TCRAP_Public/060203.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  

             Friday, February 3, 2006, Vol. 9, No. 025
  
                            Headlines


A U S T R A L I A

BEGLEY INSTALLATIONS: Creditors Agree to Wind Up Firm  
CHAMPION CHEMTECH: Decides to Close Business  
COVINGTON REMOVALS: Enters Voluntary Liquidation  
DJ CARPENTRY: To Hold Final Meeting Feb. 10  
EVANS & TATE: Still Seeking Good Offer for Griffith Winery

EZRA BOUTIQUE: Winds Up Operations  
FARIDA INVESTMENTS: Members Pass Winding Up Resolution  
GRAHAM ESTATES: Placed Under Voluntary Liquidation  
HAM INTERNATIONAL: To Declare Dividend to Creditors  
HENRY WALKER: Asset Sale Completed

HORTONS PTY: Inability to Pay Debts Prompts Wind-up  
KAYATEX PTY: Liquidator to Present Company Report  
MODELLA PTY: Prepares to Close Shop  
MULTIPLEX: To Review Operations
NATIONAL AUSTRALIA: Offers New Remuneration Package

PETAL & SPROCKET: Peter James Hedge Named as Liquidator  
PRESTON TIMBER: Members Opt for Voluntary Liquidation  
R & P SEALANTS: To Distribute Final Dividend  
SANTOS LIMITED: Appoints Diplomat to New Position
SANTOS LIMITED: Gas Pipeline Project is Done Deal, PNG Says

SIMPLY INSURANCE: B Rating Remains on S&P CreditWatch
TELSTRA CORPORATION: To Reveal Restructure Progress
TELSTRA CORPORATION: Set to Finalize Network Nine Deal
TELSTRA CORPORATION: Inks 3-year Deal with Broadcast Services
T.H.E.O. PTY: Liquidator to Distribute Company Assets  

TOTAL HEALTH: Members & Creditors Meet to Discuss Wind-up  
TRH COLE: Shuts Down Business  
VILLAGE LIFE: Bourse Suspends Shares Pending AIFRS Report
WESTPOINT GROUP: Creditors Fail Attempt to Oust Administrators
WHITESIDE AUTOMATICS: Prepares to Pay Dividend  

YUNGFONG PTY: Liquidator to Explain Wind-up Manner  
ZIEMAN, PARKER & GRAHAM: Members Decide to Liquidate  


C H I N A  &  H O N G  K O N G

AWS TOMAX: Court to Hear Wind-Up Petition on March 1
BANK OF CHINA: To Install Intelligent Deposit ATMS  
DYNATRADE INTERNATIONAL: Creditors to Meet on Feb. 6
EAST CREATION: Creditors Must Submit Proof of Claims  
EDA HOLDINGS: Issues Final Dividend

HAVERSON LIMITED: Shareholders Favor Liquidation  
JOINREX DEVELOPMENTS: Final Meeting Fixed on Feb. 28
KAI HWA: Creditors and Contributories to Meet on Feb. 20  
WANCHAI BIERKELLER: Members, Creditors Meeting Fixed Feb. 24


I N D I A

ASHNOOR TEXTILE: To Delist Securities and Cut Equity Shares
M.H. MILLS: Creditors and Shareholders OK Scheme of Arrangement
PHAARMASIA LIMITED: Court Approves Scheme of Arrangement
WOPOLIN PLASTICS: Closure Leaves 600 Jobless


I N D O N E S I A  

AVON INDONESIA: Shuts Down Operations for Good  
GARUDA INDONESIA: Cancels Direct Flights to Jogjakarta  


J A P A N

FUJITSU LIMITED: Posts Profit in Third Quarter FY05
JAPAN AIRLINES: Retains Australia Services  
LIVEDOOR COMPANY: Stock Price Reaches First-Time Low
MITSUBISHI MOTORS: New Model Release Leads to Rising Car Sales
SANYO ELECTRIC: Stands by Full-year Loss Forecast

SEIYU LIMITED: Expects Higher Loss than Previous Forecast  
VICTOR COMPANY: To Pull the Plug at Yokohama Factory  


K O R E A

LG CARD: Merrill to Join Race for Stake


M A L A Y S I A

CHG INDUSTRIES: Default Status Still Unchanged
FEDERAL FURNITURE: Still Working on Restructuring Draft
JIN LIN: Public Shareholding Reaches 95.1%
OMEGA HOLDINGS: Shareholders Approve AGM Resolutions
PARK MAY: Unveils Public Shareholding Spread  

POLY GLASS: In Talks with Auditors over Qualifications
WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions


P H I L I P P I N E S

APEX MINING: Government Approves Masahara Agreement
EXPORT AND INDUSTRY: Eyes Bank Buy After Php3-Bln Infusion
LEPANTO CONSOLIDATED: Trades Additional Common Shares
MANILA ELECTRIC: Supreme Court Rejects Bid to Hike Charge
NATIONAL POWER: PSALM's IPARP Draws 30 Potential Investors

VICTORIAS MILLING: Manulife Withdraws Opposition to Rehab Plan
* Watchdog Fixes Eyes on Pre-need Firms


S I N G A P O R E  

EVERGREAT CONSTRUCTION: Placed Under Judicial Management  
PE INTERNATIONAL: Court to Hear Winding Up Petition Feb. 10  
RMCA HOLDINGS: Creditors' Claims Due Feb. 27  
WEE POH: Issues Shares as Payment for Professional Services  


T H A I L A N D

SIAM AGRO-INDUSTRY: Repurchases Assets from Kasikornbank
THAI AIRWAYS: To Restructure Fuel Surcharge Rates
THAI DURABLE: Uses Private Placement Proceeds to Repay Debts
THAI PETROCHEMICAL: Court Defers Rehab Exit Hearing
* Large Companies With Insolvent Balance Sheets

     -  -  -  -  -  -  -  -

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

BEGLEY INSTALLATIONS: Creditors Agree to Wind Up Firm  
-----------------------------------------------------
The creditors of Begley Installations Pty Limited convened on  
January 9, 2006, and concurred that the Company should wind up  
its operations voluntarily.

In addition, the creditors appointed Daniel I. Cvitanovic, of  
Daniel I. Cvitanovic Chartered Accountant, as liquidator.


CHAMPION CHEMTECH: Decides to Close Business  
--------------------------------------------
On January 6, 2006, the sole member of Champion Chemtech  
Australia decided that a wind-up of the Company is in its best  
interests.

Subsequently, Jack Robert James and Brian Keith McMaster, of  
KordaMentha, were appointed to supervise the liquidation.


COVINGTON REMOVALS: Enters Voluntary Liquidation  
------------------------------------------------
At a general meeting of Covington Removals Pty Limited on  
January 9, 2006, it was agreed that the Company will wind up  
voluntarily.

As a result, Kim David Holbrook, of Holbrook & Associates  
Chartered Accountants, was appointed as the official liquidator.


DJ CARPENTRY: To Hold Final Meeting Feb. 10  
-------------------------------------------
A final meeting of the members and creditors of DJ Carpentry  
Services Pty Limited will be held for the parties 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 2:30 p.m.


EVANS & TATE: Still Seeking Good Offer for Griffith Winery
----------------------------------------------------------
As previously reported in the Troubled Company Reporter - Asia  
Pacific, Evans & Tate intends to sell its winery in Griffith,  
New South Wales, indicating that the sale proceeds would be used  
for general working capital purposes.  

Evans & Tate recently admitted that it is still struggling to  
get a decent offer for the Griffith Winery.  The Company  
reported two weeks ago that it would extend its "working capital  
facility" with the ANZ Bank by AU$12 million after delays in the  
planned Griffith Sale.

The Sydney Morning Herald relates that Evans & Tate's new chief  
executive officer, Martin Johnson, is still confident that the  
Company can ride out the troubles plaguing the Australian  
industry, despite having a difficult time getting its desired  
price for the Griffith Winery.  Evans & Tate originally wanted  
up to AU$14 million, but has indicated its willingness to sell  
the winery at its AU$10 million book value.

Mr. Johnson says that Evans & Tate had received 19 expressions  
of interest in the winery, but that they have been rejected "out  
of hand because they have clearly been looking for a fire sale."

Certain wine industry sources, according to the Sydney Herald,  
said that Evans & Tate would be lucky to get AU$6 million for  
the Griffith business.

Mr. Johnson discloses, however, that in the last few weeks,  
Evans & Tate had more attractive offers on the property without  
mentioning how much.

The Company has a total debt of about $120 million.

                       About Evans & Tate

Headquartered in Wembley, Western Australia, Evans & Tate --  
http://www.etw.com.au/-- is an Australian company listed on the   
Australian Stock Exchange.  It was established in 1968 by  
Western Australian wine industry visionary, John Tate.  Over the  
ensuing years, the Evans & Tate Wine Group became one of Western  
Australia's most respected and successful wine companies.  Since  
1994 John Tate's son, Franklin, has led the Company and has  
overseen a period of strong growth through market penetration,  
brand development and investment in wineries, vineyards and  
distribution businesses.

The primary businesses of the Evans & Tate Wine Group are the  
production of a number of branded wines in Australia the  
marketing and distribution of owned and agency brands in  
Australia, North America and the United Kingdom, the production  
and distribution of branded, exclusive labeled and unbranded  
wines, contract winemaking, wine trading, viticultural services  
and wine tourism through its Visitor Centers in Margaret River  
(Western Australia), the Yarra Valley (Victoria), Griffith (New  
South Wales) and Mildura (Victoria).


EZRA BOUTIQUE: Winds Up Operations  
----------------------------------
Members of Ezra Boutique Pty Limited convened on January 9,  
2006, to agree on the liquidation of the Company's operations.

In addition, Paul Vartelas, of B. K. Taylor & Co., was appointed  
as liquidator to supervise Ezra Boutique's wind-up activities.  


FARIDA INVESTMENTS: Members Pass Winding Up Resolution  
------------------------------------------------------
Members of Farida Investments Pty Limited held a meeting on  
January 10, 2006, and agreed to close the Company's business.

The members named Anthony Robert Cant, of Romanis Cant Chartered  
Accountants, as liquidator to oversee the wind-up operations.


GRAHAM ESTATES: Placed Under Voluntary Liquidation  
--------------------------------------------------
On January 11, 2006, members of Graham Estates Pty Limited  
agreed that a voluntary wind-up of the Company is necessary and  
in its best interests.

As a result, Bruce William Spaul, of Munro Spaul, was appointed  
as official liquidator.


HAM INTERNATIONAL: To Declare Dividend to Creditors  
---------------------------------------------------
Ham International Pty Limited will declare a first and final  
dividend to its priority creditors on February 9, 2006.

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


HENRY WALKER: Asset Sale Completed
----------------------------------
The administrators of Henry Walker Eltin Group Limited reports  
that the sale of the Company's Australian and New Zealand  
contract mining business, HWE Mining, to Leighton Contractors  
Pty Limited has been completed.

Administrator Scott Kershaw, of McGrathNicol and Partners, says  
that "[t]he sale of the contract mining business represents the  
last significant asset divestment in the administration and  
follows on from the sale of the international mining assets,  
Bridge Autos Pty Limited, the Northern Territory Civil  
Engineering Business and Simon Engineering."

According to Mr. Kershaw, the sale of HWE Mining is a great  
outcome for its 1,800 employees and will deliver a pleasing  
result for creditors.

Under the terms of the Sale Agreement, HWE Mining was sold to  
Leighton for consideration, which includes:

     -- a cash payment to HWE of AU$211 million;

     -- replacement of bank guaranteed performance bonds
        associated with HWE Mining; and

     -- assumption of certain obligations of HWE Mining
        (excluding trade creditors) including under finance
        leases, hire purchase, operating lease and hire
        agreements and employee provisions.

A further payment of AU$4 million will be received when the sale  
of HWE's 50% joint venture share in Pilbara-based indigenous  
contracting company, Ngarda Civil and Mining, completes in the  
near future.

The next stage in the administration will be to reconvene the  
second creditor's meetings for the companies that remain in  
voluntary administration.  The meetings are set for early March  
2006.  At those meetings, creditors will be asked to vote on a  
Deed of Company Arrangement.

Once the futures of the companies are determined, the  
Administrators will commence the process of adjudicating on  
creditors claims with a view to calculating and paying dividends  
as soon as practically possible.

The Administrators will continue to provide further updates on  
developments in relation to the Administration as and when they  
occur.

Headquartered in North Ryde, New South Wales, Henry Walker Eltin  
Group Limited -- http://www.hwe.com.au/-- is principally   
engaged in the contracting of operations in surface and  
underground mining; minerals processing and handling; civil,  
electrical, mechanical and process engineering; maintenance  
services; waste and wastewater treatment infrastructure; waste  
management; site remediation and rehabilitation; motor vehicle  
retailing; and land development.  The contracting operations are  
conducted in Australia and New Zealand, South East Asia, the  
Americas and Africa.  The motor vehicle retailing and service  
activities are conducted in Australia and South East Asia.  The  
other activities are conducted exclusively in Australia.


HORTONS PTY: Inability to Pay Debts Prompts Wind-up  
---------------------------------------------------
Hortons (Australia) Pty Limited determined on January 10, 2006,  
that due to its inability to pay its debts, a voluntary wind-up  
of its business operations is appropriate and necessary.


KAYATEX PTY: Liquidator to Present Company Report  
-------------------------------------------------
A final meeting of the members and creditors of Kayatex Pty  
Limited will be held on February 10, 2006, at 3:00 p.m.

At the meeting, liquidator M. F. Cooper of Frasers Insolvency  
Agency 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.


MODELLA PTY: Prepares to Close Shop  
-----------------------------------
Members of Modella Pty Limited convened on January 5, 2006, to  
commence its wind-up operations.

Subsequently, the members named Michael Edward Slaven of Rangott  
Slaven Hundy to administer the wind-up activities.


MULTIPLEX: To Review Operations
-------------------------------
Multiplex Group's new chief finance director, Bob McKinnon, is  
working on a major review of the Company's operations, The  
Sydney Morning Herald reports.

Meanwhile, despite the concerns on the Wembley National Stadium  
Project, the price of Multiplex's securities continued to rally  
Wednesday, closing up AU$.01 to $3.28 on light volume.

Mr. McKinnon joined Multiplex in November, only a month before  
the construction and funds management group released two profit  
downgrades due to its troubled Wembley Stadium redevelopment  
project in London.

                        About Multiplex  

Headquartered at Miller's Point, in New South Wales, Australia,   
Multiplex Group -- http://www.multiplex.biz/-- is a fully  
diversified property business that derives its revenue from  
property funds management, construction, property development,  
and facilities management.   The Group employs over 2,000 people  
across these four divisions and has established operations and  
offices throughout Australia, New Zealand, the United Kingdom  
and the Middle East.  

In December 2003, after 41 years as a private company,
Multiplex   
Limited listed on the Australian Stock Exchange as apart of the   
Multiplex Group, raising a total of AU$1.2 billion.  

Multiplex Group was formed by combining the various businesses   
of Multiplex Limited and the newly established portfolio of   
investments held by Multiplex Property Trust, which created a   
truly diversified and integrated property business.


NATIONAL AUSTRALIA: Offers New Remuneration Package
---------------------------------------------------
Under a new enterprise agreement, National Australia Bank Ltd's  
employees will receive:

   -- a pay rise of up to 4% a year,
   -- a new shares scheme, and
   -- a 10% superannuation.

The three-year agreement, according to The Age, came after six  
months of negotiations with the Finance Sector Union.  The New  
Agreement now has to be voted on by bank employees.

NAB's executive general manager for people and culture,  
Elizabeth Hunter, said that the new agreement contained family-
friendly and work-life balance initiatives.

Moreover, the New Agreement provides that from March 2007,  
maternity leave is extended from six weeks to 12 weeks with an  
option to take 24 weeks at half pay.  Employees will also have  
the option to take two to four weeks in addition to annual  
leave, and the option to take half long service leave at double  
pay or double long service at half pay.

Under the shares scheme, NAB employees will receive up to 4% of  
their salary in shares with a 12-month restricted period from  
the date of allocation.

The long-term incentives, such as share allocations, ensure that  
the staff has a stake in the Bank's performance, The Age  
relates, citing Ms. Hunter.  Staff members will also be able to  
average their salary over 52 weeks while taking additional time  
away from work.

The FSU believes that there are certain benefits for NAB  
employees in the New Agreement.

The New Agreement covers all employees, including those formerly  
covered by separate agreements.

Headquartered at Melbourne, in Victoria, Australia, National  
Australia Bank Ltd. -- http://www.national.com.au/-- offers a   
wide range of financial services, including: personal banking,
business banking, corporate banking, agribusiness, wealth  
management, transactional solutions, custody services asset  
finance and leasing financial planning.  The bank's Australian  
Division is focused on delivering financial solutions to help  
customers achieve their financial goals.

As at September 30, 2004, the bank in Australia had 34  
integrated financial service centers, 219 business banking  
centers, 108 agribusiness locations, 787 branches and
over 3,000 Australia Post Giro Post outlets.  At that time, the  
Australian Division had 24,567 employees.


PETAL & SPROCKET: Peter James Hedge Named as Liquidator  
-------------------------------------------------------
At a general meeting of the members of Petal & Sprocket Pty  
Limited on January 6, 2006, a resolution to voluntarily wind up  
the Company's business was passed.  Peter James Hedge was  
nominated as liquidator for that purpose.


PRESTON TIMBER: Members Opt for Voluntary Liquidation  
-----------------------------------------------------
Members of Preston Timber Co. Pty Limited held a meeting on  
January 5, 2006, and agreed on the Company's need to liquidate.  
They named Christopher Gordon Hardie Higham of Abbot's Pty  
Limited to supervise the Company's wind-up activities.


R & P SEALANTS: To Distribute Final Dividend  
--------------------------------------------
R & P Sealants Pty Limited will declare its second and final  
dividend on February 9, 2006.

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


SANTOS LIMITED: Appoints Diplomat to New Position
-------------------------------------------------
Santos Limited has hired senior career diplomat Christian  
Bennett as group executive for the Company's Government Strategy  
and Media Affairs department.

In this newly created government and media relations position,  
Mr. Bennett will be responsible for managing Santos' relations  
with government and non-governmental organizations, indigenous  
groups and the media in the national and international arena as  
the Company builds its global oil and gas exploration and  
production interests and activities.

Mr. Bennett has worked with the Department of Foreign Affairs  
and Trade for 14 years, most recently as the Australian High  
Commissioner to Brunei Darussalam.

Santos Managing Director John Ellice-Flint believes that Mr.  
Bennett's skills and experience will be invaluable as the  
Company continues to expand its business both domestically and  
internationally.

                    About Santos Limited  
  
Headquartered in Adelaide, South Australia, Santos Limited --   
http://www.santos.com.au/-- is a major Australian oil and gas    
exploration and production company with interests and
operations   
in every major Australian petroleum province and in the United   
States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt.    
Santos is one of Australia's largest gas producers, supplying   
sales gas to all mainland Australian states and territories,   
ethane to Sydney, and oil and liquids to domestic and   
international customers.   
  
In Australia, Santos has one of the largest exploration   
portfolios by area of any company and has assembled a large,   
well-situated acreage position in Indonesia and the United   
States.  The company is also pursuing new venture opportunities   
in North Africa, the Middle East, Central and South East Asia.  
  
At year end 2005, Santos had a market capitalization of   
approximately AU$7.5 billion, making it one of Australia's Top   
50 companies.


SANTOS LIMITED: Gas Pipeline Project is Done Deal, PNG Says
-----------------------------------------------------------
Papua New Guinea's Energy Minister said that Santos Limited had  
committed to becoming a part-owner and gas consumer of the
AU$6 billion PNG gas pipeline project, The Advertiser says.

Santos, however, refused to confirm or deny the report.

PNG Deputy Prime Minister and Energy Minister Sir Moi Avei told  
The Advertiser that the deal with Santos had been finalized and  
is waiting to be endorsed by the Company's board of directors.

Meanwhile, Santos' spokeswoman, Kathryn Mitchell, only stated  
that the Company had made no secret about its negotiations with  
the project's participants.  Yet, she said, Santos' announcement  
would be through the Australian Stock Exchange.  

According to The Advertiser, the PNG Project, which would  
include a 3,000-km pipeline from the PNG highlands to Australia,  
is likely to be approved later this year.

                    About Santos Limited  
  
Headquartered in Adelaide, South Australia, Santos Limited --   
http://www.santos.com.au/-- is a major Australian oil and gas    
exploration and production company with interests and
operations   
in every major Australian petroleum province and in the United   
States, Indonesia, Papua New Guinea, Kyrgyzstan and Egypt.    
Santos is one of Australia's largest gas producers, supplying   
sales gas to all mainland Australian states and territories,   
ethane to Sydney, and oil and liquids to domestic and   
international customers.   
  
In Australia, Santos has one of the largest exploration   
portfolios by area of any company and has assembled a large,   
well-situated acreage position in Indonesia and the United   
States.  The company is also pursuing new venture opportunities   
in North Africa, the Middle East, Central and South East Asia.  
  
At year end 2005, Santos had a market capitalization of   
approximately AU$7.5 billion, making it one of Australia's Top   
50 companies.


SIMPLY INSURANCE: B Rating Remains on S&P CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services said that its 'B' insurer  
financial strength rating on Simply Insurance New Zealand  
Limited remains on CreditWatch with positive implications.  At  
the same time, Standard & Poor's has withdrawn its 'BB-'  
counterparty credit rating on New Zealand finance company  
Pacific Retail Finance Ltd.
  
The rating on PRF is withdrawn at the request of the company, as  
global financial institution GE Finance and Insurance has  
received clearance to acquire PRF's business and assets.  The  
requisite regulatory and shareholder approvals for acquisition  
have been granted, and the acquisition is effective Jan. 31,  
2006.  
  
All outstanding debenture stock of PRF is expected to be repaid  
from the proceeds of the sale.  Sufficient funds will be placed  
into a trust to repay all of PRF's outstanding debentures on or  
before Feb. 14, 2006.  PRF has also ceased issuing new  
debentures under its debenture stock offer program.   
  
Under GEFI ownership, Simply Insurance will likely benefit from  
its parent's stronger business and financial profile.  On a  
stand-alone basis, however, Standard & Poor's expects that the  
New Zealand insurer's business profile, at this stage, will  
support a level of earnings consistent with its 'B' category  
rating.  
     
The CreditWatch with positive implications indicates that the  
rating on Simply Insurance could increase.
  
The degree of potential rating uplift in Simply Insurance's  
rating will depend on Standard & Poor's assessment of management  
plans, how the business and financial profile will change under  
GEFI ownership, and the degree of integration with, and support  
from, the new parent.


TELSTRA CORPORATION: To Reveal Restructure Progress
---------------------------------------------------
Telstra Corporation is scheduled to report its half-year results  
next week.  According to The Age, the report will give Telstra  
shareholders their first look at the Company's progress since  
undergoing a major restructure.

The Company hopes to give shareholders an indication of  
developments since its strategic review in November last year,  
The Age says, citing Telstra Chief Financial Officer John  
Stanhope.

Telstra had stated in its November report that it would slash as  
many as 12,000 jobs over the next five years as it embarks on a  
major restructure designed to cut costs and boost revenues.  The  
Company also warned that earnings would continue to fall in 2005  
and 2006, and at a faster rate than previously expected, with  
earnings before interest and tax falling by as much as 25% to  
30%, including redundancy costs.

Headquartered in Melbourne, Victoria, Australia, Telstra   
Corporation -- http://www.telstra.com.au/-- is an Australian    
telecommunications and information services company.  Telstra   
offers a full range of services and compete in all   
telecommunications markets throughout Australia, providing more   
than 10.3 million Australian fixed line and more than 6.5   
million mobile services.  Telstra's international business   
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach   
Ltd.


TELSTRA CORPORATION: Set to Finalize Network Nine Deal
------------------------------------------------------
Telstra Corporation and Network Nine are expected to finalize  
their online and mobile content deal with the Melbourne 2006  
Commonwealth Games in a few weeks, The Sydney Morning Herald  
reports.

According to The Sydney Herald, Network Nine's coverage of the  
Commonwealth Games will be streamed live to BigPond broadband  
customers and up to six mobile phone TV "channels" launched on  
Telstra's 3G network.  The move pits Telstra and Nine against  
sister company Foxtel, which is launching a line-up of dedicated  
television channels and its own electronic program guide for the  
event.  

The Games will start on March 15, 2006.

Telstra confirmed that it would offer coverage to BigPond  
broadband and 3G customers but would not elaborate on the  
proposed content.

Telstra, which is also the official telecommunications sponsor  
for the Games, is expected to market its content offer to the  
public later this February.

Headquartered in Melbourne, Victoria, Australia, Telstra   
Corporation -- http://www.telstra.com.au/-- is an Australian    
telecommunications and information services company.  Telstra   
offers a full range of services and compete in all   
telecommunications markets throughout Australia, providing more   
than 10.3 million Australian fixed line and more than 6.5   
million mobile services.  Telstra's international business   
includes Hong Kong CSL Limited, TelstraClear Limited, and Reach   
Ltd.


TELSTRA CORPORATION: Inks 3-year Deal with Broadcast Services
-------------------------------------------------------------
Broadcast Services Australia Limited has secured new business  
with Telstra Corporation for the provision of Specialist  
Contracting Services within Sydney, Canberra and Brisbane.  The  
three-year agreement will add substantial revenue to the  
significant business BSA currently undertakes for Telstra.

Under the new contract, the range of Specialist Contracting  
Services -- which are related to the construction and  
maintenance of Telstra's Network -- will include civil works,  
cable hauling, cable jointing, and various copper and fiber  
activities.

BSA'S managing director Mark Foley said, "This contract further  
broadens BSA's capabilities and strengthens our relationship  
with Telstra.  Having recently won a number of smaller  
contracts, this is the second major Telstra win against strong  
competition, firmly establishing us as a significant participant  
in technical contracting services.

"Telstra demands exacting technical standards and high quality  
service delivery from its contractors.  BSA recently achieved  
ISO certification and this, combined with the expansion of our  
training development program, reaffirms our long-term approach  
to the market and our commitment and investment to provide the  
best services for all our customers," Mr. Foley said.

The new Telstra contact enables BSA to leverage its existing  
model and systems.  As a registered training organization, BSA  
has developed its traineeship program specifically to create  
jobs and career path for young people, while growing its  
contractor base to support these new services.  To date over 200  
technicians have attended BSA Advanced Learning courses and the  
2006 traineeships commence in February.

Headquartered in Melbourne, Australia, Telstra Corporation  
Limited -- http://www.telstra.com.au/-- is Australia's number   
one telecommunications carrier.  This former monopoly provides  
traditional fixed-line phone services to more than 10 million  
residential and small business lines.  Telstra also has more  
than 8 million mobile phone customers and it is the country's  
leading ISP, BigPond.  Dancing in the international stage,  
Telstra has teamed up with PCCW to form a pan-Asian Internet  
protocol backbone network, REACH. The company may spin off or  
sell its Sensis directory services unit.  The Australian  
government plans to sell its 50.1% stake in Telstra, valued at  
about $20 billion. The sale could be one of the world's largest.


T.H.E.O. PTY: Liquidator to Distribute Company Assets  
-----------------------------------------------------
After their meeting on January 10, 2006, the members of T.H.E.O.  
Pty Limited agreed to close the Company's business operations  
and distribute the proceeds of its assets.

Subsequently, Nicholas Craig Malanos of Star Dean-Willcocks was  
appointed as liquidator.


TOTAL HEALTH: Members & Creditors Meet to Discuss Wind-up  
---------------------------------------------------------
The members and creditors of Total Health Screening Pty Limited  
will convene on February 10, 2006, at 11:00 a.m., to receive the  
liquidator's account regarding the Company's completed wind-up  
and disposal of property.

W. J. Hamilton, of Hamiltons Chartered Accountants, is the  
Company's liquidator.


TRH COLE: Shuts Down Business  
-----------------------------
At a general meeting of TRH Cole Pty Limited on January 10,  
2006, members resolved to voluntarily liquidate the Company.   
Gregory J. Parker of Parker Insolvency was appointed as  
liquidator to oversee TRH Cole's wind-up activities.


VILLAGE LIFE: Bourse Suspends Shares Pending AIFRS Report
---------------------------------------------------------
The securities of Village Life was suspended from official  
quotation in the Australian Stock Exchange on February 1, 2006,  
pending the quantification of the Company's financial results  
for the half-year ending December 31, 2005, as a result of the  
introduction of the Australian version of the International  
Financial Reporting Standards.

During the course of deliberations of the Company's directors, a  
number of issues have arisen which may have a material effect on  
the financial results of the Company from the half-year.  Final  
decisions on those matters are likely to take some time, which  
means that the Company's auditor is unlikely to be in a position  
to provide his audit review opinion for up to two weeks.

The Company expects the suspension to last until February 15,  
2006.

Headquartered in Milton, Queensland, Australia, Village Life --  
http://www.villagelife.com.au/-- is one of Australia's largest   
providers of rental accommodation for seniors, providing  
residents with a safe, affordable and comfortable community  
lifestyle; and investors with a unique and secure investment for  
life.  


WESTPOINT GROUP: Creditors Fail Attempt to Oust Administrators
--------------------------------------------------------------
At a meeting of Westpoint Corporation's creditors,  
administrators Ian Francis and Michael Ryan, of Taylor Woodings,  
faced ousting demands after a poll indicated that a majority of  
creditors wanted them replaced by rival insolvency accountants  
Simon Read and Jeff Herbert, The West Australian relates.

According to the paper, the replacement move did not push  
through after Messrs. Francis and Ryan voted for themselves,  
using proxies obtained from companies controlled by Norm Carey.   
The Carey Companies claimed to be owed tens of millions of  
dollars by Westpoint, which sat at the center of Mr. Carey's  
empire until it was put into administration and receivership  
last week.

Messrs. Francis and Ryan refused to let WestBusiness into the  
Creditors Meeting.  However, it is understood that the push to  
remove them was supported by Westpoint receivers from rival  
insolvency group KordaMentha.

Mr. Francis told creditors that Westpoint had realizable assets  
estimated at AU$21 million, but it faced guarantee claims of  
about AU$250 million from its mezzanine schemes.  It also owed  
about AU$3.2 million to employees, including about AU$1.6  
million in unpaid superannuation entitlements.


WHITESIDE AUTOMATICS: Prepares to Pay Dividend  
----------------------------------------------
Whiteside Automatics will declare its first and final dividend  
to priority creditors on February 9, 2006.

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


YUNGFONG PTY: Liquidator to Explain Wind-up Manner  
--------------------------------------------------
The final meeting of the members and creditors of Yungfong Pty  
Limited is slated for February 10, 2006, at 10:00 a.m., for them  
to get an account of the manner of the Company's wind-up and  
property disposal from liquidator Michael Kah, of Partlett,  
Chave & Rowland - Baulkham Hills.


ZIEMAN, PARKER & GRAHAM: Members Decide to Liquidate  
----------------------------------------------------
On January 11, 2006, the members of Zieman, Parker & Graham Pty  
Limited concurred that a wind-up of the Company's operations is  
appropriate and necessary.

Bruce William Spaul, of Munro Spaul, was named liquidator for  
that purpose.


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

AWS TOMAX: Court to Hear Wind-Up Petition on March 1
----------------------------------------------------
Lee Chi Yan presented a petition for the winding up of AWS Tomax  
Shipping Company Limited on January 4, 2006.  
  
The Petition will be heard before the High Court of Hong Kong  
Special Administrative Region on March 1, 2006, at 9:30 a.m.   
  
Creditors or contributories of the Company who wish to support  
or oppose the Petition may appear in Court at the time of the  
hearing.  A written notice of the creditor's or contributory's  
intention must be sent not later than 6:00 p.m., on February 28,  
2006, to:  
   
     Betty Chan
     Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong


BANK OF CHINA: To Install Intelligent Deposit ATMS  
--------------------------------------------------
Bank of China signed an agreement with NCR Corporation to  
install and maintain Personas M Series 76 Automated Teller  
Machines with Intelligent Deposit Capability, ATM Marketplace  
reports.

ATM Marketplace says the agreement reflects the significant  
market potential for ATMS in China, which may be the largest in  
the world, according to a study by Retail Banking Research.

The deal also indicates Bank of China's readiness to move ahead  
in its deposit-automation strategy by offering self-service  
transactions.

CONTACT: Bank of China  
         1 Fuxingmen Nei Dajie  
         Beijing, 100818, China  
         Phone: +86-10-6659-6688  
         Fax: +86-10-6601-4024
         Web site: http://www.bank-of-china.com   


DYNATRADE INTERNATIONAL: Creditors to Meet on Feb. 6
----------------------------------------------------
A meeting of the creditors of Dynatrade International Limited  
will be held at 10:00 a.m. on February 6, 2006, at:

          Joint Professional Centre,
          Meeting Room B, Unit 1, G/F.,
          The Centre, 99 Queen's Road,
          Central, Hong Kong.

At the meeting, creditors will appoint the Company's  
liquidators.
  
Proxies who will vote on behalf of creditors must be lodged no  
later than February 5, 2006, at the meeting location.


EAST CREATION: Creditors Must Submit Proof of Claims  
----------------------------------------------------
Creditors of East Creation Limited are required to submit a  
proof of claim by March 6, 2006, to:
  
          Sze Sau Wan
          Liquidator
          Rm 602, 447 Lockhart Road
          Hong Kong

Creditors who fail to formally prove their claims will be  
excluded from any distribution.
  
  
EDA HOLDINGS: Issues Final Dividend
-----------------------------------
Kenneth Kok Oon Tan & Dermot Agnew, as liquidators of Eda  
Holdings Limited, will distribute a final dividend of 0.0973% on  
February 3, 2006, at 22nd Floor, Wing On Centre, 111 Connaught
Road, in Central, Hong Kong

  
HAVERSON LIMITED: Shareholders Favor Liquidation  
------------------------------------------------
After a meeting on January 20, 2006, the shareholders of  
Haverson Limited resolved to voluntarily wind up the Company's  
operations.
  
Subsequently, Puen Wing Fai and Lo Yeuk Ki, Alice was appointed  
as liquidators.  
  
  
JOINREX DEVELOPMENTS: Final Meeting Fixed on Feb. 28
----------------------------------------------------
The final meeting of the members of Joinrex Developments Limited  
will be held on February 2006, at 11:00 a.m., at the 5th Floor,  
Wai Fung Plaza, 664 Nathan Road, Mongkok, in Kowloon, Hong Kong,  
  
Joinrex's liquidator, Wong Pui Hong, says that the books,  
accounts and documents of the Company will be destroyed three  
months after the Company is dissolved.


KAI HWA: Creditors and Contributories to Meet on Feb. 20  
--------------------------------------------------------
The meetings of creditors and contributories of Kai Hwa Bio Lan  
Limited will be held on February 20, 2006, at 10:00 a.m. and  
10:30 a.m., respectively, at the Official Receiver's Office, on  
the 15 Floor, Hang Seng Building, 77 Des Voeux Road, in Central,  
Hong Kong.
  
  
WANCHAI BIERKELLER: Members, Creditors Meeting Fixed Feb. 24
------------------------------------------------------------
The final meeting of the members of Wanchai Bierkeller Limited  
will be held on February 24, 2006, at 3:00 p.m., at the office  
of Baker Tilly Hong Kong, Unit 1203-13, China Merchants Tower,  
Shun Tak Centre, 168-200 Connaught Road, in Central, Hong Kong.  
The creditors' meeting will follow at 3:30 p.m.
  
A contributory or creditor entitled to attend at the meeting may  
be represented by any proxy.  
  
Forms of proxies for both meetings must be lodged not later than  
February 15, 2006, at the meeting location.


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

ASHNOOR TEXTILE: To Delist Securities and Cut Equity Shares
-----------------------------------------------------------
Members of Ashnoor Textile Mills Ltd will hold an extraordinary  
general meeting on February 23, 2006, to carry out:

    -- the delisting of the Company's equity shares from the
       Stock Exchanges at Delhi, Ludhiana, Ahmedabad and Jaipur;

    -- the 30% reduction of equity shares of the Company's
       existing equity share capital;

    -- the offer and issue for cash of up to 35,00,000 equity
       shares at INR10 per share totaling INR3,50,00,000 to
       Suneel Gupta, the promoter Group of the Company; and

   -- the addition of new articles such as Article 22A
      (Dematerlization / Rematerialisation of Securities),
      Article 190A (Passing of Resolution by Postal Ballot), and
      Article 62A (Nomination by shareholders) in the Articles
      of Association of the Company.

Headquartered in New Delhi, India, Ashnoor Textile is engaged in  
the manufacture, distribution and export of silk and wool  
carpets.
  

M.H. MILLS: Creditors and Shareholders OK Scheme of Arrangement
----------------------------------------------------------------
As directed by the Honorable High Court of Gujarat, M.H. Mills &  
Industries Limited conveyed various meetings of its secured  
creditors and equity shareholders.

In their respective meetings, the Company's secured creditors  
and equity shareholders approved the Scheme of Arrangement to  
demerge and transfer the Company's packaging division to MH  
Packaging India Ltd.  They also agreed to compromise with the  
Company's various classes of creditors, as well as restructure  
the Company's capital.

M.H. Mills will file a restructuring petition in the Honorable  
High Court of Gujarat within short period.

Headquartered in Gujarat, India, 114-year-old M.H. Mills &  
Industries Limited is one of the first in India to shift to  
polyester fiber in 1978.  The Company had taken refuge under the  
Bombay Relief Undertakings Act for from 1999 to 2001 and is  
still combating with a nine-member consortium of lenders led by  
ICICI for renegotiating its INR65-crore debt package.  It is now  
fighting a rear-guard action to stay afloat by opting for a  
makeover and emerge as a new generation enterprise.


PHAARMASIA LIMITED: Court Approves Scheme of Arrangement
--------------------------------------------------------
The Honorable High Court of Andhra Pradesh has approved the  
Scheme of Arrangement for the restructure and reorganization of  
Phaarmasia Limited's capital structure under Sections 391 and  
394 of the Companies Act, 1956.

Headquartered in Hyderabad, India, Phaarmasia Limited --  
http://www.phaarmasia.com/prof3.htm/-- is one of India's   
premier pharmaceutical contract manufacturing & marketing  
companies, following strict Good Manufacturing Practices  
guidelines.  Phaarmasia's facilities are spread over in three  
acres of land with built up area of 90,000 sq.ft.  It is a  
diversified, multi-locational, multi-product group which has  
been promoted by professionals who have been associated with the  
pharmaceutical industry in India for the last 40 years.


WOPOLIN PLASTICS: Closure Leaves 600 Jobless
--------------------------------------------
Huge losses, low productivity and poor liquidity have forced  
Wopolin Plastics to lock out around 600 workers on January 29,  
2006, Business Standard reveals.

Angry workers accused the management of unfair practice, saying  
the management shut down the Company without saying how it will  
settle unpaid dues to workers.  The workers claim they have not  
received two months' worth of salary.

Wopolin's management told Business Standard that on January 12,  
it had warned the union about its plan to shut down.  In fact,  
work had been suspended about three months ago, but workers  
continued to report for work.

The Board for Industrial and Financial Reconstruction had  
declared Wopolin Plastics insolvent in 1999 after suffering  
hefty losses following illegal strikes by workers in 1997-98 and  
1998-99.  The Company said it lost its customers in the strike  
period and losses eroded its net worth.  The Company also stated  
that piling losses, increased wastage and lack of financial  
support from banks and financing institutions left the Company  
with no liquid assets at its disposal.

Wopolin Plastics, formerly Bajaj Plastics, was one of the  
largest plastic woven sacks companies in India.  It was  
established at the Maharashtra Industrial Development  
Corporation, Hingna industrial estate in 1972.


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

AVON INDONESIA: Shuts Down Operations for Good  
----------------------------------------------
PT Avon Indonesia will close its operations and shut down its  
factory in South Jakarta next month due to continuing losses in  
the past years, The Jakarta Post says.

The Company's New-York based parent released a statement saying  
that the pullout was part of its restructuring process, as an  
extensive study revealed that it would require a huge investment  
for Avon Indonesia to realize its full market potential and  
become profitable.  Thus, Avon shareholders decided at a meeting  
to halt operations in Indonesia.

The Post, citing Avon Southeast Asia Vice President Perry Mogar,  
reports that due to Avon Indonesia's persistent losses, its New-
York parent is not ready at this time to inject an additional  
investment into the Company.

In relation to the decision to close its operations, Avon  
Indonesia's plant in South Jakarta will be shut down, resulting  
in a layoff of 600 workers.  No details were provided on the  
cause of the Company's losses, or whether Avon products would  
continue to be sold in Indonesia despite the closure.

CONTACT: P.T. Avon Indonesia
         Building #208, Cilandak Commercial Estate
         Jakarta 12560 Indonesia
         Phone: 62-21-780-1200
         Fax: 62-21-780-1712


GARUDA INDONESIA: Cancels Direct Flights to Jogjakarta  
------------------------------------------------------
PT Garuda Indonesia cancelled its thrice-weekly direct flights  
from Kuala Lumpur, Malaysia, to Jogjakarta, Indonesia, and has  
replaced them with daily flights to Jogjakarta via Singapore,  
Business Times reports.

According to the paper, Garuda Indonesia Malaysia head Ryanto A.  
Winarso said that the airline started plying the new routes on  
Jan. 12, 2006.  In Garuda's study of passenger traffic from  
Kuala Lumpur to Jogjakarta, there were promising results, but  
limited aircraft led the Company to combine flights of Kuala  
Lumpur and Singapore to fly to Jogjakarta daily.

The Company plans to attract Malaysians to visit Jogjakarta, by  
promoting the city as a tourist destination, in order to  
increase the number of passengers, Business Times relates.

Headquartered in Jakarta, Indonesia, government-owned airline PT  
Garuda Indonesia -- http://www.garuda-indonesia.com-- was born   
in exile: some of its first flights broke blockades during  
Indonesia's battle for independence from the Dutch.  The airline  
now has a fleet of about 77 aircraft offering service to some 27  
domestic and 33 international destinations.  Under its Citilink  
brand it serves another 10 domestic routes.  Garuda also ships  
about 200,000 tons of cargo a month and operates a computerized  
tracking system.  The airline has been restructuring and plans  
to spin off four business units, including Citilink.

CONTACT: PT Garuda Indonesia
         Garuda Indonesia Bldg.,  
         Jalan Merdeka Selatan No. 13  
         Jakarta, 10110, Indonesia    
         Phone: +62 21 231 0082    
         Fax: +62 21 231 1679    


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

FUJITSU LIMITED: Posts Profit in Third Quarter FY05
---------------------------------------------------
Fujitsu Limited has returned to profit in the third quarter of  
2005 with a JPY3.4 billion net income, as against a JPY9.6  
billion net loss in 2004, Today Online News says.

Fujitsu Chief Financial Officer Masamichi Ogura said that  
increased IT spending by foreign firms and rising IT demand from  
local finance and telecom firms led to the turnaround, with  
sales of its flat panel business contributing significantly to  
its earnings.

Earlier cost cuts also led to profitability for the Company,  
Today Online says, as the ratio of sales, general and  
administrative costs to sales went down, the report says.

A full-text copy of the Company's press release can be viewed  
for free at:

   http://www.japancorp.net/Article.Asp?Art_ID=11791

Headquartered in Minato-ku, Tokyo, Fujitsu Limited --  
http://www.fujitsu.com/global/-- is a provider of information   
technology and communications solutions for the global  
marketplace.  Pace-setting device technologies, computing and  
communications products, and a worldwide corps of systems and  
services experts uniquely position the Company to deliver  
solutions that open up possibilities for its customers' success.

Included in the Dow Jones Sustainability Indexes and FTSE4Good  
Index Series, Fujitsu is recognized as an IT industry leader in  
sustainability and corporate responsibility.

CONTACT: Fujitsu Limited  
         Shiodome City Center   
         1-5-2 Higashi-Shimbashi   
         Minato-ku, Tokyo  
         Japan, 105-7123   
         Phone: +81 (0) 3-6252-2176   
         Fax: +81 (0) 3-6252-2783   
  

JAPAN AIRLINES: Retains Australia Services  
------------------------------------------
Japan Airlines has committed to retain services in Australia  
following a meeting with Federal Tourism Minister Fran Bailey,  
e-Travel Blackboard says.

During a meeting in Tokyo, JAL Group CEO & President Toshiyuki  
Shinmachi reassured Minister Bailey that the Osaka-Brisbane-
Sydney flights will be retained in 2006.

To sustain the long-term viability of the flight, the senior  
management of JAL and Tourism Australia will establish a new  
working group to boost tourism demand.

"After strong lobbying on behalf of the Australian tourism  
industry, the President of JAL reassured me that JAL will not  
suspend the Osaka flights.  This is great news for the  
Australian tourism industry as we move to reinvigorate the  
Japanese market," Minister Bailey told e-Travel.

"I will be seeking commitments from Tourism Queensland and  
Tourism NSW to work closely with Tourism Australia to boost  
interest from potential Japanese tourists in 2006. By boosting  
demand, we can demonstrate to JAL the long term viability of  
this air route," Minister Bailey added.

The Australian Tourism needed reassurance from JAL after media  
reports that JAL may suspend Australia's east coast flight from  
Osaka.   

Headquartered in Tokyo, Japan, Japan Airlines Corporation   
(formerly Japan Airlines System Corporation) --  
http://www.jal.com/en/-- was created as a result of the merger   
of Japan Airlines and Japan Air Systems to boost domestic  
coverage.  Combined, the airlines serve more than 170 cities in  
some 30 countries and operate more than 270 mostly jet
aircraft.   
Both carriers continue to operate separately as Japan Airlines  
International and Japan Airlines Domestic, though they are  
combined in a single brand as JAL/Japan Airlines.


LIVEDOOR COMPANY: Stock Price Reaches First-Time Low
----------------------------------------------------
The stock price of Livedoor Co. sunk below JPY100 for the first  
time on Wednesday, Japan Today relates.

The stock was priced at JPY700 prior to the uncovering of its  
involvement in accounting fraud scandal.  
  
Livedoor closed at JPY94 down JPY13 on the Tokyo Stock  
Exchange's Mothers market, after briefly dropping to JPY93.  

Livedoor's market value decreased to JPY98.6 billion from JPY730  
billion on January 16.

Headquartered in Tokyo, Japan, Livedoor Co. Ltd. --  
http://corp.livedoor.com/en/-- is expanding into many sectors,   
including out portal site "livedoor", financial business,  
corporate web solution, data center and IP telephony business.    
Livedoor's line of business encompasses everything related to  
the Internet.


MITSUBISHI MOTORS: New Model Release Leads to Rising Car Sales
--------------------------------------------------------------
Mitsubishi Motor Corporation's release of new models in Japan  
led to a 3.1% increase in minicar sales nationwide, Bloomberg  
News reports.

According to the Japan Mini Vehicle Association, consumers are  
attracted to minicars, which are more fuel-efficient than  
standard-size vehicles.  When Mitsubishi Motors released its "i"  
minicar, sales increased by 18%, or 10,215 units.

Mitsubishi Motors has the dubious distinction of being the only  
money-losing Japanese carmaker.   Plagued by quality problems  
and cover-ups, the Company has hit some serious financial  
potholes.  For a time it got some big-name help when  
DaimlerChrysler acquired a 34% stake in the Company.  However,  
its German counterpart grew tired of pouring money in and  
getting nothing in return, and its stake dropped to about 12%.   
DaimlerChrysler sold its stake to Goldman Sachs late in 2005  
(Goldman Sachs then sold the stake to other investors).    

Part of the Mitsubishi Group of companies (Mitsubishi Heavy   
Industries owns a 15% stake), Mitsubishi Motors manufactures   
passenger cars including the Eclipse and the new Raider pickup.  

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


SANYO ELECTRIC: Stands by Full-year Loss Forecast
-------------------------------------------------
Sanyo Electric Co. still forecasts a full-year loss despite  
swinging back to profit in the last quarter of 2005, Automotive  
News reveals.

In the October to December period, Sanyo's group net profit came  
to $52.9 million (JPY6.22 billion), compared to a loss of  
JPY17.62 billion a year earlier.  The earthquake that hit a chip  
factory in Japan affected the Company's earnings.
  
Sanyo stood by its forecast for a group net loss of $1.99  
billion (JPY233 billion) in the full year to March as it pays  
for restructuring and writes down the value of assets.
  
Last year, Sanyo embarked on a sweeping restructuring and:

   -- vowed to cut 15% of its group work force;

   -- closed factories;

   -- lessened debts; and  

   -- streamlined unprofitable business areas such as home  
      appliances and semiconductors.
  
Since it needs fresh cash, Sanyo plans to issue $2.56 billion  
(JPY300 billion) worth of convertible preferred shares to  
Goldman Sachs Group Inc., Daiwa Securities SMBC and Sumitomo  
Mitsui Banking Corp in a deal that will lead to significant  
dilution of share value and give the three investors majority  
control of its board.
  
A full-text copy of its Financial Results is available for free  
at:

   http://bankrupt.com/misc/SanyoElectricCo3Qresults.pdf

Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. --  
http://www.sanyo.co.jp/koho/-- has principal activities carried   
out through six divisions:

   -- Audio-visual and Information: manufactures digital    
      cameras, cellular phones, LCD projectors, televisions,    
      video recorders and information systems.   

   -- Home appliances: manufactures washing machines, vacuum   
      cleaners, microwave ovens, refrigerators and
compressors.      
      Commercial  
    
   -- Machinery: manufactures commercial air conditioners,  
      vending machines, commercial kitchen equipment and heat  
      pump air conditioners.  

   -- Electronic Devices: produces electronic components for  
      personal computers, cellular phones and semiconductors.  

   -- Batteries division: produces nickel metal hybrid
batteries    
      for personal computers, lithium-ion batteries for cellular  
      phones and nickel-cadmium batteries for power tools.   

Audio-visual Information and communications equipment accounted  
for 38% of fiscal 2002 revenues; Electronic devices, 18%; Home  
appliances, 13%; Batteries, 13%; Industrial & commercial  
equipment, 11% and others, 7%.  


SEIYU LIMITED: Expects Higher Loss than Previous Forecast  
---------------------------------------------------------
Seiyu Limited is expecting a bigger net loss for 2005 than  
previously forecasted due to promotional spending, Reuters News  
says.

The Company said that it was expecting to garner a JPY17.8  
billion loss, which is much higher than an earlier predicted  
JPY13.5 billion loss, and is according to a consensus estimate  
of four analysts Reuters surveyed.
     
According to Seiyu, same-store sales went down 2.1% in 2005; it  
was able to improve sales and increase customer traffic through  
promitions, but the action ate up the Company's margins.  

This is the third time Seiyu increased its forecasted loss for  
2005; the Company has been suffering losses for the past three  
years.

Headquartered in Tokyo, Japan, Seiyu Limited operates a chain of  
retail stores selling apparel, general merchandise, food and  
other services.

CONTACT: Seiyu Limited
         Office 1-1, Higashi-Ikebukuro 3-chome   
         Toshima-ku, Tokyo, Japan    
         170-6071
         Web site: http://www.seiyu.co.jp/english/index.shtml


VICTOR COMPANY: To Pull the Plug at Yokohama Factory  
----------------------------------------------------
Victor Co. of Japan Ltd. plans to shut down at the end of  
February its factory in Yokohama that produces video camera and  
rear-projection television parts, reveals Japan Today.

Victor told Japan today that the Tsurugamine plant operations  
will be merged with that of the Yamato factory as well as in  
Kanagawa Prefecture.

Around 80 of the 130 workers at the Tsurugamine plant will be  
transferred to the Yamato factory, while remaining workers will  
be given early retirement program or will be moved to other  
plants.

Headquartered in Yokohama, Japan, Victor Company of Japan  
Limited -- http://www.jvc-victor.co.jp-- manufactures audio-  
video equipment and products with the digital and networking  
products such as digital cam corders and D-VHS as the core  
competencies and visual software.  Operations are carried out  
through the following sectors: Consumers' products: TVs, Stereo,  
Car Audio, CD radio cassettes,DVD players. Industrial products:  
Karaoke Systems; Electronic devices: video heads, motors,  
display parts; Soft media: Compact discs, Video discs, music and  
visual software; Others: interior furniture.  Consumers'  
products accounted for 67% of fiscal 2002 revenues; soft media,  
19%; industrial products, 8%; electronic devices, 5% and others,  
1%.  


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

LG CARD: Merrill to Join Race for Stake
---------------------------------------
Merrill Lynch wants to join the bid for LG Card Co. Ltd. to  
penetrate Asia's fourth biggest economy's growing private  
consumption, Reuters said.

"There is interest (from Merrill Lynch) in bidding for LG Card,"  
the source told Reuters by telephone, declining to be  
identified.

But there was no indication whether Merrill Lynch will bid alone  
or via a consortium with South Korean financial services firm  
such as Shinhan Financial Group or Woori Financial Group, the  
source added.

Merrill declined to comment.

JP Morgan the lead manager for the sale has been conducting
due diligence on LG Card since January, along with legal and  
accounting advisers.
      
Headquartered in Seoul, South Korea,  LG Card --  
http://www.lgcard.com-- is a leading credit card player and   
unsecured consumer lender with over 11 million card members and  
an approximate 20% share of the Korean credit card market.   
Credit card penetration, transaction volumes and credit balances  
have grown dramatically in Korea since 1998 due to government  
policy encouraging the use of credit cards as a means of  
payment, deregulation of consumer lending and the introduction  
of unsecured consumer loan products more convenient than those  
provided by the banks.  LG Card's principal products are credit  
card based which account for over 80% of total risk assets.


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

CHG INDUSTRIES: Default Status Still Unchanged
----------------------------------------------
CHG Industries Berhad's default status under Practice Note  
1/2001 as of March 25, 2005, remains unchanged.

Headquartered in Selangor Darul Ehsan Malaysia, CHG Industries  
Berhad -- http://www.chg.com.my-- is engaged in manufacturing   
and selling of plywood and other veneer products.  Other  
activities includes log extraction and trading in logs and  
timber products, manufacturing of office chairs and seating  
products, kiln-drying and letting of warehouses, property  
investment holding and investment holding.  Operations are  
carried out mainly in Malaysia.  Plywood and other veneer  
products accounted for 92% of 2001 revs; forestry and timber log  
trading, 5%; furniture, 3% and other, nominal.


FEDERAL FURNITURE: Still Working on Restructuring Draft
-------------------------------------------------------
With only six more months prior to submitting its Restructuring  
Plan to authorities for approval, Furniture Holdings Berhad  
admitted it has not yet finalized its Regularization Plan.

Headquartered in Selangor Darul Ehsan Malaysia Federal Furniture  
Holdings Bhd -- http://www.federal-furniture.com/-- is a listed   
company on the Kuala Lumpur Stock Exchange and is Malaysia's  
premier furniture and interior design group.  It consists of  
companies in all the main sectors of the furniture-related  
industries, from manufacturing, marketing, exporting, contract  
furnishing and interior design to retail.


JIN LIN: Public Shareholding Reaches 95.1%
------------------------------------------
The Board of Directors of Jin Lin Wood Industries Berhad  
reported that the level of its public shareholding spread as of  
December 31, 2005 has hit 95.1%.

The number of public shareholders holding not less than 100  
shares is now at 5,216.

The Company was found to have complied with the public  
shareholding spread requirement pursuant to Paragraph 8.15(1) of  
the Listing Requirements of Bursa Securities.

Jin Lin Wood Industries Berhad's principal activities are  
manufacturing and trading of timber and related timber products.  
Other activities include warehousing, chemical treatment and  
investment holding.  The Group operates in Malaysia.


OMEGA HOLDINGS: Shareholders Approve AGM Resolutions
----------------------------------------------------
At the Sixteenth Annual General Meeting of Omega Holdings Berhad  
on January 19, 2006, the Company's shareholders have approved  
all the resolutions set out in the Notice of the AGM on December  
28, 2005.

A copy of the Notice of the 16th AGM is available for free at:
    
   http://bankrupt.com/misc/OmegaHoldingsAGMNotice.doc

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings  
Berhad -- http://www.bbva.es/-- is engaged investment holding   
and provides management services.  The Group is currently  
dormant and is undergoing restructuring.


PARK MAY: Unveils Public Shareholding Spread  
--------------------------------------------
As of December 31, 2005, the public shareholding of Park May  
Berhad has reached 50.63%, with some 2,818 public shareholders  
holding not less than 100 shares each.

Headquartered in Kuala Lumpur, Malaysia, Park May Berhad --  
http://www.parkmayberhad.com-- provides public bus   
transportation in Peninsular Malaysia, which is categorized into  
stage bus and express bus.  Other activities include operation  
and construction of light rail transit system, trading and  
property holding, and investment holding and managing operation.


POLY GLASS: In Talks with Auditors over Qualifications
------------------------------------------------------
Poly Glass Fibre Bhd is holding discussions with its auditors  
KPMG on ways to meet the auditors' qualifications, which are  
stated in the Company's financial statements for the financial  
year ended February 28, 2005.

Headquartered in Penang, Malaysia, Poly Glass Fibre (Malaysia)  
Bhd. -- http://www.polyglass.com.my/-- is a leading   
manufacturer and marketer of premium-quality fiber glass wool  
building insulation, HVAC insulation, and other specialty  
products for thermal and acoustic insulation for commercial,  
industrial, and residential applications.


WEMBLEY INDUSTRIES: Seeks More Time to Fulfill DRA Conditions
-------------------------------------------------------------
The Board of Directors of Wembley Industries Holdings Berhad  
advised that there have been no changes to the status of default  
in payments of interest and principal sums to its creditors.

In compliance with Paragraph 3s.2 of PN1/2001, the Company  
reported it is in the process of taking steps to secure an  
extension of the cut-off date to fulfill the conditions  
stipulated in the Debt Restructuring Agreement and thereafter to  
implement the restructuring plan.

The Company's Board of Directors will make available to Bursa  
Malaysia Securities Berhad any updates on the restructuring of  
the DRA.  

Headquartered in Sarawak Malaysia, Wembley Industries Holdings  
Berhad is a developer of commercial properties and investment  
holding.  Other activities are the development of the inter-
state bus and taxi terminal, the retail podium and the budget  
hotel.


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

APEX MINING: Government Approves Masahara Agreement
---------------------------------------------------
The National Government has approved a mineral production  
sharing agreement with Apex Mining Company for the development  
of the Masahara gold project in the southern part of the  
country, The Philippine Daily Inquirer reveals.

According to The Inquirer, the Company informed the Philippine  
Stock Exchange that a second contract was still pending  
government approval.  The Company, however, did not provide  
details.

Apex Mining is majority owned by United Kingdom-based Crew Gold  
Corp.  It owns the Masara gold mine in Compostela Valley on the  
island of Mindanao.  

The Company's principal product is gold.  APX is a corporation  
that is principally engaged in the business of mining gold,  
silver, copper, lead and other precious metals. The company was  
initially involved in copper mining and shifted to gold mining  
in the late 70s when copper prices started to plummet.  

After almost a decade of largely profitable operations, Apex  
shut down in March 1991 due to adverse conditions brought about  
by an illegal strike of its workforce.  As peaceful and stable  
conditions were restored, Apex restored to a Mines Operating  
Agreement with a foreign-backed outfit.

In December 26, 1994, the company entered into a MOA with Base  
Metals Mineral Resources Corporation. The agreement gave BMMRC  
the sole and exclusive right to explore, develop, mine and  
operate the Masara-Gold-Lead-Zinc-Silver Project situated in the  
province of Davao del Norte for a period of seven years with an  
option for renewal for another seven years upon mutual agreement  
of the parties.

In the hope of getting back on track, the company launched  
"Project 200" by the last quarter of 1997.  This is to resume  
operations in the Masara mines using the company's own  
resources.  The new system marked the use of "Corpo" or "Balbag"  
system, a viable alternative in the area of work relationships  
wherein the owner and the mines exist in a partner and  
industrial partner relationship.

Operations were suspended on March 16, 2000 up to the present.   
However, a mine rehabilitation program was implemented starting  
July 2000 to re-access the measured ore blocks located at level  
850 and level 930.  There is a pending negotiation for a joint  
venture with Argonuat Mining Co., Inc. of 3780 Kilroy Airport  
Way, Suite 200 Long Beach, California.  The transaction is being  
delayed by the current peace and order situation in Mindanao.


EXPORT AND INDUSTRY: Eyes Bank Buy After Php3-Bln Infusion
----------------------------------------------------------
Export and Industry Bank is considering buying a commercial or a  
thrift bank after it received a Php3-billion fresh cash  
injection from its 40% shareholder, the Lippo Group of Hong  
Kong, BusinessWorld reports.

According to the report, Exportbank has been looking at  
acquiring a bank in the past two years but has not pursued the  
plan seriously.  Now with the recent cash infusion, Exportbank  
has the resources to finance its proposal.  It is still unclear,  
however, how much the bank is willing to dole out for the  
acquisition.

Aside from the Php3-billion infusion from the Lippo Group,  
Exportbank also forged an agreement with the state-controlled  
Philippine Deposit Insurance Corporation to unload Php10-billion  
worth of bad assets, which the bank had inherited from the  
defunct Urban Bank group.  

Under the deal, state insurer PDIC will buy the bad assets at a  
70% discount, in effect paying Php3 billion for the Php10  
billion in bad assets.  Because of the discounted rate, PDIC  
also agreed to provide income support by way of a Php7-billion  
soft loan for 10 years, to be secured by government securities.  

Headquartered in Makati City, Manila, Exportbank --  
http://exportbank.com.ph/-- has 50 branches and has revived   
former Urban Bank unit under new names.  Its principal activity  
is the provision of commercial banking services such as deposit-
taking, loans and trade finance, domestic and foreign fund  
transfers, treasury, foreign exchange and trust services. It  
operates through its business segments.  Branch Banking handles  
individual customers' deposits and provides consumer type loans,  
overdrafts and funds transfer facilities.  Account Management  
Group handles loans and other credit facilities and deposit and  
current accounts for corporate, institutional and retail  
customers.  Treasury and Financial Institutions provides money  
market, trading and treasury services, as well as the management  
of the Group's funding operations by use of treasury bills,  
government securities, placements and acceptances with other  
banks and forward contracts, through treasury and wholesale  
banking.  Real Estate represents the Group's real estate  
business engaged in building and development of properties.


LEPANTO CONSOLIDATED: Trades Additional Common Shares
-----------------------------------------------------
On November 3, 2005, Lepanto Consolidated Mining Company issued  
a Circular for Brokers No. 4864-2005 pertaining to the listing  
of the Company's 4,264,671,951 common shares, divided into  
2,558,803,769 Class "A" shares and 1,705,868,182 Class "B"  
shares, with a par value of Php0.10 per share.  These shares  
will cover the Company's 1:5 pre-emptive rights offering to all  
stockholders of record as of September 21, 2005 at an offer  
price of Php0.20 per share.

In its letters dated January 31, 2006 and February 1, 2006, the  
Company advised that further to the 4,263,206,263 fully paid  
shares, an additional 624,391 shares were fully paid and broken  
down into:

             Class "A" shares      548,459
             Class "B" shares       75,932
             Total                 624,391

This brings the number of fully paid shares to a total of  
4,263,830,654 common shares and the number of partially paid  
shares to 841,297 common shares.

In view thereof, the additional fully paid 624,391 common shares  
may be traded starting today, February 3, 2006.

The designated stock transfer agent is authorized to record and  
register in its books the additional fully paid 624,391 shares.   
The transfer agent shall be authorized to record and register  
the remaining 841,297 partially paid shares only upon full  
payment of the same by the concerned subscribers.

Lepanto Consolidated Mining Company --  
http://www.lepantomining.com/-- was incorporated primarily to   
be involved in exploration and mining of gold, silver, copper,  
lead, zinc and all kinds of ores, metals, minerals, oil, gas and  
coal and their related by-products.  The Company was  
incorporated in 1936 and until 1997 was operating an enargite  
copper mine.  It shifted to gold bullion production in the same  
year through its Victoria Project.  Lepanto operated a copper  
flotation plant from August 2000 to December 2001, when copper  
operations were suspended due to the presence of excessive  
penalty elements in the mill feed and copper concentrate.   
Lepanto sells its gold bullion production to London's Johnson  
Matthey.

Lepanto is one of the oldest mining companies in the  
Philippines.  It is one of the country's top producers of gold  
and its by-products, copper and silver.  The Company also has  
investments in other areas through its subsidiaries such as:  
hauling business, diamond drilling business, insurance business,  
manufacturing of industrial diamond tools for mining  
exploration, marble cutting and the construction industry.


MANILA ELECTRIC: Supreme Court Rejects Bid to Hike Charge
---------------------------------------------------------
The Manila Electric Company was not allowed by the Supreme Court  
to raise its generation charge, The Philippine Daily Inquirer  
says.

On January 31, 2006, the Supreme Court nullified Energy  
Regulatory Commission's June 2, 2004, order, which permits  
Meralco to increase its charge.

According to The Inquirer, the ERC has earlier allowed Meralco  
to hike its generation charge from Php3.1886 per kilowatt-hour  
to Php3.3213 per KWh.

Headquartered in Ortigas, Pasig City, the Manila Electric  
Company -- http://www.meralco.com.ph/-- is the biggest among   
the electric distribution utilities in the country.  The  
principal business of the issuer is the distribution and sale of  
electric energy through its distribution network facilities in  
its franchise area.  

Meralco has diversified into businesses directly related to its  
core business of electric distribution.  The Company has  
investments on companies involved in engineering, construction,  
consultancy with expertise in the fields of power generation,  
transmission and distribution, telecommunications and industrial  
installations.  Through its other investments, it is also  
involved in information technology and property development.


NATIONAL POWER: PSALM's IPARP Draws 30 Potential Investors
----------------------------------------------------------
At least 30 local and foreign investors have signified their  
interest on National Power Corporation's generating assets, and  
are keen on joining the investor preliminary asset review  
process conducted by the Power Sector Assets and Liabilities  
Management Corporation, The Philippine Star reports.

IPARP will enable potential bidders to draw a better assessment  
of their targeted power plants through site visits and access to  
plant information in the PSALM data room, the paper says.

PSALM's vice president for Asset Management and Electricity  
Trading Group, Froilan A. Tampinco, confirmed the agency has  
received 13 and 17 expressions of interests from local and  
foreign firms, respectively.  Six of the foreign investors come  
from Japan, five from the United States, five from Asia and two  
from Europe.

PSALM launched the IPARP program in March last year, according  
to The Star.  Since then, the agency reported a total of 23  
plant site visits.

To participate in the IPARP, interested investors are required  
to submit a written expression of interest and execute a  
confidentiality agreement and undertaking.  

Headquartered in Quezon City, Philippines, National Power  
Corporation -- http://www.napocor.gov.ph-- 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 subsidiary.


VICTORIAS MILLING: Manulife Withdraws Opposition to Rehab Plan
--------------------------------------------------------------
The Securities and Exchange Commission has issued a  
Manifestation on Case No. 07-97-5693 pertaining to Victorias  
Milling Company Incorporated's Petition for Declaration of a  
State of Suspension of Payments, for the approval of the  
Company's Rehabilitation Plan, and the appointment of a  
management committee.

The SEC notice disclosed that:

"On January 27, the VMC President received a letter from  
Villanueva Gabionza & De Santos Law firm, the Corporation's  
External Counsel handling the Corporation's rehabilitation case  
before the SEC, informing it that their law firm has received a  
copy of the Manifestation dated January 9, 2006 filed by the  
counsel of Manufacturers Life Insurance Company before the  
Securities and Exchange Commission, withdrawing any and all  
oppositions it had as regards to the successful implementation  
of VMC's Rehabilitation Plan and manifested that, without  
prejudice to whatever formalities may be required, it accedes to  
VMC's rehabilitation plan".

A full-text copy of the report is available for free at:

  http://bankrupt.com/misc/tcrap_victoriasmilling020206.pdf  

Victorias Milling Company Inc. --  
http://www.victoriasmilling.com/-- was organized in 1919 and is   
engaged in the business of acquiring, constructing, maintaining  
and operating sugar mills, as well as other related business  
activities.  It is the largest sugar mill operator in the  
Philippines and one of the largest in the Southeast Asian  
region.  Through the years, the company has expanded its  
operations to include a foundry, a machine shop, a fabrication  
shop, a food canning company, an organic fertilizer plant and a  
piggery.  

However, the company has incurred significant losses from  
operations, which adversely affected its financial condition and  
cash flow position.  On July 4, 1997, the company filed an  
application with the Securities and Exchange Commission (SEC)  
for suspension of payments to creditors.  On July 8, 1997, the  
SEC issued a stay order restraining all creditors of the company  
or any of its subsidiaries from enforcing their claims to allow  
the company or any of its subsidiaries to continue to their  
normal business operations.  The SEC also ordered the formation  
of a Management Committee to oversee the company's operations  
and rehabilitation.


* Watchdog Fixes Eyes on Pre-need Firms
---------------------------------------
The Securities and Exchange Commission will closely monitor the  
country's ailing pre-need industry even if 29 of over 30 pre-
need firms had already renewed their licenses, BusinessWorld  
relates.

The watchdog told BusinessWorld that it will keep a close watch  
on the firms to prevent problems that haunted former pre-need  
giants College Assurance Plans Philippines Inc, Pacific Plans  
Inc and Platinum Plans Inc.  The move is also aimed at  
protecting plan holders, particularly those with maturing plans  
this year.

The industry was plagued with the crisis encountered by major  
players on their maturing obligations for open-ended ended  
education plans, wherein tuition soared to unexpected levels  
following the deregulation of the education sector,  
BusinessWorld says.

For this year, only 29 pre-need providers had their licenses  
renewed.  The others were not granted licenses either because  
they failed to meet some requirements such as a certain level  
for their trust fund, or they did not voluntarily renew their  
licenses.


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

EVERGREAT CONSTRUCTION: Placed Under Judicial Management  
--------------------------------------------------------
On January 20, 2006, the Singapore High Court ordered to place  
Evergreat Construction Company Pte Limited under judicial  
management.


PE INTERNATIONAL: Court to Hear Winding Up Petition Feb. 10  
-----------------------------------------------------------
On January 18, 2006, Ho Kwok Weng filed a winding up petition  
against PE International Exhibitions Pte Limited.

The Singapore High Court has scheduled to hear the Petiiton on  
February 10, 2006, at 10:00 a.m.  

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

The Petitioner's solicitors, Trinity Law Corporation, 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.  

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


RMCA HOLDINGS: Creditors' Claims Due Feb. 27  
--------------------------------------------
Creditors of RMCA Holdings Pte Limited are required to submit  
their proofs of claim by February 27, 2006, to:  

          Chee Yoh Chuang
          Lim Lee Meng
          Liquidators
          18 Cross Street
          #08-01 Marsh & McLennan Centre
          Singapore 048423

Failure to comply with the requirement will exclude creditors  
from the benefit of the Company's dividend distribution.


WEE POH: Issues Shares as Payment for Professional Services  
-----------------------------------------------------------
On December 14, 2005, Wee Poh Holdings Limited entered into two  
deeds of settlement with K C Yin & Co. and Yeow Wee Kiong Law  
Corporation in relation to the payment for professional services  
offered in relation to a scheme of arrangement by Company  
subsidiary, Wee Poh Construction Co. Pte Limited.

As of December 13, 2005, Wee Poh Holdings owed SGD178,750 to K C  
Yin & Co., and SGD41,250 to Yeow Wee Kiong Law Corporation.  In  
the deed of settlement, the Company will issue 18,074,000 new  
ordinary shares in its capital and 4,171,000 new shares at an  
issue price of SGD0.00989 to both firms as payment of  
professional fees.

After receiving approval from the Singapore Exchange &  
Securities Trading Limited for the shares issue, the Company had  
on January 12, 2006, issued 22,245,000 settlement shares to K C  
Yin & Co. and Yeow Wee Kiong Law Corporation.

Headquartered in Singapore, Wee Poh Holdings Limited --   
http://www.weepoh.com.sg-- operates in the infrastructure   
segment, which consist construction of expressways, road,  
underpasses, bridges, buildings, drainworks and other  
infrastructure projects; and management services which involve  
the provision of management consultancy services for civil  
engineering works.  The Group operates solely in Singapore.     


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

SIAM AGRO-INDUSTRY: Repurchases Assets from Kasikornbank
--------------------------------------------------------
Siam Agro-Industry Public Co. Ltd. has bought back all the land  
and buildings involving the factory and ancillary facilities on  
December 29, 2005, from Kasikornbank Public Co. Ltd.

The funds used for the buy-out were proceeds from the issuance  
of 180 million shares with a par value of THB1 to Pineapple  
Canning Industry Corp. Ltd on December 29, 2005.  The buy back  
is in accordance with the reorganization plan of the Company.

CONTACT: Siam Agro-Industry Pineapple And Others Pcl    
         Ocean Tower 2, Floor38,  
         75/105 Sukhumvit Road,  
         Watthana Bangkok     
         Telephone: 0-2661-7878    
         Fax: 0-2661-7865    
         Web site: http://www.saico.co.th


THAI AIRWAYS: To Restructure Fuel Surcharge Rates
-------------------------------------------------
In order to be more competitive with other airlines, Thai  
Airways International Public Co Ltd will modify its fuel  
surcharge structure, Bangkok Post reports, citing Vasing  
Kittikul, the company's executive vice-president for commercial  
affairs.  

According to the Post, Thai Airways currently charges flat rates  
on fuel costs of US$25 for short-haul flights and US$50 for  
international flights.

Thai Airways will replace these rates with a new variable  
structure depending on the route and the country of
destination.   
The new surcharge structure will be put in place on April 1,  
2006, the Post says.

Headquartered in Bangkok, Thailand, Thai Airways International  
Public Company Limited -- http://www.thaiairways.com/--   
operates domestic and international air transportation service.   
This includes support services such as freight forwarding,  
warehousing, on-line ticketing, hotel and restaurant operations,  
fuel storage and filling for aircraft at the airport Air  
catering and fuel pipeline transportation.  The Group also  
provides services in other type of transportation in connection  
with the information technology services, distributes computer  
services, flight reservation and other travel-related services.   
Passenger and excess baggage accounted for 79% of fiscal 2002  
revenues; freight, 15% and mail & other activities, 6%.


THAI DURABLE: Uses Private Placement Proceeds to Repay Debts
------------------------------------------------------------
Thai Durable Group Public Co. Ltd. raised THB58,072,500 million  
from the private placement of shares held on November 27, 2005.

The proceeds were used to pay severance fees of 211 workers,  
totaling THB15.7 million and accrued Bonus amounting to THB2.7  
million.  The total feed due reached THB18.4 million.   

The payments followed lay-offs last December resulting from the  
closure of some of the Company's spinning mills.

The remaining proceeds were used as working capital for payment  
of expenses such as raw materials amounted to THB27.2 million,  
social security amounted to THB10.4 million, and others.

Headquartered in Bangjak, Phapradang Samut Prakarn, Thai Durable  
Group Public Company Limited (TDT) -- http://www.tdt.co.th-- is   
a well-established textile manufacturer in Thailand.  The  
Company offers a range of products, including yarns and fabrics  
made from cotton, polyester, and rayon, as well as garment such  
as beds sheets, table cloths, and uniforms.   


THAI PETROCHEMICAL: Court Defers Rehab Exit Hearing
---------------------------------------------------
The Central Bankruptcy court has postponed until April 18, 2006,  
the hearing of Thai Petrochemical Industry Public Co. Ltd.'s  
(TPI) petition to exit from its debt-restructuring plan, The  
Nation reports.

The Court said it needs more time to consider the case since  
there were a number of TPI-related cases under its  
consideration, and that of the Supreme Court, The Nation says.   
An exit from debt restructuring could affect those cases.

According to the report, TPI's founder, Prachai Leophairatana,  
also lodged a petition opposing the exit.  

Even if the deferral would not directly hurt TPI's operation,  
the new strategic partners will be affected.  A source at PTT,  
one of TPI's strategic partners, is willing to wait until April  
for the decision.

"While we can do nothing with the board of directors, we still  
stand to gain from the investment through dividends," a source  
told the Nation.  

Last year, PTT spent THB20.3 billion for a 30-per-cent of TPI.    
The Government Pension Fund, Government Savings Bank and Vayupak  
Fund I hold 9.5 per cent each. TPI's creditors, Prachai,  
minority shareholders and TPI staff own the rest.  

According to a lawyer close to the case, the court's decision  
was unfair to those investors who have shelled out THB50 billion  
if they would have to wait until the expiry date, by the end of  
this year.

PTT Plc, the leader for the new strategic partner, planned to  
convene a meeting immediately after the court grants the exit.   
It is planning to increase the number of directors and nominate  
their representatives to the board.  

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry  
(TPI) -- http://www.tpigroup.co.th-- is the leading integrated   
petrochemical company in the country, producing naphtha,  
liquefied petroleum gas, and lubricant oils.  The bankrupt  
company is being reorganized by the Thai government and plans to  
emerge from bankruptcy in early 2006.  PTT Plc, Thailand's  
largest oil and gas group, purchased a 31.5% stake in the  
company in late 2005.



* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                         Total
                                         Shareholders   Total
                                         Equity         Assets
Company                      Ticker    ($MM)          ($MM)
------                       ------    ------------   ------


CHINA & HONG KONG
-----------------
Guangdong Meiya Group Co. Ltd. 000529      27.43      178.19
Guangdong Sunrise Group
Group Co. Ltd-A                000030    (-182.94)      35.98
Guangdong Sunrise
Group Co. Ltd-B                200030    (-182.94)      35.98
Hainan Dadong-A                000613     (-6.63)      17.81
Hainan Dadong-B                200613     (-6.63)      17.81
Heilongjiang Black Dragon      600187     (-29.45)    153.92
Co. Ltd.
Shenz China Bi-A               000017     (-206.9)      50.08
Shenz China Bi-B               200017     (-206.9)      50.08
Xinjiang Tunhe Investment      600737       47.57      476.47
Co. Ltd.

INDONESIA
---------
Barito Pacific Timber Tbk Pt    BRPT     (-62.86)     360.72

MALAYSIA
--------

Kemayan Corp Bhd                KOP      (-353.12)      84.89
Lityan Holdings Bhd              IT       (-8.43)       28.86
Panglobal Bhd                   PGL       (-50.36)     189.92
PSC Industries Bhd              PSC         51.63      639.35

PHILIPPINES
-----------

Pilipino Telephone Co.          PLTL     (-159.78)     280.22

SINGAPORE
---------
China Aviation Oil (Singapore)   AO       132.64  351.87
Corporation
Informatics Holdings Ltd         INFO     (-6.73)       27.59
Lindeteves-Jacoberg Limited       LG       39.61      332.07
Pacific Century Regional          PAC     (-145.53)   1289.71

THAILAND
--------
Asia Hotel PCL                  ASIA       (-30.12)     101.17
Asia Hotel PCL                  ASIA/F     (-30.12)     101.17
Bangkok Rubber PCL              BRC        (-57.11)      78.78
Bangkok Rubber PCL              BRC/F      (-57.11)      78.78
Central Paper Industry PCL      CPICO      (-37.02)      40.41
Central Paper Industry PCL      CPICO/F    (-37.02)      40.41
Circuit Elect PCL               CIRKIT     (-25.89)      61.3
Circuit Elect PCL               CIRKIT/F   (-25.89)      61.3
Datamat PCL                     DTM        (-1.72)       17.55
Datamat PCL                     DTM/F      (-1.72)       17.55
National Fertilizer PCL         NFC          70.66       142.61
National Fertilizer PCL         NFC/F        70.66       142.61
Siam Agro-Industry Pineapple
And Others PCL                  SAICO      (-14.71)      13.38
Siam Agro-Industry Pineapple
And Others PCL                  SAIC0/F    (-14.71)      13.38
Thai Wah Public
Company Limited-F               TWC        (-47.01)     158.87
Thai Wah Public
Company Limited-F               TWC/F      (-47.01)     158.87





                            *********

  
S U B S C R I P T I O N  I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter  
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ  
USA, and Beard Group, Inc., Frederick, Maryland USA.  Lyndsey  
Resnick, Ma. Cristina Pernites-Lao, Faith Marie Bacatan, Reiza  
Dejito, Erica Fernando, Freya Natasha Fernandez, and Peter A.  
Chapman, Editors.  
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.  
  
This material is copyrighted and any commercial use, resale or  
publication in any form (including e-mail forwarding, electronic  
re-mailing and photocopying) is strictly prohibited without  
prior written permission of the publishers.  Information  
contained herein is obtained from sources believed to be  
reliable, but is not guaranteed.  
  
The TCR -- Asia Pacific subscription rate is $575 for 6 months  
delivered via e-mail. Additional e-mail subscriptions for  
members of the same firm for the term of the initial  
subscription or balance thereof are $25 each.  For subscription  
information, contact Christopher Beard at 240/629-3300.  
  
                 *** End of Transmission ***