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

             Wednesday, January 25, 2006, Vol. 9, No. 018  
                            Headlines

A U S T R A L I A

AGRIPPO PTY: Members, Creditors Agree to Liquidate
ARTHEENA PTY: Enters Voluntary Liquidation
AUSTRALIAN MICROELECTRONICS: Liquidator to Give Wind-up Report
BAIRNS INVESTMENTS: Decides to Close Operations
BOJESS PTY: To Liquidate Business Voluntarily

CARTER HOLT: Mulls ASX Delisting
CITY BUILD: Creditors to Get Liquidation Report
COMMUNITY CHOICE: Creditors Resolve to Wind Up Firm
DCCR PTY: Enters Voluntary Liquidation
EMPEROR MINES: Asks Shareholders To OK Purchase Plan

FRANKSTON AUTO: To Pay Dividend to Creditors
INCITEC PIVOT: Looks at Offshore Ops to Cut Costs
KEY REFRIGERATED: Appoints Liquidator
LEADING EDGE: To Declare Dividend on Feb. 1
LUSS PTY: Winds Up Business Operations

MERIMCP PTY: Voluntarily Liquidates Business
PERFORMANCE PRESSURE: Commences Wind-Up Operations
RNP INTERNATIONAL: Members Vote For Liquidation
SOFT CENTRE: To Distribute Proceeds of Assets
STOCKMOND GROUP: To Pay Creditors' Claims

SULZER AUSTRALIA: Shuts Down Business
SYDNEY GAS: AU$88-Mln Bid Causes Shares To Rise
TAB TRANSPORT: Liquidator to Report on Company Wind-up  
TELSTRA CORPORATION: Rival Slams Appeal
VOLANTE GROUP: Wins SA Government's Favor

WURLTECH PTY: Members Agree on Voluntary Liquidation


C H I N A  &  H O N G  K O N G

CHINA MARINA: Company Gets Wind-up Order
CLOSE TO HEART: Court to Hear Wind-Up Petition Feb. 15
EASYKNIT INTERNATIONAL: Koon Resigns as Chairman
GOLDCO DEVELOPMENT: Receives Wind-Up Order From Court
GUANGDONG KELON: Updates KPMG Probe

GUANGDONG KELON: Mulls Lawsuit Against Ex-chairman
IIYAMA HONG KONG: Creditors' Meeting Slated for Feb. 9
KONMORE LIMITED: Creditors to Meet on Feb. 10  
L&M FOUNDATION: Court Enters Wind-Up Order
LUCKY REGENT: Creditors' Meeting Scheduled on Feb. 10

LUEN NGAI: Creditor Files Winding Up Petition
MAGIC WORLD: Meeting of Creditors Slated for February 10
SHENZHEN DEVELOPMENT: President Set to Resign
TAI SUN: Set to Close Business
YUE SHING: Court to Hear Wind-Up Petition March 8

* Securities Firms Record US$148 Million in Combined Losses


I N D I A

CHENNAKESAVA FINANCE: RBI Cancels Certificate of Registration
MIDPOINT SOFTWARE: Wants to Venture Into Merchant Exporting  
SOUTH INDIAN: To Launch Follow on Public Offering Next Month
THOMAS COOK: Revises Financial Year
WESTERN INDIA: Secures Restructuring Packages


I N D O N E S I A  

GARUDA INDONESIA: Reduces 2005 Losses
KIANI KERTAS: Sampoerna Eager to Buy if Conditions Change
MITRA GLOBAL: Moody's Hands Out Upgraded Rating for Secured Bond
PERUSAHAAN LISTRIK: Audit Board to Look Into Production Costs
PERUSAHAAN LISTRIK: To Receive Additional Fuel Subsidy


J A P A N

DENKI KAGAKU: Moody's Upgrades Rating to Baa2  
LIVEDOOR CO.: Bourse Shortens Trading Hours
LIVEDOOR CO.: TSE Monitors Stocks Ahead of Possible Delisting
LIVEDOOR CO.: Officials Busted for Alleged Fraud
MITSUBISHI MOTORS: Enjoys Brisk Orders for New Model in Taiwan

SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds


K O R E A

LG CARD: KDB Head Keen on Finding Ideal Investor


M A L A Y S I A

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
AFFIN HOLDINGS: Joint Venture to Handle Life Business
KEMAYAN CORPORATION: Incurs MYR23,229,000 Net Loss in 2Q/FYO5
K.P. KENINGAU: Bourse Removes Securities from List
MAGNUM CORPORATION: Buys Back Ordinary Shares

MALAYSIAN BULK: Restructures Unit to Streamline Business
MEDIA PRIMA: Bourse to List, Quote New Shares
MENTIGA CORPORATION: SC Sets Out Guidelines for Proposals
MWE HOLDINGS: Sub-unit Enters Winding-Up Proceedings
NAM FATT: New Shares Up for Listing, Quotation

PANTAI HOLDINGS: Shares Granted Quotation Today
POS MALAYSIA: Issues Additional Shares for Listing
SOUTHERN BANK: Repurchases 25,000 Shares
WCT ENGINEERING: Issues New Shares for Listing, Quotation


P H I L I P P I N E S

ABOITIZ TRANSPORT: Cuts Passenger-Travel Fares by 50%
C&P HOMES: Issuing New Stock Certificates
MANILA ELECTRIC: Sets Record Date on Feb. 28
NATIONAL POWER: Metrobank Sets Eyes on Generating Assets

* Pre-need Sales Downtrend Slowing Down


S I N G A P O R E  

ACCORD CUSTOMER: Court Schedules Hearing for Ex-CEO's Case
APPLIED FOOD: Receiving Debt Claims Until Feb. 20
ENDUE ELECTRONICS: Court Issues Winding Up Order
INFORMATICS HOLDINGS: Court Adjourns Case of Ex-Execs to Feb. 22
SHINZEN PTE: Creditors' Proofs of Claim Due Feb. 20


T H A I L A N D

SUN TECH GROUP: Trims Registered Capital
THAI AIRWAYS: Allows Nok Air to Take Over Routes

     -  -  -  -  -  -  -  -  

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

AGRIPPO PTY: Members, Creditors Agree to Liquidate  
--------------------------------------------------
After their general meeting on December 30, 2005, the members of  
Agrippo Pty Limited resolved to voluntarily wind up the  
Company's operations.

A creditors' meeting was also held on the same day.  
Subsequently, M. F. Cooper was appointed as liquidator.

M. F. Cooper
Liquidator
Frasers Insolvency Advisory
Level 9, 99 Elizabeth Street
Sydney NSW 2000


ARTHEENA PTY: Enters Voluntary Liquidation  
------------------------------------------
On December 20, 2005, the members of Artheena Pty Limited agreed  
to commence wind-up operations for the Company.  They also  
appointed Paul Burness and Morgan Lane as liquidators for that  
purpose.

Paul Burness
Morgan Lane
Liquidators
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


AUSTRALIAN MICROELECTRONICS: Liquidator to Give Wind-up Report  
--------------------------------------------------------------
A final meeting of the members of Australian Microelectronics  
Network Limited will be held for them to receive the  
liquidator's final account showing how the Company was wound up  
and how its assets were disposed of.

The meeting will be held on February 2, 2006, at 10:00 a.m.

Wayne Harry Price
Liquidator
Castletons
Suite 1, Level 4, 3 Carlingford Road
Epping NSW 2121


BAIRNS INVESTMENTS: Decides to Close Operations  
-----------------------------------------------
After their general meeting on December 23, 2005, the members of  
Bairns Investments Pty Limited resolved to close the Company's  
business operations and distribute the proceeds of its assets.

As a result, Allan William Donald FCA was appointed as  
liquidator.

Allan W. Donald FCA
Liquidator
Level 8, 37 York Street
Sydney NSW 2000


BOJESS PTY: To Liquidate Business Voluntarily  
---------------------------------------------
Bojess Pty Limited's members agreed to shut down the Company's  
operations.  They named Tarquin Raoul Koch to oversee the  
liquidation activities.

Tarquin Koch
Liquidator
Anthony Matthews & Associates Chartered Accountants
Ground Floor, 91 Hutt Street
Adelaide SA 5000
Phone: 08 8232 8885
Fax:   08 8232 8886
e-mail: info@matthewsassociates.com.au


CARTER HOLT: Mulls ASX Delisting
--------------------------------
Carter Holt Harvey Group is planning to delist from the  
Australian Stock Exchange, Asia Pulse reports.

In a statement to the bourse, Carter Holt said that its board  
would discuss with the ASX the steps required to complete the  
delisting process.

However, the Company will continue to trade at the New Zealand  
Stock Exchange.

The New Zealand forestry group is currently the subject of a  
AU$3-billon (US$2.25 billion) takeover bid by Rank Group  
Investments, a company owned by New Zealand's richest man,  
Graeme Hart.

CONTACT:  

Carter Holt Harvey Limited  
640 Great South Road  
Manukau City, Auckland 1030  
NEW ZEALAND  
Phone: +64 9 262 6000  
Fax: +64 9 262 6099  
Web site: http://www.chh.com  


CITY BUILD: Creditors to Get Liquidation Report  
-----------------------------------------------
The creditors of City Build Pty Limited will convene on
February 2, 2006, at 11:00 a.m., in order to:

  -- receive the liquidator's account regarding the Company's
     completed wind-up and disposal of property;

  -- consider, and if thought fit, adopt the liquidator's
     account of Receipts and Payments for the period from
     March 13, 1998, to February 2, 2006;

  -- consider and approve payment of the liquidator's
     remuneration; and

  -- consider and approve the destruction of the Company's
     books and records.

K. E. Judge
Liquidator
Judge Constable
67 Burswood Road, Burswood WA 6100
Phone: 08 9470 4100


COMMUNITY CHOICE: Creditors Resolve to Wind Up Firm  
----------------------------------------------------
Creditors of Community Choice Home Loans Pty Limited held a  
meeting on December 15, 2005, and agreed to wind up the Company  
voluntarily.

Moreover, the creditors appointed Kim David Holbrook as  
liquidator to oversee the Company's wind-up operations.

Kim David Holbrook
Holbrook & Associates Chartered Accountants
Level 2, 19 Pier Street (GPO Box M925)
Perth WA 6001


DCCR PTY: Enters Voluntary Liquidation  
--------------------------------------
At an extraordinary general meeting of the members of DCCR Pty  
Limited on December 22, 2005, it was resolved that a voluntary  
wind-up of the Company is appropriate and necessary.

In addition, the members appointed William Bernard Abeyratne and  
Loke Ching Wong to manage the closing activities of the Company.

William B. Abeyratne
Loke Ching Wong
Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 9696 2885


EMPEROR MINES: Asks Shareholders To OK Purchase Plan
----------------------------------------------------
Shareholders of Emperor Mines will meet on February 20, 2006, to  
approve the transfer of shares and the AU$51.2 million payment  
to DRDGold.  The DRDGold Payment is on account of a conditional  
sale and purchase agreement entered into between the parties.

Pursuant to the Agreement, Emperor Mines will acquire interests  
in Tolukuma Mine and Porgera Mine in Papua New Guinea.   
Specifically, Emperor Mines will purchase a 20% interest in  
Porgera and a 100% interest in Tolukuma, as well as certain of  
the mines' assets, for AU$392.8 million.

The acquisition will be paid through Emperor Mines' issuance of  
751,879,699 shares and AU$51.2 million in cash.

If the transaction is made, Emperor Mines will be the third  
largest gold producer on the Australian Stock Exchange and will  
be producing 375,000 ounces of gold a year.

Emperor Mines' chairman, Jim Wall, stated that the DRDGold  
Transaction had been well received by the market.  He said the  
Company's share price and liquidity had increased significantly  
since the purchase plan was announced in November 2005.

According to Mr. Wall, the independent directors would negotiate  
and evaluate the proposed transaction on behalf of the  
shareholders and independent directors.  An independent expert,  
Grant Thornton, has also reviewed the transaction.

CONTACT:  

Emperor Mines Limited
Level 1 WBM Building
490 Upper Edward Street
Spring Hill QLD 4004
e-mail: emperor@emperor.com.au
Web site: http://www.emperor.com.au


FRANKSTON AUTO: To Pay Dividend to Creditors  
--------------------------------------------
Frankston Auto Parts Pty Limited will declare a dividend on  
January 30, 2006.

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

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


INCITEC PIVOT: Looks at Offshore Ops to Cut Costs
-------------------------------------------------
Incitec Pivot is looking at offshore operations in its effort to  
further cut costs, The Age reports.

The fertilizer producer attributed "comfortable" first-quarter  
performance to its cost-cutting efforts, The Age says.  The  
Company recently boasted of exceeding its financial targets  
after suffering a 94% net profit decline in the previous year.

Incitec's chief executive officer, Julian Segal, said that the  
recent focus had been on cutting costs and building its position  
in the market, but the company was "alert to growth  
opportunities".

According to The Age, Incitec is allocating around AU$6 million  
to help revive mining operations in the island of Nauru.  The  
firm will provide materials and engineering expertise for the  
project, but will have no operating role.

The Company is also a part of a consortium investigating the  
feasibility of an ammonia-urea facility in Brunei.  The result  
of the study is expected in the second quarter 2006.

The Troubled Company Reporter - Asia Pacific reported on  
November 18, 2005, that Incitec 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.  

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


KEY REFRIGERATED: Appoints Liquidator  
-------------------------------------
At a general meeting of Key Refrigerated Transport Pty Limited  
on December 16, 2005, Bruce Neil Mulvaney was appointed as  
liquidator to supervise the Company's wind-up activities.

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


LEADING EDGE: To Declare Dividend on Feb. 1  
-------------------------------------------
Leading Edge Services Pty Limited will declare a dividend on  
February 1, 2006.

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

John Park
Liquidator
KordaMentha (Qld)
22 Market Street, Brisbane Qld 4000
Phone: 07 3225 4000
Fax:   07 3225 4999


LUSS PTY: Winds Up Business Operations  
--------------------------------------
Members of Luss Pty Limited convened on December 21, 2005, to  
liquidate the Company's business operations.

The members named Michael John Morris Smith to administer the  
wind-up activities.

Michael J. M. Smith
Liquidator
Smith Hancock Chartered Accountants
Level 4, 88 Phillip Street
Parramatta NSW 2150


MERIMCP PTY: Voluntarily Liquidates Business  
--------------------------------------------
On December 15, 2005, members of MERIMCP Pty Limited agreed that  
a voluntary wind-up of the Company is necessary and in its best  
interests.

As a result, David H. Scott was appointed as official  
liquidator.

David H. Scott
Liquidator
Jones Condon Chartered Accountants
77 Station Street, Malvern Vic 3144


PERFORMANCE PRESSURE: Commences Wind-Up Operations  
--------------------------------------------------
Performance Pressure Cleaning Contractors 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, Richard Albarran was appointed to oversee the  
Company's liquidation activities.

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


RNP INTERNATIONAL: Members Vote For Liquidation  
-----------------------------------------------
On December 19, 2005, members of RNP International Pty Limited  
convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- William Bernard Abeyratne and Loke Ching Wong be appointed
      to supervise the wind-up activities of the Company.

William B. Abeyratne
Loke Ching Wong
Joint Liquidators
c/o Harrisons Insolvency
Level 5, 150 Albert Road
South Melbourne Vic 3205
Phone: 03 9696 2885


SOFT CENTRE: To Distribute Proceeds of Assets  
---------------------------------------------
After their general meeting on December 21, 2005, the members of  
Soft Centre R. & D. Pty Limited resolved to close the Company's  
business operations and distribute the proceeds of its assets.

B. A. Secatore
D. P. Juratowich
Liquidators
Bentleys MRI
Level 7, 114 William Street
Melbourne 3000


STOCKMOND GROUP: To Pay Creditors' Claims  
-----------------------------------------
Stockmond Group Pty Limited will declare its first and final  
interim dividend on February 1, 2006.

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

C. Wykes
Liquidator
Lawler Partners
Level 7, 1 Margaret Street
Sydney NSW 2000
Phone: 02 8346 6000


SULZER AUSTRALIA: Shuts Down Business  
-------------------------------------
On December 23, 2005, Sulzer Australia Compression Services Pty  
Limited's members agreed to shut down the Company's operations.  
They named M. C. Smith to act as liquidator for that purpose.

M. C. Smith
Liquidator
c/o McGrathNicol+Partners
Level 9, 10 Shelley Street
Sydney NSW 2000.
Phone: 02 9338 2629
       02 9338 2666
Web site: http://www.mcgrathnicol.com.au


SYDNEY GAS: AU$88-Mln Bid Causes Shares To Rise
-----------------------------------------------
Queensland Gas Company's AU$88-million takeover bid for Sydney  
Gas Limited has sent the latter's shares leaping to as much as  
27% on Monday, reports Sydney Morning Herald.

As previously reported in the Troubled Company Reporter - Asia  
Pacific, QGC had launched its AU$0.36 per share offer amid  
investor concern regarding Sydney Gas' ability to meet the full  
redemption and interest due on all currently outstanding  
convertible notes due in April and June 2006.

According to the Sydney Herald, QGC believes that its bid of one  
share for every two Sydney Gas shares would give shareholders  
"earnings stability".

Sydney Gas declined to comment on the QGC bid, but analysts  
think it was "well priced."  Wilson HTM analyst Andrew Pedler,  
specifically, told the Sydney Herald that the QGC bid offers  
Sydney Gas a solution to the repayment of the convertible notes  
and should also remove concerns about the company's "volatile"  
management.

The TCR-AP also reported on December 8, 2005, that Sydney Gas'  
entire board, including its Chairman Michael Knight, resigned  
rather than be ejected by rebel shareholders.

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/  


TAB TRANSPORT: Liquidator to Report on Company Wind-up  
------------------------------------------------------
The members and creditors of Tab Transport Pty Limited will  
convene on February 1, 2006, at 10:30 a.m., to receive the  
liquidator's account regarding the Company's completed wind-up.  
The parties will also approve the liquidator's remuneration and  
discuss other matters that may arise.

Cliff Rocke
Liquidator
PPB Chartered Accountants
Level 1, 5 Mill Street
Perth WA


TELSTRA CORPORATION: Rival Slams Appeal
---------------------------------------
Optus has accused Telstra Corporation of "gaming" the
competition regulator after the telco lodged its first appeal to  
the Australian Competition Tribunal, relates The Australian.

Telstra's lawyers, Mallesons, lodged the appeal on January 11,  
2006, after the Australian Competition and Consumer Commission  
rejected its access pricing for the national copper phone
network last month.

The Australian says that the appeal is part of the telco's two-
pronged strategy to try and supersede the ACCC's rejection of  
its pricing for competitors to access its raw copper wires.

The ACT appeal concerns Telstra's line sharing service (LSS)  
where its competitors rent the high-frequency part of a copper  
line to supply their own broadband services.  With LSS, Telstra  
retains the low-frequency part of the line to provide voice  
services.

Optus, which is Telstra's biggest competitor, has already lodged  
a complaint over Telstra's ULL pricing with the ACCC.

Telstra's move to appeal an ACCC decision for the first time  
accentuates the more aggressive approach to regulation under  
chief executive Sol Trujillo, who has been in charge of the  
company for seven months.

CONTACT:  

Telstra Corporation
Level 41 - Telstra Centre, 242 Exhibition Street,
Melbourne, Victoria, Australia, 3000
Telephone: (03) 9634 6400
Fax: (03) 9632 3215
Web site: http://www.telstra.com.au/


VOLANTE GROUP: Wins SA Government's Favor
-----------------------------------------
Volante Group is the South Australian Government's preferred  
bidder for its Distributed Computing Support Services  
procurement program, IT Wire reports.

The contract includes:

    * work for server management and support services;

    * client management and support services;

    * service integration services and solution design; and

    * advisory services.

Under the deal, Volante will provide server management and  
support services for half of the South Australian Government's  
fleet.

The services contract will be worth $10-20 million a year to  
Volante over five years, IT Wire relates, citing industry  
sources.

IT Wire also explains that, unlike the case with low margin  
hardware products, services is a highly profitable business with  
margins ranging 20-30%.  Thus, the deal is expected to add $2-5  
million to Volante's bottom line annually.

The information and communications technology firm expects to  
add more employees to its current 80-staff workforce if the  
contract pushes through.

IT Wire says that this latest development has become a threat to  
Commander Communications, which launched a hostile takeover bid  
for Volante on December 23, 2005.  Industry sources believe that  
Commander may need to raise its offer from AU$1.01 a share to as  
much as AU$1.30 apiece in order for its bid to succeed.

CONTACT:  

Volante Group Limited
Binary Centre, Level 1, 3 Richardson Place,
Riverside Corporate Park,
NORTH RYDE, NSW,
AUSTRALIA, 2113
Telephone: (02) 8870 2070
Fax: (02) 8870 2139
Web site: http://www.volante.com.au


WURLTECH PTY: Members Agree on Voluntary Liquidation  
----------------------------------------------------
At a general meeting on December 22, 2005, members of Wurltech  
Pty Limited concurred that the Company must voluntarily commence  
liquidation.

Gregory Stuart Andrews was nominated to manage the Company's  
wind-up activities.

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


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

CHINA MARINA: Company Gets Wind-up Order
----------------------------------------
The High Court of the Hong Kong Special Administrative Region  
Court of First Instance has entered an order approving China  
Marina Club Developments Limited's wind-up.

CONTACT:

China Marina Club Developments Limited
Rm 601 6/F Kam Hing Bldg 20
Hillwood Road Tsim Sha Tsui Kowloon
West Hong Kong


CLOSE TO HEART: Court to Hear Wind-Up Petition Feb. 15
------------------------------------------------------
On December 21, 2005, Ng Wing Yi filed a petition for the  
winding up of Close to Heart Company Limited.

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

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

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


EASYKNIT INTERNATIONAL: Koon Resigns as Chairman
------------------------------------------------
Easyknit International Holdings Limited reports that Koon Wing-
yee has resigned from its post as president; chief executive  
officer; and executive director and authorized representative,  
as well as member and chairman of the executive committee and  
the remuneration committee of the Company's board of directors,  
effective as of January 20, 2006.

In December 2005, the Insider Dealing Tribunal identified Mr.  
Koon as an insider dealer.  Mr. Koon intends to lodge an appeal  
against certain aspects of the Tribunal's orders.

Easyknit announces in a press release that the Company's vice-
president, Ricky Wing-chiu Tse, has been re-designated to take  
over Mr. Koon's posts.

In turn, Lui Yuk-chu, who holds approximately 36.74% of  
Easyknit, has been named as the new vice-president of the  
company.  Mr. Lui is also a director of Magical Profits Limited  
and Accumulate More Profits Limited, which are both substantial  
shareholders of Easyknit.  The director's fee for Mr. Lui is  
$1.2 million per annum.  Lui also holds 35.93% of Asia Alliance.

CONTACT:

Easyknit International Holdings Ltd.
Unit A, 7/F Hong Kong Spinners Ind. Bldg.
Phase 6, 481 Castle Peak Road
Cheung Sha Wan, Kowloon
Hong Kong
Phone: (852) 2745 6338
Fax: (852) 2745 7131


GOLDCO DEVELOPMENT: Receives Wind-Up Order From Court
-----------------------------------------------------
On January 9, 2006, The High Court of the Hong Kong Special  
Administrative Region Court of First Instance issued a wind-up  
order to Goldco Development Limited.

CONTACT:

Goldco Development Limited
Flat 18 17th Floor
Block A Wah Tat Industrial Center
8-10 Wahsing Street, Kwai Chung New Territories.


GUANGDONG KELON: Updates KPMG Probe
-----------------------------------
KPMG unveiled that the abnormal cash flows incurred between  
Guangdong Kelon Electrical Holdings Company and the Greencool  
Companies during the investigation period amounted to cash  
outflows of approximately RMB2,169 million and cash inflows of  
approximately RMB2,462 million.   

In a company press release, the abnormal cash flows posted  
between the Group and the companies, which KPMG suspected to be  
associated with the Greencool Companies, amounted to cash  
outflows of approximately RMB1,902 million and cash inflows of  
approximately RMB1,017 million.

Other abnormal cash flows amounted to cash outflows of  
approximately RMB208 million and cash inflows of approximately  
RMB28 million.

A full-text copy of the Company's release on the KPMG Report is  
available for free at:

   http://bankrupt.com/misc/tcrap_guangdong0124.pdf

CONTACT:

Guangdong Kelon Electrical Holdings Company Limited
8 Ronggang Road Ronggui
Shunde, Guangdong Province 528303
China
Phone: +86 765 836 2570
Fax: +86 765 836 1055


GUANGDONG KELON: Mulls Lawsuit Against Ex-chairman
--------------------------------------------------
Guangdong Kelon Electrical Holdings Ltd. is preparing to sue its  
former chairman, Gu Chujun, for alleged fraud and embezzlement,  
Xinhuanet relates.

According to a report by KPMG, at least CNY592 million was  
channeled out of the company by Mr. Gu through Guangdong  
Greencool Enterprise Development, a company which he controlled,  
and Kelon's other affiliates.

Mr. Gu and six other executives were arrested in Guangdong in  
September 2005, just a month after he was ousted for suspected  
economic crimes.

Kelon said in a legal notice that KPMG, which it had hired to  
investigate its cash flow, found substantial movement of money  
between Kelon and companies associated with Greencool Companies  
over nearly four years.


IIYAMA HONG KONG: Creditors' Meeting Slated for Feb. 9
------------------------------------------------------
Iiyama Hong Kong Co. Limited notifies its creditors that a  
meeting among them will be held on February 9, 2006, at 3:00  
p.m. at the 26/F, Wing On Centre, in 111 Connaught Road Central,  
Hong Kong.

At the meeting, creditors will resolve whether or not the  
company will undergo liquidation.  They will also appoint a  
liquidator.

Proxies who will vote on behalf of creditors must be lodged not  
later than 4:00 p.m. on February 9, 2006.


KONMORE LIMITED: Creditors to Meet on Feb. 10
---------------------------------------------
Pursuant to Section 241 of the Hong Kong Companies Ordinance, a  
meeting of Konmore Limited's creditors will be held at 1:45 p.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.


L&M FOUNDATION: Court Enters Wind-Up Order
------------------------------------------
L&M Foundation Specialist Limited presented a petition to wind  
up its operations on August 3, 2005.

Accordingly, on January 11, 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:

L&M Foundation Specialist Limited
Room A 22/F Yue
On Commercial Building
385-387 Lockhart Road
Wanchai Hong Kong
Yuen Hing Shing Steel Company Limited
Flat 18 17th Floor Blk A Wah Tat Ind Center
8-10 Wahsing St.
Kwai Chung New Territories


LUCKY REGENT: Creditors' Meeting Scheduled on Feb. 10
-----------------------------------------------------
The creditors of Lucky Regent International Limited will meet at  
2:00 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.


LUEN NGAI: Creditor Files Winding Up Petition
---------------------------------------------
Wing Fung Decoration & Painting has filed a winding up petition  
against Luen Ngai Decoration Company Limited on November 18,  
2005.

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

Creditors or contributories of Luen Ngai who wish to support or  
oppose the Petition may appear in Court at the time of the  
hearing.

Any person who intends to appear at the hearing must serve a  
written notice of his intention not later than 6:00 p.m. on  
February 7, 2006, to:

     Jimmie K.S. Wong & Partners
     Solicitors for the Petitioner
     2nd Floor, Double Building
     22 Stanley Street
     Central, Hong Kong


MAGIC WORLD: Meeting of Creditors Slated for February 10
--------------------------------------------------------
A meeting of Magic World Limited's creditors will be held on  
February 10, 2006, at 2:15 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.


SHENZHEN DEVELOPMENT: President Set to Resign
---------------------------------------------
Shenzhen Development Bank's president, Jeffrey Williams, is  
expected to step down in a few days as part of an internal  
reshuffle, The Standard relates.

The Chinese lender, which has the highest bad-debt burden and  
lowest capital adequacy of China's listed banks, hired former  
U.S. Deputy Treasury Secretary Frank Newman as Chairman in 2005.

GE Consumer Finance, a unit of General Electric, said last  
October that it would pay US$100 million for a 7.3% stake of  
Shenzhen Bank.  The deal still awaits regulatory approval.


TAI SUN: Set to Close Business
------------------------------
On January 9, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order  
approving a petition to wind up Tai Sun Construction Engineering  
Company Limited.


YUE SHING: Court to Hear Wind-Up Petition March 8
-------------------------------------------------
Bank of China (Hong Kong) Limited presented a petition for the  
winding up of Yue Shing Industrial Limited on January 9, 2006.

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

Creditors or contributories of Yue Shing who wish to support or  
oppose the Petition may appear in Court at the time of the  
hearing.  A written notice of the creditor's or contributory's  
intention must be sent not later than 6:00 p.m., on February 7,  
2006 to:

     Chow, Griffiths & Chan
     Solicitors for the Petitioner
     Rooms 1902-4, 19th Floor
     Hang Seng Building
     77 Des Voeux Road Central
     Central, Hong Kong


* Securities Firms Record US$148 Million in Combined Losses  
-----------------------------------------------------------  
Twenty-one securities firms reported a combined CNY1.2 billion  
(US$148 million) loss in their 2005 pre-audited financial  
reports, China Daily says.  The losses are mainly in traditional  
brokerage and proprietary business.  

The paper specifically cites domestic investment bank BOC  
International China, which incurred a CNY139 million loss, as  
well as Dong Wu Securities and Minsheng Securities, which  
recorded a CNY99.8 million and a CNY76.3 million loss in 2005,  
respectively.  

China Daily relates that the industry has had heavy losses for  
four consecutive years already.  It attributes the heavy losses  
to assets provisions, high expenses and low margins.  Moreover,  
due to the country's "gloomy" stock market, brokerage and  
proprietary businesses have greatly declined.  

According to the paper, some firms are reducing staff and  
closing branches.

However, China Daily notes that there are also some firms that  
are able to withstand the losses due to their profits during the  
previous years.  Investment bank China International Capital Co  
Ltd, for one, made a CNY588 million profit in 2005 and is  
expected to top the list of good performers.  
  
Moreover, the paper says that the China Securities Regulatory  
Commission is planning for a tighter financial measurement  
system -- the net capital measurement -- which will gauge the  
domestic securities firms' capability to trade stock.  The CSRC  
also plans to get rid of "poor players" who fail to meet net  
capital requirements.  
  
China has about 130 securities firms, about 63 of which are  
reportedly "problematic," the paper adds.  The CSRC has listed  
20 of these firms as needing "high risk monitoring."  
  
  
=========
I N D I A
=========

CHENNAKESAVA FINANCE: RBI Cancels Certificate of Registration
-------------------------------------------------------------
On January 4, 2006, the Reserve Bank of India cancelled the  
certificate of registration granted to Chennakesava Finance and  
Investments Private Limited to carry or transact the business of  
a non-banking financial institution.

Under powers conferred by Section 45-IA (6) of the Reserve Bank  
of India Act, 1934, the Reserve Bank can cancel the registration  
certificate of a non-banking financial company.  The business of  
a non-banking financial institution is defined in clause (a) of  
Section 45-I of the Reserve Bank of India Act, 1934.  

CONTACT:

Chennakesava Finance and Investments Private Limited
304, Aditya Trade Centre,  
Ameerpet, Hyderabad- 500 038
India


MIDPOINT SOFTWARE: Wants to Venture Into Merchant Exporting
-----------------------------------------------------------
On January 23, 2006, The Board of Directors of Midpoint Software  
& Electro Systems Ltd decided to hold an Extraordinary General  
Meeting on February 24, 2006.

The meeting will be held to seek shareholders' approval to  
commence merchant exporting business.

CONTACT:

Midpoint Software & Electro Systems Ltd
Kshmalaya, 3rd Floor, 37-New Marine Lines
Mumbai 400020
Maharashtra
Phone: 22009397, 22004272
Fax: 22005238


SOUTH INDIAN: To Launch Follow on Public Offering Next Month
------------------------------------------------------------
South Indian Bank Limited's Committee to Decide and Monitor  
Augmentation of Share Capital unanimously passed a resolution on  
January 23, 2006, to open a proposed Follow on Public Offering  
on February 10, 2006.

The closing date of the FPO will be on February 15, 2006.

CONTACT:

South Indian Bank Ltd
Thrissur, Kerala
India   


THOMAS COOK: Revises Financial Year
-----------------------------------
On January 21, 2006, the Board of Directors of Thomas Cook  
(India) Ltd decided to change the financial year of the Company  
so that it ends on December 31, each year, starting with the 14  
months ended December 2006.

CONTACT:   

Thomas Cook (India) Ltd  
Thomas Cook Building, Dr D Naoroji Road,
Mumbai 400001
Maharashtra
Phone: 22048556; 22048557; 22048558
Fax: 22871069; 22872876


WESTERN INDIA: Secures Restructuring Packages
---------------------------------------------
Western India Shipyard Limited has received restructuring  
packages from members of the Corporate Debt Restructuring Group  
under the Reserve Bank of India guidelines.

The group includes:

   -- ICICI Bank Ltd,
   -- Stressed Assets Stabilization Fund,
   -- Industrial Investment Bank of India,
   -- State Bank of India, and
   -- Bank of India.

CONTACT:  

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


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

GARUDA INDONESIA: Reduces 2005 Losses  
-------------------------------------
PT Garuda Indonesia reduced its losses for 2005 as it improved  
its cost efficiencies, the Jakarta Post reports.  However, the  
Company also posted lower revenues due to recent terrorist  
attacks and increased fuel prices.

The Post cites Garuda Indonesia President Emirsyah Satar as  
saying that the Company reduced its 2005 losses by 17.14%, or  
IDR672 billion, as it managed its costs more effectively.  It  
was heavily affected, however, by a declining number of  
passengers after suicide bombing attacks occurred in Indonesia  
last October.

According to the paper, by the end of 2005, Garuda Indonesia's  
total assets stood at IDR9 trillion, while total debts equaled  
IDR12 trillion.

Moreover, the Company failed to repay a IDR519.6 billion debt  
that matured last month, the Post says.  Rising fuel prices took  
away IDR139.9 billion from the Company's revenues as fuel costs  
now made up for more than 40% of total expenses, while it only  
comprised an average of 30% in earlier years.

The Office of State Enterprises Deputy Mahuddin Yasin stated  
that Garuda Indonesia was unable to make its December 2005 debt  
repayments due to depleted cash flow, thus, it needed cash  
injection from the government or from its creditors, or attract  
investor interest.

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


KIANI KERTAS: Sampoerna Eager to Buy if Conditions Change  
---------------------------------------------------------
Indonesian billionaire Putera Sampoerna is still willing to  
acquire ailing pulp and paper firm PT Kiani Kertas if its  
largest creditor, Bank Mandiri, changes the sale terms, the  
Jakarta Post says.

Bank Mandiri had previously rejected Mr. Sampoerna's bid for the  
Company despite an initial deal signed on January 2, 2006.  Bank  
Mandiri is believed to have set unacceptable terms for the Kiani  
Kertas Sale, which terms are unacceptable to Mr. Sampoerna.

The Post relates that Mr. Sampoerna wants to give Bank Mandiri  
and Kiani Kertas investor Prabowo Subianto enough time to decide  
whether or not they want him to buy out the Company.

Kingsclere Finance Limited is also interested in taking over  
Kiani Kertas, the paper says.

Kingsclere had signed a non-binding agreement in December 2005  
to acquire the Company.  It plans to later sell Kiani Kertas to  
Singaporean firm United Fiber System Limited, whose takeover bid  
was also rejected by Bank Mandiri.

CONTACT:    
  
PT Kiani Kertas  
Bidakara Building, 9th Floor  
Jl. Gatot Subroto Kav. 71-73  
Jakarta, 12870  
Indonesia  
Phone : +62(021)8379-3211  
Fax:    +62(21)8379-3215  
Web site: http://www.kiani.com/


MITRA GLOBAL: Moody's Hands Out Upgraded Rating for Secured Bond
----------------------------------------------------------------
Moody's Investors Service has upgraded the local currency  
corporate family rating of P.T. Mitra Global Telekomunikasi  
Indonesia from Ba3 to Ba1, and the senior secured foreign  
currency bond rating of MGTI Finance Company Limited (guaranteed  
by MGTI and MGTI Finance B.V.) from B2 to Ba3.  The outlook for  
the ratings is stable.

The upgrade reflects Moody's receipt and review of MGTI's  
audited FY2004 financial statements, and which show no material  
discrepancy from management accounts and are in line with the  
rating agency's own projections.  Total investor revenue for  
2004 was US$60.9 million, translating into a debt service  
coverage ratio of 2.7x on an average annual basis.  Moody's also  
notes revenue for KSO IV (a key counter-party for honoring  
investor revenues to MGTI) was US$140 million in 2004,  
sufficient to cover 2.3x those investor revenues paid to MGTI.  

According to the agency, MGTI's rating reflects its cash flow  
being backed by the Investor Revenues payable monthly by KSO IV  
under the Amended KSO Agreement with Telkom and the rating is  
closely aligned with that of PT Telekomunikasi Indonesia (Ba1  
local currency rating/stable).  Under the Amended KSO Agreement,  
if KSO IV does not have sufficient funds to pay the investor  
revenues, then Telekom will undertake to cover any shortfalls.   
This obligation ranks pari passu with Telekom's other unsecured  
obligations.  Under the Agreement, MGTI is also entitled to  
assume operational and financial control of KSO IV until any  
overdue payment is satisfied.  

The undertaking from Telekom (although not a direct guarantee)  
and Moody's view that KSO IV is an integral part and core asset  
of Telekom's nationwide fixed-line business mean it is highly  
likely Telekom will ensure payments -- sufficient to cover the  
investor revenues -- are made to MGTI.  These projected investor  
revenue payments are sufficient to pay the interest and  
principal due on MGTI's bonds.  In addition, the investor  
revenues are payable in US$, helping mitigate currency risk.  

Moody's notes that the financials of KSO IV and potential  
liabilities under MGTI were consolidated under Telekom's audited  
accounts starting FY2004.  This situation further highlights the  
core nature of that business to Telekom, and supports the  
possibility of ensuring investor revenue payments are made.  

Key challenges for MGTI's rating include its exposure to the  
uncertain political and legal environment in Indonesia.  If  
Telekom would not make the shortfall payments under the  
Agreement, then it is likely KSO IV and therefore MGTI would  
find it a difficult to force Telekom to comply.  As a result, it  
would quickly threaten MGTI's liquidity position.

Moody's says that downward pressure on the local currency rating  
could arise if there is evidence of deterioration in KSO IV's  
operating performance, such that its revenue falls to a level  
insufficient to cover the investor revenues and operating  
expenses.  Furthermore, adverse changes in the regulatory and  
operating environment -- that affect Telkom's ability to honor  
its obligations under the Amended KSO Agreement -- would trigger  
a rating downgrade of MGTI.

On the other hand, the rating agency says upward rating pressure  
for MGTI is limited because of its single asset and thus revenue  
stream to support debt repayment.

P.T. Mitra Global Telekomunikasi Indonesia (MGTI), headquartered  
in Indonesia, was established in 1995.  Its owns the KSO IV  
concession in central Java that owns the core fixed  
telecommunications lines in that area operated by Telekom.


PERUSAHAAN LISTRIK: Audit Board to Look Into Production Costs  
-------------------------------------------------------------
The House of Representatives has asked the State Audit Board to  
investigate PT Perusahaan Listrik Negara's production costs  
before the Company implements an increase in its electricity  
tariff, Asia Pulse reports.

The audit will be conducted to confirm PLN's production costs,  
and the government must submit the audit results to the House of  
Representatives so as to garner approval for increased fuel  
subsidy, the Pulse relates, citing House Commission VII Member  
Tjatur Sapto Edy.  Mr. Edy added that the government has asked  
for one month to complete the audit.

The House of Representatives were initially shocked at PLN's  
production costs, which stood at IDR152 per kilowatt-hour.   
PLN's is reportedly one of the highest production costs in Asia.

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/


PERUSAHAAN LISTRIK: To Receive Additional Fuel Subsidy  
------------------------------------------------------
Indonesia's House of Representatives will consider approving an  
additional fuel subsidy for PT Perusahaan Listrik Negara if the  
Company will not raise its power rates, Asia Pulse relates.

An additional subsidy may be included in the deliberation of  
Indonesia's state budget in July 2006, Asia Pulse says, citing  
House Commission VII Legislator Ramson Sia Gian.  PLN has yet to  
submit a precise calculation of its production costs, as was  
requested by the House of Representatives.

Earlier reports stated that PLN was planning to increase its  
electricity tariff in order to reduce its IDRIDR38 trillion  
deficit.  The government, according to Asia Pulse, had offered  
to inject funds worth IDR15 trillion into the Company, but it is  
not enough to cover PLN's financial needs.

PLN expects to post a IDR23 trillion loss this year alone, and  
estimates to spend up to IDR51 trillion in fuel purchases for  
its fuel-based power plants.


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

DENKI KAGAKU: Moody's Upgrades Rating to Baa2  
---------------------------------------------
Moody's Investors Service has upgraded its senior unsecured  
long-term debt ratings for Denki Kagaku Kogyo Kabushiki Kaisha  
(Denka) to Baa2 from Ba1.  The rating outlook is stable.  

The rating action recognizes the accelerated improvement in the  
company's balance sheet structure and reinforced ability in cash  
flow generation.  These trends are supported by steadily  
enhanced market positions in its core businesses, achieved in  
turn through ongoing reinforcement of its business portfolio.   
The action concludes the review initiated on November 24, 2005.  

Denka's portfolio is diversified into organic chemicals,  
inorganic chemicals, electronic materials, and functional &  
processed products.  In each area, the company maintains unique  
products that have leading market positions, such as functional  
ceramics, clear polymer, chloroprene rubber, food and electronic  
packaging materials, carbide, and pharmaceutical products. Sales  
of each product are not large, but the company's technological  
advantages and product development ability -- so as to reflect  
user needs in a timely manner -- enable it to maintain its  
strong positions.  Therefore, its diversified portfolio and  
customer base should contribute to stable cash flow through the  
economic cycle.

In line with the mid-term business plan started in April 2004,  
Denka is further strengthening its business portfolio by  
focusing in particular on three major areas for future growth --  
functional resins, electronic materials, and processed resin  
products.  The strategic action includes reorganization of its  
domestic production facilities and R&D functions, and  
reinforcement of its global supply systems aimed at accelerating  
the development of new applications and new products.  As a  
result, the company has improved and maintained operating profit  
margins since its mid-term business plan started.

Moody's expects constant demand for each product in its three  
major businesses, supported by each product's characteristics,  
and which play very important roles in deciding the quality of  
end products in various industries.  In addition, its other  
product lines, such as organic chemical products, inorganic  
chemical products, and pharmaceutical products, are expected to  
help sustain overall cash flow, given the stable nature of  
demand for them.  Therefore, profit stability should be  
maintained over the medium term.

At the same time, Denka is focusing on further improving its  
financial fundamentals, based on its mid-term business strategy,  
which aims to reduce interest-bearing debt to JPY65 billion in  
FYE3/2007 and for an equity ratio of more than 50%.  Total debt  
to total capitalization ratio already improved to 39.5% for the  
first half of FYE3/2006 from 48.6% for FYE3/2004.  Aggressive  
investment in core growth areas will continue over the next few  
years for the purposes of enhancing its market positions.    
However, Moody's believes that Denka will manage the associated  
capital investment within cash flow and continue to take a well-
thought-out approach, balancing the business strategy and  
financial targets stated in its current mid-term plan.  
Therefore, Denka's balance sheet structure should continue to  
improve over the medium term.  

Denki Kagaku Kogyo Kabushiki Kaisha, headquartered in Tokyo, is  
a producer of diversified business lines, such as organic  
chemicals, inorganic chemicals, electronic materials, and  
functional & processed products.  Consolidated sales for the  
fiscal year to March 2005 were JPY280.0 billion.

CONTACT:

Denki Kagaku Kogyo Kabushiki Kaisha
Nihonbashi Mitsui Tower
1-1,Nihonbashi-Muromachi 2-chomeChuo-Tokyo
103-8338, Japan
Phone: +81-3-3507-5055
Fax: +81-3-3507-5059


LIVEDOOR CO.: Bourse Shortens Trading Hours
-------------------------------------------
The Tokyo Stock Exchange will allow trading in Livedoor Co.  
shares only between 1:30-3:00 p.m. from January 25, Reuters  
reports.

According to Reuters, the bourse also said it could suspend  
trading in the stock depending on how it trades.

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

CONTACT:

Livedoor Co., Ltd.
Roppongi Hills Mori Tower 38th Floor
6-10-1 Roppongi
Minato-ku, Tokyo
Japan
e-mail: info@livedoor.jp


LIVEDOOR CO.: TSE Monitors Stocks Ahead of Possible Delisting
-------------------------------------------------------------
The Tokyo Stock Exchange has moved Livedoor Co. and Livedoor  
Marketing Co. stocks to the monitoring post on January 23,  
possibly for delisting, reports Japan Today.

Japan Today says the monitoring post does not restrict shares  
trading. However, it means the TSE has started examining whether  
the Company meets its listing standards.


LIVEDOOR CO.: Officials Busted for Alleged Fraud
------------------------------------------------
Prosecutors arrested Livedoor Co. President Takafumi Horie and  
three other executives Monday night on suspicion they violated  
the securities law, Japan Today reports.

Also arrested were Livedoor Chief Financial Officer Ryoji  
Miyauchi, Livedoor Director Fumito Okamoto, and Livedoor Finance  
Co. President Osanari Nakamura.

Investigators believe the four are to blame for the unfolding  
financial scandal, including dubious corporate takeover deals  
and allegations of falsifying financial figures in 2004.


MITSUBISHI MOTORS: Enjoys Brisk Orders for New Model in Taiwan
--------------------------------------------------------------  
Mitsubishi Motors Corporation reported that orders taken by its  
local partner in Taiwan, China Motor Corporation (CMC), for the  
new 2.4-liter multi-purpose vehicle (MPV) Zinger in the first  
month of sales have reached 2,285 vehicles, a lot more than the  
monthly target of 1,200 vehicles.

Developed as a multi-purpose vehicle, the attractively priced  
Zinger brings the essence of SUV power into a boldly original  
design with versatile seating arrangements to make it ideally  
suited to a wide range of leisure, town and other driving  
purposes. Zinger is the first new Mitsubishi brand model to be  
introduced in Taiwan since the Grunder in December 2004 and is  
expected to spark an increase in sales.

Working with CMC, Mitsubishi Motors has a long history of  
producing and selling Mitsubishi brand vehicles in Taiwan.  Both  
companies expect the introduction of the new model to lead to  
further sales growth in Lancer and other Mitsubishi models.

Zinger will be manufactured and distributed by South East  
(Fujian) Motor Co., Ltd., a joint venture between Fujian Motor  
Industrial Corporation and CMC, in the second half of fiscal  
2007.

CONTACT:

Mitsubishi Motors Corporation
2-16-4 Konan, Minato-ku
Tokyo 108-8410, Japan
Phone: +81-3-6719-2111
Fax: +81-3-6719-0059


SOJITZ CORPORATION: JCR Assigns BBB- Rating to Bonds
----------------------------------------------------
Japan Credit Rating Agency (JCR) has assigned a BBB- rating to  
the bonds of Sojitz Corporation.

Sojitz improved the financial structures and quality of assets,  
disposing of the money-losing assets in accordance with the new  
business plan and issuing preferred shares.  However, there  
remain some unprofitable operations.  Such operations will  
continue their operations to be examined on its feasibility.   
They may incur additional loss, though the amount will not be  
large.  The operating performance has been going well, supported  
by rise in prices of energies and metals.  

There also remains issue on quality of the capital, which  
consists of preferred shares issued to lenders for debt-for-
equity swaps, although the Company repurchased and extinguished  
the 1st series class I preferred shares in the current fiscal  
year.  Sojitz plans to keep the current level of capital.  It  
will repurchase the preferred shares using the periodic earnings  
to prevent dilution of the common stocks due to conversion of  
these preferred shares into common stocks in and after next  
fiscal year.

JCR deems it necessary to examine whether the Company can ensure  
earnings stably by changing its business portfolio and making  
investments in new businesses with thorough risk management.

CONTACT:

Sojitz Holdings Corporation
1-20 Akasaka 6-chome, Minato-ku
Tokyo 107-8655, Japan
Phone: +81-3-5446-3600
Fax: +81-3-5446-1542


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

LG CARD: KDB Head Keen on Finding Ideal Investor
------------------------------------------------
Korea Development Bank Chairman Kim Chang-lok hopes to find a  
strategic investor capable of maintaining growth and stability  
at LG Card Co., reveals JoongAng Daily.   

According to the Korean Daily, Mr. Kim prefers an investor with  
management expertise to take over the card issuer.  That way,  
the Company would be ensured long-term.

Korea's top two and top three lenders, Shinhan Financial Group  
Co. and Woori Finance Holdings Co., have expressed interest in  
buying LG Card.  Whoever succeeds in taking over LG Card will  
become Korea's largest lender.

LG Card's woes began in 2003 following a credit bubble burst.   
Parent company LG group and management were handed over to  
creditors in November of the same year.

LG Card is considered as one of the sought-after acquisition  
targets with nearly 10 million customers.  

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


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

AFFIN HOLDINGS: Issues New Shares for Listing, Quotation
--------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Affin  
Holdings Berhad's additional 7,000 new ordinary shares of  
MYR1.00 each issued pursuant to the Employees' Share Option  
Scheme on January 25, 2006.  

CONTACT:

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


AFFIN HOLDINGS: Joint Venture to Handle Life Business
-----------------------------------------------------
The Minister of Finance had approved the proposed transfer of  
the life insurance business of Tahan Insurance Malaysia Berhad  
(Life Business) for a total consideration of MYR121 million to  
AXA Affin Life Insurance Berhad.

AXA Affin is a joint venture of Affin, which holds 51% and AXA  
Asia Pacific Holdings Limited, which holds 49%.

AXA Affin will thereafter operate the Life Business.


KEMAYAN CORPORATION: Incurs MYR23,229,000 Net Loss in 2Q/FYO5
-------------------------------------------------------------
Kemayan Corporation Berhad has released its unaudited Second  
Quarterly report for the financial period ended November 30,  
2005.

Summary of Key Financial Information
September 30, 2005

        Individual Period              Cumulative Period  
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding  
                  Quarter                        Period
    30/11/2005    30/11/2004      30/11/2005     30/11/2004
    MYR'000       MYR'000     MYR'000        MYR'000

(1) Revenue

    3,507         6,271           5,258          7,779

(2) Profit/(loss) before tax

    -22,941       -25,084         -50,415        -52,229

(3) Profit/(loss) after tax and minority interest

    -23,229       -25,264         -50,903        -52,599

(4) Net profit/(loss) for the period

    -23,229       -25,264         -50,903        -52,599

(5) Basic earnings/(loss) per shares (sen)

    -6.37         -6.93           -13.96         -14.43

(6) Dividend per share (sen)

    0.00           0.00             0.00           0.00

    As at end of                   As at Preceding
    Current Quarter                Financial Year End

(7) Net assets per share (MYR)

    -4.6000                        4.4700

A full-text copy of the Company's financial statement can be  
viewed free of charge at:

   http://bankrupt.com/misc/KemayanCorpNov05announce.xls

The Notes to Quarterly Report Ended November 30, 2005 can be  
viewed for free at:

   http://bankrupt.com/misc/KemayanCorp012006.doc

CONTACT:

Kemayan Corp. Berhad
167, Jln Glasiar Taman Tasek
80200 Johor Bahru Johor
Telephone: 07-2362390
Fax: 07-2365307


K.P. KENINGAU: Bourse Removes Securities from List
--------------------------------------------------
After consulting with the Securities Commission (SC), Bursa  
Malaysia Securities Berhad had on October 6, 2005 decided to  
grant an extension of time of:

(i) One month from the date of the notification of Bursa
     Securities' decision on October 6, 2005 for KPK to make the
     Requisite Announcement (RA) as per the Concept Scheme
     Proposal as described to Bursa Securities; and

(ii) Two months from the date of the RA for the Company to
     submit its proposed regularization plans (as per the
     Concept Scheme Proposal) to the relevant authorities for
     approval.

KPK has failed to make the RA before the due date of November 5,  
2005.

After having considered all the facts and circumstances of the  
matter, Bursa Malaysia Securities Berhad (Bursa Securities) has  
decided to de-list the securities of KPK from the Official List  
of Bursa Securities as the Company does not have an adequate  
level of financial condition to warrant continued listing on the  
Official List of Bursa Securities.

Accordingly, the securities of the Company will be removed from  
the Official List of Bursa Securities at 9:00 am on February 8,  
2006.

With respect to the securities of KPK that are currently  
deposited with Bursa Malaysia Depository Sdn Bhd (Bursa  
Depository), the securities may remain deposited with Bursa  
Depository notwithstanding the de-listing of the securities from  
the Official List of Bursa Securities.  It is not mandatory for  
the securities of a company, which has been de-listed to be  
withdrawn from Bursa Depository.

Alternatively, shareholders of KPK who intend to hold their  
securities in the form of physical certificates can withdraw  
these securities from their Central Depository System (CDS)  
accounts maintained with Bursa Depository at anytime after the  
securities of KPK has been de-listed from the Official List of  
Bursa Securities.  This can be affected by the shareholders  
submitting an application form for withdrawal in accordance with  
the procedures prescribed by Bursa Depository.

The shareholders can contact any Participating Organization of  
Bursa Securities and/or Bursa Depository's helpline at 03-
20347711 for further information on the withdrawal procedures.

CONTACT:

K.P. Keningau Berhad
Lot 10, The Highway Centre
Jln 51/205 46050 Petaling Jaya,
Selangor
Telephone: 03-7784 3922
Fax: 03-7784 1988


MAGNUM CORPORATION: Buys Back Ordinary Shares
---------------------------------------------
Magnum Corporation Berhad conducted a shares buy back on January  
23, 2006.

These are the details of the transaction:

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

Total number of shares purchased (units): 401,000

Minimum price paid for each share purchased (MYR): 1.940

Maximum price paid for each share purchased (MYR): 1.950

Total consideration paid (MYR):

Number of shares purchased retained in treasury (units): 401,000

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

Cumulative net outstanding treasury shares as at to-date  
(units): 96,329,900

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

CONTACT:

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


MALAYSIAN BULK: Restructures Unit to Streamline Business
--------------------------------------------------------
Malaysian Bulk Carriers Berhad (MBC) issued details of the  
restructuring of PSM Perkapalan Sdn. Bhd., a wholly owned  
subsidiary of the MBC Group.  

(1) Introduction

    Malaysian Bulk Carriers Berhad (MBC) unveiled that it has
    re-structured one of its subsidiaries, whereby PSM
    Perkapalan Sdn. Bhd. (PPSB) is now a wholly owned subsidiary
    of MBC.

    Prior to this restructure, PPSB was wholly owned by Pacific
    Ship-Managers Sdn. Bhd (PSM) who is in turn a wholly owned
    subsidiary of MBC.

    In this regard, PSM transferred to MBC the entire 200,000
    issued and fully paid-up ordinary shares of MYR1.00 each in
    PPSB, at PSM's cost of investment of Ringgit Malaysia Two
    Hundred Thousand (MYR200,000) only.

    No approval from regulatory body and shareholders is
    required.

(2) Information on PPSB

    Country of      Authorized     Issued and     Principal
    Incorporation   Share Capital  Paid-up        Activities
                                   Share Capital
                                   (MYR)

    Malaysia        MYR500,000     MYR200,000     Ship-managers
                                   comprising     and Ship-  
                                   200,000        Operators
                                   ordinary  
                                   shares of
                                   MYR1.00 each

(3) Rationale for the acquisition

    The restructuring was made to reorganize and streamline MBC
    Group's business activities.

(4) Financial Effect

    The restructuring does not have any effect on the earnings,
    net tangible assets and share capital of the Company for the
    current financial year ended December 31, 2005, and the
    substantial shareholding of the Company.

    The consideration will be funded by internally generated
    funds and that there are no liabilities to be assumed by the
    Company arising from this exercise.

(5) Directors' and major shareholders' interest

    As far as the Directors of MBC are aware, none of the
    Directors, major shareholders and/or persons connected to
    the Directors and/or major shareholders has any interest,
    direct or indirect, in this exercise.


MEDIA PRIMA: Bourse to List, Quote New Shares
---------------------------------------------
Media Prima Berhad's additional 500,000 new ordinary shares of  
MYR1.00 each arising from the Exercise of 500,000 Warrants  
2003/2008 will be granted listing and quotation by Bursa  
Malaysia Securities Berhad on January 25, 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


MENTIGA CORPORATION: SC Sets Out Guidelines for Proposals
---------------------------------------------------------
Mentiga Corporation Berhad (Mentiga) updates the:

  (I) Proposed revaluation of the property assets of Mentiga and
      its subsidiaries;

(II) Proposed debt settlement via the issue of new ordinary
      shares of MYR1.00 each in Mentiga as settlement of an
      amount owing by Mentiga to its shareholder, Amanah Saham
      Pahang Berhad (ASPA);

(III) Proposed restricted issue of 20,000,000 Redeemable
      Convertible Preference Shares of MYR1.00 each in Mentiga
      to ASPA; and

(IV) Proposed disposal by Selat Bersatu Sdn Bhd, a 56 percent-
      owned subsidiary of Mentiga, of 18,900 ordinary shares of
      IDR1,000,000 each in PT Rebinmas Jaya (PTRJ), representing
      its entire 90 percent equity interest in PTRJ to Delloyd
      Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a cash
      consideration of MYR61,200,000.

The Securities Commission (SC) has imposed, among others, a  
condition for the implementation of the Proposals which requires  
Mentiga to obtain the necessary approvals for building plans and  
Certificate of Fitness for Occupancy (CF) concerning a sawmill  
factory located on a piece of land held under H.S. (D) 13/P.T.  
361, Mukim of Rompin, District of Rompin, Pahang Darul Makmur  
(Rompin Timber Complex) before occupation of the premises  
(Condition).

An application to vary the Condition to allow Mentiga to occupy  
the Rompin Timber Complex pending the receipt of approvals for  
the building plans and CF was made to the SC on September 22,  
2005.

On behalf of Mentiga, Commerce International Merchant Bankers  
Berhad (CIMB) advised that the SC has in its letter dated  
January 18, 2006 (which was received on January 19, 2006),  
approved a variation to the Condition, subject to the following  
conditions:

   (i) Mentiga is required to obtain the approvals for the
       building plans and CF for the Rompin Timber Complex
       within a year from the date of occupation of the
       premises;

  (ii) Mentiga is required to make an announcement to Bursa
       Malaysia Securities Berhad (Bursa Securities) upon
       occupation of the Rompin Timber Complex;

(iii) Mentiga is required to disclose in quarterly
       announcements to Bursa Securities on the status of its
       application for the approvals of the building plans of
       the Rompin Timber Complex; and

  (iv) CIMB/Mentiga is required to inform the SC on the status
       of the application for the approvals of the building
       plans of the Rompin Timber Complex upon announcement to
       Bursa Securities.

CONTACT:  

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


MWE HOLDINGS: Sub-unit Enters Winding-Up Proceedings
----------------------------------------------------
At an Extraordinary General Meeting on January 23, 2006, the  
shareholders of MWE Holdings Berhad decided to voluntarily wind  
up its sub-unit, Davex Trading (PG) Sdn Bhd.

DTSB was incorporated in Malaysia on August 28, 1982. DTSB has  
an authorized share capital of MYR500,000 divided into 500,000  
ordinary shares of MYR1.00 each of which 450,000 ordinary shares  
of MYR1.00 each are issued and fully-paid.  DTSB is a wholly  
owned subsidiary of Davex (Malaysia) Sdn Bhd, which in turn is a  
subsidiary of DHB and which in turn is a subsidiary of MWE.

          Rationale for the winding-up exercise

The Members' Voluntary Winding-up is part of MWE group's  
continuing rationalization efforts to wind-up dormant and  
inactive subsidiaries.

        Financial effect of the winding-up exercise

The winding-up exercise is not expected to have any material  
impact on the MWE group's earnings and net tangible assets for  
the financial year ending December 31, 2006.

      Directors' and substantial shareholders' interests

Save as disclosed above and to the best knowledge of the Board  
of Directors, none of the Directors or substantial shareholders  
of MWE and persons connected to the directors or substantial  
shareholders has any interest, direct or indirect in the  
winding-up exercise.

                   Directors' opinion

The Board of Directors of the Company, having taking into  
consideration all aspects of the winding-up exercise, is of the  
opinion that the winding-up exercise is in the best interest of  
MWE group.

                   Approval required

The winding-up exercise is not subject to the approval of  
shareholders of MWE nor any other relevant authorities.

CONTACT:

MWE Holdings Berhad
846 Jalan Raya Sungei Bakap
Seberang Perai Selatan,  
Pulau Penang 14209
Malaysia  
Telephone: +60 4 582 4811
           +60 4 582 4707


NAM FATT: New Shares Up for Listing, Quotation
----------------------------------------------
On January 25, 2006, Bursa Malaysia Securities Berhad will list  
and quote the additional 3,000,000 new ordinary shares of  
MYR1.00 each of Nam Fatt Corporation Berhad arising from the  
conversion of MYR3,000,000 Irredeemable Convertible Unsecured  
Loan Stocks-A 2003/2011.

CONTACT:

Nam Fatt Corporation Berhad
No. 40, Persiaran Sultan Ibrahim,
Klang Selangor 41300 Malaysia
Telephone: 03-33420767
Fax: 03-33427830


PANTAI HOLDINGS: Shares Granted Quotation Today
-----------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and  
quotation of Pantai Holdings Berhad's additional 1,053,000 new  
ordinary shares of MYR1.00 each arising from the exercise of  
1,053,000 Warrants 2002/2007 today, January 25, 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


POS MALAYSIA: Issues Additional Shares for Listing
--------------------------------------------------
POS Malaysia & Services Holdings Berhad's additional 127,000 new  
ordinary shares of MYR1.00 each issued pursuant to the Employee  
Share Option Scheme will be granted listing and quotation by  
Bursa Malaysia Securities Berhad today, January 25, 2006.

CONTACT:

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


SOUTHERN BANK: Repurchases 25,000 Shares
----------------------------------------
Southern Bank Berhad's shares buy back on January 23, 2006 came  
up with these results:  

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

Total number of shares purchased (units): 25,000

Minimum price paid for each share purchased (MYR): 3.960

Maximum price paid for each share purchased (MYR): 4.000

Total consideration paid (MYR): 99,398.31  

Number of shares purchased retained in treasury (units): 25,000  

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

Cumulative net outstanding treasury shares as at to-date  
(units): 55,854,700  

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

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


WCT ENGINEERING: Issues New Shares for Listing, Quotation
---------------------------------------------------------
Bursa Malaysia Securities Berhad will grant listing and  
quotation of WCT Engineering Berhad additional 2,000 new  
ordinary shares of MYR1.00 each issued pursuant to the  
Employees' Share Option Scheme on January 26, 2006.

CONTACT:

WCT Engineering Berhad  
12, Jalan Majistret U1/26  
Seksyen U1, Lot 44, Hicom-Glenmarie Industrial Park  
40150 Shah Alam, Selangor Darul Ehsan, Malaysia  
Telephone: 603-7805 2266
Fax: 603-7804 9877  
e-mail: wctbhd@wcte.com.my


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

ABOITIZ TRANSPORT: Cuts Passenger-Travel Fares by 50%
-----------------------------------------------------
Aboitiz Transport System Corp. will reduce its passenger-travel  
fares by as much as half as it seeks to expand its already  
dominant market share, Dow Jones relates.

According to Dow Jones, Aboitiz Transport's promotional fares  
are meant to tap new markets, including students and middle-
class families.  The reduced fares will be offered until the end  
of next month.

In the nine months to September, Aboitiz Transport saw its net  
profit decline to Php213.7 million from Php254.9 million in the  
year-earlier period due to higher operating expenses and  
depreciation charges.  Revenue in the period rose to Php6.3  
billion from Php6.2 billion in the year-earlier period.  

Superferry, Abotiz Transport's passenger travel arm, serves 20  
destinations in the Philippines.
  
CONTACT:  

Aboitiz Transport System Corp.  
12/F Times Plz. Bldg.,
United Nations Ave. cor Taft Ave.,
Ermita, Manila PH-1000, Philippines
Phone: 63 2 528 7501
Fax: 63 2 528 7618 fax
Web site: http://www.wgasuperferry.com


C&P HOMES: Issuing New Stock Certificates
-----------------------------------------
On December 6, 2005, the Securities & Exchange Commission (SEC)  
approved the decrease in the authorized capital of C&P Homes Inc  
from Php5 billion divided into 5,000,000,000 shares valued at  
Php1.00 per share to Php500 million divided into 500,000,000  
shares valued at Php1.00 per share.

Due to the decrease of the authorized capital stock, every 10  
shares held by each shareholder as of the date of the SEC  
approval will be consolidated into one share.  All resulting  
fractional shares will be dropped.

Accordingly, the Company requests shareholders to surrender  
their stock certificates for replacement with new stock  
certificates reflecting the aforesaid change in shareholdings.  

They may be surrendered starting February 15, 2006 to:

        Securities Transfer Services Incorporated
        4th Floor, Benpres Building
        Exchange Road, Ortigas Center
        Pasig City, Philippines

The old certificates will be eligible for trading up to February  
28, 20063 only, which means that starting March 1, 2006 only the  
new stock certificate will be accepted by brokers as settlement  
of the seller's obligation.

CONTACT:  

C&P Homes Incorporated
Las Pinas Business Centre
National Road, Las Pinas City
Phone:  874-5758; 873-2178; 772-1093; 726-6143  
Fax:  872-4697; 726-6143
e-mail:  ltan@cmphomes.com.ph
Web site: http://www.cmphomes.com.ph


MANILA ELECTRIC: Sets Record Date on Feb. 28
--------------------------------------------
At a regular meeting of the Board of Directors of Manila  
Electric Company on January 23, 2006, the Board has fixed  
February 28, 2006 as the record date for the determination of  
stockholders entitled to notice of, and to vote at the Annual  
Stockholders Meeting of Meralco to be held on Tuesday, May 30,  
2006 starting at 9:00 a.m. at the Meralco Theater, Lopez  
Building, Ortigas Avenue, Pasig City.

CONTACT:

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


NATIONAL POWER: Metrobank Sets Eyes on Generating Assets
--------------------------------------------------------
The Metrobank Group has hinted on plans to bid for the  
generating assets of state-owned National Power Corporation, The  
Philippine Star reports.

Metrobank owner George Ty told the Star his Company is  
interested in Napocor facilities based in Visayas, where one of  
Metrobank's major power investments is located.

The banking group is considering expanding its investment in the  
region because of the looming power shortage in the area, the  
Star says.

The Metrobank Group, through Global Business Holdings Inc. and  
Mirant Philippines formed a joint venture company called Mirant  
Global Philippines Corp. to acquire the 72-megawatt Panay Power  
Corp.  

Metrobank's move to invest in the power sector has also prompted  
another major investment banking firm, Ayala Group, to create a  
vehicle for its power-related investments.  

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


* Pre-need Sales Downtrend Slowing Down
---------------------------------------
Government data reveals the downtrend in pre-need sales is  
slowing down, reports The Philippine Daily Inquirer.

Latest figures from the Securities and Exchange Commission show  
that pre-need plan sales dropped 35.7% in November from a year  
earlier, compared with 82.16% year-on-year in October.  

January-November sales fell 54.72% year-on-year, compared with  
56.12 percent in January-October.  

Prudentialife and Philam Plans continued to lead in sales,  
although both recorded major declines.  

The country's pre-need industry is still struggling to cope with  
declining sales and dwindling investor confidence brought about  
by the collapse of industry leaders College Assurance Plans  
Philippines Inc., Pacific Plans Inc. and Platinum Plans Inc.


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

ACCORD CUSTOMER: Court Schedules Hearing for Ex-CEO's Case  
----------------------------------------------------------
The application for single trial of former Accord Customer Care  
Solutions Limited chief executive officer will be heard in the  
Singapore Court on February 20 and 21, Channel News Asia  
reports.

According to Channel NewsAsia, Victor Tan appeared in Court last  
month to request that he face all 99 charges against him in one  
trial.

Mr. Tan is facing 99 counts of cheating Finnish  
telecommunications giant Nokia of SGD4.3 million in fake  
warranty repair claims.  

According to his lawyers, Mr. Tan would have to stand two   
separate trials if the court denies his request, which also   
means that the prosecution would have another chance to prove   
allegations against him.

The prosecution has asked that Mr. Tan's case be heard in Court  
on February 13, 2006.

CONTACT:   
  
Accord Customer Care Solutions Limited   
20 Toh Guan Road #07-00   
Accord District Center   
Singapore 608839   
Phone: 65 6410 2600   
Fax:   65 6410 2610   
Web site: http://www.accordccs.com   


APPLIED FOOD: Receiving Debt Claims Until Feb. 20  
-------------------------------------------------
Creditors of Applied Food Biotechnology Asia/Pacific Pte Limited  
are required to submit proofs of 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 with the requirement will exclude creditors  
from the benefit of the Company's dividend distribution.


ENDUE ELECTRONICS: Court Issues Winding Up Order  
------------------------------------------------
On January 13, 2006, the Singapore High Court issued a wind-up  
order against Endue Electronics Pte Limited.  

All creditors of the Company should file their proofs of debt  
with:

        The Official Receiver
        45 Maxwell Road #06-11
        Singapore 069118

All debts due to the Company should be forwarded to the  
Liquidator.


INFORMATICS HOLDINGS: Court Adjourns Case of Ex-Execs to Feb. 22  
----------------------------------------------------------------
The Singapore Court adjourned the cases of Informatics Holdings  
founder Wong Tai and former Chief Executive Officer Ong Boon  
Kheng to February 22, 2006, when both will stand trial, reports  
Channel News Asia.

Both executives are charged with four counts each of overstating  
Company profits.

The Company earlier disclosed that it overstated its profits for  
nine months ended December 2003.  Informatics' external  
investigator Ernst and Young had announced on April 30, 2004  
that there was no fault in the Company's financial results, but  
later retracted its statement when Mr. Ong resigned from his  
position as CEO.

Mr. Wong and Mr. Ong did not say whether they will plead guilty  
to the charges.

CONTACT:   
  
Informatics Holdings Limited   
Informatics Campus   
12 Science Centre Road   
Singapore 609080   
Phone: 65 6562 5625   
Fax:   65 6565 1371   
Web site: http://www.informaticsgroup.com


SHINZEN PTE: Creditors' Proofs of Claim Due Feb. 20  
---------------------------------------------------
Creditors of Shinzen (Singapore) 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:

Lau Chin Huat
Liquidator
c/o 6 Shenton Way
#32-00 DBS Building Tower Two
Singapore 068809


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

SUN TECH GROUP: Trims Registered Capital
----------------------------------------
Sun Tech Group Public Co. Ltd. has decreased its registered  
capital to THB2,144,999,360 shares from the previous  
THB3,300,000,000.   

The Company slashed its capital by reducing the number of shares  
from 3,300,000,000 to 214,499,936. The ratio of existing shares  
to the new one is 15.3846 at par value of THB10 per share.  

The capital decrease was registered with the Ministry of Finance  
on January 6, 2006.

CONTACT:  

Sun Tech Group Public Company Limited    
U.M. Tower, Floor 17, 9 Ramkhamhaeng Road,
Suan Luang, Bangkok     
Telephone: 0-2719-9743    
Fax: 0-2719-9744


THAI AIRWAYS: Allows Nok Air to Take Over Routes
------------------------------------------------
Nok Air will be running two of Thai Airways International Public  
Co. Ltd.'s domestic routes to help the latter curb losses,  
Bangkok Post reports.

Thai Airways will lease its 149-seat Boeing 737-400 jet and a  
66-seat ATR-72 propeller to Nok Air.

The agreement follows Thai's plan to slowly wipe out its loss-
making operation on Bangkok-Nakhon Si Thammarat, Bangkok-Trang  
routes and the Mae Hong Son-bound service, The Post says.

Thai Airways has gradually cut back flights operated by its own  
aircraft.  In fact, it has set up a code-share arrangement with  
Nok Air to fly its passengers with its low-cost aircraft.

Effective February 1, Thai Airways will trim down its daily  
services to two flights a week, Vice-President for commercial  
department, Vasing Kittikul, told the Post.

Subsequently, Nok Air will launch seven jet flights a week to  
Trang, bringing the total number of flights on the route to  
nine. Thai Airways is the only carrier serving the Bangkok-Trang  
route.  

Under a code-share agreement, Thai Airways passenger will be  
allotted 12 seats on Nok Air's aircraft on the Bangkok-Trang  
route on a permanent basis.

Thai Airways will keep flying to Trang provided that occupancy  
will not fall below 60% for three months.  The current occupancy  
still stands at 62% to 64%.

In addition, Thai Airways will reduce its frequency on Chiang  
Mai-Mae Hong Son route to three flights a day from four.  One  
flight will be handed over to Nok.

Thai Airways cut by 50% its services on Bangkok-Nakhon last  
week.  The carrier used to fly the route twice a day.
  
CONTACT:  
  
Thai Airways International Public Co., Ltd. (TG)  
89 Viphavadi-Rangsit Road  
Ladyao Chatuchak  
Bangkok 10900 Thailand  
Telephone: 662-5451000  
Fax: 662-5122173




                            *********

  
S U B S C R I P T I O N  I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter  
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ  
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey  
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza  
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.  
Chapman, Editors.  
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.  
  
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