TCRAP_Public/060131.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 31, 2006, Vol. 9, No. 022

                            Headlines

A U S T R A L I A

ADVANCE SECURITIES: Set to Declare Dividend on Feb. 7
ALLTRENDS FURNITURE: Names Liquidator
AUSTRALIAN AIRCRAFT: Names Mark Tucker to Manage Wind-Up
AUSTRALIAN GAS: Moody's Cuts Senior Unsecured Rating to Baa1
BASF COATINGS: Winds Up Business

BG CONSULTANTS: Members Favor Liquidation
BONDWIND PTY: To Distribute Dividend
BURNS BEACH: Liquidator to Give Wind-up Report
EVANS & TATE: Welcomes New Chief Financial Officer
G RETAIL: Shuts Doors For Good

GRACIA PTY: Creditors Resolve to Wind Up Firm
HI CONSULTING: Inability to Pay Debts Prompts Wind-Up
HINMARSH PTY: To Hold Final Meeting on Feb. 10
INDI PTY: Liquidator to Distribute Assets
JD EDWARDS: Members Agree to Liquidate

LOGON COMPUTER: Wind-Up Process Completed
MEEWEELLA PTY: Appoints Official Liquidator
MODERN AND HERITAGE: Members Pass Winding Up Resolution
MULTIPLEX: Wembley Update Expected to Put Down Investors
PEOPLESOFT AUSTRALIA: Enters Voluntary Liquidation

SEAWILLOW PTY: To Pay Dividend to Creditors
SERUM TECHNOLOGIES: Placed Under Voluntary Liquidation
TASTE CELLARS: Members, Creditors to Review Wind-Up Report
TELSTRA CORPORATION: More Shareholders Pursue Legal Action
TOWNSVILLE HOTEL: Opts to Close Business

WESTPOINT GROUP: FPA Clarifies Comments Amid Criticism


C H I N A  &  H O N G  K O N G

ALLSON INTERNATIONAL: Enters Voluntary Wind-Up
FILEX PAPER: Company Gets Wind-up Order  
FUSION DESIGN: Creditors' Meeting Scheduled on Feb. 27
INDUSTRIAL AND COMMERCIAL: Gets US$3.78 Bln From Foreign Trio
KEEN LLOYD: Court Issues Wind-Up Order

LUCKY CHOICE: Court Enters Wind-Up Order
MANWIN DEVELOPMENT: Commences Winding Up Process
SHARPLINE INTERNATIONAL: Set to Close Business
SWISS ALUMINIUM: Decides to Close Operations  
UNCLE SAM: Court Declares Firm Bankrupt  

UNIVERSAL PLAN: Creditors' Proofs of Claim Due Feb. 17


I N D I A

CRB CAPITAL: High Court Approves Revival Plan
DUNLOP INDIA: Members OK Takeover by Ruias
DUNLOP INDIA: To Re-open in Six Months
JIK INDUSTRIES: Provides Scheme of Arrangement Update
KERALA AYURVEDA: Fixes SoA Record Date  

PEE JAY: Mulls Unit Disposal and Delisting
SHREE RAMA: Unveils Outcome of Board Meeting


I N D O N E S I A  

GARUDA INDONESIA: Management Asked to Be Open to Investors
PERTAMINA: Targets Lower Profit for 2006
PERUSAHAAN LISTRIK: Government to Probe Alleged Mark-Up Case
PERUSAHAAN LISTRIK: Oil Price to Determine Power Rate Hike


J A P A N

FURUKAWA ELECTRIC: R&I Assigns BBB+ Rating
HITACHI LIMITED: To Build New Plasma TV Panel Factory
LIVEDOOR CO.: Seeks TV Fuji's Help
LIVEDOOR CO.: Securities Watchdog May Press Charges  
OKI ELECTRIC: Shares Down 12% on Friday

STATE STREET: FSA Suspends Part of Operations   


K O R E A

LG CARD: Likely to Complete Sale Ahead of Schedule


M A L A Y S I A

AKTIF LIFESTYLE: Pushes for Restructuring Despite SC Rejection
ANTAH HOLDING: Restructuring Scheme Needs Revision
BUKIT KATIL: Rehab Application Still Awaits SC's Nod
DENKO INDUSTRIAL: Unit Concludes Agreement with Fagerdala
FOREMOST HOLDINGS: Unit Misses Out on Loan Payment

KEMAYAN CORPORATION: Wants Restraining Order Extended
LITYAN HOLDINGS: Seeks Ways to Address Default  
MAGNUM CORPORATION: Repurchases Ordinary Shares
MAXBIZ CORPORATION: Payment Default Status Still Unchanged
MEDIA PRIMA: Issues New Shares for Listing, Quotation

PANTAI HOLDINGS: Holds Share Buy Back
PILECON ENGINEERING: Court Orders Unit's Winding Up
POHMAY HOLDINGS: In Talks with Possible White Knight
PSC INDUSTRIES: Works Out Restructuring Plan
SOUTHERN BANK: Buys Back 27,400 Shares

SUREMAX GROUP: Incurs MYR834,000 Net Loss in 1Q/FY05


P H I L I P P I N E S

ABOITIZ TRANSPORT: To List Additional Shares on Jan. 31
ABS-CBN BROADCASTING: Record Date for April ASM Set Feb. 10
EXPORT AND INDUSTRY: Clarifies Media Report on Capital Infusion
NATIONAL POWER: Lopezes Want a Piece of Generating Assets
RFM CORPORATION: Eyes US$1.5-Bln Halal Market


S I N G A P O R E  

ASTERIX CHEMICALS: Court to Hear Wind-up Petition Feb. 10
CHINA AVIATION(S): Bourse Approves Shares Listing
LINDETEVES-JACOBERG: Bourse OKs Listing & Quotation of Shares
ODYSSEY SECURE: Court Issues Wind-Up Order
REGION AIR: Intends to Declare Dividend


T H A I L A N D

TONGKAH HARBOUR: Capital Hike Proceeds Now Fully Utilized
THAI PETROCHEMICAL: Unveils New Shareholder Structure
THAI PETROCHEMICAL: To Appeal SEC Ruling on ESOP
BOND PRICING: For the Week 30 January to 3 February 2006

     -  -  -  -  -  -  -  -  

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

ADVANCE SECURITIES: Set to Declare Dividend on Feb. 7
-----------------------------------------------------
Advance Securities NT Pty Limited will declare a first and final  
dividend on February 7, 2006.

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

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


ALLTRENDS FURNITURE: Names Liquidator
-------------------------------------
At a general meeting of Alltrends Furniture Pty Limited on  
December 28, 2005, Hugh Martin, of Bernardi Martin, was  
appointed as liquidator to supervise the Company's wind-up  
activities.


AUSTRALIAN AIRCRAFT: Names Mark Tucker to Manage Wind-Up
--------------------------------------------------------
At Australian Aircraft Service Pty Limited's meeting on Dec. 30,  
2005, it was decided that the Company be wound up voluntarily.  
Mark Stewart Tucker was appointed to oversee the Company's wind-
up.

Creditors who hold claims against the company are requested to  
immediately furnish the particulars of their claims in order to  
receive distribution of the assets.

Mark S. Tucker
Liquidator
McBurney and Partners
10th Floor, 68 Pitt Street
Sydney NSW 2000
Phone: 02 9230 0808


AUSTRALIAN GAS: Moody's Cuts Senior Unsecured Rating to Baa1
------------------------------------------------------------
Moody's Investors Service has downgraded Australian Gas Light  
Company's senior unsecured rating to Baa1 from A3.  The Baa1  
rating remains on review for further downgrade.

The downgrade reflects the deterioration in AGL's business and  
financial risk profiles which have been exacerbated by:

   -- the finalization of its 10% investment in the Papua New
      Guinea gas project at a higher price of AU$530 million;
      and  

   -- its recent acquisition of Southern Hydro.  

In Moody's opinion, the resultant weaker credit profile  
positions the company weakly at the A3 rating.  Both these  
investments are 100% debt funded, resulting in weaker financial  
metrics for its business risk profile.  

Whilst Moody's acknowledges strategic reasons for both  
investments and that they are expected to become earnings  
accretive, AGL's business risk profile will weaken in light of  
the proportionally higher earnings contribution from the Energy  
businesses.  These businesses are expected to contribute up to  
60% of consolidated EBIT over the next few years.  They are  
considered more risky and their cash flows are subject to  
greater volatility risk when compared to AGL's network and  
related businesses.  

Moody's considers AGL's investment in upstream gas fields as  
inherently more risky compared to its existing businesses.  The  
company would be exposed to political risk as well as some  
uncertainty on gas reserve levels.  That said, Moody's  
acknowledges that these fields are currently producing and, as a  
result, have a lower risk profile than a non-producing field.  

Further, the finalization of the PNG investment -- and the  
conversion of its gas supply agreement to binding agreements  
with PNG gas producers -- mean that the construction of the PNG  
gas pipeline now has a high likelihood of proceeding.  Given  
AGL's participation in this project, the associated construction  
risk and funding costs would stress the company's credit  
profile.  

In addition, Moody's believes the company's financial metrics  
have weakened to a level which is more appropriate for a lower  
rating with consideration of its business risk profile.  Over  
the next few years and without consideration of its de-merger  
plan, AGL's financial metrics would likely deteriorate to:

   -- FFO/Interest between 5.0 and 5.5 times,

   -- FFO/Debt 20-25%,

   -- RCF/Debt 12-15%, and

   -- Debt/Capitalization close to 46-50%.

These metrics would position the company at a level more  
appropriate for its Baa1 rating.  

The Baa1 rating is on review for further downgrade in view of  
AGL's plan to de-merge its infrastructure and Energy businesses.   
The infrastructure businesses -- that is the continuing  
businesses -- are expected to retain all of the company's debt,  
including that associated with the Southern Hydro acquisition  
and PNG investment.  Meanwhile, earnings from the Energy  
businesses would be lost to the proposed new energy company.  

Moody's notes the de-merger plan is subject to shareholder and  
court approvals.  Should it proceed, Moody's considers as  
possible further rating downgrade.  Such an outcome would  
reflect the higher debt load in the infrastructure businesses,  
resulting in turn in lower financial metrics.  At the same time,  
the higher debt load would be partially mitigated by the lower  
business risk of these same infrastructure activities as they  
also generate stable cash flows.  Further details of the  
proposal are expected to emerge through the company's scheme  
booklet to be released in early February 2006.  

The resolution of Moody's review will depend on shareholder and  
court approval of the de-merger proposal.  In addition, it will  
focus on AGL's future growth strategy as well as the capital  
structure and financial policy of the continuing infrastructure  
businesses.  The review will also look at how the company  
intends to manage its exposure to the development of the PNG gas  
pipeline.  

AGL is an integrated electricity and gas company based in  
Sydney, Australia.  It is listed on the Australian Stock  
Exchange.  

CONTACT:

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


BASF COATINGS: Winds Up Business
--------------------------------
On December 23, 2005, the members of BASF Coatings Pty Limited  
resolved to close the Company's business operations and  
distribute the proceeds of its assets.

Robert Bates was appointed as liquidator for that purpose.


BG CONSULTANTS: Members Favor Liquidation
-----------------------------------------
Members of BG Consultants Pty Limited held a meeting on Dec. 21,  
2005, and agreed to close the Company's business.

Moreover, the parties appointed Peter Benson as liquidator to  
oversee the wind-up operations.


BONDWIND PTY: To Distribute Dividend
------------------------------------
Bondwind Pty Limited will declare its second dividend on  
February 7, 2006.

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

Philip J. Martin is the Company's liquidator.


BURNS BEACH: Liquidator to Give Wind-up Report
----------------------------------------------
A final meeting of the members of Burns Beach Caravan Resort Pty  
Limited will be held to report the final account details showing  
how the Company was wound up and how its property was disposed  
of.  The Company's liquidator, John M. O'Brien, will give the  
Wind-up Report.

The meeting will be held on February 6, 2006, at 10:00 a.m.


EVANS & TATE: Welcomes New Chief Financial Officer
--------------------------------------------------
On January 27, 2006, Evans & Tate appointed Andrew MacLachlan as  
its new chief financial officer.

Mr. MacLachlan joins Evans & Tate after having spent 11 years  
with SingTel Optus in a number of senior financial positions.   
He was most recently General Manager - Commercial Operations,  
and immediately prior to that was General Manager - Finance and  
Capital Planning.

Mr. MacLachlan will report to Evans & Tate Chief Executive  
Officer Martin Johnson.

Mr. Johnson said that his immediate priority since assuming the  
CEO spot had been to put in place an executive management team  
capable of leading the turnaround of the business.

With Mr. MachLachlan's appointment, Evans & Tate's current CFO,  
Terry Power, will become the Company's financial controller.

CONTACT:

Evans & Tate  
54 Salvado Road,
Wembley WA 6014
PO Box 451
Wembley WA 6913
Telephone: (08) 6462 1799
Facsimile: (08) 6462 1798
e-mail: et@evansandtate.com.au
Web site: http://www.evansandtate.com.au/


G RETAIL: Shuts Doors For Good
------------------------------
G Retail Limited has permanently closed the last of its Gowings  
stores after 120 years, the Sydney Morning Herald relates.

As previously reported in the Troubled Company Reporter - Asia  
Pacific, G Retail called in administrators Deloitte Touche  
Tohmatsu in November last year after talks failed with menswear  
chain Lowes Manhattan Pty Ltd regarding a possible rescue buy-
out.  The retailer had been plagued by three straight years of  
losses due to lackluster performance at its suburban stores,  
which was worsened by a costly exit from Parramata in 2005.  

Its second city store at Wynyard closed shortly afterwards, with  
outlets at Hornsby and Darlinghurst shutting on January 11,  
2006.

Any remaining Gowings stock will be sold at a warehouse in the  
inner-city suburb of Alexandria, the Sydney Herald reveals.

Administrators will announce whether unsecured creditors will  
receive a dividend at a second creditors' meeting expected to  
take place next month.   

CONTACT:

G Retail Ltd
Level 6, 15 Castlereigh Street
Sydney NSW 2000
Web site: http://www.gowings.com/

Deloitte Touche Tohmatsu
PO Box N250 Grosvenor Place
225 George Street
NSW 1217
Australia
Phone Number: +61 2 9322 7000
Fax Number: +61 2 9322 7001
Web site: http://www.deloitte.com


GRACIA PTY: Creditors Resolve to Wind Up Firm
---------------------------------------------
Creditors of Gracia Pty Limited convened on December 30, 2005,  
to commence wind-up operations for the Company.

Subsequently, the creditors named Kim David Holbrook, of  
Holbrook & Associates Chartered Accountants, to administer the  
wind-up activities.


HI CONSULTING: Inability to Pay Debts Prompts Wind-Up
-----------------------------------------------------
On December 21, 2005, members of Hi Consulting Services Pty  
Limited convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- that Anthony Christopher Matthews be appointed to
      supervise the Company's wind-up activities.

Anthony C. Matthews
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


HINMARSH PTY: To Hold Final Meeting on Feb. 10
----------------------------------------------
Pursuant to Section 509(2) of the Corporations Act 2001, a final  
meeting of the members and creditors of Hinmarsh Pty Limited  
will be held on February 10, 2006, at 12:30 p.m., at:

     Frasers Insolvency Advisory
     Level 9, 99 Elizabeth Street,
     Sydney NSW 2000

At the meeting, the parties will get an account of the manner of  
the Company's wind-up and property disposal from its liquidator,  
M. F. Cooper.


INDI PTY: Liquidator to Distribute Assets
-----------------------------------------
At a general meeting of Indi Pty Limited on December 31, 2005,  
members decided to wind up the Company's business operations and  
distribute its assets.

Members also named Judith Hunt to oversee the wind-up.


JD EDWARDS: Members Agree to Liquidate
--------------------------------------
On December 29, 2005, members of JD Edwards Australia Pty  
Limited agreed that a voluntary wind-up of the Company is  
necessary and in its best interests.

As a result, Timothy James Cuming and David Clement Pratt were  
appointed as official liquidators.


LOGON COMPUTER: Wind-Up Process Completed
-----------------------------------------
The members and creditors of Logon Computer Services Pty Limited  
will convene at 10:30 a.m., on February 8, 2006, at Level 1, in  
32 Martin Place, Sydney, to receive a report regarding the  
Company's completed wind-up and disposal of property from the  
liquidator, I.J. Purchas.

Proxies to be used at the meeting should be lodged prior to the  
meeting.


MEEWEELLA PTY: Appoints Official Liquidator
-------------------------------------------
Members of Meeweella Pty Limited held a meeting on December 21,  
2005, and agreed on the Company's need to liquidate.  They named  
Barry Keith Taylor to manage the Company's wind-up activities.


MODERN AND HERITAGE: Members Pass Winding Up Resolution
-------------------------------------------------------
After their extraordinary general meeting on December 22, 2005,  
the members of Modern and Heritage Painting Pty Limited resolved  
to voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day, and,  
subsequently, Leonard A. Milner, of Venn Milner & Co., was  
appointed as liquidator.


MULTIPLEX: Wembley Update Expected to Put Down Investors
--------------------------------------------------------
Multiplex Group is expected to deliver another pain to  
investors, as well as to football fans, today as it releases an  
update on its AU$1.8-billion Wembley Stadium project in London,  
the Sydney Morning Herald reports.

The Company has issued five profit downgrades since February  
last year due to delays and cost overruns at the stadium, with  
increasing doubts that it will complete work on the project in  
time for the soccer FA Cup final on May 13, 2006.  

The Football Association has already booked Millennium Stadium  
in Cardiff, Wales, to hold the Cup final if Wembley is not  
ready.  

The construction firm has previously warned that its troubles  
may escalate, saying the Wembley project could wipe out  
virtually all profits from the group's entire global operations  
this financial year.  

Multiplex, led by Chief Executive Andrew Roberts, is also the  
subject of a continuing Australian Securities and Investments  
Commission inquiry into disclosure issues regarding the Wembley  
Stadium.

CONTACT:  

Multiplex Group  
1Kent Street  
Miller's Point, New South Wales 2000  
Australia  
Phone: +61 2 9256 5000  
Fax: +61 2 9256 5001


PEOPLESOFT AUSTRALIA: Enters Voluntary Liquidation
--------------------------------------------------
Members of Peoplesoft Australia Pty Limited held a meeting on  
December 29, 2005, and agreed to close the Company's business.

Moreover, the parties appointed Timothy James Cuming and David  
Clement Pratt as liquidators to oversee the wind-up.


SEAWILLOW PTY: To Pay Dividend to Creditors
-------------------------------------------
Seawillow Pty Limited will declare its first dividend on  
February 7, 2006, through Philip J. Martin, as the Company's  
liquidator.

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


SERUM TECHNOLOGIES: Placed Under Voluntary Liquidation
------------------------------------------------------
At a general meeting of the members of Serum Technologies Pty  
Limited on December 28, 2005, they concurred that a voluntary  
wind-up of the Company is appropriate and necessary.

Stephen Graham Longley and David Laurence McEvoy were named as  
liquidators.


TASTE CELLARS: Members, Creditors to Review Wind-Up Report
----------------------------------------------------------
A final meeting of the members and creditors of Taste Cellars  
No. 2 Pty Limited will be held on February 8, 2006, at 10:00  
a.m., at the offices of PPB Chartered Accountants, Level 10, in  
90 Collins Street, Melbourne.

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


TELSTRA CORPORATION: More Shareholders Pursue Legal Action
----------------------------------------------------------
The number of Telstra shareholders potentially interested in  
pursuing the Company over an alleged failure to disclose  
financial information to the market last year almost doubled  
since a legal action was initiated, ZDNet Australia reports.  

Law firm Slater & Gordon told ZDNet Australia that it had been  
contacted by around 50 additional Telstra shareholders since it  
commenced a class action lawsuit on January 20, 2006, adding to  
the initial 50 individuals angered by the Company's behavior.   
In a statement issued just after filing the suit, the firm said  
that the number of shareholders involved could blow out to  
several thousand.  

The suit claims that the Company made selective disclosures by  
first briefing the government and journalists about its  
financial woes last year before informing the Australian Stock  
Exchange.  Telstra is 51.8% owned by the government.

Telstra's stock closed at AU$5 the day before results were  
issued.  It fell 18 cents on August 11, 2005, the day the  
results were released to the market.  Shares fell a further 24  
cents between August 11, when analysts received information that  
the Australian Securities & Investments Commission found the  
rest of the market did not, around the time of the government  
briefing and September 7, when Telstra issued an earnings  
downgrade.  Telstra then warned profits could fall by up to 10%  
in the year to June 2006 and that it had under-invested in  
capital expenditures during the previous three to five years.  

Shareholders who bought Telstra shares between the release of  
its annual results on Aug. 11 and the profit warning in the week  
of Sept. 5 claims they were overcharged for being kept in the  
dark about the firm's finances.  Some 50 shareholders have  
raised such concern.  Law firm Slater and Gordon said this could  
increase to several thousands.  Slater and Gordon Spokesman  
Michael Salmon said early estimates indicate shareholders were  
overcharged some AU$300 in the four-week period alone.  The firm  
said anyone who bought Telstra shares between Aug. 11 and Sept.  
7 is eligible to join the suit.


TOWNSVILLE HOTEL: Opts to Close Business
----------------------------------------
Members of Townsville Hotel Pty Limited agreed on December 29,  
2005, to shut down the Company's operations.  They named Timothy  
James Cuming and Favid Clement Pratt to act as liquidators.


WESTPOINT GROUP: FPA Clarifies Comments Amid Criticism
------------------------------------------------------
The Association of Independently Owned Financial Planners has  
criticized the Financial Planning Association's comments that  
investors, not planners, were responsible for money lost through  
investments in Westpoint-associated products, while the FPA has  
clarified its position on adviser responsibilities, Money  
Management reveals.

AIOFP's Chief Executive Officer, Peter Johnston, said the public  
needed to be reassured that if their investments went wrong, and  
that planners and the industry would be there to correct the  
situations wherever possible.

The Troubled Company Reporter - Asia Pacific last week reported  
that the AIOFP had established a recovery committee to support  
its affected members and their clients, which would provide the  
Australian Securities and Investments Commission with market  
intelligence and paper trails on past Westpoint Corporation  
correspondence.

AIOFP said it was important that planners cooperate with the  
regulators to ensure the "finger of blame" was pointed in the  
right direction.

Meanwhile, FPA Chief Executive Officer Kerrie Kelly reiterated  
an FPA spokesman's comments to Money Management last week that  
financial advisers have a duty to clearly explain any higher  
risks associated with recommendations given to investors.

Mr. Kelly said the FPA was keeping the matter "under close  
review" as ASIC continues its investigations, and would take  
appropriate action if complaints were received.


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

ALLSON INTERNATIONAL: Enters Voluntary Wind-Up
----------------------------------------------  
Allson International Hotels & Resorts (H.K.) Limited had  
commenced voluntarily wind-up on January 13, 2006.
  
The Company has appointed Natalia K M Seng and Susan Y H Lo of  
28/F, Bank of East Asia Harbour View Centre, 56 Gloucester Road,  
in Wanchai, Hong Kong, as its liquidators.

CONTACT:

Allson International Hotels and Resorts
2410 Dominion Centre
43-59 Queen's Road East
Wanchai, Hong Kong
Phone: (852) 2866 8360
Fax: (852) 2529 0756


FILEX PAPER: Company Gets Wind-up Order  
---------------------------------------  
The High Court of the Hong Kong Special Administrative Region  
Court of First Instance has entered an order approving Filex  
Paper Converter Limited's wind-up.


FUSION DESIGN: Creditors' Meeting Scheduled on Feb. 27
------------------------------------------------------
The creditors of Fusion Design Asia Limited will meet at 3:00  
p.m., on February 27, 2006, at the Room 1701, Olympia Plaza, 255  
King's Road, in North Point, Hong Kong, to consider the  
Company's voluntary liquidation.   

Creditors may vote either in person or by proxy, who must be  
lodged no later than February 26, 2006.


INDUSTRIAL AND COMMERCIAL: Gets US$3.78 Bln From Foreign Trio
-------------------------------------------------------------
Goldman Sachs, American Express and Allianz Group have paid a  
combined US$8 billion for a 10% stake in the Industrial and  
Commercial Bank of China, in connection with a move to revamp  
China's weak financial sector, Xinhua News relates.  

China is reforming its three biggest banks, which include China  
Construction Bank, Bank of China, and Agricultural Bank of  
China, ahead of the full opening of its financial industry to  
foreign competitors by the end of this year.  

Under terms of the parties' agreement, Goldman Sachs will assist  
the Chinese lender to upgrade its corporate governance, risk  
management and internal control.  Allianz Group will cooperate  
with ICBC in insurance products and services, and American  
Express and ICBC will continue to develop their existing  
strategic ties in card business.  

CONTACT:

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


KEEN LLOYD: Court Issues Wind-Up Order
--------------------------------------
On January 11, 2006, Bank of China (Hong Kong) Limited filed a  
petition for the winding up of Keen Lloyd International  
(Holdings) Limited.  
  
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 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 March 7, 2006 to:  
  
     Deacons
     Solicitors for the Petitioner  
     5th Floor, Alexandra House
     18 Chater Road
     Central, Hong Kong


LUCKY CHOICE: Court Enters Wind-Up Order
----------------------------------------
Lucky Choice (HK) Company had presented a petition to wind up  
its operations.

On January 16, 2006, The High Court of the Hong Kong Special  
Administrative Region Court of First Instance entered a wind-up  
order pertaining to the Company.


MANWIN DEVELOPMENT: Commences Winding Up Process
------------------------------------------------
Manwin Development Limited has received a wind-up order from the  
High Court of the Hong Kong Special Administrative Region Court  
of First Instance on January 18, 2006.


SHARPLINE INTERNATIONAL: Set to Close Business
----------------------------------------------
On January 18, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order  
approving a petition to wind up Sharpline International Limited.  


SWISS ALUMINIUM: Decides to Close Operations  
--------------------------------------------  
A winding up petition was served on Swiss Aluminium Engineering  
(H.K) Company Limited on November 9, 2005.
  
On January 18, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order  
to wind up the Company.
  

UNCLE SAM: Court Declares Firm Bankrupt  
---------------------------------------  
A bankruptcy order against Uncle Sam Fast Food Restaurant was  
issued on January 27, 2006.  All debts due to the estate should  
be paid to the official receiver, ET O'Connell.


UNIVERSAL PLAN: Creditors' Proofs of Claim Due Feb. 17
------------------------------------------------------
Creditors of Universal Plan Investments Limited are required to  
submit to the liquidators -- Jacky Chung Wing Muk and Edward  
Simon Middleton -- the particulars of their debts or claims, as  
well as the information regarding their solicitors, if any, by  
February 17, 2006.

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

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


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

CRB CAPITAL: High Court Approves Revival Plan
---------------------------------------------
Justice Mukul Mudgal of the Delhi High Court has accepted the  
revival package of CRB Capital Markets Limited on January 24,  
2006, The Economic Times says.  The revival package will enable  
CRB Capital to clear its liability to investors, exceeding  
INR450 crore.

According to The Economic Times, the High Court named retired  
Delhi High Court judge C M Nayyar to oversee the implementation  
of the revival plan.  If Mr. Nayyar decides that the scheme  
cannot be successfully implemented, then the Court will hear the  
petition filed earlier by the Reserve Bank of India seeking for  
CRB Capital's wind-up.

The Court had seen into certain modifications to the revival  
plan, which was originally formulated by the Company, the paper  
relates.  The revised scheme provides that creditors and  
investors of up to INR5,000 will get their full principal  
payment within nine months from the date of sanction of the  
scheme.  Unsecured retail investors and creditors holding claims  
exceeding that amount against the Company will be paid 50% of  
the principal amount in five annual installments, with the  
remaining amount to be paid in the form of shares in CRB  
Capital.

Under the plan, the Company will also pay 25% of what it owes to  
cooperative banks within three months and the balance of 75% in  
16 equal quarterly installments.

In response to a plea by the Company's counsel, the Court  
directed the defreezing of the Company's and its ex-directors'  
accounts and also asked the RBI to consider granting the Company  
fresh registration as a non-banking financial company.

The Economic Times adds that the RBI and State had opposed the  
revival scheme.  However, Judge Mudgal said that he also had to  
consider the interests of the secured and unsecured creditors,  
including deposit holders and shareholders, who have  
overwhelmingly favored the package.

New Kerala News recounts that former CRB Chairman Chain Roop  
Bhansali had duped small investors and many financial  
institutions of INR1200 crore.  After taking the deposits from  
investors, Mr. Bhansali fled from India to Hong Kong.  He was  
then arrested at the Indira Gandhi International Airport in June  
1997 when he returned to the country.

CRB Capital's creditors include:

        Creditor                      Claim Amount
        --------                      ------------
        Bank of India                  INR41 crore
        United Western Bank            INR18 crore
        SIDBI                          INR4.8 crore
        Karur Vyasya Bank              INR14 crore
        State Bank of Travancore       INR26 crore
        Bank of Tokyo                  INR39 crore
        Dena Bank                      INR10 crore
        GIC                            INR100 crore

The Central Bureau of Investigation also arrested CRB Capital's  
officials, including vice-chairman S K Jain, directors Gautam  
Chopra and Sushil Golcha, and Mr. Bhansali's brother-in-law,  
Pukhraj Jain.  Cases against these officials are under Sections  
120-B and 420 of Indian Penal Code and various sections of the  
Prevention of Corruption Act, New Kerala News says.


DUNLOP INDIA: Members OK Takeover by Ruias
------------------------------------------
At an extraordinary general meeting of Dunlop India on Jan. 25,  
2006, the members approved Ruia Group's indirect acquisition of  
the Company.

Majority of Dunlop's members passed a special resolution,  
allowing Ruias to take control of the Company without an offer.

Following the EGM, the new promoters have revamped Dunlop's  
board of directors.  The new six-member board is composed of:

     * P.K. Ruia, non-executive chairman;
     * Ashnok Jajodia, full-time director;
     * Dipak Rudra, independent director;
     * N.P. Agarwal, independent director;
     * Sajid Khan, independent director; and
     * R.K. Sadhu, independent director.  

With the members' approval, Ruia Group's acquisition of Dunlop  
was considered complete and the company need not go for an open  
offer.  Around 99.99% of those who opted to vote on the special  
resolution favored the decision against the open offer.

CONTACT:  

Dunlop India Limited
46 B, Kings Court,
Flat No 14 & 18, Chowringhee Road,
Kolkata 700071
West Bengal
Phone: 22821607; 22821773; 22821662; 22821664; 22824978/1152
Fax: 22821551     


DUNLOP INDIA: To Re-open in Six Months
--------------------------------------
Dunlop India is set to restart operations within six months  
after the Ruia Group finalized a voluntary retirement scheme for  
Dunlop employees, The Economic Times reveals.

The Economic Time says that the VRS covers back-wages for the  
closure period of the two plants.  A memorandum of understanding  
was signed with the workers' union after the Ruia management  
increased the package to INR1.20 lakh from the earlier INR75,000  
and back-wages to a maximum of INR30,000 from INR20,000.

The VRS had been offered to about 1,700 out of 4,000 Dunlop  
employees in order to pave the way for the reopening of the  
plants, which were closed for the past several years.  Around  
July 2006, the two Dunlop plants at Shahgunj and Ambattur would  
start operating, with around 1,000 workers for each plant.

The West Bengal Industry Minister, Nirupam Sen, had helped work  
out the agreement.   


JIK INDUSTRIES: Provides Scheme of Arrangement Update
-----------------------------------------------------
On December 12, 2005, the Honorable Court of Bombay has  
sanctioned the Scheme of Arrangement under Section 391 of the  
Companies Act of 1956 between JIK Industries Limited and the  
Company's fixed deposit holders, non-convertible debenture  
holders and unsecured creditors.

The Company has also filed for approval a Scheme of Arrangement  
with its secured creditors.

CONTACT:  

Jik Industries  
Pada No.3,  
Balkum Village,  
Thane(W)  
Thane - 400608  
Telephone: 022-2676632-7 LINES / 22633313   
Fax: 2676633   
e-mail: jrp@vsnl.com  


KERALA AYURVEDA: Fixes SoA Record Date  
--------------------------------------
The Troubled Company Reporter - Asia Pacific earlier reported  
that the Honorable High Courts of Judicature at Kerala and  
Karnataka have approved the Scheme of Amalgamation and  
Arrangement between Katra Healthcare Pvt Ltd and Kerala Ayurveda  
Pharmacy Ltd.  

Kerala Ayurveda received the certified copy of the order from  
the Kerala High Court on January 06, 2006, and from the  
Karnataka High Court by Katra Healthcare on January 13.

Accordingly, Kerala Ayurveda has fixed February 20, 2006, as  
Record Date for the purpose of the Scheme of Arrangement.

CONTACT:

Kerala Ayurveda Pharmacy Ltd  
Athani P.O  
Aluva 683585  
Kerala  
Phone: 2476301; 2476302; 2476303; 2476304  
Fax: 2474376


PEE JAY: Mulls Unit Disposal and Delisting
------------------------------------------
The Board of Directors of Pee Jay International Limited will  
meet on February 4, 2006, to consider:

     -- the sale or disposal of its manufacturing unit;

     -- changing the Company's name;

     -- delisting the Company's share from the Delhi & Ludhiana
        Stock Exchanges; and

     -- the holding of the Shareholders' Extraordinary Meeting.

Pee Jay International manufactures and exports ready-made  
garments of worsted yarns such as high bulk dyed acrylic yarn,  
high bulk dyed acrylic wool blended yarn, and 100% pure wool  
yarn.

CONTACT:

Pee Jay International Ltd  
411, College Road, Civil Lines,  
110 06, Ludhiana, Punjab
Phone: 91-161-644103/644106   
Fax: 91-161-644101  


SHREE RAMA: Unveils Outcome of Board Meeting
--------------------------------------------
At a meeting on January 28, 2006, the Board of Directors of  
Shree Rama Multi-Tech Ltd:

     -- considered the payment of INR260,31,62,881 within 60  
        days to Asset Reconstruction Company (India) Ltd  
        pursuant to Section 13(2) of the Securitization and  
        Reconstruction of Financial Assets and Enforcement of
        Security Interest Act, 2002;

     -- decided to appeal against the Order issued by the Office  
        of the Commissioner of Central Excise (Adjudication),  
        Ahmedabad, against the Company, its employees and its   
        directors and also proceed as per the Appellate Orders  
        issued by the Commissioner of Income Tax against the
        Company under the provisions of Income Tax Act, 1961,
        wherein the Appeal has been allowed; and

     -- discussed the extension of interim injunction  
        granted by the Honorable High Court of Gujarat  
        restraining the issue of equity shares to allottees of  
        Warrants up to February 6, 2006, and granted necessary  
        authority for defend the Company on the matter.

CONTACT:  

Shree Rama Multi-Tech Limited  
Ram Nivas - 1,  
Khanpur,  
Ahmedabad - 380001  
Phone: 079-5503690/1980  
Fax: 5503645  
Web site: http://www.shreeramamulti-tech.com    


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

GARUDA INDONESIA: Management Asked to Be Open to Investors
----------------------------------------------------------
Minister of State Enterprises Sugiharto asked the management of  
PT Garuda Indonesia to be open to potential investors in the  
Company's restructuring, Asia Pulse reports.

Asia Pulse relates that the Government will allow Garuda  
Indonesia management to deal with investors who are interested  
in developing the Company, but that it asks the Company to keep  
an open mind.  Garuda Indonesia needs a lot of funds to be able  
to turn around and compete with other airlines, and the  
Government says it cannot provide those funds at present.

Earlier reports stated that the Government was planning to sell  
off shares in Garuda Indonesia, which the Government denied.  
Instead, it is urging Garuda Indonesia to team up with bigger  
airlines in order to be more competitive.

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   


PERTAMINA: Targets Lower Profit for 2006
----------------------------------------
PT Pertamina has reduced its profit target for 2006 from IDR22  
trillion to IDR15.5 trillion due to increased financial  
obligations, Asia Pulse says.

Pertamina Finance Director Alfred Rohimone said that the Company  
has allocated IDR9 trillion for its pension payments this year,  
as well as another IDR9 trillion for routine and non-routine  
investment fees.

Asia Pulse cites Mr. Rohimone as saying that Pertamina would get  
IDR5.7 trillion of its targeted profit from the downstream  
sector that covers subsidized fuel distribution, while the rest  
would be incurred from its upstream sector.  The Company has  
also set aside from IDR469.95 billion to IDR939.9 billion to  
invest in the development of the oil-rich Cepu block this year.

Pertamina, Asia Pulse reports, expects to spend up to IDR4.7  
trillion for the exploration of the Cepu block, which may take  
up to three years.  The development of the Cepu block is  
expected to cost up to IDR9.4 trillion, which would be derived  
from Pertamina, its partner ExxonMobil Corp., and the regional  
government.

CONTACT:

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


PERUSAHAAN LISTRIK: Government to Probe Alleged Mark-Up Case
------------------------------------------------------------
As previously reported, PT Perusahaan Listrik Negara has faced  
accusations of illegal mark-ups of generators procured for the  
combined gas-coal fueled power plant in Palembang, South  
Sumatra.

The Indonesian Government admits that it still has to study the  
alleged mark-up, Asia Pulse reports.

Minister of State Enterprises Sugiharto said that the Government  
is still waiting for an official report from the Attorney  
General's Office regarding the case.  Once the report is handed  
to the Government, they will decide whether to suspend PLN's  
directors or not.   

Minister Sugiharto, Asia Pulse relates, assures the Company that  
he will study the case thoroughly and presume PLN to be innocent  
when he looks into the case.  He will also investigate the role  
of PLN President Eddie Widiono as witness in such case.  He  
plans to seek aid from the Ministry's legal bureau on how to  
proceed with the matter.

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  


PERUSAHAAN LISTRIK: Oil Price to Determine Power Rate Hike
----------------------------------------------------------
Fuel prices will determine the price increase rate for
electricity generated by PT Perusahaan Listrik Negara, The
Jakarta Post reports.

The Post, citing Indonesian Vice President Jusuf Kalla, relates
that the Government is still calculating a planned power rate
increase for PT PLN, depending on the fuel price.  He says that
if the price of oil decreases, power rates will remain unchanged.

Businesses have been complaining about the possible power hikes
and some firms have even warned that they would not pay any
increase in utility prices.

Earlier reports indicated a possible 18.4% to 48.3% rise in power
rates, so as to alleviate PLN's rising costs.  Yet, some
politicians opposed the move, asking the Government to seek
alternative ways to reduce the Company's expenses, The Post says.

Bank Indonesia was reported as stating that a power rate increase
above 30% would increase inflation rates to higher than its year-
end 8% target.  But Vice President Kalla justified the increase,
saying that PLN would go under if global oil prices rose and its
power rates stayed the same, since the Government cannot afford
to provide additional fuel subsidies for the Company.

At present, global fuel prices are US$66 per barrel.  If prices
rise above US$70 per barrel, PLN will have to increase power
rates in order to offset further losses that may occur due to
limited fuel subsidy.

PLN purchases fuel to generate its petroleum-based power plants.


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

FURUKAWA ELECTRIC: R&I Assigns BBB+ Rating
------------------------------------------
Rating and Investment Information, Inc., has assigned a long-term
debt rating of BBB+ in Furukawa Electric Co. issued under the
shelf registration scheme.

The depressed state of the telecommunications business restrained
the Company's performance in recent years, but fixed cost
reductions achieved through restructuring, and aggressive
investment in photochemistry in Japan and the United States, has
led to an upturn in the market environment.  

Improvements in the photonics network field, centering on optical
related parts, mean that the business in general is likely to be
guaranteed operating surpluses in the 2005 fiscal year.  As such,
the Company has left behind its worst period.  Businesses outside
of the telecommunications business, such as light metals,
continue to do well for the Company as revenue sources and the
Company's overall profitability and cash flow capability is
becoming increasingly stable.

Furukawa Electric still retains a large amount of debt, and the
company's equity capital, which was undermined by the huge
overall deficit, has not yet been restored.  However, with an
improved cash flow position and benefits gained through asset
sales, net debt is heading toward decline.  Fears that the
Company's cash flow and debt balance will greatly worsen have
subsided.  With the reduction in Furukawa Electric's debt, R&I
will pay attention to whether the company can build up its equity
capital and strengthen the resilience of its financial base.

CONTACT:

Furukawa Electric Co. Ltd.
6-1, Marunouchi 2-chome, Chiyoda-ku
Tokyo 100-8322, Japan
Phone: +81-3-3286-3001
Fax: +81-3-3286-3747


HITACHI LIMITED: To Build New Plasma TV Panel Factory
-----------------------------------------------------
Hitachi Limited intends to invest JPY100 billion to build a new
flat-screen plasma TV panel factory to expand its production
capacity, Japan Today relates.

The new factory is likely to be built in Miyazaki Prefecture by
expanding a factory of its affiliate, Fujitsu Plasma Display Ltd,
there.

CONTACT:  

Hitachi Limited
4-6, Kanda-Surugadai, Chiyoda-ku
Tokyo 101-8010, Japan
Phone: +81-3-3258-1111
Fax: +81-3-3258-2375


LIVEDOOR CO.: Seeks TV Fuji's Help
----------------------------------
Livedoor Co. called on Fuji Television Network, its second-
largest shareholder, to support the Company's restructuring
efforts, Japan Today reports.

Livedoor's newly appointed president, Kozo Hiramatsu, apologized
for the trouble the Company has caused for Fuji TV since the raid
and the arrest of its former president, Takafumi Horie, and three
other executives on January 23, 2006, on suspicion of violating
the Securities and Exchange Law.

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.: Securities Watchdog May Press Charges
---------------------------------------------------
The Securities and Exchange Surveillance Commission may file a
criminal complaint against Livedoor Co. because of the Company
management's extensive involvement in the suspected breaches of
securities laws, Japan Today says.

The Commission, which is currently investigating Livedoor's case
with an investigation team from the Tokyo District Public
Prosecutors Office, will determine whether to bring a criminal
case against Livedoor if it determines that the Company's
involvement was organized and systematic.


OKI ELECTRIC: Shares Down 12% on Friday
---------------------------------------
Shares of Oki Electric Industry Co. Ltd. plunged 12% on Jan. 27,
2006, after reporting a net loss of JPY6.21 billion (US$53
million) in the nine months ended December 31, 2005, Reuters
reports.

The Company blamed the poor earnings on a delay in banks'
spending on computer systems, and a fall in the prices of its
products, such as printers and communications equipment.

CONTACT:

Oki Electric Industry Company Limited
7-12, Toranomon 1-chome, Minato-ku
Tokyo 105-8460, Japan
Phone: 81-3-3501-3111
Fax: 81-3-3581-5522


STATE STREET: FSA Suspends Part of Operations
---------------------------------------------
Japan's Financial Services Agency has directed State Street Trust
and Banking Co. to halt some operations from February 6 to March
5, 2006, due to a series of governance and compliance
infringements, Dow Jones reports.

The Agency barred the Company from engaging in new businesses
associated with the management of trust assets.

According to the FSA statement, the Company has engaged in "sales
and solicitation, negotiation and conclusion of contracts, and
execution of actual stock lending transactions."

The Bank has until February 27, 2006, to report on measures to
improve its business operations and implement them immediately,
the agency said.

CONTACT:

State Street Trust and Banking Co.
Shiroyama JT Trust Tower
4-3-1 Toranomon Minato-ku
Tokyo, 105-6014
Phone: 03-5408-7100
e-mail: contact_japan@jp.statestreet.com


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

LG CARD: Likely to Complete Sale Ahead of Schedule
--------------------------------------------------
The sale of LG Card Co. may begin ahead of schedule as due
diligence commenced last week, The Herald reports.

LG Card's creditors would most likely be receiving bids and put
the Company up for sale next month, the Herald says, citing
industry sources.  Given this, the sale process will take place
at the same time as the audit, which is to be completed in early
March.

Industry experts earlier said that if due diligence is conducted
by the end of January, the Korea Development Bank would then be
able to officially announce LG Card's sale in a month or so.
However, experts noted that the conditions presented by the
bidders could further delay the sale until next year.

Another possible obstacle to the sale is LG Card's ballooning
market value.  Most analysts estimate the card issuer's sale
price to be at least KRW3.5 trillion, and KRW5 trillion at most.

Woori Finance Holdings previously said that it does not want to   
be financially burdened by LG Card's increasing stock price.  If
the card issuer's price continues to increase, Woori said it
would back out from the bid.

LG Card is considered as a prime acquisition target with 10
million subscribers.

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

AKTIF LIFESTYLE: Pushes for Restructuring Despite SC Rejection
--------------------------------------------------------------
On January 27, 2006, Aktif Lifestyle Corporation Berhad submitted
an appeal of the Securities Commission's decision to reject its
Proposed Restructuring Scheme.

Aktif's Proposed Restructuring Scheme, which was submitted to  
the Securities Commission on August 16, 2005, focuses on the  
Proposed Acquisitions of 100% equity interest in Mahawira Sdn  
Bhd and 54% equity interest in Citatah AMS Marble Sdn Bhd.

On December 28, 2005, the Securities Commission rejected the
Aktif's Proposed Restructuring Scheme due to uncertainty in  
the valuation of Mahawira and concerns on corporate governance  
issues relating to the previous proposed corporate exercises  
involving Mahawira and its shareholders.

CONTACT:

Aktif Lifestyle Corporation Berhad
Level 10, Grand Seasons Avenue, No. 72,
Jalan Pahang, 53000 Kuala Lumpur
Malaysia
Phone: (60) 3 2693 1828
Fax: (60) 3 2691 2798

  
ANTAH HOLDING: Restructuring Scheme Needs Revision
--------------------------------------------------
Antah Holding Berhad may need to amend its debt-restructuring  
scheme because certain proposals are not viable due to the  
Company's adverse financial position.

The Board of Directors of Antah is currently deliberating on the  
revision of the scheme and will announce the same in due course.  

The Company is required to submit the Regularization Plan to the  
relevant authorities for approval, or where the relevant  
authorities' approvals are not required, obtain all other  
approvals necessary for the implementation of the Plan within  
eight months from the date of the first announcement made on  
January 9, 2006.  

On November 7, 2004, Antah reported disclosed its debt
restructuring plan involving the financial institution lenders
and other creditors of the Company.   

The Company's Scheme Creditors approved the scheme at a court-
convened meeting on November 27, 2004.  Court sanction was
obtained on February 8, 2005.

CONTACT:

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


BUKIT KATIL: Rehab Application Still Awaits SC's Approval
---------------------------------------------------------
Bukit Katil Resources Berhad said that there has been no material
development on the Company's plan to regularize its financial
condition.

The applications to regularize the financial condition of Bukit  
Katil, which were submitted to the Securities Commission on  
December 16, 2005, are currently pending its approval.  

CONTACT:

Bukit Katil Resources Berhad
Damasara Town Centre
Jalan Damanlela, Pusat Bandar
Damansara, Damansara Heights
Kuala Lumpur, 50490 Malaysia
Phone: +60 3 2095 7077
Fax: +60 3 2094 9940

  
DENKO INDUSTRIAL: Unit Concludes Agreement with Fagerdala
---------------------------------------------------------
The Settlement Agreement between Fagerdala Singapore Pte. Ltd.  
and Denko-HLB Sdn. Bhd., a wholly owned subsidiary of Denko  
Industrial Corp. Berhad, has been finalized.

The agreement is in relation to the Penang High Court (4)  
Winding Up Petition No. 28-85-2005, Kuala Lumpur High Court  
Civil Suit No. S7-22-1665-2003 and Court of Appeal (Civil Appeal  
No. P-02-1098-04) for the payment of the settlement sum of  
SG$438,600.00 by way of five installments as indicated in the  
settlement agreement the parties entered into.

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  

  
FOREMOST HOLDINGS: Unit Misses Out on Loan Payment
--------------------------------------------------
Foremost Holdings Berhad advised that there is no change in  
relation to the status of default in payments of interest and  
principal sums by Yaku Shin (Malaysia) Sdn Berhad.

The default in payments of the principal and interest on October  
20, 2005 remains unchanged.

Yaku Shin is a 58.75%-owned subsidiary of Foremost Holdings  
Berhad to Bumiputra-Commerce Bank Berhad.

The Company will keep Bursa Malaysia Securities Berhad informed  
of any further development on the Company's payment default  
status.


KEMAYAN CORPORATION: Wants Restraining Order Extended
-----------------------------------------------------
On January 27, 2006, Kemayan Corp. Berhad had applied to the  
High Court of Malaya for an extension of time in respect to the  
Restraining Order, which expired on January 29, 2006.

The Company will make further announcements in due course.

CONTACT:

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


LITYAN HOLDINGS: Seeks Ways to Address Default  
----------------------------------------------
Lityan Holdings Berhad provided updates on various credit  
facilities defaulted by the Company and its subsidiaries as at  
January 31, 2006.

Lityan had submitted its Proposed Restructuring Scheme to the  
respective authorities for approval on January 20, 2006, and had  
commenced discussion with the lenders on the Scheme of  
Arrangement.  

The Company is concurrently also looking into other business  
opportunities within its core activities and also actively  
taking steps to dispose of the Group's non-core investments and  
non-operating assets to address its current financial position  
and to generate cash flow for settlement of defaults and  
redemption of loans.

A full-text copy of this announcement is available free of  
charge at:
  
   http://bankrupt.com/misc/LityanHoldingsdefault20060131.doc

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: Repurchases Ordinary Shares
-----------------------------------------------
Magnum Corporation Berhad conducted a shares buy back on
January 27, 2006.

The details of the buy back are:
    
Description of shares purchased: Ordinary shares of MYR0.50 each  

Total number of shares purchased (units): 831,000  

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

Maximum price paid for each share purchased (MYR): 1.970  

Total consideration paid (MYR):   

Number of shares purchased retained in treasury (units): 831,000  

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

Cumulative net outstanding treasury shares as at to-date  
(units): 98,026,300  

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


MAXBIZ CORPORATION: Payment Default Status Still Unchanged
----------------------------------------------------------
Maxbiz Corporation Berhad reported no changes in the status of  
the default in payment in relation to the redemption of 50% of  
the nominal amount of the MYR3.0 million two Years five percent  
Redeemable Unsecured Loan Stocks from the RULS holders.  


MEDIA PRIMA: Issues New Shares for Listing, Quotation
-----------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote Media Prima  
Berhad's additional 138,400 new ordinary shares of MYR1.00 each  
arising from the conversion of 207,600 nominal amount of  
Irredeemable Convertible Unsecured Loan Stocks 2003/2008 on
February 6, 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


PANTAI HOLDINGS: Holds Share Buy Back
-------------------------------------
Pantai Holdings Berhad unveiled the result of its shares buy  
back on January 23, 2006.  

Total number of shares purchased (units): 68,400  

Minimum price paid for each share purchased (MYR): 1.830  

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

Total amount paid for shares purchased (MYR): 126,918.80  

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

Number of shares purchased retained in treasury (units): 68,400  

Total number of shares retained in treasury (units): 40,911,600  

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

Total issued capital as diminished: 0  

Date lodged with registrar of companies: January 27, 2006

Lodged by: Pantai Management Resources Berhad  

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: Court Orders Unit's Winding Up
---------------------------------------------------
On January 27, 2006, the Kuala Lumpur High Court ordered the  
winding up of Transbay Ventures Sdn Berhad, a wholly owned  
subsidiary of Pilecon Engineering Berhad.

Transbay will file an appeal against the High Court's decision.

CONTACT:

Pilecon Engineering Berhad
No 2 Jalan U1/26 Seksyen U1
40150 Shah Alam, Selangor Darul Ehsan 40150
Malaysia
Telephone: +60 3 7804 1888 / +60 3 7804 3888


POHMAY HOLDINGS: In Talks with Possible White Knight
----------------------------------------------------
Pohmay Holdings Berhad advised that it is in the process of  
negotiation with its lenders to restructure the Group's loans  
and is actively working with a potential white knight to  
alleviate the Group from its current financial predicament.

The Company's board of directors will announce its plan to  
regularize financial condition once completed.  

As of December 30, 2005, Poh May Holdings Bhd reported no  
changes to its payment default status.

CONTACT:

Pohmay Holdings Berhad    
No. 23, Jalan Maharajalela,  
Kuala Lumpur Wilayah  
Persekutuan 50150 Malaysia
Telephone: 03-21419500    
Fax: 03-21417730


PSC INDUSTRIES: Works Out Restructuring Plan
--------------------------------------------
PSC Industries Berhad is in the process of considering various
issues in formulating a restructuring plan to regularize its
financial condition.

A report outlining the said regularization plan will be released
once it is completed.  

CONTACT:

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


SOUTHERN BANK: Buys Back 27,400 Shares
--------------------------------------  
Southern Bank Berhad held a share buy back on January 16, 2006  
to January 25, 2006.

The results of the buy back are:

Total number of shares purchased (units): 27,400  

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

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

Total amount paid for shares purchased (MYR): 108,978.46  

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

Number of shares purchased retained in treasury (units): 27,400  

Total number of shares retained in treasury (units): 55,857,100  

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

Total issued capital as diminished: 0  

CONTACT:

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


SUREMAX GROUP: Incurs MYR834,000 Net Loss in 1Q/FY05
----------------------------------------------------
Suremax Group Berhad has released its unaudited First Quarter  
financial report for the financial period ended November 30,  
2006.  

Summary of Key Financial Information
November 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   

    0             4,122           0              4,122
  
(2) Profit/(loss) before tax

    -834          -1,072          -834           -1,072
  
(3) Profit/(loss) after tax and minority interest

    -834          -1,075          -834           -1,075
  
(4) Net profit/(loss) for the period

    -834          -1,075          -834           -1,075

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

    -0.01          -1.63         -0.01           -1.63

(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)
  
      0.4000                     0.4100

CONTACT:

Suremax Group Bhd    
No. 7-1, Faber Imperial Court,  
Sheraton Imperial Hotel,  
Jalan Sultan Ismail,  
Kuala Lumpur Wilayah  
Persekutuan 50250
Malaysia
Telephone: 03-76606080    
Fax: 03-76606090


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

ABOITIZ TRANSPORT: To List Additional Shares on Jan. 31
-------------------------------------------------------
The Philippine Stock Exchange approved on January 11, 2006, the  
application of Aboitiz Transport System Corporation to list an  
additional 414,121,123 common shares, with a par value of  
Php1.00 per share to cover the share-for-share swap transaction  
with Aboitiz and Company Inc., Aboitiz Equity Ventures Inc.,  
Klaus Schroeder, ATSC Management and other others at as  
subscription price of Php1.76 per share.

The listing of the additional common shares is set today,
January 31, 2006.

The designated Stock Transfer Agent will be authorized to  
record and register in its books the 414,121,123 shares.

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  


ABS-CBN BROADCASTING: Record Date for April ASM Set Feb. 10
-----------------------------------------------------------
The Board of Directors of ABS-CBN Broadcasting Corporation set  
February 10, 2006, as the record date of stockholders entitled  
to vote at the annual stockholders meeting on April 27, 2006.

CONTACT:  

ABS-CBN Broadcasting Corp  
Mother Ignacia St  
Corner Sgt  
Quezon City 1100  
Philippines  
Phone:  2 924 4101  
Fax:  2 921 5888  
Web site: http://www.abscbn-ir.com  

  
EXPORT AND INDUSTRY: Clarifies Media Report on Capital Infusion
--------------------------------------------------------------
On January 25, 2006, the stockholders of Export and Industry  
Bank passed a resolution giving all stockholders an opportunity  
to subscribe to new issuance of shares under the same terms and  
conditions as the existing major shareholders and new investors  
infusing Php3 billion in additional capital.

On January 27, 2006, BusinessWorld reported that ExportBank is  
looking at getting Php500 million from its minority  
stockholders, apart from the Php15-billion infusion from its  
foreign partners and the Philippine Deposit Insurance Corp.

However Exportbank clarified the media report, saying it would  
be premature to project any amount that will be generated from  
the said new shares issue since the procedures to implement the  
resolution is still being formulated and will have to be  
coordinated with the appropriate regulatory bodies.

CONTACT:    

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


NATIONAL POWER: Lopezes Want a Piece of Generating Assets
---------------------------------------------------------
Lopez-owned First Generation Holdings Corp. is keen on acquiring  
some of National Power Corporation's generating assets to raise  
its capacity by 1,500 megawatts, The Manila Standard reveals.

First Gen plans to purchase 1,000-Mw power plants for US$1  
million per Mw to increase its earnings by Php4.4 billion a  
year, The Manila Standard says, citing CLSA Limited.

CLSA, one of the two underwriters of First Gen's initial public  
offering, admitted the Lopez firm's net debt to equity may fall  
from 30% in 2005 to 155% in 2006 assuming the acquisition is a  
wholly funded debt.  But CLSA said it would steadily improve to  
20% in 2009 inclusive of the Greenfield expansion.

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


RFM CORPORATION: Eyes US$1.5-Bln Halal Market
---------------------------------------------
Food and beverage company RFM Corporation is looking to invest  
US$1.5 billion into the global halal food market to boost its  
growing export business, The Philippine Star reports.

The Star says that RFM is planning to tap the lucrative halal  
market in Malaysia, currently the leading export producer of  
halal foods.

Exports are expected to account for 10% of RFM's total sales  
this year.  Last year, RFM earned US$3.4 million from exports,  
representing around 6% of total sales.  This is an increase of  
9.7% from the previous year's US$3.1 million.  

According to The Star, RFM wants to take advantage of the  
growing demand for halal food.  Muslims are required to consume  
only food items that are considered halal, or lawful, under  
Islam. Countries in the Middle East, North America, Asian and  
the large Muslim populations of Eastern Europe have been  
contributing to the growth of the halal food industry.  

Presently, the two strongest markets for halal products are  
Southeast Asia and the Middle East.  These areas represent more  
than 400 million Muslim consumers. In total, a Muslim consumer  
base estimated to be 1.8 billion is spread over 112 countries.  

CONTACT:  

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


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

ASTERIX CHEMICALS: Court to Hear Wind-up Petition Feb. 10
---------------------------------------------------------
On January 16, 2006, Bayer (Southeast Asia) Pte Limited filed a  
winding up petition against Asterix Chemicals Pte Limited with  
the Singapore High Court.

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

Any Company creditor or contributory who wants to support or  
oppose the winding up order may appear at the hearing by himself  
or his counsel for that purpose.

The Petitioner's solicitors will provide, upon payment of a  
regulated charge for the same, a copy of the winding up petition  
to any Company creditor or contributory who requires a copy of  
the petition.

The Petitioner's address is No. 9, Benoi Sector, Singapore  
629844.

The Petitioner's solicitors are Messrs Bogaars & Din of One
Phillip Street #08-01, Singapore 048692.

Any person who intends to appear at the hearing of the petition  
must serve on or send by post to solicitors Messrs Bogaars & Din  
a written notice of his intention to do so.  The notice must  
state the name and address of the person, or, if a firm, the  
name and address of the firm, and must be signed by the person,  
firm or his or their solicitor (if any) and must be served, or,  
if posted, must be sent by post to reach the solicitors not  
later than 12:00 p.m. of February 9, 2006.


CHINA AVIATION(S): Bourse Approves Shares Listing
-------------------------------------------------
On January 27, 2006, the Singapore Exchange and Securities  
Trading limited gave its in-principle approval for China  
Aviation Oil (Singapore) Corp. Limited to list 193,535,998  
shares, pending shareholder approval.

The bourse's approval is also subject to compliance of its  
listing requirements, and other conditions.

After suffering huge losses from trading oil derivatives last  
year, CAO teamed with investors to come up with a restructuring  
plan, Dow Jones says.  The plan will see CAO's Chinese parent,  
China Aviation Oil Holdings, injecting US$75.77 million for a  
34.4% stake, BP PLC paying US$44 million for a 20% stake, and  
state investment firm Temasek Holdings Limited injecting  
US$10.23 million for a 4.65% stake in the Company.

A full-text copy of CAO's Media Release is available for free  
at:

   http://bankrupt.com/misc/tcrap_chinaaviation013006.pdf

CONTACT:   

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


LINDETEVES-JACOBERG: Bourse OKs Listing & Quotation of Shares
-------------------------------------------------------------
On January 25, 2006, the Singapore Exchange and Securities  
Trading Limited gave its in-principle approval to Lindeteves-
Jacoberg for the listing and quotation of 208,315,236 new  
ordinary shares.

However, the approval from SGX-ST is still subject to:

  -- compliance with SGX-ST's listing application; and
  -- shareholders' approval.

Lindeteves-Jacoberg will hold an extraordinary general meeting  
at a still undisclosed date to seek shareholder approval for the  
allotment and issue of the new shares.  The Company will also  
disclose a circular to its shareholders regarding the matter.

CONTACT:  

Lindeteves-Jacoberg Limited  
238A Thomson Road  
Singapore 307684  
Phone: 65 6383 4248  
Fax: 65 6383 4068


ODYSSEY SECURE: Court Issues Wind-Up Order
------------------------------------------
On January 13, 2006, the Singapore High Court issued a wind-up  
order against Odyssey Secure Commerce Pte Limited.

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

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

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


REGION AIR: Intends to Declare Dividend
---------------------------------------
Region Air Pte Limited notifies parties-of-interest of its  
upcoming dividend distribution.

Creditors are required to submit their proofs of claim by  
February 10, 2006, to:

Kon Yin Tong
Wong Kian Kok
Liquidators
Foo Kon Tan Grant Thornton
47 Hill Street #05-01
Chinese Chamber of Commerce & Industry Building
Singapore 179365

Failure to comply with the requirement will excluded creditors  
from the benefit of the dividend.


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

TONGKAH HARBOUR: Capital Hike Proceeds Now Fully Utilized
---------------------------------------------------------
Tongkah Harbour Public Co. Ltd. reported that the remaining  
proceeds from the capital increase of THB114.10 million has been  
fully utilized.

Of the THB114.10 million, THB72.88 million was invested in the  
Company's gold mine project.  The fund was mainly used for  
purchasing mining equipments, developing infrastructure, and  
payment of consultation and engineering fees.  The remaining  
THB41.22 million was used as working capital.   

Meanwhile, the Company expects to receive THB99 million from  
Tungkum Limited on January 31, 2006 as repayment of the  
investment in gold mine project.

CONTACT:

Tongkah Harbour Public Company Limited    
Muang Thai Phatra Office Tower 1,
Floor 7, 252/11 Rachadapisek Road,  
Huai Khwang Bangkok     
Telephone: 0-2695-4912-28    
Fax: 0-2695-4901    


THAI PETROCHEMICAL: Unveils New Shareholder Structure
-----------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. (TPI) unveils its  
new shareholder structure following the payment of equity to  
investors.

At present, TPI has outstanding registered equities amounting to  
THB20,475,000,000 and paid-up equities amounting to  
THB19,500,000,000.

              Investors              Proportion      Amount
                                     of shares       (million)
  
  (1) Strategic Investor

(1.1) PTT Pcl.                       31.5%          6,142.5

(1.2) Government Saving Bank         10%            1,950

(1.3) Government Pension Fund        10%            1,950

(1.4) Vayupak Fund-One or Other      10%            1,950
      funds approved by MOF
       
           Total                     61.5%        11,992.5

(2) Participating Scheme Creditors    8.5%         1,657.5
    
(3) Existing Shareholders             20%          3,900

           Total                      100%         19,500
           
The group of strategic investors and the participating scheme  
creditors are bound under a lock-up condition, which blocks them  
from selling the shares for 24 months starting December 13,  
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

   
THAI PETROCHEMICAL: To Appeal SEC Ruling on ESOP
------------------------------------------------
Thai Petrochemical Industry Public Co. Ltd. will appeal against  
a Securities and Exchange Commission's ruling to reject the  
Company's filing for securities issuance under the Employee  
Stock Option Scheme (ESOP).   

The SEC rejected the TPI's application due to the Company's non-
compliance of rules.   

The SEC also alleged TPI Executive Prachai Leophairatana was  
involved in securities trading misconduct.  Thus, Mr. Prachai is  
disqualified to be an executive of the securities issuance  
company for a period of five years since August 5, 2005.

The Company, however, has the right to appeal this ruling to SEC  
within 15 days from the notified date or by February 9, 2006.




BOND PRICING: For the Week 30 January to 3 February 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     8
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    24
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     9
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     8
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
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
Westpac Banking Corporation           6.250%     8/30/11     6

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
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     3
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
Orix Leasing Malaysia Bhd             4.052%     1/26/09     4
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
Talam Corporation Bhd                 7.000%     4/19/06     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     4
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
Tincel Ltd                            7.400%    6/13/11      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 ***