TCRAP_Public/060201.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

             Wednesday, February 1, 2006, Vol. 9, No. 023



A. & I. INVESTMENTS: Decides to Close Shop
AIR NEW ZEALAND: Backs Union Proposal To Save Jobs
AMV SSAS: To Pay Dividend to Creditors
ANT MINERALS: Shareholders Prefer Liquidation
AURA DIGITAL: Names M. F. Cooper to Oversee Wind-Up

AUSTRALIAN GAS: To Build Australia's Largest Wind Farm
BEATTY BROKERS: Liquidator to Present Company Report
CAMDEN SHEET: Prepares to Distribute Dividend
COASTAL SECURED: Liquidator to Distribute Company Assets
EAR FOR MUSIC: Creditors Opt to Liquidate

FREIGHTWAY INVESTMENTS: To Hold Final Meeting on Feb. 10
HILLS DISTRICT: Appoints Official Liquidator
KENTBRIDGE PTY: Liquidator to Give Wind-Up Report  
MCCRAITH REFRIGERATION: Inability to Pay Debts Prompts Wind-Up

MOBITEL COMMUNICATIONS: Members Agree to Close Business
MULTIPLEX: Releases Wembley Update
MYER LIMITED: List of Potential Bidders Shrinks
NYLEX LIMITED: Welcomes Peter George as New Chairman
PLACER DOME: Kalgoorlie Agreements Finalized

RENT-A-JEEP AUSTRALIA: Placed Under Voluntary Liquidation
RVO CONTRACTING: Liquidator to Meet with Members, Creditors
STAGE ONE: Members Agree to Wind Up Firm
SURFACE FINISHES: Enters Voluntary Liquidation
VOLANTE GROUP: Commander Warns Shareholders

WESTERN BEARINGS: To Distribute Dividend
WESTPOINT GROUP: Sheds 100 Staff Pending Court Ruling
YEDGAR & PARTNERS: Schedules Final Meeting on Feb. 10
* ASIC Bans Directors for Five Years

C H I N A  &  H O N G  K O N G

COINS CANAL: Set to Close Business
DAILY GREAT: Court Enters Wind-Up Order
HANG DA: To Declare Dividend  
LG PHILIPS: Dutch & German Units File for Insolvency Protection
KWOK FUNG: Decides to Close Operations  

MORSTON ENTERPRISES: Creditors' Proofs of Claim Due Feb. 27
MOULIN GLOBAL: Creditors & Contributories to Meet on Feb. 9
TSUN NGAI: Commences Bankruptcy Proceedings


CABLE CORPORATION: Unveils Outcome of Board Meeting
CLARO INDIA: Appoints Additional Directors
JIK INDUSTRIES: Chairman Appointed as Managing Director
M.H. MILLS: Fixes Book Closure for AGM
SWITCHING TECHNOLOGIES: Seeks Corporate Restructuring

I N D O N E S I A  

PERTAMINA: Raises Gas Fuel Price by 93.5%
PERUSAHAAN LISTRIK: Directors to be Questioned in Mark-Up Case
PERUSAHAAN LISTRIK: Government Seeks to Cut Investment Costs


ELPIDA MEMORY: Pleads Guilty to DRAM Price Fixing  
HITACHI LIMITED: Launches New HR Services Firm
JAPAN AIRLINES: New Airports To Boost Domestic Network
JAPAN AIRLINES: Changes Domestic Schedule for April 2006
KONICA MINOLTA: Opens New Equipment Sales Unit in China

MITSUBISHI MOTORS: To Display Concept-EZ MIEV, Colt CZC Vehicles
SKYNET ASIA: To Start Code-share Deal  


ASIANA AIRLINES: Sees Brighter Prospects for 2006


AVANGARDE RESOURCES: Faces Possible Delisting
CONSOLIDATED FARMS: Fails to Pay Monthly Dues
DFZ CAPITAL: Revises Allotment of Rights Issue Proceeds
LANKHORST BERHAD: Discloses Status of FS Issue
MULPHA LAND: Seeks More Time to Meet PN17/2005 Conditions

MYCOM BERHAD: Buys More Time to Complete Restructuring
OLYMPIA INDUSTRIES: Seeks Another 6-Month Extension
PACIFIC & ORIENT: Repurchases Ordinary Shares
SUREMAX GROUP: To Convene 11th AGM on Feb. 27
SYARIKAT KAYU: Suffers MYR19,150,000 Net Loss in 4Q/FY05

TANCO HOLDINGS: RHB Sakura OKs Proposed Scheme
UNI.ASIA GENERAL: Units Cease Operations   


ABS-CBN BROADCASTING: U.S. Unit Names Chief Marketing Officer
MANILA ELECTRIC: To Finish Big Users' Refund in First Quarter
NATIONAL FOOD: Urges Rice Traders to Get License
NATIONAL POWER: Starts Semirara Oil Spill Clean-up
RFM CORPORATION: Issues Additional Stock Grants to Officers

S I N G A P O R E  

BELL & ORDER: Placed Under Voluntary Liquidation
CARLINES 2000: Court to Hear Wind-Up Petition Feb. 10
KINSAN PTE: Creditors' Proofs of Claim Due Feb. 20
MICRO-NET TECHNOLOGY: Intends to Declare Dividend
SKIN SOLUTIONS: Court Liquidates Firm


NAKORNTHAI STRIP: Discloses Capital Hike Proceeds Utilization
THAI ENGINE: Repays Debt from Share Offering Proceeds
THAI AIRWAYS: Names Contenders for Presidential Post

     -  -  -  -  -  -  -  -  


A. & I. INVESTMENTS: Decides to Close Shop
Members of A. & I. Investments Pty Limited convened on January  
3, 2006, to wind up the Company's operations.

Michael John Morris Smith, of Smith Hancock Chartered  
Accountants, was appointed as liquidator to oversee the  
Company's wind-up activities.

AIR NEW ZEALAND: Backs Union Proposal To Save Jobs
Air New Zealand has accepted a second proposal from its workers'  
union containing a "comprehensive labor reform" aimed at saving  
hundreds of jobs relating to the airline's heavy maintenance  
operations in the country, the Sydney Morning Herald discloses.

After previously rejecting the Engineering Printing and  
Manufacturing Union's first proposal, Air NZ agreed to the  
union's new counter proposal that would prevent the airline from  
sending its maintenance work to Asia or Europe.  The airline  
says that the new proposal is expected to achieve the AU$48  
million savings required by the carrier within five years for  
maintenance operations to stay.

The airline said that 507 jobs would be lost if it sent heavy  
maintenance overseas.  The Sydney Herald notes, however, that  
the revised offer is still likely to result to a loss of around  
200 jobs and could further erode working conditions.

Parties have not disclosed the details of the Union's proposal.

Troubled Company Reporter - Asia Pacific earlier reported that  
workers will vote on the proposal on February 9 and 10, with the  
ballot result expected on February 13.

CONTACT: Air New Zealand Limited
         Air New Zealand Airpoints Service Centre
         Private Bag 4755
         Christchurch, New Zealand
         Phone: +64 (0)9 488 8777
         Fax: +64 (0)9 488 8787
         Web site:  

AMV SSAS: To Pay Dividend to Creditors
AMV SSAS Solutions Pty Limited will declare a first and final  
dividend on February 6, 2006.

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

J. P. McLeod is the Company's liquidator.

ANT MINERALS: Shareholders Prefer Liquidation
On December 30, 2005, the shareholders of ANT Minerals Pty  
Limited agreed that a voluntary wind-up is in the Company's best  

John Lethbridge Greig and David John Frank Lombe, of Deloitte  
Touche Tohmatsu, were appointed as liquidators for that purpose.

AURA DIGITAL: Names M. F. Cooper to Oversee Wind-Up
Members of Aura Digital Communications Pty Limited convened on  
December 30, 2005, and agreed to close the Company's business.

In addition, M. F. Cooper, of Frasers Insolvency Advisory, was  
appointed as liquidator to supervise Aura Digital's wind-up  
activities.  The Company's creditors confirmed the liquidator's  
appointment at a creditors' meeting held later that day.

AUSTRALIAN GAS: To Build Australia's Largest Wind Farm
The Australian Gas Light Company is poised to build Australia's  
largest wind farm to be located north of Adelaide, Dow Jones  

The AU$236-million, 95-megawatt facility would be constructed at  
Hallett, next to AGL's existing 180-megawatt gas-fired power  

According to Dow Jones, construction will begin in September  
this year, with the plant expected to be commissioned in  
December 2007.

The new farm will have 45 turbines and will be bigger than what  
is currently Australia's largest wind farm, the 91-megawatt  
plant at Wattle Point in South Australia.  It will supply about  
24% of AGL's renewable energy certificate requirements.

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:    

BEATTY BROKERS: Liquidator to Present Company Report
A final meeting of the members of Beatty Brokers (Insurance) Pty  
Limited will be held for them to receive the liquidator's final  
account showing how the Company was wound up and how its  
property was disposed of.

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

Dennis Beatty is the Company's liquidator.

CAMDEN SHEET: Prepares to Distribute Dividend
Camden Sheet Metal Pty Limited will declare its first and final  
dividend to unsecured creditors on February 7, 2006.

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

Michael G. Jones, of Jones Condon Chartered Accountants, is the  
Company's liquidator.

COASTAL SECURED: Liquidator to Distribute Company Assets
After their general meeting on December 30, 2005, the members of  
Coastal Secured Loans Pty Limited resolved to close the  
Company's business operations and distribute the proceeds of its  

As a result, Sinclair Wilson, of Accountants & Business  
Advisors, was named liquidator.

EAR FOR MUSIC: Creditors Opt to Liquidate
On January 5, 2006, the creditors of Ear for Music Pty Limited  
concurred that a wind-up of the Company's business operations is  
appropriate and necessary.

The creditors also appointed R.M. Sutherland, of Jirsch  
Sutherland Chartered Accountants, as liquidator to supervise the  
wind-up.  Mr. Sutherland can be contacted at 02 9233 2111 or
02 9233 2144 (fax).

FREIGHTWAY INVESTMENTS: To Hold Final Meeting on Feb. 10
A final meeting of the members of Freightway Investments Pty  
Limited will be held on February 10, 2006, at 11:00 a.m.

At the meeting, liquidator Paul Billingham 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.

HILLS DISTRICT: Appoints Official Liquidator
At a meeting of the members of Hills District Sheetmetal Pty  
Limited on January 5, 2006, Jamieson Louttit was appointed as  
liquidator to supervise the Company's wind-up activities.

Mr. Louttit can be contacted at 02 9231 0505 or 02 9231 0303  

KENTBRIDGE PTY: Liquidator to Give Wind-Up Report  
The members of Kentbridge Pty Limited will convene on Feb. 10,  
2006, at 9:00 a.m., to receive liquidator Andrew Harry Hayes'  
account regarding the Company's completed wind-up and disposal  
of property.

On December 30, 2005, members of Landmark Developers Pty Limited  
convened and agreed that:

   -- the Company be wound up voluntarily; and

   -- P. Ngan and G. Parker, of Ngan & Co. Chartered
      Accountants, be appointed to supervise the wind-up
      activities of the Company.

MCCRAITH REFRIGERATION: Inability to Pay Debts Prompts Wind-Up
McCraith Refrigeration Service 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, Peter Goodin, of Brooke Bird & Co. Chartered  
Accountants, was appointed to oversee the Company's liquidation  
activities.  Mr. Goodin can be contacted at 9882 6666.

MOBITEL COMMUNICATIONS: Members Agree to Close Business
At a general meeting of the members of Mobitel Communications  
(Australia) Pty Limited on December 22, 2005, a resolution to  
voluntarily wind up the Company's business was passed.  

Andrew Reginald Yeo and D. R. Vasudevan, of Pitcher Partners,
were nominated as liquidators for the wind-up.

MULTIPLEX: Releases Wembley Update
Multiplex Group has provided updates pertaining to its Wembley  
National Stadium Project.  According to the Company, it is still  
targeting to complete the Stadium so as to accommodate the 2006  
Football Association Cup Final.

Multiplex relates that it has now completed certain initial  
aspects of the Project.  However, because various areas were  
previously foreshadowed, there remains a material risk that the  
stadium will not be available for the FA Cup final.  The Company  
ascertains, though, that if satisfactory performance is met in  
February, a progressive handover will also be achieved so as to  
enable the stadium to be available for the target event.   
Multiplex and its subcontractors are fully committed toward  
achieving this goal.

On December 19, 2005, Multiplex gave a preliminary estimate of  
the combined impact of the Strathford and Global Switch  
transactions, and Wembley.  This preliminary estimate remains  
unchanged while both internal review and external audit review  
processes are progressing, and the preliminary estimate remains  
subject to the caveats expressed in announcements of December  
19, 2005, and December 21, 2005.

A detailed outline of the current status of works at the  
Project, as well as diagrams, is available for free at:  

Multiplex will provide a further progress update on the Project  
at the end of February.

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

MYER LIMITED: List of Potential Bidders Shrinks
The number of possible buyers of Myer Limited's department store  
chain has narrowed, The Sydney Morning Herald reports.

Private equity groups JP Morgan and Carlyle Group LP have  
abandoned their joint bid for Myer, while speculations abound  
that rival retailer Harvey Norman Limited has also lost  
interest, The Sydney Herald says.

According to the paper, the rumored bid withdrawals leave Myer  
with only three interested parties:

     * Edgars Consolidated Stores Limited;
     * CVC Asia Pacific; and
     * Newbridge Capital Inc.

A Myer spokesman declined to confirm the number of bidders,  
although he stressed that the process remains competitive and  
the Company still expects to decide on its future by the end of  

The report says any further drop-outs could affect Myer's  
chances of securing the best price for the business.  Final bids  
are due by the end of February 2006.

CONTACT: Myer Limited
         295 Lonsdale Street
         Melbourne Vic 3000
         Telephone: (61 3) 9661 1111
         Facsimile: (61 3) 9661 3770  
         Web site:    

NYLEX LIMITED: Welcomes Peter George as New Chairman
Peter George, a director of Nylex Limited since June 2004, is  
the Company's new chairman following the resignation of Ray  

Mr. George has a "successful" track record in company  
restructuring and performance improvement.  He has served on the  
Board of Optus Communications and is also presently a director  
of PMP Limited and B Digital Limited.

Mr. King was appointed as director of Nylex in October 2003 and  
as chairman in June 2004.  He is also the chairman of McPhersons  
Limited and has tendered his resignation due to a potential  
conflict of interest.

Mr. King's resignation and Mr. George's appointment are  
effective immediately.

CONTACT: Nylex Limited
         564 St Kilda Road
         Melbourne, Victoria 3004
         Phone: +61 3 9533 9333  
         Fax: +61 3 9533 9388

PLACER DOME: Kalgoorlie Agreements Finalized
Jackson Gold Limited has finalized formal agreements with Placer  
Dome Australia covering various Kalgoorlie properties and Nickel  

Jackson regards the resolution of these agreements as positive  
for the exploration and development of the "highly prospective"  
700-square kilometer gold and nickel project area.  The project  
contains gold resources, advanced prospects for both gold and  
nickel and location adjacent to established Joint Venture  
partner processing infrastructure.

                         Kalgoorlie Gold

Placer has been operating under a Heads of Agreement with  
Jackson for minerals other than nickel since July 23, 2004.   
This three-part agreement includes the Crossroads Options  
Agreement, covering the Mining Lease 24/462, which contains the  
73,000-ounce Crossroads gold resource.  Under the formal  
agreement, Placer is entitled to a 75% interest in this lease  
through a Decision to Mine Jackson will be free-carried until  
this decision.

Regional gold exploration is covered by the Kalgoorlie Regional  
Gold Project Agreement.  Placer has the right to nominate sole-
funding declared areas at 12 monthly meetings, and will acquire  
80% of Jackson's interest in any individual Discovery Area where  
a resource of greater than 15,000 ounces is defined.  Jackson  
may continue to explore non-declared areas, and for any resource  
discovered (Jackson Discovery Area), Placer will have the option  
to purchase a 51% interest by repaying 2.5 times Jackson's  
expenditure on that discovery.

                       Kalgoorlie Nickel

Nickel Rights are significantly strengthened under the new  
formal agreements, particularly on Placer Tenements (Kanowna  
Nickel Rights Agreement) where they will exist for the life of  
the tenements, and any future nickel reserve has a clear process  
defined to allow development.

Following the completion of these agreements with Placer,  
Jackson is currently finalizing the Kalgoorlie Nickel Earn-in  
and Joint Venture with LionOre Australia Pty Ltd.

CONTACT: Placer Dome Inc.
         Suite 1600, Bentall IV
         1055 Dunsmuir Street
         (PO Box 49330, Bentall Postal Station)
         Vancouver, B.C. Canada V7X 1P1  
         Phone: (604) 682-7082
         Web site:    

RENT-A-JEEP AUSTRALIA: Placed Under Voluntary Liquidation
On December 28, 2005, the members of Rent-A-Jeep Australia &  
Other Prestige Vehicles Pty Limited agreed to liquidate the  
Company's business operations.

Members also appointed Lachlan McIntosh and Ginette Muller to  
oversee the wind-up activities.

RVO CONTRACTING: Liquidator to Meet with Members, Creditors
RVO Contracting Pty Limited will conduct a final meeting on  
February 10, 2006, at 10:00 a.m.

The members and creditors of the Company will consider the  
liquidator's final account on wind-up, as well as any other  
business brought before the meeting.

M. F. Cooper, of Frasers Insolvency Advisory, is the Company's  

STAGE ONE: Members Agree to Wind Up Firm
Members of Stage One Transport Pty Limited held a meeting on  
January 6, 2006, and agreed on the Company's need to liquidate.

The members named Paul Vartelas, of B. K. Taylor & Co., to  
manage the Company's wind-up activities.

SURFACE FINISHES: Enters Voluntary Liquidation
On January 3, 2006, the members of Surface Finishes (Holdings)  
Pty Limited agreed that a voluntary wind-up of the Company is  
necessary and in its best interests.

As a result, Michael John Morris Smith, of Smith Hancock  
Chartered Accountants, was appointed as official liquidator.

VOLANTE GROUP: Commander Warns Shareholders
In response to Volante Group Limited's Targets Statement,  
Commander Communications says that Volante's reliance on  
unsecured "contracts" to underpin its future earnings, which is  
the basis of the assessment of its Independent Expert, is  
inappropriate and misleading.

Commander Chief Executive Officer Adrian Coote recounts that  
Volante shareholders were being asked by the board of directors  
to take a leap of faith that their earnings forecasts would be  
met without additional disclosures of the South Australian  
Government, and even though Volante has a poor record in meeting  
revenue and earnings forecasts released to the market through  
the Australian Stock Exchange.

"Volante's Independent Expert has admitted that should the  
unqualified assumptions associated with the 'contract' in the  
2007 forecasts not be met or other near-term tender  
opportunities are not realized, their valuation would be lower,  
potentially by a material amount," Mr. Coote says.  

According to Mr. Coote, "Volante does not give any meaningful  
information regarding the scale or terms of the contract.   
Shareholders cannot assess the value of this contract and  
therefore the value of Volante's shares if it fails to win this  

"The decision by shareholders as to whether to accept the offer  
or not is contingent on the status of Volante as a preferred  
bidder on a contract for which they have little information on.   
As far as I am concerned, Volante's board and management are  
treating their shareholders with contempt," Mr. Coote adds.

Moreover, Mr. Coote says that Volante's shareholders should be  
growing tired of their Board making promises that they fail to  
keep and that shareholders are entitled to more clarity from a  
Board with a poor performance record.

Commander Communications said that Volante Shareholders should  
be wary given these historical events:

   * In November 2005, Volante issued an earnings downgrade to  
     the market;

   * At the time of the merger of Ipex in 2004, a Deloitte
     independent expert report based on management forecasts
     (among other things) valued Volante on maintainable NPAT
     (pre-amortization of goodwill) of AU$14.4 million to
     AU$15.1 million per annum, a level Volante has still not

   * In Volante's 2001 annual report, it was stated that for the  
     2002 financial year "we expect a stronger second-half and a  
     higher profit for the full year" yet:

        -- Volante's NPAT in the second half on fiscal 2002 was
           AU$1.2 million compared with the first-half result
           of AU$3.2 million; and

        -- its full-year NPAT result was AU$4.3 million, which
           is well short of its 2001 NAPT result of AU$7.2
           million; and

   * At the time of the Volante IPO in 1999, Volante forecast  
     NPAT for the 2000 financial year to be AU$4.9 million, yet  
     Volante recorded an actual NPAT result of AU$1.8 million.

Mr. Coote contends that the market and shareholders should be  
surprised by the change in decision to appoint an independent  
expert when an appointment was publicly dismissed by Volante  
only eight days before the report was issued.  More importantly,  
the market and shareholders should be amazed that their expert,  
Lonergan Edwards & Associates, generated a higher per share  
value in meeting its won forecasts and given the fact that the  
actual results since January 2004 were below the estimate of  
maintainable earnings used by Deloitte in preparing its report.

Volante asserts that its underperformance is a recent phenomenon  
and describes the Commander offer as "opportunistic."  However,  
Commander avers that:

   -- it has been almost six years since Volante closed above  
      its AU$1.70 IPO issue price; and

   -- shareholder value (including dividends reinvested) has  
      declined by 1.6% over three years, 22.9% over two years  
      and 37.7% over one year.

A full-text copy of Commander's and its advisers' detailed  
analysis of Volante's Target Statement and Independent Expert  
Report is available for free at:  

Commander remains confident that its AU$1.01 cash offer fairly  
reflects Volante's value.  Commander's offer for Volante is  
scheduled to close on February 10, 2006.

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:   

         Commander Communications Limited
         Level 3 Tower 1 Darling Park
         201 Sussex Street
         Sydney, New South Wales
         2001 Australia
         Phone: +61 2 9030 1700
         Fax: +61 2 9030 1777

WESTERN BEARINGS: To Distribute Dividend
Western Bearings (Vic) Pty Limited will declare its first and  
final dividend on February 7, 2006.

Creditors are required to formally prove their claims.  Failure  
to comply with this requirement will exclude creditors from the  
benefit of the dividend.

Craig Crosbie is the Company's liquidator.

WESTPOINT GROUP: Sheds 100 Staff Pending Court Ruling
Westpoint Group has axed around 100 staff across Australia last  
week as the Company resorts to a back-to-basics structure while  
waiting for the court to rule on its future, Australasian News  
Bites relates.  The court is set to decide on Westpoint's case  
on February 10, 2006

The property group's executive general manager, David Jones,  
says that the staff were asked to leave last Wednesday and  
Friday following discussions with the Company's administrators.  

Investor Daily says the sacked personnel have not been paid  
their entitlements as Westpoint hopes to conserve funds for its  
creditors.  The staff cut follows several months of troubled  
times when many of the company's schemes have been put under  

Westpoint made a surprise announcement on January 17, 2006, that  
its woes have been worsened by advisers' recommendation to their  
clients to buy unregulated Westpoint products instead of its  
regulated ones.

Over the past two months, the court has wound up two Westpoint  
companies and placed five more under administration following  
ASIC's move when the group did not lodge its financial  
statements for the year to June 30, 2005, before the October 31  

YEDGAR & PARTNERS: Schedules Final Meeting on Feb. 10
A final meeting of Yedgar & Partners Pty Limited will be held on  
February 10, 2006, at 11:00 a.m.

Liquidator M. F. Cooper will present his final account regarding  
the Company's wind-up operations at that meeting.

* ASIC Bans Directors for Five Years
The Australian Securities and Investments Commission has  
forbidden two company directors from managing corporations for  
the maximum period of five years.

ASIC banned Dale Howard Robertson of Surrey Hills, Victoria, and  
Milan Visnic of Strathfield, New South Wales, after their  
involvement in a number of failed companies.  

Mr. Robertson's ban follows an ASIC investigation regarding his  
involvement as a director with six failed companies:    

  * Mernda Developments Pty Ltd;

  * Doncaster Apartments Pty Ltd;

  * A.C.N. 082 105 673 Pty Ltd -- formally known as Vitalis
    Group Pty Ltd;

  * A.C.N. 099 501 130 Pty Ltd -- formally known as Vitalis Corp
    Pty Ltd;

  * Burke and Riversdale Road Pty Ltd; and

  * Annesley Commercial Pty Ltd.  

Mr. Robertson, a property developer, purchased large blocks of  
land in the Melbourne metropolitan area with a view to  
commercially develop each site.  He then proceeded to set up a  
separate company for each development project.

Due to inappropriate business plans and unrealistic budgets, Mr.  
Robertson was unable to settle the land purchases for the  
projects.  As a result, deposits from the major financial  
backers for each of the projects were forfeited.  Each of his  
companies was then placed into liquidation.

In determining the length of Mr. Robertson's ban, ASIC took into  
account his failure to secure finance for an AU$11 million  
property investment (Burke & Riversdale) prior to entering into  
a contract to purchase the land.  Mr. Robertson's actions led to  
the deposit being forfeited and a loss to major financial  
backers of over AU$1 million.  

Mr. Visnic, on the other hand, was banned after an ASIC  
investigation into 14 companies in liquidation:

  * Sky Contracting (ACT) Pty Ltd;

  * Sroto Pty Ltd;

  * Gintic Pty Ltd;

  * Okonia Pty Ltd;

  * Sky Scaffolding (NSW) Pty Ltd;

  * Sky Fabrications Pty Ltd;

  * Sky Constructions Pty Ltd;

  * Sky Projects Pty Ltd;

  * SSS Fabrications Pty Ltd;

  * Sky Systems (Aust) Pty Ltd;

  * Sky System Hire Pty Ltd;

  * Sky Scaffolding Pty Ltd;

  * Sibroll Pty Ltd; and

  * Sky Group Pty Ltd.

These companies left debts approximately AU$5.9 million in  

ASIC alleges that Mr. Visnic failed to maintain adequate  
financial records and ensure that the companies did not trade  
while insolvent.  Moreover, Mr. Visnic failed to provide  
assistance to liquidators within the statutory timeframe,  
including the provision of information relating to the financial  
circumstances of the failed company.  

Under the Corporations Act, ASIC is able to ban a company  
director if they are the director of two or more companies that  
are wound up, and the liquidator reports to ASIC that they have  
failed to pay their creditors more than 50 cents in the dollar.

C H I N A  &  H O N G  K O N G

COINS CANAL: Set to Close Business
On January 8, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance released an order  
approving a petition to wind up Coins Canal Limited.

DAILY GREAT: Court Enters Wind-Up Order
Daily Great Property Limited had presented a petition to wind up  
its operations.

Accordingly, on January 18, 2006, The High Court of the Hong  
Kong Special Administrative Region Court of First Instance  
entered a wind-up order pertaining to the Company.

HANG DA: To Declare Dividend  
Hang Da Engineering Co. notifies parties-in-interest of an  
intended dividend to be declared at the High Court of Hong Kong.
Creditors are required to submit their proofs of claim by  
February 11, 2006, to:
     ET O'Connell
     The Official Receiver & Trustee
     10th Floor, Government Offices
     66 Queensway, Hong Kong
     Phone: (852) 2867 2448
     Fax: (852) 3105 1814

LG PHILIPS: Dutch & German Units File for Insolvency Protection
LG.Philips Displays Holding B.V., the Hong Kong-based  
manufacturer of television cathode ray tubes, filed for  
insolvency protection along with its Dutch subsidiary,  
LG.Philips Displays Netherlands B.V., and its German subsidiary  
in Aachen on January 27, 2006, due to worsening conditions in  
the CRT marketplace and unsustainable debt.

The holding company disclosed that it will not be able to  
provide further financial support to certain loss-making  
subsidiaries because it has been unable to obtain sustainable  
new or additional funding.  

            Likely Insolvency for Other Subsidiaries

LG.Philips Displays Holding B.V. is the European holding company  
for LG.Philips Displays.  Given the holding company's inability  
to further fund the subsidiaries, its operations in France,  
Czech Republic, Slovakia, Mexico and the United States are also  
reviewing their financial position.  In particular, the workers  
council of LPD France has been summoned to consider seeking  
insolvency protection at the plant in France.

LG.Philips Displays emphasized that its plants in Brazil, China,  
Indonesia, Korea and Poland are, in principle, unaffected.  The  
company's factories in the United Kingdom (Blackburn) and the  
Netherlands (Stadskanaal and Sittard, with support from some  
employees in Eindhoven) are economically viable and are expected  
to continue production, for which LG.Philips Displays will seek  
support and approval of the Dutch trustee and supervisory judge.  
These operations represent more than 85% of LG.Philips Displays'  
production capacity employing approximately 15,000 people.  

"Over the past year, LG.Philips Displays and other CRT  
manufacturers have seen an unprecedented decline in the market  
for CRTs, especially in Europe.  The demand for new flat panel  
televisions, including liquid crystal display and plasma  
televisions, has surged dramatically, as these alternatives have  
dropped in price and become cost competitive faster than  
anticipated.  Although demand for CRTs has dropped precipitously  
in mature markets, global demand for CRTs remains strong,  
especially in emerging markets.  

LG.Philips Displays has been in extensive discussions with the  
company's financiers and parent companies, Philips and LG  
Electronics, over the past several months to explore financial  
solutions to the market challenges, especially in Europe.   
However, these negotiations were ultimately unsuccessful.  

"Having explored all possible restructuring options, we really  
had no choice but to take these actions.  We are working to  
maintain employment for our remaining employees through our  
ongoing operations," said J.I. Son, President and CEO of  
LG.Philips Displays regarding the insolvency filing.

LG.Philips Displays will work with its customers to ensure  
continued support to their businesses by providing backup  
supplies from LPD's ongoing operations.  

LG.Philips Displays will continue to work with suppliers to its  
ongoing plants and operations.  Suppliers delivering parts and  
components to the affected plants will be formally notified in  
due course in accordance with local legislative requirements.

LG.Philips Displays, a venture between South Korea's LG  
Electronics Inc. and Royal Philips Electronics NV of the  
Netherlands, has posted losses since the fourth quarter of 2004,  
Young-Sam Cho of Bloomberg News reports.

                   About LG.Philips Displays

Headquartered in Hong Kong, LG.Philips Displays -- manufactures cathode ray   
tubes for use in televisions and computer monitors.  The company  
produces one in every four television and computer monitor tubes  
sold.  Making use of its global manufacturing infrastructure, it  
provides regional supplies to top TV and monitor brands  
worldwide.  LG.Philips Displays continues to be committed to the  
CRT industry and will maintain a strong profile based on its  
competitive operations and innovative, high-quality products.  

KWOK FUNG: Decides to Close Operations  
A winding up petition was served on Kwok Fung International  
Development Limited on November 24, 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.

MORSTON ENTERPRISES: Creditors' Proofs of Claim Due Feb. 27
Creditors of Morston Enterprises Limited are required to submit  
to the liquidators -- Suen Pui Yee and Iain Ferguson Bruse --  
the particulars of their debts or claims, as well as information  
regarding their solicitors, if any, by February 27, 2006.

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

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

MOULIN GLOBAL: Creditors & Contributories to Meet on Feb. 9
The meetings of creditors and contributories of Moulin Global  
Eyecare Manufacturing Limited will be held on February 9, 2006,  
at 2:30 p.m. and 3:30 p.m., respectively, at the Official  
Receiver's Office, on the 10th Floor of Queensway Government  
Offices, in 66 Queensway, Hong Kong.

Established in 1960, Moulin Global Eyecare Holdings Limited is a  
vertically integrated eyewear Company engaged in the design,  
manufacture, distribution and retailing of quality eyewear  
products to customers worldwide.  

CONTACT: Moulin Global Eyecare Holdings Limited
         4/F, Kenning Industrial Building
         19 Wang Hoi Road
         Kowloon Bay, Kowloon
         Hong Kong
         Phone: (852) 2707 3800
         Fax: (852) 2331 3086

Pacific (Hong Kong) Investments Company 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,  

TSUN NGAI: Commences Bankruptcy Proceedings
A bankruptcy order against Tsun Ngai Interior Decoration Co. was  
issued on January 27, 2006.  All debts due to the estate should  
be paid to the official receiver, E.T. O'Connell.


CABLE CORPORATION: Unveils Outcome of Board Meeting
At a meeting on January 30, 2006, the Board of Directors of  
Cable Corporation of India Limited has:

     -- issued fresh 25,000 Redeemable Cumulative  
        Preference Shares of INR100 each to Rhiakoh Finance &  
        Investments Pvt Ltd;  

     -- redeemed 25,000 Preference Shares issued earlier to  
        Baliga Investments Pvt Ltd out of the proceeds from the  
        issue of the aforementioned fresh preference  
        shares; and

     -- appointed C. Sundershyam as a Nominee Director on behalf  
        of State Bank of India and Arun Thiagarajan as an  
        Additional Director.

Cable Corporation Of India Limited develops, manufactures and  
markets electrical wires, conductors, strips of all types and  
other products widely in India.  The firm's other activities  
include trading, contracting, financing, investing, lease  
operations and real estate development.  

Electrical cables, wires, conductors and other products  
accounted for 86% of its 2000 revenues while trading of goods,  
contracts and others accounted for the remaining 14%.

CONTACT: Cable Corporation OF India Limited
         6 Shoorji Vallabhdas Marg Ballard Estate
         Mumbai, Maharashtra 400 001
         Phone: +91 22 2266 6764/67
         Fax: +91 22 2263 2694  

CLARO INDIA: Appoints Additional Directors
On December 29, 2005, the Board of Directors of Claro India  
Limited appointed Shri Arun Kumar Daga & Shri Shri Loknath  
Sharma as Additional Directors of the Company.

Claro India has been incurring net losses since 2002.  In the  
April-June period of fiscal 2005-06, the Company booked a net  
loss of INR3.51 million, slightly up from the previous quarter's  
INR3.01-million loss.

CONTACT: Claro India Ltd
         161 Mount Road Chennai
         600002 Tamil Nadu
         Phone: 91 044 28521864/ 28523941
         Fax: 91 044 28520980

JIK INDUSTRIES: Chairman Appointed as Managing Director
The Board of Directors of JIK Industries Ltd has appointed  
Company Chairman R G Parikh as its Managing Director.

Furthermore, the Board has considered the allotment of  
3,00,00,000 equity shares to the promoter group pursuant to  
Section 81 of the Companies Act, 1956, and subject to the  
Securities and Exchange Board of India Guidelines.

CONTACT: JIK Industries
         Pada No.3,
         Balkum Village,  
         Thane - 400608
         Telephone: 022-2676632-7 LINES / 22633313
         Fax: 2676633  

M.H. MILLS: Fixes Book Closure for AGM
M.H. Mills & Industries Ltd says that its Register of Members &  
Share Transfer Books will remain closed from February 20 to  
February 24, 2006, for the purpose of the Company's 22nd Annual  
General Meeting.  The AGM Meeting will be held on February 24.

The 114-year-old M.H. Mills, one of the first in India to shift  
to polyester fiber in 1978, is fighting a rear-guard action to  
stay afloat by opting for a makeover and emerge as a new  
generation enterprise, Business Line says.

The Company, which had taken refuge under the Bombay Relief  
Undertakings Act for two consecutive years (1999-2001), is still  
combating with a nine-member consortium of lenders led by ICICI  
for renegotiating its INR65-crore debt package.  

M.H. Mills Managing Direct Biren Parikh said the company had put  
in motion a major re-engineering exercise, which will gradually  
trim its workforce of 2,500.  After its debt-restructuring  
exercise, the Company plans to operate with a workforce of 1,600  
and a revised product profile.  

The Company is already shaping up to meet the present-day needs  
of major brands like GAP, Burlington and Levi's Strauss by  
supplying 1.2 meters of 100% cotton shirting material per year.  

CONTACT: MH Mills & Industries Limited
         Saraspur Ahmedabad
         380018 Gujarat
         Phone: 22124373 22123068
         Fax: 22125000    

SWITCHING TECHNOLOGIES: Seeks Corporate Restructuring
The Board of Directors of Switching Technologies Gunther Ltd  
will meet on January 31, 2006, to consider:

     -- the Company's unaudited financial results for the period  
        ending December 31, 2005; and

     -- referral to the Board for Industrial & Financial    
        Reconstruction about the erosion of 100% of net worth.

CONTACT: Switching Technologies Gunther Ltd
         Plot No. B9, B10 & C1
         Madras Export Processing Zone
         Kadapperi, Chennai 600045
         Phone: 91-044-22368198/ 223680932628093
         Fax: 91-044-22368271, 2628271

I N D O N E S I A  

PERTAMINA: Raises Gas Fuel Price by 93.5%
PT Pertamina Tbk will officially raise gas fuel prices from  
IDR1,550 per liter to IDR3,000 per liter today, Antara News  

The Company's decision to raise gas fuel prices came after an  
increase in natural gas price from US$2.23 per Million British  
Thermal Unit (MMBTU) to US$5.0 per MMBTU as a result of world  
crude oil price hikes, Antara News says, citing Pertamina  
spokesman M. Harun.  However, Mr. Harun notes that the 93.5%  
increase is still lower than the price of premium gasoline  
(IDR4,500 per liter) and diesel fuel (IDR4,300 per liter).

Mr. Harun says that Pertamina's gas fuel sales almost equaled  
that of premium gasoline last year, but the Company still  
suffered IDR10.4 billion in losses due to increased energy costs  
and gas filling station expenses.

Headquartered in Jakarta, Indonesia, PT Pertamina -- is a wholly state-owned enterprise.    
The enactment of the Oil and Gas Law No. 22/2001 in November  
2001 and Government Regulation No. 31/2003 has changed the  
Company's legal status from a special state-own enterprise into  
a Limited Liability Company.  It has 14 subsidiaries, including:

   * Pertamina Energy Trading Limited (Petra), which is engaged
     in oil and gas trading;

   * PT Elnusa Harapan, engaged in marketing and trading;

   * PT Pelita Air Service, engaged in airline service; and

   * hospital PT Perta Medika.

As a profit-oriented company, PT Pertamina has to adopt a new  
paradigm that focuses on value creation.  Under the Ministry of  
State-owned Enterprise, PT Pertamina commits to deliver high  
quality products and services to the stakeholders as well as  
increase its contribution to the nation's wealth.

PERUSAHAAN LISTRIK: Directors to be Questioned in Mark-Up Case
Local police are planning to question PT Perusahaan Listrik  
Negara's entire Board of Directors regarding the alleged price  
mark-up of three generators that the Company purchased last  
year, Antara News reports.

According to the paper, police named PLN Primary Energy Director  
Ali Herman Ibrahim and his deputy, Agus Darmadi, as suspects in  
the graft case, which caused RDR122 billion in losses to the  

PLN President Director Eddie Widiono had already been questioned  
as a witness to the case, and will be brought in for further  
questioning.  He had explained that PLN accelerated its purchase  
of three generators by paying in four annual installments, so as  
to cope with blackouts and provide adequate supply for the  
National Sports Week in Palembang last year.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik  
Negara -- is Indonesia's state-owned   
utility company.  The Company transmits and distributes  
electricity to approximately 30 million customers, or about 60%  
of Indonesia's population.  The Indonesian government decided to  
end PLN's power supply monopoly to spark interest for  
independents to build more capacity for sale directly to  
consumers.  The decision comes as many areas of the country are  
experiencing power shortages.

PERUSAHAAN LISTRIK: Government Seeks to Cut Investment Costs
The Indonesian Government asked PT Perusahaan Listrik Negara to  
reduce its investment costs so as to implement a lower power  
rate hike, Asia Pulse says.

Asia Pulse cites PLN President Director Eddie Widiono as saying  
that the Government wants the Company to lower its allotted
IDR9 trillion investment budget for 2006 so that a planned power  
rate increase would not be too high.  

The Company is presently studying the proposed investment cut.  
However, the Company says that its allotted budget is sufficient  
to maintain its efficiency improvement program.  If that budget  
were to be lowered, maintaining efficiency would be next to  

PLN has targeted to invest a total of IDR17trillion into the  
Company in order to develop its power generators, and  
distribution, transmission and supporting facilities, Asia Pulse  

The Government is waiting for the results of the State Audit  
Board's review on PLN's power supply costs, before deciding the  
power rate hike for the Company.

Headquartered in Jakarta, Indonesia, PT Perusahaan Listrik  
Negara -- is Indonesia's state-owned   
utility company.  The Company transmits and distributes  
electricity to approximately 30 million customers, or about 60%  
of Indonesia's population.  The Indonesian government decided to  
end PLN's power supply monopoly to spark interest for  
independents to build more capacity for sale directly to  
consumers.  The decision comes as many areas of the country are  
experiencing power shortages.


ELPIDA MEMORY: Pleads Guilty to DRAM Price Fixing
Elpida Memory Inc. has reached an agreement with the United
States Department of Justice Antitrust Division and pleaded
guilty to certain violations of the U.S. antitrust laws in
connection with its DRAM sales from April 1999 through June

Pursuant to the Agreement, Elpida will pay its portion of the
US$84 million fine for participating in an "international
conspiracy" to fix DRAM prices.

IDG News Service relates that a two-count felony charge was
filed in the U.S. District Court in San Francisco accusing
Elpida of conspiring with other DRAM manufacturers to fix the
prices of DRAM sold to several computer and server

Elpida said that it has enough fixed reserve to cover its $9.5
million portion of the fine.

Elpida's fine includes the sales made by Elpida's corporate
predecessors, NEC Corp. and Hitachi Ltd.  The two companies
established Elpida as a joint venture in November 1999, and
remain as Elpida's largest stockholders.

The DOJ also expects to enter into cooperation agreements with
NEC and Hitachi.

The Company clarified that its financial estimate, announced on
January 24, 2006, has not changed due to the settlement.

Elpida Memory, Inc. -- is a  
manufacturer of Dynamic Random Access Memory (DRAM) silicon
chips with global headquarters based in Tokyo, Japan, and sales
and marketing operations located in Japan, North America, Europe
and Asia.  Elpida's state-of-the-art semiconductor wafer
manufacturing facilities are located in Hiroshima, Japan.  The
Company offers a broad range of DRAM products for high-end
servers, mobile phones, digital television sets and digital
cameras as well as personal computers.  Elpida had sales of
JPY207.0 billion during the fiscal year ending March 31, 2005.

HITACHI LIMITED: Launches New HR Services Firm
Hitachi Limited and Hitachi Triple Win Corporation has concluded
a plan for joint corporate split to establish a Company that
will provide finance and human resources shared services for the
Hitachi Group.  The plan follows a basic agreement on
January 24, 2006.  The new Company, to be named Hitachi
Management Partner, Corp., is scheduled to commence operations
on April 1, 2006.

The Hitachi Group is implementing various measures as part of a
Company-wide effort to increase management efficiencies.  The
establishment of the new Company will streamline finance and
human resources processes and procedures.  The new Company will
also plan to provide services to other corporate groups by
making use of the Hitachi Group's accumulated expertise in
finance and human resources administration.

1. Outline of Hitachi Management Partner, Corp.

   Company name: Hitachi Management Partner, Corp.

   Business: Shared services regarding financial and human
             resource administration

   Commencement of operations: April 1, 2006 (tentative)

   Location: 29 Kanda-awajicho 2-chome, Chiyoda-ku, Tokyo

   President: Yoshiyuki Mori

   Capital stock: JPY700 million

   Number of shares issued: 14,000 shares

   Stockholders' equity: JPY1,618 million

   Total assets: JPY6,590 million

   Fiscal year-end: March 31

   Number of Employees: 431 (tentative)

   Principle Customers: Private-sector manufacturing and
                        non-manufacturing industries, and
                        Hitachi, Ltd.
   Major Shareholders and holdings: Hitachi, Ltd. 100%

   Primary transaction banks: To be determined

2. Directors & Auditors:

   Yoshiyuki Mori -- President & Director
   Hiroshi Ashikawa -- Director
   Seihou Sato -- Director
   Tadao Yabuki -- Director
   Yasushi Hagiwara -- Director
   Masanori Adachi -- Auditor
   Yoshinori Oouchi -- Auditor
   Shigeru Kako -- Auditor

                      About Hitachi, Ltd.

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

                 About Hitachi Triple Win Corp.

Hitachi Triple Win Corporation, headquartered in Tokyo, Japan,
is a shared-service company who mainly provides financial and
accounting affairs services such as book-keeping, journal
entries, receipts and disbursements, fixed assets administration
to Hitachi group companies and several other companies.

JAPAN AIRLINES: New Airports To Boost Domestic Network
Japan Airlines' domestic network will be boosted in February and
March with the opening of two new airports in Japan -- Kobe  
Airport in the Kansai region near Osaka, and Kitakyushu Airport,  
in northeast Kyushu, southernmost of the four main islands of  

                           Kobe Airport

Located on man-made Kobe Port Island, the new Kobe Airport is  
scheduled to open for business on February 16, 2006.  From  
opening day, JAL will fly between Kobe and six destinations in  
Japan, including initially two round trip flights each to  
Tokyo's Haneda Airport, Sapporo, Okinawa and Kagoshima, with  
daily flights to Sendai in northeast Japan and Kumamoto in  

From April 1, 2006, JAL and Skymark Airlines, a Japanese
domestic airline, will join forces in code share flights between
Kobe and Tokyo's Haneda Airport.  Under the code share
agreement, the two airlines will together operate five daily
round trip flights between Kobe and Tokyo.
JAL aircraft and crew will operate two round trip flights and  
SKY will operate three round trips with its aircraft and crews.   
As a result of the code share, JAL will now offer five round  
trip flights a day on the Tokyo-Kobe route, an increase of three  
round trips on their originally planned schedule of two daily  
services.  SKY will be able to offer nine round trip flights  
daily, an increase of two round trip flights per day on their  
original plan, thanks to the code share with JAL.  The increase  
in flight choices brought about by the code share is aimed at  
increasing customer convenience.

From February 16, 2006, when the airport opens for commercial  
flights until March 31, 2006, inclusive, JAL will make two round  
trip flights between Kobe and Tokyo and SKY will make seven  
round trip flights, according to their original plans.  Both  
airlines operate from Terminal One at Haneda Airport.  With the  
opening of Kobe, the JAL Group will be able to further expand  
its network in Japan's Kansai area through the three airports in  
the region, including Kansai International, which offers  
international and domestic flights and Osaka's Itami Airport,  
which provides domestic services.

                      New Kitakyushu Airport

On March 16, 2006, operations will begin at the New Kitakyushu  
Airport.  Located just 20 minutes via rail from downtown Kokura  
City, this modern offshore facility with a 2,500-meter runway  
will replace the current landlocked Kitakyushu Airport,  
providing both better service and the opportunity for larger  
aircraft to operate to and from this important commercial and  
industrial center.  Three JAL Group carriers will operate from  
Kitakyushu on three routes. JAL Domestic will make six daily  
round flights to Tokyo's Haneda Airport, an increase of one  
flight per day on the present five daily flights, all currently  
operated by 134-seat MD-87 series aircraft.

The new schedule will include three round trip flights using  
larger 290-seat A300 aircraft.  Japan Transocean Air will
a daily round trip Boeing 737 flight to Naha, Okinawa, and J-
Air, JAL's commuter subsidiary, will operate three daily round  
trip flights by Bombardier regional jets (CRJ-200) to Nagoya's  
Komaki Airport on JAL's behalf, under a JAL flight number.

CONTACT: Japan Airlines
         Phone: 81-3-5460-3109
         Fax: 81-3-5769-6487
         Web site:  

JAPAN AIRLINES: Changes Domestic Schedule for April 2006
Japan Airlines has filed new domestic route schedules,  
including new and expanded routes for April 2006, with the  
Japanese Ministry of Land Infrastructure and Transport.  

JAL will operate more aircraft fitted with class J seats on  
business travel routes, such as Haneda-Osaka (Itami) and Tokyo-
Fukuoka and will remodel aircraft to provide more class J seats,  
which have proved very popular with travelers.  

Class J is JAL's domestic business class and uses a seat  
specially designed for the JAL Group by GK Industrial Design  
Company of Japan, designers of JAL's award-winning international  
business class "Shell Flat Seat."  

It features 95 cm seat pitch (regular economy seat pitch is 79  
cm); seat width is 47 cm (regular domestic economy domestic  
economy seat width 44 cm) and the armrest width is 18 cm  
(regular 6 cm).  

The basis of the schedules filed is to make better use of Haneda  
slots and to strengthen the domestic network, not only at Haneda  
but also at regional airports.  

At Haneda, the focus of the new schedule is to increase flights  
to cities in Shikoku, the fourth largest of Japan's four main  
islands, and Kyushu.  

JAL also plans to operate larger aircraft on routes to and from  
Chubu International Airport, and increase flights on some other  
routes, such as from Kansai International.  

Aircraft capacity changes to reflect increased demand include:  

  * Haneda-Okinawa: Of 10 daily flights, nine will be operated
    large aircraft (B747 and B747-400)  

  * Haneda-Hiroshima: Of seven daily flights, two will be
    operated by larger aircraft (B777)  

  * Chubu-Okinawa: Two flights will operated by B747-400  

KONICA MINOLTA: Opens New Equipment Sales Unit in China
Konica Minolta has launched a new office equipment sales unit in
The People's Republic of China named "Konica Minolta Business  
Technologies, Inc."  

Because of the legal restrictions imposed by the Chinese  
government, the Company has been selling its products in
mainland China through two channels:

   (1) Konica Minolta Business Solutions (WUHAN) Co., Ltd.,
       which is a joint venture with a Chinese company; and

   (2) Konica Minolta International Trading (SHANGHAI) Co.,
       Ltd., which is an import and sales Company headquartered
       in the bonded zone in Shanghai City.

Following the agreement reached on China's accession to the
World Trade Organization, an accelerated process to ease the
restrictions on commercial distribution in China was put into
place about two years ago, and foreign companies are now allowed
to operate wholly owned sales subsidiaries locally.  Seizing
this opportunity, Konica Minolta established a wholly-owned
sales subsidiary in the rapidly growing Chinese market,
integrating the sales operations of the Konica Minolta Business
Solutions and Konica Minolta International Trading, with a view
to exerting centralized control over both its direct sales and
distributors' resales channels while responding to market needs
more quickly and flexibly.

Konica Minolta says it will remain committed to developing
innovative, quality products in the fields of color multi-
function peripherals (MFPs), high-speed MFPs, and color laser
printers.  These products are the focus of Konica Minolta
Group's office equipment business, currently earmarked as the
group's most important business. Konica Minolta will continue
efforts to create a strong sales network throughout China, so
that the Company will be able to establish its presence as a
leader in all of these focused fields.

MFPs are multi-functional computer peripheral, which can be used
not only as a copier, but also as a fax machine and printer.

Outline of the new subsidiary:

   Name: Konica Minolta Business Solutions (CHINA) Co., Ltd.

   Representative: Tadayuki Funakura, Chairman and President

   Location: Shanghai City, People's Republic of China

   Establishment: November 2005

   Registered capital: US$12 million

   Shareholder: 100% owned by Konica Minolta Business
   Technologies, Inc.
   Business activities: import, sales, and after-sales service
   of MFPs, laser printers, and other office equipment, as well
   as related consumable supplies and component parts in China  

   (1) Konica Minolta Business Solutions (WUHAN) Co., Ltd.  

       Representative: Tadayuki Funakura, Chairman

       Location: Wuhan City, Hubei Province, PRC

       Establishment: October 1994

       Capital: US$7 million

       Business activities: manufacture, sales, and after-sales
       service of MFPs and other office equipment  

   (2) Konica Minolta International Trading (Shanghai) Co., Ltd.

       Representative: Tadayuki Funakura, Chairman

       Location: Waigaoqiao Bonded Zone, Shanghai City, PRC

       Establishment: July 1996

       Capital: US$1.6 million

       Business activities: import, sales, and after-sales
       service of MFPs and other office equipment as well as
       related consumable supplies and component parts

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

MITSUBISHI MOTORS: To Showcase New Models in Geneva Exhibit
Mitsubishi Motors Corporation will give the Mitsubishi Concept-
EZ1 MIEV2 compact mono-box concept vehicle and the Colt  
CZC coupe-cabriolet their world premieres at the 76th Geneva  
International Motor Show.  Mitsubishi Concept-EZ MIEV uses four  
in-wheel motors and a lithium-ion battery system to drive all  
four wheels.  Mitsubishi developed the Colt CZC coupe-cabriolet
with Pininfarina S.p.A. of Italy.  The 2006 Geneva Motor Show
runs from February 28 through March 12 at the Geneva Palexpo  
exhibition and conference complex, opening to the general public  
on March 2.  

Mitsubishi Concept-EZ MIEV showcases MMC's MIEV concept for  
next-generation electric vehicles that employs in-wheel motors  
and a high-energy-density lithium-ion battery as core  
technologies.  The concept car uses a 20kW outer rotor-type in-
wheel motor on each wheel to generate a maximum 80kW (110PS) of  
power.  Maximizing the space freed up by the MIEV design, which  
does away with a central power train thus resulting in a low  
flat floor layout, Mitsubishi Concept-EZ MIEV realizes roomy  
interior space with an interior height that matches that of a  
large mono-box model despite its relatively low overall height  
of 1,750 mm.

Colt CZC inherits the basic concept and styling of the Colt  
coupe-cabriolet concept model displayed by Mitsubishi Motors at  
the 2005 Geneva Motor Show.  Providing space to stow away the  
retractable hard top in a 2+2 layout, this coupe-cabriolet model  
joins the European Colt series, including the 5-door Colt  
hatchback and 3-door Colt CZ3 and Colt CZT hatchbacks, as the  
third body variation.

Derived from the European Colt series built at the Company's  
NedCar facility in the Netherlands, Colt CZC is to go into  
production at Pininfarina in Italy in March this year.

The Mitsubishi Concept-EZ MIEV and Colt CZC will be joined at  
the Geneva Motor Show by 15 other models including the new L200  
pickup truck (built in Thailand, Thai market name: Triton) that  
will go on sale in Europe in the spring of 2006.

Mitsubishi Motors will hold a press briefing at the MMC stand at  
4:45 p.m. on February 28, 2006.

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

SKYNET ASIA: To Start Code-share Deal
All Nippon Airways Co. Ltd. and Skynet Asia Airways will start a  
code-share agreement from April 1, 2006, in which ANA will place  
its flight code on SNA flights between Tokyo's Haneda airport  
and the southern Japanese cities of Miyazaki, Kumamoto and  
Nagasaki.  SNA flights will at the same time be listed on ANA's  
reservations system, and be available for sale through ANA's  
other sales channels.

The code-share agreement will see an increase in ANA flights  
from Tokyo to Kyushu by 18 return flights per week, and tickets  
will go on sale from February 1, 2006.  

In a move that will facilitate passenger convenience, SNA will  
change from Terminal 1 to Terminal 2 at Haneda Airport (the ANA  
terminal), and its check-in counters located next to those of  
Air Do and the Tokyo Excel Hotel at the northern end of the  
building.  Not only will passengers be able to enjoy the  
superior facilities of the new terminal building, but onward  
connections on ANA flights to other parts of Japan will be  
simpler and shorter, and through check-in and through baggage  
mean changing aircraft will be easier than ever.

SNA customers will also be able to avail themselves of ANA self-
service check-in and ticketing machines, making their passage  
through the airport smoother, quicker and more convenient.

These changes extend beyond ground services, and once onboard,  
SNA customers will again be able to enjoy drinks and newspapers  
in flight, a service, which had previously been stopped.  At the  
time of making reservation or payment, they will also be  
able to assign their seating, within the limitation of their  
fare bracket.

From April 1, 2006, SNA tickets can be reserved and paid for at  
any ANA branch or airport counter, as well as from approximately  
800 travel agents up and down the country.  Furthermore,  
customers will be able to avail themselves of ANA's tie-up with  
nationwide convenience store chains Lawson and Family Mart to  
purchase tickets.

Details of the code-share agreement:  

  * Miyazaki-Haneda - 11 daily return flights - (ANA 5 + SNA 6)  
  * Kumamoto-Haneda - 11 daily return flights - (ANA 5 + SNA 6)  
  * Nagasaki-Haneda - 10 daily return flights - (ANA 4 + SNA 6)

                 About All Nippon Airways Co., Ltd.

All Nippon Airways, or ANA, came into existence in 1952, and  
over 50 years later is now one of the 10 largest airlines in the  
world, carrying with its sister companies almost 50 million  
passengers every year to 49 destinations in Japan, and to 22  
overseas cities in Asia, Europe and the United States.  As a  
member of Star Alliance, the world's foremost airline alliance,  
ANA passengers enjoy access to a network of over 790 airport  
destinations in 138 countries, and reciprocal benefits such as  
mileage accrual and redemption, and lounge access.  

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


ASIANA AIRLINES: Sees Brighter Prospects for 2006
Asiana Airlines wants to add Paris to its newly established  
routes this year, such as the currently installed Shenyang and  
Shenzhen in China and Penang in Malaysia routes, The Korea  
Herald reveals.  Korean Air currently holds the Paris service.
Asiana told the Herald that it hopes to win rights to operate  
the Paris route following the March Korea-France air traffic  

Subsequently, Asiana Airlines wants to shell out KRW53 billion  
in facility investment and purchase passenger and cargo jets  
worth KRW34 billion.

In addition Asiana wants improvement on its miscellaneous  
services, including in-flight entertainment worth KRW19 billion,  
Asiana Airline President, Kang Joo-an said in a press  

"We plan to acquire six aircraft this year: two Airbus 320s, two  
Airbus 330s, one Boeing 777 and one Boeing 747," Mr. Kang told  
the Herald.  

Mr. Kang sees 2006 as the year of "great innovation" for
Asiana.  In-flight service improvements, "beautiful labor-
management culture" and the scheduled 2007 dividend payouts to
shareholders are to be the main theme of this year's management

On the emergence of low-cost airlines such as Jeju Air, Mr. Kang  
expressed doubt over its long-term success.  He said, domestic  
routes are often not profitable.  
Mr. Kang is currently awaiting for the Turkish government's  
decision for the Istanbul route it currently shares with Korean  
Air.  Asiana told the Herald that if the Turkish government  
decide to award the route to Korean Air, it will fully accept  
the decision.

Last year, Asiana Airlines made more than KRW3 trillion in sales  
and is expecting KRW184.9 billion in operating profit for fiscal  

CONTACT: Asiana Airlines Incorporated
         47 Osoe-Dong Kangseo-Gu
         157-270 Korea (South)
         Telephone: +82 2 669 3114 / +82 2 669 3170


AVANGARDE RESOURCES: Faces Possible Delisting
Avangarde Resources Berhad is facing the possibility of being  
delisted from Bursa Malaysia Securities Berhad over its failure  
to issue the Annual Audited Accounts and the Annual Reports  
(Prescribed Financial Statement) from the respective due dates  
as required under the Bourse's Listing Requirement.

Pursuant to Paragraph 9.26 of the LR, Avangarde is required to  
make a periodic announcement on a monthly basis on the status of  
the issuance of the outstanding Prescribed Financial Statements.

AAA and AR for the year ending December 31, 2002 have been  
submitted to Bursa Malaysia Securities Berhad on December 28,  
2005 and January 13, 2006, respectively.  The AAA for 2003 &  
2004 and the AR for 2003 & 2004 will be submitted as soon as  

In the event ARB fails to comply with all the provisions under  
paragraph 9.23, subject to any extension of time granted by the  
Bursa Malaysia Securities Berhad, the Bourse will take action  
against the Company including a possible delisting.

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

CONSOLIDATED FARMS: Fails to Pay Monthly Dues
The board of Consolidated Farms Berhad advised that the  
Confarm Group has been unable to pay the amount of principal  
and interest in respect of its credit facilities as at  
January 31, 2006, as set out in:

Confarm's Board also advised that there has been no material  
development in respect of the Company's plan to regularize its  
financial position.  

CONTACT: Consolidated Farms Berhad
         24-1 Jalan 24/70A,  
         Desa Sri Hartamas,  
         50480 Kuala Lumpur  
         Telephone: 03-23001199   
         Fax: 03-23002299  

DFZ CAPITAL: Revises Allotment of Rights Issue Proceeds
The Board of Directors of DFZ Capital Berhad (formerly known as  
Sriwani Holdings Berhad) has resolved to revise the utilization
of proceeds from its Rights Issue implemented in conjunction
with the earlier restructuring scheme.

The balance of proceeds previously earmarked for estimated fees  
relating to the restructuring exercise of the Company and its  
subsidiaries will now be used as working capital.  

The full-text copy of the status of the Company's proceeds  
utilization is available for free at:

LANKHORST BERHAD: Discloses Status of FS Issue
The auditors of Lankhorst Berhad reports on the status  
of the issuance of the outstanding prescribed financial  

The Auditors are scheduled to:

  * finalize and sign the Company's Annual Audited  
    Accounts on January 31, 2006;

  * submit the Annual Audited Accounts to Bursa Securities by  
    February 3, 2006, being the next market day when the Bourse  
    resumes operations after the Chinese New Year/Awal Muharram  
    holidays; and

  * issue the Notice of Annual General Meeting and the Annual  
    Report 2004 on the second week of February 2006.

As of January 31, 2006, the Auditors said these tasks are yet  
to be achieved.  
As a consequence of the non-compliance of the Bursa Securities  
Listing Requirements under paragraph 9.23, Bursa Malaysia  
Securities Berhad may take action against the Company, including  
the possibility of de-listing.

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

MULPHA LAND: Seeks More Time to Meet PN17/2005 Conditions
On November 2005, Mulpha Land Berhad (formerly known as  
Mega Pascal Berhad) submitted to Bursa Malaysia Securities  
Berhad (BMSB) an application for extension of up to February 28,  
2006 for Mulpha to achieve the level of business or operations  
stipulated under PN17/2005 for the uplifting of the PN17/2005  
classification of MLB.

MLB awaits the Bourse's approval on the application.

MYCOM BERHAD: Buys More Time to Complete Restructuring
On January 27, 2006, Mycom Berhad asked the Securities  
Commission to extend the time given to complete its  

In relation to this, the Board of Directors of Mycom sets out  
the proposed timeline to complete the implementation of the  
Restructuring Scheme based on the application submitted to the  
SC on January 27, 2006:

                                   Proposed     Status of
   Major Outstanding Events        Timeline   Implementation
   ------------------------        --------   --------------
   Execution of trust deeds/deed   Mar. 2006     To be met
   poll and other creditors'

   Execution of the Underwriting   Mar. 2006     To be met
   Agreement in connection with
   the Rights Issue with Warrants

   Books Closing Date for the      May 2006      To be met
   Capital Reduction, Capital
   Consolidation and Rights Issue
   with Warrants

   Despatch of Abridged            May 2006      To be met
   Prospectus, Rights Subscription
   Forms and Notice of Provisional

   Listing of the new Mycom        June 2006     To be met
   shares, warrants, Irredeemable
   Convertible Unsecured Loan
   Stocks, Redeemable Unsecured
   Loan Stocks and Irredeemable
   Convertible Bonds on the
   Bursa Malaysia Securities

Subject to the completion of the deeds, the creditors'
agreements, and the Underwriting Agreement by March 2006, the
Board will work towards completing the Restructuring Scheme by
June 30, 2006.   

The Company was earlier given six months extension from Dec. 31,
2005 to June 30, 2006 to implement its rehabilitation  

CONTACT: Mycom Berhad
         No 8 Jalan Raja Chulan
         Kuala Lumpur, 50200
         Phone: +60 3 2072 3993
         Fax: +60 3 2072 3996

OLYMPIA INDUSTRIES: Seeks Another 6-Month Extension
Olympia Industries Berhad (OIB) requested the Securities  
Commission (SC) revise its extension of time of six months from  
December 31, 2005 to June 30, 2006, and from March 31, 2006 to  
September 30, 2006, to complete the implementation of its  
Restructuring Scheme.

Olympia wants the deadline extended, as it is still requesting  
that Jupiter Securities Sdn Bhd merge with at least one other  
stockbroking company.   

The application is still pending approval from the SC.

In relation thereto, the Board of Directors of OIB set out the  
proposed timeline to complete the implementation of the  
Restructuring Scheme based on the application submitted to the  
SC on January 27, 2006 (Proposed Timeline).

The Proposed Timeline is available for free at:

CONTACT: Olympia Industries Bhd.
         Phone: 60 3 2070 0033
         Fax: 60 3 2070 0011

PACIFIC & ORIENT: Repurchases Ordinary Shares
Pacific & Orient Berhad held a shares buy back on January 16 to  
26, 2006.

The results of the buy back are:

Total number of shares purchased (units): 165,600  

Minimum price paid for each share purchased (MYR): 1.760  

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

Total amount paid for shares purchased (MYR): 296,307.19  

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

Number of shares purchased retained in treasury (units): 165,600  

Total number of shares retained in treasury (units): 5,570,456  

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: Pacific & Orient Berhad

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

SUREMAX GROUP: To Convene 11th AGM on Feb. 27  
The Eleventh Annual General Meeting of Suremax Group Bhd. is
scheduled to be held at 9:00 a.m., on February 27, 2006, at
Dewan Seroja, Kelab Golf Perkhidmatan Awam, Bukit Kiara, in Off
Jalan Damansara, Kuala Lumpur.  

Director Ahmad Zaidi Bin Zainal nominate, pursuant to Section
172(11) of the Companies Act, 1965, Messrs Atarek Kamil Ibrahim
& Co as new auditors for the Company in place of the retiring
auditors, Messrs Horwath.  The Appointment of the proposed new
auditor will be considered at the AGM.

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

SYARIKAT KAYU: Suffers MYR19,150,000 Net Loss in 4Q/FY05
Syarikat Kayu Wangi Berhad released its unaudited Fourth Quarter  
financial report for the financial period ended November 30,  

        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
    4,422         7,455           21,456         27,633
(2) Profit/(loss) before tax

    -19,549       -1,611         -24,017        -3,216

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

    -19,150       -1,510         -23,200        -3,044

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

    -19,150       -1,510         -23,200        -3,044
(5) Basic earnings/(loss) per shares (sen)

    -45.00         -9.28         -93.93         -18.70

(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 (RM)   
    0.1400                     0.4700

A full-text copy of the financial statement and quarterly notes
are available for free at:  

CONTACT: Syarikat Kayu Wangi Bhd
         Wisma Ng Hoo Tee, 79,
         Jalan Muar, Parit Sulong,
         Batu Pahat Johor 83500
         Telephone: 07-4186230,07-4186236    
         Fax: 07-4187519

TANCO HOLDINGS: RHB Sakura OKs Proposed Scheme
On January 11, 2006, the Kuala Lumpur High Court extended for  
two months the Restraining Order on Tanco Holdings Berhad,  
expiring on March 10, 2006.

The Court also allowed the Company and its subsidiaries to hold  
the Court-convened meeting in Kuala Lumpur on or before June 30,  

RHB Sakura Merchant Bankers, one of the Group's lenders,  
informed Tanco that it has no objection to the proposed  
mechanism to implement the proposed cash settlement scheme  
subject to the approval of the same from all other lenders.  
CONTACT: Tanco Holdings Berhad
         Jalan Desa Bandar Country Homes
         48000 Rawang, Selangor Darul Ehsan 48000
         Telephone: +60 3 6092 8333 / +60 3 6091 3188

UNI.ASIA GENERAL: Units Cease Operations   
Uni.Asia General Insurance Berhad reported that its wholly owned  
subsidiaries have been dissolved pursuant to Section 272 (5) of  
the Companies Act, 1965.

     Name of Subsidiaries                   Effective Date

(i) South East Asia Management Services    January 14, 2006
     Sdn Bhd (In Voluntary Winding-up)

(ii) Chattel Credit & Leasing Sdn Bhd       January 14, 2006
     (In Voluntary Winding-up)


ABS-CBN BROADCASTING: U.S. Unit Names Chief Marketing Officer
ABS-CBN Global, the U.S.-based subsidiary of ABS-CBN  
Broadcasting Inc., has named Carmencita Orlina as chief  
marketing officer.  

At ABS-CBN Global, the division responsible for all  
international broadcasting including ABS-CBN International, Ms.  
Orlina will be responsible for developing strategic marketing  
programs for all aspects of global brand management, including  
market research, strategic alliances and brand positioning.  

Prior to joining ABS-CBN, Ms. Orlina spent more than four years  
with Western Union Financial Services, where she held the role  
of regional vice president for both the Philippines and inbound  
business for the Asian Pacific region.  Her responsibilities  
included driving business into the region from North America,  
Europe and the Middle East, while creating business-building  
programs throughout Asia.  Prior to that, she held the role of  
country director of the Philippines.  

Prior to Western Union Financial Services, Ms. Orlina spent  
nearly 12 years with Pfizer, Inc., serving as marketing director  
and sales director of the Pharmaceutical Products Group, as well  
as marketing director of the Consumer Health Care Division. She  
also held positions with E.R. Squibb & Sons, Topline Research  
Corporation and San Miguel Corporation.  

Ms. Orlina received her Master of Business Administration and  
Bachelor of Science degrees from the University of the  

ABS-CBN -- was created to be of  
service for all Filipinos 11 years ago.  With the launch of The
Filipino Channel, the company was the first Filipino broadcaster
in the United States.  The company offers telecommunication,
retail, money remittance and cargo forwarding services along
with philanthropic support of Filipinos and the communities they
now call home.  Based in Redwood Shores, Calif., ABS-CBNi is a
wholly owned subsidiary of ABS-CBN, the Philippines largest
entertainment and broadcasting company.

MANILA ELECTRIC: To Finish Big Users' Refund in First Quarter
Manila Electric Company expects to complete the processing of  
court-ordered refunds to large commercial and industrial clients  
in the first quarter of this year, BusinessWorld says.

According to BusinessWorld, Meralco has started the processing  
of the last phase of the refunds last November.  In fact, some  
of the refunds have been reflected in consumers' January  
electricity bills.  

The power utility firm, however, still has to consolidate the  
figures on how much has already been released.

The paper says requirements for the Phase IV-B applicants are so  
stringent, affecting even the processing phase.  These are the  
consumers formerly in the industrial and commercial category,  
who have to tender documents such as the legal recipient of the  

The refund for Phase IV-A consumers, worth Php4 billion, is  
spread out over 18 months.  Consumers are classified into the  
large and industrial sectors.  Phase IV-B consumers, on the  
other hand, will receive the Php14 billion worth of refunds over  
63 months.

The report says that more than half of the customers who have  
already submitted papers for documentation prefer postdated  
checks than the credit-to-bill option, which is applied as a  
deduction to the electricity bills.

Meralco has been implementing the refund, amounting to almost  
Php30 billion, since 2003.

CONTACT: Manila Electric Co.
         Lopez Building
         Ortigas Avenue, Pasig City
         Phone: 16220 (TL); 633-4553 (Corp. Sec.)
         Fax: (0632) 631-5572    
         Web site:     

NATIONAL FOOD: Urges Rice Traders to Get License
In order to avoid inconvenience and penalties, the National Food  
Authority has urged all individuals who intend to sell grains to  
secure the necessary license to legalize their operation, The  
Philippine Information Agency reveals.

Licensing Officer Jose Davila, Jr. of the Capiz NFA office said  
that those who have been NFA licensed retailers, millers and  
wholesalers should renew their licenses as scheduled to prevent  

Mr. Davila warns that those engaged in the grains business  
without the NFA license will suffer administrative penalties  
raging from Php1,000 to Php4,000 aside from the criminal  
offense, particularly in violation of Section 29 of Presidential  
Decree No. 4, otherwise known as the National Grains Authority  
Act of 1972 that imposes either imprisonment or fine or both.  

He stressed that a 25% surcharge is charged as penalty per month  
of delayed period of renewal of license based on the scheduled  
month, or a 100% penalty for late renewal.  

Last year, at least five grains businessmen were  
administratively fined by NFA due to their failure to renew  
their business permit while continuing to engage in the grains  

This year, 1,041 retailers, millers and wholesalers are expected  
to renew their NFA license, the PIA says.  

CONTACT: National Food Authority
         101 E. Rodriguez Sr. Ave.,
         Quezon City, 1100
         Web site:  

NATIONAL POWER: Starts Semirara Oil Spill Clean-up
National Power Corporation has started cleaning up the oil spill  
on Semirara Island and is expediting it to as short a time as  
possible, The Philippine Star reports.

The state power firm aims to finish the clean-up within a few  
months to contain the oil spill and assure there will be no  
major effects on the environment, The Star says.

Napocor has hired 250 fisher folks from the island to undertake  
the clean-up.  So far, the workers have collected almost 5,700  
sacks of oil that were dumped on a temporary site for immediate  

The Troubled Company Reporter - Asia Pacific reported on January  
30, 2006, that the Joint Congressional Power Committee has  
ordered Napocor to immediately expunge the oil spill from a  
power barge that threatens marine life in Semirara town in  

According to the report, nearly 200,000 liters of bunker fuel  
had contaminated 236 hectares of mangroves and 40 square  
kilometer of marine life off the coast of Semirara.  The oil  
spill is expected to affect the economy of the province and the  
aquatic marine life.

Power Barge 106, the cause of the spill, is presently docked at  
the Keppel Shipyard in Batangas where it is undergoing  
withdrawal of contaminated oil, The Star says.  Once finished,  
the repair of the power barge will begin.  The tugboat, on the  
other hand, is undergoing repairs on its damaged steel plate,  
propeller and rudder, among others.   

Headquartered in Quezon City Manila, Philippines, National Power  
Corporation is a state-owned utility that builds and operates  
nuclear, hydroelectric, thermal, and alternative power-
generating facilities.  It works with independent producers  
under a build-operate-transfer program.  Its transmission  
network has a line length of nearly 13,000 circuit miles.  With  
a generating capacity of more than 11,500 MW, Napocor sells  
electricity to distributors and industrial companies.  To comply  
with the privatization bill approved by the Philippine Congress,  
the Company has begun selling off its generation assets.  It has  
also separated its transmission operations into a new  

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

RFM CORPORATION: Issues Additional Stock Grants to Officers
During the Regular Meeting of the Board of Directors of RFM  
Corporation on January 31, 2006, an additional stock grant of  
2,051,338 of RFM's treasury common shares was approved in favor  
of its officers under the same terms and conditions of the first  
stock grants.

Further, RFM officers Roberto L. Domingo and Philip V. Prieto  
were included in the stock grants.

The additional issuance of 2,051,338 of RFM's treasury common  
shares will be distributed as follows:

                                                 No. of Common
   Name                         Position            Shares
   ----                         --------         -------------
   Jose Ma. A Concepcion III    President/CEO        413,746
   Felicisimo M. Nacino Jr.     EVP/COO              372,373
   Norman P. Uy                 SVP/Gen. Manager     165,499
   Roberto L. Domingo           Gen. Manager, Meat   259,101
   Raymond B. Azcarate          VP-Finance           186,185
   Cristina D. Reyes            VP-Legal             103,437
   Ramon M. Lopez               VP-Corplan/Marketing 109,545
   Minerva C. Laforteza         VP-Controller         78,613
   Raul D. Villapana            VP-HRD                70,337
   Gary R. Guarnes              AVP-Internal Audit    57,924
   Philip V. Prieto             AVP-Purchasing       234,578  

Headquartered in Metro Manila, Philippines, RFM Corporation -- was set up as the first flour mill in  
South East Asia in 1957 and slowly evolved from a single company
producing bags of flour, to a multi-company enterprise managing
a chain of branded products that are highly visible in the
consumer market today.  Among the branded products it markets
are: White King (flour based products), Selecta (ice cream),
Swift (meat based products), Little Ceasar's (pizza), Sunkist
(fruit juices) and Selecta Moo (milk based products).  The
company also engages in non-food business, which includes
Philtown (real estate), RFM Equities (consumer insurance) and
Rizal Lighterage Corp. (integrated cargo-handling services).

S I N G A P O R E  

BELL & ORDER: Placed Under Voluntary Liquidation
On January 13, 2006, the Singapore High Court issued a wind-up  
order against Bell & Order Engineering Pte Limited.

All creditors of the Company are required to file their proofs
of claim with:

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

CARLINES 2000: Court to Hear Wind-Up Petition Feb. 10
On January 19, 2006, Regent Express Pte Limited filed a winding  
up petition against Carlines 2000 Pte Limited.

The Petition is scheduled to be heard before the Singapore High  
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.

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 Petitioners' address is 10 Ubi Crescent #02-46, Ubi  
Techpark, Singapore 408564.

The Petitioners' Solicitors are Messrs AsiaLegal LLC of 20 Cecil  
Street #08-01, Equity Plaza, Singapore 049705.

Any person who intends to appear at the hearing of the said  
Petition must serve on or send by post to solicitors Messrs  
AsiaLegal LLC 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 or firm, or his or their Solicitors (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.

KINSAN PTE: Creditors' Proofs of Claim Due Feb. 20
Creditors of Kinsan (Singapore) Pte Limited are required to  
submit their proofs of claims by February 20, 2006, to:

     Lau Chin Huat
     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 dividend.

MICRO-NET TECHNOLOGY: Intends to Declare Dividend
Micro-Net Technology Pte Limited, which is preparing to declare  
a dividend, requires its creditors to submit their proofs of  
claims by February 17, 2006, to:

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

CONTACT: Micro-Net Technology Pte Limited
         50 Macpherson Road
         #05-01 Three Rifles Building
         Singapore 348471
         Phone: 65 6745 5228
        Fax: 65 6742 9142

SKIN SOLUTIONS: Court Liquidates Firm
On January 20, 2006, the Singapore High Court issued a winding  
up order against Skin Solutions Asia Pacific Pte Limited.

All creditors of the Company are required to file their proofs  
of claim with:

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


NAKORNTHAI STRIP: Discloses Capital Hike Proceeds Utilization
On October 27 and 29, 2003, Nakornthai Strip Mill PLC received  
around THB4,121.69 million (US$105.67 million) from its warrant  
rights offering of 3.23 billion units at THB 0.05 per unit, and  
public offering of 1.8 billion shares at THB2.20 per share.

Of the total proceeds from the capital increase exercises:

   * US$29.78 million was used to fund its flat-rolled steel  
     mill operations;
   * US$20.28 million was used for its finishing mill facility;  
   * US$20.00 million was added to its working capital.

Around US$16 million, which was initially allotted for its  
finishing mill operations, was temporarily transferred to its  
working capital fund.

CONTACT: Nakornthai Strip Mill Public Company Limited
         U.M. Tower, Floor 19,
         9 Ramkhamhaeng Road,
         Suan Luang, Bangkok
         Telephone: 0-2719-9800-9, 0-2719-9830-2
         Fax: 0-2719-9828

THAI ENGINE: Repays Debt from Share Offering Proceeds
On December 23, 2005, Thai Engine Manufacturing Co. Ltd.  
generated THB180,000,000 by offering 180,000,000 shares at THB1  
each through Private Placement.  

The proceeds of the sale were used to repay loans under the  
rehabilitation plan.  The Company also used the funds to pay the  
debt restructuring planner and for trade payables of THB153  
million.  And some THB27 million was used as working capital.

CONTACT: Thai Engine Manufacturing Pcl   
         Alfa Bldg, Floor 8-12,69/8-12
         Vibhavadi Rangsit Road, Phaya Thai Bangkok     
         Telephone: 0-2644-4151-75    
         Fax: 0-2644-4181-2    
         Web site:

THAI AIRWAYS: Names Contenders for Presidential Post
Thai Airways International Public Co. Ltd. Chairman Wanchai  
Sarathul, who is also chairman of the President Selection  
Committee, disclosed the preliminary qualified applicants for  
the Company's new president.   

The preliminary qualified applicants are:

  * Flg. Off. Chinawut Naressaenee, executive vice president,  
    Customer Services Department;

  * Flg. Off. Apinan Sumanaseni, executive vice president,  
    Operations Department;

  * Flg. Off. Norahuch Ployyai, executive vice president,  
    Standards & General Administration Department; and

  * Wg. Cdr. Supachai Limpisvasti, managing director, Technical  

The applicants will be invited for interview on Feb. 6, 2006,  
until Feb. 10, 2006.

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.  
Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito,  
Erica Fernando, Freya Natasha Fernandez, and Peter A. Chapman,  

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

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