TCRAP_Public/060124.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Tuesday, January 24, 2006, Vol. 9, No. 017

                            Headlines

A U S T R A L I A

ALAN D SHROOT: Decides to Close Operations
AUSTRALIAN BLUEY: Members Favor Liquidation
BUCKINGHAM ROAD: Liquidator Details Wind Up Manner
CRYSTAL HOMES: Prepares to Pay Dividend
CADELLA INVESTMENTS: Placed Under Voluntary Liquidation

CUSTOM ERECT: Members Agree to Close Business
DEVRON DEVELOPMENTS: Inability to Pay Debts Prompts Wind-Up
EAU DE NIL: Shuts Down Operations
EMPIRE PARK: Declares Dividend
FINANCIAL INSTITUTIONS: Liquidators to Distribute Assets

FLO FORM: Members, Creditors to Get Liquidator's Report
FLORVINE PTY: Begins Wind-Up Activities
INCITEC PIVOT: Shares Optimistic Views for 2006
JACK N TRIT: Liquidator to Explain Wind-Up
LUBEN PTY: Distributes Final Dividend

ONE 900: Appoints Official Liquidators
PLACER DOME: Barrick Gains Control
PLACER DOME: Joins Gateway at Gidgee
PRECINCT INVESTMENTS: Members Pass Winding Up Resolution
STARADA PTY: Wind-Up Process Completed

STOCK MARKET: Enters Voluntary Liquidation
SYDNEY GAS: Queensland Gas Launches Takeover Offer
SYDNEY GAS: Notes Placement of Ordinary Shares
TRIS INTERNET: To Hold Final Meeting on January 31
WATTYL LIMITED: Takeover Bid Urges Special Dividend Offer

WATTYL LIMITED: Upbeat on Second-half Results
WESTONLEA PROPRIETARY: Members Resolve to Wind Up Firm
WESTPOINT CORPORATION: Collapse May Give Rise to Class Actions


C H I N A  &  H O N G  K O N G

CITILINK INVESTMENT: Creditors to Meet on Feb. 10
CYBERMALL LIMITED: Creditors' Meeting Scheduled on Feb. 10
GUANGDONG KELON: KPMG Probe Finds Illegal Money Transfer
HING TUNG: Meeting of Creditors Slated for February 10
HOME LOGISTICS: Creditors Will Meet in February

TSUN YIP: Company Gets Wind-up Order
YUEN HING: Court Enters Wind-Up Order


I N D I A

BHARAT PETROLEUM: KRL Merger Gets Board's Nod
FOOD CORPORATION: Denies PDS Wheat Shortage


I N D O N E S I A  

DIRGANTARA INDONESIA: Counts on Government to Buy More Planes
PERUSAHAAN LISTRIK: Obtains Gas to Run Power Plants
STAR AIR: Government Cancels License for Failure to Comply


J A P A N

HUSER LTD: Condo Buyers Want Company Declared Bankrupt
KONICA MINOLTA: Shares Surge on Exit From Camera Business
LIVEDOOR CO.: CEO Denies Securities Fraud Allegations
LIVEDOOR CO.: Stock Index Falls As Probe Sustains Unease
LIVEDOOR CO.: Fuji TV to Dissolve Livedoor Tie-up

MITSUBISHI MOTORS: Plans to Buy Stake in South East Motor
SONY CORPORATION: U.S. Closure Cuts 400 Jobs


K O R E A

DAEWOO ENGINEERING: 10 Firms Join Preliminary Bidding


M A L A Y S I A

AFFIN HOLDINGS: RAM Assigns AAA(bg) Rating to Medium-Term Notes
AMSTEEL CORPORATION: SC Rejects Subject Application
ASIAN PAC: RCSLS Resumes Trading Today   
DENKO INDUSTRIAL: Revises Quarterly Report  
LITYAN HOLDINGS: Submits Application for Proposed Scheme

MAGNUM CORPORATION: Buys Back New Shares
MEDIA PRIMA: Issues New Shares for Listing, Quotation
NALURI CORPORATION: Mandatory Offer to Push Through
PAN MALAYSIA: Holds Ordinary Share Buy Back  
PANTAI HOLDINGS: Converts ICULS to Ordinary Shares

PILECON ENGINEERING: Unit Enters Wind-Up Exercise
POH KONG: Directors Approve AGM Resolutions
SBBS CONSORTIUM: Seeks Extension of Restraining, Stay Order
SOON THEAM: Court Orders Dissolution
SOUTHERN BANK: Unveils Quotation of Warrants

SOUTHERN BANK: Issues New Warrants for Listing, Quotation
WAH SEONG: Commercial Papers, Medium-Term Notes Rated AA3/P1  


P H I L I P P I N E S

EVER GOTESCO: Board Approves Joel Go's Role
NATIONAL FOOD: Farmers Resist Import Scheme
NATIONAL FOOD: 380,500 Sacks of Rice Arriving in Palawan
NATIONAL POWER: Regulator Considers Next Move
PHILIPPINE TELEGRAPH: Dispute with Smart Heats Up

UNITED COCONUT: Seeks Debt-Equity Conversion


S I N G A P O R E  

ARISTAR HOLDINGS: Creditors' Proofs of Claim Due February 20
ESCOLSING PTE: Creditors Meet to Discuss Liquidation Report
ESENCO PTE: Intends to Pay Dividend to Creditors
HSBC CAPITAL: Receiving Debt Claims Until February 20
MAY LEE: Court Issues Winding Up Order

RICHMALL HOLDINGS: Creditors to Receive Dividend


T H A I L A N D

INTER FAR EAST: To Resume Trading After Rehabilitation
THAI AIRWAYS: Clips Wings on Direct Australian Flights
THAI PETROCHEMICAL: Share Sale Proceeds Used to Repay Creditors
BOND PRICING: For the Week 23 January to 27 January 2006

     -  -  -  -  -  -  -  -  

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

ALAN D SHROOT: Decides to Close Operations
------------------------------------------
Members and creditors of Alan D Shroot Pty Limited held a  
meeting on December 15, 2005, and agreed to wind up the Company  
voluntarily.

Paul Driver
Liquidator
c/o Hardwicke's Chartered Accountants
6 Phipps Close, Deakin ACT 2600


AUSTRALIAN BLUEY: Members Favor Liquidation
-------------------------------------------
At Australian Bluey Company Pty Limited's extraordinary general  
meeting on December 15, 2005, members resolved that it is in  
the Company's best interests to liquidate its operations.

Gregory John Keith was appointed to oversee the wind-up.

Gregory J. Keith
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


BUCKINGHAM ROAD: Liquidator Details Wind Up Manner
--------------------------------------------------
A final meeting of the members and creditors of Buckingham Road  
Transport Pty Limited will be held for the parties to receive  
the liquidator's final account showing how the Company was  
wound up, and to pass a resolution to destroy the Company's  
books and records.

The meeting will be held on January 31, 2006, at 11:00 a.m.

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


CRYSTAL HOMES: Prepares to Pay Dividend
---------------------------------------
Crystal Homes Pty Limited will declare a first and final  
dividend on January 31, 2006.

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

R. M. H. Cole
Liquidator
Cole Downey & Co. Chartered Accountants
Level 1, 22 William Street
Melbourne Vic 3000


CADELLA INVESTMENTS: Placed Under Voluntary Liquidation
-------------------------------------------------------
On December 16, 2005, the members of Cadella Investments Pty  
Limited agreed to wind up the Company's operations
voluntarily.    
They also appointed Ian Richard Hall and David Clement Pratt as  
liquidators for that purpose.

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


CUSTOM ERECT: Members Agree to Close Business
---------------------------------------------
At a general meeting of the members of Custom Erect Pty Limited  
on December 15, 2005, it was resolved that a voluntary wind-up  
of the Company is appropriate and necessary.

Moreover, Richard Albarran was appointed as liquidator for the  
wind-up.

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


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

In that regard, Goeffrey McDonald and Richard Albarran were  
appointed to oversee the Company's liquidation activities.

Richard Albarran
Geoffrey McDonald
Liquidators
c/o Hall Chadwick
Level 29, 31 Market Street
Sydney NSW 2000


EAU DE NIL: Shuts Down Operations
---------------------------------
Members of Eau de Nil Pty Limited convened on December 20,  
2005, to liquidate the Company's business operations.

Subsequently, the members named Paul Burness to administer the  
wind-up activities.

Paul Burness
Liquidator
Worrells Solvency & Forensic Accountants
Level 5, 15 Queen Street
Melbourne Vic 3000
Phone: 03 9613 5500
Fax:   03 9614 3233
Web site: http://www.worrells.net.au


EMPIRE PARK: Declares Dividend
------------------------------
Empire Park Home Units Pty Limited will declare its first and  
final dividend on January 30, 2006.

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

J. A. Shaw
Liquidator
Ferrier Hodgson (Newcastle)
PO Box 840, Newcastle NSW 2300
Phone: 02 4908 4444
Fax:   02 4908 4499


FINANCIAL INSTITUTIONS: Liquidators to Distribute Assets
--------------------------------------------------------
After their general meeting on December 23, 2005, the members  
of Financial Institutions Consulting Group Pty Limited resolved  
to close the Company's business operations and distribute the  
proceeds of its assets.

As a result, Peter Burton and Brian Allen were appointed as  
liquidators.

Brian Allen
Peter Burton
C/o Burton Glenn Allen Chartered Accountants
Level 2, 57 Grosvenor Street
Neutral Bay NSW
Phone: 02 9904 4644
Fax:   02 9904 9644


FLO FORM: Members, Creditors to Get Liquidator's Report
-------------------------------------------------------
The final meeting of the members and creditors of Flo Form Pty  
Limited is slated for January 31, 2006, at 10:00 a.m., to get  
an account of the manner of the Company's wind-up and property  
disposal from the liquidator, John Vouris.

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

Proxies who will attend the meeting must be lodged with the  
liquidator by 4:00 p.m., on January 30, 2006.

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


FLORVINE PTY: Begins Wind-Up Activities
---------------------------------------
Members of Florvine Pty Limited held a meeting on December 21,  
2005, and agreed on the Company's need to liquidate.  They  
named Gregory Stuart Andrews to manage the Company's wind-up  
activities.

Gregory S. Andrews
Liquidator
G. S. Andrews & Associates
22 Drummond Street, Carlton Vic 3053
Phone: 03 9662 2666
Fax:   03 9662 9544


INCITEC PIVOT: Shares Optimistic Views for 2006
-----------------------------------------------
Incitec Pivot Limited is positive about its performance in 2006  
after having met all its financial targets so far and after  
showing an improvement in its operations in the first quarter  
this year as compared to that of the previous year, The Age  
reveals, citing Incitec Chairman John Watson.

The Troubled Company Reporter - Asia Pacific reported on  
November 18, 2005 that the fertilizer producer has booked a  
disappointing 2005 financial result, with its AU$4.16 million  
net profit representing a 94% decline compared to the previous  
year.

The poor result, as previously reported, was affected by poor  
seasonal conditions and strong competition in the wholesale  
fertilizer market.  The profit decline was also blamed on  
restructuring costs, which comprised the majority of AU$33.4  
million in significant items booked during the year.

According to The Age, Mr. Watson has assured shareholders that  
the restructuring had prepared the group to meet its goal of  
being the lowest cost base manufacturer and supplier in the  
industry.

CONTACT:  

Incitec Pivot Limited  
ABN 42 004 080 264  
70 Southbank Boulevard  
Southbank  
Victoria  
Australia 3006  
Telephone: + 61 3 8695 4400  
Facsimile: + 61 3 8695 4419  
Web site: http://www.incitecpivot.com.au       


JACK N TRIT: Liquidator to Explain Wind-Up
------------------------------------------
The members and creditors of Jack N Trit Steel Fixing Pty  
Limited will convene on January 31, 2006, at 4:00 p.m., in  
order to:

  -- receive the liquidator's account on the Company's wind-up
     activities;

  -- resolve 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
  

LUBEN PTY: Distributes Final Dividend
-------------------------------------
Luben Pty Limited is slated to declare a first and final  
dividend on January 31, 2006.

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

Page Kirk & Jennings
Level 2, Garland House, 52 Kings Park Road
West Perth WA 6005


ONE 900: Appoints Official Liquidators
--------------------------------------
One 900 (Australia) Pty Limited's members agreed to shut down  
the Company's operations at a general meeting on December 23,  
2005.  They named David Clement Pratt and Timothy James Cuming  
as liquidators for the wind-up.

Timothy J. Cuming
David C. Pratt
Liquidator
Level 15, 201 Sussex Street
Sydney NSW 1171


PLACER DOME: Barrick Gains Control
----------------------------------
On January 20, 2006, Barrick Gold Corporation has received 81%  
of Placer Dome Inc. shares tendered to Barrick's offer to  
purchase all of the outstanding shares of Placer Dome.

Barrick said that it has taken up and accepted these shares for  
immediate payment.  The offer has been extended and will now  
expire on February 3, 2006, at 6:00 p.m. EST.

In accordance with the Support Agreement entered into by the  
parties on December 22, 2005, nine members of Placer Dome's  
Board of Directors resigned on Friday:

   1. G. Bernard Coulombe,
   2. Graham Farquharson,
   3. David S. Karpin,
   4. Alan R. McFarland,
   5. E. A. (Dee) Marcoux,
   6. H. Clive Mather,
   7. Vernon F. Taylor III,
   8. Peter W. Tomsett, and
   9. William G. Wilson.

Accordingly, seven Barrick representatives have been appointed  
to Placer Dome's Board.

   1. Gregory Wilkins,
   2. Peter J. Kinver,
   3. Alexander J. Davidson,
   4. Jamie C. Sokalsky,
   5. Gordon Fife,
   6. Peter Crossgrove, and
   7. Stephen Shapiro.

Donald J. Carty, John W. Crow and Robert M. Franklin continue as  
Directors of Placer Dome.  Gregory Wilkins has been named  
Chairman of the Board.  

The Board has also accepted Peter W. Tomsett's resignation as  
Placer Dome's president and chief executive officer, effective  
immediately.

Subsequently, Barrick's President and CEO, Gregory Wilkins, has  
been appointed to take Mr. Tomsett's place.

In response to Barrick's original exchange offer, Placer Dome  
mailed to its shareholders a Directors' Circular dated November  
23, 2005, and filed in Canada and in the United States,  
specifically with the Securities and Exchange Commission, a  
Solicitation/Recommendation Statement on Schedule 14D-9, which  
includes the original Directors' Circular as an exhibit.  

Placer Dome will also disseminate an amended Directors' Circular  
and file with the SEC an amendment to its  
Solicitation/Recommendation Statement on Schedule 14D-9.

Security holders may obtain a free copy of the amended  
Directors' Circular (when it becomes available) as well as any  
other documents filed by Placer Dome in connection with the  
revised offer, free of charge from the SEC's Web site at  
http://www.sec.govor from Placer Dome's Web site at   
http://www.placerdome.comor by contacting the Company's   
information agent, Georgeson Shareholder.

CONTACT:

Shareholder enquiries regarding the Barrick offer:

   Georgeson Shareholder
   North American toll-free 1-866-245-2999
   Australian toll-free 1 300 658 874
   Banks and brokers please call collect (212) 440-9800

General Placer Dome enquiries:

   Greg Martin (604) 661-3795
   Meghan Brown (604) 661-1577
   Media Relations:
   Gayle Stewart (604) 661-1911

Head office:

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


PLACER DOME: Joins Gateway at Gidgee
------------------------------------
Gateway Mining NL says that it has signed two Heads of  
Agreements with Placer Dome Australia Limited over a portion of  
its Gidgee Gold Project located at the Gum Creek Greenstone Belt  
about 400 kilometers northwest of Kalgoorlie, Western Australia.

The key terms of the Agreements include:

     * Placer to spend over AU$4 million to earn 70% of  
       selective tenements totaling 80 square kilometers within  
       the Montague Project;

     * Placer must spend AU$400,000 within the first year and  
       before it can exit; and

     * Placer and Gateway agree to include any further  
       acquisitions adjoining the area on a  
       Placer 70% - Gateway 30% basis.

Gateway sees the interest shown by Placer as a major stepping  
stone in the company's growth and recognition that the Gum Creek  
Greenstone Belt has the potential to host a significant large  
multi-million ounce gold resource.  Placer has indicated that it  
will be targeting a minimum of 5 million ounces of gold.

Results of Gateway's exploration success, and in particular the  
results of three-dimensional modeling of gravity and magnetics  
coupled with multi-element analysis, has delineated an  
exploration model that fits the minimum size of potential  
deposit required by Placer.

Gateway believes that the Belt is largely under-explored.   
Gateway says it will now focus its efforts on the remaining  
leases, which make up its total acreage of 400 square  
kilometers.  Previous high-grade intersections at its adjoining  
airport leases and at Barrelmaker have provided Gateway with  
confidence that further discoveries will be made outside the  
Victory Creek/Montague area.

In the last year Gateway has discovered virgin mineralization at  
Victory Creek under 20-30 meters of transported cover as well as  
at Julia's Fault, Two Dogs and Hypotenuse.  Within the Montague  
block, that also included the Airport Gold Trend, only 2% of  
drilling has tested below 100 meters depth.

In 2004, Placer produced 950,000oz from its Australian  
operations.  It is involved in 16 mining operations in seven  
countries.  Its mines in Western Australia include Granny Smith,  
Kalgoorlie and Kanowna Belle.

                        Deal Structure

Placer must complete a successful due diligence review within a  
three-month period.

The two deals cover tenements held 100% by Gateway and those  
held in an existing joint venture between Gateway (75%) and Red  
5 (25% free carried).

Placer is required to spend a minimum of AU$400,000 in the first  
year and before it can exit.

The deals are structured such that Placer will spend AU$4  
million over a five-year period to earn a 70% interest in the  
tenements between Gateway and Red 5.  This will occur in two  
parts with an initial AU$2.5 million to earn a 60% interest and  
a second earn in of AU$1.5 million to earn a 70% interest.

At the completion of the first earn-in, the second deal is  
triggered such that Placer can earn up to a 70% interest in 10  
tenements held 100% by Gateway by meeting mines department  
expenditures over a one-year period. Gateway will retain a 20%  
interest in tenements held in joint venture with Red 5 in the  
second deal.

At the completion of the second earn-in, Gateway will have a 30%  
interest in tenements held 100% by Gateway and a 10% interest in  
tenements held in a joint venture with Red 5 Limited.  Through  
the earlier joint venture agreement, Red 5 will hold a 20% free  
carried interest after agreeing to dilute from its initial 25%  
free carried interest.

Upon the completion of the earn-in period, Gateway can elect to  
contribute or dilute.  If it elects to dilute below 10%, it will  
maintain a 2% Net Smelter Return royalty on its 100% owned  
tenements and a 1% NSR in the JV and Red 5 Limited.

            Proposed Work and Target Generation - Placer

Placer has delineated a priority target at Victory Creek that  
will be the subject of aggressive exploration.

At Victory Creek, programs of multi-element, air core/RAB and RC  
drilling of the 4.5-kilometer long Julia's fault to Victory  
Creek target zone and deep diamond drilling of the Victory Creek  
magnetic target will be conducted.  Victory Creek shows  
similarities to Placer's Wallaby deposit in the Laverton  
Tectonic zone that contains a total resource of 7.1 million oz.

Placer also intends to further investigate the potential  
associated with outstanding anomalism at the Cup and Bypass  
prospects where historical RAB drilling returned 12 meters at  
3.16 g/t gold that has never been followed.  In addition,  
significant gold anomalism at the South Airport, which includes  
2 kilometers of the southern extension to the Airport Gold  
Trend, will be further investigated.

                     Proposed Work - Gateway

Gateway will now focus on the remainder of its landholding in  
three areas at Airport, Belford Bore and Barrelmaker.

Gateway retains the central portion pf the Airport Gold Trend  
(GML 85%, Herald 15%).  The trend has produced 100,000 ounces to  
date from five shallow open-cut mines.  As a result of three-
dimensional modeling, deeper targets will be prioritized for  
drill testing.

The Belford Bore area contains large areas under 20-30 meters of  
cover and similar magnetic and geological features as exist  
within the Placer joint venture area.  Gateway will now conduct  
similar programs of magnetics, gravity and multi-element  
analysis to upgrade the Belford area to an advanced project with  
advanced drill ready targets.

Barrelmaker is located on the Western side of the Belt.  Gateway  
has delineated up to 22 priority drill targets that warrant  
testing.


PRECINCT INVESTMENTS: Members Pass Winding Up Resolution
--------------------------------------------------------
The members of Precinct Investments Pty Limited convened on  
December 15, 2005, and concurred that the Company should wind  
up its operations.

In addition, the members appointed John Greer to act as  
liquidator.

John Greer
Liquidator
Level 7, 276 Pitt Street
Sydney


STARADA PTY: Wind-Up Process Completed
--------------------------------------
At a general meeting on December 15, 2005, members of Starada  
Pty Limited concurred that the Company must voluntarily  
commence a wind-up of its operations.

Peter Dawkins was nominated to act as liquidator to manage the  
wind-up activities.

Peter Dawkins
Liquidator
Level 7, 276 Pitt Street
Sydney


STOCK MARKET: Enters Voluntary Liquidation
------------------------------------------
At Stock Market Investors Group Pty Limited's general meeting
on December 21, 2005, members resolved that it is in the  
Company's best interests to liquidate its operations.

Andrew Stewart Reed Hewitt was appointed to oversee the wind-
up.

Andrew S. R. Hewitt
Liquidator
Grant Thornton
Rialto Towers, Level 35, South Tower
525 Collins Street, Melbourne Vic 3000


SYDNEY GAS: Queensland Gas Launches Takeover Offer
--------------------------------------------------
Queensland Gas Company Limited says that it intends to make an  
offer by means of an off-market takeover bid for all of the  
ordinary shares in Sydney Gas Limited.  QGC would then fund the  
shortfall in SGL to meet the full redemption and interest due on  
all currently outstanding convertible notes due in April and  
June 2006.

                       Ordinary Share Offer

QGC will offer SGL shareholder one QGC Share for every two SGL  
Shares.

                        Convertible Notes

QGC has sent a letter of offer to put SGL in funds so that SGL  
is able to pay the redemption amounts for the April and June  
2006 Convertible Notes on issue.

QGC is not making an offer to acquire the SGL Convertible Notes  
or any SGL options on issue.  However, the QGC offer will extend  
to SGL Shares issued during the offer period on exercise of  
those options or conversion of those convertible notes.

                           Background

QGC Managing Director, Richard Cottee, said that the QGC/SGL  
merger has strong strategic rationale and will ensure the merged  
group's position as Australia's leading independent Coal Bed  
Methane group, with over 360 PJ in 2P (Proved and Probable)  
reserves.

As a successful CBM developer, QGC has the proven experience and  
capability to ensure the development of SGL's opportunities to  
their full potential.

                  Benefits for SGL Shareholders

The benefits of the merger to SGL Shareholders are:

     * a more assured future;

     * increased equity share of 2P reserves from 31 PJ to 91 PJ
      (an increase of almost 200%);

     * a low cost financing solution for the repayment of the
       convertible notes;

     * access to QC's highly experienced and stable and proven
       management team with a proven track record of delivering
       strong returns to shareholders in the CBM industry;

     * participation in QGC's superior returns - QGC shares have
       shown consistently strong growth in price and
       significantly outperforming the SGL share price and the
       S&P ASX 200 Resources Index; and

     * exposure to QGC's high-quality asset base.

                  Benefits for QGC Shareholders

The benefits of the merger to QGC Shareholders are:

     * QGC's strengthened position as Australia's leading      
       specialist CBM player;

     * complementary, high quality resource in close proximity
       to Australia's largest market;

     * QGC's strengthened relationship with the largest gas
       marketer in Australia -- Australian Gas Light Company;

     * increased market capitalization resulting in enhanced  
       position in the equity market and potential future entry  
       into the S&P ASX 200 Resources Index; and

     * unique opportunity to leverage QGC management skills to
       develop SGL's resource in a measures and sustainable way  
       leading to enhanced earnings growth without significant  
       increased risk.

        Conditions of the Offer, Documentation and Timing

The QGC offer is subject to a minimum acceptance condition of  
more than 50% and other conditions.

QGC expects to lodge its bidder's statement with ASCI in mid-
February 2006.  It is anticipated that dispatch of the bidder's  
statement to SGL Shareholders and the opening of the offer for  
acceptance will occur in early March 2006.

A full-text copy of the press release, together with the annexes
is available for free at:

   http://bankrupt.com/misc/tcrap_sydneygas012106.pdf.  

CONTACT:  

Sydney Gas Limited  
Level 11, 1 O'Connell Street  
Sydney NSW 2000  
Australia  
Telephone: (61 2) 9253 5555  
Fax: (61 2) 9241 5155  
e-mail: office@sydneygas.com     
Web site: http://www.sydneygas.com/


SYDNEY GAS: Notes Placement of Ordinary Shares
----------------------------------------------
The Directors of Queensland Gas Company have resolved to make  
two share placements in connection with the proposed takeover of  
Sydney Gas Limited.

                       The First Placement

The first placement is for approximately 3.4 million shares at  
60 cents per share to raise approximately AU$2 million to fund  
the estimated costs associated with the proposed takeover of  
Sydney Gas Limited.

                       The Second Placement

The second placement is for 50 million ordinary shares at 60  
cents per share to raise AU$30 million.  QGC will offer SGL up  
to AU$30 million to fund the redemption of Sydney Gas Limited  
Convertible Notes in April and June 2006.

The second placement is conditional upon the QGC offer for the  
ordinary shares of SGL becoming unconditional.

           Terms For Both First and Second Placements             

All shares being issued are ordinary shares.

The shares are to be issued for 60 cents in cash and are to rank  
pari passu with the ordinary shares already on issue.  Part of  
both placements will be subject to the approval of the QGC  
Shareholders, as some of the placees are associates of directors  
of QGC.  Placees and their associates, who are associated with  
directors of QGC, will not vote on the resolution to approve the  
placements.

                         Commitment Fee

There is a commitment fee of 1% of the amount of the second  
placement.


TRIS INTERNET: To Hold Final Meeting on January 31
--------------------------------------------------
A final meeting of Tris Internet Australia Pty Limited will be  
conducted on January 31, 2006, at 9:30 a.m.

Liquidators T. J. Clifton and M. C. Hall will present their  
final account regarding the Company's wind-up operations at  
that meeting.

T. J. Clifton
M. C. Hall
Joint Liquidators
PPB Chartered Accountants
10th Floor, 26 Flinders Street
Adelaide SA 5000
Phone: 8211 7800


WATTYL LIMITED: Takeover Bid Urges Special Dividend Offer
---------------------------------------------------------
Wattyl Ltd has offered shareholders a special dividend of 40  
cents a share to help fend off Allco Equity Partners' $275  
million takeover bid, the Sydney Morning Herald says.

Wattyl informed shareholders that it had formally rejected  
Allco's bid and increased its earnings forecast for the next  
financial year.

Wattyl's chief executive officer, John Nolan, told the Sydney  
Herald that Allco's offer undervalued the Company and had been  
made before cost-cutting benefits were met.

According to the paper, the Company's restructure is expected to  
give it $22 million in annual cost savings.  In addition,  
Wattyl's forecast indicated $36.6 million in earnings before  
interest and tax (EBIT) for the 2006/07 financial year.

Mr. Nolan said that the $36.6 million EBIT has much room for  
improvement as the Company goes forward.

The Sydney Herald recounts that both industry and private equity  
companies, including South Africa-based Barloworld Ltd, which  
owns the Taubmans and Bristol paint brands, had also shown  
interest in Wattyl.  However, the Company had aborted talks last  
year with Barloworld about combining their paint businesses.

CONTACT:  

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


WATTYL LIMITED: Upbeat on Second-half Results
---------------------------------------------
Wattyl Limited is confident that its earnings before interest  
and tax (EBIT) will improve in the second half despite the  
softening of market conditions, says The Age.

According to The Age, Wattyl booked an unaudited first half net  
profit of AU$3.4 million after a one-time restructuring charge  
of AU$3.8 million.

The newspaper reports that the EBIT in the first half was hit by  
soaring raw material and packaging costs, which have not been  
offset by the benefits of the firm's cost-cutting program.

However, the said benefits will flow into the second half of the  
current fiscal year and will have a full-year impact in 2006/07,  
the paper says.

Meanwhile, Wattyl's chief executive officer, John Nolan, said  
that the company will continue to wok on its internal  
restructure, in a bid to boost savings and improve financial  
results in fiscal 2007.  A pre-tax one-time restructure charge  
of AU$5.8 million is expected for the full year.
  

WESTONLEA PROPRIETARY: Members Resolve to Wind Up Firm
------------------------------------------------------
At a general meeting of the members of Westonlea Proprietary  
Pty Limited on December 22, 2005, it was resolved that a  
voluntary wind-up of the Company is appropriate and necessary.

Moreover, Stephen Robert Dixon and Laurence Andrew Fitzgerald  
were appointed as liquidators for the winding up.

Stephen R. Dixon
Laurence A. Fitzgerald
Joint Liquidators
Horwath BRI (Vic) Pty Limited Chartered Accountants
Level 30, The Rialto, 525 Collins Street
Melbourne Vic 3000


WESTPOINT CORPORATION: Collapse May Give Rise to Class Actions
--------------------------------------------------------------
Preparations are up to file class actions in relation to  
Westpoint Corporation's collapse.  

Brisbane Courier Mail says that lawyers acting for Westpoint  
investors are planning suits aimed at recouping money from the  
firm's financial planners.  According to AAP News, IMP  
(Australia) is also doing the same.

Law firm Slater and Gordon is targeting unnamed financial  
planners to recoup funds for an unspecified number of Westpoint  
investors.  Joanne Rees of Slater and Gordon said dozens of  
investors have already approached the firm.

According to reports, about 6,000 investors face major losses  
when the funds went bankrupt, and some $300 million are  
involved.  Perth lawyer Charlie Grollow, of IMF (Australia),  
said that he had talked to about 100 people.

Ms. Rees said that they are targeting financial planners because  
there is little chance anything can be recovered from Westpoint.  
However, she said that they are investigating first which  
financial planner recommended the firm's high-risk promissory  
notes to investors.  

The investment firm of former Westpoint executive director  
Richard Beck, Kebbel, led the fund raising for mezzanine finance  
to fund apartment projects.

Seven Westpoint mezzanine financing firms called in  
administrator Geoff Totterdell from PricewaterhouseCoopers last  
month.  Two of them are already in liquidation.


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

CITILINK INVESTMENT: Creditors to Meet on Feb. 10
-------------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a  
meeting of Citilink Investment Limited's creditors will be held  
at 11:45 a.m. on February 10, 2006, at 5th Floor, Allied Kajima  
Building, 138 Gloucester Road, in Wanchai, Hong Kong.  At the  
meeting, the creditors will consider and, if deemed appropriate,  
approve the Company's voluntary wind-up.

The creditors will also name joint and several liquidators to  
oversee the wind-up activities.

Proxies who will vote on behalf of creditors must be lodged no  
later than 12:00 p.m. on February 9, 2006, at the meeting  
location.
  
  
CYBERMALL LIMITED: Creditors' Meeting Scheduled on Feb. 10
----------------------------------------------------------
The creditors of Cybermall Limited will meet at 12:00 p.m. on  
February 10, 2006, at the 5th Floor, Allied Kajima Building, 138  
Gloucester Road, in Wanchai, Hong Kong, to consider the  
Company's voluntary liquidation.  They will also name joint and  
several liquidators for the Company's wind-up.

Creditors may vote either in person or by proxy, who must be  
lodged no later than February 9, 2006.


GUANGDONG KELON: KPMG Probe Finds Illegal Money Transfer
--------------------------------------------------------
Guangdong Kelon Electrical Holdings Ltd. relates that KPMG has  
discovered a movement of money between Kelon and the companies  
associated with its former chairman Gu Chujun's firm --  
Guangdong Greencool Enterprise Development Co.

Kelon previously hired KPMG to investigate the Company's cash  
flow.

According to a legal notice filed by Kelon, the movement of  
money by Guangdong Greencool, which is the Company's largest  
shareholder, took place from October 2001 to July 2005.

Much of the money was transferred "without there being any  
business relationship" between the companies, AP said, citing a  
report by KPMG.  The auditing firm also found suspicious  
transactions, including the sales of raw materials that were  
never delivered; the payment of consulting, advisory and repair  
fees; and the purchase of assets at inflated prices.

According to Kelon, its board believes that KPMG's investigation  
results may be used by the Company as basis for legal actions  
against Mr. Gu and the Greencool companies.

Kelon had previously terminated Mr. Gu's employment after he and  
other executives were suspected for "economic crimes."   
Securities regulators are also probing into the allegations of  
fraud.

The Company says it is now consolidating all of its bank  
accounts and attempting to assess the impact of KPMG's findings  
on its financial position for 2005.


HING TUNG: Meeting of Creditors Slated for February 10
------------------------------------------------------
A meeting of Hing Tung's creditors will be held on February 10,  
2006, at 12:15 p.m., so that they may approve the Company's plan  
to wind-up its operations voluntarily.  At the meeting -- which  
will take place at the 5th Floor, Allied Kajima Building, 138  
Gloucester Road, in Wanchai, Hong Kong -- the creditors will  
also appoint the Company's joint and several liquidators.
  
A person who would vote on a creditor's behalf must be lodged by  
February 9, 2006, at the meeting's location.


HOME LOGISTICS: Creditors Will Meet in February
-----------------------------------------------
In accordance with Section 241 of the Hong Kong Companies  
Ordinance, the creditors of Home Logistics will convene on  
February 10, 2006, at 1:30 p.m., to consider and consent to the  
Company's voluntary wind-up.

The meeting will be held at:  

     5th Floor, Allied Kajima Building,
     138 Gloucester Road,
     Wanchai, Hong Kong.

If the creditors approve the wind-up, they will name joint and  
several liquidators to facilitate the Company's disposal and  
distribution of its properties.
  
Proxies for the creditors must be lodged by February 9, 2006, at  
the meeting location.


TSUN YIP: Company Gets Wind-up Order
------------------------------------
The High Court of the Hong Kong Special Administrative Region  
Court of First Instance has entered an order approving Tsun Yip  
International Trading Limited's wind-up.

CONTACT:

Tsun Yip International Trading Limited
Rm 3009 30/F No. 118 Connaught Road,
West Hong Kong


YUEN HING: Court Enters Wind-Up Order
-------------------------------------  
Yuen Hing Shing Steel Company Limited presented a petition to  
wind up its operations on September 8, 2006.

Accordingly, on January 9, 2006, The High Court of the Hong Kong  
Special Administrative Region Court of First Instance entered  
its wind-up order pertaining to the Company.

CONTACT:
Yuen Hing Shing Steel Company Limited
Flat 18 17th Floor Blk A Wah Tat Ind Center
8-10 Wahsing St.
Kwai Chung New Territories


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

BHARAT PETROLEUM: KRL Merger Gets Board's Nod
---------------------------------------------
Bharat Petroleum Corporation Limited's board of directors has  
approved the Company's merger with Kochi Refineries Ltd., The  
Financial Express reports.

The equity shareholders of BPCL convened on January 16, 2006, to  
consider the scheme of amalgamation.

Over 99% of the total number of shareholders present in the  
meeting voted in favor of the scheme.  Only 10 shareholders or  
0.02% of the total value of the votes rejected the proposed  
merger.

Meanwhile, Hindu Business Line reports that the crucial  
extraordinary general meeting of Kochi's equity shareholders was  
held on January 22, 2006, despite protests to consider and  
approve its scheme of amalgamation with BPCL.  The final outcome  
is expected on January 27.

CONTACT:  

Bharat Petroleum Corp. Ltd.  
Bharat  Bhavan,  
4 & 6 Currimbhoy Road,  
Ballard Estate,  
Mumbai 400001  
Phone: 022-22713000/ 022-22714000  
Fax: 022-22713874  
e-mail: info@bharatpetroleum.com    
Web site: http://www.bharatpetroleum.com/


FOOD CORPORATION: Denies PDS Wheat Shortage
-------------------------------------------
The Food Corporation of India denies there is shortage of wheat  
under the Public Distribution System, The Hindu newspaper says.

FCI General Manager T C Gupta assured the state food agency is  
holding sufficient stocks for meeting the demands of PDS as well  
as different welfare schemes of the Central Government,  
according to the Hindu.

Mr. Gupta said the sale of wheat under the domestic Open Market  
Sale Scheme is open to any buyer until the end of the year.  He  
added that wheat and rice are being released to the state  
governments of Punjab, Haryana and Union Territory of Chandigarh  
for distribution under PDS.

FCI reported that an allocation of 80,000 and 60,000 quintals of  
wheat has been given for Punjab and Haryana, respectively, for  
open sale to check the rising trend of prices. In Chandigarh, a  
quantity of 20,000 quintals of wheat has been allotted for  
January for release to flour mills.  

CONTACT:

Food Corporation of India

North Zone
A-2a,2b Sector -24
Noida - 201301

East Zone
10A, Middleton Row,
Kolkata - 700071
Phone: 2229-8928 / 8742 / 8723 / 8754,
2246-2559 / 2562
e-mail: zmeast@fci.delhi.nic.in   

South Zone
Zonal Office 3, Haddows Road,
Chennai - 600 006
Phone : +91-44-28276423, +91-44-28276463
Fax : +91-44-28276623

Web site: http://fciweb.nic.in/   


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

DIRGANTARA INDONESIA: Counts on Government to Buy More Planes
-------------------------------------------------------------
PT Dirgantara hopes that the Indonesian government will  
purchase more airplanes in order to help the Company turn  
around, Asia Pulse reports.

Asia Pulse cited PT DI's General Manager, Arie Wibowo, as  
saying that the Company has already received orders from  
Pakistan, South Korea and Thailand.

At present, PT DI is finishing two CN-235-220 MVIP planes  
ordered by the Malaysian Air Force, valued at IDR168.02  
billion.   The Company is slated to deliver the planes next  
month.

Minister of State Enterprises Sugiharto, Asia Pulse reports,  
that PT DI's capital belongs entirely to the government, and  
he hopes that the Company would actively export its products.

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      


PERUSAHAAN LISTRIK: Obtains Gas to Run Power Plants
---------------------------------------------------
The Jakarta Post reports that PT Perusahaan Listrik Negara  
signed a gas sales agreement and heads of agreement for a  
period from six months to 20 years.

According to the Post, Indonesia's Upstream Oil and Gas  
Regulator Agency Finance Deputy Eddy Purwanto said that PT PLN  
has, in a IDR1.84 trillion contract with local firm PT Medco  
E&P Indonesia, agreed to buy up to 72 trillion British thermal  
units of gas for five years from 2007.  PLN will use the gas  
supply to run its gas-powered plant in South Sumatra.

PLM also signed a IDR9.06 trillion contract with joint  
operating body Pertamina Amerada Hess Jambi Merang to obtain  
gas supply for its power plants located in Jambi.  Beginning  
2008, Pertamina Amerada will supply a total of 323.7 trillion  
Britihs thermal units of gas for 12 years, the Post reports.

The contract is in line with PLN's efforts to reduce its  
dependence on fuel-based products by seeking gas alternatives.   
PLN Primary Energy Deputy Tonny Agus Mulyantono said, however,  
that a marked decrease in fuel consumption would only be felt  
after 2008, once the gas contracts are in effect.
CONTACT:

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


STAR AIR: Government Cancels License for Failure to Comply
----------------------------------------------------------   
The Indonesian government revoked Star Air's operations  
license due to failure to operate its routes for two  
consecutive weeks, Asia Pulse reports.

Troubled Company Reporter-Asia Pacific previously reported  
that rising aviation fuel costs and increased competition  
forced Star Air to suspend its operations temporarily last  
June 2005.  The Company had been suffering monthly losses of  
up to IDR53 billion, as fuel costs accounted for 53% of its  
total expenses.

Star Air resumed normal operations in September 2005, but shut  
down again last October 2005 for unknown reasons.

Asia Pulse cites Air Transport Director General Mohammad Iksan  
as saying that the Ministry had warned the Company three times  
that they would cancel its license if it did not operate is  
routes.

Director Iksan said that Star Air had problems with its  
management and competition from other airlines, Asia Pulse  
reports.

CONTACT:  

Star Air  
Jl. Gunung Sahari Raya No. 57 A - B  
Jakarta 10610, Indonesia  
Phone: 62 21 422 2622, 424 9622, 424 9742  
Fax:   62 21 424 9538  
e-mail: commercial@starair-online.com   
Web site: http://www.starair-online.com


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

HUSER LTD: Condo Buyers Want Company Declared Bankrupt
------------------------------------------------------
Buyers of eight condominiums developed by Huser Ltd agreed last  
week to jointly file a request to have the Developer declared  
bankrupt, Japan Today reports.

The Buyers will file their petition by the end of January 2006  
with the Tokyo District Court.

According to Japan Today, Huser is one of a number of  
condominium developers recently found to have substandard quake  
resistance.


KONICA MINOLTA: Shares Surge on Exit From Camera Business
---------------------------------------------------------
Shares of Konica Minolta Holdings rose as much as 10% on Friday  
after the Company announced that it would withdraw from the  
camera and photo film markets, Reuters reports.

Konica's news, according to Reuters, also boosted the shares of  
rival Fuji Photo Film Co. and Sony Corp.  Sony plans to take  
over Konica's digital single lens reflex camera business.  

Konica Minolta, the world's third-largest maker of photo film  
after Eastman Kodak and Fuji, had said in November that it would  
significantly reduce operations.  However, Reuters says that the  
Company's decision to completely shut them down was unexpected.

Shares of Konica Minolta closed the morning session up 5.4% at  
JPY1,347 after hitting a 14-month high of JPY1,410 in early  
trade, up 10.3% on the day.  The benchmark Nikkei average  
<.N225> was 0.61% higher by the midday break.  

"The stock is reacting to the fact that they are exiting a very  
competitive area where it is suffering. . .they've done the  
right thing," Marc Desmidt, head of the Japanese large-cap  
equity team at Merrill Lynch Investment Managers, said.  

Yet, Mr. Desmidt noted that Konica Minolta still faces tough  
competition in the office equipment market with players like  
Canon Inc. and Ricoh Co. Ltd.

"We just think this whole area is extraordinarily competitive  
and very tough for companies.  But we might want to take another  
look at Fuji Photo Film," Reuters quotes Mr. Desmidt, who noted  
the possibility that Fuji might follow with its own  
restructuring.

Konica Minolta had said in November that it would post a
JPY47 billion ($406.8 million) group net loss this business year  
as it took a charge of JPY90 billion to rationalize production,  
write down assets and cut jobs in its camera and film division.  
  
Some analysts believe that Konica Minolta's move would help  
accelerate a shift of resources to more promising areas and  
brightened earnings outlook for the next business year.  


LIVEDOOR CO.: CEO Denies Securities Fraud Allegations
-----------------------------------------------------
Livedoor Co.'s Chief Executive Officer, Takafumi Horie, has  
denied allegations that he violated securities laws, the  
Associated Press reports.

According to AP, prosecutors raided Livedoor's offices in Tokyo  
last week on suspicion that the Company gave false information  
to inflate its share price.

After receiving a warrant from prosecutors, Mr. Horie wrote of  
his "innocence" in an Internet blog.  However, AP notes, Mr.  
Horie admitted to not remembering "100 percent" of what the  
warrant said.

Media reports have alleged a Livedoor subsidiary of providing  
false information in the 2004 takeover of publisher Money Life  
and that Livedoor itself concealed a $8.7 million loss for  
results ending September 2004.  Mr. Horie, together with  
Livedoor's chief financial officer Ryoji Miyauchi, was said to  
have a hand in the misinformation.

AP also relates that Mr. Miyauchi told prosecutors that he was  
not aware of irregularities in the 2004 corporate buyout and  
that Mr. Horie was not involved in that deal.

Moreover, two other Livedoor executives, Fumito Kumagai and  
Fumito Okamoto, have been questioned.


LIVEDOOR CO.: Stock Index Falls As Probe Sustains Unease
--------------------------------------------------------
Japan's benchmark stock index fell sharply last week as the  
market's unease continued over a criminal probe into Livedoor  
Co., the Associated Press discloses.

AP reports that Nikkei 225 lost 227.27 points, or 1.45%, to end  
morning trade at 15,469.42 points.  Earlier, the market fell as  
much as 2%.

The index the other week fell 4.6%.  This drop, according to AP,  
was triggered largely by investors' anxiety over an  
investigation by public prosecutors into possible fraud at  
Livedoor.

Traders suspect that the Nikkei's fall would continue as the  
Livedoor probe progressed.

On Sunday, the Tokyo Stock Exchange said that it has boosted the  
trading capacity of its computerized trading system.  However,  
it said that it would continue to delay the start of its  
afternoon session by 30 minutes after a flood of orders forced  
the bourse to stop trading early Wednesday.

After successful system tests over the weekend, the Tokyo Stock  
Exchange can now handle an absolute limit of 5 million  
transactions daily, up from its current 4.5 million.  However,  
the bourse said that it would shut down trading if the number of  
transactions hits 4.5 million.

In currency trading, the dollar was trading at JPY114.86 on the  
Tokyo foreign exchange market at 11 a.m. on Monday last week,  
down JPY0.40 from late Friday in New York.

The euro rose to US$1.2232 from US$1.2137 late Friday in New  
York.

AP also relates that the 10-year Japanese government bond yield  
fell to 1.4500% Monday, down from Friday's finish of 1.4700%.  
Its price rose 0.17 point to 99.56.


LIVEDOOR CO.: Fuji TV to Dissolve Livedoor Tie-up
-------------------------------------------------
Fuji Television Network Inc.'s Chairman, Hisashi Hieda, hinted  
at dissolving his company's capital tie-up with Livedoor Co.,  
Japan Today says.

Mr. Hieda said late Friday that, in general terms, he believes  
the capital alliance can be cancelled "if it becomes clear that  
our counterpart has criminal responsibility."


MITSUBISHI MOTORS: Plans to Buy Stake in South East Motor
---------------------------------------------------------
Mitsubishi Motor Corp. is in talks to buy a stake in South East  
Motor Corp., the Shanghai Daily reports, citing unnamed sources.  

According to the paper, Mitsubishi has held discussions with  
South East Motor and its shareholders regarding a direct  
investment in the Chinese automaker.  The specific shareholdings  
have not yet been finalized.

Shanghai Daily relates that Mitsubishi and South East Motor's  
move is aimed toward helping both companies set up their first  
manufacturing plant on the mainland.

AFX News Limited says that Mitsubishi already has a 15% stake in  
Taiwan China Motor Corp., which is a subsidiary of Taiwan's  
biggest auto group, Yulon Enterprise Group.  


SONY CORPORATION: U.S. Closure Cuts 400 Jobs
--------------------------------------------
The rising popularity of digital television has forced Sony  
Corporation's U.S. subsidiary to close its TV-tube factory in  
San Diego, eliminating about 400 jobs, Associated Press reports.

Sony Electric's move reflects the demise of cathode-ray tube  
TVs, or CRTs - the old-style sets in a box, according to  
Associated Press.

The Advertiser reports that Sony will continue making CRT  
televisions but the glass tubes will be produced at its  
facilities in Singapore and China. Televisions sets sold in the  
U.S. will still be assembled in Mexico.  

Sony will still employ 2000 workers to continue making Vaio  
personal computers at its San Diego plant. Other employees  
include television engineers, as well as staff to market and  
sell a host of gadgets.

CONTACT:  

Sony Corporation  
7-35 Kitashinagawa 6-Chome  
Shinagawa-Ku 141-0001, Tokyo 141-0001  
JAPAN  
Phone: +81 3 5448 2111  
Fax: +81 3 5448 2244


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

DAEWOO ENGINEERING: 10 Firms Join Preliminary Bidding
-----------------------------------------------------
Ten consortia have submitted preliminary bids for a controlling  
stake in Daewoo Engineering & Construction Co., Reuters relates.

According to Reuters, the groups included 53 companies, which  
the Korea Asset Management Corp. (KAMCO) declined to identify.
KAMCO only hinted that some of the companies are involved in  
several bidding groups.

The bidders will be short-listed and will be allowed to conduct  
due diligence before presenting their final offers.

The preliminary bidders interested in the Daewoo stake are:  

       * South Korea's National Agricultural Cooperative    
         Federation (NACF), and

       * Woori Bank and Shinhan Bank, a banking unit of Shinhan  
         Financial Group.

HSBC Holdings reportedly wanted to team up with Shinhan Bank.   
But an HSBC spokesman was mum on the issue.  Kumho Asiana Group  
with an anonymous partner also handed its bid.  

The KAMCO and eight other creditors of Daewoo Corp. aim to  
dispose of its 50 percent stake in the Company worth about  
KRW2.3 trillion.  

Citigroup Global Markets, a Citigroup unit, and South Korea's  
Samsung Securities Co. are lead managers for the sale.  


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

AFFIN HOLDINGS: RAM Assigns AAA(bg) Rating to Medium-Term Notes
---------------------------------------------------------------
Rating Agency Malaysia (RAM) has reaffirmed the AAA(bg) rating  
of the first MYR285 million tranche of Affin Holdings Berhad's  
(Affin Holdings) MYR525-million Bank-Guaranteed Medium-Term  
Notes Programme (BGMTN).

The rating reflects the strength of the bank guarantee provided  
by AAA-rated Malayan Banking Berhad.  The backing of the bank  
guarantee enhances the credit risk profile of the BGMTN beyond  
Affin Holdings' inherent or stand-alone credit risk.  All risks  
associated with the debt instrument will be absorbed by the  
financial institution.

Affin Holdings is essentially an investment-holding company.   
The principal activities of the Affin Holdings Group include the  
provision of commercial and merchant banking services, finance  
company operations, discount-house activities, money broking,  
fund management, asset management, unit trust activities, stock  
broking operations and underwriting of general insurance.  

Meanwhile, the second MYR24-million tranche of the BGMTN has not  
been issued as certain conditions precedent have not been met,  
such as its purpose and the identity of the guarantor.  The  
original purpose of the second tranche had been for the  
repayment of Affin Holdings' MYR240 million Guaranteed  
Redeemable Bonds, which matured on September 19, 2005.  

Under the circumstances, RAM will only assign a rating to the  
second tranche of Affin Holdings' BGMTN when all the conditions  
precedent have been met.

CONTACT:

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


AMSTEEL CORPORATION: SC Rejects Subject Application
---------------------------------------------------
On December 23, 2005, Amsteel Corporation Berhad (ACB) submitted  
an application to the Securities Commission (SC) to further  
extend the time to complete the issue of approximately 251.92  
million new four and a half year warrants (Warrants) to ACB  
shareholders at the issue price of MYR0.10 per Warrant (Proposed  
Warrants Issue) (Subject Application).  

The Proposed Warrants Issue forms part of the Groupwide  
Corporate and Debt Restructuring Scheme.  

ACB's Board of Directors advised that the SC has rejected the  
Subject Application vide its letter dated January 17, 2006  
(Rejection Letter).

The Board will review the Rejection Letter and will announce its  
next course of action soon.

CONTACT:

Amsteel Corporation Bhd
Malaysia
Phone: 60 3 2162 2155
Fax: 60 3 2164 1036
Web site: http://www.lion.com.my  


ASIAN PAC: RCSLS Resumes Trading Today   
--------------------------------------
The trading of Asian Pac Holdings Berhad's Redeemable  
Convertible Secured Loan Stocks (RCSLS) resumes today, January  
24, 2006 after the redemption of MYR25,916,234 nominal value of  
2000/2007 RCSLS.

The stock short name and stock code of the RCSLS are ASIAPAC-LB  
and 4057LB, respectively.

CONTACT:

Asian Pac Holdings Berhad    
11th Floor, Menara SMI, No.6,  
Lorong P. Ramlee,  
Kuala Lumpur Wilayah  
Persekutuan 50250  
Malaysia
Telephone: 03-20705152    
Fax: 03-20705195


DENKO INDUSTRIAL: Revises Quarterly Report  
------------------------------------------
Denko Industrial Corporation Berhad (Denko) has amended its  
Quarterly Reports on consolidated results for the quarter ended  
March 31, 2005.  The figures have not been audited.

Notes to Condensed Accounts

   (A) Selected Explanatory Notes - MASB 26 Paragraph 16

   (k) Changes in the Composition of the Group

Previous statement:

"Except for the garment division, which was discontinued on  
January 1, 2005, there was no change in the composition of the  
other segments during the interim period, including business  
combinations, acquisition or disposal of subsidiaries and long-
term investments, restructuring and discontinuing operations."

Should be read as:

"Except for the garment division, which was discontinued since  
February 2005, there was no change in the composition of the  
other segments during the interim period, including business  
combinations, acquisition or disposal of subsidiaries and long-
term investments, restructuring and discontinuing operations."

   (B) Explanatory notes pursuant to Appendix 9B of the Listing  
       Requirements of Bursa Malaysia Securities Berhad

   (1) Review of Current Quarter Performance

                     Garment Division

Previously statement:

Revenue from Garment Division for the fourth quarter ended March  
31, 2005 amounted to MYR4,528,990 compared to MYR2,988,325 in  
previous quarter ended December 31, 2004 mainly due to the  
disposal of stocks to Grand Bell Trading Sdn. Bhd.  The Loss  
before tax was MYR1,633,477 in this quarter as compared to Loss  
before tax of MYR808,396 in previous quarter ended December 31,  
2004 due to the provision of doubtful debts and obsolete stocks.

Should be read as:

Revenue from Garment Division for the fourth quarter ended March  
31, 2005 amounted to MYR1,781,621 compared to MYR2,988,325 in  
previous quarter ended December 31, 2005 mainly due to ceased  
operation of the division since February 2005.  The Loss before  
tax was MYR1,633,477 in this quarter as compared to Loss before  
tax of MYR808,396 in previous quarter ended December 31, 2004  
due to the provision of doubtful debts and obsolete stocks.

                      Trading Division

Previous statement:  

There was an increase in the revenue for the 4th quarter ended  
March 31, 2005 which recorded MYR15,354,297 as compared to  
MYR6,913,520 for previous quarter ended December 31, 2004.  This  
division reported a Profit before tax of MYR2,195,070 in this  
quarter, compared with previous quarter with Profit before tax  
of MYR421,372.  The promotion sales during the festive season,  
Chinese New Year, had contributed to the good performance in  
this division.

Should be read as:

There was an increase in the revenue for the fourth quarter  
ended March 31, 2005 which recorded MYR8,440,777 as compared to  
MYR6,913,520 for previous quarter ended December 31, 2004.  This  
division reported a Profit before tax of MYR2,195,070 in this  
quarter, compared with previous quarter with Profit before tax  
of MYR421,372.  The promotion sales during the festive season,  
Chinese New Year, had contributed to the good performance in  
this division.

CONTACT:

Denko Industrial Corp. Berhad
Lot 4.21, 4th Floor, Plaza Prima
4 1/2 Miles, Jalan Klang Lama
58200 Kuala Lumpur  
Telephone: 03-7983 9099  
Fax: 03-7981 7629  


LITYAN HOLDINGS: Submits Application for Proposed Scheme
--------------------------------------------------------
Lityan Holdings Berhad (Lityan) updates the:

   -- Proposed acquisition of Guanhong Group;

   -- Proposed scheme of arrangement with shareholders;

   -- Proposed scheme of arrangement with creditors;

   -- Proposed issuance of shares;

   -- Proposed offer for sale;

   -- Proposed transfer of listing status; and

   -- Proposed disposal

      (collectively, the Proposed Restructuring Scheme)
  
On behalf of the Board of Directors of Lityan, Avenue Securities  
Sdn Bhd advised that the applications in relation to the  
Proposed Restructuring Scheme have been submitted to the  
Securities Commission and Bank Negara Malaysia on January 20,  
2006.  

CONTACT:

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


MAGNUM CORPORATION: Buys Back New Shares
----------------------------------------
Magnum Corporation Berhad held a shares buy back on January 20,  
2006.   

These are the details of the buy back:
    
Date of buy back: January 20, 2006

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

Total number of shares purchased (units): 420,000  

Minimum price paid for each share purchased (MYR): 1.960  

Maximum price paid for each share purchased (MYR): 1.990  

Total consideration paid (MYR):   

Number of shares purchased retained in treasury (units): 420,000  

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

Cumulative net outstanding treasury shares as at to-date  
(units): 95,928,900  

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

MEDIA PRIMA: Issues New Shares for Listing, Quotation
-----------------------------------------------------
Media Prima Berhad advised that its additional:

  (i) 1,412,133 new ordinary shares of MYR1.00 each arising     
      from the conversion of 2,118,200 nominal amount of  
      Irredeemable Convertible Unsecured Loan Stocks 2003/2008  

(ii) 45,000 new ordinary shares of MYR1.00 each issued  
      pursuant to the Employee Share Option Scheme; and

(iii) 200,000 new ordinary shares of MYR1.00 each arising from  
      the Exercise of 200,000 warrants;  

will be granted listing and quotation by Bursa Malaysia  
Securities Berhad effective 9:00 a.m., Tuesday, January 24,  
2006.

CONTACT:

Media Prima Berhad
Sri Pentas,
No. 3 Persiaran Bandar Utama,
Bandar Utama,  
47800 Petaling
Selangor  
Phone: 03-77266333  
Fax: 03-77280787  
Web site: http://www.mediaprima.com.my/index.asp  


NALURI CORPORATION: Mandatory Offer to Push Through
---------------------------------------------------
An application made by Atlan Properties Sdn Bhd and coordinating  
parties to undertake mandatory offer(s) on all the remaining  
ordinary shares of MYR1.00 each in Naluri (Naluri Shares) not  
already owned by APSB and PAC upon the purchase of Naluri Shares  
by Naluri pursuant to its proposed share buy-back scheme was  
approved by the Securities Commission.

The parties acting with APSB are:

   -- Azli Bin Othman
   -- Atlan Holdings Bhd
   -- Distinct Continent Sdn Bhd
   -- Dato' Seri Adam Sani Abdullah
   -- Sebastian Paul Lim Chin Foo
   -- Dato' Ong Kim Hoay
   -- Dato' Woo Hon Kong
   -- Dato' Wong Kam Fuat
   -- Lee Sze Siang and
   -- Dato' Khalid Bin Mohamad Jiwa (PAC);  

However, the SC takes note that the following persons are no  
longer deemed coordinating with APSB:

   (i) Azli Bin Othman, upon completion of his disposal of    
       voting shares in APSB on December 2, 2005; and  

  (ii) Dato' Khalid Bin Mohamad Jiwa, since he has ceased to be  
       a director of Atlan Holdings Bhd (AHB) on August 30, 2005  
       and ceased to represent the interests of AHB in Naluri on  
       November 11, 2005.


PAN MALAYSIA: Holds Ordinary Share Buy Back  
-------------------------------------------
Pan Malaysia Corporation Berhad unveiled the results of its  
shares buy back on January 19, 2006.

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

Total number of shares purchased (units): 75,000  

Minimum price paid for each share purchased (MYR): 0.460  

Maximum price paid for each share purchased (MYR): 0.470  

Total consideration paid (MYR): 35,223.78  

Number of shares purchased retained in treasury (units): 75,000  

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

Cumulative net outstanding treasury shares as at to-date  
(units): 55,778,500  

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

CONTACT:

Pan Malaysia Holdings Berhad
Jalan P Ramlee
Kuala Lumpur, 50250
Malaysia
Telephone: +60 3 2031 6722
           +60 3 2031 1299
    

PANTAI HOLDINGS: Converts ICULS to Ordinary Shares
--------------------------------------------------
Pantai Holdings Berhad's additional 10,000 new ordinary shares  
of MYR1.00 each arising from the conversion of MYR10,000 nominal  
amount of Irredeemable Convertible Unsecured Loan Stocks  
2002/2007 will list and quote on Bursa Malaysia Securities  
Berhad on January 24, 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


PILECON ENGINEERING: Unit Enters Wind-Up Exercise
-------------------------------------------------
Pilecon Engineering Berhad reported that a winding-up petition  
had been presented at the Johor Bahru High Court on December 16,  
2005 against Siaran Pelangi Sdn Bhd (SPSB), a subsidiary of the  
Company.

The petition was served onto SPSB on January 20, 2006, for a  
claim of MYR72,993.69 together with continuing interest on  
MYR72,993.69 at the rate of eight percent per annum calculated  
from July 20, 2005 until full settlement and cost of  
MYR6,000.00.  

   (1) The Details of default or circumstances leading to the  
       filing of the winding-up petition against SPSB:  

The petition was filed by Sachdev Singh A/L Ajit Singh (the  
Petitioner) against SPSB.  The Petitioner was a purchaser under  
a Sale and Purchase Agreement dated April 30, 2001 which was  
officially terminated by the Petitioner on June 17, 2005.  
     
The Petitioner has claimed for a sum of MYR72,993.69 together  
with continuing interest on MYR72,993.69 at the rate of eight  
percent per annum calculated from July 20, 2005 until full  
settlement and costs of MYR6,000.00 due and owing by SPSB under  
a judgment dated October 21, 2005.

   (2) The total cost of investment in SPSB: MYR762,080.00.  

   (3) The financial and operational impact on the Group: There  
       would not be any operational impact.  In the event the  
       winding-up petition succeeded, there would be an    
       estimated exceptional gain of MYR1.3 million.

   (4) The expected losses: SPSB is expected to incur legal fees  
       of approximately MYR10,000.00.


   (5) The amount of interest claimed: eight per annum  
       continuing interest on MYR72,993.69 calculated from July  
       20, 2005 until full settlement.

   (6) The date of hearing of the winding-up petition: April 21,  
       2006


   (7) The steps taken and proposed to be taken by SPSB in  
       respect of the winding-up proceedings:  

SPSB would not take any step or proceeding towards defending the  
case.  


POH KONG: Directors Approve AGM Resolutions
-------------------------------------------
At the Third Annual General Meeting (AGM) of Poh Kong Holdings  
Berhad, the Board of Directors approved all resolutions set out  
in the Notice of AGM.

The meeting was held at the Third AGM held at Melati Room 123,  
Sheraton Subang Hotels & Towers, Jalan SS12/1, 47500 Subang  
Jaya, Selangor Darul Ehsan on Friday, January 20, 2006.


SBBS CONSORTIUM: Seeks Extension of Restraining, Stay Order
-----------------------------------------------------------
SBBS Consortium Berhad's application for the extension of  
Restraining and Stay Order granted by the Kuala Lumpur High  
Court will be fixed for Mention on February 22, 2006.

CONTACT:

SBBS Consortium Berhad    
No. 1 - 4, Jalan 1/114,  
Kuchai Business Centre, Jalan Kuchai Lama,  
Kuala Lumpur Wilayah Persekutuan 58200  
Malaysia
Telephone: 03-79825188    
Fax: 03-79813551


SOON THEAM: Court Orders Dissolution
------------------------------------
Soon Theam Securities Sdn. Bhd. (STS) has filed with the  
Suruhanjaya Syarikat Malaysia the Vesting Order dated August 13,  
2002 pursuant to the Kuala Lumpur High Court Originating Summon  
No. D7-24-188-2002, for the dissolution of STS.  

Accordingly, STS shall be deemed to be dissolved without winding  
up with effect from the date of the filing.

STS was principally involved in dealing with securities and has  
ceased operation since September 2002.

The dissolution of STS will not have any material impact on the  
Group's earnings for the year ending January 31, 2006.

CONTACT:

Soon Theam Securities Sdn Bhd    
111, Jalan Macalister, Penang 10400 Malaysia
Telephone: 04-2281868    
Fax: 04-2293806


SOUTHERN BANK: Unveils Quotation of Warrants
--------------------------------------------
Southern Bank Berhad advised that as the 80,861 new ordinary  
shares (local) arising from the Exercise of exercise of 80,861  
(Local) Warrants 1996/2006 shall not rank for dividends or any  
other distributions declared, made or paid to shareholders in  
respect of the financial year ended December 31, 2005, they will  
be quoted as SBANK-OA.

The balance of the 5,000 new ordinary shares (foreign) arising  
from the exercise of 5,000 (Foreign) Warrants 1996/2006 shall  
also not rank for dividends or any other distributions declared,  
made or paid to shareholders in respect of the financial year  
ended December 31, 2005, they will be quoted as SBANK-02.

As such, there will be four (4) separate quotations from January  
24, 2006, they are:  

   (1) Existing ordinary shares of the Company (local) are  
       quoted as SBANK.

   (2) The 80,861 new ordinary shares (local) will be quoted as  
       SBANK-OA.

   (3) Existing ordinary shares of the Company (foreign) are  
       quoted as SBANK-01.

   (4) The 5,000 new ordinary shares (foreign) will be quoted as  
       SBANK-02

The Stock Number of the SBANK-OA and SBANK-02 shares are 1333OA  
and 133302 and the ISIN Code are MYL1333OA002 and MYF1333O2001,  
respectively.

The notices of allotment have been endorsed with the following  
remarks:

"The new shares comprised herein shall, upon issue and  
allotment, rank pari passu in all respects with the existing  
ordinary issued and paid-up shares except that they shall not  
rank for dividends or any other distributions declared, made or  
paid to shareholders in respect of the financial year ended  
December 31, 2005."


SOUTHERN BANK: Issues New Warrants for Listing, Quotation
---------------------------------------------------------
Southern Bank Berhad's additional 85,861 new ordinary shares of  
MYR1.00 each arising from the exercise 80,861 Warrants 1996/2006  
and exercise of 5,000 Warrants 1996/2006 will be granted listing  
and quotation by Bursa Malaysia Securities Berhad effective  
January 24, 2006.

CONTACT:

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


WAH SEONG: Commercial Papers, Medium-Term Notes Rated AA3/P1  
------------------------------------------------------------
Rating Agency Malaysia has reaffirmed the AA3/P1 ratings of Wah  
Seong Corporation Berhad's (Wah Seong or the Group) Murahabah  
and Ijarah Commercial Papers/Medium-Term Notes Facilities of up  
to MYR200 million (2004/2011). The long-term rating carries a  
stable outlook.  

Listed on the Main Board of Bursa Malaysia, Wah Seong is  
principally involved in the provision of highly specialized  
pipe-coating and related support services to the local and  
global oil and gas industries.   

The Group is also involved in the production and sale of spiral  
welded steel pipes, manufacturing and distribution of building  
materials to the local market and manufacturing and supply of  
palm oil mill equipment and spare parts.

The acquisition of China-based Kanssen (Yadong) Pipe Coating  
Services Limited (Kanssen) has placed Wah Seong on a stronger  
footing in the Asia-Pacific pipe-coating market.  Being a key  
player, Kanssen is expected to continue capitalizing on the vast  
growth potential of the Chinese market, which would complement  
Wah Seong's strong foothold in the Asian market.

Wah Seong's significant presence in the Asia-Pacific region can  
be largely attributed to its progressive track record attained  
over the years and, following its listing in July 2002,  
undergone a planned corporate transformation brought about  
through active internal growth and mergers and acquisition.

On its pipe coating activities, it is further strengthened with  
the 20-year agreement with Italy's Socotherm SPA, which accords  
its pipe coating subsidiary, PPSC Industries Holdings,  
territorial rights in the Asia Pacific region.  As a reflection  
of its business strength, Wah Seong is the largest pipe-coating  
company in Asia and the third largest globally.  

The favorable outlook for the global oil and gas industry will  
be sustained by the high prices of crude oil, expected at USD50  
- USD60 per barrel in the next few years.  In particular, China  
is expected to increase its demand for energy in view of its  
rapid economic development.  

The country is also expected to deploy more resources to  
continue developing its oil and gas industry, in order to meet  
its growing demand for energy.  In this respect, Wah Seong is  
anticipated to capitalize on the sturdy growth momentum of the  
Asia-Pacific oil and gas industry.

Notwithstanding the additional borrowings to fund its various  
acquisitions, Wah Seong's debt-servicing ability has remained  
intact.  The Group's ratio for operating profit before  
depreciation, interest and tax against its debts is projected at  
0.40 - 0.45 times in FYE December 31, 2006.  

Moreover, its net gearing ratio, expected at 0.50 - 0.60 times  
as at end-December 2006, is well within RAM's initial estimate  
of 0.60 times.  
  
Nevertheless, while the various acquisitions have not adversely  
affected Wah Seong's business and financial profiles, RAM  
cautions that any new, aggressive debt-funded purchase could  
change its credit risk profile.  In view of this, RAM will  
evaluate each acquisition and reassess the Group's credit  
standing accordingly.

CONTACT:

Wah Seong Corporation Bhd
Lingkaran Syed Putra
59200 Kuala Lumpur,  
Malaysia
Telephone: +60 3 2288 1212 / +60 3 2288 1272


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

EVER GOTESCO: Board Approves Joel Go's Role
-------------------------------------------
At a January 20, 2006 meeting of the Board of Directors of Ever  
Gotesco Resources and Holdings Inc., the board members:

  1. authorized Joel T. Go, Executive Assistant to the  
     President, or any of his designated representative, to  
     apply, sign for and deliver any and all documents, papers  
     and requisites needed by MERALCO to effect the refund of  
     the amount due to the Corporation;

  2. authorized Joel T. Go, or any of his duly designated  
     representative to receive and sign for in behalf of the
     Corporation, the refund check payable to the Corporation;  
     and

  3. authorized Joel T. Go to designate in writing, the  
     authorized representative who shall work to accomplish and  
     finalize the aforecited undertaking.

According to a Troubled Company Reporter - Asia Pacific report  
on May 27, 2005, Ever Gotesco Resources & Holdings Inc. is  
negotiating with creditors banks for the restructuring of its  
debts, in a bid to sustain its operations.

The firm, which earlier reported a decline in its first quarter  
net profit this year to Php913,488 from Php9.78 million the  
previous level, believes its liquidity problem is just  
temporary.

CONTACT:  

Ever-Gotesco Resources And Holdings, Inc.  
12/F, Ever Gotesco Corporate Center  
1958 C. M. Recto Ave., Manila  
Phone:  735-6901; 735-0271 to 81 (TL)  
Fax:  735-5905; 734-8275


NATIONAL FOOD: Farmers Resist Import Scheme
-------------------------------------------
National Food Corporation's bid to transfer its rice importing  
responsibility to the private sector was met with disapproval by  
rice farmers' groups, The Manila Times reports.

The National Rice Farmers Council is concerned that the move  
would only weaken the government's control of the flow of rice  
imports. The group also claims the plan is "a step closer to  
full rice trade liberalization".

The organization warned that the proposed liberalization of rice  
imports would only worsen rice smuggling in the country.

The NRFC pointed out that the NFA's inadequate budget allocation  
continues to cripple government efforts to stabilize rice  
prices.

The group also condemned government's dependence on rice  
importation as means to ensure the country's rice food security.

The Philippine Star reported earlier that the NFA was inviting  
the private sector to join its rice import program and  
eventually take over the importation of rice.  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.

CONTACT:  

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


NATIONAL FOOD: 380,500 Sacks of Rice Arriving in Palawan
--------------------------------------------------------
National Food Corporation Palawan expects to take delivery of  
around 380,500 sacks of rice to boost the island province's  
supply this year, Asia Pulse says.

Out of the 380,500 bags, 170,500 will be distributed in Puerto  
Princesa City, 80,000 bags in island town of Coron and 65,000  
bags each for Narra and Brookes Point towns.

NFA-Palawan has sufficient supply of rice and buying stations  
are set up in Puerto Princesa, Brookes Point, Rizal, Quezon,  
Bataraza, Roxas, San Vicente and Taytay, Asia Pulse relates,  
citing NFA Provincial Manager Gloria Arenillo.

Ms. Arenillo said the agency is targeting palay procurement of  
70,000 which they will be bought to farmers at Php10.50 in  
maximum.  NFA's quality rice is still being sold at Php18 a  
kilo.


NATIONAL POWER: Regulator Considers Next Move
---------------------------------------------
The energy regulator is studying what action to take after the  
National Power Corporation and Manila Electric Company refused  
to seal a transition supply agreement last Friday, BusinessWorld  
says.

According to BusinessWorld, the Energy Regulatory Commission  
acknowledged it is powerless when it comes to forcing the two  
power firms to sign the deal.  The regulator said its only role  
is to make sure there is normal delivery of power to consumers.

A transition supply agreement is mandated under the Electric  
Power Industry Reform Act (EPIRA) while the government sells  
Napocor's generating assets.  This will ensure the incoming  
private investor will have ready market upon takeover of the  
assets.  

The two firm's bilateral power supply contract ended on Dec. 31,  
2004. But on Jan. 4, 2005, the ERC ordered the two firms to  
continue talks pending the consummation of a transition supply  
contract to avoid power outages in Meralco's franchise area. The  
contract was due for signing on Friday, Jan. 20, 2006.

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  


PHILIPPINE TELEGRAPH: Dispute with Smart Heats Up
-------------------------------------------------
Smart Communications Inc. is likely to face an administrative  
case if the National Telecommunications Commission could prove  
that it has been charging discriminatory access rates on  
Philippine Telegraph & Telephone Corp., BusinessWorld reports.

The Manila Bulletin says the two telcos have been fighting over  
the computation of their interconnection fees since 1996.

PT&T told the telecommunications regulator that Smart has been  
overcharging it for the past 10 years, the paper reveals.

However, Smart countered that this is merely a collection  
dispute. The telco claims PT&T still owes it Php2,245,625.83 for  
interconnect charges until August 2005 and NTC intervention is  
not needed.  The telco stressed it has never deviated from the  
agreed commercial terms and conditions with PT&T.

Telcos that engage in administrative offenses, like charging  
high interconnection rates on rivals or low rates on  
subsidiaries, could face penalties ranging from payment of  
damages via tapping of performance bonds to temporary suspension  
of operations.

CONTACT:  

Philippine Telegraph & Telephone Corporation  
106 Carlos Palanca Jr St Legaspi Village  
Spirit Of Communication Centre Building  
Makati City 1229  
Philippines  
Phone: +63 2 818 0511  
Fax: +63 2 8180511


UNITED COCONUT: Seeks Debt-Equity Conversion
--------------------------------------------
Beleaguered United Coconut Planters Bank is urging the  
government to convert its remaining Php12 billion debts to  
qualify as tier 1 or core capital, relates The Philippine Daily  
Inquirer.

The planned debt-equity conversion will help accelerate the  
bank's recovery, which is expected in three to four years.

The bank is stepping up efforts to get the Philippine Deposit  
Insurance Corporation to approve the conversion by the end of  
the first quarter of 2006, The Inquirer says.

In 2003, UCPB received a Php20-billion capital infusion from the  
government after the bank was hit hard by heavy deposit  
withdrawals following a Supreme Court ruling that the coconut  
levy funds were public money.

According to the Inquirer, UCPB has since trimmed its debt with  
the PDIC but would like to renegotiate the terms of the  
remaining amount.  Its earlier proposal was to convert the cash  
advances into long-term deposits by PDIC to qualify as tier 2 or  
supplementary capital.  

The bank found an opportunity to beef up its tier 1 capital  
without fresh cash infusion as the Bangko Sentral ng Pilipinas  
recently allowed the issuance of hybrid capital instruments as  
tier 1 or core capital.  

While there is no substitute for traditional core capital such  
as equity, the BSP recognized that international practice has  
evolved to accommodate more innovative eligible capital  
instruments that are potentially more cost-efficient and that  
need not result in automatic dilution of current shareholders.  

CONTACT:  

United Coconut Planters Bank  
7907 Makati Ave., Makati City  
Telephone: (632) 811-9000  
e-mail Address: crc@ucpb.com    
Web site: http://www.ucpb.com/     


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

ARISTAR HOLDINGS: Creditors' Proofs of Claim Due February 20
------------------------------------------------------------
Creditors of Aristar Holdings Pte Limited are required to submit  
proofs f claim on February 20, 2006 to:
  
Lau Chin Huat
Liquidator
C/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

Failure to comply will excluded creditors from the benefit of  
the Company's dividend distribution.


ESCOLSING PTE: Creditors Meet to Discuss Liquidation Report
-----------------------------------------------------------
Creditors of Escolsing Pte Limited will meet on February 6, 2006  
at 10:00 a.m. to:

  -- receive the liquidator's report showing how the Company
      was  wound up;

  -- approve the remuneration of the liquidator and  
     disbursements; and

  -- any other matters.

To be entitled to vote at the meeting, creditors must lodge  
their proofs of claim by 12:00 p.m. on February 3, 2006 to:

Ramasamy Subramaniam Iyer
Liquidator
C/o PricewaterhouseCoopers
8 Cross Street
#17-00 PWC Building
Singapore 048424


ESENCO PTE: Intends to Pay Dividend to Creditors
------------------------------------------------
Esenco Pte Limited notifies parties-in-interest of an intended  
dividend to be declared at the Singapore High Court.

Creditors are required to submit their proofs of debts or claims  
by February 3, 2006 to:

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


HSBC CAPITAL: Receiving Debt Claims Until February 20
-----------------------------------------------------
Creditors of HSBC Capital (Asia) Pte Limited, whose debts or  
claims have not already been submitted, are required to submit a  
formal proof on or before February 20, 2006 to:

Tam Chee Chong
Liquidator
6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809

In default thereof, creditors will be excluded from the benefit  
of the dividend.  


MAY LEE: Court Issues Winding Up Order
--------------------------------------
On January 13, 2006, the Singapore High Court issued a winding  
up order against May Lee Heng (Pte) Limited, citing the  
following details:

Name and Address of Liquidator: The Official Receiver
Insolvency & Public Trustee's Office
The URA Centre (East Wing)
45 Maxwell Road #05/#06-11
Singapore 069118


RICHMALL HOLDINGS: Creditors to Receive Dividend
------------------------------------------------
Richmall Holdings Pte Limited intends to pay dividend to its  
creditors.

Creditors must submit their proofs of debt or claims on or  
before February 3, 2006 to:

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


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

INTER FAR EAST: To Resume Trading After Rehabilitation
------------------------------------------------------
The Stock Exchange of Thailand will transfer the securities of  
Inter Far East Engineering Public Company Limited from the  
REHABCO sector to the Electrical Products and Computer sector  
(Technology Group) on January 31, 2006. Trading of the Company's  
securities will resume afterwards.

SET Executive Vice President Suthichai Chitvanich confirmed IFEC  
requested the approval to transfer its securities to Electrical  
Products and Computer sector.  

The company has been enjoying net operating profits from its  
core business for one year (from Q4/2004 ending December 31,  
2004 through Q3/2005 ending September 30, 2005).

IFEC's financial statements, as of September 30, 2005, showed a  
positive shareholder's equity of THB255 million.   

The company has successfully completed its debt restructuring of  
THB1,820 million through the conversion of debt to equity,  
repayment of debt with cash, transfer of assets, and well as the  
haircut of accrued interest.  

The Central Bankruptcy Court ended the company's business  
rehabilitation on May 9, 2005, seeing that the Company  
demonstrated continuous improvement in performance and financial  
standing.

IFEC's financial statements as of September 30,2005 showed total  
assets of THB684 million and continued positive cash flows from  
operation of THB131 million for nine-months period ended  
September 30, 2005.  

The company, which is engaged in the trading and hiring of  
office equipment, has been tapped as exclusive sales agent for  
KONICA copying machines for more than 20 years.

In 2003, management integration between Konica Corporation Co.  
Ltd. and Minolta Co. Ltd established a holding company called  
Konica Minolta Business Technologies Inc (KMBT).

IFEC has received the confirmation from KMBT to act as an  
exclusive distributor of its products in Thailand. The contract  
period is two and a half years (starting with October 1, 2005,  
ending March 31, 2008).  

Major IFEC customers include medium and large companies,  
government sectors, and state enterprises.   

IFEC has posted an SP sign for a long time when the firm was  
transferred to the REHABCO sector.  The SET will temporary lift  
the ceiling and floor limits on IFEC's securities on January 31,  
2006 to allow the market mechanism to work freely.  

Moreover, investors should closely consider IFEC's information  
as well as its information memorandum before making their  
decisions to purchase IFEC's securities.  All details have been  
disseminated on the SET Market Analysis and Reporting Tool and  
other information about the company from its web site:  
http://www.ifec.co.th.

CONTACT:

Inter Far East Engineering Pcl    
29 Soi Jitranukhroh,  
Ramkhamhaeng 22 Road, Bang Kapi Bangkok     
Telephone: 0-2318-3272    
Fax: 0-2318-0574    
Web site: http://www.ifct.co.th  


THAI AIRWAYS: Clips Wings on Direct Australian Flights
------------------------------------------------------
Mounting losses have forced Thai Airways International Public  
Company Limited to suspend direct flights to Australia, reports  
Bangkok Post.

The carrier will discontinue thrice-a-week flights linking  
Phuket, Sydney and Melbourne starting February 1 to curb around  
THB260-million losses it incurred on the route.  

According to Bangkok Post, Thai Airways needed to fill 70  
percent of its Boeing 747-400 jets to break even.  At present,  
it could only fill 62 to 65 percent of the seats, said Vasing  
Kittikul, executive vice-president for the commercial  
department.

Thai Airways launched the direct Australia-Phuket route in April  
2005, in a bid to revive Thailand's tourism industry, which  
suffered after the December 2004 tsunami.

Mr. Vasing stressed the airline needed to scrap the service  
since it could no longer sustain the operations. However, Mr.  
Vasing assured Phuket tourists from Australia and New Zealand  
could always use the Bangkok route.

Thai Airways offers 14 Bangkok-Sydney flights a week, and 11  
Bangkok-Melbourne flights, plus a daily service to Auckland,  
with 70-75 percent of the seats filled on average.  

CONTACT:

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


THAI PETROCHEMICAL: Share Sale Proceeds Used to Repay Creditors
---------------------------------------------------------------
Thai Petrochemical Industry Public Company Limited reported it  
has allotted newly issued capital stock to existing shareholders  
on November 30 to December 7, 2005 and to strategic investors on  
December 13, 2005 at THB3.30 per share.

The THB38,448,593,003.70 proceeds from the sale of the newly  
issued shares were used to repay scheme creditors on December  
29, 2005.

CONTACT:

Thai Petrochemical Industry Pcl    
TPI Tower, Floor 8, 26/56  
New Jun Road, Thungmahamek, Sathon Bangkok     
Telephone: 0-2678-5000, 0-2678-5100    
Fax: 0-2678-5001-5    
Web site: http://www.tpigroup.co.th  



BOND PRICING: For the Week 23 January to 27 January 2006
--------------------------------------------------------

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


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


MALAYSIA
--------

Abi Malaysia Bhd                      5.500%     5/30/06    30
Aliran Ihsan Resources Bhd            5.000%    11/29/11     1
Artwright Holdings Bhd                5.500%     3/06/07     1
Asian Pac Bhd                         4.000%    12/21/07     1
Berjaya Land Bhd                      5.000%    12/30/09     1
Camerlin Group Bhd                    5.500%     7/15/07     1
Comsa Farms Bhd                       5.000%     2/27/06    50
Crescendo Corporation Bhd             3.000%     8/25/07     1
Crest Builder Holdings Bhd            7.000%     2/24/06     1
Dataprep Holdings Bhd                 4.000%     8/06/07     1
Eden Enterprises (M) Bhd              2.500%    12/02/07     1
EG Industries Bhd                     5.000%     6/16/10     1
Equine Capital Bhd                    3.000%     8/26/08     1
Fountain View Development Sdn Bhd     3.500%    11/03/06     1
Greatpac Holdings Bhd                 2.000%    12/11/08     1
Gula Perak Bhd                        6.000%     4/23/08     1
Hong Leong Industries Bhd             4.000%     6/28/07     1
Huat Lai Resources Bhd                5.000%     3/28/10     1
I-Berhad                              5.000%     4/30/07     1
Insas Bhd                             8.000%     4/19/09     1
Kamdar Group Bhd                      3.000     11/09/09     1
Killinghall Bhd                       5.000%     4/13/09     2
Kiwi Income Properties Ltd            8.000%     6/30/10     1
Kosmo Technology Industrial Bhd       2.000%     6/23/08     2
Kretam Holdings Bhd                   1.000%     8/10/10     1
Kumpulan Jetson                       5.000%    11/27/12     1
LBS Bina Group Bhd                    4.000%    12/29/06     1
LBS Bina Group Bhd                    4.000%    12/31/07     1
LBS Bina Group Bhd                    4.000%    12/31/08     1
LBS Bina Group Bhd                    4.000%    12/31/09     1
Lebar Daun Bhd                        2.000%     1/06/07     3
Lion Diversified Holdings Bhd         2.000%     6/01/09     2
Media Prima Bhd                       2.000%     7/18/08     1
Mithril Bhd                           3.000%     4/05/12     1
Mithril Bhd                           8.000%     4/05/09     1
Mutiara Goodyear Development Bhd      2.500%     1/15/07     1
Naim Indah Corporation Bhd            0.500%     8/24/06     1
Nam Fatt Corporation Bhd              2.000%     6/24/11     1
Pantai Holdings Bhd                   5.000%     7/31/07     2
Patimas Computers Bhd                 6.000%     2/19/06     1
Pelikan International Corp Bhd        3.000%     4/08/10     1
Poh Kong Holdings Bhd                 3.000%     1/20/07     1
Prinsiptek Corporation Bhd            3.000%    11/20/06     1
Puncak Niaga Holdings Bhd             2.500%    11/18/16     1
Ramunia Holdings                      1.000%    12/20/07     1
Rashid Hussain Bhd                    0.500%    12/24/12     1
Rashid Hussain Bhd                    3.000%    12/24/12     1
Rhythm Consolidated Bhd               5.000%    12/17/08     1
Silver Bird Group Bhd                 1.000%     2/15/09     1
Southern Steel                        5.500%     7/31/08     1
Tanah Emas Corporation Bhd            2.000%    12/09/06     1
Tap Resources Bhd                     2.000%     6/29/06     1
Tenaga Nasional Bhd                   3.050%     5/10/09     1
VTI Vintage Bhd                       4.000%     8/22/06     1
WCT Land Bhd                          3.000%     8/02/09     1
Wah Seong Corp                        3.000%     5/21/12     3
YTL Cement Bhd                        4.000%    11/10/15     1


SINGAPORE
---------

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




                            *********

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

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

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

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

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

                 *** End of Transmission ***