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

                     A S I A   P A C I F I C

             Thursday, January 19, 2006, Vol. 9, No. 014

                            Headlines

A U S T R A L I A

AMF HOLDING: Members Favor Liquidation
BOOMERANG PAPER: Creditors' Proofs of Claim Due Feb. 3
CARPET DIRECT: Inability to Pay Debts Prompts Wind-Up
CRICHBEY PTY: Liquidator to Distribute Company Assets
C & R KOOMEN: To Hold Final Meeting on Jan. 26

DOULTON CROSS: Appoints Official Liquidator
EKKA DECKER: Members, Creditors to Review Wind-Up Report
HOLFIN PTY: Winds Up Business
INTERCONTINENTAL ENGINEERING: Enters Liquidation
I T BOUTIQUE: Decides to Close, Names Liquidator

LBC REALTORS: R. Erskine to Give Liquidation Report
MARC DESIGNS: Creditors Resolve to Wind Up Firm
MORILLA PTY: Liquidator To Explain Wind-Up to Members
NAP ACOUSTICS: Prepares To Pay Dividend
NARANDA BANNER: Decides to Close Operations

NATIONAL BUSLINES: Wind-Up Process Completed
PLANHALL PTY: Members Pass Winding Up Resolution
QUALITY FIRE: Placed Under Voluntary Liquidation
SALT CREEK: Winds Up Business
SKLIROS NOMINEES: Members Agree to Liquidate Operations


C H I N A  &  H O N G  K O N G

401 HUABO: Creditors Meeting Set Next Month
401 LAUNDRY: Calls Creditors Meeting
401 MAINTENANCE: Creditors Meeting Fixed Feb. 10
AGRICULTURAL BANK: Eyes Government Bailout This Year
CONSTRAINT TECHNOLOGIES: Receiving Claims Until Next Month

FLOATA SEAFOOD: Creditors, Contributories to Meet Feb. 8
GUANGDONG KELON: Shares Suspended from Trading
HOI FUNG: Creditor Files Winding Up Petition
HUNG FUNG: Creditors Meeting Fixed January 26
LANDUNE INTERNATIONAL: Managing Director Steps Down

MODERN BUSINESS: Creditors' Proofs of Claim Due Feb. 17
RELIABLE WATCH: Creditors to Meet Feb. 7
SIMPLE MOTOR: Court to Hear Wind Up Petition Feb. 15
UDL HOLDINGS: Notes Unusual Price Movement


I N D I A

ALEMBIC GLASS: Board Approves Shreno Scheme of Amalgamation
ASHNOOR TEXTILE: Mulls Stock Delisting, Share Capital Cut
DMC VAULTS: Board Approves Scheme of Merger
GARWARE SYNTHETICS: May Postpone AGM Until March 31
IT PEOPLE: Revises Record Date for Share Re-issue

SARDA PAPERS: Unveils Outcome of AGM
VANS INFORMATION: Considers Capital Restructure


I N D O N E S I A

GARUDA INDONESIA: Seeks Higher Revenues from Cargo Service
GARUDA INDONESIA: Government Opposes Sale of Shares
PERTAMINA: Discovers Oil in Malaysia



J A P A N

HITACHI LIMITED: U.S. Unit Appoints New President, CEO
HITACHI LIMITED: Joins HP on Security, Privacy Research
LIVEDOOR CO.: Stock Faces Massive Selling; No Takers
LIVEDOOR CO: Tokyo Market Plunges Amid Second Probe
LIVEDOOR CO.: Selling Stampede Threatens to Shut Down Bourse

SANKEI CO.: METI Approves Business Restructuring
SKYNET ASIA: To Hike Air Fares by JPY850


K O R E A

DOOSAN GROUP: Targets To Spot in Local Market


M A L A Y S I A

ANTAH HOLDING: Breaches Bourse Listing Requirement
ASTRO ALL: New Shares Up for Listing, Quotation
AVANGARDE RESOURCES: Court to Hear Wind-Up Petition March 10
AYER MOLEK: To Defend Mirra's Wind-Up Petition
DATUK KERAMAT: Bourse Levies Fine for Listing Rule Violation

KEMAYAN CORPORATION: Court Moves Petition Hearing to March 15
LANKHORST BERHAD: Court Extends Restraining Order
MAGNUM CORPORATION: Buys Back Additional Shares
METROPLEX BERHAD: Hearing Adjourned to March 17  
MTD INFRAPERDANA: Files Application for Stay of Execution

OLYMPIA INDUSTRIES: Ventures with Jetmobile
PACIFIC & ORIENT: Distributes Share Dividend
PACIFIC & ORIENT: Undertakes Shares Buy Back
PANTAI HOLDINGS: Acquires 70,500 New Shares
PANTAI HOLDINGS: Bourse Lists Additional Shares

PATIMAS COMPUTERS: Converts ICULS to Ordinary Shares
POS MALAYSIA: Bourse to List, Quote New Shares
TANAH EMAS: Converts ICULS Into New Ordinary Shares


P H I L I P P I N E S

EXPORT AND INDUSTRY: Lippo Group Throws Php3-Bln Lifeline
MANILA ELECTRIC: Brands Tax Allegation as Baseless Charge
MAYNILAD WATER: Government Questions Fee Deferral
MAYNILAD WATER: Board Welcomes New Chairman
NATIONAL POWER: Unloads Seven Small Utilities

* SEC Allows Pre-need Firms to Use Two Accounting Methods


S I N G A P O R E

DAPOLITE INDUSTRIES: Creditor Seeks to Wind Up Firm
EXPLORATION PNG: To Distribute Third, Final Dividend
HENG ELECTRICAL: Intends to Pay Dividend to Creditors
ROTOL NANO: Creditors Must Submit Proofs of Debt by Feb. 9


T H A I L A N D

THAI NAM: Debt Restructuring Plan Gets Shareholders' Nod
PICNIC CORPORATION: Details Utilization of Sales Proceeds

     -  -  -  -  -  -  -  -

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

AMF HOLDING: Members Favor Liquidation
--------------------------------------
At AMF Holding Company Pty Limited's general meeting held on
December 14, 2005, members resolved to wind up the Company
voluntarily.

Christopher Michael Williamson was appointed as the official
liquidator for the wind-up.

Christopher M. Williamson
Liquidator
SimsPartners
Level 12, 40 St. George's Terrace
Perth WA 6000


BOOMERANG PAPER: Creditors' Proofs of Claim Due Feb. 3
------------------------------------------------------
Creditors of Boomerang Paper (Australia) Pty Limited are
required to prove their claims against the Company on or before
February 3, 2006.

If they fail to comply, they can no longer receive any
distribution on account of their claims and they cannot
object to any proposed distribution.

A form of proof may be obtained from the liquidator's office.

S. L. Horne
Liquidator
Draper Dillon
4/499 St. Kilda Road,
Melbourne 3004


CARPET DIRECT: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
Carpet Direct Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.

In that regard, Robert Moodie was appointed to oversee Carpet
Direct's liquidation activities.

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


CRICHBEY PTY: Liquidator to Distribute Company Assets
-----------------------------------------------------
At a general meeting among the members of Crichbey Pty Limited
on December 19, 2005, they have resolved to liquidate the
Company's operations.  The Company also appointed a liquidator
in-chard of the distribution of assets (in whole or in part).

G. N. Huddleston
Liquidator
67 Greenhill Road, Wayville SA 5034


C & R KOOMEN: To Hold Final Meeting on Jan. 26
----------------------------------------------
A final meeting of the members of C & R Koomen Investment Pty
Limited will be held on January 26, 2006, at 11:00 a.m.

At the meeting, Andrew McLellan -- as liquidator -- will report
the activities that took place during the wind-up period as well
as the manner by which the Company's property was disposed of.

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


DOULTON CROSS: Appoints Official Liquidator
-------------------------------------------
Members of Doulton Cross Pty Limited convened on December 15,
2005 to voluntarily wind up the Company.

Peter Dawkins was appointed as the official liquidator for that
purpose.

Peter Dawkins
Liquidator
Level 7, 276 Pitt Street
Sydney


EKKA DECKER: Members, Creditors to Review Wind-Up Report
--------------------------------------------------------
The members and creditors of Ekka Decker Pty Limited will
convene at 10:00 a.m. on January 27, 2006, to receive the
Liquidator's account showing how the Company was wound up and
how the assets were distributed.

Proxies to be used at the meeting must be lodged with the
Liquidator by January 26, 2006, at 4:00 p.m.

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


HOLFIN PTY: Winds Up Business
-----------------------------
At Holfin Pty Limited's general meeting on December 16, 2005,
members resolved that it is in the Company's best interests to
liquidate its operations.

Ian Richard Hall and David Clement Pratt were appointed to
oversee the wind-up.

Ian R. Hall
David C. Pratt
Liquidators
Waterfront Place, 1 Eagle Street
Brisbane Qld 4001


INTERCONTINENTAL ENGINEERING: Enters Liquidation
------------------------------------------------
On December 14, 2005, members of Intercontinental Engineering
Pty Limited convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- that John Frederick Taylor be appointed as liquidator for
      the wind-up.

John F. Taylor
Liquidator
Level 15, 309 Kent Street
Sydney


I T BOUTIQUE: Decides to Close, Names Liquidator
------------------------------------------------
After their general meeting on December 22, 2005, the members of
I T Boutique Pty Limited resolved to close the Company's
business operations and distribute the proceeds of its assets.

A meeting of creditors was held that same day. Subsequently,
Hugh C. Thomas was appointed as liquidator.

Hugh C. Thomas
Liquidator
BKR Walker Wayland
8th Floor, 55 Hunter Street
Sydney


LBC REALTORS: R. Erskine to Give Liquidation Report
---------------------------------------------------
The final meeting of the members and creditors of LBC Realtors
Pty Limited is slated for January 27, 2006, at 9:30 a.m., to get
an account of the manner of the Company's wind-up and property
disposal from the liquidator, Robyn Erskine.

Members would also be able to hear the Liquidator's explanation
on the wind-up actions taken.

Robyn Erskine
Peter Goodin
Joint Liquidators
Brooke Bird & Co. Chartered Accountants
471 Riversdale Road, Hawthorn East 3123
Phone: 03 9882 6666


MARC DESIGNS: Creditors Resolve to Wind Up Firm
-----------------------------------------------
Creditors of Marc Designs Pty Limited held a meeting on
December 14, 2005, and agreed on the Company's need to
liquidate. They named Paul Gerard Weston to supervise the wind-
up.

Paul G. Weston
Liquidator
Horwath Sydney Partnership
Level 10, 1 Market Street
Sydney NSW 2000


MORILLA PTY: Liquidator To Explain Wind-Up to Members
-----------------------------------------------------
A final meeting of Morilla Pty Limited will be conducted on
January 26, 2006, at 10:00 a.m.

Liquidator John Dougan Livingston will present his final account
regarding the Company's wind-up operations at that meeting.

John Dougan Livingston
Liquidator
"Osterley" Old Bundarra Road
Inverell NSW


NAP ACOUSTICS: Prepares To Pay Dividend
---------------------------------------
Nap Acoustics Pty Limited will declare a dividend on January 27,
2006.

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

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


NARANDA BANNER: Decides to Close Operations
-------------------------------------------
Members of Naranda Banner Pty Limited resolved on December 15,
2005, to wind up the Company's operations.

George Georges and Adrian Lawrence Brown were appointed to
supervise the closing activities of the Company.

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


NATIONAL BUSLINES: Wind-Up Process Completed
--------------------------------------------
The members and creditors of National Buslines WA Pty Limited
will convene on January 27, 2006, at 10:30 a.m., to receive the
liquidator's final account regarding the Company's completed
wind-up and disposal of property.

D. Hurt
Liquidator
SimsPartners
Level 12, Dwyer Durack House
40 St. George's Terrace, Perth WA 6000


PLANHALL PTY: Members Pass Winding Up Resolution
------------------------------------------------
Members of Planhall Pty Limited convened on December 15, 2005,
and resolved to liquidate the Company's business operations.

Subsequently, the members named David Anthony Hurst and Andrew
Hugh Jenner Wily to administer the wind-up activities.

David A. Hurst
Andrew H. J. Wily
Liquidator
Armstrong Wily Chartered Accountants
Level 5, 75 Castlereagh Street
Sydney NSW 2000


QUALITY FIRE: Placed Under Voluntary Liquidation
------------------------------------------------
On December 15, 2005, members and creditors of Quality Fire
Protection Pty Limited agreed that a voluntary wind-up of the
Company is necessary and in its best interests.

As a result, R. A. Sutcliffe was appointed as official
liquidator.

R. A. Sutcliffe
Liquidator
Ground Floor, 192-198 High Street
Northcote, Victoria 3070
Phone: 03 9482 6277


SALT CREEK: Winds Up Business
-----------------------------
Members of Salt Creek Pastoral Co. Pty Limited held a meeting on
December 19, 2005, and agreed to wind up the Company
voluntarily.

Robert Colin Parker was appointed as liquidator to supervise the
wind-up.

Robert C. Parker
Freer Parker & Associates
40 Sturt Street, Adelaide SA


SKLIROS NOMINEES: Members Agree to Liquidate Operations
-------------------------------------------------------
On December 23, 2005, members of Skliros Nominees Pty Limited
resolved to commence wind-up operations for the Company.

Clyde Peter White and Philip Newman were then appointed as
liquidators to oversee that wind-up.

Philip Newman
Clyde P. White
Liquidator
HLB Mann Judd Chartered Accountants
Level 1, 160 Queen Street
Melbourne 3000



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

401 HUABO: Creditors Meeting Set Next Month
-------------------------------------------
The creditors meeting of 401 Huabo Limited will be held at 5th
Floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong on February 10, 2006 at 9:45 a.m. to determine whether
or not to approve the voluntary winding up of the company and
the appointment of Joint and Several Liquidators.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 12:00 p.m.
on February 9, 2006.


401 LAUNDRY: Calls Creditors Meeting
------------------------------------
401 Laundry Services Limited announced that a meeting of
creditors will be held at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong on February 10, 2006 at
10:00 a.m. to resolve whether or not to approve the company's
winding up and the appointment of Joint and Several Liquidators.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 12:00 p.m.
on February 9, 2006.


401 MAINTENANCE: Creditors Meeting Fixed Feb. 10
------------------------------------------------
The meeting of the creditors of 401 Maintenance Services Limited
will be held at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wanchai, Hong Kong on February 10, 2006 at
10:15 a.m. to determine whether or not to approve its winding up
and the appointment of Joint and Several Liquidators.

Creditors may vote either in person or by proxy.

Proxies must be lodged at 5th Floor, Allied Kajima Building, 138
Gloucester Road, Wan Chai, Hong Kong not later than 12:00 p.m.
on February 9, 2006.


AGRICULTURAL BANK: Eyes Government Bailout This Year
----------------------------------------------------
Agricultural Bank of China anticipates completing its financial
restructuring in 2006. However, it still awaits the Chinese
central government to decide on bailout funds, the Bank's vice
President, Han Zhongqi, said in a press conference.

Agricultural Bank, which has been touted as the weakest of
China's "Big Four" state banks, has already submitted its
restructuring plans.

Mr. Han relates that the multi-billion dollar government bailout
would be part of the Bank's restructuring and would help it
catch up with its rivals.

The other three members of the Big Four State-owned banks -- the
Bank of China, China Construction Bank, and Industrial and
Commercial Bank of China -- have already received a combined
US$60 billion in capital injections from the Chinese Government
over the past two years.

China's massive foreign-exchange holdings, which hit $818.9
billion at the end of last year, provide a deep reserve for more
financial-sector bailouts. The Chinese Government has used the
currency reserves to bail out state-owned banks and securities
firms to put the domestic financial industry in a better
financial position as it eases restrictions on the flow of
capital.

Specifically, through its bailout scheme, the Chinese Government
urges state-owned lenders to restructure, introduce strategic
investors and list abroad to make the banks more competitive
before opening up to full foreign competition, pursuant to its
World Trade Organization commitments.

Mr. Han notes that Agricultural Bank's restructuring will not be
as fast as those of the other banks since its problems are
larger.

According to analysts, the Bank's slower restructuring stems
from its historical role as a policy-directed lender to the
Chinese countryside. The Bank's lending to rural state-owned
businesses and financing of rural development projects have led
to bad debt and a concentration of branches and personnel in
unprofitable areas.

Agricultural Bank disclosed that it had CNY739.8 billion worth
of non-performing loans at the end of 2005.  Its non-performing
loan ratio remained stubbornly high at 26.31%, dropping just
0.51 percentage points from the start of the year, even after it
disposed of CNY46.2 billion worth of bad loans last year.

Agricultural Bank said that it intends to dispose of an
additional CNY50 billion worth of non-performing loans this
year.

Moreover, Agricultural Bank is targeting an operating profit of
CNY48 billion in 2006. This target profit is 13% higher than its
CNY42.4 billion in profits recorded in 2005.

The Bank expects to "basically" complete restructuring into a
stockholding company by the end of 2006.

"Only once we complete our restructuring can we begin to
consider foreign strategic investors," Mr. Han said.

CONTACT:

Agricultural Bank of China
Beijing, China
Phone: 86 10 6845 8621
Fax: 86 10 6829 7160
E-mail: zhlqp@intl.abocn.com  
Web Site: http://www.abchina.com  


CONSTRAINT TECHNOLOGIES: Receiving Claims Until Next Month
----------------------------------------------------------
The creditors of Constraint Technologies International Limited,
which is being voluntarily wound up, are required on or before
February 13, 2006 to send their names, addresses particulars of
their debts or claims, and the names and addresses 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
specific in such notice.

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

THOMAS ANDREW CORKHILL
IAIN FERGUSON BRUCE
Liquidators
8th Floor, Gloucester Tower
The Landmark
11 Pedder Street, Central
Hong Kong


FLOATA SEAFOOD: Creditors, Contributories to Meet Feb. 8
--------------------------------------------------------
Floata Seafood Restaurant Limited (In Creditors' Voluntary
Liquidation) announced that a meeting of creditors and
contributories of the company will be held at Rooms 1703-04,
Asian House, 1 Hennessy Road, Wanchai, Hong Kong on February 8,
2006 at 10:00 a.m. and 10:30 in the morning.

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

Forms of proxies for both meetings must be lodged at Rooms 1703-
04, Asian House, 1 Hennessy Road, Wanchai, Hong Kong not less
than 4:00 p.m. on Feb. 7, 2006.

CHO YIM KAN
Liquidator


GUANGDONG KELON: Shares Suspended from Trading
----------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited announced
that the trading in the A Shares of the company has been
suspended as from 9:30 a.m. on January 18, 2006, until the KPMG
report announcement is made.

The company intends to make an announcement in relation to the
report of KPMG on the results of the investigation on material
cash flows of the company and its subsidiaries incurred between
October 1, 2001 and July 31, 2005.

Pursuant to the letter of appointment signed between the Company
and KPMG, consent of KPMG must be obtained before the KPMG
Report Announcement is made and accordingly the KPMG Report
Announcement has been submitted to KPMG for its review. As at
the date of this announcement, KPMG is still reviewing the KPMG
Report Announcement. As such, trading in the A Shares of the
Company will be suspended as from 9:30 a.m. on January 18, 2006,
until the KPMG Report Announcement is made.

At the request of the Company, trading in H Shares of the
Company was suspended with effect from 10:00 a.m. on June 16,
2005 pending the release of an announcement in relation to price
sensitive information. Subject to the publication of a further
announcement in relation to, amongst others, the financial,
production and trading position of the Group, trading in H
shares of the Company will remain.

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
2502-2505 Harbour Ctr
25 Harbour Rd, Wanchai
Hong Kong  
Phone: 25110363  
Fax: 28023434  
Web site: http://www.kelon.com
  

HOI FUNG: Creditor Files Winding Up Petition
--------------------------------------------
Sun Smart Engineering Limited of Block B, 22nd Floor, Prince
Industrial Building, 106 King Fuk Street, San Po Kong, Kowloon,
Hong Kong has filed a winding up petition against Hoi Fung
Aluminium Engineering Company Limited on Dec. 3, 2005.

The Petition will be heard before the High Court of Hong 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 on 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 February
7, 2006.

HO AND WONG
Solicitors for the Petitioner
Rooms 1408-1411, 14th Floor
China Merchants Tower, Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong


HUNG FUNG: Creditors Meeting Fixed January 26
---------------------------------------------
A meeting of the creditors of Hung Fung Holdings Limited (In
Liquidation) will be held at 21st Floor, Wing On Centre, 111
Connaught Road Central, Hong Kong on January 26, 2006 at 3:00
p.m. to determine whether or not to appoint additional members
to the committee of inspection (COI) and, if it is so
determined, appointing creditor(s) to act as COI member(s) of
the Company.

Creditors may vote either in person or by proxy. Forms of proxy
to be used at the meeting must be logged at 26th Floor, Wing On
Centre, 111 Connaught Road Central, Hong Kong not later than
4:00 p.m. on January 26, 2006.

DARACH E. HAUGHEY
JOSEPH KIN CHING LO
Joint and Several Liquidators


LANDUNE INTERNATIONAL: Managing Director Steps Down
---------------------------------------------------
Mr. Ha Shu Tong resigned as an executive director and managing
director of Landune International Limited with effect from
January 17, 2006 for his own business commitment.

Mr. Ha confirmed that there is no disagreement with the Board
and there is no matter relating to his resignation that needs to
be brought to the attention of the shareholders of the Company.

Update on the status of Winding Up Petition

In November 2004, the former executive director served a winding
up petition against the Company claiming 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 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 discussions 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.

CONTACT:

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


MODERN BUSINESS: Creditors' Proofs of Claim Due Feb. 17
-------------------------------------------------------
The creditors of Modern Business Limited, which is being
voluntarily wound up, are required on or before February 17,
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 made before such debts are proved.

(Sd.) NATALIA K M SENG
(Sd.) SUSAN Y H LO
Joint and Several Liquidators
Level 28, Three Pacific Place
1 Queen's Road East
Hong Kong


RELIABLE WATCH: Creditors to Meet Feb. 7
----------------------------------------
A meeting of the creditors of Reliable Watch Co. Limited (In
Creditors' Voluntary Liquidation) will be held at Units 3309-
3311, 33/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Sheung Wan, Hong Kong on February 7, 2006 at 10:00
o'clock in the morning.

Creditors may vote either in person or by proxy.

Proxies to be used at the meetings must be lodged at Units 3309-
3311, 33rd Floor, West Tower, Shun Tak Centre, 168-200 Connaught
Road Central, Sheung Wan, Hong Kong, not later than 4:00 p.m. on
the day prior to which the creditors' meeting is to be held.

By Order of the Board
CHOY SHUK FAN
Director


SIMPLE MOTOR: Court to Hear Wind Up Petition Feb. 15
----------------------------------------------------
A petition for the winding up of Simple Motor International
Limited was on Dec. 9, 2005 presented to the said Court by the
Industrial and Commercial Bank of China (Asia) Limited whose
registered office is situated at 33rd Floor, ICBC Tower, 3
Garden Road, Central, Hong Kong.  

It will be heard before the High Court of Hong Kong Special
Administrative Region at 9:30 a.m. on February 15, 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.

HO AND WONG
Solicitors for the Petitioner
Rooms 1408-1411, 14th Floor
China Merchants Tower, Shun Tak Centre
168-200 Connaught Road
Central, Hong Kong


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

UDL has noted the increase in the price of its shares on Jan. 17
and is not aware of any reasons for such increase.

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

CONTACT:

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


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

ALEMBIC GLASS: Board Approves Shreno Scheme of Amalgamation
-----------------------------------------------------------
The Board of Directors of Alembic Glass Industries Limited has
approved the Scheme of Amalgamation with Shreno Limited during
the company's meeting on Jan. 17, 2006.

The following Share Exchange Ratio has been determined:

The Company will issue One Equity Share of INR100/- each for
every Six Equity Shares of INR10/- each held by the shareholders
in Shreno Ltd.

Alembic Glass manufactures consumer soda-lime glass tableware.

CONTACT:

Alembic Glass Industries Ltd.
Alembic Road,
Vadodara 390 003,
Gujarat, INDIA
Phone: +91-265-2281097,458,493
Fax: +91-265-2281380
e-mail: yerabrd@alembic.co.in
Web site: http://www.yera.com


ASHNOOR TEXTILE: Mulls Stock Delisting, Share Capital Cut
---------------------------------------------------------
The Board of Directors of Ashnoor Textile Mills Limited will
meet on Jan. 24, 2006 to consider the following matters:

   1. Taking on record the Unaudited Financial Results
      (Provisional) for the 3rd quarter ended December 31, 2005;

   2. Limited Review Report;

   3. Delisting of shares from The Delhi Stock Exchange Ltd, The
      Ludhiana Stock Exchange Association Ltd, Jaipur Stock
      Exchange Ltd and Ahmedabad Stock Exchange Ltd.;

   4. Reduction of Share Capital;

   5. Amendment in Articles of Association of the Company, to
      add the provisions of Dematerlization of Shares, Postal
      Ballot and Nomination facility; and

   6. To fix the date, time and place of the Company's
      Extraordinary General Meeting and approve its related
      notice.

Ashnoor Textile is engaged in the manufacture, distribution and
export of silk and wool carpets.

CONTACT:

Ashnoor Textile Mills Ltd.
Surya Mansion, 1 Kaushalya Park,
Hauz Khas, New Delhi 110 016, India
Phone:91 11 2686 2159
Fax: 91 11 2686 2935


DMC VAULTS: Board Approves Scheme of Merger
-------------------------------------------
At the January 17, 2006 Meeting of the Board of Directors of DMC
Vaults, the Board has considered and approved the scheme of
merger between the Company and Swen Television Ltd.

CONTACT:

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


GARWARE SYNTHETICS: May Postpone AGM Until March 31
---------------------------------------------------
The Register of Companies has extended the date within which
Garware Synthetics Limited's may hold its 36th Annual General
Meeting through March 31, 2006.

Garware Synthetics is engaged in the manufacture and
distribution of nylon bristles, nylon rods, sheets and tubings,
and profiles.

The company has incurred a net loss of INR0.84 million in the
quarter to March 31, 2005. The figure is significantly down from
an INR2.56 million net loss in the same quarter last year.

The company has not yet released its financial results for 2005.

CONTACT:

Garware Synthetics Limited
Plot No 67, Station Road, Kanjur Marg (E)
Mumbai 400042
State Maharashtra
Phone: 25792724
       25792725
       25792726
Fax: 25793003


IT PEOPLE: Revises Record Date for Share Re-issue
-------------------------------------------------
IT People India Ltd has fixed January 31, 2006 as the revised
Record Date for the purpose of the re-issue of forfeited shares
to offer 1 equity share for 21 Equity shares held.

CONTACT:

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


SARDA PAPERS: Unveils Outcome of AGM
------------------------------------
During Sarda Papers Limited's 14th Annual General Meeting on
December 23, 2005, members approved:

   1. the adoption of the Audited Balance Sheet of the Company
      as of March 31, 2005, and the Profit and Loss Account of
      the Company for the year ended 2005, together with the
      Director's Report and the Auditor's Report;

   2. the re-appointment of Shri Pradeep Kumar Sarda as Director
      of the Company; and

   3. the re-appointment of M/s Malpani & Associates, Chartered
      Accountants, as Auditors of the Company, to hold office
      from the conclusion of the 14th Annual General Meeting to
      the conclusion of the 15th Annual General Meeting.

CONTACT:

Sarda Papers Ltd
Plot No A / 70, MIDC, Sinnar
Nashik 422103
Maharashtra
Phone: 230856 230207
Fax: 230824


VANS INFORMATION: Considers Capital Restructure
-----------------------------------------------
A meeting of the Board of Directors of Vans Information Limited
will be held on January 24, 2006 to consider:

   1. the Unaudited Financial Results (Provisional) for the
      quarter and nine months ended December 31, 2005;

   2. the restructuring of the capital of the Company; and

   3. the merger of content business of In House Productions Pvt
      Ltd with the Company.

CONTACT:

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


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

GARUDA INDONESIA: Seeks Higher Revenues from Cargo Service
----------------------------------------------------------
State airline PT Garuda Indonesia plans to increase revenues
from its cargo services from IDR1.14 trillion to IDR2.4 trillion
per year, Asia Pulse reports.

The Company's cargo service only contributed to 10% of its total
IDR10.42 trillion revenue for 2005, Garuda's Sales & Marketing
Executive Vice President, Agus Priyanto, said.  He notes that
the Company needs develop its cargo services for the local and
export/import markets.

The Company will rely on exports to reach its goal, and
improving services for domestic goods distribution.

Garuda holds 60% of the market share for domestic cargo
services, and can still increase such market share to 85%. To
help achieve its target, the Company sought cooperation with an
experienced cargo firm, and may choose among five interested
firms by March 2006.

According to Mr. Priyanto, it remains to be seen whether the
Company would create a joint venture firm, as it must be
discussed with the partner company.

CONTACT:

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


GARUDA INDONESIA: Government Opposes Sale of Shares
---------------------------------------------------
The Indonesian government indicated that it is not planning to
sell shares in PT Garuda Indonesia, Asia Pulse reports.

Earlier reports cited Vice President Kalla as urging the sale of
Garuda Indonesia since it was no longer considered as the
nation's symbol. He had believed that selling the airline was
the best way to revive its operations.

Despite its financial troubles, however, Garuda Indonesia has
managed to attract the interest of three investors who want to
acquire the Company. No names were disclosed.


PERTAMINA: Discovers Oil in Malaysia
------------------------------------
State oil and gas firm PT Pertamina discovered an oil-rich block
in Sarawak, Malaysia, together with its foreign partners, the
Jakarta Post reports.

According to Pertamina Unit President Kun Kurnely, the well in
the SK-305 block produces up to 3,072 barrels of oil daily. The
Company plans to drill 20 wells in order to meet the target. It
is estimated that production would reach 25,000 barrels per day
by 2009.

In an agreement with partners Vietnam Oil & Gas Corp. and
Petroliam Nasional Berhad, both Pertamina and PetroVietnam will
receive 30% each of the block's output, while Petroliam will get
40%, being from the host country.

The three partner firms will also sign a contract to develop an
oil block in East Java next month. After the contract is signed,
drilling will begin to create two exploration wells.

The Company's mainstream operations unit, PT Pertamina EP, is
planning to drill up to 35 exploration wells and 90 development
wells to increase output, and has estimated to spend IDR4.3
trillion for the projects.

CONTACT:

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


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

HITACHI LIMITED: U.S. Unit Appoints New President, CEO
------------------------------------------------------
Hitachi, Ltd. has appointed Mr. Masahide Tanigaki as President
and CEO of its wholly owned subsidiary, Hitachi America, Ltd.

Mr. Tanigaki, who most recently served as executive vice
president and general manager of the Hitachi America, Ltd.,
Power & Industrial Division, succeeds Masao Hisada, who will
become general manager, Corporate Procurement Division of
Hitachi, Ltd. The appointments are effective on February 1,
2006.

In a press release, Mr. Tanigaki joined Hitachi America in
February 2002 as vice president and general manager of the
company's Power & Industrial Division. Previously, he served as
department manager, Nuclear, Thermal Power & Gas Turbine Dept.
No.2, International Operations Division, Hitachi, Ltd. since
1997. Before that, he was general manager of the Near & Middle
East Office from August 1990 to August 1993 and manager of the
Thermal Power Dept. from 1988 to 1990. He also served as manager
of the Hitachi Venezuela Office from 1982 to 1983. He joined
Hitachi in 1975. He is a graduate of Keio University.

Mr. Hisada has served as president of Hitachi America since
February 2004. Previously he was general manager of Hitachi,
Ltd., Global Business Division since April 2003. Prior to that,
he was president of Hitachi (China), Ltd. from 2001 to 2003. He
joined the International Sales Division of Hitachi, Ltd. in
1972. From 1979 to 1982, Mr. Hisada was assigned to the Hitachi
Research Institute. He also spent time with Hitachi America from
1985 to 1991 and served in various sales management positions
with the Power and Industrial Systems Group in Japan from 1991
to 2001. He is an economics graduate of Tokyo University.

Hitachi America, Ltd., a subsidiary of Hitachi, Ltd., markets
and manufactures a broad range of electronics, computer systems
and products, and consumer electronics, and provides industrial
equipment and services throughout North America.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales
totaled JPY9,027.0 billion (US$84.4 billion). The company offers
a wide range of systems, products and services in market sectors
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services.

CONTACT:

Hitachi America, Ltd.
Gerard F. Corbett
(Branding and Corp. Communications Group)
E-mail: gerard.corbett@hal.hitachi.com
Phone: 650-244-7900

Matt Takahashi
(Branding and Corp. Communications Group)
E-mail: masahiro.takahashi@hal.hitachi.com
Phone: 650-244-7902
Web site: http://www.hitachi.us


HITACHI LIMITED: Joins HP on Security, Privacy Research
-------------------------------------------------------
HP and Hitachi, Ltd. announced that researchers from HP Labs
Bristol, U.K., and Princeton, N.J., and the Hitachi Systems
Development Laboratory will conduct joint work on key security
and privacy issues.

The HP and Hitachi research collaboration will focus on two
primary themes: authenticating users and devices to improve
security inside networks and the use of digital signatures to
guarantee the authenticity of document content.

The first theme, network security and authentication, has been
stimulated by the constant threat to IT infrastructures from,
among many others, impersonation, computer viruses and worms. To
combat these threats, HP and Hitachi researchers are
investigating how to ensure that computers used to access
corporate networks remotely -- from home or from a hotel room,
for instance -- are appropriately authorized. The researchers
are interested in developing technologies for a secure
infrastructure that manages communications based on the
authentication of the integrity of both the PC and the user.

This approach will take advantage of authentication technologies
such as Hitachi's Certificate Validation Server (CVS) and the HP
ProtectTools Embedded Security PC solution. The researchers will
investigate innovative yet highly practical ways to deploy
"trusted computing" technology in corporate settings. The goal
of this project is to significantly improve important aspects of
IT infrastructure security by providing a high-grade, lower-cost
technology foundation for enforceable security policy and
strengthened identity across a range of devices.

The focus of the second theme, content security research, is to
address the problem of how to guarantee the integrity of
documents and data by using digital signatures while allowing
changes to be made to them.

For example, it may be necessary to delete sensitive data such
as names and company secrets from a document for reasons of
privacy or confidentiality, yet show that the visible portion of
the document is authentic. This process is regularly applied to
documents affected by the U.S. Freedom of Information Act and
similar laws in other countries. This type of technology also
would help ensure the authenticity and integrity of audit
trails, an important issue for companies complying with
legislation such as Sarbanes-Oxley.

Content security also could be used to demonstrate the integrity
of audit trails, for example to third-party auditors, while
still retaining confidentiality and privacy of the data
contained within.

"This collaboration highlights HP Labs and Hitachi Labs' common
interest in security research and our aim to bring about secure
systems and infrastructure technologies for modern enterprise
needs," said Dick Lampman, senior vice president of research,
HP, and director, HP Labs. "HP and Hitachi have had technology
alliances that have spanned 16 years, and this is an extension
of our partnership to further leverage our research and
development."

Dr. Akira Maeda, general manager of Systems Development
Laboratory, Hitachi, added, "Hitachi and HP both recognize the
increasing importance of security. This collaboration is
expected to contribute to a dramatic increase in customer
satisfaction by delivering entirely new security backbones."

About Hitachi, Ltd.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading
global electronics company with approximately 347,000 employees
worldwide. Fiscal 2004 (ended March 31, 2005) consolidated sales
totaled JPY9,027.0 billion ($84.4 billion). The company offers a
wide range of systems, products and services in market sectors
including information systems, electronic devices, power and
industrial systems, consumer products, materials and financial
services. For more information on Hitachi, please visit the
company's website at http://www.hitachi.com.

About HP

HP is a technology solutions provider to consumers, businesses
and institutions globally. The company's offerings span IT
infrastructure, global services, business and home computing,
and imaging and printing. For the four fiscal quarters ended
Oct. 31, 2005, HP revenue totaled US$86.7 billion.

CONTACT:

HP
Elizabeth Archibald
Phone: 650-857-4296 (U.S.)
E-mail: elizabeth.archibald@hp.com

Hewlett-Packard Japan, Ltd.
Eriko Kawamoto
Phone: +81 3 5495 2195 (Japan)
E-mail: eriko.kawamoto@hp.com

Hewlett-Packard Laboratories Europe
Julian Richards
Phone: +44 (0) 117 312 7625 (U.K.)
E-mail: julian.richards@hp.com

Hitachi America, Ltd.
Matt Takahashi
Phone: 650-244-7902 (U.S.)
E-mail: masahiro.takahashi@hal.hitachi.com

Hitachi, Ltd.
Masayuki Takeuchi
Phone: +81 3 5208 9324 (Japan)
E-mail: masayuki.takeuchi.cc@hitachi.com

Hitachi Europe Ltd.
Masanao Sato
Phone: +44 1628 585379 (U.K.)
E-mail: masanao.sato@hitachi-eu.com


LIVEDOOR CO.: Stock Faces Massive Selling; No Takers
----------------------------------------------------
Livedoor Co. stock saw massive selling on Jan. 17, but no deals
were struck, Kyodo News reports.

The massive selling occurred the day after prosecutors launched
raids on the Internet services company over alleged securities
law violations.

At the Tokyo Stock Exchange, sell orders placed for the company
ballooned to 260 million shares, about 90 times the number of
buy orders, in the morning and the stock ended the session at
ask-only JPY596 for the maximum single-day allowable loss,
compared with its closing price of JPY696 on Monday.

CONTACT:

Livedoor Co.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi, Minato-ku
Tokyo, 106-6138 Japan
Phone: +81-3-5788-4753
Web site: http://corp.livedoor.com/en/


LIVEDOOR CO: Tokyo Market Plunges Amid Second Probe
---------------------------------------------------
Japan's stock market plunged for a second day on Wednesday amid
reports that prosecutors had opened another probe into
allegations Livedoor Co. concealed massive losses, the
Associated Press relates.

The Securities and Exchange Surveillance Commission raided the
company headquarters late on Monday on suspicions it had spread
false information to investors. But in reaction to the first
probe, the company has denied any wrongdoing and pledged to
cooperate with authorities.

The probe has sparked a sell-off of Japanese stocks, with the
benchmark Nikkei 225 index sinking 5.4 percent in the last two
days.

The Yomiuri Shimbun reported on Wednesday that the Internet
company is suspected of concealing a JPY1 billion (US$8.7
million) loss for the full-year ending September 2004.

The company is suspected of transferring about JPY2.4 billion
(US$21 million) in profits from three affiliates so that it
could book a net income of about JPY1.4 billion (US$12 million)
for that year, the Yomiuri reported, citing "sources" it did not
identify.


LIVEDOOR CO.: Selling Stampede Threatens to Shut Down Bourse
------------------------------------------------------------
A rush of sell orders threatened to shut down the Tokyo Stock
Exchange (TSE) on Jan. 18 as investors fled the Tokyo stock
market, spooked by fallout from an investigation into Livedoor
Co.

In a press release, The Tokyo Stock Exchange announced that the
number of orders and executions at the exchange has seen a sharp
increase on Wednesday, and the number of executions may possibly
exceed the ability of the system to process them all.

The number of orders and executions as of 14:25 Japan Standard
Time is as follows:

Orders: 7,000,000
Executions: 4,000,000

Therefore, the Tokyo Stock Exchange suspended the trading of all
equity, convertible bond, and exchange bond issues at 12:40 p.m.
until the end of the day, based on Article 29.4 of the Business
Regulations of the Tokyo Stock Exchange.


SANKEI CO.: METI Approves Business Restructuring
------------------------------------------------
A business restructuring plan submitted by Sankei Co. Ltd. on
June 10, 2005 were found to fulfill the requirements of Article
4, Paragraph 5 of the Law on Special Measures for Industrial
Revitalization.

The Ministry of Economy, Trade and Industry consequently
approved the plan on January 17, 2006.

CONTACT:

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


SKYNET ASIA: To Hike Air Fares by JPY850
----------------------------------------
Skynet Asia Airways Co. will raise its passenger fares by an
average JPY850 yen in April to cover higher fuel costs, TMCNet
reports.

The hikes will be implemented on three air routes, including one
linking Tokyo's Haneda airport to Miyazaki, Miyazaki Prefecture.

The other two routes for which fares will be raised are those
connecting Tokyo with Nagasaki and with Kumamoto, Kumamoto
Prefecture.

The airline is seeking to revive its condition under the control
of the Industrial Revitalization Corporation of Japan, a state-
backed corporate bailout agency.

CONTACT:

Skynet Asia Airways co., Ltd. (SNA)
148 Hieda Aza, Oaza Akae
Miyazaki City
Miyazaki Prefecture
Phone: (0985) 55-2200
Fax: (0985) 55-2211


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

DOOSAN GROUP: Targets To Spot in Local Market
---------------------------------------------
Doosan Group aims to become one of the nation's top
conglomerates, Yonhap News relates.

This year, Doosan intends to come up with sales worth KRW13
trillion and operating profit of KRW1 trillion.

The Group wants to achieve these plans by investing heavily in
its flagship units, Doosan Corp., Doosan Heavy Industries &
Construction, Doosan Infracore and Doosan Industrial
Development.  

The Group is also looking at participating in the bid for Daewoo
Engineering and Construction.

"We are in dire need of an internationally renowned builder to
better compete in overseas markets," a high-ranking group
official said.

The Group has around 14 affiliates under its umbrella.


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

ANTAH HOLDING: Breaches Bourse Listing Requirement
--------------------------------------------------
On January 13, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine of MYR2,000 per market day on
Antah Holdings Berhad (ANTAH) for breach of paragraph 9.23(b) of
the Bursa Securities Listing Requirements (LR).

The fine was calculated from November 1, 2005 to the date of
submission of the annual audited accounts for the financial year
ended June 30, 2005 (AAA 2005) or up to January 31, 2006
(whichever is earlier).

Paragraph 9.23(b) of the Bursa Securities LR stipulates that a
listed issuer must ensure that the annual audited accounts
together with the auditors' and directors' reports shall, in any
case, be given to Bursa Securities for public release, within a
period not exceeding four months from the close of the financial
year of the listed issuer unless the annual report is issued
within a period of four months from the close of the financial
year of the listed issuer.

Antah has breached paragraph 9.23(b) of the Bursa Securities LR
for failure to submit its AAA 2005 on or before October 31,
2005. To date, Antah has yet to furnish the AAA 2005 to Bursa
Securities.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after having considered all
relevant factors including the fact that Antah had previously
breached the Bursa Securities LR.

Bursa Securities also directed Antah to furnish the AAA 2005 to
Bursa Securities for public release within one (1) month from
the date hereof.

Bursa Securities views the above contravention seriously and
cautions 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.

While Bursa Securities has not made a finding that any of the
directors of Antah caused or permitted the aforesaid breach of
paragraph 9.23(b), Bursa Securities nevertheless highlighted
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 Antah on October 31, 2005 is as follows:

(i) Y.A.M Tunku Naquiyuddin ibni Tuanku Ja'afar

(ii) Y. Bhg. Dato' Mohd Shahar bin Abdul Hamid

(iii) Ong Lai @ Ong Kong Lai

(iv) Cedric Choo Sia Teik

(v) Jaleeludeen Bin Abu Baker

For more information, click
http://bankrupt.com/misc/AntahHoldingsBerhad011606.pdf

CONTACT:

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


ASTRO ALL: New Shares Up for Listing, Quotation
-----------------------------------------------
Astro All Asia Networks Plc's additional 87,600 new ordinary
shares of 10 pence each issued pursuant to the Employees' Share
Option Scheme will be granted listing and quotation by Bursa
Malaysia Securities Berhad with effect from 9:00 a.m.,
Wednesday, January 18, 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


AVANGARDE RESOURCES: Court to Hear Wind-Up Petition March 10
------------------------------------------------------------
Ceratrade (M) Sdn. Bhd. has lodged a winding up petition for
Avangarde Resources Berhad.

Ceratrade filed the petition to claim around MYR53,281.58 plus
an 8-percent annual interest from November 22, 2005 up to the
present.

The Petition was handed to the Company's Solicitor, Solicitor,
M/s. C.L. Chin & Associates for further action.

The case is fixed for hearing on March 10, 2006 at the Kuala
Lumpur High Court.

CONTACT:

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


AYER MOLEK: To Defend Mirra's Wind-Up Petition
----------------------------------------------
Ayer Molek Rubber Company Berhad (Ayer Molek) has been served
with a sealed copy of a Petition for winding-up dated January 4,
2006 taken by Mirra Sdn Bhd in respect of the Kuala Lumpur High
Court Company (Winding-Up) No. D2-28-14-2006.

The details are as follows:

(1) The sealed copy of the Petition was served on January 13,
2006 by Messrs Thangaraj & Associates.

(2) The Court has fixed March 23, 2006 for hearing.

(3) The Company has appointed its solicitors to defend the said
matter accordingly.

CONTACT:

The Ayer Molek Rubber Company Bhd   
3rd Floor, Wisma Goldhill, No. 67,
Jalan Raja Chulan, Kuala Lumpur
Wilayah Persekutuan 50200 Malaysia
Telepone: 03-20317900   
Fax: 03-20317834


DATUK KERAMAT: Bourse Levies Fine for Listing Rule Violation
------------------------------------------------------------
On January 13, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed a fine of MYR2,000 per market day to
Datuk Keramat Holdings Berhad (DKMAT) for breach of paragraph
9.22(1) of the Bursa Securities Listing Requirmenets.

The figure was calculated from December 1, 2005 to the date of
submission of the third (3rd) quarterly report for the financial
year ending December 31, 2005, namely the quarter ended
September 30, 2005 (QR September 30, 2005) or up to February 28,
2006 (whichever is earlier) on Datuk Keramat Holdings Berhad
(DKMAT).

Paragraph 9.22(1) of the Bursa Securities LR stipulates 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.

DKMAT has breached paragraph 9.22(1) of the Bursa Securities LR
for failure to submit its QR 30 Sept 2005 on or before November
30, 2005. As of to-date, DKMAT has yet to furnish the QR
September 30, 2005 to Bursa Securities.

The public reprimand and fine were imposed pursuant to Paragraph
16.17 of the Bursa Securities LR after taking into consideration
all the circumstances and the relevant factors of the matter
including the fact that DKMAT had previously breached the Bursa
Securities LR.

Bursa Securities also directed DKMAT 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
cautions 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 DKMAT caused or permitted the aforesaid breach of
paragraph 9.22(1) by DKMAT, Bursa Securities nevertheless wishes
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 DKMAT on November 30,
2005 is as follows:

(i) Azimuddin bin Ab. Ghani

(ii) Willie Howard Pickle

(iii) Mohd Nor bin Abdul Raman

Previous Public Reprimands

(i) On October 23, 2003, Bursa Securities had publicly
reprimanded DKMAT for the following breaches of the Bursa
Securities LR:

(a) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the 15 months ended June
30, 2001 (AAA 2001) not later than four months after the end of
the financial year, i.e. on or before October 31, 2001. The AAA
2001 was only furnished to Bursa Securities on January 4, 2002.

(b) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 15 months ended June 30, 2001
(AR 2001) not later than six months after the end of the
financial year, i.e. on or before December 31, 2001. The AR 2001
was only furnished to Bursa Securities on January 28, 2002.

(c) Paragraph 9.23(b) of the Bursa Securities LR for failing to
submit the annual audited accounts for the nine months ended
March 31, 2002 (AAA 2002) not later than four months after the
end of the financial year, i.e. on or before July 31, 2002. The
AAA 2002 was only furnished to Bursa Securities on October 21,
2002.

(d) Paragraph 9.23(a) of the Bursa Securities LR for failing to
submit the annual report for the 9 months ended 31 March 2002
(AR 2002) not later than 6 months after the end of the financial
year, i.e. on or before 30 September 2002. The AR 2002 was only
furnished to Bursa Securities on 1 November 2002.

(ii) On July 9, 2004, Bursa Securities had publicly reprimanded
DKMAT for breach of paragraph 9.19(19) of the Bursa Securities
LR for failing to make an immediate announcement that a winding-
up petition was served on the Company by Am Bank Bhd (the
Petition) on December 22, 2003. The announcement of the Petition
was only made to Bursa Securities on January 15, 2004, after a
delay of 15 market days.

(iii) On August 12, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR126,000 on DKMAT for breach
of paragraph 9.23(b) of the Bursa Securities LR for failure to
submit its annual audited accounts for the 15 months ended
December 31, 2004 (AAA 2004) on or before April 30, 2005. As of
the date of sanction, DKMAT has yet to furnish the AAA 2004 to
Bursa Securities.

(iv) On September 2, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR130,000 on DKMAT for breach
of paragraph 9.22(1) of the Bursa Securities LR for failure to
submit its first (1st) quarterly report for the financial year
ending December 31, 2005, namely the quarter ended March 31,
2005 (QR 31 March 2005) on or before May 31, 2005. As of the
date of sanction, DKMAT has yet to furnish the QR March 31, 2005
to Bursa Securities.

(v) On December 1, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR130,000 on DKMAT for breach
of paragraph 9.23(a) of the Bursa Securities LR for failure to
submit its annual report for the 15 months ended December 31,
2004 (AR 2004) on or before June 30, 2005. As of the date of
sanction, DKMAT has yet to furnish the AR 2004 to Bursa
Securities.

(vi) On December 16, 2005, Bursa Securities had publicly
reprimanded DKMAT for breach of paragraphs 9.03(1) and 9.04(f)
for failure to make an immediate announcement that on July 20,
2005 the Company's application for an extension of time to a
restraining order dated March 9, 2005 was not granted by the
Kuala Lumpur High Court. The announcement of the same was only
made to Bursa Securities on July 27, 2005, after a delay of four
market days.

(vii) On December 16, 2005, Bursa Securities had publicly
reprimanded and imposed a fine of MYR124,000 on DKMAT for breach
of paragraph 9.22(1) of the Bursa Securities LR for failure to
submit its second (2nd) quarterly report for the financial year
ending December 31, 2005, namely the quarter ended June 30, 2005
(QR 30 June 2005) on or before August 31, 2005.

As of the date of sanction, DKMAT has yet to furnish the QR June
30, 2005 to Bursa Securities.

CONTACT:

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


KEMAYAN CORPORATION: Court Moves Petition Hearing to March 15
-------------------------------------------------------------
The Kuala Lumpur High Court has adjourned the hearing date of
Kemayan Corporation Berhad's case (Petition No.D4-26-78-2005) to
March 15, 2006.

The original date of the hearing was January 16, 2006

CONTACT:

Kemayan Corporation Berhad
Jalan Mewah Ria 2/1 Tawan Bukit Mewah
81200 Johor Bahru, Johor Darul Takzim 80200
Malaysia
Telephone: +60 7 238 9888 / +60 7 236 5307


LANKHORST BERHAD: Court Extends Restraining Order
-------------------------------------------------
Lankhorst Berhad informed Bursa Malaysia Securities Berhad that
the High Court of Kuala Lumpur has granted a further extension
of the Restraining Order (RO) to the Company and the following
subsidiaries:

(1) Lankhorst Pancabumi Contractors Sdn. Bhd.

(2) Cardon (M) Sdn. Bhd.

(3) Lankhorst Hartanah Sdn. Bhd.

(4) Lankhorst M&E Sdn. Bhd.

(5) Port Dickson Sepang Quarry Sdn. Bhd.

(6) Lankhorst Track Construction Sdn. Bhd.

(7) Rampai Budi Jaya Sdn. Bhd.

(8) Tradepro Sdn. Bhd.

The further extension to the RO is valid for a period of One
Hundred Twenty (120) days from January 13, 2006. The expiry date
of the RO would be on May 13, 2006.

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

CONTACT:

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


MAGNUM CORPORATION: Buys Back Additional Shares
-----------------------------------------------
Magnum Corporation Berhad informed Bursa Malaysia Securities
Berhad of its shares buy back, stating the following details:  
   
Date of buy back: January 16, 2006

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

Total number of shares purchased (units): 333,600

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

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

Total consideration paid (MYR):  

Number of shares purchased retained in treasury (units): 333,600

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

Cumulative net outstanding treasury shares as at to-date
(units): 93,515,800

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

CONTACT:

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

METROPLEX BERHAD: Hearing Adjourned to March 17  
-----------------------------------------------
The Kuala Lumpur High Court has on January 13, 2006 adjourned
the hearing of Metroplex Berhad's appeal to Judge-in-Chambers
against the Summary Judgment to March 17, 2006.

CONTACT:

Metroplex Berhad
Level 10, Grand Seasons Avenue,
No. 72, Jalan Pahang,
53000 Kuala Lumpur
Telephone: 03-2931828, 03-4431828
Fax: 03-2912798


MTD INFRAPERDANA: Files Application for Stay of Execution
---------------------------------------------------------
MTD Infraperdana Berhad refers to the query from Bursa Malaysia
Securities Berhad dated January 13, 2006 with regard to the
article entitled: "Court of Appeal orders Metramac to pay
company MYR65M" appearing in The Sun, page 1 and page 6, on
Friday, January 13, 2006.

The Company advised that the full judgment of the Court of
Appeal delivered on January 12, 2006 was made available to the
Company.

The Company now furnished the following information for public
release:

Pursuant to the termination of the following agreements by the
Company's wholly owned subsidiary, Metramac Corporation Sdn Bhd
(formerly known as Syarikat Teratai K.G. Sdn Bhd) (Metramac):

(a) Sale Agreement dated March 31, 1988;

(b) Supplemental Sale Agreement dated September 12, 1988;

(c) Signage Sub License Agreement dated November 2, 1990; and

(d) Amended Signage Sub License Agreement dated December 15,
1990;

Fawziah Holdings Sdn Bhd (Fawziah Holdings) had by way of a Writ
of Summons dated March 7, 1995 (Writ) filed in the Kuala Lumpur
High Court (High Court) claimed, inter alia, loss of advertising
rights arising from the breach of the Agreements.

In turn, Metramac filed a counter-claim, inter alia, for a
declaration that the Agreements were null and void.

The High Court had on October 21, 2003 decided, inter alia,
that:

(a) Metramac had committed a breach to which Fawziah Holdings
would have a right to claim damages for advertising rights
conferred in the Signage Sub License Agreement dated November 2,
1990 as amended by the Amended Signage Sub License Agreement
dated December 15, 1990;

(b) Fawziah Holdings is not entitled to be compensated with its
claim for the sum of MYR65,182,920 as the claim is unenforceable
for having contravened Section 75 of the Contract Act 1950
(illustrations (d), (e), (f) and (g));

(c) Damages for the advertising rights are to be assessed taking
into account the duration of the Replacement Concession
Agreement dated February 13, 1992;

(d) The agreement with respect to 'future contracts' is void and
thus clause 10 of the Sale Agreement dated March 31, 1988 which
purports to impose upon Metramac the obligation to set up a
trust account for the benefit of Fawziah Holdings does not
arise; and

(e) Metramac's counter claim is dismissed with costs.

Both parties had filed their respective appeals to the Court of
Appeal against the High Court's decision dated 21 October 2003
whereby Fawziah Holdings's and Metramac's Notices of Appeal were
registered as Civil Appeal Nos. W-02-1009-2003 and W-02-1013-
2003 respectively.

The Appeals were heard on August 30, 2005 and the decision was
delivered on January 12, 2006 that:

(i) Judgment to be entered in Fawziah Holdings favor and against
Metramac for the sum of MYR65,182,920.00;

(ii) Interest on the aforesaid judgment at the rate of four from
the date of the Writ until January 12, 2006 and thereafter at
eight;

(iii) There shall be an inquiry to be held before the registrar
of the High Court into the sums received by Metramac from any
source whatsoever under the Replacement Concession Agreement
dated February 13, 1992 less all such just and true expenses as
the Registrar may in accordance with law permit;

(iv) That the parties be at liberty to lead evidence before the
Registrar at the inquiry aforesaid;

(v) That the registrar shall after due inquiry certify the sum
so received as aforesaid by Metramac;

(vi) That the sum so certified by the registrar together with
interest thereon at the rate of four percent per annum, simple
interest with effect from the date of the Writ shall be paid by
Metramac to Fawziah Holdings;

(vii) That the parties shall be generally at liberty to apply to
the High Court in respect of any or all of the orders (iii) to

(vi) Above; and

(vii) Costs of the Appeals are to be borne by Metramac;

Metramac's legal counsel is preparing to file an application for
stay of execution of the above judgment and an application for
leave to appeal to the Federal Court against the same.


OLYMPIA INDUSTRIES: Ventures with Jetmobile
-------------------------------------------
The Board of Directors of Olympia Industries Berhad (OIB)
advised that the joint-venture company known as Jetmobile Sdn
Bhd (Jetmobile) has been incorporated on January 13, 2006.

Jetmobile has an authorized share capital of MYR100,000 divided
into 100,000 ordinary shares of MYR1.00 each. The issued and
paid-up capital of Jetmobile is MYR2.00 and shall be increased
to MYR100,000 where Jetfm Sdn Bhd (Jetfm) and Voium
Communications Pte Ltd shall hold 70,000 shares (70 percent) and
30,000 shares (30 percent) respectively. Jetfm is a 51 percent
owned subsidiary of OIB.

Jetmobile will be involved in developing and providing Internet
and wireless communication solutions as well as development of
other software and multimedia works.

CONTACT:

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


PACIFIC & ORIENT: Distributes Share Dividend
--------------------------------------------
Further to Pacific & Orient Berhad's announcement dated December
14, 2005 on the distribution of share dividend on the basis of
one (1) treasury share for every thirty-five (35) existing
ordinary shares of MYR1.00 each held, the Board of Directors of
the Company advised that the Share Dividend has on January 16,
2006 been credited into the respective CDS Accounts of the
entitled shareholders.

A total of 2,920,033 treasury shares were distributed to
entitled shareholders in relation to the Share Dividend.

CONTACT:

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


PACIFIC & ORIENT: Undertakes Shares Buy Back
--------------------------------------------
Pacific & Orient 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 13, 2006

Total number of shares purchased (units): 195,200

Minimum price paid for each share purchased (MYR): 1.750

Maximum price paid for each share purchased (MYR): 1.790

Total amount paid for shares purchased (MYR): 349,251.15

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

Number of shares purchased retained in treasury (units): 195,200

Total number of shares retained in treasury (units): 8,324,889

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

Total issued capital as diminished: 0

Date lodged with registrar of companies: January 16, 2006

Lodged by: Pacific & Orient Berhad


PANTAI HOLDINGS: Acquires 70,500 New Shares
-------------------------------------------
Pantai Holdings Berhad issued to Bursa Malaysia Securities
Berhad a notice of shares buy back with the following details:
   
Date of buy back: January 16, 2006

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

Total number of shares purchased (units): 70,500

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

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

Total consideration paid (MYR): 134,539.43

Number of shares purchased retained in treasury (units): 70,500

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

Cumulative net outstanding treasury shares as at to-date
(units): 40,762,800

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


PANTAI HOLDINGS: Bourse Lists Additional Shares
-----------------------------------------------
Bursa Malaysia Securities Berhad has granted listing and
quotation to Pantai Holdings Berhad's additional 194,300 new
ordinary shares of MYR1.00 each arising from the Exercise of
194,300 warrants 2002/2007

The listing took effect from 9:00 a.m., Wednesday, January 18,
2006.


PATIMAS COMPUTERS: Converts ICULS to Ordinary Shares
----------------------------------------------------
Patimas Computers Berhad's additional 5,000 new ordinary shares
of MYR1.00 each issued pursuant to the conversion of MYR19,000
six percent Irredeemable Convertible Unsecured Loan Stocks
2001/2006 into 5,000 new ordinary shares MYR1.00 each will be
granted listing and quotation by Bursa Malaysia Securities
Berhad with effect from 9:00 a.m., Wednesday, January 18, 2006.

CONTACT:

Patimas Computers Bhd   
Patimas Technology Centre,
Technology Park Malaysia, Bukit Jalil,
Kuala Lumpur Wilayah Persekutuan 57000
Malaysia
Telephone: 03-89941818   
Fax: 03-89941188


POS MALAYSIA: Bourse to List, Quote New Shares
----------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 125,000 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., Wednesday, January 18, 2006.

CONTACT:

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


TANAH EMAS: Converts ICULS Into New Ordinary Shares
---------------------------------------------------
Tanah Emas Corporation Berhad's additional 92,000 new ordinary
shares of MYR1.00 each arising from the conversion of 138,000
Irredeemable Convertible Unsecured Loan Stocks 2001/2006 (ICULS)
into 92,000 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad with effect from
9:00 a.m., Wednesday, January 18, 2006.


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

EXPORT AND INDUSTRY: Lippo Group Throws Php3-Bln Lifeline
---------------------------------------------------------
The national government recently signed an agreement for
Indonesia's Lippo Group to infuse Php3 billion into Export and
Industry Bank (EIB), The Philippine Star has learned.

The Lippo consortium, composed of Lippo Group, Hong Kong's AO
Capital Partners, Austria's Raiffeisen Zentralbank (RZB) and a
group of local investors, will inject fresh funds to
recapitalize EIB.

Under the deal, state insurer Philippine Deposit Insurance Corp.
(PDIC) is required to purchase Php10 billion worth on non-
performing assets (NPAs) for Php3 billion. This will leave EIB
with a virtually clean slate. Other EIB assets are subject to a
negotiated sale with a third party.

When the deal is completed, Lippo and the Filipino group would
hold 60 percent of the bank's shares while AO Capital and RZB
will hold 30 percent. A group of exporters, who are pre-existing
shareholders of the bank, will still hold 10 percent.

The transaction will take effect within the next three months.

CONTACT:

Export and Industry Bank
30 Paseo de Roxas Ave. cor. Jupiter St.,
Makati City, Metro Manila
E-mail: expertinfo@exportbank.com.ph  
Web site: http://www.exportbank.com.ph  


MANILA ELECTRIC: Brands Tax Allegation as Baseless Charge
---------------------------------------------------------
The Manila Electric Company (Meralco) said it has not yet
received a copy of an alleged complaint filed by a certain
Danilo Lihaylihay before the Bureau of Internal Revenue (BIR).
The company, however, branded as totally baseless newspaper
reports pertaining to this "alleged complaint".

"We do not owe the BIR Php85.3 billion as alleged by the
complainant based on newspaper reports. We have been religiously
complying with our tax obligations and records to this effect
will bear us out," said Meralco Spokesman and Vice President for
Corporate Communications Elpi Cuna, Jr.

It appears based on newspaper reports that Mr. Lihaylihay was
referring to the Value Added Tax (VAT). However, since the VAT
only took effect on Nov. 1, 2005, purchases by Meralco's sales
of power to its customers were subject to the national franchise
tax based on gross receipts, which Meralco religiously paid. The
VAT replaced the national franchise tax effective Nov. 1, 2005.

Hence, the alleged Php14 billion due to government for Meralco's
purchase of Php147.8 billion worth of electricity from National
Power Corporation (Napocor) based on newspaper reports is
baseless. Therefore, it follows that the other items be
mentioned such as fraud penalty, late payment, and interest
payment from 1995 to 2005 also have no factual or legal basis.

Meralco was in fact surprised after it read in the papers abut
an alleged complaint lodged against the company.

"Anyone can file a complaint but what id paramount is if there
is a basis for such a complaint. As far as Meralco is concerned,
there is absolutely none. In fact, we view this as a simple case
of harassment to malign and destroy the image of Meralco before
the public. We are ready and willing to face this certain Mr.
Lihaylihay before any government agency with jurisdiction over
the matter," Mr. Cuna said.

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


MAYNILAD WATER: Government Questions Fee Deferral
-------------------------------------------------
The Commission on Audit has asked why Maynilad Water Services
Inc. was allowed to defer payment of its concession fees to the
government, The Manila Times reports.

The state audit agency ordered public waterworks firm
Metropolitan Waterworks and Sewerage System (MWSS) to explain in
writing why the deferment was permitted.

The US$17.93-million concession fees are liabilities of MWSS
that were absorbed by Maynilad when it took over Metro Manila's
west zone operations in 1997.

The COA wants the MWSS Board to clarify why it unanimously
allowed in September 23, 2005 Maynilad to defer the payment of
Tranche A-1 concession fees despite the latter's fair earnings
and cash position. Maynilad posted a Php1.78-billion net income
as of end-September.

Besides the fee deferment, the same September board resolution
also permitted the water utility to temporarily stop payment of
the said fees until such time that the private investor or the
MWSS subscribes to shares in Maynilad, or until the aggregate
amount of AU$31 million in concession fees has accumulated,
whichever occurs first.

The deferral of Maynilad's concession fee payments has deprived
the MWSS of much-needed funds.

CONTACT:

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


MAYNILAD WATER: Board Welcomes New Chairman
-------------------------------------------
Metropolitan Waterworks and Sewerage System (MWSS) President
Oscar Garcia was elected as new board chair of government-
controlled Maynilad Water Services Inc., The Manila Bulletin
reveals.

The interim board also elected four directors from the Suez
Ondeo group and six from the MWSS-Benpres group. Former Maynilad
President Fiorello Estuar was elected as director.

One of the common seats was unintentionally left vacant.

In its first stockholders meeting last week, Maynilad elected
representatives from the MWSS to the new board to replace
Maynilad's former owners, the Lopezes.

The government has overhauled the Maynilad board ahead of a
planned sale of its rights to 84 percent of the company by
March. The Privatization Council, which approved the sale, said
the transaction would be scheduled early this year.

The council headed by Finance Secretary Gabriel Singson, Jr.
approved the plan to completely revamp the Maynilad board with
six seats reserved for the government, out of twelve.

The new board approved investment banker ABN AMRO as financial
advisor for the sale of the government's rights in the utility.


NATIONAL POWER: Unloads Seven Small Utilities
---------------------------------------------
National Power Corporation (NPC) was successful in offloading
seven out of fourteen Small Power Utilities (NPC-SPUG) that were
offered to private sectors, according to The Manila Bulletin.

The state-owned power firm has already privatized SPUG areas in
Tablas, Romblon, Marinduque, Oriental Mindoro, Mainland Palawan,
Catanduanes and Bantayan Island as of December 2005.

The New Power Providers (NPPs) of these areas are Coastal
Consortium for Tablas, Romblon and Marinduque, Power One
Corporation for Oriental Mindoro, Mainland Palawan and
Catanduanes and Bantayan Island Power Corporation for Bantayan
Island. These NPPs won through a competitive bidding and will
supply power requirements using bunker, diesel fuel or hybrid
(diesel-wind) energy.

The NPC estimates that once the NPPs take over, the seven
privatized areas with a total capacity of 82 MW will result in
an annual potential fuel savings of around Php2 billion for the
power firm.

Meanwhile, the International Finance Corporation (IFC), the
designated Transaction Advisor for the privatization of these 14
areas, will start the due diligence for the remaining seven SPUG
areas starting this month.

The remaining seven SPUG areas that have yet to be privatized
are Masbate, Occidental Mindoro, Camotes Island, Siquijor,
Basilan, Sulu and Tawitawi.

CONTACT:

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


* SEC Allows Pre-need Firms to Use Two Accounting Methods
---------------------------------------------------------
The Securities and Exchange Commission (SEC) has allowed pre-
need companies to use both the Pre-need Uniform Chart of
Accounts (PNUCA) and the International Accounting Standards
(IAS) when they prepare their 2005 financial reports,
BusinessWorld relates.

The SEC also assured pre-need firms that it would consider their
concerns on the shift to the IAS.

However, the pre-need firms can only use either or both
financial reporting methods pending the regulator's decision
whether to defer the implementation of the IAS.

Pre-need firms are concerned the shift to IAS will have a
"grave" impact on the ailing pre-need industry in the country.

The industry has been suffering from flat profits, dwindling
sales of pre-need plans and falling investor confidence
following the collapse of industry leaders College Assurance
Plans (Philippines) Inc., Pacific Plans Inc. and Platinum Plans
Inc.


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

DAPOLITE INDUSTRIES: Creditor Seeks to Wind Up Firm
---------------------------------------------------
Messrs. Sit Ley Timber Pte Limited, a creditor of Dapolite
Industries Pte Limited, filed a wind-up petition against the
Company on Dec. 23, 2005.

The Petition is scheduled to be heard before the Court on
January 27, 2006, at 10:00 a.m.

Any creditor or contributory who wants to support or oppose the
sought wind-up may appear at the time of hearing by himself or
through his Counsel.

A copy of the Petition will be furnished to any creditor by
request, upon payment of a regulated charge.

Messrs. Sit Ley Timber Pte Limited's complete address is:

            No. 46 Sungei Kadut Street 1
            Singapore 729350

The petitioner's solicitors are:

            Messrs Rayney Wong; and
            Eric Ng
            133 New Bridge Road,
            #18-01/2 Chinatown Point,
            Singapore 059413

Any person or firm who intends to appear at the hearing of the
Petition must serve on or send by post to the solicitors a
written notice of his intention. The notice must state
the name and address of the person or firm and must be signed by
the person of firm, or its solicitors and must be served or sent
so as to be received by the solicitors not later than 12:00 p.m.
on January 26, 2006.

CONTACT:
    
Dapolite Industries Pte Limited
251 Kranji Road Singapore 739498
Phone: 65 6269 8631   
Fax:   65 6368 1106


EXPLORATION PNG: To Distribute Third, Final Dividend
----------------------------------------------------
Exploration PNG (Singapore) Pte Limited will pay its third and
final dividend to creditors on Jan. 20, 2006.

The 9-percent dividend will be distributed by Liquidator Don M.
Ho FCPA in his office at Equity Plaza 20 Cecil Street #12-02 &
03, Singapore 049705.

CONTACT:

Don M. Ho FCPA
Liquidator
C/o Don Ho & Associates
Certified Public Accountants
Corporate Advisory & Recoveries
Phone: 65 6532 0320 (8 lines)
Fax:   65 6532 0331


HENG ELECTRICAL: Intends to Pay Dividend to Creditors
-----------------------------------------------------
Heng Electrical Engineering Pte Limited notifies parties-in-
interest of an intended dividend, stating these details:

Name of Company: Henng Electrical Engineering Pte Limited
Court: Singapore High Court
Number of Matter: Companies Winding Up No. 242 of 2000
Last day for receiving proofs: Jan. 27, 2006
Name  & address of Liquidator: Beverley Wee Ying Ling
                               Assistant Official Receiver
                               The URA Centre (East Wing)
                               45 Maxwell Road #06-11
                               Singapore 069118


ROTOL NANO: Creditors Must Submit Proofs of Debt by Feb. 9
----------------------------------------------------------
Creditors of Rotol Nano Technology Pte Limited are required to
send in their names, addresses, the particulars of thier debts
and claims, and the names and addresses of their solicitors on
or before Feb. 9, 2006 to:

Shiro Suzuki
Liquidator
C/o 18 Cross Street
#08-01 Marsh & McLennan Centre
Singapore 048423

Creditors and solicitors should prove their debts or claims at
the on the scheduled date or risk being excluded from receiving
any dividend.


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

THAI NAM: Debt Restructuring Plan Gets Shareholders' Nod
--------------------------------------------------------
An extraordinary shareholders' meeting of Thai Nam Plastic
Public Company Limited was held on January 17, 2006 at 2:00 p.m.
at Concorde 1-2, Inter Continental Hotel, Bangkok.

At the meeting, the shareholders:

(1) Certified the Minutes of the General Shareholders' Meeting     
dated on April 28, 2005.

(2) Approved the Debt Restructuring Plan of the Company and its
subsidiary company.

(3) Approved the decrease of the Company's paid-up registered
capital from THB211,750,040 (totaling 21,175,004 shares at the
par value of THB10 each) to THB105,875,020 at THB5 each.

(4) Approved the amendment of the company's Memorandum of
Association Article 4 concerning the registered capital relating
to capital decrease in Item 3.

(5) Approved the Company's registered capital increase from
THB105,875,020 to THB247,560,935 by issuing new ordinary shares
totaling  28,337,183 shares at THB5 each.

(6) Approved the amendment of the company's Memorandum of
Association Article 4 concerning the registered capital relating
to the capital Increase in Item 5.

(7) Approved the sale of the land, buildings and un-utilized
machineries and equipments of the company's first factory
located at Omnoi area after the completion of its relocation.

(8) Approved the sale of the land, buildings and all of the
machineries and equipments of T.N.P. Industry Co. Ltd. (its
subsidiary company) after the suspension of business operation.

CONTACT:

Thai Nam Plastic Public Company Limited   
40 Moo 7 Petchkasem Road, Km 23, Krathum Baen Samut Sakhon    
Telephone: 0-2420-9968-74, 0-2810-3000 (40 Lines)   
Fax: 0-2420-1827, 0-2420-9967   
Web site: http://www.thainam.com


PICNIC CORPORATION: Details Utilization of Sales Proceeds
---------------------------------------------------------
In its share offering in 2003, Picnic Corporation Public Co. Ltd
earned THB1,200,000,000.

The Company has provided a break-down of how it utilized the
proceeds as of December 31, 2005.

                                  (In THB)
Objective          Amount        Used fund      Unused Fund

(1) Construct
    LPG storage   400 Million     327 Million   73 Million
    acility at
    Samut Songkram

(2) Invest in gas
    cylinder      600 Million     600 Million        -

(3) Working
    Capital       200 Million     200 Million        -

Total           1,200 Million   1,127 Million     73 Million

The company also received money from offering shares to existing
shareholders amounting to THB777,709,740 and money from warrant
exercised (PICNI-W1) amounting to THB859,916,290.64, for a total
of THB1,637,626,030.64.

In addition, the Company released details of the utilization of
the proceeds from the shares offering as of December 31, 2005:

                                   (In THB)
Objective           Amount         Used fund       Unused Fund

(1) Invest in
    World Gas       1,011 Million  1,011 Million      -
    Company Limited

(2) Invest in
    Picnic            250 Million    250 Million      -
    Marine      
    Company Limited

(3) Working Capital   376 Million    376 Million      -

Total               1,637 Million  1,637 Million      - Million

Moreover, The Company also received money from offering shares
to existing shareholders amounting to THB2,216,509,946 on
September 2005, the Company also reported the details of the
utilization of proceeds worth THB2,216,509,946 as of December
31, 2005:

Objective             Amount         Used fund       Unused Fund

(1) Repayment
    The principle     1,730 Million  1,730 Million     -
    including interest
    of B/E

(2) Repayment
    financial           486 Million    486 Million     -
    institution
    Creditors,
    Account Payables
    and Other
    liabilities
    Creditors
           
Total                  2,216 Million   2,216 Million   - Million

CONTACT:

Picnic Corporation Public Company Limited
805 Srinakarin Road, Suan Luang Bangkok
Telephone: 0-2721-3600-59
Fax: 0-2721-3571
Web site: http://www.picniccorp.com






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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

Troubled Company Reporter -- Asia Pacific is a daily newsletter
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Copyright 2006.  All rights reserved.  ISSN: 1520-9482.

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