TCRAP_Public/060123.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

             Monday, January 23, 2006, Vol. 9, No. 016
  
                           Headlines

A U S T R A L I A

AINSWORTH GAME: Snags Minnesota Gaming License
AUSTRALIAN GAS: Appoints New Executives for Demerged Units
BLAKEHURST INVESTMENTS: Decides to Wind Up Business
BUNTLER, OVENDEN: Enters Voluntary Liquidation
CCM NSW: Members, Creditors to Get Liquidation Report  

CLIVE HILL: Wind-Up Process Completed
GLOBAL PAVING: To Pay Dividend to Creditors
HA MILTON: Schedules Final Meeting on Jan. 30
HOLSET PTY: Members Pass Winding Up Resolution
IN-VOGUE HOMES: To Distribute Dividend

ITEQ SOLUTIONS: Members Name Peter Krecji as Liquidator
J&L AUTO: Liquidator Distributes Assets
JAMES HARDIE: Director Quits Due to Ill Health
KRAUS FISHING: Members Resolve to Wind Up Firm
NIKKI B: Placed Under Voluntary Liquidation

NORMAN WILLIAMS: Shuts Down Operations
NORTHCOTE HOLDINGS: Liquidator Details Wind-Up Manner
PACIFIC RETAIL: Members Agree to Close Business
SWITZ PTY: Liquidates Operations
TRIWOOD CONSTRUCTIONS: To Declare Dividend Soon

TURNER RESEARCH: Inability to Pay Debts Prompts Wind-Up
VALUTRIX PTY: Liquidator To Explain Wind-Up
VJ ROOFING: Begins Wind-Up Activities
TELSTRA CORPORATION: Investors File AU$300-Mln Suit
TELSTRA CORPORATION: Sale Decision Delayed Another Month

WATTYL LIMITED: Allco Taunts Late Appointment of Experts
WESTPOINT GROUP: Planners Face Class Action


C H I N A  &  H O N G  K O N G

BARCLAYS CAPITAL: Proofs of Claims Due Feb. 10
BARCLAYS CORPORATION: Creditors to File Proofs of Claim
BEARCOLE LIMITED: Claims Bar Date is February 10
BRIGHT ACE: Creditors Meeting Set Next Month
CHINA SOUTHERN: Forecasts Net Loss for 2005

CNAC-AWT LIMITED: Creditors Meeting Slated for Feb. 10
COMPANION MARBLE: Creditors Meeting Set Today  
DA DA REVERSE: Court to Hear Wind Up Petition Feb. 15
ENGLONG INTERNATIONAL: Creditors, Contributories to Meet Feb. 7
GUANGDONG KELON: Director Andy Pei-cheong Chan Resigns

INDUSTRIAL AND COMMERCIAL BANK: Profits Improved in 2005
KARLSTEAD LIMITED: Proofs of Claim Due Feb. 3
KING MOUNT: Creditors' Proofs of Claim Due Feb. 10
TCL COMMUNICATION: EGM Set for Feb. 6


I N D I A

HINDUSTAN ANTIBIOTICS: INR136-crore Rehab Package Gets Nod
HYDERABAD INDUSTRIES: Jasidih Unit Resumes Production
IT PEOPLE: Members' EGM Fixed February 10
KHATOO SYNTHETICS: Unveils Outcome of Board Meeting
SANYO-BPL: Aims to Gain Foothold in India

WESTERN INDIA: Suspends Floating Dry-dock Operations


I N D O N E S I A  

ADARO INDONESIA: Moody's Affirms Ba3 Corporate Rating
DAVOMAS ABADI: Senior Notes Rated B+ by Standard & Poor's
DIRGANTARA INDONESIA: In Talks to Sell Aircraft to Jordan
IANI KERTAS: Major Creditor Rejects Tycoon's Bid


J A P A N

JAPAN AIRLINES: Drops Four More International Routes  
KONICA MINOLTA: Ends Camera Era  
KONICA MINOLTA: Sony Gets Digital SLR
KONICA MINOLTA: Signs Consignment Deal with Noritsu
LIVEDOOR CO.: Authorities Suspect Evidence Destruction

LIVEDOOR CO.: Faces Delisting from Tokyo Bourse  
MITSUBISHI MOTORS: Australia Cuts 250 Jobs


K O R E A

COCA-COLA KOREA: Forges 3-Year Supply Agreement with Alcoa
DAEWOO ENGINEERING: Accepting Bids Until January 27
LG CARD: Swelling Price Worries Woori
SAMSUNG CARD: Net Loss Widens by 18%
SAMSUNG ELECTRO-MECHANICS: Aims to Book Revenue This Year


M A L A Y S I A

AVANGARDE RESOURCES: Issues Information on Ceratrade Petition  
BOLTON BERHAD: Scheme & Acquisition Approval Period Extended
FOUNTAIN VIEW: Complies with Listing Requirement  
L&M CORPORATION: Liquidators to Discuss Fate of Company
MAGNUM CORPORATION: Bourse to List, Quote New Shares

MENTIGA CORPORATION: Inks 4th SPA with Vendors
METROPLEX BERHAD: Wind-Up Petition Fixed for Hearing Feb. 16
PACIFIC & ORIENT: Buys Back New Shares
PANTAI HOLDINGS: New Shares Set for Listing, Quotation Today
PARK MAY: Unveils Content of Proposed Restructuring Scheme  

SOUTHERN BANK: Purchases New Shares
SURIA CAPITAL: Updates Legal Suit Against Times Educational
TAP RESOURCES: Extends Completion of Agreement with Encik Yusoff


P H I L I P P I N E S

MANILA ELECTRIC: Government Brushes Off Takeover Rumors
NATIONAL BANK: 2005 Net Profit Rises to Php610 Mln
NATIONAL FOOD: Invites Private Sector to Import Rice
NATIONAL POWER: Seeks More Time on Meralco Power Deal
RFM CORPORATION: Sees 10% Income Growth This Year


S I N G A P O R E  

ALLIANCE TECHNOLOGY: Delays Execution of Scheme of Arrangement
CHINA AVIATION (S): Unit's Latest Fuel Tender is Oversubscribed
CITIRAYA INDUSTRIES: Seeks More Time to Disclose Results
DIGILAND INTERNATIONAL: Concludes Sale of Philippine Unit


T H A I L A N D

PACIFIC ASSETS: Considers New Unit; Looks for New Director
THAI AIRWAYS: SET Boss Wanted as President

     -  -  -  -  -  -  -  -   

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

AINSWORTH GAME: Snags Minnesota Gaming License
----------------------------------------------
On January 19, 2006, Ainsworth Game Technology Limited reported  
that it has received a license for the manufacture of gaming  
equipment within the State of Minnesota in the United States.

The new license is part of the Company's ongoing licensing  
strategy to secure additional markets for its products. Further  
license approvals are expected to follow with the recent  
submission of a number of additional applications.

Chief Executive Officer David Creary believes that Minnesota's  
well-regulated market will offer further opportunities for the  
supply of the company's innovative gaming products.

The company will release its results for the half-year ended  
December 31, 2005, on February 21, 2006.

CONTACT:  

Ainsworth Game Technology Limited  
10 Hoker Street  
Newington, New South Wales 2127  
Australia  
Phone: +61 9 7398 000  
Fax: +61 9 7379 483  
e-mail: sales@a-g-t.com.au  
Web site: http://www.ainsowrth.com.au   


AUSTRALIAN GAS: Appoints New Executives for Demerged Units
----------------------------------------------------------
The Australian Gas Light Company has appointed chief executive  
officers and chief financial officers, as well as proposed a  
structure for the board of directors of its future demerged  
units, AGL Infrastructure and AGL Energy, Dow Jones reports.  

According to Dow Jones, the appointments of Paul Anthony as CEO  
and Paul Flynn as CFO of AGL Energy, and of Greg Hayes as CEO  
and Tiernan O'Rourke as CFO of AGL Infrastructure, are  
contingent upon the shareholders' approval of the demerger.  

The Company's shareholders are expected to meet in late March  
2006.

                        CEO Appointments

Mr. Anthony has held a number of senior executive positions with  
major international energy companies including PowerGen and  
Contact Energy in New Zealand, and is currently responsible for  
energy sector activities of a leading European private equity  
group including building the performance of their energy assets.

Mr. Anthony was previously the executive vice president of  
British Gas, where he was responsible for global mergers and  
acquisition, power and gas distribution and transportation in  
South America.

Mr. Hayes, on the other hand, is the current chief financial  
officer of AGL.  He was previously the CFO for the Australia and  
New Zealand operations of Westfield Holdings and was executive  
general manager-finance for Southcorp Wines.

Meanwhile, Greg Martin will relinquish responsibility as  
managing director of AGL at the end of February 2006 and will be  
available until the date of the demerger to assist the Company.  
Mr. Hayes will act as interim AGL CEO until the merger becomes  
effective.

                        CFO Appointments

Mr. O'Rourke, a chartered accountant, was most recently the  
general manager-finance in AGL with previous domestic overseas  
experience in Westfield Holdings, CSR and Brambles Australia.

Mr. Flynn, an audit partner with Ernst & Young, has agreed to be  
the interim CFO of AGL Energy. He will commence his engagement  
with AGL on February 13, 2006, and become interim CFO of AGL  
Energy on the demerger's effective date. He will remain in this  
position until a permanent CFO has been appointed.

AGL discloses that Mr. Flynn has previously advised the Company  
on general financial matters and has extensive and broad energy  
and utilities experience and is well suited for the interim CFO  
role.

A process to appoint the permanent CFO for AGL Energy has  
commenced.

                       Board Appointments

Existing directors Sir Ron Brierley and Charles Allen will join  
Chairman-elect Graham Reany as directors of AGL Infrastructure.

Chairman-elect Mark Johnson and existing AGL directors Charles  
Allen, David Craig, Carolyn Hewson and Max Ould will become  
directors of AGL Energy.

AGL Energy and AGL Infrastructure are expecting to recruit  
additional experienced directors over the next several months as  
part of their commitment to balancing the importance of board  
renewal and retaining AGL corporate memory. An appointment to  
the AGL Infrastructure Board is expected to be made around the  
release of the scheme booklet with a second appointment expected  
to be made in the second quarter.

                AGL is Right on Track on Demerger

AGL Chairman Mark Johnson said that the company remained on-
track to complete the demerger on the timetable as announced in  
October 2005.

AGL will submit the demerger scheme booklet to the Australian  
Securities and Investment Commission shortly. After ASIC's  
normal review process, AGL will ask the Federal Court to enter  
the order required to convene the Shareholders' Meeting for the  
demerger scheme to be approved.

In light of the demerger, AGL's half-year results will be  
released on February 28, 2006.

CONTACT:

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


BLAKEHURST INVESTMENTS: Decides to Wind Up Business
---------------------------------------------------
At Blakehust Investments Pty Limited's general meeting on  
December 14, 2005, members resolved to liquidate the Company's  
operations.

They named Roderick Mackay Sutherland as liquidator to oversee  
the wind-up activities.

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


BUNTLER, OVENDEN: Enters Voluntary Liquidation
----------------------------------------------
Members of Butler, Ovenden Busch Pty Limited held a meeting on  
December 19, 2005, and agreed that a voluntary liquidation is in  
the Company's best interests.

Peter Anthony Lucas was appointed to supervise the wind-up  
operations.

Peter A. Lucas
Liquidator
Lucas & Co. Chartered Accountants
Level 8, 100 Edward Street
Brisbane Qld
Phone: 07 3232 5200
Fax: 07 3003 0334


CCM NSW: Members, Creditors to Get Liquidation Report  
-----------------------------------------------------
A final meeting of the members and creditors of CCM NSW Pty  
Limited will be held on January 31, 2006, at 12:00 p.m., in  
order to:

   -- receive the Liquidator's account on the Company's wind-up
      operations;

   -- pass a resolution to destroy the Company's books and
      records; and

   -- consider any other business.

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


CLIVE HILL: Wind-Up Process Completed
-------------------------------------
Creditors of Clive Hill Pty Limited agreed to shut down the  
Company's operations. They appointed Bruno A. Secatore and  
Daniel P. Juratowich to act as liquidators for that purpose.

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


GLOBAL PAVING: To Pay Dividend to Creditors
-------------------------------------------
Global Paving (Australia) Pty Limited will declare a first and  
final dividend on January 27, 2006.

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

Jennifer E. Low
Liquidator
Sheridans Chartered Accountants
Level 6, 40, St. George's Terrace
Perth WA 6000
Phone: 08 9221 9339
Fax: 08 9221 9340


HA MILTON: Schedules Final Meeting on Jan. 30
---------------------------------------------
HA Milton Holdings Pty Limited will hold a final meeting on  
January 30, 2006.

Liquidator H. L. McPharlin will present his final account  
regarding the Company's wind-up operations at that meeting.

H. L. McPharlin
Liquidator
C/o Edwards Marshall Chartered Accountants
Suite 5, First Floor, 4-8 Angas Street
Kent Town SA 5067


HOLSET PTY: Members Pass Winding Up Resolution
----------------------------------------------
On December 16, 2005, members of Holset Pty Limited resolved to  
commence the Company's wind-up operations.

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

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


IN-VOGUE HOMES: To Distribute Dividend
--------------------------------------
In-vogue Homes Pty Limited will declare its first and final  
dividend on January 29, 2006.

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

R. E. Murphy
Liquidator
Level 9, 46 Edward Street
Brisbane Qld 4000


ITEQ SOLUTIONS: Members Name Peter Krecji as Liquidator
-------------------------------------------------------
Members of Iteq Solutions Pty Limited held a meeting on December  
21, 2005, and agreed to wind up the Company voluntarily.

Peter P. Krecji was appointed to supervise the wind-up.

Peter P. Krecji
Liquidator
GHK Green Krejci
Level 9, 179 Elizabeth Street
Sydney NSW 2000


J&L AUTO: Liquidator Distributes Assets
---------------------------------------
At a general meeting of J&L Auto Service Center Pty Limited held  
on December 22, 2005, members resolved to shut down the  
Company's business.

The Company also appointed a liquidator to manage the  
distribution of its assets.

Richard Auricht
Liquidator
Richard Auricht Chartered Accountant
242 Grenfell Street, Adelaide SA 5000
Phone: 08 8223 1033


JAMES HARDIE: Director Quits Due to Ill Health
----------------------------------------------
Peter Cameron has resigned as non-executive director of James-  
Hardie Industries NV for health reasons, effective as of January  
19, 2005.

Chairman Meredith Hellicar said the Board had accepted Mr.  
Cameron's resignation with regret.

Mr. Cameron joined JHINV as an independent non-executive  
director in August 2003. He was a member of the Supervisory  
Board and Joint Board, and a member of the Nominating and  
Governance Committee.

CONTACT:

James Hardie Industries NV
Steve Ashe
Vice President, Investor Relations
Telephone: 61 2 8247 5246
Mobile: 0408 164 011
e-mail: steve.ashe@jameshardie.com.au  

Media Inquiries:

James Richards
Telephone: 61 2 8274 5304
Mobile: 0419 731 371
Facsimile: 61 2 8274 5218
e-mail: media@jameshardie.com.au  
Web site: http://jameshardie.com  


KRAUS FISHING: Members Resolve to Wind Up Firm
----------------------------------------------
The members of Kraus Fishing Co. Pty Limited convened on  
December 29, 2005, and agreed to voluntarily wind up the  
Company.

C. A. L. Huxtable, G. A. Lopez and E. R. Verge were appointed as  
liquidators for the wind-up.

C. A. L. Huxtable
G. A. Lopez
E. R. Verge
Jones Condon Chartered Accountants
Colmel House, 241 Stirling Street
Perth WA 6000


NIKKI B: Placed Under Voluntary Liquidation
-------------------------------------------
After an extraordinary general meeting on December 12, 2005, the  
members of Nikki B Investments Pty Limited resolved to liquidate  
the Company's business.

Subsequently, Anthony D'Aloia was appointed as liquidator for  
that purpose.

Anthony D'Aloia
D'Aloia Handberg Chartered Accountants
Level 10, 200 Queen Street
Melbourne Vic 3000


NORMAN WILLIAMS: Shuts Down Operations
--------------------------------------
At Norman Williams Pty Limited's general meeting on December 15,  
2005, members resolved that it is in the Company's best  
interests to close its business.

Roderick Mackay Sutherland was appointed to oversee the wind-up.

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


NORTHCOTE HOLDINGS: Liquidator Details Wind-Up Manner
-----------------------------------------------------
A final meeting of Northcote Holdings Pty Limited will be held  
on January 31, 2006.

At the meeting, the liquidator, W. C. Pinkstone, 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.

W. C. Pinkstone
Liquidator
49 Juvenis Avenue,
Oyster Bay NSW 2225


PACIFIC RETAIL: Members Agree to Close Business
-----------------------------------------------
Members of Pacific Retail Pty Limited resolved on December 15,  
2005, to wind up the Company's operations.

Peter Dawkins was appointed to supervise the closing activities  
of the Company.

Peter Dawkins
Liquidator
Level 7, 276 Pitt Street
Sydney


SWITZ PTY: Liquidates Operations
--------------------------------
At an extraordinary general meeting among the members of Switz  
Pty Limited on December 16, 2005, they resolved to wind up the  
Company voluntarily.

They named John Frederick Lord to supervise the wind-up  
operations.

John F. Lord
Liquidator
PKF Chartered Accountants
Level 10, 1 Margaret Street
Sydney NSW 2000


TRIWOOD CONSTRUCTIONS: To Declare Dividend Soon
-----------------------------------------------
Triwood Constructions Pty Limited will declare its first  
dividend on February 1, 2006.

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

Mark Pearce
Liquidator
c/o Pearce & Heers Insolvency Accountants
Level 8, 410 Queen Street
Brisbane Qld 4000
Phone: 07 3221 0055


TURNER RESEARCH: Inability to Pay Debts Prompts Wind-Up
-------------------------------------------------------
On December 21, 2005, members of Turner Research Pty Limited  
agreed that a voluntary wind-up of the Company is necessary and  
in its best interests.

Subsequently, Daniel I. Cvitanovic was appointed as official  
liquidator.

Daniel I. Cvitanovic
Liquidator
Level 1, 121-123 Crown Street
Wollongong NSW 2500


VALUTRIX PTY: Liquidator To Explain Wind-Up
-------------------------------------------
The members and creditors of Valutrix Pty Limited will convene  
on January 31, 2006, at 10:00 a.m., to receive the liquidator's  
final account regarding the Company's completed wind-up and  
disposal of property.

Daniel Civil
Liquidator
Rodgers Reidy
Level 8, 333 George Street
Sydney NSW 2000


VJ ROOFING: Begins Wind-Up Activities
-------------------------------------
Members of VJ Roofing Pty Limited held a meeting on January 3,  
2006, and agreed that it was necessary and appropriate to  
liquidate the Company's operations. They named Hugh Martin to  
supervise the wind-up.

Hugh Martin
Liquidator
Bernardi Martin
Level 1, 195 Victoria Square
Adelaide


TELSTRA CORPORATION: Investors File AU$300-Mln Suit
---------------------------------------------------
A group of disgruntled investors has lodged a AU$300-million  
legal action against Telstra Corporation for not informing the  
bourse about its true financial position, Sydney Morning Herald  
says.

Plaintiff law firm Slater & Gordon filed the suit on behalf of  
50 angry shareholders at the Federal Court in Sydney on Friday.

According to the Morning Herald, the number of shareholder-
plaintiffs could grow to several thousands in the coming weeks.

The action centers on the selective release of a briefing paper  
on Telstra's finances last year, which was disclosed to the  
Australian Stock Exchange on September 7 after being discussed  
with the federal government, which is Telstra's major  
shareholder.

The shareholder-plaintiffs claim that they paid inflated prices  
for Telstra shares since the Company covered up important  
financial information about its future earnings and past  
investments.

The Company is prepared to defend the investors' claim and  
rejects any suggestion that its continuous disclosure policies  
are inadequate.

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: Sale Decision Delayed Another Month
--------------------------------------------------------
The Federal Government is unlikely to decide on whether to  
proceed with the AU$25-billion sale of Telstra Corporation until  
April 2006 -- a month later than expected -- as it awaits a  
report from the Australian Competition and Consumer Commission  
on the telco's network pricing, The Australian reports.

Telstra has been given until March 31 to submit its report on  
the pricing of its raw copper wires.

The report will aid the ACCC in considering whether to overturn  
its view on Telstra's pricing for last-mile copper wires, which  
run between the telco's exchanges and users' homes or  
businesses.

The Prime Minister's leadership committee, whose members include  
Treasurer Peter Costello, Finance Minister Nick Minchin, Deputy  
Prime Minister Mark Vaile and Senate leader Robert Hill,  
believes that the regulator should not be overruled. However,  
the group asked the regulator to explain its decision.

Despite the reported delay, the Government is still sticking by  
its official line that it has asked ACCC chief Graeme Samuel to  
report as soon as possible and it has been widely reported that  
the commission will report late this month or early February.

However, without clarity on Telstra's network pricing, no  
decision could be made on the sale, The Australian says.

Regulatory uncertainty is one of the biggest unknowns looming  
ahead of the controversial Telstra sale.


WATTYL LIMITED: Allco Taunts Late Appointment of Experts
--------------------------------------------------------
Allco Equity Partners has criticized its takeover target, Wattyl  
Limited, for being "disorganized", reports The Sydney Morning  
Herald.

Allco says that Wattyl's delay in appointing an independent  
expert suggests that it is struggling to fend off Allco's  
AU$274.8-million offer.

Wattyl earlier announced that Ernst and Young's independent  
expert's report would not be released until early February. This  
means that the Company will not have an independent share price  
valuation when it releases its target's statement today.

However, Wattyl's chief executive officer, John Nolan, said that  
Allco's claims were ill-founded, while pointing out that Wattyl  
has done a "very good" job preparing its defense.

Allco launched its hostile takeover bid for Wattyl on December  
22, 2006. The paint maker's board, however, advised shareholders  
to reject the offer.

CONTACT:  

Wattyl Limited  
Level 1  
68 Waterloo Road  
North Ryde NSW 2113  
Phone: +61 2 9813 3333  
Fax: +61 2 9813 3311


WESTPOINT GROUP: Planners Face Class Action
-------------------------------------------
Investors of failed Westpoint Group are seeking to recover funds  
from the financial planners who recommended the Company's high-
risk promissory notes, The Advertiser reports.

Slater and Gordon, the law firm representing Westpoint  
investors, confirmed that it was trying to assemble a class  
action against the unnamed financial planners.

The Australian Securities and Investments Commission has  
confirmed that it is investigating the planners' role in the  
fiasco, yet it will not provide specifics.

Around 6,000 investors face major losses from the collapse of  
the Company, which had about AU$1 billion in projects under  
development.  

An estimated AU$300 million is at risk in connection with the  
class action.


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

BARCLAYS CAPITAL: Proofs of Claims Due Feb. 10
----------------------------------------------
Jacky Chung Wing Muk and Edward Simon Middleton, as liquidators  
for Barclays Capital Asia Pacific Limited, asks creditors to  
submit proofs of claim against the Company by February 10, 2006.

The liquidators may also require certain creditors, through  
written notice, to come in personally or by their solicitors to  
prove their claims.

Creditors who do not submit a proof of claim will lose their  
chance of a distribution.

Jacky Chung Wing Muk
Edward Simon Middleton
Joint and Several Liquidators
27th Floor, Alexandra House
18 Chater Road, Central
Hong Kong


BARCLAYS CORPORATION: Creditors to File Proofs of Claim
-------------------------------------------------------
The creditors of Barclays Corporation N.Z. Limited are required  
to send the particulars of their debts or claims, and the name  
and address of their solicitors, if any, on or before February  
10, 2006, to:

     Jacky Chung Wing Muck
     Edward Simon Middleton  
     Joint and Several Liquidators
     27th Floor, Alexandra House
     18 Chater Road, Central
     Hong Kong  

Creditors who failed to comply with the proof of claim  
requirement will be excluded from any distribution.


BEARCOLE LIMITED: Claims Bar Date is February 10
------------------------------------------------
The creditors of Bearcole Limited, whose debts or claims have  
not already been admitted, are required to prove their claims by  
February 10, 2006. Those who fail to submit a proof of claim  
will be excluded from any distribution.

Stephen Briscoe
Joint and Several Liquidator
Presented by: Alvarez & Marsal Asia Limited
5th Floor, Allied Kajima Building
138 Gloucester Road, Wanchai
Hong Kong


BRIGHT ACE: Creditors Meeting Set Next Month
--------------------------------------------
Creditors of Bright Ace International Development Limited will  
meet on February 10, 2006, at 11:15 a.m., at the 5th Floor of  
Allied Kajima Building, 138 Gloucester Road, in Wanchai, Hong  
Kong, to determine whether or not the Company should voluntary  
wind up. They will also appoint joint and several liquidators to  
supervise the wind-up.

Creditors may vote either in person or by proxy. Proxies must be  
lodged not later than 12:00 p.m. on February 9, 2006.


CHINA SOUTHERN: Forecasts Net Loss for 2005
-------------------------------------------
China Southern Airlines Company Limited expects to record a loss  
for 2005 due to high jet fuel prices and increased competition  
on domestic routes, Infocast relates.

The loss is expected despite the airline reporting a 56.4  
percent increase in passengers in 2005, compared to that of  
2004.  

The Chinese carrier incurred a net loss of CNY843 million in the  
first half of 2005, versus a net profit of CNY103 million in the  
same period a year earlier.

CONTACT:

China Southern Airlines Company Limited
Unit B1, 9/F, United Ctr
95 Queensway, Hong Kong   
Phone: 28610288   
Web site: http://www.cs-air.com    


CNAC-AWT LIMITED: Creditors Meeting Slated for Feb. 10
------------------------------------------------------
CNAC-AWT Limited notifies its creditors that a meeting among  
them will be held on February 10, 2006, at 11:30 a.m., at the  
5th Floor of Allied Kajima Building, at 138 Gloucester Road, in  
Wanchai, Hong Kong.

At the meeting, creditors will resolve whether or not the  
company will undergo liquidation. Creditors will also appoint an  
individual who will supervise the wind-up activities.

Proxies who will vote on behalf of creditors must be lodged not  
later than 12:00 p.m. on February 9, 2006.


COMPANION MARBLE: Creditors Meeting Set Today  
---------------------------------------------
The creditors of Companion Marble Engineering Limited will meet  
on January 23, 2006, at 11:00 a.m. at Room 1903, 19/F, of the  
World-Wide House, 19 Des Voeux, in Road Central, Hong Kong.

Creditors may vote either in person or by proxy. Proxies must be  
lodged at 16/F, Paul Y. Centre, 51 Hung To Road, in Kowloon,  
Hong Kong, not later than 4:00 p.m. on January 22, 2006.


DA DA REVERSE: Court to Hear Wind Up Petition Feb. 15
-----------------------------------------------------
Lee Ka Man presented a petition for the winding up of Da Da  
Reverse Recruit Limited on December 23, 2005.

The Petition will be heard before the High Court of Hong Kong  
Special Administrative Region on February 15, 2006, at 9:30 a.m.

Creditors or contributories of Da Da Reverse who wish to support  
or oppose the Petition may appear in Court at the time of the  
hearing. A written notice of the creditor's or contributory's  
intention must be sent not later than 6:00 p.m., on February 14,  
2006 to:

     Betty Chan
     For Director of Legal Aid
     34th Floor, Hopewell Centre
     183 Queen's Road East, Wanchai
     Hong Kong


ENGLONG INTERNATIONAL: Creditors, Contributories to Meet Feb. 7
---------------------------------------------------------------
The meetings of creditors and contributories of Englong  
International Limited will be held at the 13th Floor, Gloucester  
Tower, The Landmark, 11 Pedder Street, in Central Hong Kong, on  
February 7, 2006, at 11:00 a.m. and 11:30 a.m., respectively, to  
pass a resolution regarding Antonio Chan's resignation as joint  
and several liquidator of the Company.

At the meeting, the parties will accept Mr. Chan's resignation  
and appoint Alan C.W. Tang, of Grant Thornton, to replace him.

Proxies must be lodged not later than 4 p.m. on February 6,  
2006.


GUANGDONG KELON: Director Andy Pei-cheong Chan Resigns
------------------------------------------------------
Guangdong Kelon Electrical Holdings Company Limited reports that  
Andy Pei-cheong Chan has resigned as independent non-executive  
director of the Company effective today.  

As stated in the Company's press release, the number of its  
independent non-executive directors will fall below the minimum  
number of three, as required by the Listing Rules.

The Company is in the process of looking for a replacement  
independent non-executive director with the suitable experience  
and qualifications.

Upon his resignation, Mr. Chan will also cease to be a member of  
the Board's Audit Committee and the Remuneration and Evaluation  
Committee.

The Company is required to appoint an independent non-executive  
director and a member of the Audit Committee within three  
months.   

CONTACT:

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


INDUSTRIAL AND COMMERCIAL BANK: Profits Improved in 2005
--------------------------------------------------------
The Industrial and Commercial Bank of China (ICBC) Limited  
reported a 21% surge in operating profit last year, China Daily  
reports. Operating profit rose to CNY90.2 billion (HK$86.6  
billion) from CNY74.7 billion a year earlier.

The Chinese lender received US$15 billion in capital injection  
last April from the Chinese Government, while CNY284 billion  
(US$35 billion) of NPLs were transferred from its balance sheet  
to asset management companies.

China launched a major reform of its "Big Four" State-owned  
lenders at the end of 2003, when it invested a combined US$45  
billion of capital into the Bank of China and China Construction  
Bank. The latter was listed in Hong Kong earlier this month,  
raising US$8 billion.

CONTACT:

Industrial and Commercial Bank of China (Asia) Limited  
ICBC Tower, 3 Garden Road  
Central, Hong Kong  
Phone: 25343333  
Fax: 28051166  
Web site: http://www.icbcasia.com/


KARLSTEAD LIMITED: Proofs of Claim Due Feb. 3
---------------------------------------------
The creditors of Karlstead Limited are required to prove their  
debts or claims against the Company on or before February 3,  
2006.

Creditors who fail to prove their claims, either personally or  
by their solicitors, will not be able to receive any  
distributions.

Stephen Liu Yiu Keung
Robert Armor Morris
Joint and Several Liquidators
18th Floor, Two International Finance Centre,
8 Finance Street, Central
Hong Kong


KING MOUNT: Creditors' Proofs of Claim Due Feb. 10
--------------------------------------------------
Creditors of King Mount Limited are required to submit to the  
liquidator, Stephen Briscoe, the particulars of their debts or  
claims, as well as information regarding their solicitors, if  
any, by February 10, 2006.

If the liquidators require, the creditors must come in  
personally or by their solicitors and prove their claims at the  
time and place specified in the notice.

Creditors who are unable to formally prove their claims will be  
excluded from any distribution.


TCL COMMUNICATION: EGM Set for Feb. 6
-------------------------------------
TCL Communication Technology Holdings Limited will hold an  
extraordinary general meeting at 3:00 p.m. on February 6, 2006,  
at Hennessy Room, 7th Floor, Conrad Hong Kong, Pacific Place, in  
88 Queensway, Hong Kong. At the EGM, the following resolutions  
will be tabled for approval:

   1. That (a) the authorized share capital of the Company be
      increased from HK$500,000,000 divided into 5,000,000,000
      shares of HK$0.10 each to HK$800,000,000 divided into
      8,000,000,000 Shares by the creation of an additional
      3,000,000,000 Shares (Capital Increase); and (b) Any one
      director of the Company is authorized for and on behalf
      of the Company to execute all documents, instruments and
      agreements and to do all such acts or things as he may
      deem necessary or desirable for or in connection with the
      completion of the Capital Increase and the matters
      contemplated.

   2. That, subject to the passing of Ordinary Resolution
      No. 1 and the fulfillment of other conditions in the
      underwriting agreement entered into between the Company
      and Kingsway Financial Services Group Limited, dated
      December 22, 2005 (the Underwriting Agreement):

      (a) the offer of new shares of the Company to the
          shareholders of the Company whose names appeared on
          the register of members of the Company at the close
          of business of a date to be fixed by the directors of
          the Company on an assured basis of provisional
          allotments of one Offer Share for every one Share
          then held at the subscription price of HK$0.20 per
          Offer Share according to the terms of the Open Offer
          as set out in the circular of the Company dated
          January 20, 2006, is approved, and the Directors
          are authorized to allot and issue the Offer Shares
          pursuant to and in accordance with the terms of the
          Open Offer;

      (b) the Underwriting Agreement is approved, confirmed and
          ratified and any Director is authorized to execute
          other documents which may be necessary, desirable or
          expedient in his opinion to carry into effect or to
          give effect to the terms of the Underwriting
          Agreement; and

      (c) any Director is authorized to sign and execute
          documents and perform actions incidental to the Open
          Offer or as they consider necessary, desirable or
          expedient in connection with the Open Offer and to
          carry out or give effect to any or all the
          transactions contemplated in this resolution and the
          Circular.

   3. That subject to and conditional on the Listing Committee
      of The Stock Exchange of Hong Kong Limited granting the
      listing of, and permission to deal in such number of the
      Shares in the capital of the Company representing 10%
      of the Shares in issue as at the date of passing the
      resolution, which may be issued pursuant to exercise of
      options to be granted under the Refreshed Scheme Mandate
      Limit, the existing scheme mandate limit under the share
      option scheme adopted by the Company on September 13,
      2004 be refreshed so that the aggregate nominal amount
      of the share capital of the Company to be allotted and
      issued pursuant to the exercise of the options under the
      Share Option Scheme and other share option scheme of the
      Company will not exceed 10% of the aggregate nominal
      amount of the share capital of the Company in issue as
      at the date of the passing of this resolution (Refreshed
      Scheme Mandate Limit) and that any director of the
      Company is authorized to do such act and execute such
      document to effect the Refreshed Scheme Mandate Limit.'

Notes:

(A) The Hong Kong Branch Register of Members of the Company
    will be closed from February 3, 2006, to February 6, 2006,
    during which period no transfers of Shares will be
    registered. In order to be eligible to attend and vote at
    the EGM to be held on February 6, 2006, all transfers
    accompanied by the relevant share certificates must be
    lodged not later than 4:00 p.m. on February 2, 2006, with
    the branch share registrar of the Company in Hong Kong,
    specifically with:

        Tricor Investor Services Limited,
        Level 25, Three Pacific Place,
        1 Queen's Road East, Hong Kong.

(B) A member of the Company who is a holder of two or more
    Shares, and who is entitled to attend and vote at the EGM
    is entitled to appoint more than one proxy or a duly
    authorized corporate representative to attend and vote in
    his stead. A proxy need not be a member of the Company.

(C) Completion and return of the form of proxy will not
    preclude a member of the Company from attending the EGM
    and voting in person. In such event, his form of proxy
    will be deemed to have been revoked.

(D) A form of proxy for the EGM is enclosed in the Circular.
    In order to be valid, the form of proxy together with the
    power of attorney or other authority, if any, under which
    it is signed, or a notarially certified copy of such power
    or authority, must be deposited at the principal place of
    business of the Company at Room 1502, Tower 6, China Hong
    Kong City, 33 Canton Road, Tsimshatsui, in Kowloon, Hong
    Kong, not less than 48 hours before the time for holding
    the EGM or before any adjournment.

(E) T.C.L. Industries Holdings (H.K.) Limited and its
    associates are required to abstain from voting in respect
    of the Ordinary Resolution No. 2 in accordance with the
    Rules Governing the Listing of Securities on The Stock
    Exchange of Hong Kong Limited.

(F) The board of Directors is composed of Li Dong Sheng, Yuan
    Xin Cheng, Liu Fei, Yan Yong, Vincent, Du Xiaopeng, Simon,
    Guo Aiping, George and Wong Toe Yeung as executive
    Directors; Shi Cuiming, Wang Chongju and Lau Siu Ki, Kevin
    as independent non-executive directors.

CONTACT:  

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


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

HINDUSTAN ANTIBIOTICS: INR136-crore Rehab Package Gets Nod
----------------------------------------------------------
The Committee of Secretaries in New Delhi has approved an  
INR136-crore revival package for Hindustan Antibiotics Limited,  
The Times of India reports.

One more approval is required from the Union Government before  
the drug manufacturer could begin its rehabilitation. The much-
awaited nod is expected to come through in the next couple of  
months.

HAL, set up in 1954, was issued a winding-up notice by the Board  
for Industrial Finance and Reconstruction (BIFR) three years  
ago. But the new administration decided to revive the state-
owned pharmaceutical firm in order to serve the public.

The revival package originally included the sale of 27.71  
hectares of prime land, but was later modified. A fresh proposal  
involving a capital infusion of INR136-crore was submitted by  
the Fertilizer and Chemical Ministry to the Union Cabinet for  
approval.


HYDERABAD INDUSTRIES: Jasidih Unit Resumes Production
-----------------------------------------------------
The State Government of Jharkhand has referred the industrial  
dispute between the management and workers of Hyderabad  
Industries Limited to the Industrial Tribunal, Ranchi, for  
adjudication.

In addition, the government prohibited the strike in connection  
with the dispute to continue.  

In view of this, the production operations of the said unit  
resumed on January 19, 2006.

CONTACT:

Hyderabad Industries Ltd
Sanathnagar  
Hyderabad 500018   
Andhra Pradesh   
Phone: 23700601      
Fax: 23701227; 23702400   


IT PEOPLE: Members' EGM Fixed February 10
-----------------------------------------
The members of IT people India will hold an Extraordinary  
General Meeting on February 10, 2006 to consider:

  1. the subdivision of Equity Shares valued at INR10 each in
     the share capital of the Company fully paid up into 5
     Equity Shares valued at INR2 each fully paid up. The move
     will make the amount paid on each reduced share equal to
     that of which the reduced share is derived;

  2. the creation, issuance, offer and allotment of Equity
     Shares, Redeemable and/or Convertible Preference Shares,
     Partly or Fully Convertible Debentures, American
     Depository Receipt, Global Depository Receipt, Foreign
     Currency Convertible Bond, other security or securities,
     warrants entitling the holders to subscribe for and have
     allotted equity Shares at Par and/or premium, aggregating
     to the value of INR1250 million including green shoe
     option, if any, as may be determined by the Board;

  3. the offer, issuance and allotment of 7,50,000 5%
     Redeemable Optionally Convertible Bonds valued at INR80
     each to the Promoter of the Company;

  4. the appointment of Adi Cooper as whole-time director of
     the Company for a period of three years, effective
     October 11, 2005;

  5. the appointment of Ketan Sheth as managing director of
     the  Company for a period of five years effective
     January 09, 2006; and

  6. the granting of Stock Options out of the existing IT
     People Equity Option Plan, 2005, which is in force
     pursuant to the shareholders resolution passed on
     September 30, 2004, to the non-Executive directors,
     including independent directors duly appointed by the
     Company.  
  
CONTACT:  

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


KHATOO SYNTHETICS: Unveils Outcome of Board Meeting
---------------------------------------------------
At a meeting on January 16, 2006, the Board of Directors of  
Khatoo Synthetics Limited:

   1. considered and approved the appointment of Amjad
      Shariff, M R Rajagopalan, Rajeev Agarwal and Uma
      Karthikeyan as additional directors;

   2. considered and accepted the resignation letter received
      from existing directors, Usha Venkatramani and R.
      Dhakshinamurthy;

   3. appointed Vatsala Ranganathan as the Company's new
      chairperson.

   4. Considered and Approved the Draft offer document for issue  
      of shares and share warrants on Rights basis.

CONTACT:

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


SANYO-BPL: Aims to Gain Foothold in India
-----------------------------------------
Sanyo-BPL Pvt Limited formally rolled out its consumer  
electronics and home appliance products last Tuesday, News India  
says.

The company, a joint venture of Japan's Sanyo Electric Company  
Limited and India's BPL Limited, aims to grab a 17% market share  
in its segments over the next five years.

Sanyo-BPL will leverage the strengths of two leading brands to  
deliver "cutting edge" products to customers.  

The firm will launch a nationwide campaign for the new brand by  
the end of the month. The newly launched products include CTVs,  
LCD, plasma and rear projection TVs, washing machines,  
refrigerators and microwave ovens. The company will soon bring  
in air conditioners and digital cameras.


WESTERN INDIA: Suspends Floating Dry-dock Operations
----------------------------------------------------
Western India Shipyard Limited will suspend the operations of  
its Floating Dry-dock of 20000 TLC from January 21, 2006, to  
February 10, 2006, to carry out mandatory repairs in order to  
maintain its statutory classification certificates.

This will have a material impact on the Company's operation and  
performance for the year ended March 31, 2006.  

The Company's ship-repair operations at its shipyard at Marmugao  
Harbor, Goa will continue at its wet repair berths.

CONTACT:

Western India Shipyard Limited
P.O.Box No. 21, Mormugao Harbour,
Mormugao, Goa - 403803
India
Phone:(+91) 0832 2520252/3/4/5/6/7
Fax:(+91) 0832 2520258, 2520264
Web site: http://www.westinshp.com/  


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

ADARO INDONESIA: Moody's Affirms Ba3 Corporate Rating
-----------------------------------------------------
On January 18, 2006, Moody's Investors Service affirmed the Ba3  
local currency corporate family rating for PT Adaro Indonesia  
and the Ba3 foreign currency rating for Adaro Finance B.V.'s  
US$400 million senior secured notes due in 2010. The rating  
agency also removed both ratings from their provisional status,  
with a stable rating outlook.  

This rating action follows the completion of the issuances of  
the senior secured notes and the US$200 million 4-year  
amortizing senior bank debt. The outlook for the ratings is  
stable.  

The proceeds of the notes and bank debt were primarily used to  
refinance existing secured bank debt and repay a portion of the  
mezzanine financing, which were incurred to finance shareholder  
acquisitions of Adaro and other firms.  

PT Adaro Indonesia operates one of the world's largest sub-
bituminous coal mines in Kalimantan, Indonesia. The Company's  
production in 2004 was 24.3 million tons.  

Adaro is owned by a group of Indonesian and international  
investors, including the Edwin Soeryadjaya group and Theodore  
Permadi Rachmat group.  

The two groups together beneficially own 64% of the Company. The  
balance is owned by international investors, including Noonday  
Asset Management (a part of Farallon Capital), GIC of Singapore  
and the Kerry Group.  

CONTACT:

PT Adaro Indonesia
7th Floor,  World Trade Center
Jl. Jend Sudirman Kav 29-31
Jakarta, Indonesia
Phone: 62 021 521 1255
Fax:   62 021 521 1266
Web site: http://www.ptadaro.com


DAVOMAS ABADI: Senior Notes Rated B+ by Standard & Poor's
---------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to  
the proposed five-year US$150 million guaranteed senior notes to  
be issued by Davomas International Finance Co. Pte. Limited, a  
special-purpose financing vehicle wholly owned by PT Davomas  
Abadi Tbk.

According to Standard & Poor's credit analyst Royston Quek, the  
rating on the proposed notes reflects Davomas' corporate credit  
rating, as the notes will be unconditionally and irrevocably  
guaranteed by the Company, and will rank pari passu with any of  
its existing and future senior unsecured obligations.

Davomas is Indonesia's largest midstream cocoa processor, and  
produces cocoa butter and cocoa powder. The Company's current  
production capacity stands at 60,480 metric tons per annum  
(tpa), and is constructing two new production lines to add  
40,320 tpa by the end of first-quarter 2006.  

Davomas intends to use US$49.5 million of the note proceeds to  
increase its capacity to 141,120 tpa by the first half of 2007.  
Another US$75.9 million will be used refinance all existing  
borrowings, and the remaining will be set aside for working  
capital and general corporate purposes.

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


DIRGANTARA INDONESIA: In Talks to Sell Aircraft to Jordan
---------------------------------------------------------
The Jordanian government keen on acquiring two CN 235 aircraft  
from state-owned aircraft maker PT Dirgantara Indonesia, Asia  
Pulse reports.

The two countries are currently working out an optimum payment  
scheme for the aircraft purchase.

The Indonesian government, according to Middle East Affairs  
Director A. Chandra Salim, is also willing to offer its products  
to the Jordanian government under a counter-trade system.  
Otherwise, it has to look for export credit from outside  
parties.

Negotiations with the Jordanian government are expected to be  
completed by year's end.

The recent interest from the Middle East has boosted  
Dirgantara's chance to turn its lackluster finances around.

The aircraft manufacturer has finally found a niche in the  
airplane manufacturing industry with its production of short-
distance aircraft.

CONTACT:  

PT Dirgantara Indonesia  
Jl. Pajajaran no. 154 Bandung 40174,  
Indonesia  
Phone: 62-22-6034562, 62-22-6010754, 62-22-6010759  
Fax:   62-22-6019538, 62-22-6075671, 62-22-6031696  
e-mail: infosales@indonesian-aerospace.com  
Web site: http://www.indonesian-aerospace.com   


KIANI KERTAS: Major Creditor Rejects Tycoon's Bid
-------------------------------------------------
Billionaire Putera Sampoerna failed to seal a takeover agreement  
with PT Kiani Kertas after the firm's largest creditor refused  
his offer, Dow Jones reports.

Mr. Sampoerna was unable to work out details of a takeover  
agreement with Bank Mandiri, despite an initial agreement in  
January 2, 2006.

Bank Mandiri claims the conditional debt sale and purchase  
agreement proposed by Mr. Sampoerna was not in line with what  
was originally agreed.

The bank believes the conditional agreement did not protect itd  
interests, and so the takeover bid was abandoned on January 17,  
2006.

This is Bank Mandiri's second failed attempt to clear the debts  
of Kiani Kertas. It had previously rejected a bid from  
Singaporean firm United Fiber System Limited, citing that the  
proposal did not meet its requirements. Nevertheless, the bank  
will continue to restructure the troubled firm's debts.

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   


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

JAPAN AIRLINES: Drops Four More International Routes  
----------------------------------------------------
Japan Airlines Corporation (JAL) will discontinue flights on  
four international routes by fall, Japan Times reports.

The decision will affect one flight from Kansai International  
Airport to Los Angeles and others from Narita Airport to Las  
Vegas.

The move comes as the airline struggles to come up with a  
rebuilding plan after losing customers over string of safety  
mishaps involving maintenance crews and flight attendants. The  
carrier is also being hit hard by surging fuel costs.

JAL is now focusing on lucrative routes and hopes to bring its  
international services back into profit by next year.

CONTACT:   

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


KONICA MINOLTA: Ends Camera Era  
-------------------------------
As a part of Konica Minolta Group's restructuring, the company  
will implement a withdrawal program for its camera and photo  
businesses and will aggressively shift its management resources  
to other Konica Minolta Group companies.  

In a company press release, the company announced it will slash  
its global workforce by 3,700 from the current 33,000 through an  
early retirement offering by September 30, 2007.  

The restructuring costs are already included in the forecast for  
fiscal year ending March 31, 2006.

A detailed copy of the press release is available free of charge  
at http://bankrupt.com/misc/tcrap_konicaminolta012306.doc  

CONTACT:  

Konica Holdings Inc. Company  
1-6-1 Marunouchi, Chiyoda-ku  
Tokyo 100-0005, Japan    
Phone: +81-3-6250-2100   
Fax: +81-3-3218-1368  


KONICA MINOLTA: Sony Gets Digital SLR
-------------------------------------  
Since July 2005, Sony Corporation and Konica Minolta Photo  
Imaging, Inc. have been working on the joint development of  
digital single lens reflex (SLR) cameras.  

Sony, Konica Minolta Holdings, Inc. and Konica Minolta PI  
announced that they have decided to transfer a certain portion  
of Konica Minolta PI 's assets related to digital SLR cameras to  
Sony, and at the same time, that Konica Minolta PI will consign  
its customer service operation for Konica Minolta cameras and  
related products* to Sony. Agreement to this effect was reached  
on January 19, 2006.

Under this agreement, Sony will receive certain assets from  
Konica Minolta PI that are necessary for the development,  
design, production and so forth of digital SLR cameras  
compatible with Konica Minolta PI's "Maxxum/Dynax lens mount  
system" on March 31, 2006. ** Sony will accelerate development  
of new digital SLR cameras based on and compatible with the  
Maxxum/Dynax lens mount system with a view to marketing these  
models this summer.

On the basis of its ongoing "selection and concentration",  
Konica Minolta Group will concentrate on its core "business  
technologies" field and its strategic "optics and display  
devices" field and withdraw from camera business*** as of March  
31, 2006. At the same time, Konica Minolta PI will partially  
transfer certain assets related to digital SLR cameras to Sony.

>From April 1, 2006, Konica Minolta PI will consign the customer  
service operations for Konica Minolta cameras and related  
products* to Sony, and Sony will implement service operations  
from that date onward.

* Konica Minolta, Konica and Minolta brand film cameras,  
digital still cameras, lenses, accessories etc.

** An original lens mount system to connect camera body and  
lens adopted in Konica Minolta Maxxum/Dynax series SLR cameras

*** Excludes production of digital SLR cameras and  
interchangeable lenses for Sony


KONICA MINOLTA: Signs Consignment Deal with Noritsu
---------------------------------------------------  
Noritsu Koki Co. Ltd. and Konica Minolta Photo Imaging Inc. have  
reached an agreement to consign service and maintenance  
operations of Konica Minolta brand* minilabs and peripheral  
equipment to Noritsu Koki. The two firms have signed a basic  
agreement on January 19, 2006.
  
Minilabs are mainly installed in retail photo shops to develop  
color films and to print digital photo images, and are  
contributing to improving efficiency and convenience of  
photofinishing. Because of the convenience they provide,  
minilabs became indispensable for photo industry and the total  
number of minilabs installed worldwide is presumed to be 150,000  
units.

Noritsu Koki, as a leading manufacturer of minilabs and  
peripheral equipment, has always made efforts in meeting the  
needs of customers and developed attractive products full of  
unique know-how and ideas. In addition, by establishing  
proprietary sales and service channels, Noritsu Koki's products  
have been well accepted in 180 countries and have been ensuring  
satisfaction to various customers worldwide. Furthermore,  
Noritsu Koki is always endeavoring to quickly perceive customer  
needs and reflect them directly in the development of products  
and services.

Konica Minolta Group, in order to concentrate in its core  
"business technologies" business and its strategic "optics and  
display devices" business on the basis of "selection and  
concentration", has decided to withdraw from its photo business.  
In relation to this, Konica Minolta PI will cease production of  
minilabs by the end of March 2006. Since Konica Minolta PI would  
like to ensure the continuous maintenance of existing minilabs  
it has sold to-date even after ceasing production, Konica  
Minolta PI decided to consign its headquarters' service and  
maintenance operations for Konica Minolta brand* minilabs and  
peripheral equipment installed worldwide (excluding certain  
areas) to Noritsu Koki.  

As for the service and maintenance currently provided by Konica  
Minolta PI's sales companies, regions will consider them  
individually later.

On the basis of the agreement reached Friday last week, Noritsu  
Koki will succeed service and maintenance operations of Konica  
Minolta brand* minilabs and peripheral equipment as of April 1,  
2006 onward.

*Konica Minolta brand includes Konica brand as well.


LIVEDOOR CO.: Authorities Suspect Evidence Destruction
------------------------------------------------------
Prosecutors investigating Livedoor Co. discovered thousands of  
e-mail messages had been deleted from the firm's computers,  
indicating possible attempts to destroy evidence linked to  
alleged securities law violations, Japan Today reports.

The Tokyo District Public Prosecutors Office raided the company  
headquarters in Tokyo on Monday evening on suspicions that it  
violated securities laws.

The authorities also confiscated 100 personal computers  
belonging to employees and executives. They also retrieved data  
saved on the company's computer server.

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

CONTACT:

Livedoor Co. Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi, Minato-ku
Tokyo, 106-6138  
Japan  
Phone: +81-3-5788-4753   


LIVEDOOR CO.: Faces Delisting from Tokyo Bourse  
-----------------------------------------------
The Tokyo Stock Exchange (TSE) may delist the stock of the  
Livedoor Co. if it will not disclose more information concerning  
alleged illegal practices, Jiji Press reports.
  
TSE President Taizo Nishimuro said it will continue to urge  
Livedoor to disclose information.  

"If their disclosure does not improve, we will have to consider  
other steps," he said.

Livedoor is facing allegations it released false information to  
push up its stock price. The company is also accused of  
falsifying its earnings report.  

The company announced last week that it was probing the alleged  
falsification and would announce its findings as soon as  
possible.  


MITSUBISHI MOTORS: Australia Cuts 250 Jobs
------------------------------------------
Mitsubishi Motors Australia plans to axe 250 jobs at its  
Adelaide vehicle assembly plant as rising petrol prices bite  
into the large car market, The Age reports.

The carmaker wanted the affected workers to visit its Tonsley  
Park assembly operations facility to take voluntary redundancy  
packages and finish up by the end of March.

Mitsubishi officials were not available for immediate comment.

CONTACT:

Mitsubishi Motors Australia Ltd.
Clovelly Park
Adelaide, South Australia 5042
Australia
Phone: +61 8 275 7111  


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

COCA-COLA KOREA: Forges 3-Year Supply Agreement with Alcoa
----------------------------------------------------------
Alcoa Closure Systems International (CSI) business has entered  
into several supply agreements with Coca-Cola Korea Bottling  
Company (CCKBC), the leading beverage company in South Korea,  
for various plastic closure products.

Alcoa CSI Korea signed a three-year supply agreement starting  
this year to provide its 28 mm TS-Lok plastic water closure for  
CCKBC's Soonsoo 100 (TM) (Soonsoo 100(TM) means 100% Pure Water)  
bottled water brand.  

Bottled Water is the fastest-growing beverage in South Korea.   
Alcoa CSI Korea also extended its agreement with CCKBC to  
provide its 28 mm hot-filled plastic closures for various Coca-
Cola brands sold in South Korea including Minute Maid and Qoo, a  
juice drink, and has signed a one-year exclusive supply  
agreement for its 38mm Extra-Lok plastic closure as well.  CSI  
has supplied CCKBC with its 38mm and 43mm hot filled closures  
for Powerade since 2000.

"Alcoa CSI is pleased to extend our collaboration with CCKBC in  
providing closures for its many products as CCKBC continues to  
grow its business in the Asian market," said Peter Leung,  
General Manager Alcoa CSI, Asia Pacific.

Alcoa's TS-Lok is a lineless compression-molded closure with a  
patented mechanical tamper-evidence feature. The top, inside and  
outside sealing provides integrity for consumer satisfaction,  
reduces liability and protects product quality. It is especially  
designed for bottled water. The hot-filled plastic closures are  
for juice and isotonic beverages.

A detailed copy of the Press Release is available free of charge  
at http://bankrupt.com/misc/CocaColaKorea011706.pdf

CONTACT:

Coca-Cola Korea Bottling Company Ltd
84-11, 5-Ka, Namdaemun-Ro, Chung-Ku
Seoul 100-753
South Korea
Telephone: 822 2259 5888
Fax: 822 2259 5593


DAEWOO ENGINEERING: Accepting Bids Until January 27
---------------------------------------------------
Creditors of Daewoo Engineering & Construction Co. may submit  
their final bids until Friday, January 27, 2006, reports Yonhap  
News Agency.

The Korea Asset Management Corp. (KAMCO) expected to receive 10  
preliminary bids Friday last week.  Around 18 companies have  
shown interest to acquire Daewoo Engineering.

The three major contenders for Daewoo Engineering stake are:

     * Kumho Asiana Group, which owns Asiana Airlines,  

     * Doosan Group, whose business portfolio ranges from
food     
       to power plants,

     * Hanwha Group, whose flagship unit is a leading explosives  
       maker.
       
Small players reportedly formed a consortium to make bids.

Citi Global Market Securities and Samsung Securities were  
appointed as co-managers for the sale in November 2004. They  
will short-list the bidders by the end of this month.  By next  
month, they will conduct a due diligence on the builder's assets  
and liabilities.

The preferred bidders will be selected in April after the final  
bidding in March.

CONTACT:

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


LG CARD: Swelling Price Worries Woori
-------------------------------------
Woori Financial Group plans to withdraw its planned purchase of  
LG Card Co. because of the latter's ballooning sale price,  
according to The Korea Times.

Woori is concerned the price hike would become a financial  
burden to the company.

Chairman Hwang Young-key said he is still keen on buying the  
card firm, but he still needs to consult the Group about the  
plan.

As a precautionary measure, Woori will make a feasibility study  
about setting up its own card subsidiary.

Citibank Korea, the National Agricultural Cooperative Federation  
and Shinhan Financial Group have also expressed interest to bid  
for Daewoo.

The Korea Development Bank, LG Card's largest shareholder has  
picked Sojong Partners and Deloitte Anjin LLC as lead advisors  
for the sale.

CONTACT:

LG Card Company Limited
Fax: (02) 3420-7002
e-mail: webmaster@card.lg.co.kr
Web site: http://www.lgcard.com


SAMSUNG CARD: Net Loss Widens by 18%
------------------------------------
Samsung Card Co.'s net loss for 2005 surged to KRW1.31 trillion,  
up 18 percent from the previous year, Asia Pulse said.

The Company attributes the loss to economic slowdown and  
sluggish domestic consumptions.

Revenue plunged 19.9 percent to KRW2.41 trillion, while  
operating loss stood at KRW1.38 trillion, a slight improvement  
from a KRW1.51 trillion deficit the previous year.

The company did not release quarterly results.

CONTACT:

Samsung Card Co. Ltd.
West Wing, Eunseok bldg.,
1-7, Yeonji-Dong, Jongro-Gu,
Seoul, South Korea 110-754
Phone: +82-2-1588-8700
Fax:   +82-2-756-8942
Web site: http://www.samsungcard.co.kr/


SAMSUNG ELECTRO-MECHANICS: Aims to Book Revenue This Year
---------------------------------------------------------
Samsung Electro-Mechanics Co.'s net loss dropped in the fourth  
quarter of 2005 despite restructuring changes and a strong local  
currency, Yonhap News Agency reports.

A strong won affected its bottom line as the local currency  
appreciated 2.3 percent against the U.S. dollar, the Company  
said.

Net Loss for the third quarter of 2005 reached KRW9.9 billion  
compared to a deficit of KRW25.8 billion the previous year.  
The Company posted a seven percent increase in revenue from a  
year ago to KRW610.6 billion in the October to December period.
Operating profit amounted KRW26.3 billion, a turnaround from a  
KRW63.6 billion loss in 2004. For 2005, Samsung Electro-
Mechanics posted a net loss of KRW67.3 billion.  Sales  
constitute KRW2.23 trillion.

Last year, the Company halted operations of eight of its  
overseas plants.

The Company has completed the restructuring process. It aims to  
book KRW3.1 trillion in revenue this year.

Samsung has set aside KRW390 billion for facility investments, a  
95 increase from last year to achieve its goal.  About KRW290  
billion will be spent for research and development.

CONTACT:

Samsung Electro-Mechanics Co.
314, Maetan-3-dong, Paldal-gu, Suwon City,  
Gyeonggi Province 442-743  
Phone Number: +82-31-210-5114  
Fax Number: +82-31-210-6363  
Web site: http://sem.samsung.com/


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

AVANGARDE RESOURCES: Issues Information on Ceratrade Petition  
-------------------------------------------------------------
At Bursa Malaysia Securities Berhad's request, Avangarde  
Resources Berhad issued certain information regarding the wind-
up petition submitted by Ceratrade (M) Sdn. Bhd. on account of  
its MYR53,281.58 claim:

   (1) The date of the presentation of the winding-up petition
       was on January 16, 2006.

   (2) The Petition is for an alleged outstanding balance
       price of goods sold and delivered claimed by Ceratrade
       (M) Sdn. Bhd. to Jayarena Construction Sdn. Bhd. -- a
       wholly owned subsidiary, which Jayarena is disputing.

   (3) The financial and operational impact on the proceeding
       amounts to MYR53,281.58, together with an 8% annual
       interest.

   (4) The expected losses on the proceeding amounts to
       MYR53,281.58 together with an 8% annual interest.

  (5) The Company has engaged the solicitor to defend the said
      petition.

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


BOLTON BERHAD: Scheme & Acquisition Approval Period Extended
------------------------------------------------------------
Bolton Berhad issued an update to:

(I) the proposed acquisition of the remaining ordinary shares
     of MYR1.00 each in Kejora Harta Bhd (Kejora) not owned by
     Bolton through a members' Scheme of Arrangement of Kejora
     under Section 176 of the Companies Act, 1965; and  

(II) the proposed acquisition of the remaining warrants in
     Kejora not owned by Bolton.

The approval of the Agreement for the Proposed Scheme and  
Proposed Warrants Acquisition dated July 18, 2005, is contingent  
on the fulfillment of certain conditions within six months from  
the date of the agreement.

This Approval Period expired on January 17, 2006.

Pursuant to the Agreement, the Approval Period is extended  
through April 17, 2006.

CONTACT:

Bolton Berhad    
5th Floor, Campbell Complex,
98 Jalan Dang Wangi,
Kuala Lumpur Wilayah Persekutuan 50100  
Malaysia
Telephone: 03-26981366    
Fax: 03-26927707


FOUNTAIN VIEW: Complies with Listing Requirement  
------------------------------------------------
The Board of Directors of Fountain View Development Berhad said  
that the Company's public shareholding as at December 31, 2005,  
is 71.69% comprising 16,615 public shareholders holding not less  
than 100 shares each.  

Thus, the Company has complied with the public shareholding  
spread requirement pursuant to the Listing Requirements of Bursa  
Malaysia Securities Berhad.

CONTACT:

Fountain View Development Bhd
Jalan Semangat
46100 Petaling Jaya, Selangor Darul Ehsan  
Malaysia
Telephone: +60 3 7960 8822
           +60 3 7960 8812


L&M CORPORATION: Liquidators to Discuss Fate of Company
-------------------------------------------------------
At Bursa Malaysia Securities Berhad's request, L & M Corporation  
(M) Bhd. released the findings of the investigative audit on the  
Company in accordance with the condition imposed by the  
Securities Commission following the approval of the corporate  
exercise of L&M dated May 23, 2003, which includes the transfer  
of L&M's listing status to Prinsiptek Corporation Berhad (then  
known as Itsucom Berhad).

L&M was delisted from the Second Board of Bursa Malaysia  
Securities Berhad (formerly known as Kuala Lumpur Stock  
Exchange) following the transfer of its listing status to PCB on
December 10, 2003. Upon PCB's listing on the Second Board of  
Bursa Malaysia Securities Berhad, L&M was not related to PCB in  
anyway.

L&M Corporation (M) Bhd advised on the outcome of the  
investigative audit that was required by the Securities  
Commission pursuant to the approval of L&M's workout proposal.

L&M was delisted on December 10, 2003, by Bursa Malaysia  
Securities Berhad and was placed under Creditors' Voluntary  
Liquidation on March 31, 2004.

In a report on the findings of the investigative report, dated  
August 16, 2004, the investigators disclosed that they "have not  
been able to investigate the causes for the loss sustained by  
L&M Group for the financial years ended December 31, 1998 to  
2002."

The investigators requested L&M to maintain its accounting  
records and other statutory records for a period of not less  
than seven years pursuant to Section 167 of the Companies Act  
1965. However, the report states that this has not been complied  
with.

In another investigative audit report, dated July 29, 2005, the  
investigators said, "Our findings of the investigative audit, as  
a whole, were limited by information known to the current  
management team and documents which they were able to locate. In  
the absence of information and documents to facilitate our  
investigative audit, we were compelled to conduct our  
investigative audit based on the limited information highlighted  
in the Enquiry Panel Report."

Based on the investigative audit reports, the Liquidators of L&M  
will liaise with the relevant authorities on any further actions  
to be taken.  

The liquidation of L&M will be concluded upon final clearance  
from the relevant authorities on the investigative audit.

A full-text table on the key sequence of events that led to the  
completion of the investigative audit is available for free at:

   http://bankrupt.com/misc/PrinsiptekCorporation011606.pdf


MAGNUM CORPORATION: Bourse to List, Quote New Shares
----------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Magnum  
Corporation Berhad's 50,000 new ordinary shares of MYR0.50 each,  
issued pursuant to the Employees' Share Option Scheme, on  
January 23, 2006.

CONTACT:

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


MENTIGA CORPORATION: Inks 4th SPA with Vendors
----------------------------------------------
Mentiga Corporation Berhad updates the proposed disposal of its  
56%-owned subsidiary, Selat Bersatu Sdn Bhd, of 18,900 ordinary  
shares of Indonesian Rupiah, 1,000,000 each in PT Rebinmas Jaya,  
representing its entire 90% equity interest in PTRJ to Delloyd  
Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash  
consideration of MYR61,200,000.

Mentiga announced in respect of the Sale and Purchase Agreement,  
Supplemental Agreement, Second Supplemental Agreement and Third  
Supplemental Agreement entered into between SBSB and Karli  
Boenjamin (collectively referred to as Vendors) and Delloyd  
Plantation Sdn Bhd and Taipan Hectares Sdn Bhd (collectively  
referred to as Purchasers) for the Proposed Disposal.

The Company advised that, on January 16, 2006, the Vendors and  
Purchasers have entered into a Fourth Supplemental Agreement to  
supplement the SPA, Second SA and Third SA in respect of:

(1) Sale Tax

    Under the laws of Indonesia, a sale tax of 5% will be
    levied on the total consideration for the Proposed
    Disposal and the disposal of five equity interests in
    PTRJ by Karli Boenjamin of MYR68,000,000.

    Under the Fourth SA, the Vendors and Purchasers have
    mutually agreed that the Sale Tax will be borne equally
    between the Vendors and the Purchasers, and any provision
    or stipulation in the SPA to the contrary will be deemed
    amended accordingly.

(2) Assignment of Debts

    Under the SPA, the Vendors are required to provide the
    Purchasers with an irrevocable confirmation and
    undertaking to waive, release and discharge all amounts
    owing by PTRJ to certain subsidiaries of Mentiga, namely
    SBSB and Mentiga Plantation Management Sdn Bhd.

    In addition, the Vendors are also required to provide the
    Purchasers with the irrevocable confirmation and
    undertaking from certain parties listed in the SPA to
    release and discharge all amounts owing by PTRJ to them.

    Under the Fourth SA, the Vendors have agreed to procure
    the written agreement of all the parties to assign their
    respective debts to the Purchasers for a nominal
    consideration of IDR100,000 each, and on such terms as may
    be stipulated by the Purchasers.

    In the event the Vendors are unable to procure the
    Assignment from all the parties involved, the Vendors will
    continue to be bound by their obligations under the SPA to
    provide the Purchasers with the irrevocable written
    confirmation and undertaking from the parties to release
    and discharge all amounts owing by PTRJ to them.

    The SPA will also be amended such that on completion of
    the Proposed Disposal, PTRJ will be free from all
    liabilities or obligations, other than the debts owing by
    PTRJ to the Purchasers under the Assignment.

(3) Extension of Time

    The Vendors and Purchasers have agreed to further extend
    the last date for the conditions precedent in the SPA to
    be fulfilled from January 17, 2006, to April 17, 2006
    (Third Extension of Time).

(4) Stakeholder Sum

    In consideration for the Third Extension of Time, the
    Vendors have, under the Fourth SA, agreed to release to
    DPSB MYR500,000 (Third Released Sum) from the
    MYR2.3 million (after deducting the total of MYR1.0 million
    previously released to DPSB (Previous Released Sums) under
    the Second SA and Third SA) currently held by the Vendors'
    solicitors as stakeholder, for the continued rehabilitation
    of the oil palm plantations belonging to PTRJ.  

    The Third Released Sum will be repaid to SBSB together with
    the Previous Released Sums and the balance consideration for
    the Proposed Disposal, in accordance with the SPA.

All other terms and conditions of the SPA, First SA, Second SA  
and Third SA will continue to be valid and binding.

CONTACT:  

Mentiga Corporation Berhad
Peramu Jaya
26607 Pekan, Pahang Darul Makmur 50400
Malaysia
Telephone: +60 443 9411/ +60 443 1233


METROPLEX BERHAD: Wind-Up Petition Fixed for Hearing Feb. 16
------------------------------------------------------------
Metroplex Berhad (MB) issued information regarding the winding-
up petition served on the Company by Morgan Stanley Emerging  
Markets Inc. (MSEMI).

Metroplex said that on January 18, 2006, the Kuala Lumpur High  
Court has:

(a) adjourned the hearing on the following applications to
    February 16, 2006, for a decision on:

      (i) MSEMI's application for the appointment of a
          Provisional Liquidator for MB; and

     (ii) MB's application to strike out MSEMI's winding-up
          petition.

(b) fixed the hearing on MSEMI's winding-up petition against MB
    for mention on February 16, 2006.

CONTACT:

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


PACIFIC & ORIENT: Buys Back New Shares
--------------------------------------
Pacific & Orient Berhad unveiled the results of its shares buy  
back held on January 18, 2006:

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

   Total number of shares purchased (units): 11,000

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

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

   Total consideration paid (MYR): 19,725.32

   Number of shares purchased retained in treasury (units):
   11,000  

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

   Cumulative net outstanding treasury shares as at to-date
   (units): 5,424,656  

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

A total of 2,920,033 treasury shares of the Company had been  
credited into the CDS Accounts of its entitled shareholders on  
January 16, 2006.  

However, due to an inadvertent oversight, that number of  
treasury shares was not deducted from the cumulative net  
outstanding treasury shares as announced by the Company in the  
"Notice of Shares Buy Back - Immediate Announcement" on January  
6-18, 2006.

As such, the cumulative net outstanding treasury shares held by  
the Company on January 16, 17, and 18, 2006, were 5,409,856  
units, 5,413,656 units and 5,424,656 units respectively, instead  
of the numbers stated in the earlier announcements.

CONTACT:  

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


PANTAI HOLDINGS: New Shares Set for Listing, Quotation Today
------------------------------------------------------------
Pantai Holdings Berhad's additional 227,800 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 effective January 23, 2006.

CONTACT:

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


PARK MAY: Unveils Content of Proposed Restructuring Scheme  
----------------------------------------------------------
Park May Berhad advised that its Proposed Restructuring Scheme  
comprise of:

(a) Konsortium Transnasional Berhad's acquisitions of these
    six subsidiaries of Kumpulan Kenderaan Malaysia Berhad:

    1. Kenderaaan Langkasuka Sdn Bhd,
    2. Kenderaan Klang Banting Berhad,
    3. Kenderaan Labu Sendayan Sdn Bhd,
    4. Starise Sdn Bhd,
    5. Syarikat Rembau Tampin Sdn Bhd, and
    6. Transnasional Express Sdn Bhd.

    KTB is the company which will assume the listing status of
    Park May pursuant to the Proposed Restructuring Scheme,
    for a total purchase consideration of MYR85,055,614.50,
    which was satisfied by the issuance of 170,111,229 new
    ordinary shares of MYR0.50 each in KTB at an issue price
    of MYR0.50 per Share;

(b) a voluntary offer by KTB to acquire all the issued and
    paid-up share capital of Syarikat Kenderaan Melayu
    Kelantan Berhad, comprising 7,250,620 ordinary shares of
    MYR1.00 each which was satisfied by the issuance of
    72,506,200 new shares in KTB at an issue price of MYR0.50
    per share on the basis of 10 new shares in KTB for every
    one existing ordinary share of MYR1.00 each held in SKMK;

(c) a voluntary offer by KTB to acquire all the issued and
    paid-up share capital of Tanjong Keramat Temerloh Utara
    Omnibus Berhad, comprising 1,054,653 ordinary shares of  
    MYR1.00 each, which was satisfied by the issuance of  
    7,382,571 new shares in KTB at an issue price of MYR0.50
    per share on the basis of seven new Shares in KTB for
    every one existing ordinary share of MYR1.00 each held in
    Keramat;

(d) a proposed exchange of all the existing ordinary shares of
    MYR1.00 each in Park May with new shares in KTB on the
    basis of two new shares in KTB for every three existing  
    ordinary shares of MYR1.00 each held in Park May prior to
    the Proposed Shares Cancellation;

(e) a proposed cancellation of the entire issued and paid-up
    share capital of Park May involving 74,996,022 ordinary
    shares of MYR1.00 each pursuant to Section 64 of the
    Companies Act of 1965 and the issuance of new ordinary
    shares of MYR1.00 each in Park May to KTB;

(f) a proposed debt restructuring of the entire MYR63.0
    million Commercial Papers outstanding of Park May by way
    of canceling the entire MYR63.0 million CP outstanding and
    the issuance of an equivalent nominal value of Irredeemable
    Convertible Secured Loan Stocks by KTB;

(g) a waiver to KKMB and parties acting in concert with it from
    the obligation to extend an unconditional mandatory general
    offer for all the remaining shares in KTB not already owned
    after the Acquisitions of Bus Companies and Proposed  
    Share Exchange;

(h) a proposed offer for sale or placement of the shares in KTB  
    held by KKMB to the Malaysian public or to investors to
    comply with the minimum 25% public shareholding spread  
    requirement; and

(i) a proposed admission of the entire enlarged issued and
    paid-up share capital of KTB to the official list of the
    Bursa Malaysia Securities Berhad and proposed delisting of
    Park May.

In the Company's previous announcements, it was stated that  
The parties -- Park May, KTB, Malaysian Trustees Berhad and  
Affin Discount Berhad -- being the sole holder of CP, had by way  
of a letter mutually agreed to extend the period to fulfill the  
conditions precedent of the DRA to December 31, 2005.  

In this respect, on behalf of the Company, AmMerchant Bank  
Berhad (a member of AmInvestment Group) advised that the Parties  
have mutually agreed on January 12, 2006, by way of a letter of  
agreement, to further extend the period to fulfill the  
conditions precedent of the DRA until June 30, 2006.  

The Letter of Agreement will be made available for inspection at  
the registered office of Park May at No. 38, Jalan Chow Kit, in  
50350 Kuala Lumpur during normal business hours from Mondays to  
Fridays for a period of three months.

CONTACT:

Park May Berhad
Lot 18115 Batu 5
Jalan Kelang Lama
58100 Kuala Lumpur  
Telephone: 0379827060  
Fax: 03-76254987  
Web site: http://www.parmayberhad.com


SOUTHERN BANK: Purchases New Shares
-----------------------------------
Southern Bank Berhad issued a notice of shares buy-back with the  
these details:  

   Buy-back period: from January 5, 2006, to January 13, 2006;

   Total number of shares purchased (units): 476,300

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

   Maximum price paid for each share purchased (MYR): 4.060  

   Total amount paid for shares purchased (MYR): 1,919,898.89  

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

   Number of shares purchased retained in treasury (units):
   476,300  

   Total number of shares retained in treasury (units):
   55,829,700  

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

   Total issued capital as diminished: 0  

   Date lodged with registrar of companies: January 18, 2006

   Lodged by: Southern Bank Berhad  

CONTACT:

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


SURIA CAPITAL: Updates Legal Suit Against Times Educational
-----------------------------------------------------------
Suria Capital Holdings Berhad unveiled the appeal it made to the  
Kuala Lumpur High Court, Suit No. S1-22-38-04 -- Times  
Educational Co. Sdn Bhd versus Suria Capital Holdings Berhad:

(a) The Senior Assistant Registrar's decision in dismissing
    SURIA's application to adduce fresh evidence relating to
    the Case; and

(b) The Summary Judgment dated January 7, 2005, under Order 14
    of the High Court Rules 1980 against SURIA, came up for
    hearing at the Kuala Lumpur High Court on January 18, 2006.

The Court had decided to upheld the Senior Assistant Registrar's  
decision and dismiss SURIA's appeal with cost.

However, the Company will be discussing with its solicitors as  
to the further conduct of the Case.

CONTACT:

Suria Capital Holdings Berhad
Karamunsing, Km 2.4 Jalan Tuaran
88300 Kota Kinabalu, Sabah 88300
Malaysia
Telephone: +60 8 8257 788 / +60 8 8256 410


TAP RESOURCES: Extends Completion of Agreement with Encik Yusoff
----------------------------------------------------------------
The Board of Directors of Tap Resources Berhad advised that on  
January 18, 2006, the Company and Pola Unik Sdn. Bhd. mutually  
agreed to extend the completion of the Shares Sale Agreement  
entered into between the Company and the Vendor, Encik Yusoff  
bin Berahim, for an additional six months as both parties  
require more time to complete the Proposed Acquisition.

CONTACT:

Tap Resources Berhad
No. 18, Block B,
Jalan 1/89B (Seksyen 92A),
Batu 3 1/2 Off Jalan Sungei Besi,
57100 Kuala Lumpur
Malaysia
Phone: 03-79823388
Fax: 03-79811329


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

MANILA ELECTRIC: Government Brushes Off Takeover Rumors
-------------------------------------------------------
The government is not planning to take over Manila Electric  
Company (Meralco), Energy Secretary Raphael P.M. Lotilla told  
The Philippine Star.

Mr. Lotilla dismissed speculation the government is working to  
take over the operations of the troubled power utility firm.  
According to Mr. Lotilla, the Department of Energy (DoE) is only  
drafting appropriate measures to mitigate the impact of the  
rising oil prices. The measures can ensure affordable  
electricity rates for all consumers including those in the  
Meralco franchise area.

Late last year, an Executive Order (EO) 467 has been drafted by  
the Department of Justice (DOJ) which will allow President  
Gloria Macapagal-Arroyo to have economic power to take over  
private enterprises engaged vital services to the public such as  
airports and transportation facilities, power and oil plants and  
media entities for a certain period.  

The EO will allow government takeover of these vital  
installations should the country need help in coping with the  
global oil crisis.  

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     


NATIONAL BANK: 2005 Net Profit Rises to Php610 Mln
--------------------------------------------------
Philippine National Bank's (PNB) net profit last year rose to  
Php610 million, about 73% more than the Php353.2 million it  
reported for 2004, The Philippine Daily Inquirer reports.

The bank did not provide details of last year's performance in a  
disclosure to the stock exchange.  
  
PNB previously reported a net profit of Php454 million for the  
first nine months of last year, or more than triple the Php142  
million it recorded for the corresponding period of 2004.  

"For year 2006, the bank is committed to hit its target budget,"  
the bank said, without saying how much it aims to earn this  
year.  

It would be the fourth straight year of profit for the bank,  
which is currently undergoing rehabilitation.

CONTACT:  

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


NATIONAL FOOD: Invites Private Sector to Import Rice
----------------------------------------------------
National Food Authority (NFA) is urging the private sector to  
increase its participation and eventually take over the  
importation of rice to fill the country's granary, The  
Philippine Star reports.

The cash-strapped food agency wants the private sector to join  
its rice import program to ease the burden on NFA, which has had  
to increasingly rely on bringing in the commodity to ensure  
stable supply and prices of rice.

According to The Philippine Star, a private sector takeover of  
NFA's responsibility will allow the state-run agency to  
gradually make a turnaround from its huge loss of Php22 billion  
last year.

The losses came mostly from importing rice at a high cost and  
selling them at prices lower than market rates. From 2001 to  
2005, NFA's import costs have gone up by 111% due to soaring  
rice prices. Its selling price, however, remained stagnant at  
Php15-16 per kilo for regular-milled rice and Php18 per kilo for  
well-milled rice.

NFA has challenged government policymakers to make the crucial  
decision on whether or not NFA should be allowed to continue its  
twin mandate of buying grains at above market prices from  
farmers and distributing these at cheaper prices to consumers.  

The agency is mostly involved in the trading of rice and corn.  
It implements the government's rice support program by buying  
palay from farmers and selling these at subsidized prices in  
strategic areas to stabilize prices. At the same time, it is  
mandated to handle the country's rice import program.  

Its conflicting tasks have caused NFA to absorb huge losses.  
With inadequate budgetary support, the NFA is finding it more  
difficult to fund its programs and has been relying on  
commercial loans to carry out its mandate.  

CONTACT:

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


NATIONAL POWER: Seeks More Time on Meralco Power Deal
-----------------------------------------------------
National Power Corporation (Napocor) and Manila Electric Company  
(Meralco) need another two weeks to settle the remaining issues  
in their transition supply deal, BusinessWorld reports.

The two power firms will ask the Energy Regulatory Commission  
(ERC) to extend the deadline, originally set on January 20, so  
they could "reasonably" iron out the kinks in the agreement.

ERC's ruling was made on December 15, but only came out in the  
second week of January, thus the firms need more time before  
they could finally sign the deal.

The bilateral power supply contract between the two ended on  
Dec. 31, 2004.

But on Jan. 4, 2005, the Energy Regulatory Commission (ERC)  
mandated the two firms to continue talks pending the  
consummation of a transition supply contract to avoid power  
outages in Meralco's franchise area.  

The deal, which will take effect five days after the signing,  
would be terminated upon the commercial operations of the  
wholesale electricity spot market (WESM). Thirty days before the  
deal is terminated however, Napocor and Meralco should already  
be able to resolve provisions under a longer deal via a  
bilateral contract.  

Bilateral contracts, based on EPIRA, will provide consumers with  
steady supply of power upon market deregulation.  

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  


RFM CORPORATION: Sees 10% Income Growth This Year
-------------------------------------------------
Food and beverage firm RFM Corporation expects its 2006 net  
income to grow 10% on rosy economic prospects and expectation of  
improved consumption spending, BusinessWorld says.

RFM President and Chief Executive Officer Joey Concepcion is  
optimistic the company will post a profit this year because of  
stabilizing prices of raw materials.

RFM has been stepping up cost-management efforts in order to  
boost earnings in the coming years.

CONTACT:

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


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

ALLIANCE TECHNOLOGY: Delays Execution of Scheme of Arrangement
--------------------------------------------------------------
Alliance Technology and Development Limited has entered into a  
revised scheme of arrangement with its creditors, Gallant  
Venture Pte Limited and PT Herwido Rintis.

Last July 19, 2005, the Company entered into a supplemental  
agreement to extend the date on which the proposed scheme would  
take effect to Oct. 4, 2005.

On January 18, 2006, the Company entered into another  
supplemental agreement with Gallant Venture Pte Limited and PT  
Herwido Rintis to further extend the execution date of the  
proposed scheme of arrangement to April 4, 2006.

CONTACT:

Alliance Technology and Development Limited
139 Joo Seng Road  
#06-01, ATD Center
Singapore 368362
Phone: 65 6749 1090
Fax:  65 6282 5377


CHINA AVIATION (S): Unit's Latest Fuel Tender is Oversubscribed
---------------------------------------------------------------
China Aviation Oil Trading Pte Limited, a wholly owned  
subsidiary of troubled jet fuel trader China Aviation Oil  
(Singapore) Corporation Limited, closed its latest physical Jet  
Fuel tender for deliveries in March to April 2006.

CAOT's latest tender was very successful and received responses  
from 17 physical jet-fuel suppliers, including oil majors,  
independent refineries and major trading houses. For this  
tender, a total volume of 460,000 metric tonnes of A-1 Grade Jet  
Fuel was awarded, and the tender was approximately 4.7 times  
oversubscribed.

CAOT will award the mandates to the most competitive tenderers  
and states that the tenders received for this latest tender  
exercise complied with CAOT's standard terms and conditions.

CAO Special Task Force Madam Gu Yanfei said,"I am happy that
major industry players continue to offer strong support for our  
tenders. Our jet-fuel procurement business will continue to be a  
key focus of the Company moving forward, as we progress through  
the final stages of our restructuring."

CONTACT:  

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


CITIRAYA INDUSTRIES: Seeks More Time to Disclose Results
--------------------------------------------------------
Upon application by Citiraya Industries Pte Limited, the  
Singapore Exchange Securities Trading Limited granted:

a) an extension of time to announce the Company's full year  
results for FY2005 to a date not less than seven days before the  
suspension of trading in the Company's shares is lifted;

b) an extension of time to announce the Company's quarterly  
results for each of the first three quarters of FY2005 to a date  
not less than seven days before the suspension of trading in the  
Company's shares is lifted; and

c) a waiver of requirement to issue annual reports pursuant to  
rule 707 of the Listing Manual, for as long as the Company  
remains under judicial management.

The Company lodged its application because:

1) it is not currently able provide any reliable financial  
statements with respect to the Company or its subsidiaries.

2) the Judicial Managers are still reviewing and examining the  
Company's business and affairs and the accounting records of the  
Company and its subsidiaries, and they are also reviewing the  
Company's prospects and options to determine the appropriate  
proposal to submit to the Company's creditors; and

3) the suspension of the Company's shares is still in effect.

If any proposal to preserve the Company as a going concern is  
submitted and apporived by the Company's creditors, the Judicial  
Managers will convene a meeting of the Company's shareholders to  
seek approval for the issuance of any shares required as part of  
such proposal.  

The Company's shareholders will be provided with all relevant  
information available to the Company and judicial managers for  
the meeting.

CONTACT:

Citiraya Industries Ltd
65 Tech Park Crescent
Singapore 637787
Telephone: 65 62644338
Fax: 65 62666731
Web site: http://www.citiraya.com  


DIGILAND INTERNATIONAL: Concludes Sale of Philippine Unit
---------------------------------------------------------
Digiland International Limited has completed the sale of its  
shares in subsidiary, MSI-Digiland (Philippines) Inc. to Jimmy  
D. Go.

The sale and the assignment of of MSI-Digiland's book  
receivables were concluded on January 4, 2006.  

As a result, MSI-Digiland (Philippines) Inc. Is no longer a  
subsidiary of the Company.

CONTACT:  

Digiland International Limited  
31 Ubi Road 1  
#02-00 Aztech Building  
Singapore 408694  
Phone: 65 6788 9898  
Fax:   65 6369 1613  
Web site: http://www.digiland.com.sg   


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

PACIFIC ASSETS: Considers New Unit; Looks for New Director
----------------------------------------------------------
At a meeting of Pacific Assets Public Co. Ltd. on January 19,
2006, the Board of Directors resolved:

  (1) To approve setting up a new subsidiary.

      Name of subsidiary: Pacific Phuket Company Limited.

      Registered Capital: THB5,000,000 for 50,000 shares at the
                          par value of THB100 per share.

      Major shareholder:  Pacific Assets Public Company Limited
                          holding approximately 100 percent of    
                          the registered capital.

      Source of fund: Working capital of the Company.

      Objective: To invest in hotel business and others.

Total value: The investment of THB5,000,000 in Pacific Phuket    
             Co. Ltd. is equal to 0.12 percent of Total Assets
             of the Company.

  (2) To acknowledge the resignation of Mr. Yukon Pamonmontri as
      Director from the Board of Directors of the Company
      effective January 16, 2006.

The Company is in the process of seeking a suitable person to
replace Mr. Yukon Pamonmontri as new director.

CONTACT:

Pacific Assets Public Company Limited   
Two Pacific Place, Floor 23,
142 Sukhumvit Road,
Khlong Toei, Bangkok  
Telephone: 0-2254-9900   
Fax: 0-2254-9909, 0-2254-9287


THAI AIRWAYS: SET Boss Wanted as President
------------------------------------------
Thai Airways International Public Co. Ltd. has tapped Stock  
Exchange of Thailand (SET) President Kittiratt na Ranong to  
apply for the carrier's presidential post, The Nation reveals.

Thai Airways believe that Mr. Kittiratt's extensive experience  
and knowledge in the financial sector would help improve the  
company's operations.

So far, Thai Airways has received seven applications, including  
four from within the Company. Among the outsiders applying are  
veteran financier Teerasak Suwannayos.  

The airline's outgoing President, Kanok Abhiradee, will vacate  
the post in March.

CONTACT:

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






                            *********

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

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

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

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