TCRAP_Public/060206.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

             Monday, February 6, 2006, Vol. 9, No. 026

                            Headlines

A U S T R A L I A

AUSTRALIAN PROJECT: Decides to Close Ops
CANPIN PTY: Members Pass Winding Up Resolution
CARTER HOLT: CEO Tenders Immediate Resignation
CARTER HOLT: Rank Group Pushes for Full Takeover
CARTER HOLT: Posts 77% Fall in Annual Profit

CHRISTIES CAFE: Liquidator to Explain Wind-Up Report
CPF PTY: Enters Voluntary Liquidation
COMPUTER POWER: Falls Into Liquidation
FARIDA HOLDINGS: Winds Up Business
GARDAM CONTRACTING: To Declare Dividend to Creditors

GRAHAM INVESTMENTS: Members Agree to Shut Down Firm
J. E. HOOKE: Prepares to Pay Dividend
JUST LOVETT: To Hold Final Meeting on Feb. 10
LEWISVIEW PTY: Placed Under Voluntary Liquidation
MARVEL AIRCONDITIONING: Creditors OK Liquidator's Appointment

MULTIPLEX: Plans To Shift Wembley Costs To FA
NATIONAL AUSTRALIA: Union Urges Employees to OK New EBA
PERIDON MANAGEMENT: Inability to Pay Debts Leads to Wind-up
PREMENISH PTY: Poised to Liquidate Operations
PRODUCTION BRAZING: Members Agree to Close Shop

QANTAS AIRWAYS: May Face Competition with Singapore Airlines
RIPA CONCRETE: To Undergo Voluntary Liquidation
RM GALICIA: Prepares to Wind Up Firm
SANTOS LIMITED: Still Considering PNG Gas Project
SQUEEZE CHATSWOOD: Wind-Up Process Completed

TELSTRA CORPORATION: To Split Operations to Three Units
UNLIMITED BRICK: Members & Creditors Favor Liquidation
VINER TRADING: To Distribute Final Dividend
VOLANTE GROUP: Board Opts to Acquire Software Solutions Business
WINE ACCESSORIES: Named Gregory Andrews to Oversee Wind-up


C H I N A  &  H O N G  K O N G

COMPANION MARBLE: Appoints Official Liquidator
DICHAIN LOGISTICS: Chinese Bank Files Lawsuit
E-GO INTERIOR: Begins Bankruptcy Proceedings
FOREVER RICHLY: Set to Close Business Operations
HUNG TIN: Court Issues Wind-Up Order

IIN INTERNATIONAL: To Achieve Turnaround This Year
MAYRISE INVESTMENTS: Cheng kai Tai Ceases to Act as Liquidator
LEADING SPIRIT: Issues Final Dividend
OMEGA SHOWROOM: Shuts Down Business
SEVERN COMPANY: Liquidator to Present Company Report

SHEUNG WAN: Court to Hear Wind-Up Petition on Feb. 22
SUN SANG: Commences Winding Up Process
SWEET HOUSE: Appoints Official Liquidator
WIN DYEING: To Hold Final Meeting March 1
YUEN CHAK: Creditors Meeting Fixed Feb. 10


I N D I A

ELECTRONIC SYSTEMS: Union Demands Back-to-Work Order
INNOVATIVE TECH: Settles OTS with Creditor
JK COTTON: Labor Commissioner Snubs Workers' Claim
MINING AND ALLIED: Ruia Group Sets Eyes on Assets
RITESH INDUSTRIES: Board to Consider Merger Date on Feb. 9

UP CEMENT: JP Takes Over with INR459-crore Bid


I N D O N E S I A

BANK MANDIRI: Ex-Manpower Minister Questioned in Lending Scam
GARUDA INDONESIA: Court Dismisses Bankruptcy Petition by IT Firm
GARUDA INDONESIA: In Talks with Creditors on Debt Settlement
KERTAS KRAFT: State Lender to Restructure Debt
* 400 Garment Firms Shut Down in 2005


J A P A N

HITACHI LIMITED: Third Quarter Profit Down 79%
JAPAN AIRLINES: Signs Contract for Additional Bombardier CRJ200
KANEBO COSMETICS: Kao Takes 86% Stake
LIVEDOOR CO.: Cancels Plan for Real Estate Agencies
MITSUBISHI MOTORS: Thai Unit to Issue Baht Denominated Bonds


K O R E A

SAMSUNG CARD: Lengthens Advance Discount Perks


M A L A Y S I A

AKTIF LIFESTYLE: Financial Condition Unchanged
CHG INDUSTRIES: Decides Not to Revise Restructuring Scheme
K.P. KENINGAU: Bourse Removes Securities from Official List
OMEGA HOLDINGS: Awaits Decision of Regularization Plan
POS MALAYSIA: Issues New Shares for Listing, Quotation

TANAH EMAS: Bourse to List, Quote New Shares


P H I L I P P I N E S

ATLAS CONSOLIDATED: Posts Update on Pre-mining Activities
MANILA ELECTRIC: Studying Implications of SC Decision on GRAM
NATIONAL POWER: Privatization Delay Worries Creditors


S I N G A P O R E

ASSETS VICTORY: Creditor Seeks to Wind Up Firm
KIM KOON: Placed Under Voluntary Liquidation
LIANG HUAT: Completes Property Sale
LIANG HUAT: Modifies Debt Repayment Scheme to Creditors
SUPPLEMENTS WORLD: Court Issues Wind-up Order


T H A I L A N D

NAKORNTHAI STRIP: Downplays Potential Investor Report
THAI AIRWAYS: Delays Bangladesh Airport Management
THAI PETROCHEMICAL: Central Bank Reclassifies Loans

     -  -  -  -  -  -  -  -

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

AUSTRALIAN PROJECT: Decides to Close Ops
----------------------------------------
Members and creditors of Australian Project Management Services
Pty Limited held a meeting on January 10, 2006, and agreed to
close the Company's business.

The parties then appointed Gregory Stuart Andrews as liquidator
to oversee the wind-up operations.

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


CANPIN PTY: Members Pass Winding Up Resolution
----------------------------------------------
On January 10, 2006, the members of Canpin Pty Limited agreed to
wind up the Company's operations voluntarily. They also
appointed R. M. Sutherland as liquidator for that purpose.

Contact: R. M. Sutherland
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney NSW 2000
         Phone: 02 9233 2111
         Fax: 02 9233 2144


CARTER HOLT: CEO Tenders Immediate Resignation
----------------------------------------------
Peter Springford has resigned as chief executive officer and
managing director of Carter Holt Harvey Limited, effective
February 3, 2006.  He will remain as an adviser to the Company.

Mr. Springford has been with Carter Holt and its Board of
Directors for 12 years.


CARTER HOLT: Rank Group Pushes for Full Takeover
------------------------------------------------
Rank Group Investments Limited's takeover bid for Carter Holt
Harvey Limited finished last week as it acquired 85.7% of the
Company, at NZ$2.50 per share.

On February 3, 2006, Rank Group further offered to purchase the
remaining 14.3% of Carter Holt, thus increasing its share price
offer to NZ$2.75.

Rank's NZ$2.50-per-share offer was unanimously recommended by
Carter Holt's independent directors and was determined to be
fair by Grant Samuel & Associates Limited.  It closed with
acceptances of 85.7% of the Company from approximately 25,000
shareholders, including International Paper, which holds a 50.5%
interest in the Company.

Rank said it prefers to complete its takeover and privatize
Carter Holt, as the fundamental reasons for maintaining a public
company -- access to equity markets and liquidity in the shares
-- are of no commercial value to Rank, while the costs and
liabilities associated with being public remain.

According to Rank, its NZ$2.75 price offer has not changed its
belief that the NZ$2.50 offer is already a full and far value
for Carter Holt shares.  Rather, the investments group had been
advised as to the price necessary to acquire the remaining
shares and determined this to be within tolerance in the
circumstances.  Rank is not prepared to pay the higher price for
additional Carter Holt shares on an incremental basis.  
Therefore, Rank clarified that its increased offer has been
structured at an "all or nothing" manner, by way of a condition
that it secures a 90% shareholding.

The 90% shareholding level is the level at which the compulsory
acquisition procedure can be implemented.  This condition cannot
be waived.  If the 90% holding is not achieved, Rank made clear
that it will not acquire any shares under this new offer and the
offer will lapse.

Furthermore, the new offer price is structured in two parts,
being NZ$2.70 per share, with an additional 5 cents per share
payable if Rank achieves a 90% shareholding within seven
business days of the date of the new offer (anticipated to be
mid-February).  This provides a tangible incentive for
shareholders to act promptly.

Rank's offer for the remaining shares in Carter Holt represents
a substantial 10% premium on the price paid to acquire present
interest, is at the upper end of the range most recently
determined by independent valuation, and includes an early
acceptance premium in order to provide certainty and early
payment to accepting shareholders.

Rank Group is an investment vehicle owned by New Zealand's
richest man, Graeme Hart.

Carter Holt Harvey Limited -- http://www.chh.com-- is a forest  
products company in the Australasia region, with significant
interests in wood products, pulp, paper and packaging, supported
by forests.  Leading Carter Holt Harvey brands include Bestwood,
Customwood, Ecoply, Kopine and Pinex, and the Company's
packaging can be found in most supermarket aisles.

Carter Holt Harvey is listed on both the NZX and ASX, and
employs approximately 10,500 people across New Zealand,
Australia and Asia.  The company's head office is in Auckland,
New Zealand.


CARTER HOLT: Posts 77% Fall in Annual Profit
--------------------------------------------
Carter Holt Harvey Limited delivered its 2005 annual results,
showing a 77% decline in profit as Rank Group Investments sets
to complete its takeover of the New Zealand forest products
company, The Sydney Morning Herald reports.

Carter Holt disclosed a NZ$130 million net profit for 2005, down
from NZ$569 million in 2004.  The Company also said that its
operating profit plunged 30% to NZ$207 million in 2005.

The Sydney Herald notes that Carter Holt's 2005 result was in
line with the Company's profit forecast, which was slashed to
NZ$200 million due to weakening market conditions in most of its
businesses.

Carter Holt said that its wood products business had a "very
difficult year," with its operating profit falling 67% to
NZ$33 million.  Its pulp and paper division, on the other hand,
fell 73% to NZ$21 million in its operating profit.

However, Carter Holt's packaging division increased its
operating profit by 5% to NZ$42 million, while forests lifted
its operating profit by 6% per cent to NZ$66 million, excluding
a NZ$39 million gain on land sales.

Carter Holt decided to forego a final dividend.

Carter Holt Harvey Limited -- http://www.chh.com-- is a forest  
products company in the Australasia region, with significant
interests in wood products, pulp, paper and packaging, supported
by forests.  Leading Carter Holt Harvey brands include Bestwood,
Customwood, Ecoply, Kopine and Pinex, and the Company's
packaging can be found in most supermarket aisles.

Carter Holt Harvey is listed on both the NZX and ASX, and
employs approximately 10,500 people across New Zealand,
Australia and Asia.  The company's head office is in Auckland,
New Zealand.

CHRISTIES CAFE: Liquidator to Explain Wind-Up Report
----------------------------------------------------
A final meeting of the members of Christies Cafe Pty Limited
will be held on February 10, 2006, at 11:00 a.m.

At the meeting, liquidator R. J. May 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.

Contact: R. J. May
         KPMG
         Level 30, Central Plaza One
         345 Queen Street, Brisbane Qld 4000
         Phone: 07 3233 3111


CPF PTY: Enters Voluntary Liquidation
-------------------------------------
At a general meeting of the members of CPF Pty Limited on
January 10, 2006, it was agreed that a voluntary wind-up of the
Company is appropriate and necessary.

Moreover, John Lord of PKF Chartered Accountants was appointed
as liquidator for the wind-up.


COMPUTER POWER: Falls Into Liquidation
--------------------------------------
On January 3, 2006, the Board of Directors of EasyCall
International Limited's wholly owned subsidiary, Computer Power
Group Pty Ltd, has determined to appoint Ferrier Hodgson as
CPG's administrator, effective immediately.

The administrators subsequently held tow meetings with CPG
creditors.  At the second meeting on January 30, 2006, the
creditors present voted unanimously in favor of placing CPG in
liquidation.  James Stewart and George Georges of Ferrier
Hodgson were appointed as liquidators.

Easycall will update the market of any material developments on
and the financial impact of CPG's liquidation at an appropriate
time.


FARIDA HOLDINGS: Winds Up Business
----------------------------------
Members of Farida Holdings Pty Limited convened on January 10,
2006, to voluntarily wind up the Company's operations.

In addition, Anthony Robert Cant of Romanis Cant Chartered
Accountants was appointed as liquidator to supervise Farida's
wind-up activities.


GARDAM CONTRACTING: To Declare Dividend to Creditors
----------------------------------------------------
Gardam Contracting Proprietary Limited will declare a first and
final dividend to its priority creditors on February 10, 2006.

Creditors who are unable to prove their claims will be excluded
from the benefit of the dividend.


GRAHAM INVESTMENTS: Members Agree to Shut Down Firm
---------------------------------------------------
On January 11, 2006, members of Graham Investments Pty Limited
agreed to liquidate the Company's operations.

Subsequently, the members named Bruce William Spaul of Munro
Spaul to oversee the Company's wind-up activities.


J. E. HOOKE: Prepares to Pay Dividend
-------------------------------------
J. E. Hooke Pty Limited will declare its first and final
dividend on February 8, 2006.

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

Contact: Mark Pearce
         Liquidator
         Pearce & Heers Insolvency Accountants
         Level 8, 410 Queen Street
         Brisbane Qld 4000
         Phone: 07 3221 0055
         Fax: 07 3221 8885


JUST LOVETT: To Hold Final Meeting on Feb. 10
---------------------------------------------
The members and creditors of Just Lovett Quality Meats (NSW) 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.

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


LEWISVIEW PTY: Placed Under Voluntary Liquidation
-------------------------------------------------
On January 5, 2006, members of Lewisview Pty Limited agreed that
a voluntary wind-up of the Company is necessary and in its best
interests.

As a result, Lachlan McIntosh and Ginette Muller, of
KordaMentha, were appointed as official liquidator.


MARVEL AIRCONDITIONING: Creditors OK Liquidator's Appointment
-------------------------------------------------------------
Members of Marvel Airconditioning Pty Limited convened on
January 10, 2006, to close the Company's operations.

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


MULTIPLEX: Plans To Shift Wembley Costs To FA
---------------------------------------------
Multiplex Group considers obligating England's Football
Association to shoulder portions of the costs incurred in the
Wembley National Stadium Project, The Sydney Morning Herald
reports.

According to the Sydney Herald, Multiplex's warning to FA about
the plan to shift costs came as reports said that the Company's
budget overruns on its GBP445 million design-and-construction
contract may stretch in excess of GBP150 million (US$352.7
million).

Construction News magazine relates that the cost of steel used
in the Wembley Project was around GBP90 million more than the
original budget.  The original contractor, Cleveland Bridge,
left the project after a series of disputes that are now the
subject of a court case.

Hollandia, which replaced Cleveland Bridge, took over the
project, yet charged for the cost of the materials, plus labor
and expertise, instead of engaging in a fixed-price deal.  The
Sydney Herald says that, as a result, the Wembley Project
suffered for the high price of steel over recent years.

The paper believes that Multiplex's relationship with WNSL, the
FA subsidiary overseeing the Wembley Project, may be tested in
the coming weeks.  The Stadium was initially scheduled to be
turned over on January 31, 2006, and almost GBP1 million in
weekly penalty charges are due to be levied about now.

The penalty payments are subject to negotiations between the
parties.  Multiplex suggests to claw back some of the cost
overruns from WNSL, despite the fact that it signed a fixed-
price contract.

As previously reported in the Troubled Company Reporter - Asia
Pacific, Multiplex has already suffered five profit downgrades
last year due to its Wembley involvement.  In December 2005, the
Company warned that full-year profit was likely to be slashed
and put Multiplex in a loss-making position.

                        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: Union Urges Employees to OK New EBA
-------------------------------------------------------
The Finance Sector Union urged National Australia Bank employees
to vote on the new enterprise bargaining agreement, which
structures share allocations to participants.

According to The Sydney Morning Herald, the FSU wants the new
EBA implemented before certain changes take effect in the
industrial relations laws on March 1, 2006.

FSU spokesman Rod Masson said that the new EBA is favorable to
them as there are rights of association and union recognition
clauses, in particular, rights for union representatives to
attend trade union training, access arrangements for the union
and a role for unions in resolving disputes.  These provisions
are prohibited and carry fines under the WorkChoices
legislation.

Union members have at least 14 days to vote on the new EBA.

As previously reported in the Troubled Company Reporter - Asia
Pacific, the new EBA promises NAB employees a 4% fixed wage per
annum over its three-year term; 0.1% annual increases in
superannuation contributions, up to a total employer
contribution of 10% of wages; and a share scheme, which varies
depending on employee income, and will be funded from new
capital.

The new benefits will have no material effect on NAB's accounts.

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.


PERIDON MANAGEMENT: Inability to Pay Debts Leads to Wind-up
-----------------------------------------------------------
Peridon Management Pty Limited has determined that, due to its
inability to pay its debts, a voluntary wind-up of its business
operations is appropriate and necessary.

In that regard, Ezio Marco Senatore and Stephen Brennan, of
Senatore Brennan Rashid, were appointed to oversee the Company's
liquidation activities.


PREMENISH PTY: Poised to Liquidate Operations
---------------------------------------------
At Premenish Pty Limited's meeting on January 9, 2006, creditors
concurred that it is in the Company's best interests to
liquidate its operations.

D. J. Hambleton was appointed to manage the wind-up.


PRODUCTION BRAZING: Members Agree to Close Shop
-----------------------------------------------
On January 9, 2006, members of Production Brazing Co. convened
and agreed that:

   -- the Company be wound up voluntarily; and

   -- that Ricky Diamond be appointed to supervise the wind-up
      activities.


QANTAS AIRWAYS: May Face Competition with Singapore Airlines
------------------------------------------------------------
The Australian Federal Government is likely to expose Qantas
Airways to more international competition when it decides on
Singapore Airline's access to the trans-Pacific route in March.

Analysts, according to The Sydney Morning Herald, believe that
the Government will give Singapore Airlines limited access to
the Australia/United States route.

The route is a lucrative revenue source for Qantas as it
accounts for as much as 20% of the airline's profits, the paper
relates.

The Sydney Herald says that Singapore Airlines has been
targeting that route for over a decade.  Singapore Airlines said
that fares would be cheaper and tourism would increase if it
were allowed to compete against Qantas and United Airlines, the
only other carriers on the route.

Singapore Airlines claims that Australia's tourism industry
would benefit $126 million a year from the extra American
visitors if it given access to the route.

                          About Qantas

Qantas Airways -- http://www.qantas.com.au/-- is the world's   
second oldest airline.  Qantas is also recognized as one of the  
world's leading long-distance airlines, having pioneered  
services from Australia to North America and Europe.  The Qantas  
Group employs approximately 38,000 staff across a network that  
spans 145 destinations (including codeshare services) in  
Australia, Asia-Pacific, Americas, Europe and Africa.

In addition to its transportation operations, the Qantas Group  
operates a diverse portfolio of airline-related businesses,  
including Engineering Technical Operations and Maintenance  
Services, Airports and Catering, Qantas Freight, Qantas  
Holidays, Qantas Defence Services and Qantas Consulting.

In the year ended June 30, 2005, Qantas recorded a profit
before tax of AU$1,027.2 million, up AU$62.6 million or 6.5% on  
the previous year.  Net profit after tax of AU$763.6 million was  
17.8% up on the prior year.  Revenue increased by 11.4% to  
AU$12.6 billion.  The Directors declared a fully franked final  
dividend of 10 cents per share, bringing total fully franked  
dividends for the year to 20 cents per share.


RIPA CONCRETE: To Undergo Voluntary Liquidation
-----------------------------------------------
Members and creditors of Ripa Concrete Services Pty Limited held
a meeting on January 6, 2006, and agreed on the Company's need
to liquidate.  They named Ozem Kassem, of Bentleys MRI Sydney
Business Recovery & Insolvency Partnership, to supervise the
wind-up.


RM GALICIA: Prepares to Wind Up Firm
------------------------------------
The members of RM Galicia Pty Limited held a meeting on Jan. 9,
2006, and agreed to wind up the Company's operations.

Danny Vrkic, of Jirsch Sutherland & Co - Wollongong Chartered
Accountants, was appointed to supervise the closing activities
of the Company.


SANTOS LIMITED: Still Considering PNG Gas Project
-------------------------------------------------
As previously reported by the Troubled Company Reporter - Asia
Pacific, Papua New Guinea's Energy Minister claimed that Santos
Limited had already committed to becoming a part-owner and gas
consumer of the PNG gas pipeline project.

Santos, however, says that it is still considering investing in
the proposed AU$5.32 billion PNG Gas Project.  Santos has been
in talks with Oil Search and ExxonMobil about taking a stake in
the project since last year.

In a company announcement, Santos confirmed that "it is
continuing to undertake due diligence on project data and is
engaged in negotiations with various stakeholders."  Moreover,
Santos said that "definitive agreements relating to the project
have not yet been concluded."

Australian Gas Light Company agreed to take a 10% stake in the
project and to buy around 1,500 petajoules of gas over 20 years
from 2009.  Oil Search said that it hoped Santos would decide to
take a 9.49% stake in the project by the first quarter of 2006.

                    About Santos Limited   
   
Headquartered in Adelaide, South Australia, Santos Limited --    
http://www.santos.com.au/-- is an 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 supplies 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.


SQUEEZE CHATSWOOD: Wind-Up Process Completed
--------------------------------------------
The final meeting of the members and creditors of Squeeze
Chatswood Pty Limited is slated for February 10, 2006, at 10:00
a.m., for them to get an account of the Company's wind-up and
property disposal from liquidator Peter P. Krecji.

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


TELSTRA CORPORATION: To Split Operations to Three Units
-------------------------------------------------------
Telstra Corporation has released its draft operational
separation plan on February 3, 2006 -- two months ahead of
schedule -- The Australian relates.

The Company has agreed to split up its operations into three
parts as a move towards its full sale, which is expected within
2006.  Pursuant to the separation plan, Telstra will set up:

   (1) a wholesale business unit;
   (2) a retail business unit; and
   (3) a key network services unit.

The key network services unit would be in charge of fault
detection, handling and repair, and hooking up phones.

As earlier reported in the Troubled Company Reported - Asia
Pacific, the separation plan outlines the manner by which
Telstra will provide more transparent network access pricing, as
well as non-price terms and conditions, for other
telecommunications companies.  It is also designed to ensure
that the Company does not disadvantage its rivals compared to
its own retail division.

Under the plan, Telstra also proposes to create a new position -
- the director of equivalence -- who would monitor the Company's
compliance with the plan and report to the Government.

The draft plan is open for public comment until March 5.

After the 30-day consultation period, Telstra will prepare a
final plan, which will be submitted to Communications Minister
Helen Coonan.  Ms. Coonan is entitled to direct the Company to
toughen up certain measures.

The Australian cites David Forman, from the Competitive Carriers
Coalition, which represents Telstra's competitors, who described
the plan as "a joke."  He said that the plan "is absolutely
contemptuous of the concept of operational separation and it's
an attack on competition."

Mr. Forman believes that consumers would feel the impact of the
plan and the rental charge through higher prices.  The plan
calls for smaller telcos to pay a AU$30 monthly charge in
exchange for renting Telstra's raw copper wire or Unconditioned
Local Loop Service.

Telstra, however, dismissed Mr. Forman's contention, saying that
the AU$30 charge just about meets the Company's cost, and is,
therefore, a fair price.

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.


UNLIMITED BRICK: Members & Creditors Favor Liquidation
------------------------------------------------------
The members and creditors of Unlimited Brick Cleaning Pty
Limited will convene on February 10, 2006, at 1:30 p.m., to
receive the liquidator's account regarding the Company's
completed wind-up and disposal of property, and to consider any
other business brought before the meeting.

M. F. Cooper, of Frasers Insolvency Advisory, is Unlimited
Brick's liquidator.


VINER TRADING: To Distribute Final Dividend
-------------------------------------------
Viner Trading Co. Pty Limited will declare its first and final
dividend to priority creditors on February 9, 2006.

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


VOLANTE GROUP: Board Opts to Acquire Software Solutions Business
----------------------------------------------------------------
Volante Group Limited's Board of Directors decided to proceed
with the acquisition of a small software solutions business.  
The transaction closure is subject to final contractual
negotiations.  However, price parameters and the key terms have
been agreed on.

The acquisition, which is due to close in the second half of FY
2006, was referred to in Volante's Target's Statement issued on
January 25, 2006.  Transaction consideration will be in the form
of cash payment of approximately AU$5 million, plus additional
deferred cash payments dependent on the achievement of various
performance hurdles.  The amount is payable in installments over
two financial years.

The acquisition will add new capabilities to Volante''s existing
solutions business and represents a further example of Volante's
commitment to grow its ICT services competences and business.  
Volante will continue to review acquisition opportunities that
add to Volante's ICT capabilities.

Headquartered in New South Wales, Australia, Volante Group
Limited -- http://www.volante.com.au/-- is today one of the  
largest ICT infrastructure services companies in Australia.  Its
businesses offer a range of services such as hardware
procurement and software asset management, infrastructure
solutions, software solutions, strategic consulting and managed
services.  Volante employs over 900 staff.


WINE ACCESSORIES: Named Gregory Andrews to Oversee Wind-up
----------------------------------------------------------
At a general meeting on January 11, 2006, Wine Accessories
Australia Pty Limited's members agreed to shut down the
Company's operations.  They named Gregory Stuart Andrews, of G.
S. Andrews & Associates, to act as liquidator for that purpose.


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

COMPANION MARBLE: Appoints Official Liquidator
----------------------------------------------
At a meeting of the members of Companion Marble Engineering
Limited on January 23, 2006, Ho Wai Ip was appointed as
liquidator to supervise the Company's wind-up activities.


DICHAIN LOGISTICS: Chinese Bank Files Lawsuit
---------------------------------------------
On January 26, 2006, the Guangdong Development Bank filed a suit
against DiChain Logistics Services (Shenzhen) Co., due to a
default in loan payments amounting to RMB29.997 million
(US$28.843 million).

A hearing in connection with Guangdong Bank's lawsuit will be
held in the Shenzhen Intermediate People's Court on March 7,
2006.

DiChain Logistics says it is seeking legal advice from its
lawyers and will make an assessment of the impact of the lawsuit
in due course.

Headquartered in Guangdong Province, China, DiChain Logistics
Services (Shenzhen) Co., Ltd -- http://dichainasia.com.cn/-- is  
a subsidiary of DiChain Holdings Limited, which was co-founded
by China Merchants Group.  DiChain Logistics is a professional
logistics service provider engaged in services ranging from
commodity warehousing, loading and unloading, product
processing, import and export customs clearance, combined
transportation and HK distribution.


E-GO INTERIOR: Begins Bankruptcy Proceedings
--------------------------------------------
A bankruptcy order pertaining to E-go Interior Design &
Decoration Co. was issued on January 27, 2006.  All debts due to
the estate should be paid to the official receiver, E.T.
O'Connell.


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


HUNG TIN: Court Issues Wind-Up Order
------------------------------------
On January 6, 2006, Man Kam Lap filed a petition seeking the
wind-up of Hung Tin Timber Works Limited.

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 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 Feb. 28, 2006, to:

     Betty Chan
     Director of Legal Aid
     34/F, Hopewell Centre
     183 Queen's Road East
     Wanchai, Hong Kong
     Phone: 633-3368
     Fax: 634-3009


IIN INTERNATIONAL: To Achieve Turnaround This Year
--------------------------------------------------
IIN International Limited wants to turn around and improve its
business performance this year after a gradual restructuring
exercise, Infocast News relates, citing the Company's chairman,
Wu Shumin.

IIN International aims to develop service-provider operations
due to the tight competition among network solutions businesses,
Mr. Wu says.  He also adds that since the Company provided for
goodwill amortization and other items last fiscal year, it is
unlikely to allot for the same items this fiscal year.

In the year ended September 30, 2005, the Company reported a net
loss of HK$82.097 million.

Infocast recounts that trading in the shares of IIN had been
suspended.

Headquartered in Central, Hong Kong, IIN International
Limited -- http://www.iini.com/-- is a network solutions  
provider in the People's Republic of China.  Established in 1997
by a group of telecommunications experts and enthusiasts, the
Group provides comprehensive network infrastructure solutions
and network management solutions to telecommunications service
provider's nation-wide.  It also caters to customers in other
market sectors in the PRC, including education institutions,
medical institutions, state-owned enterprises and government
agencies in the PRC.


MAYRISE INVESTMENTS: Cheng kai Tai Ceases to Act as Liquidator
--------------------------------------------------------------
Cheng kai Tai, Allen, of 19/F., Beverly House, Nos. 93-17
Lockhart Road, in Wanchai, Hong Kong, had ceased to act as
liquidator of Mayrise Investments Limited on January 18, 2006.


LEADING SPIRIT: Issues Final Dividend
-------------------------------------
Gabriel CK Tam, as liquidator of Leading Spirit Computer (Hong
Kong) Limited, will distribute a final dividend of 0.0616% on
February 9, 2006, at the 22nd Floor, Wing On Centre, 111
Connaught Road, in Central, Hong Kong.


OMEGA SHOWROOM: Shuts Down Business
-----------------------------------
At a meeting of Omega Showroom Limited held on January 18, 2006,
Sze Sau Wan, of Room 602, in 447 Lockhart Road, Hong Kong, was
appointed as liquidator to oversee the Company's wind-up
activities.


SEVERN COMPANY: Liquidator to Present Company Report
----------------------------------------------------
A final meeting of the members of Severn Company Limited will be
held for them to receive the liquidator's final account showing
how the Company was wound up and how its property was disposed
of.

The meeting will be held on February 27, 2006, at 3:00 p.m.  

George Law Kwan Wah is the Company's liquidator.


SHEUNG WAN: Court to Hear Wind-Up Petition on Feb. 22
-----------------------------------------------------
The Secretary of Justice, acting on behalf of the Director of
Lands, presented a petition for the winding up of Sheung Wan
Gala Point Investments Limited on December 13, 2005.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on February 22, 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 21,
2006, to:

     Clare Lee
     Government Counsel
     Counsel for the Petitioner
     Department of Justice
     Queensway Government Offices
     66 Queensway, Hong Kong
  

SUN SANG: Commences Winding Up Process
--------------------------------------
A winding up petition was served on Sun Sang Manufacturing
Company Limited on Nov. 28, 2005.

On January 18, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released an order
to wind up the Company.


SWEET HOUSE: Appoints Official Liquidator
-----------------------------------------
At a meeting of the members of Sweet House Limited on Jan. 16,
2006, Law Hung Chu was appointed as liquidator to supervise the
Company's wind-up activities.


WIN DYEING: To Hold Final Meeting March 1
-----------------------------------------
A final meeting of the members of Win Dyeing Works 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 March 1, 2006, at 11:00 a.m., at the
11th Floor, Lai Sun Commercial Centre, 680 Cheung Sha Wan Road,
in Kowloon, Hong Kong.


YUEN CHAK: Creditors Meeting Fixed Feb. 10
------------------------------------------
A creditors meeting of Yuen Chak Construction Company Limited
will be held at the 13th Floor Gloucester Tower, The Landmark,
11 Pedder Street, in Central, Hong Kong, on February 10, 2006,
at 3:00 p.m.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.

Forms of proxies for the meeting must be lodged not later than
February 9, 2006, at the meeting location.


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

ELECTRONIC SYSTEMS: Union Demands Back-to-Work Order
----------------------------------------------------
Electronic Systems Punjab Limited's workers union has demanded
the Punjab Government to reinstate all retrenched ESPL employees
and lift the lockout on the Company, Chandigrah Newsline
relates.

The call followed a decision by the Appellate Authority for
Industrial and Financial Reconstruction to stay an earlier order
by the Board of Industrial and Financial Reconstruction to
liquidate ESPL, the report says.

In February 2002, the union has entered into an agreement with
the Punjab Government, the ESPL management, and the Punjab and
Sind Bank to continue the Company's operations.  However, the
BIFR issued a wind-up order for ESPL in May 2004 due to an
increase in accumulated losses.

The Punjab Government locked out workers on June 1, 2005, and a
series of retrenchments followed.


INNOVATIVE TECH: Settles OTS with Creditor
------------------------------------------
Innovative Tech Pack Limited has finalized its "one time  
settlement" scheme with one of its secured creditors.   

On completion of OTS in the year 2006-07, the Company is likely  
to get a waiver of interest amounting to INR21.504 million.

OTS is a process through which influential defaulter  
industrialists have been given some relief by waiving a part of  
their dues to the authorities concerned.

Innovative Tech Pack has been declared insolvent on January 4,  
2006, by the Board of Industrial and Financial Reconstruction  
under the Special Provision of Sick Industrial Companies Act  
1985.  The Company is now preparing a rehabilitation scheme.

Headquartered in New Delhi, India, Innovative Tech Pack. Ltd. --
http://www.innovativetechpacklimited.com/-- began as a  
professionally managed public limited company in 1989.  The
Company covers a wide range of packaging needs.  Besides
manufacturing bottles and wide mouth jars (250 ml-3ltrs), the
Company packs carbonated beverage, confectionery, alcoholic
beverages, pharmaceuticals, edible oils, mineral water, personal
hygiene products, tea and coffee.


JK COTTON: Labor Commissioner Snubs Workers' Claim
--------------------------------------------------
The revival of ailing JK Cotton Spinning & Weaving Mills Limited
has hit a snag after Kanpur Assistant Labor Commissioner Chandra
Mani Lal Maurya rejected workers' claim of back wages for the
past 16 years, during which the factory had stopped operating,
Business Standard relates.

JK Cotton employees lodged three petitions under the Uttar
Prudesh Industrial Peace Act 1978 for the Payment of Timely
Wages to recoup a total of INR199.49 crore in back wages to
cover for the January 1991 to September 2005 period, The
Standard says.

Mr. Maurya ruled that only the money earned has to be paid.  The
ruling, however, allows JK Cotton to restart operations on its
own terms.

But workers alleged Mr. Maurya contrived with labor department
officials and the JK Cotton management, hence the decision.  
They are now planning to appeal the ruling with the Labor
Commission.
  
According to The Standard, the workers and the firm's management
are also in dispute over the sale of JK Cotton's surplus
property for revival of its mills, which was ordered by the
Board of Industrial and Financial Reconstruction in its revival
package.  
  
BIFR has directed that the mills should reopen within six months
and the surplus land sold within one to two years. The
management, however, is insisting that they should be allowed to
sell the land first in order to generate substantial amounts.

Meanwhile, Mr. Maurya's ruling has given the Company a chance to
lift the Company's finances.


MINING AND ALLIED: Ruia Group Sets Eyes on Assets
-------------------------------------------------
Kolkota-based Ruia Group has signified its interest to submit a
fresh proposal to acquire state-owned Mining and Allied
Machinery Corporation, which is currently undergoing
liquidation, Business Line reports.

According to Business Line, the State Government is considering
reopening the Durgapur-based Company despite a number of court
cases filed by creditors including the State Bank of India,
which could hamper the firm's resumption of operations.

Earlier, the State Government had tried to take over the MAMC's
estate for development purposes.  The Central Government
approved the proposal and handed over MAMC's property to
developer Asansol Durgapur Development Authority. In return the
State Government agreed to waive mounting dues of MAMC to ADDA
and power utility, Durgapur Projects Ltd.  However, the deal
could not be concluded as the State Bank of India went to court
challenging the decision.  

Meanwhile, the State Government clarified that the Ruia group's
proposal for acquisition would be limited to plant and machinery
only.

MAMC, which has current liabilities of INR1,800 crore, was
originally a part of the Heavy Engineering Corporation - Ranchi,
and was closed in 2002 under a winding up order issued by the
Board of Industrial and Financial Reconstruction.


RITESH INDUSTRIES: Board to Consider Merger Date on Feb. 9
----------------------------------------------------------
The Board of Directors of Ritesh Industries Limited will meet on
February 9, 2006, to consider the change of appointed date of
its proposed amalgamation with Ritesh Spinning Mill Limited.

Ritesh Industries has been suffering continuous losses since
2002.  In the first quarter of the current fiscal year, the
Company has incurred a net loss of INR4.99 million, as against a
net loss of INR6.33 million in the same period last year.

Headquartered in Maharashtra, India, Ritesh Industries Limited -
- http://www.riteshindustries.com/-- is involved in talc  
processing.  The Company markets its product in India and
abroad.  Its major customers are Cipla, Dr.Reddy Labs, Lupin
Laboratories, Win-Medicare,and multinationals such as Heinz
India(Glaxo) and Johnson & Johnson.


UP CEMENT: JP Takes Over with INR459-crore Bid
----------------------------------------------
The defunct UP State Cement Corporation is set to resume
operations after Jai Prakash Associates snapped up its assets
for a price of INR459 crore, BusinessStandard reports.

Besides JP Cement, Lafarge India Pvt Limited and Dalmia Cement
also participated in the financial bid, which was conducted by
the Allahabad High Court on Monday.  Grasim India, which was
also in the race, had decided against participating at the last
minute.

The Court has asked JP Cement to pump 25% of the bid money
wihint 30 days and furnish bank guarantees for the remaining 75%
in a year.  The winning bidder is required to pump in cash to
restart the operations of UPCC's plants, which have been lying
idle for several years now.

Because of hefty operating losses and mounting debts, UPCC was
put up for privatization in 1989.  However, due to violent
protests of workers, the Company was again nationalized in
October 1991.  But despite its nationalization, UPCC failed to
recover and was eventually liquidated in 2002, as ordered by the
Board of Industrial and Financial Reconstruction and endorsed by
the Allahabad High Court.
  
In 2005, the High Court created an "asset sale committee" to
supervise UPCC's liquidation.  The Committee comprises of:

       *  SK Saxena, official liquidation;
       *  representatives of the Industrial Development Bank of
          India Limited and State Bank of India;
       *  Ravindra Singh, principal secretary of industries to
          the Uttar Pradesh government; and
       *  a UPCC representative.  
  
The Committee had invited global bids for the company in August
2005.  Pre bid conference was held in December 5, 2005. The
bidding process was finalized on January 18, 2006, and completed
on January 30, 2006.  UPCC is state-owned company in India to be
revived with judicial intervention.  

The UP State Cement Corporation, currently a "sick" company, has
three plants located at Dala, Chunar and Churk in Mirzapur
district.


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

BANK MANDIRI: Ex-Manpower Minister Questioned in Lending Scam
-------------------------------------------------------------
The Indonesian Attorney General's Office questioned former
Manpower Minister Abdul Latief in relation to a lending scam by
PT Bank Mandiri, The Jakarta Post says.

Prosecutor I Ketut Murtika said that they questioned Mr. Latief
as head of broadcasting company Lativi Media Karya, which had
applied for a loan from the state lender without proper due
diligence.  Earlier, former Lativi director and current West
Kalimantan Governor Usman Djafar was questioned regarding the
case, according to The Post.

In April 2005, Bank Mandiri allegedly granted credit to more
than 28 companies that applied for loans without proper due
diligence, leading to state losses of over IDR12 trillion.  
However, the graft investigation was temporarily suspended,
because the prosecution was required by law to seek the
President's permission to investigate state officials, in this
case Governor Djafar.

The paper relates that as yet, the investigation is still
ongoing, and the AGO is planning to investigate seven to eight
firms that received loans from the state lender without
undergoing due process.

Bank Mandiri -- http://www.bankmandiri.co.id-- Indonesia's  
largest and best capitalized bank in terms of assets, loans and
deposits, provides comprehensive financial services to more than
six million corporate and individual consumers, as well as small
and medium-sized enterprises in Indonesia.  Its total assets as
of March 31, 2002 were IDR261.9 trillion, roughly 24% of the
assets in the banking system, and its capital adequacy ratio of
27% is far higher than the minimum required level of 8% by the
Bank of International Settlements.


GARUDA INDONESIA: Court Dismisses Bankruptcy Petition by IT Firm
----------------------------------------------------------------
Last February 2, 2006, the Central Jakarta Commercial Court
rejected a bankruptcy petition against PT Garuda Indonesia by PT
Magnus Indonesia, the Jakarta Post reports.

The Post says that Magnus Indonesia filed the petition with the
Court, claiming that Garuda failed to pay its fees to the IT
consultant firm.  Garuda Indonesia released a statement that it
refused to pay its fees, as Magnus Indonesia did not meet the
Company's expectations, and therefore filed a suit against
Magnus for nonperformance and breach of contract.

According to lawyers representing Garuda, Magnus Indonesia was
unable to provide evidence to substantiate its bankruptcy
petition; hence, the petition was rejected.

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.


GARUDA INDONESIA: In Talks with Creditors on Debt Settlement
------------------------------------------------------------
PT Garuda Indonesia is still in talks with its creditors on how
to settle its debts totaling IDR7.42 trillion, The Jakarta Post
relates.

Garuda CEO Emirsyah Satar did not comment on the Company's
meeting with creditors last month in Singapore, as they were
still finalizing the details, but he said that the Company asked
to restructure part of its debt. Garuda currently pays its
creditors about IDR748 billion in annual interest on its debts.

The Company's creditors under the European Credit Agency are
scheduled to visit Indonesia this month, to discuss the debt
repayment with the Office of the Minister of State Enterprises,
which is in charge of the state airline.

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.


KERTAS KRAFT: State Lender to Restructure Debt
----------------------------------------------
PT Bank Mandiri has decided to restructure a IDR165 billion loan
owed by PT Kertas Kraft Aceh to the state lender, Asia Pulse
says.

The Indonesian government will inject much-needed funds worth
IDR50 billion into KKA so as to resume operations, after which
Bank Mandiri would begin to restructure its debt, according to
newspaper Bisnis Indonesia. Earlier reports cited that the state
lender was unwilling to help bail out KKA due the risk of
default on its loans.

At present, KKA has a total debt of IDR300 billion; it owes
IDR165 billion to its largest creditor Bank Mandiri, and it also
owes IDR65 billion to U.S. oil firm ExxonMobil Corporation.

After its shutdown in 2003, KKA would need a working capital of
IDR200 billion in order to return to normal operations, Asia
Pulse reports, citing the Office of the Minister of State
Enterprises.


* 400 Garment Firms Shut Down in 2005
-------------------------------------
Asia Pulse reports that up to 400 medium and large-scale garment
and textile firms closed operations last year, according to
Bisnis Indonesia.

The newspaper stated that the firms were forced to close their
business due to lack of government support. Deputy Chairman of
the House of Representatives I Lili Asdjudiredja said that the
government did not exert much effort in trying to solve the
problems of garment and textile firms, especially in procuring
licenses; in Indonesia, an investor must acquire up to 75
licenses before he can put up a garment firm, and there is too
much red tape for a simple process such as changing fuel supply
from oil to coal.

Mr. Asdjudiredja added that labor problems, Indonesia's current
taxation system and insufficient infrastructure have also
contributed to the downfall of these companies.


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

HITACHI LIMITED: Third Quarter Profit Down 79%
---------------------------------------------
Hitachi Limited's third quarter net profit fell 79.4% due to
losses at its hard disk drive operations, reports Bloomberg
News.

The Company's net income for the three months ended December 31,
2005, fell to JPY5.4 billion (US$46 million) from JPY26.6
billion in the same period a year earlier.

Hitachi is failing to keep up with rivals in the display
business such as Sharp Corporation and Matsushita Electric
Industrial Co., whose larger scale helps them cut costs per
screen.  

The Tokyo-based company also reiterated its full-year sales and
operating profit forecasts. It expects a net income of JPY51.5
billion for the year ending March 31, 2006.

Headquartered in Tokyo, Japan, Hitachi Limited --
http://www.hitachi.com/-- manufactures electronic and  
electrical equipment. The Group's operations are divided into
the following segments: Information systems and Electronics:
manufacturing of computers, audio/visual equipment and
development of software; Electronic Devices: manufacturing of
semi-conductor equipment and test and measurement equipment:
Power and Industrial systems: manufacturing of nuclear, thermal
and hydroelectric power plants and control equipment; Consumer
Products: manufacturing of air conditioners, household
appliances and audio/visual products; Materials: manufacturing
of synthetic resin materials and products; Services and others:
general trading and financial services, transportation and
property management.


JAPAN AIRLINES: Signs Contract for Additional Bombardier CRJ200
---------------------------------------------------------------
Bombardier Aerospace reported that Japan Airlines International
Co. Ltd. (JAL) has signed a contract to acquire one Bombardier
CRJ200 50-seat regional jet on behalf of its wholly owned
subsidiary, J-AIR.

This transaction raises to nine the number of CRJ200 aircraft
ordered by JAL on behalf of J-AIR since its initial order for
two aircraft in January 2000. J-AIR provides domestic services
in southwestern Japan from its base at Nagoya-Komaki.

"We are delighted to see Japan Airlines placing another repeat
order for the Bombardier CRJ200," said Steven Ridolfi,
President, Bombardier Regional Aircraft. "It further confirms
that the CRJ200 aircraft has been a strong performer in their
fleet and that it has great passenger appeal for Japan
Airlines."

The Bombardier CRJ Series program has now attracted firm orders
for 1,432 aircraft, with 1,321 delivered to operators around the
world as of December 31, 2005.

Bombardier, CRJ200 are trademarks of Bombardier Inc. or its
subsidiaries.

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 Co. Ltd. and Japan Airlines Domestic, though they
are combined in a single brand as JAL/Japan Airlines.


KANEBO COSMETICS: Kao Takes 86% Stake
-------------------------------------
The Industrial and Revitalization Corporation of Japan has sold
its 86% stake in the ailing Kanebo Cosmetics, for an undisclosed
sum, Japan Today reports.

Headquartered in Tokyo, Japan, Kanebo Cosmetics Inc. --
http://www.kanebo-cosmetics.co.jp/-- manufactures and sells  
cosmetic products.  Operations are carried out through the
following divisions: cosmetics; lifestyle products (soap,
toiletries, hair treatment products); textiles (cotton, wool,
silk, nylon, polyester, acrylic); foods (confectionery,
beverages, chilled foods); pharmaceuticals; other (chemical
products, electrical products, data processing, real estate).


LIVEDOOR CO.: Cancels Plan for Real Estate Agencies
---------------------------------------------------
Livedoor Co. has suspended preparations to launch a real estate
brokerage scheduled to start in April, The Yomiuri Shimbun says.

The Company is likely to defer its entry into the real estate
business after former executives were arrested on suspicion of
violating the Securities and Exchange Law.

The real estate brokerage was to be run by Livedoor Fudosan,
based in Shinjuku, Tokyo. It was seeking real estate franchises
to begin operation in April. The company was aiming to create
100 franchisees in its first fiscal year and 500 in the next
three years.

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: Thai Unit to Issue Baht Denominated Bonds
------------------------------------------------------------
Mitsubishi Motors Thai subsidiary, Mitsubishi Motors (Thailand)
Co., Ltd., disclosed the terms of a local currency bond issue
guaranteed by The Bank of Tokyo-Mitsubishi UFJ, have been
finalized and registered with the Securities and Exchange
Commission in Thailand.

This bond issue is in addition to the 5 billion baht issuance of
bonds on December 8, 2005 and has been included in Mitsubishi
Motors' financing plan for the current fiscal year.

The proceeds will be used for capital expenditure in the
production facility and other items for the 1-ton pick up
Triton, which is the main model produced at MMTh's Laem Chabang
Plant.

Also, this will be covered by a kind of bond insurance, which
has been established in Japan to aid the development of Asian
currency bond markets.

Details of the offering:

Issuer: Mitsubishi Motors (Thailand) Co., Ltd.

Market: Thai bond market

Amount: 2bn Baht

Maturity: 3 year bullet repayment

Issue date: February 8, 2006 (scheduled)

Guaranteeing bank: The Bank of Tokyo-Mitsubishi UFJ, Ltd.

Underwriters & Co-lead arranger: The Siam Commercial Bank PCL,
Bangkok Bank PCL, Kasikornbank PCL

CONTACT: Mitsubishi Motors (Thailand) Co. Ltd.
     688 Phaholyothin Rd.
     Klongluang, Pathumthani 12120
     Thailand  
     Phone: +66-2-908-8000


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

SAMSUNG CARD: Lengthens Advance Discount Perks
----------------------------------------------
Samsung Card Co. will extend starting this month its "advance
discount" promo that will include the purchase of electronic
products, JoongAng Daily relates.

The discount system allows a credit card holder to get a
discount when buying a car, and by accumulating bonus points on
their credit cards, a cardholder can gradually pay back the
discounted amount.  Bonus points can be earned by making
purchases at designated local stores affiliated with the credit
card firm.

For the duration of the promo, additional perks have been
integrated.  Customers who buy Samsung Electronics Co. products
get to avail of the advance discount.  But for now, only
customers that purchase eight types of washing machines get to
enjoy the promo.  

However, Samsung told the Korean Daily that it will soon include
more products in the promotion.

Should customers fail to accumulate bonus points equivalent to
the discount amount within three years from the purchase, they
have to pay the outstanding amount to the Company.

Advance discount was first introduced in Korea in May 2003, when
Hyundai Card gave customers KRW500,000 discount when using the
card to purchase a car.

Headquatered in Seoul, Korea, Samsung Card --
http://www.samsungcard.co.kr-- has grown to be one of Korea's  
leading credit companies, serving 7.2 million members and
reaching an annual transaction amount of over KRW11 trillion,
with total capital over KRW3 trillion in 1997.  The Company
manages customers' credit systematically with a triad system (a
high tech total management system), while creating new services.  
Samsung's Anypass Card represents a good example of its ongoing
effort in developing customer-focused services.


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

AKTIF LIFESTYLE: Financial Condition Unchanged
----------------------------------------------
Aktif Lifestyle Corporation Berhad (Aktif) reported no material
development to its plan to regularize its financial condition.

Headquartered in Kuala Lumpur, Malaysia, Aktif Lifestyle
Corporation Berhad's principal activities is the operation of
specialty retail stores.  Other activity includes investment
holding.


CHG INDUSTRIES: Decides Not to Revise Restructuring Scheme
----------------------------------------------------------
CHG Industries Berhad informed the Securities Commission that it
has decided not to revise the Terms of the Corporate
Restructuring Scheme as requested on December 24, 2004.

Accordingly, the Proposals are now pending the approval of the
Securities Commission.

Headquartered in Selangor Darul Ehsan, Malaysia, CHG Industries
Berhad -- http://www.chg.com.my/-- is an investment holding  
company listed on the Main Board of the Kuala Lumpur Stock
Exchange, Malaysia.  It is the parent company of the CHG
Industries Group, whose principal activity is in the
manufacture, distribution and export of plywood, LVL (Laminated
Veneer Lumber) and other veneer products.


K.P. KENINGAU: Bourse Removes Securities from Official List
-----------------------------------------------------------
Bursa Malaysia Securities Berhad has decided to remove the
Securities of K.P. Keningau Berhad to the Official List of Bursa
Securities on February 8, 2006, due to inadequate level of
financial condition to warrant warrant continued listing.

However, K.P. Kengingau will continue to exist but as an
unlisted entity. The Company would be allowed and is still able
to undertake a corporate restructuring scheme for purpose of
regularizing its financial condition subject to participation of
a suitable white knight.

The Board of Directors of KPK is deliberating its available
options, and the Company will make the appropriate announcement
of a new restructuring plan once it is confirmed.

Headquartered in Petaling Jaya, Selangor Malaysia, K.P. Keningau
Berhad's principal activities are sawmilling, timber processing
and trading of timber and timber related products.  Other
activities include trading of machinery and equipment, property
investment, provision of management services and investment
holding. Operations are carried out in Malaysia and Indonesia.


OMEGA HOLDINGS: Awaits Decision of Regularization Plan
------------------------------------------------------
Omega Holdings Berhad advised that there has been no material
development on its plan to regularize its financial condition.

The approval for Omega Holdings' application to regularize its
financial condition is still pending approval from the
Securities Commission and Foreign Investment Committee.

Headquartered in Selangor Darul Ehsan, Malaysia, Omega Holdings
Berhad is engaged in investment holding and provision of
management services.  The Group is currently dormant and is
undergoing a restructuring scheme.  


POS MALAYSIA: Issues New Shares for Listing, Quotation
------------------------------------------------------
Bursa Malaysia Securities Berhad will list and quote POS
Malaysia & Services Holdings Berhad's additional 62,000 new
ordinary shares of MYR1.00 each issued pursuant to the Employee
Share Option Scheme on February 7, 2006.

Headquartered in Kuala Lumpur, Malaysia, POS Malaysia & Services
Holdings Berhad(PMS) formerly known as Phileo Allied Berhad --
http://www.pos.com.my/-- is engaged in the provision of postal  
and its related services.  Other activities include property
investment, financing, management services and investment
holding, fund management, unit trust management, options, sale
of digital certificates and financial futures broking.

During the year, the Group discontinued its fund management,
unit trust management, options and financial futures broking
operations. Postal and related services accounted for 95% of
2001 revenues; fund management & other related services, 5% and
others, nominal.

The Group activities are principally conducted in Malaysia. On
December 8, 2000, the Company disposed PhileoAllied Bank
(Malaysia Bhd and Phileo Allied Securities Sdn Bhd this
subsidiaries are responsible in the banking and stockbroking
segments.


TANAH EMAS: Bourse to List, Quote New Shares
--------------------------------------------
Tanah Emas Corporation Berhad's additional 250,000 new ordinary
shares of MYR1.00 each arising from the conversion of 375,000
Irredeemable Convertible Unsecured Loan Stocks 2001/2006 into
250,000 New Ordinary Shares will be granted listing and
quotation by Bursa Malaysia Securities Berhad on February 7,
2006.

Headquartered in Sandakan, Sabah, Malaysia, Tanah Emas
Corporation Berhad -- http://www.tanamascorp.com/-- is engaged  
in cultivation and processing of crude palm oil and palm kernel.  
Other activities include production of sawn timber, plywood and
veneer, manufacture, import, export and distribution of organic
fertilizers, provisioning of technology license and investment
holding.


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

ATLAS CONSOLIDATED: Posts Update on Pre-mining Activities
---------------------------------------------------------
The directors of Atlas Consolidated Mining and Development
Corporation provided an update on pre-mining activities at the
Berong Nickel Project on the island of Palawan, Philippines.
This project is being carried out with Toledo Mining Corporation
plc and managed by TMM Management Inc.

The Berong Nickel Project itself comprises four properties
(Berong, Moorsom, Long Point and Tagkawayan) with an aggregate
area of 10,659 hectares on Palawan's west coast, facing the
South China Sea.  The Berong Project has a combined indicated
resource of 275 million tonnes at 1.3% Nickel and 0.074% Cobalt
at 0.9% Nickel cutoff, making it one of the largest unexploited
nickel laterite deposits in the world.  This estimate is based
on 2,069 test pits at 300m spacing.

Following previous announcements on the award of a certificate
by the Palawan Council for Sustainable Development for the
Company's development plans and approval of a Temporary
Exploration Licence, Atlas confirms that the Berong project
remains on target for first trial shipments in mid-2006.

                 Potential Customer Demand

The PCSD certificate cleared the way for the early award of the
Mineral Production Sharing Agreement and, subsequently, a range
of potential customers has indicated an interest in taking both
the limonite and the saprolite ore, at a lower grade than
indicated earlier. The lower grade requirement will result in an
increase in the volume of ore available and the ability to
rapidly increase production to meet rising customer demand.

The process of applying for the Mineral Production Sharing
Agreement and the Environmental Compliance Certificate is at an
advanced stage and is expected to be issued by the Department of
Environment and Natural Resources shortly.

                      Re-sampling of Data

Rapid progress is being made on the re-sampling of the laterite
nickel deposit to validate the historical assay data and provide
the grade and metallurgical information required for mine
planning and mining operations.  The programme commenced in late
Q4, 2005 and to the end of January 2006 the Company has:

     -- re-sampled 1003 old test pits;
     -- collected and assayed 6811 individual samples for
        nickel, copper and other elements; and
     -- assayed  878 duplicate, standard and check samples.

Results to date have confirmed and validated the historical
nickel and cobalt grades and are providing additional elemental
analyses required by potential customers in Japan, China,
Australia and Europe with whom negotiations are progressing.  
Multi-element analysis is being undertaken by the X-Ray
Fluorescence technique in an independent laboratory.

                    Line Clearing Programme

In addition to the re-sampling programme, some 52 kilometers of
line clearing had been completed in preparation for the Ground
Penetrating Radar surveys, which is planned for early February.  
New in-fill test pitting, and drilling to fully test the
laterite profile too thick for pitting, is expected to commence
immediately after the GPR survey.  Approximately 80 people are
currently employed in the field operations.

Date from the re-sampling, pitting and drilling programs will be
used to generate a new ore body block model as a precursor to
detailed mine designs and grade optimization.

                   Infrastructure Improvement

As previously reported, the rehabilitation of over 15 kilometers
of access road to the nickel deposit site has been completed, as
has the on-shore and offshore geotechnical drilling and pitting
to generate ground engineering parameters and test grounds
conditions associated with the mine infrastructure and
facilities.  Leighton Contractors Philippines Inc are providing
the engineering input to develop an EPC Fixed Lump Sum Price to
establish the mine operation.

                     Marine Data Survey

On the marine aspects of the project, EGS Asia Inc has been
commissioned to undertake a detailed bathymetric survey of the
immediate offshore area, the near shore ore carrier anchorage
area (some 1 km off-shore) and the shipping channel (some 46 km
long).  The detailed survey will be to International
Hydrographic Organization Special Order Standard.  In addition,
some six months of wave and current data in the proposed ore
carrier trans-shipment anchorage area have already been
collected and, together with associated wind data, will provide
the information for the determination of the key shipping and
serviceability parameters for a typical barging/trans-shipment
operation.

Headquartered in Mandaluyong City, Philippines, Atlas
Consolidated Mining and Development Corporation was established
through the merger of assets and equities of three Soriano-
controlled pre-war mines, the Masbate Consolidated Mining
Company, IXL Mining Company and the Antamok Goldfields Mining
Company.  The Company is engaged in mineral and metallic mining
and exploration that primarily produces copper concentrates and
gold with silver and pyrites as major by-products.  Its
subsidiary, ACMDC Ventures, Inc., is 79%-owned and is engaged in
construction and engineering works.

The Company's copper mining operations, which started commercial
operations in 1955, are centered in Toledo City, Cebu where two
open pit mines, two underground mines and milling complexes
(concentrators) are located.  The Cebu copper mine ceased
operations in 1994. Activities after the shutdown have been
limited to safeguarding and maintaining the property, plant and
equipment at the mine site.  The Masbate gold mine, meanwhile,
was sold to Base Metal Minerals Resources Corporation in 1996.


MANILA ELECTRIC: Studying Implications of SC Decision on GRAM
-------------------------------------------------------------
The Manila Electric Company said it is studying the implications
of the recently released decision of the Supreme Court
nullifying the June 2, 2004, order of the Energy Regulatory
Commission approving Meralco's second Generation Rate Adjustment
Mechanism (GRAM).

Under the GRAM, Merlaco accumulated three months worth of
payments to its power suppliers, the National Power Corporation
and independent power producers.  The distribution utilities
then applied for recovery of these costs at the ERC, which must
act on the application within 45 days.  If not acted upon, the
application would be deemed granted.

Since the GRAM is simply a deferred cost recovery mechanism, ERC
GRAM approvals can either result in an increase or a decrease in
the generation charge of customers depending on the actual
generation cost payments the utility has made.  In fact
Meralco's first GRAM application, which was approved by the ERC
in an Order dated January 21, 2004, resulted in a 21.43 centavos
reduction in the generation charge.  

It is a matter of record that Mr. Pete Ilagan of NASECORE, the
main petitioner of the case at the Supreme Court, did not
question ERC's order approving Meralco's first GRAM.

The GRAM guidelines underwent public consultation prior to its
promulgation.  Mr. Ilagan participated in these consultations
but did not raise then the publication requirement.


Meralco officials will meet with ERC very soon to discuss the
various implications of the SC decision.

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,
and 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: Privatization Delay Worries Creditors
-----------------------------------------------------
Multilateral creditors have expressed concern over the
protracted delay in the sale National Power Corporation's
assets, The Philippine Star relates.

Energy Secretary Raphael Lotilla told The Star that the
International Monetary Fund is pushing for the privatization of
Napocor's assets.  However, Mr. Lotilla said the IMF also
acknowledged the factors that affect the reform program.

The Power Sector Assets and Liabilities Management Corp. earlier
indicated that it would be able to sell 70% of Napocor's
generating assets by the second quarter of 2007.  This schedule
has been pushed back anew from the original timetable of middle
of 2006.

According to The Star, development partners World Bank, Asian
Development Bank and Japan Bank for International Cooperation
have agreed to work together to help facilitate the country's
power reform program.

The Energy Department is also in talks with the multilateral
financial institutions about the possibility of these firms
providing a new power sector reform loan.  The loan program that
the government is working out with these institutions could
reach about US$450 million to US$1 billion.

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.


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

ASSETS VICTORY: Creditor Seeks to Wind Up Firm
----------------------------------------------
On January 18, 2006, Tan Tuck Soo filed a winding up petition
against Assets Victory Pte Limited.

The Singapore High Court has scheduled to hear the Petition on
February 17, 2006, at 10:00 a.m.

The Petitioner's solicitors, TanLim Partnership, 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 on the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors
Messrs TanLim Partnership a written notice of his intention to
do so.  The notice must state the name and address of the
person, or, if a firm, the name and address of the firm, and
must be signed by the person or firm, or his or their solicitors
and must be served, or, if posted must be sent by post in
sufficient time to reach the Petitioner's solicitors not later
than 12:00 p.m. on February 16, 2006.


KIM KOON: Placed Under Voluntary Liquidation
--------------------------------------------
On January 24, 2006, Oversea-Chinese Banking Corporation Limited
file d a winding up petition against Kim Koon Garment Industries
Pte Limited.

The Singapore High Court will hear the Petition on February 17,
2006, at 10:00 a.m.

The Petitioner's solicitors, Rajah and Tann, 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 on the hearing of the Petition
must serve on or send by post to the Petitioner's solicitors
Messrs Rajah and Tann a written notice of his intention to do
so.  The notice must state the name and address of the person,
or, if a firm, the name and address of the firm, and must be
signed by the person or firm, or his or their solicitors and
must be served, or, if posted must be sent by post in sufficient
time to reach the Petitioner's solicitors not later than 12:00
p.m. on February 16, 2006.


LIANG HUAT: Completes Property Sale
-----------------------------------
On October 12, 2005, Liang Huat Aluminum Limited granted an
option to sell its property located at 51 Benoi Road, Liang Huat
Industrial Complex to M/s Khai Wah Development Pte Limited for
SGD14.5 million.

M/s Khai Wah Development Pte Limited accepted the option on
October 28, 2005, with a 10% deposit of SGD1.45 million pending
completion of the sale.

Shareholders of Liang Huat Aluminum Limited approved the
proposed sale on December 29, 2005; hence, after fulfilling the
remaining precedent conditions, Liang Huat completed the
property sale to M/s Khai Wah on January 27, 2006.  The Company
also entered into sub-letting agreements in order to partially
lease back parts of the property from M/s Khai Wah for long-term
use, in order to meet its operational requirements.

Liang Huat Group -- http://www.lianghuatgroup.com.sg/-- is a  
vertically integrated, professionally run group of companies
focusing on producing high quality aluminum products and
processed glass for both the industrial and construction
industries.  It also supplies and installs aluminum and
processed glass for major commercial and residential projects
mainly in Singapore.  

Its extrusion manufacturing facilities located in Guangdong
Province close to the mineral extraction areas in China, coupled
with the low operating cost structure in China provides the
Group with competitive edge to deliver high-quality aluminum
products at competitive prices to its customers.  Its automated
glass-processing factory in Seremban, Malaysia, allows the Group
to supply specialised, high safety standard processed glass to
meet the needs of its customers.


LIANG HUAT: Modifies Debt Repayment Scheme to Creditors
-------------------------------------------------------
Liang Huat Aluminum and its subsidiaries, Liang Huat  
Aluminum Industries Pte Limited and Durabeau Industries Pte  
Limited, entered into a scheme of arrangement with its creditors
as part of its debt restructuring plan in 2004.

Liang Huat's creditors had on April 5, 2005 approved the schemes
of arrangement to pay off its debts.  The Company is now
fulfilling the remaining conditions precedent to the completion
of its schemes of arrangement with its creditors.

Subsequently, Liang Huat is modifying the terms of its
schemes,and will meet with its creditors to seek approval for
the modified schemes, upon which the Company can conduct an
extraordinary general meeting to seek shareholder approval for
the proposed deals.


SUPPLEMENTS WORLD: Court Issues Wind-up Order
---------------------------------------------
On January 20, 2006, the Singapore High Court issued a winding
up order against Supplements World Pte Limited.

All creditors of the Company should submit their proofs of claim
to:

         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #05-11/#06-11
         Singapore 069118


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

NAKORNTHAI STRIP: Downplays Potential Investor Report
-----------------------------------------------------  
Nakornthai Strip Mill Public Company Limited (NSM) denied
newspaper reports that a steel producer from India has expressed
interest in investing in the Company.

Headquartered in Bangkok, Thailand, Nakornthai Strip Mill Public
Co. Ltd. is involved in Property & Construction and Construction
Materials business.


THAI AIRWAYS: Delays Bangladesh Airport Management
--------------------------------------------------
Thai Airways International Public Company Limited (THAI)
confirmed recent media reports that the implementation date for
THAI to begin managing Shah Amanat International Airport in
Chittagong, Bangladesh, has been delayed for a period of one
month until March 1, 2006, following a request from Minister of
Civil Aviation and Tourism Ministry of Bangladesh.

Somchainuk Engtrakul, Member of the Board of Directors Acting as
President of Thai Airways International Public Company Limited,
said that the Civil Aviation and Tourism Ministry of Bangladesh
had contacted THAI with a request to defer the implementation
date set for THAI to become the operator of Shah Amanat
International Airport in Chittagong by one month.

The Civil Aviation and Tourism Ministry of Bangladesh would
review the terms of the 10-year contract that was signed during
a Management Contract Signing Ceremony between Thai Airways
International Public Company Limited and the Civil Aviation
Authority of Bangladesh.  

Based on the terms of the agreement, THAI would provide services
to Shah Amanat International Airport in four primary activities,
those being passenger services, ground equipment services, cargo
services, and catering services.  In addition, in its role as
airport management, THAI would also operate, maintain, and
manage the airport terminal building, ramp handling, cargo
handling, airport security, maintenance and upkeep of buildings,
as well as preventive and routine maintenance.  

Other services may also be provided and made under separate
contract, those being provision of flight kitchen or catering
services.  In addition, THAI would be responsible for collecting
fees for airport landing charges, security charges, embarkation
fees, as well as ground handling related fees on behalf of the
Civil Aviation Authority of Bangladesh, coordinating with other
air carriers operating to and from the airport in Chittagong.

Regardless of the delay in implementing airport management in
Chittagong, THAI awaits the final decision that will be made by
the Civil Aviation and Tourism Ministry of Bangladesh on the
contract drawn between Thai Airways International Public Company
Limited and the Civil Aviation Authority of Bangladesh.  For
several decades, THAI has provided airline services for customer
airlines operating to and from Bangkok International Airport,
services that the company would also provide to air carriers
operating to and from Chittagong Shah Amanat International
Airport, accordingly.

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 PETROCHEMICAL: Central Bank Reclassifies Loans
---------------------------------------------------
The Bank of Thailand has allowed reclassification of local
banks' debt exposure to Thai Petrochemical Industry Public Co.
Ltd. (TPI) as performing loans, reports Bangkok Post.

TPI's improved cash flow has allowed it to repay bank loans
since December last year.  The funds used for paying bank loans
were proceeds from capital increase TPI has undertaken.

TPI recently floated 11.6 billion new shares at THB3.30 each to
raise funds to repay creditors under the restructuring plan.

Tarisa Watanagase, a deputy central bank governor told the Post
that the reclassification of TPI alone helped reduce non-
performing loans in the financial system to THB477.2 billion, or
8.17% of total loans at the end of December.

Headquartered in Bangkok, Thailand, Thai Petrochemical Industry
(TPI) -- http://www.tpigroup.co.th-- is the leading integrated  
petrochemical company in Thailand, 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.





                            *********


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
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Chapman, Editors.

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

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