31, 2006, the
MWOP shall lapse and cease to be in force.

Accordingly, OIB now advised that JSSB had on January 12, 2006,
sought approval from the SC for an extension of time of three
(3) months up to June 30, 2006 to complete the implementation of
the MWOP.

CONTACT:

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


PANTAI HOLDINGS: Purchases New Shares
-------------------------------------
Pantai Holdings Berhad submitted to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:  
  
Date of buy back: January 13, 2006

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

Total number of shares purchased (units): 337,000

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

Maximum price paid for each share purchased (MYR): 1.910

Total consideration paid (MYR): 645,787.97

Number of shares purchased retained in treasury (units): 337,000

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

Cumulative net outstanding treasury shares as at to-date
(units): 40,692,300

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


PSC INDUSTRIES: Unit's Winding Up Won't Generate Losses
-------------------------------------------------------
PSC Industries Berhad issued to Bursa Malaysia Securities Berhad
a reply its Query Letter regarding the petition for winding-up
of PSC-Naval Dockyard Sdn Bhd.

With reference to Bursa Malaysia Securities Bhd's query letter
dated January 11, 2006 on the advertisement of "Petition for
Winding-up of PSC-Naval Dockyard Sdn Bhd" appeared in New
Straits Times, Notices Section, page N6, the Company informed
the Bourse that:

(1) The date of the Petition was November 15, 2005 and served on
PSC-Naval Dockyard Sdn Bhd (PSCND) on January 3, 2006.

(2) The amount claimed for under the Petition was EUR129,883.28.

(3) The circumstances leading to the filing of the winding-up
petition against PSCND was due to dispute over goods and
services supplied.

(4) The total cost of investment in PSCND was MYR181,709,683.00.

(5) The winding-up petition proceedings will not have any
financial and operational impact on the group because the matter
has been resolved.

(6) The Company does not expect any losses arising from the
winding-up petition proceedings; and

(7) PSCND has fully settled the amount claimed under the
petition and is in the midst of striking out the said petition.

The announcement dated 13 January 2006.

CONTACT:

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


PUNCAK NIAGA: Issues New Shares for Listing, Quotation
------------------------------------------------------
Puncak Niaga Holdings Berhad's additional 6,000 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., Tuesday,
January 17, 2006.

CONTACT:

Puncak Niaga Holdings Berhad
Suite 1401-1406, 14th Floor
Plaza See Hoy Chan
Jalan Raja Chulan
50200 Kuala Lumpur
Phone: 03-20318648
Fax: 03-20784386
Web site: http://www.puncakniaga.com.my


SINORA INDUSTRIES: Shareholders OK Proposals
--------------------------------------------
Sinora Industries Berhad (Sinora) provided Bursa Malaysia
Securities Berhad with an update to the following proposals:

(I) Proposed appointment of Serijaya Industri Sdn Bhd (Serijaya)
the wholly owned subsidiary of Sinora as log extraction
contractor by Rakyat Berjaya Sendirian Berhad (proposed
Logging); and

(II) Proposed development by Serijaya of approximately 22,763
hectares of land into an oil palm plantation pursuant to an
agreement between Serijaya and Benta Wawasan Sdn Bhd

(Proposed development of oil palm plantation)

On behalf of Sinora, Commerce International Merchant Bankers
Berhad advised that the respective resolution in relation to the
Proposed Logging and Proposed Development of Oil Palm
Plantation, as set out in the Company's Notice of Extraordinary
General Meeting (EGM) dated December 23, 2005 have been approved
by the shareholders of Sinora at the EGM held on January 13,
2006.

This announcement is dated 13 January 2006.

CONTACT:

Sinora Industries Berhad
Likas Bay
Kota Kinabalu, 88817
Malaysia
Telephone: +60 88 326 572 / +60 88 432 104


SOUTHERN BANK: Withdraws Asia General Acquisition
-------------------------------------------------
Following the Extraordinary General Meeting held on Dec. 12,
2005, the Board of Directors of Southern Bank Berhad (SBB) has
filed an appeal to Bank Negara Malaysia for the proposed
acquisition of Asia General Holdings Limited, Singapore (AGHL).

This appeal involved the initial acquisition of AGHL by SBB to
be followed by a restructuring under which both the banking and
insurance businesses would be separately held under a financial
holding company (FHC).

BNM has now advised that it would require certainty over the
implementation of the FHC with detailed conditions that would
have to be met.

Amongst others, the following information pertaining to the
revised proposal are required:

- Details of the restructuring, and the shareholding and
corporate structure of the SBB group, post restructuring;

- The proforma balance sheets, profitability and capital
adequacy positions of the licensed institutions and FHC, post
restructuring;

- Indication of support from SBB's shareholders;

- Measures to be taken by SBB to reduce the exposure to AGHL's
non-financial sector assets; and

- The details, including the cost and timeline for
implementation.

Any agreement or arrangement related to the proposed acquisition
of AGHL must be conditional upon SBB receiving the necessary
regulatory and corporate approvals for the restructuring
exercise.

The Board has determined that these conditions cannot be met
within the given time frame. Accordingly, the Board has decided
that SBB will not pursue this acquisition any further.

As always, the Board will consider all options to maximize
shareholders' value.

This announcement is dated 16 January 2006.

CONTACT:

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


SOUTHERN BANK: Bourse to List, Quote New Warrants
-------------------------------------------------
Southern Bank Berhad advised that its additional 579,925 new
ordinary shares of MYR1.00 each issued pursuant to the exercise
of 533,925 warrants 1996/2006 (Local Warrants) & 46,000 warrants
1996/2006 (Foreign Warrants) will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Tuesday, January 17, 2006.


TANAH EMAS: Disposes of Shares in Unit
--------------------------------------
Tanah Emas Corporation Berhad (TECB) has disposed of shares in
Tanah Emas Bio-Tech Sdn Bhd (formerly known as Gagnar Bio-Tech
(M) Sdn Bhd)(TEBT).

(1) Introduction

The Board of Directors of TECB advised that on January 13, 2006,
the Company has disposed of 66,300 ordinary shares of MYR1.00
each representing two percent shareholdings in TEBT for a total
consideration of MYR37,048.43 to Mr. Yap Yeu Nan. Following
this, TECB's equity interest is reduced from 51 percent to 49
percent in TEBT.

(2) Details of the disposal

The total consideration for the disposal is MYR37,048.43 and is
to be satisfied entirely via cash payment.

(3) Effect of the disposal

The Disposal will not have any material impact on the earnings
and net tangible assets of the Company for the financial year
ending June 30, 2006.

(4) Rationale for the disposal

TECB would like to concentrate in its core business.

(5) Approvals Required

The Disposal is not subject to the approval of shareholders of
TECB or any other regulatory authority.

(6) Directors' and substantial shareholders' interest

None of the Directors, substantial shareholders of TECB or
person connected with the Directors or substantial shareholders
has any interest, direct or indirect in the Disposal.


TECHFAST HOLDINGS: Unit Inks SPA with Eliteprint Liquidator
-----------------------------------------------------------
Techfast Holdings Berhad (THB) unveiled to Bursa Malaysia
Securities Berhad details of the proposed acquisition of
property comprising a single storey detached factory together
with a double storey office annexed all held under HS(D) 113077
PT 49 Section 23, town of Shah Alam, District of Petaling, State
of Selangor from the official receiver & provisional liquidator
of Eliteprint Sdn. Bhd. (In Liquidation) for a cash
consideration of MYR2.5 million (Proposed Acquisition).

This announcement is dated 13 January 2006.

(1) Introduction

The Company announced that on January 13, 2006, Techfast
Precision Sdn. Bhd. (TPSB or Purchaser), a wholly owned
subsidiary of THB had entered into a Sale and Purchase Agreement
(SPA) with the Official Receiver & Provisional Liquidator of
Eliteprint Sdn. Bhd. (Co. No. 313633-H) (In Liquidation) of
Jabatan Insolvensi Malaysia (the Vendor) for the acquisition of
property comprising a single storey detached factory together
with a double storey office annexed measuring in area
approximately 3,563 square meters for a cash consideration of
MYR2,500,000.

(2) Salient terms of the SPA

The salient terms of the SPA are as follows:

(a) The Property will be acquired free from all encumbrances
with vacant possession but subject to the express and implied
condition in the issue document of title.

(b) The purchase price of MYR2,500,000 shall be paid to the
Vendor in the following manner:

(i) A deposit of MYR250,000 representing 10 percent of the
purchase price shall be paid on the execution of the SPA.

(ii) The balance of the purchase price of MYR2,250,000 shall be
paid to the Purchaser's Solicitors within three (3) months from
the date of receipt by the Purchaser's solicitors of the
relevant consent to transfer from the relevant State Authority
(the Completion Date).

(c) The Sale and Purchase of the Property is subject to the
written consent and approval of the State Authority being
obtained.

(d) In the event the Purchaser fails to pay the balance purchase
price on or before the Completion Date, an extension of two (2)
months (the Extended Completion Date) shall be granted to the
Purchaser in consideration that the Purchaser pays to the Vendor
interest at the rate of eight per cent (8%) per annum on the
unpaid balance purchase price calculated on a daily rest basis
from the expiry of the Completion Date until the date of receipt
of the full balance purchase price by the Purchaser's Solicitors
as stakeholders for the Vendor.

(e) In the event the Purchaser fails or unable to pay the
balance purchase price together with the late payment interest,
the Vendor may, by written notice, terminate the SPA and forfeit
the Deposit paid as agreed liquidated damages, all other sums
paid to the Vendor shall be refunded to the Purchaser without
interest within fourteen (14) days from the date of such
termination.

The Purchaser shall return all relevant documents and re-deliver
vacant possession of the Property in its original state and
condition to the Vendor. The SPA shall become null and void and
be of no further effect.

(3) Basis of determining the purchase consideration

The purchase consideration of MYR2,500,000 for the Property was
arrived after taking into consideration a valuation carried out
on the Property by Allied Group Property Consultant on October
18, 2005.

The Market Value method was used in arriving at the market value
of the Property of MYR2,450,000. As the Property is adjourning
to the existing factory of Techfast Manufacturing Sdn. Bhd.
(TMSB), a wholly owned subsidiary of THB, it is eminently
suitable for Management's plans to expand and complement the THB
Group's production facilities. As such and by reason thereof,
TPSB accepted the final offer price of MYR2,500,000 in order to
secure the Property.

(4) Source Of Funding

The total purchase consideration of MYR2,500,000 will be funded
from the Company's internally generated funds and bank
borrowings.

(5) Information on the purchaser

TPSB was incorporated in Malaysia as a private limited company
under the Companies Act, 1965 on July 19, 2005.

The present authorized share capital of TPSB is MYR100,000
consisting of 100,000 ordinary shares of MYR1 each whilst the
issued and paid-up share capital is MYR2 comprising two ordinary
shares of MYR1 each. TPSB is wholly owned by THB.

The intended principal activities of TPSB are the manufacturing
and distribution of specialized fasteners and related precision
turning and machining parts for the electronics,
telecommunication, computer peripherals and automotive
industries.

(6) Information on the property

The Property consists of a piece of leasehold land expiring on
August 14, 2096 registered under title HS(D) 113077 Lot 12 (PT
49) Kawasan MIEL, Shah Alam, Phase 10, Section 23, 40300 Shah
Alam, Selangor Darul Ehsan, measuring approximately 3,563 square
metres (38,352 square feet) together with a single storey
detached factory and a double storey office annexed thereon
bearing postal address No. 12, Jalan Pasaran 23/5, Off Jalan
Persiaran Perusahaan, Kawasan MIEL, Fasa 10, Seksyen 23, 40300
Shah Alam, Selangor Darul Ehsan.

(7) Effects of the acquisition

The Proposed Acquisition will not have any effect on the share
capital and substantial shareholders' shareholdings of THB.

The Directors are of the opinion that the Proposed Acquisition
is expected to contribute positively to the future earnings and
net tangible assets of the THB Group.

(8) Rationale

The Proposed Acquisition is in line with the THB Group's plan to
increase its production capacity and to increase its range of
products. The existing factory in Shah Alam is already operating
at full capacity and there is insufficient floor space to cater
for new production equipment.

(9) Expected time frame for completion

The Proposed Acquisition is expected to be completed within six
(6) months from the date of the SPA.

(10) Approval

The Proposed Acquisition is subject to the consent of the State
Authority for the transfer of the Property.

(11) Directors' and substantial shareholders' interests

None of the directors, substantial shareholders and persons
connected with the directors and substantial shareholders of THB
has any interest, direct or indirect, in the Proposed
Acquisition.

(12) Documents for Inspection

The SPA and the valuation report are available for inspection at
the registered office of TPSB at Suites 7.21 & 7.22, 7th Floor,
Imbi Plaza, Jalan Imbi, 55100 Kuala Lumpur from Mondays to
Fridays (except public holidays) during office hours for a
period of one (1) month from the date of this announcement.


UNITED CHEMICAL: Updates Default Status Info
--------------------------------------------
The Board of Directors of United Chemical Industries Berhad
(UCI) informed Bursa Malaysia Securities Berhad that further to
the announcement made on December 12, 2005, there are no new
significant developments in relation to the various default in
payment.

The Board of Directors of UCI provided the Exchange an update on
the details of all facilities currently in default in compliance
with Section 3.1 of Practice Note. 1/2001.

To view a full copy of Table A, click
http://bankrupt.com/misc/UnitedChemical011306.xls

This announcement is made on 13 January 2006.

CONTACT:

United Chemical Industries Berhad   
20th Floor, West Wing,
IGB Plaza, Jalan Kampar,
Kuala Lumpur
Wilayah Persekutuan 50400
Malaysia
Telephone: 03-40420488   
Fax: 03-40448711
Web site: http://www.uci.com.my


WEMBLEY INDUSTRIES: Level of Shareholding Meets Requirement
-----------------------------------------------------------
Wembley Industries has complied with the level of public
shareholding spread as prescribed under paragraph 8.15(1) of the
Listing Requirements of Bursa Malaysia Securities Berhad wherein
a listed issuer must have at least 25 percent of its listed
shares in the hands of a minimum of 1000 public shareholders
holding not less than 100 shares each.

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

DIGITAL TELECOMMUNICATIONS: SEC Approves Amended By-Laws
--------------------------------------------------------
This is in reference to circular for Brokers No. 2367-2004 dated
June 1, 2004, in connection with the approval by the
stockholders of Digital Telecommunications Philippines Inc.
(DGTL) of the amendment to its By-Laws regarding the required
guidelines on the nomination and election of independent
directors.

In relation thereto, DGTL, in its letter dated Jan. 16, 2006,
disclosed that:

"We are pleased to furnished a copy of the company's Amended By-
Laws as approved by the Securities and Exchange Commission on
Jan. 10, 2006, a copy of which was received on Jan. 12, 2006.
The recent amendments are found in Sections 1 and 4, Article III
of the Amended By-Laws and were executed in compliance with SEC
Memorandum Circular No. 16, Series of 2002."

A copy of the SEC Certified True Copy of the Amended By-Laws of
the Company shall be made available for reference at the PSE
Center library,

CONTACT:

Digital Telecommunications Phils Inc
110 E Rodriguez Jr Ave Bagumbayan
1110 Quezon City 1110
Philippines
Phones: +63 2 633 0000
Fax: +63 2 635 6142
Web site: http://www.digitelone.com/


LAFAYETTE MINING: Unveils Board, Management Restructure
-------------------------------------------------------
Lafayette Mining Limited Tuesday announced changes to its Board
and operational management structures to position the Company
for base metals production at its Rapu Rapu polymetallic project
in the central Philippines.

As the Company prepares to finalize the plant commissioning, it
has restructured and strengthened its operational management
team with the introduction of a Filipino partner to oversee
operational and administrative activities in the Philippines.

That team is led by respected Filipino businessman, Mr. Carlos
G. Dominguez, the former Minister for Natural Resources and
Secretary of Agriculture under the administration of
President Corazon Aquino; former Chairman, President and CEO of
Philippine Airlines; and former Chairman, President and CEO of
Philippine Associated Smelting and Refining Corporation (PASAR).

Mr. Dominguez also heads a group of international investors who
will invest a minimum AU$1 million in Lafayette Mining Limited
through a placement of 10 million newly issued shares at
11 cents a share (conditional upon shareholders refreshing the
15% limit following the General Shareholder Meeting scheduled
for 25 January 2006) - equivalent to a 1.6% interest in
Lafayette Mining Limited. The management team will receive 10.75
million options at an exercise price of 17 cents per share plus
5 million options at an exercise price of 12 cents per share
subject to performance benchmarks.

As part of the arrangement, Mr. Dominguez has accepted the
position as Chairman, President and Chief Executive Officer of
Lafayette's operational arm, Lafayette Philippines Inc., and he
also joins the reconstituted four-person Board of Lafayette
Mining Limited. Additionally, Mr. Robin Widdup, Managing
Director of the Lion Selection Group, Lafayette's major
shareholder with a 20% holding in the Company, will join the
Board of Lafayette Mining Limited.

As a result of these additional appointments and in recognition
of the Company's forthcoming transition to a producer, two
Lafayette Mining Limited Directors - Mr. Kevin Robinson and Mr.
Paul Taylor - have stepped down from the Board.

All changes and appointments are effective immediately with the
ratification of new Directors to occur at the next Annual
General Meeting of Shareholders.

Lafayette Mining Limited's Chairman, Mr. Reg Gillard, thanked
Mr. Robinson and Mr. Taylor for their valued contributions to
the Company during the development and commissioning phases.

In a joint statement, Mr. Gillard and Lafayette Mining Limited's
Chief Executive Officer, Mr. Andrew McIlwain, said that it had
become evident that the Company needed to strengthen its in-
country and on-the-ground management team with a stronger
Philippines representation.

"We are pleased to secure the direct financial interest of Mr.
Dominguez and his associates as a substantial shareholder as
well as the services of a successful management team led by Mr.
Dominguez," they said.

"Mr. Dominguez brings considerable expertise and experience to
our local management team, and he adds a Filipino perspective to
our Board. He has an outstanding track record of achievement in
the Philippines and across Asia."

As Chief Executive Officer of Lafayette Philippines, Mr.
Dominguez will report to the Board of Lafayette Mining Limited
through CEO Andrew McIlwain.

In accepting both the directorship and senior management role,
Mr. Dominguez said, "We will not restart the Rapu Rapu Project
unless we are sure we have everything in place for its safe and
efficient operation."

Mr. Dominguez said his priorities are to find out why two
unscheduled wastewater discharges happened last year at the mine
site and introduce wide-ranging measures, including full
transparency, to prevent their recurrence.

A multi-party monitoring group, he added, would be immediately
formed and expanded beyond what is required by law with
representatives from the community, the Church, and other
sectors to check Lafayette's compliance with all environmental
and anti-pollution requirements.

PROJECT UPDATE

Lafayette's Rapu Rapu base metals operations are located 350kms
southeast of Manila on the island of Rapu Rapu in the province
of Albay.

Rapu Rapu poured its first gold in July 2005, but suspended
plans to move into base metals production late in the year
following two unscheduled wastewater discharges at site. The
discharges incurred Philippines Government fines and sanctions,
and the Company is working through a series of government-
imposed conditions before it re-commences plant commissioning
and then begins base metals production.

Lafayette Mining Limited's CEO, Mr. Andrew McIlwain, said the
Company is working closely with government at a national and
local level as well as with local community to position the
operations for a restart.

"We are confident of returning to the commissioning phase in the
very near future and then into base metals production," he said.

"This remains the main focus of the entire Company at present.

"Gold and base metals commodity prices remain very strong - at
record levels. We will be in an excellent position to capitalize
on these buoyant prices and to recover lost ground quickly."

When in full production, Rapu Rapu will produce 10,000 tonnes of
copper, 14,000 tonnes of zinc, 50,000 ounces of gold and 600,000
ounces of silver annually.

On Jan. 25, 2006, Lafayette Mining Limited will hold a General
Meeting of shareholders to seek ratification of securities
issued for an investment by AuSelect of AU$2 million.

Additionally, the Company is undertaking a Share Purchase Plan
with documentation expected to be dispatched later this week.

CONTACT:

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


MANILA ELECTRIC: Unaware of Tax Complaint Filed with BIR
--------------------------------------------------------
This is in reference to the news article entitled "Meralco
dunned Php85.3B" published in the Jan. 17, 2006 issue of the
Manila Standard Today (Internet Edition).

The article reported in part that:

"The Bureau of Internal Revenue (BIR) has been asked to collect
alleged tax deficiencies of the Manila Electric Co. (Meralco)
amounting to Php85.3 billion covering the years 2002 and 2003.

"In a two-page complaint filed with BIR, Danilo Lihaylihay said
the government should collect from the Lopez-owned power
distribution firm Php85,369,699 in internal revenue taxes for
its contracted purchases of energy from the National Power Corp.
totaling 60.09 gigawatt-hours (GWh) at php2.46 per kilowatt-
hour, in the aggregate amount of Php147.83 billion for the
period. Meralco officials said they could not comment on the
complaint because they have yet to receive a copy of the
document."

Manila Electric Company, in its letter dated Jan. 17, 2006,
informed the Philippine Stock Exchange that:

"As of the morning of Jan. 17, 2006, Manila Electric Company has
not received a copy of the said complaint by a certain Mr.
Danilo Lihaylihay filed by the BIR. The Company has likewise not
received any information from the BIR itself regarding this
matter. As such, the Company is not in the position to comment
to the said Manila Standard Today news article.

"Rest assured that we will make necessary disclosure once we
have received the said complaint."

CONTACT:

Manila Electric Co.
Lopez Building
Ortigas Avenue, Pasig City
Phone:  16220 (TL); 633-4553 (Corp. Sec.)
Fax:  (0632) 631-5572
E-mail Address: corcom@meralco.com.ph
Web site: http://www.meralco.com.ph


MONDRAGON LEISURE: Court Clears Way for Mimosa Privatization
------------------------------------------------------------
A recent Supreme Court decision on a petition filed by Mondragon
Leisure and Resorts Corporation (MLRC) has cleared legal blocks
to the full privatization of the Mimosa Leisure Estate, SunStar
Daily reports.

The High Court recently junked a petition for injunction on the
writ of execution filed by Mondragon.  

Clark Development Corporation (CDC), which operates Mimosa, said
the ruling is a welcome development in the privatization of the
resort.

The Supreme Court decision affirmed an earlier ruling of the
court of Appeals (CA) in August last year.  

The CA's decision was an offshoot of the Dec. 1, 1999 ruling
issued by Judge Bernardita Erum of the Regional Trial Court
(RTC) Branch 58 in Angeles City, which granted the motion of CDC
for a writ of execution.

Meanwhile, The Philippine Star reported that an initial 10 or 11
parties have hinted on plans to bid for Mimosa Leisure Estate in
Clark.

The Bases Conversion Development Authority (BCDA) is set to bid
out before the end of this year the 215-hectare golf and leisure
resort located within the Clark economic zone.

Notices of the planned tender were already sent out. Terms of
Reference are also being sold to interested parties.

BCDA took control of Mimosa from former owner Jose Antonio
Gonzales in 1999 after the leisure group failed to pay its rent
to BCDA.

Mr. Gonzales has been trying to regain control of the company,
but the Courts have repeatedly upheld the right of BCDA over the
said property.

CONTACT:

Mondragon International Philippines Inc.
Penthouse, Mondragon House
324 Sen. Gil J. Puyat Ave., Makati City
Phone:  818-1506 to 09
Fax:  810-7584


* Pre-need Industry's Lackluster Results to Continue in 2006
------------------------------------------------------------
The ailing pre-need industry is expected to post little growth
this year due to dwindling investor confidence, The Philippine
Star reports.

Investors are hesitant to infuse the industry with cash as a
result of the liquidity problems of pre-need leaders such as
College Assurance Plans (Phils.) Inc., Pacific Plans Inc. and
Platinum Plans Inc.

Another roadblock to the industry's recovery is the adoption of
the International Accounting Standards (IAS) preparation of
their financial statements for the year 2005. The IAS will
increase the liabilities of the companies since premiums
collected will no longer be booked as income but as a liability.  

The Federation of Pre-Need Plan Companies Inc. (FPPCI) is in a
series of talks with the Securities and Exchange Commission
(SEC) for the smooth transition to IAS.

As of October 2005, sales of the pre-need industry suffered a
46-percent drop to Php17.43 billion, mainly due to the financial
problems hounding the industry.

Data culled from the SEC's Non-Traditional Securities Department
shows that the number of plans sold during the period under
review dropped 39.11 percent to 265,530 from 436,097 a year ago.

Of the total, education plans suffered the highest decline in
sales from 113,017 to 44,116, followed by pension plans with a
total of 122,198 plans sold down from 225,022 a year ago.


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

CHINA AVIATION: Settles Lawsuit with SMBC Out of Court
------------------------------------------------------
China Aviation Oil (Singapore) Corporation Limited entered into
a settlement agreement with Sumitomo Mitsui Banking Corporation
(SMBC) in relation to their lawsuit filed in the Singapore High
Court.

Under the terms of the settlement agreement, the Company accepts
liability of USD26 million to SMBC in full and final settlement
of its claims. The said USD26 million shall be paid in
accordance with the terms of the Scheme of Arrangement, which
was approved at the Creditors' meeting on June 8, 2005, and
sanctioned by the Singapore High Court on June 13,  2005. The
settlement is subject to and conditional upon the Scheme of
Arrangement becoming effective.

CONTACT:

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


CHINA AVIATION: To Review Audited Accounts at AGM
-------------------------------------------------
Notice is hereby given that the 11th Annual General Meeting
(AGM) of China Aviation Oul (Singapore) Corporation Limited
(CAO) will be held on Feb. 3, 2006, 3:00 p.m. at Ballroom 1 - 3
(Level 2), Suntec Singapore, International Convention and
Exhibition Centre, 1 Raffles Boulevard, Suntec City, Singapore
039593, for the following purposes:

ORDINARY BUSINESS

1. To receive and, if approved, to adopt the Directors' Report
and Audited Accounts of the Company for the year ended Dec. 31,
2004 together with the Auditors' Report thereon. (Resolution 1)

2. To re-appoint Ernst & Young as the Company's Auditor and to
authorise the Directors to fix their remuneration. (Resolution
2)

SPECIAL BUSINESS

3. To consider, and if thought fit, approve with or without
modifications, the following resolution as an ordinary
resolution:
"That:
(a) approval be and is hereby given, for the purposes of Chapter
9 ("Chapter 9") of the Listing Manual of the SGX-ST, for the
Company, its subsidiaries and associated companies that are
entities at risk (as that term is used in Chapter 9), or any of
them, to enter into any of the transactions falling within the
types of interested person transactions described in the
Appendix to the Annual Report of the Company dated 16 January
2006 ("Appendix") with any party who is of the class of
interested persons described in the Appendix, provided that such
transactions are made on normal commercial terms and in
accordance with the review procedures for such interested person
transactions;

(b) the approval ("Shareholders Mandate") given in paragraph (a)
above shall, unless revoked or varied by the Company in general
meeting, continue in force until the conclusion of the next
Annual General Meeting of the Company; and

(c) the Directors of the Company be and are hereby authorised to
complete and do all such acts and things (including executing
all such documents as may be required) as they may consider
expedient or necessary or in the interests of the Company to
give effect to the Shareholders Mandate and/or this Resolution."
(Resolution 3)

By Order of the Board
Adrian Chang
Company Secretary
Singapore
16 January 2006

Notes:

1. A Member entitled to attend and vote at the Annual General
Meeting ("Meeting") is entitled to appoint a proxy to attend and
vote in his/her stead. A proxy need not be a Member of the
Company.

2. If the appointer is a corporation, the instrument appointing
a proxy must be executed under seal or the hand of its duly
authorised officer or attorney.

3. The instrument appointing a proxy must be deposited at the
Registered Office of the Company at 8 Temasek Boulevard #31-02
Suntec Tower Three Singapore 038988 not less than forty-eight
(48) hours before the time fixed for holding the Meeting.

Notes on proposed Extraordinary General Meeting of the Company

1. The Company's Extraordinary General Meeting (EGM) for
shareholders to vote on the approval of its restructuring plan
is presently intended to be held after this Meeting. The exact
date is still subject to final confirmation.

2. As part of the restructuring plan, the composition of the
Company's Board of Directors is being reviewed. Any retirement,
re-election or election of directors will be effected at the EGM
of the Company.


CHOCOLATE CULTURE: Director Seeks to Wind Up Firm
-------------------------------------------------
Notice is hereby given that Mr. Hoe Yeow Chong, a director and
shareholder of The Chocolate Culture Pte Limited, filed a
winding up patition against the Company on Jan. 3, 2006.

The Petition is directed to be heard before the Court sitting at
High Court on Jan. 27, 2006, 10:00 a.m.

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

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

The Petitioner's address is Blk 423, Ang Mo Kio Avenue 3 #10-
2472, Singapore 560423.

The Petitioner's solicitors are Messrs. Vincent Lim & Joseph Goh
of 137 Market Street #11-02, The Bank of East Asia Building,
Singapore 048943.

Dated the 13th day of January 2006

Messrs Vincent Lim and Joseph Goh
Solicitors for the Petitioner

Note:

Any person who intends to appear at the hearing of the said
Petition must serve on or send by post to the solicitors a
written notice of his intention so to do. 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 of firm,
or his or their solicitors (if any) and must be served, or, if
posted, must be sent by post in sufficient time to reach the
solicitors not later than 12:00 p.m. of Jan. 26, 2006 (the day
before the day appointed for the hearing of the Petition).


E. G. TAN: Pays Dividend to Creditors
-------------------------------------
E. G. Tan & Co. Pte Limited posted a notice of intended dividend
at the Government Gazette, Electronic Edition with the following
details:

Name of Company: E. G. Tan & Co. Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 212 of 1986
Last day for receiving proofs: Jan. 27, 2006
Name  & address of Liquidator: Ong Yew Huat
10 Collyer Quay
#21-01 Ocean Building
Singapore 049315


WORLD SPA: Creditors Appoint Liquidator to Wind Up Firm
-------------------------------------------------------
Notice is hereby given that at a meeting of the creditors of
World Spa Industries Pte Limited held on Jan. 16, 2006, it was
reoslved that Mr. Lai Seng Kwoon of SK Lai & Co, No. 8 Robinson
Road, #13-00 ASO Building, Singapore 048544 be appointed as
Liquidator in the winding up of the Company.

Lai Seng Kwoon
Liquidator
SK Lai & Co.
No. 8, Robinson Road
#13-00 ASO Building
Singapore 048544


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

THAI AIRWAYS: Sangsuwan Intends to Stay at MCOT
-----------------------------------------------
MCOT President Mingkwang Sangsuwan has ruled out plans to join
Thai Airways International's presidential race, The Nation
relates.

Mr. Mingkwan's term at MCOT Public Company Limited will end in
July, and with shareholders' approval, he would be willing to
stay for another four years.

The MCOT President plans to stay to finish his long-term
projects. Among the tasks is a major restructuring of the
organization.

CONTACT:

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


TPI POLENE: Net Loss Shrinks in 2005
------------------------------------
TPI Polene Public Company Limited furnished the Stock Exchange
of Thailand (SET) with a copy of its Unaudited Yearly Financial
Statement and Consolidated Financial Statement.

Unaudited (In thousands)
Ending December 31

                                 For year
Year                       2005            2004

Net profit (loss)        1,717,342     4,102,887

EPS (baht)                    2.18     5.33

To view details of the financial statement, click
http://bankrupt.com/misc/TPIPLFinancialStatement011606.xls

Mr. Prayad Liewphairatana
President
Authorized to sign on behalf of the company

CONTACT:

TPI Polene Public Company Limited   
26/56 New Jun Road,
Thungmahamek, Sathon Bangkok    
Telephone: 0-2678-5100, 0-2678-5000   
Fax: 0-2678-5001-5   
Web site: http://www.tpipolene.com


WYNCOAST INDUSTRIAL: Installs New Directors
-------------------------------------------
Wyncoast Industrial Park Public Company Limited informed the
Stock Exchange of Thailand (SET) that during its Board of
Directors Meeting on January 16, 2006 at 2:00 p.m., the
following resolutions were passed:

(1) Unanimously approved Minutes of Board of Directors Meeting

(2) Unanimously approved to appoint Khun Watthana Supornpaibul
and Khun Patthira Wongsamran to be new directors of the Company
to replace the resigning directors and approved to amend the
authorized signatories of the Company to be "Miss Chinnicha
Wongsawasdi or Mrs. Patthira Wongsamran jointly sign with Mr.
Phatrlap Davivongsa or Mr. Wisan Neeranatkomol together with the
Company's seal affixed."

(3) Unanimously approved to adjust the account records in
connection with the reduction of capital for offsetting the
retained loss of the Company to comply with the Circular of the
Office of the Securities and Exchange Commission No. GorLorTor.
ChorSor. (Wor) 4/2548 re: Opinion in relation to the method of
account recording of reduction of capital to offset the retained
loss dated November 16, 2005 (Circular of the SEC).

To this end, the Company has to adjust the account records
according to the Circular of the SEC by offsetting the premium
from the reduction with discount before offsetting such amount
against the company's retained loss account.

Please be informed accordingly.

Sincerely yours,
Mr. Phatrlap Davivongsa
Chief Executive Officer

CONTACT:

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





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

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