/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/060215.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Wednesday, February 15, 2006, Vol. 9, No. 033 Headlines A U S T R A L I A & N E W Z E A L A N D ABERFOYLE LIMITED: Receivers Cease to Act ALL STATES: Liquidator to Give Wind-up Report AMURI INVESTMENTS: Appoints Official Liquidators CLIENT LIMITED: Prepares to Close Shop BETTER BERRY'S: Commences Wind-up Operations CAMERONS PTY: Creditors OK Liquidator's Appointment CAPITOL CONSTRUCTION: To Hold Final Meeting Today CHERRY FARM: Appoints Official Receivers COLEVIC PTY: Creditors Agree to Dissolve Firm DACHSY PTY: To Declare Dividend on Feb. 16 E. J. RYAN: Shareholders Decide to Liquidate FIREFOX TRADING: Appoints James Shaw as Receiver GROUP SUPPLIES: Falls Into Liquidation HAZEL & CO: Taps Joint and Several Liquidators HORTON PARK: Liquidator to Distribute Assets KOOIMAN INVESTMENTS: CIR Lodges Liquidation Petition MULTIPLEX: Appoints Chairman for United Kingdom NATIONAL AUSTRALIA: Unveils New "nab" Logo OLD JC&I: Members Agree to Wind Up Firm ORIENT EXPRESS: Creditors' Proofs of Claim Due on Feb. 16 OSK CORPORATION: Enters Voluntary Liquidation PONDERMARIA PTY: Prepares to Distribute Dividend PRIME PRINTING: Schedules Final Meeting Today RALLYE & MANAGEMENT: Inability to Pay Debts Leads to Wind-up RITEBORE AUSTRALIA: Prepares to Close Business S.L.M. DANCE: Prepares to Pay Dividend SIXTY FOURTH AGENDA: Members to Receive Wind-up Details SPECIAL OCCASIONS: Court to Hear Winding Up Petition on Feb. 23 TELSTRA CORPORATION: Speeds Up Cable Internet Service TELSTRA CORPORATION: CEO Seeks Boost in Barcelona Conference ULYSEES.COM LIMITED: Enters Liquidation Proceedings C H I N A & H O N G K O N G CHUNG YIU: Set to Close Business Operations CSK CHINA: Creditors' Proofs of Claim Due on March 10 EURO-POWER CONSULTANTS: Names Official Liquidator FOREMOST CITY: Creditors' Proofs of Claim Due on March 13 GA CHAU: Lai and Darach Cease to Act as Receivers HEADSON INVESTMENTS: Court Issues Wind-Up Order JAMSUN DEVELOPMENT: Names Chan Chiu Yin as Liquidator KWAN YIU: Decides to Close Operations LAM TAK: Appoints Lam Tak Keung as Liquidator LUCCI CREATION: Court Approves Business Closing PROSPERITY INTERNATIONAL: Narrows Net Loss to HK$1.4 Mln SUNLAND TECHNOLOGIES: Liquidator to Give Report on Feb. 27 TIGER ELECTRONICS: To Hold Final Meeting on March 3 VITRO INTERIOR: Commences Winding Up Process WORLD DYNAMICS: Appoints Official Liquidator I N D I A BHARAT PETROLEUM: To Shut Down Mumbai Hydrocracker in March NACHMO KNITEX: Members OK Shares Allotment to IIBI and IDBI RITESH INDUSTRIES: Amends Proposed Merger Date SWITCHING TECHNOLOGIES: To Book Zero Net Worth SWITCHING TECHNOLOGIES: Seeks OK for Preferential Shares Issue I N D O N E S I A ASIA PULP: Court to Hear Settlement Case on Feb. 27 PERUSAHAAN GAS: Bids for Gas Pipeline Construction J A P A N LIVEDOOR CO.: Faces Delisting from TSE for Financials LIVEDOOR CO.: Stock Falls to Lowest Level Since Raid SANYO ELECTRIC: To Close Spanish Plant Next Month SANYO ELECTRIC: Partners With Nokia YAMATO LIFE: JCR Affirms 'B+p' Rating K O R E A DAEWOO ENGINEERING: Bidders Start Due Diligence Despite Protests M A L A Y S I A AFFIN HOLDINGS: New Shares Set for Listing and Quotation Today AYER MOLEK: Bourse Extends Deadline for LR Compliance FEDERAL FURNITURE: Proposal Revision Gets SC's Nod GUH HOLDINGS: Posts MYR6,783,000 Net Loss in 4Q/FY05 KIG GLASS: Agreement to Negotiate Extended Until March 13 MAGNUM CORPORATION: Repurchases Ordinary Shares MERCES HOLDINGS: Default Status Remains Unchanged MULTI-USAGE HOLDINGS: Bank Negara OK Rights Issues PANTAI HOLDINGS: New Shares up for Listing and Quotation PELIKAN INTERNATIONAL: Bourse to List and Quote New Shares POH KONG: Prepares New Shares for Bourse Listing RASHID HUSSAIN: Converts ICULS to Ordinary Shares SOUTHERN BANK: Bourse to List and Quote Additional Shares P H I L I P P I N E S ABS-CBN BROADCASTING: Prefers to Settle Case Out of Court ABS-CBN BROADCASTING: To Extend Financial Aide to Victims' Kin NATIONAL POWER: Breaks Even in 2005 PHILIPPINE AIRLINES: Asks Government to Defer Bahrain Air Talks RB TALAVERA: Posts Closure Notice RB TANGALAN: PDIC Receiving Claims Until January 2008 * Napocor & NFA Push Up Public Debt * Fitch Revises RP Outlook to Stable and Affirms 'BB' Rating S I N G A P O R E ACCORD CUSTOMER: Ex-Finance Head Pleads Guilty to Fraud ACCREDIT BAY: Decides to Wind Up Operations CHINA AVIATION(S): Appeals Ruling to Give Audit Report to J Aron HESHE HOLDINGS: CEO Subscribes for New Shares INDOGRAIN PTE: Creditors' Proofs of Claim Due Feb. 24 STAMFORD OVERSEAS: TCSL Files Wind-up Petition T H A I L A N D PHUKET AIRLINES: To Revive Business by Expanding Services - - - - - - - - ========================================== A U S T R A L I A & N E W Z E A L A N D ========================================== ABERFOYLE LIMITED: Receivers Cease to Act ----------------------------------------- On January 19, 2006, David Laurence McEvoy and Stephen Graham Longley ceased to act as receivers and managers of Aberfoyle Limited. ALL STATES: Liquidator to Give Wind-up Report --------------------------------------------- A final meeting of the members and creditors of All States Tree Services Pty Limited will be held on February 15, 2006, at 2:00 p.m. At the meeting, liquidator Philip Jefferson 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. AMURI INVESTMENTS: Appoints Official Liquidators ------------------------------------------------ On January 27, 2006, the shareholders of Amuri Investments Limited appointed Grant Stephen Jarrold and James Bruce Alfred McAlister as the Company's liquidators. The Company's creditors are asked to prove their debts or claims by February 28, 2006, to: J.B.A. Mcalister Joint Liquidator Deloitte Chartered Accountants P.O. Box 248, Christchurch Telephone: (03) 379 7010 Facsimile: (03) 366 6539. Failure to comply with the Liquidators' requirements will exclude the creditors from the benefit of any distribution made before the debts are proved or, as the case may be, from objecting to the distribution. CLIENT LIMITED: Prepares to Close Shop -------------------------------------- On November 15, 2005, the Commissioner of Inland Revenue filed an application for putting The Client Limited into liquidation. The High Court of Auckland will hear the petition on Feb. 23, 2006, at 10.00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 21, 2006 to: Simon John Eisdell Moore Crown Solicitor Meredith Connell Level Seventeen, Forsyth Barr Tower 55-65 Shortland Street (P.O. Box 2213 or D.X. C.P. 24-063) Auckland Telephone: (09) 336 7556 Further particulars may be obtained from the office of the Court, from the Commissioner of Inland Revenue, or from plaintiff's solicitor, S. J. Eisdell Moore. BETTER BERRY'S: Commences Wind-up Operations -------------------------------------------- Members of Better Berry's Pty Limited held a meeting on Jan. 25, 2006, and agreed to close the Company's business. Moreover, the parties agreed to appoint William Balfour Rangott, of Rangott Slaven Hundy, as liquidator to oversee the wind-up operations. CAMERONS PTY: Creditors OK Liquidator's Appointment --------------------------------------------------- Members of Camerons Pty Limited convened on January 24, 2006, to wind up the Company's operations. Gregory J. Parker, of Parker Insolvency, was appointed as liquidator to supervise Camerons' wind-up activities. The Company's creditors confirmed the liquidator's appointment at a creditors' meeting held later that same day. CAPITOL CONSTRUCTION: To Hold Final Meeting Today ------------------------------------------------- A final meeting of the members and creditors of Capitol Construction Group 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 today, February 15, 2006. CHERRY FARM: Appoints Official Receivers ---------------------------------------- On January 20, 2006, Peter Ivan Macks and Andrew James Heard, of PBB Chartered Accountants, were appointed as receivers and managers of The Cherry Farm Pty Limited. COLEVIC PTY: Creditors Agree to Dissolve Firm --------------------------------------------- Creditors of Colevic Pty Limited convened on January 20, 2006, and agreed to liquidate the Company's business operations. Subsequently, the creditors named Peter Damien McCluskey and Bruce Carter, of Ferrier Hodgson, to administer the wind-up activities. DACHSY PTY: To Declare Dividend on Feb. 16 ------------------------------------------ Dachsy Pty Limited will declare its first dividend on Feb. 16, 2006. Creditors who are not able to prove their claims will be excluded from the benefit of the dividend. E. J. RYAN: Shareholders Decide to Liquidate -------------------------------------------- At a meeting of the shareholders of E.J. Ryan Enterprises Pty Limited, it was agreed that the Company must voluntarily wind up its operations. Hilton Katz was nominated to act as liquidator to manage the wind-up activities of the Company. FIREFOX TRADING: Appoints James Shaw as Receiver ------------------------------------------------ James Shaw was appointed as receiver and manager of Firefox Trading (NSW) Pty Limited on January 16, 2006. GROUP SUPPLIES: Falls Into Liquidation -------------------------------------- On January 30, 2006, the members of Group Supplies Limited appointed Murray George Allott to liquidate the Company's operations. The Company's directors previously passed a resolution pursuant to Section 243 (8) of the Companies Act 1993, declaring that on liquidation of the company, it would be able to pay its debts. The Liquidator has required the Company's creditors to lodge their proofs of claims on or before February 24, 2006, to: Murray G. Allott Liquidator 111 Bealey Avenue P.O. Box 29-432, Christchurch Telephone: (03) 365 1028 Facsimile: (03) 365 6400. Failure to submit the requirements will exclude creditors from any benefit of any distribution by the Liquidator. HAZEL & CO: Taps Joint and Several Liquidators ---------------------------------------------- Arron Leslie Heath and Michael Lamacraft, insolvency practitioners, were appointed joint and several liquidators of Hazel & Co Limited on January 31, 2006, at 11.00 a.m., pursuant to Section 241 (2) (a) of the Companies Act 1993. The Liquidators require the Company's creditors to make their claims and to establish any priority their claims may have on March 6, 2006, to: M. Lamacraft Liquidator Meltzer Mason Heath, Chartered Accountants P.O. Box 6302, Wellesley Street, Auckland Telephone: (09) 357 6150 Facsimile: (09) 357 6152 Failure to comply with the requirements will exclude the creditors from the benefit or any distribution or from objecting to the distribution. HORTON PARK: Liquidator to Distribute Assets -------------------------------------------- After their general meeting on January 17, 2006, the members of Horton Park Freehold Pty Limited decided to close the Company's business operations and distribute the proceeds of its assets. Subsequently, Michael Cannon was appointed as liquidator. KOOIMAN INVESTMENTS: CIR Lodges Liquidation Petition ---------------------------------------------------- On November 25, 2005, the Commissioner of Inland Revenue filed before the High Court an application to put Kooiman Investments Limited into liquidation. The application is to be heard before the High Court of Wellington on February 20, 2006, at 10.00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application must file an appearance not later than February 18, 2006 to: Technical and Legal Support Group Wellington Service Centre First Floor, New Zealand Post House 7-27 Waterloo Quay (P.O. Box 1462) Wellington, New Zealand Telephone: (04) 802 8162 Facsimile: (04) 802 8187 Further particulars may be obtained from the office of the Court, the Commissioner of Inland Revenue or the plaintiff's solicitor, Kate Elizabeth Harder. MULTIPLEX: Appoints Chairman for United Kingdom ----------------------------------------------- Multiplex Group has appointed James Tuckey as its new executive chairman for its United Kingdom operations, the Australian Associated Press reports. Mr. Tuckey is tasked to assist the Company in developing its operations in the country. Multiplex, according to AAP, said that the strengthening of its senior ranks was a key part in the Company being "appropriately resourced" in the UK. Multiplex wants to make sure that it has enough manpower to undertake its major projects in the country. Mr. Tuckey has been a non-executive director with the Company since September 2005. He was with major UK property company, MEPC plc, before transferring to Multiplex. As previously reported, Multiplex is developing the AU$1 billion-plus Wembley Stadium in the UK. The project has hit several time and cost blowouts, and is likely to wipe out nearly all profits for the Company in 2006. 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 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. AAP NATIONAL AUSTRALIA: Unveils New "nab" Logo ------------------------------------------ As previously reported in the Troubled Company Reporter - Asia Pacific, National Australia Bank has taken the next step of its branding makeover by adopting a more relaxed lowercase corporate logo. On February 13, 2006, the Bank unveiled its remodeled "nab". According to The Age, the new "nab" logo still features National Australia's seven-pointed red star, but its two lines, originally intended to mark the merger of Commercial Bank and National Bank of Australasia, have been tapered to look more "dynamic". The paper relates that the Bank's rebranding has been characterized by marketing experts and banking analysts as an attempt to assert a new identity after it discovered rogue traders on its foreign exchange desk had lost AU$360 million through shonky accounting. The Age cites Australian boss Ahmed Fahour as saying that the forex scandal was only a symptom of corporate arrogance. He added that the change of logo could mark National Australia's new approach, which would only be meaningless if the Bank did not relate better to its customers. 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. OLD JC&I: Members Agree to Wind Up Firm ------------------------------------ On January 19, 2006, members of Old J C & I Pty Limited agreed that a voluntary wind-up of the Company is necessary and in its best interests. As a result, Richard Herbert Judson, of Judson & Co. Chartered Accountants, was appointed as official liquidator. ORIENT EXPRESS: Creditors' Proofs of Claim Due on Feb. 16 --------------------------------------------------------- Orient Express Travel Pty Limited will declare a first and final dividend on February 17, 2006. Creditors whose debts or claims have not already been admitted are required to formally prove their claims by February 16, 2006, to liquidator Mervyn J. Kitay, of Grant Thornton. Failure to comply will exclude creditors from the benefit of the dividend. OSK CORPORATION: Enters Voluntary Liquidation --------------------------------------------- Members of OSK Corporation Pty Limited held a meeting on Jan. 19, 2006, and agreed on the Company's need to liquidate its business operations. PONDERMARIA PTY: Prepares to Distribute Dividend ------------------------------------------------ Pondermaria Pty Limited will declare its second dividend on February 17, 2006. Creditors are required to submit their proofs of claim today, February 15, 2006. Failure to comply with this requirement will exclude creditors from the benefit of any distribution. PRIME PRINTING: Schedules Final Meeting Today --------------------------------------------- A final meeting of Prime Printing Pty Limited will be held today, February 15, 2006. Liquidator Deryk Rowan Andrew will present his final account regarding the Company's wind-up operations at that meeting. RALLYE & MANAGEMENT: Inability to Pay Debts Leads to Wind-up ------------------------------------------------------------ Rallye & Management Services 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, Andre Strazdins and Nicholas David Cooper, of SimsPartners, were appointed to oversee the Company's liquidation activities. RITEBORE AUSTRALIA: Prepares to Close Business ---------------------------------------------- At a general meeting of Ritebore Australia Pty Limited held on January 23, 2006, Ivor Worrell and Morgan Lane, of Worrells Solvency & Forensic Accountants, were appointed as liquidators to supervise the Company's wind-up activities. S.L.M. DANCE: Prepares to Pay Dividend -------------------------------------- S.L.M. Dance Pty Limited will declare its first and final dividend on February 20, 2006. Creditors are required to submit their proofs of claim by February 16, 2006, to liquidator J. Loebenstein, of Loebenstein Insolvency Services Pty Limited. Failure to comply will exclude creditors from the benefit of the dividend distribution. SIXTY FOURTH AGENDA: Members to Receive Wind-up Details ------------------------------------------------------- The members of Sixty Fourth Agenda Pty Limited will convene on February 15, 2006, at 6:00 p.m., to receive the liquidator's account regarding the Company's completed wind-up and disposal of property. SPECIAL OCCASIONS: Court to Hear Winding Up Petition on Feb. 23 --------------------------------------------------------------- On November 15, 2005, the Commissioner of Inland Revenue has applied to put Special Occasions Cake Limited into liquidation. The application will be heard before the High Court of Auckland on February 23, 2006, at 10.00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application must file an appearance not later than February 21, 2006, to: Simon John Eisdell Moore Crown Solicitor Meredith Connell Level Seventeen, Forsyth Barr Tower 55-65 Shortland Street (P.O. Box 2213 or D.X. C.P. 24-063) Auckland Telephone: (09) 336 7556 TELSTRA CORPORATION: Speeds Up Cable Internet Service ----------------------------------------------------- Telstra Corporation will increase the speed of its cable Internet service, BigPond Cable. The new "BigPond Cable Extreme" plans will complement Telstra's soon-to-be launched BigPond Movies Downloads service. The Company says that through BigPond Cable Extreme, cable broadband customers will have the potential to access significantly higher download speeds. BigPond's existing broadband service offers 8Mbps download speeds, and the new service will boost that number to as high as 17Mbps. Telstra says that the faster service will be available for AU$10 a month more than standard Cable standard broadband prices. BigPond currently has more than a quarter of a million customers on cable broadband, with the network passing 2.6 million Australian homes. 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: CEO Seeks Boost in Barcelona Conference ------------------------------------------------------------ Telstra Corporation's chief executive officer, Sol Trujillo, arrived in Barcelona, Spain, together with the Company's team of senior executives to attend the global 3GSM conference, The Australian says. The paper reports that Mr. Trujillo will join executives from rivals Optus and Hutchison, along with more than 70,000 others attending the world's biggest mobile conference, and seek ways to reverse Telstra's sagging mobile growth. As previously reported in the Troubled Company Reporter - Asia Pacific, Mr. Trujillo did not attend a meeting with the Senate Communications Estimates Committee where he was supposed to answer questions from Senators. Mr. Trujillo instead sent his executives. 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. ULYSEES.COM LIMITED: Enters Liquidation Proceedings --------------------------------------------------- The Commissioner of Inland Revenue has filed a petition to liquidate Ulysees.Com Limited. The High Court of Auckland will hear the application on Feb. 23, 2006, at 10:00 a.m. Any person, other than the defendant company, who wishes to appear on the hearing of the application, must file an appearance not later than February 21, 2006 to: Simon John Eisdell Moore Crown Solicitor Meredith Connell, Level Seventeen, Forsyth Barr Tower, 55-65 Shortland Street (P.O. Box 2213 or D.X. C.P. 24-063), Auckland Telephone: (09) 336 7556 ============================== C H I N A & H O N G K O N G ============================== CHUNG YIU: Set to Close Business Operations ------------------------------------------- On February 1, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance approved the wind- up petition of Chung Yiu International Limited. CSK CHINA: Creditors' Proofs of Claim Due on March 10 ----------------------------------------------------- Creditors of CSK China Limited have until March 10, 2006, to submit the particulars of their claims, as well as any information regarding their solicitors, to the Company's liquidator, Rainier Hok Chung Lam. If the liquidator requires, the creditors must come in personally or through their solicitors and prove their claims at the time and place specified in the notice. Creditors who are unable to formally prove their claims will be excluded from any distribution. EURO-POWER CONSULTANTS: Names Official Liquidator ------------------------------------------------- The High Court of Hong Kong Special Administrative Region appointed Tang Tse Yee as Euro-Power Consultants Limited's liquidator on January 27, 2006. Mr. Tang will manage the Company's wind-up operations. FOREMOST CITY: Creditors' Proofs of Claim Due on March 13 --------------------------------------------------------- The creditors of Foremost City Limited are required to submit the particulars of their debts or claims, as well as any information regarding their solicitors, if any, by March 13, 2006. The proofs of claims must be submitted to the Company's liquidator, Francis Young. If the liquidator requires, the creditors must come in personally or by their solicitors and prove their claims at the time and place specified in the notice. Creditors who are unable to formally prove their claims will be excluded from any distribution. GA CHAU: Lai and Darach Cease to Act as Receivers ------------------------------------------------- On February 3, 2006, Lai Kar Yan and Darach E. Haughey ceased to act as receivers and managers in Ga Chau Shipping Company Limited's wind-up. HEADSON INVESTMENTS: Court Issues Wind-Up Order ----------------------------------------------- At Headson Investments Limited's request, the High Court of the Hong Kong Special Administrative Region Court of First Instance entered a wind-up order pertaining to the Company on February 1, 2006. JAMSUN DEVELOPMENT: Names Chan Chiu Yin as Liquidator ----------------------------------------------------- Chan Chiu Yin has been appointed to act as liquidator of Jamsun Development Limited. The appointment was issued on February 9, 2006, by the High Court of Hong Kong Special Administrative Region. KWAN YIU: Decides to Close Operations ------------------------------------- Pursuant to a petition filed by Kwan Yiu Kee Construction Limited, on February 1, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order to wind up the Company. LAM TAK: Appoints Lam Tak Keung as Liquidator --------------------------------------------- At a meeting of Lam Tak Cheung Foundation Limited on February 9, 2006, members resolved that the Company undergo voluntary liquidation. Lam Tak Keung was named to supervise the Company's wind-up activities. LUCCI CREATION: Court Approves Business Closing ----------------------------------------------- On January 8, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order approving a petition to wind up Lucci Creation Limited. PROSPERITY INTERNATIONAL: Narrows Net Loss to HK$1.4 Mln -------------------------------------------------------- Prosperity International Holdings (H.K.) Limited reported a net loss of HK$1.376 million for the nine months ended December 31, 2005, versus a net loss of HK$8.826 million in the same period a year earlier. A HK$0.017 loss per share was posted for the same period. No dividend was declared for the fiscal third quarter. The Troubled Company Reporter - Asia Pacific had earlier reported a net loss of HK$2.753 million for the six months ended September 30, 2005, and a HK$3.087 loss per share in the same period. Headquartered in Kowloon, Hong Kong, Prosperity International Holdings (H.K.) Limited is principally engaged in the trading of cement clinker. After thorough consideration, the Group has commenced the business of trading cement clinker since June 2005. The management is strongly confident in this new business operation and expects that it will generate positive financial results to the Group. SUNLAND TECHNOLOGIES: Liquidator to Give Report on Feb. 27 ---------------------------------------------------------- Sunland Technologies Company Limited's liquidator, Billy Li Sze Kuen, will be reporting on the Company's wind-up activities and property disposal at a final meeting of members on February 27, 2006, at 10:00 a.m. TIGER ELECTRONICS: To Hold Final Meeting on March 3 --------------------------------------------------- The members of Tiger Electronics Far East Limited will meet on March 3, 2006, at 11:15 a.m., to receive the liquidators' account regarding the Company's completed wind-up and disposal of property. They will also propose that the books, accounts and documents of the Company will be retained by the liquidator, Susan Y H Lo, and be destroyed three months after the Company is dissolved. VITRO INTERIOR: Commences Winding Up Process -------------------------------------------- A winding up petition was served on Vitro Interior Design Limited on December 12, 2005. On February 1, 2006, the High Court of the Hong Kong Special Administrative Region Court of First Instance released an order to wind up the Company. WORLD DYNAMICS: Appoints Official Liquidator -------------------------------------------- The members of World Dynamics Limited convened on January 11, 2006, and decided to liquidate the Company's business operations. The members subsequently named Francis Wong Man Chung and Cliff Wong Wai Man to facilitate the Company's wind-up activities. ========= I N D I A ========= BHARAT PETROLEUM: To Shut Down Mumbai Hydrocracker in March ----------------------------------------------------------- Bharat Petroleum Corporation is shutting down its 60,000 barrel- per-day hydrocracker at its Mumbai refinery maintenance works next month for 15 days, Reuters reports. The unit processes heavier products into lighter ones and cut their sulphur content. The 240,000-bpd complex is currently operating at full tilt, the report says. The refinery uses 70% of crude from the Middle East, Asia- Pacific as well as Nigeria, while domestic crude output makes up 30% of its diet. Headquartered in Maharashtra, India, Bharat Petroleum Corporation Limited -- http://www.bharatpetroleum.com/-- is engaged in refining and marketing petroleum, liquefied petroleum gas and petrochemical products including middle distillates, light distillate, lubricants, benzene and toluene. During the year 2002, the Group introduced Petro Card and SmartFleet Card and it has around 700,000 customers enrolled in 28 cities. There are 4,711 retail outlets and 1,729 LPG distributors that operate in the country. The plants of the Group are located in Mahul and Mallet Road in Mumbai and in Budge. NACHMO KNITEX: Members OK Shares Allotment to IIBI and IDBI ----------------------------------------------------------- On February 11, 2006, the members of Nachmo Knitex Limited considered and approved the: -- offer and allotment of 8,10,264 equity shares to Industrial Investment Bank of India of INR10 each at a premium of INR4.81 per equity share aggregating to INR1,20,00,005; and -- offer and allotment 13,50,439 equity shares to Industrial Development Bank of India of INR10 each at a premium of INR4.81 per equity share aggregating to INR2,00,00,006. The total number of shares to be offered exceeds 21,60,703 equity shares for a total amount of INR3,20,00,011. The shares will be offered on preferential basis and will be converted as part of the outstanding loans of IIBI and IDBI of INR12 million and INR20 million, respectively, under the terms of restructuring approved by Corporate Debt Restructuring Cell. The Board will issue shares on conversion as per the Preferential issue Guidelines issued by the Securities and Exchange Board of India in all respects including price/conversion period/lock in period etc., and subject to such other laws, rules, regulations, guidelines, etc. The Company's Board of Directors will then hold a meeting on Feb. 17, 2006, for issue and allotment of equity shares to IIBI and IDBI as earlier approved by the Company's shareholders. RITESH INDUSTRIES: Amends Proposed Merger Date ---------------------------------------------- At its meeting on February 9, 2006, the Board of Directors of Ritesh Industries has changed the appointed date of the Company's proposed amalgamation with Ritesh Spinning Mills to January 1, 2007. The exchange ratio remains the same. 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. SWITCHING TECHNOLOGIES: To Book Zero Net Worth ---------------------------------------------- On January 31, 2006, the Board of Directors of Switching Technologies Gunther Limited approved the necessary forms for reporting a 100% erosion of the Company's net worth as of June 30, 2005. Headquartered in Chennai, India, Switching Technologies Gunther Limited supplies and exports electronic reed switches. The Company has been suffering hefty losses since 2002. In the April 2005 to June 2005 period, Switching Technologies booked a net loss of INR3.39 million, up against a net loss of INR4.27 in the same period in the previous fiscal year. SWITCHING TECHNOLOGIES: Seeks OK for Preferential Shares Issue -------------------------------------------------------------- The members of Switching Technologies Gunther Ltd will convene an Extraoridnary General Meeting on March 8, 2006, to obtain the approval of the shareholders for preferential issue of equity shares and for delisting of the equity shares of the Company from the Madras and Ahmedabad Stock Exchanges. Headquartered in Chennai, India, Switching Technologies Gunther Limited supplies and exports electronic reed switches. The Company has been suffering hefty losses since 2002. In the April 2005 to June 2005 period, Switching Technologies booked a net loss of INR3.39 million, up against a net loss of INR4.27 in the same period in the previous fiscal year. ================= I N D O N E S I A ================= ASIA PULP: Court to Hear Settlement Case on Feb. 27 --------------------------------------------------- On February 27, 2006, the Honorable John E. Sprizzo of the United States District Court for the Southern District of New York will hear a case regarding a proposed settlement by Asia Pulp and Paper Company Limited to its shareholders. The Class Action Reporter relates that the case was brought on behalf of all persons or entities that purchased or otherwise acquired any of the publicly traded securities of Asia Pulp and its subsidiaries during the period between August 28, 1998, and April 4, 2001. Asia Pulp proposes a USD46 million settlement to all class action creditors. Creditors are required to submit formal proofs of claim by March 6, 2006, to Asia Pulp & Paper Securities Litigation, c/o Analytics Inc., Claims Administrator at P.O. Box 2002, in Chanhassen, Minnesota 55317-2002. PERUSAHAAN GAS: Bids for Gas Pipeline Construction -------------------------------------------------- PT Perusahaan Gas Negara is one of five bidders vying to be awarded the construction of a 1.2-kilometer gas pipeline connecting East Kalimantan and Western Java, Antara News says. According to an unnamed PGN official, the Company is competing against local firms PT Alfa Karisma, PT Bakrie Bros., PT Barata Indonesia, and PT Bumi Karsa Lini Nusa for the pipeline construction project. Oil & gas regulatory agency BPH Migas, which had launched the bidding tender, is slated to announce the winner in May. PT Perusahaan Gas Negara -- http://www.pgn.co.id/-- was incorporated in 1965, and manages and adds value to Indonesia's gas resources. Its current business is focused on the downstream sector, gas transmission and distribution pipeline operation, as well as marketing of gas products, trading and gas storing. Since its privatization in 2003, PGN continues to expand its business both in Indonesia and overseas. ========= J A P A N ========= LIVEDOOR CO.: Faces Delisting from TSE for Financials ----------------------------------------------------- The Tokyo Stock Exchange intends to delist the shares of Internet firm Livedoor Co. for failing to compile a revised financial statement of its financial records, AXcess News relates. The delisting would prompt the Tokyo police to issue new arrest warrants for its former President Takafumi Horie and several executives, the report says. The Securities and Exchange Commission may also delist the Company from the American over-the-counter market and file criminal charges against the former officials. As previously reported in the Troubled Company Reporter-Asia Pacific, the Securities and Exchange Surveillance Commission of Japan earlier filed criminal complaints against Livedoor, Mr. Horie, and other officers on suspicion of releasing false information during the takeover of Money Life by subsidiary Livedoor Marketing in 2004. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. LIVEDOOR CO.: Stock Falls to Lowest Level Since Raid ---------------------------------------------------- The stock price of Livedoor Co. dropped to JPY61 on Monday from Friday's JPY91 per share, the lowest since prosecutors raided the Company in connection with an accounting fraud scandal, Japan Today relates. The Company's market capitalization fell to JPY64 billion, down from JPY730 billion on January 16. The stock prices of six Livedoor group firms, including Livedoor Marketing Co., also plunged Monday, with the Livedoor group's market capitalization coming to JPY188.9 billion, falling below JPY200 for the first time. Headquartered in Tokyo, Japan, Livedoor Co. Ltd. -- http://corp.livedoor.com/en/-- is into Internet-related business. It is involved in many sectors, including out portal site "livedoor", financial business, corporate web solution, data center and IP telephony business. SANYO ELECTRIC: To Close Spanish Plant Next Month ------------------------------------------------- Sanyo Electric Company will shut down a television plant in Spain on March 31, 2006, Japan Today reports. The closure followed a decline in demand for cathode ray tube sets in the European market, as a growing number of consumers have opted for liquid crystal display televisions. The move is part of a revised global restructuring for the Osaka-based group, which announced last December that the reorganization would lead to the loss of 140,000 jobs worldwide. Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. -- http://www.sanyo.co.jp/koho/index_e.html-- carries out its operations through its audio-visual and information division which manufactures digital cameras, cellular phones, LCD projectors, televisions, video recorders and information systems; home appliances division which manufactures washing machines, vacuum cleaners, microwave ovens, refrigerators and compressors; machinery division which manufactures commercial air conditioners, vending machines, commercial kitchen equipment and heat pump air conditioners; electronic devices division which produces electronic components for personal computers, cellular phones and semiconductors; and batteries division which produces nickel metal hybrid batteries for personal computers, lithium-ion batteries for cellular phones and nickel-cadmium batteries for power tools. SANYO ELECTRIC: Partners With Nokia ----------------------------------- Sanyo Electric Company Limited and Nokia Corporation forged a preliminary agreement with intent to form a new global company comprised of their respective CDMA mobile phones businesses, separate from the parent companies. While the details of the deal are still to be finalized, it has been agreed that the new entity will be operated through partnership. The resulting company will have major operations in Osaka and Tottori, Japan, and San Diego, California, in the United States. The relevant assets from both companies will be contributed or made available for the new entity. Final agreements are expected to be signed in the second quarter of 2006, with the new business expected to commence operations in the third quarter of the year, provided that the due diligence has been completed and all necessary regulatory approvals obtained. It is expected that the new company will benefit by combining both parties' complementary CDMA businesses to achieve a leading position within the global CDMA mobile phones market. Sanyo has strong R&D expertise, leadership position and well-known brand in high-end and mid-range CDMA handsets. It also maintains strong relationships with CDMA operators in Japan and North America. Nokia brings to this new entity its world-renowned brand, demand supply expertise, a solid entry-level and mid- range CDMA mobile phones product portfolio and well-established relations with over 60 CDMA carrier customers around the globe. Headquartered in Osaka, Japan, Sanyo Electric Co. Ltd. -- http://www.sanyo.co.jp/koho/index_e.html-- carries out its operations through its audio-visual and information division which manufactures digital cameras, cellular phones, LCD projectors, televisions, video recorders and information systems; home appliances division which manufactures washing machines, vacuum cleaners, microwave ovens, refrigerators and compressors; machinery division which manufactures commercial air conditioners, vending machines, commercial kitchen equipment and heat pump air conditioners; electronic devices division which produces electronic components for personal computers, cellular phones and semiconductors; and batteries division which produces nickel metal hybrid batteries for personal computers, lithium-ion batteries for cellular phones and nickel-cadmium batteries for power tools. YAMATO LIFE: JCR Affirms 'B+p' Rating ------------------------------------- Japan Credit Rating Agency has affirmed the "B+p" rating of Yamato Life Insurance Company. Yamato Life Insurance Company's risk pertaining to the price of investment assets is rising while capital amount is not sufficient. Improvement of capital relies heavily on unrealized gains on equity securities, being influenced by stock prices. Although the earnings and capital are improving temporarily, operating performance and earnings are expected to decline over the intermediate term as shown by the declining policies in force. The Company is now strengthening salespersons, tapping into new sales channels and streamlining the operations. The rating agency will pay close attention to the future developments as to whether the Company can improve the earnings, putting brake on the decline in performance, by these steps. ========= K O R E A ========= DAEWOO ENGINEERING: Bidders Start Due Diligence Despite Protests ---------------------------------------------------------------- The six qualified bidders for Daewoo Engineering & Construction Co. will still conduct due diligence despite strong unionist opposition against two of them, The Korea Times relates. The unions, representing 45% of Daewoo Engineering's workforce, are not in favor of Doosan and Hanwha due to various reasons including ethical breaches, problems in corporate governance and lack of transparency by the groups. Jeong Chang-du, head of the company's 1,250-member union, told Korea Times that the workers will step up measures to stop the Doosan and Hanwha groups from carrying out due diligence. The shorlisted bidders for the Daewoo Engineering stake are from consortiums led by cement and confectionery producer Eugene Group, real estate developer Prime Group, construction company Samwhan Corp. and the Doosan, Hanwha and Kumho Asiana groups. The bidders will conduct on-site inspections on Daewoo Engineering. They will also scrutinize information on the builder via a virtual dataroom system, Korea Times relates. Korea Asset Management Corporation and other creditors are looking to dispose of its 50% plus one share in the builder out of their entire 74% holdings. Headquartered in Seoul, South Korea, Daewoo Engineering & Construction Co. -- http://www.daewooenc.com-- has become a world leader in civil engineering, housing construction, power and industrial plant development, architectural services, and construction of liquid natural gas facilities. In addition to large-scale domestic projects, Daewoo has more recently built gas plants in Nigeria, a hospital in Libya, and the Trump World Tower in New York, to name a few. Spun off by the now-defunct Daewoo Group in 2000, the company became a potential acquisition target in 2006. =============== M A L A Y S I A =============== AFFIN HOLDINGS: New Shares Set for Listing and Quotation Today -------------------------------------------------------------- Bursa Malaysia Securities Berhad will issue and quote Affin Holdings Berhad's additional 182,000 new ordinary shares of MYR1.00 each issued pursuant to the Employees' Share Option Scheme today, February 15, 2006. Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad - - http://www.affin.com.my/-- is engaged in commercial banking, merchant banking, finance company business, stock broking and asset management business. The Company's other activities include the provision of insurance services, lease and hire purchase financing, nominee services and investment holding. Operations are carried out principally in Malaysia. AYER MOLEK: Bourse Extends Deadline for LR Compliance ----------------------------------------------------- Bursa Malaysia Securities Berhad extended until March 15, 2006, the deadline given for The Ayer Molek Rubber Company Berhad to comply with Paragraph 8.16A of the Listing Requirements. At present, The Ayer Molek is finalizing comprehensive plans for submission to relevant authorities for final endorsement and approval. The Company expects to meet its requirements by the first quarter of 2006. Headquartered in Kuala Lumpur, Malaysia, The Ayer Molek Rubber Company's principal activity is the leasing of its entire plantation land to a third party. It operates solely in the domestic market. FEDERAL FURNITURE: Proposal Revision Gets SC's Nod -------------------------------------------------- The Securities Commisison has approved Federal Furniture Holdings (M) Berhad's bid to revise its proposed warrant rights issue by increasing the ratio of warrants from six free warrants to eight and a half free warrants. The salient terms of the warrants, the basis and the pricing of the rights shares remain unchanged. Headquartered in Darul Ehsan, Malaysia, Federal Furniture Holdings (M) Berhad's principal activities are manufacturing, marketing, trading and exporting of furniture and renovation and interior fit-outs of offices and hotels. GUH HOLDINGS: Posts MYR6,783,000 Net Loss in 4Q/FY05 ---------------------------------------------------- Guh Holdings Berhad has released its unaudited fourth quarter financial report for the financial period ended Dec. 31, 2005. Summary of Key Financial Information December 31, 2005 Individual Period Cumulative Period Current Year Preceding Year Current Year Preceding Year Quarter Corresponding to Date Corresponding Quarter Period 31/12/2005 31/12/2004 31/12/2005 31/12/2004 MYR'000 MYR'000 MYR'000 MYR'000 * Revenue 72,082 54,027 263,252 219,528 * Profit/(loss) before tax -5,446 -32,677 -8,617 -47,548 * Profit/(loss) after tax and minority interest -6,783 -30,670 -9,948 -47,070 * Net profit/(loss) for the period -6,783 -30,670 -9,948 -47,070 * Basic earnings/(loss) per shares (sen) -2.71 -12.23 -3.97 -18.78 * Dividend per share (sen) 0.00 0.00 0.00 0.00 As at end of As at Preceding Current Quarter Financial Year End * Net assets per share (MYR) 1.1700 1.2000 A full-text copy of the financial statement is available for free at: http://bankrupt.com/misc/GuhHoldings021306.xls KIG GLASS: Agreement to Negotiate Extended Until March 13 --------------------------------------------------------- On December 13, 2005, KIG Glass Industrial Berhad entered into an agreement to negotiate with Permintex Holdings Sdn Bhd exclusively with each other with the objective of restructuring KIG Glass. AmMerchant Bank Berhad, a member of AmInvestment Group, reported that the KIG Glass accepted Permintex's proposal to extend the expiry date of the Agreement to Negotiate from February 13, 2006, to March 13, 2006. The Company is still in the midst of finalizing the terms of the regularization plans and the definitive agreement with PHSB, wherein a detailed announcement will be made upon finalization of the same. Headquartered in Johor Darul Ta'zim, Malaysia, KIG Glass Industrial Berhad -- http://www.kedaung.com/-- manufactures and sells glassware, glass blocks and carton boxes. The firm's other activities include manufacturing of ceramic roof tiles. Its operations are carried out in Malaysia and China. MAGNUM CORPORATION: Repurchases Ordinary Shares ----------------------------------------------- During its shares buy-back on February 13, 2006, Magnum Corp. Berhad repurchased 792,400 ordinary shares at MYR0.50 each. The minimum price paid for each share purchased was MYR1.960 while the maximum price was MYR2.000. The number of shares purchased retained in treasury is 792,400 units. Cumulative net outstanding treasury shares is now at 103,771,100 units. Headquartered in Kuala Lumpur, Malaysia, Magnum Corporation Berhad -- http://www.magnum.com.my-- operates a four-digit number forecast betting game. It is also engaged in property holding and development and letting of properties, operation of hotel, general investment holding and trading, printing activities, credit services, securities dealing and brokerage, and provision of computer software and other related services. The Group sponsors Alex Yoong, the first Malaysian Formula One driver, and KL Minardi Formula One Team. Operations of the Group are carried out in Malaysia, Hong Kong, The People's Republic of China, Philippines and other countries. MERCES HOLDINGS: Default Status Remains Unchanged ------------------------------------------------- The Board of Directors of Merces Holdings Berhad continues to default on its principal and default payments due to Southern Bank Berhad. Merces Holdings Berhad's principal activities are the provision of property development and building construction works. The Company's other activity include investment holding. Operations of the Group are predominantly carried out in Malaysia. MULTI-USAGE HOLDINGS: Bank Negara OK Rights Issues -------------------------------------------------- Bank Negara Malaysia has approved Multi-Usage Holdings Berhad's issuance of rights warrants to the Company's non-resident shareholders pursuant to ECM 12 of the Exchange Control Act, 1953 in relation to the Proposed Two-Call Rights Issue With Free Detachable Warrants. The Company said it will keep Bursa Malaysia Securities Berhad informed of the status of the debt-restructuring scheme. Headquartered in Penang, Malaysia, Multi-Usage Holdings Berhad's principal activities are development of properties, manufacture and sale of cement concrete products, cement bricks, hollow blocks, stones and all kinds of building materials. The Company is also engaged in contracting works for construction project, provision of management services, hiring of mobile crane and other heavy equipment, trading of furniture and investment holding. The Group operates predominantly in Malaysia. PANTAI HOLDINGS: New Shares up for Listing and Quotation -------------------------------------------------------- Pantai Holdings Berhad's additional 250,000 new ordinary shares of MYR1.00 each arising from the exercise of 250,000 warrants 2002/2007 will be granted listing and quotation by Bursa Malaysia Securities Berhad on February 16, 2006. Headquartered in Kuala Lumpur, Malaysia, Pantai Holdings Berhad -- http://www.pantai.com.my-- provides medical, surgical and hospital services. The firms other activities include provision of cleaning and maintenance services for hospitals, cardiac cauterization, medical diagnostic, radiotherapy, oncology, nurses training courses, medical laboratory, homecare, rehabilitation, healthcare support, supervision of medical examination of foreign workers, money lending, laundry and dry cleaning and investment holding. Operations are carried out in Malaysia, Cayman Islands and the British Virgin Islands PELIKAN INTERNATIONAL: Bourse to List and Quote New Shares ---------------------------------------------------------- Pelikan International Corporation Berhad additional 76,665 new ordinary shares of MYR1.00 each issued pursuant to the conversion of MYR115,000 Nominal Value Of three percent five- year Irredeemable Convertible Unsecured Loan Stocks 2005/2010 (ICULS) into 76,665 new ordinary shares of MYR1.00 each will be granted listing and quotation by Bursa Malaysia Securities Berhad today, February 15, 2006. Pelikan Internatinal Corporation Berhad formerly known as Diperdana Holdings Berhad is engaged in the provision of container haulage services to importers and exporters. The Company's activities include customs brokerage, intermodal transportation, chartering and marine insurance services, provision of container storage, repair, cleaning and reefer services, storage and management of stocks, distribution, consolidation and braking of cargo. The Group operates in Malaysia. POH KONG: Prepares New Shares for Bourse Listing ------------------------------------------------ Bursa Malaysia Securities Berhad will list and quote Poh Kong Holdings Berhad's additional 37,675 new ordinary shares of MYR1.00 each issued pursuant to the conversion of MYR60,280 Irredeemable Convertible Unsecured Loan Stocks 2004/2007 into 37,675 new ordinary shares of MYR1.00 each, today, February 15, 2006. Headquartered in Selangor, Darul Ehsan, Malaysia, Poh Kong Holdings Berhad is engaged in the manufacture and retail of gold ornaments, jewelleries and precious stones. The company's other activities include the issue of franchises and related business, property investment. RASHID HUSSAIN: Converts ICULS to Ordinary Shares ------------------------------------------------- Rashid Hussain Berhad's additional 18,600 new ordinary shares of MYR1.00 each issued pursuant to the conversion of MYR21,018 nominal value of Irredeemable Convertible Unsecured Loan Stocks- B 2002/2012 into 18,600 new ordinary share will be granted listing and quotation by Bursa Malaysia Securities Berhad, today, February 15, 2006. Headquartered in Kuala Lumpur, Malaysia, Rashid Hussain Berhad -- http://www.rhb.com.my-- provides commercial banking, merchant banking and offshore banking. The Company also provides offshore trust services, finance company business, general insurance, leasing, securities and asset management business, unit trust management and property investment and management. The Group's operations are carried out in Malaysia, Singapore, the Channel Islands, the United Kingdom, the Philippines and Indonesia. SOUTHERN BANK: Bourse to List and Quote Additional Shares --------------------------------------------------------- Bursa Malaysia Securities Berhad will list and quote Southern Bank Berhad's additional 1,041,226 new ordinary shares of MYR1.00 each issued pursuant to the exercise of 566,926 warrants 1996/2006 (Local Warrants) into 566,926 new Local A shares (SBank-OA) and exercise of 474,300 warrants 1996/2006 (Foreign Warrants) into 474,300 New Foreign A shares (SBank-O2) on February 15, 2006. As the said ordinary shares arising from the Exercise shall not be entitled to dividends or any other distributions declared, made or paid to shareholders in respect of the financial year ended December 31, 2005, they will be quoted as SBand-OA and SBank-02. Headquartered in Kuala Lumpur, Malaysia, Southern Bank Berhad -- http://www.southernbank.com.my/-- is engaged in the provision of commercial banking business and other related financial services which include Islamic banking services. Other activities are accepting deposits and advancing loans, property ownership and management, provision of risk capital, stockbroking, sale and management of unit trusts, building construction, property investment and investment holding. ===================== P H I L I P P I N E S ===================== ABS-CBN BROADCASTING: Prefers to Settle Case Out of Court --------------------------------------------------------- ABS-CBN Broadcasting Corporation is open to an out-of-court settlement with the victims of the February 4 stampede at the Philsports Arena in Pasig City, SunStar Daily reports. According to SunStar, ABS-CBN is expecting relatives of the 71 people who died and over 600 injured in the stampede to file a class action suit against the network. As previously reported, the stampede took place as thousands flocked to the Arena to watch the first anniversary celebration of ABS-CBN's game show, "Wowowee," which promised cash prizes to selected viewers. Based on the official tally of the ABS-CBN Bantay Bata Foundation, the number of deceased is 71 and not 74, as earlier reported. Bantay Bata Foundation's program director, Tina Monzon-Palma, told SunStar that an out-of-court settlement would be beneficial for the stampede victims and for the network as well. A government-organized fact-finding committee earlier recommended criminal charges to be filed against four officials of ABS-CBN for failing to prepare adequate security for the show. Charges of criminal negligence were recommended against Rene Luspo, ABS-CBN's head of security; Marilou Almaden, Wowowee production manager; Rey Cayabyab, assistant location manager; and Mel Feliciano, associate producer. Ms. Palma denied reports that the victims' families were forced to sign a waiver dropping a class suit after they received financial support. Ms. Palma explained that the document signed by the families of the victims was a mere acknowledgment letter that serves as proof that the victims received money, SunStar says. ABS-CBN Broadcasting or Alto Broadcasting System-Chronicle Broadcasting Network -- http://www.abscbn-ir.com-- is a leading radio and television broadcasting network and multimedia company in the Philippines. It was founded in 1953, and was the first television station in the Philippines. The network's main broadcast facilities are located at the ABS-CBN Broadcast Center in Mother Ignacia St., Diliman, Quezon City, Philippines. ABS-CBN BROADCASTING: To Extend Financial Aide to Victims' Kin -------------------------------------------------------------- ABS-CBN Broadcasting Corporation vowed to continue giving financial support to the victims of the deadly Philsports stampede despite reports that their families are already preparing to file a class suit, The Manila Times reports. Aside from the burial expenses, ABS-CBN is setting up an office to help the families of the 71 victims who died during the tragedy. The new office, which will be headed by ABS-CBN Director Carmelo Calauag, will extend educational assistance to the children of the victims and provide small and medium businesses to the victim's families. According to the report, ABS-CBN's Board of Directors had already approved the proposal last Thursday. NATIONAL POWER: Breaks Even in 2005 ----------------------------------- National Power Corporation has recorded a break-even profit in 2005, The Philippine Star reveals, citing Napocor President Cyril Del Callar. According to Mr. Del Callar, Napocor's unaudited financial statements submitted to the Commission on Audit show that the state power firm has erased its losses last year. In 2004, Napocor recorded a net loss of Php29.9 billion from Php117.02 billion in 2003. Mr. Del Callar told The Star that Napocor's liability and risk management program will sustain the firm's financial performance this year and beyond. Energy Secretary Raphael Lotilla said that the privatization of the Napocor-Small Power Utilities Group areas will also contribute in sustaining Napocor's turnaround due to the reduction in subsidy to these SPUG areas. This SPUG privatization effort is expected to result in an estimated annual diesel/fuel savings of around Php2 billion. Napocor's financial position started to deteriorate in 1998. Since 2001, Napocor has been borrowing about US$1.5 billion annually to meet its budgetary shortfall. However, Napocor's interest expenses are seen to go down to Php22.64 billion in 2005 from Php30.25 billion in 2004 as a result of the National Government's decision last year to absorb some Php200 billion of the firm's outstanding liabilities, as mandated in the Electric Power Industry Reform Act. Mr. Del Callar said the improvement in the Company's results will help ease the country's financial burden. 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, the National Transmission Corporation PHILIPPINE AIRLINES: Asks Government to Defer Bahrain Air Talks --------------------------------------------------------------- Philippine Airlines is seeking to postpone air talks between the Philippine Government and the Bahrain Government for at least two more months, ABS-CBN News reports. This is due to PAL's decision to restore flights to Saudi Arabia. The Philippines-Bahrain bilateral air services negotiation, which is scheduled on February 16 and 17, will focus on Gulf Air's request to be given six additional weekly flights from Bahrain to Manila for a total of 10 flights per week, the report says. PAL claims that aviation talks with Arab Gulf states will further contribute to the massive oversupply of Philippine- Middle East airline capacity, making it impossible for PAL to restore its services to Saudi Arabia. The oversupply situation caused PAL to bleed around US$10 million a year. The Troubled Company Reporter - Asia Pacific reported earlier that PAL was planning to discontinue flight to Riyadh, Saudi Arabia, starting March 2, because the route has not been profitable in the past years due to tight competition from at least six airlines from the Arab Gulf states. According to the report, the flag carrier's decision to stop serving its last Middle East route was strongly criticized, as it would cut the direct link of more than one million Filipinos working in Saudi Arabia. In a letter to the Civil Aeronautics Board, PAL urged the Government to freeze Philippine-Middle East capacity levels to prevent long-term damage. PAL believes that a small window of opportunity exists to save PAL's flights to Saudi Arabia if the airline could secure the necessary rights to operate a Manila- Dubai-Saudi Arabia route. PAL said a fifth freedom right to Dubai would give it a fighting chance to bring down losses to a more manageable level. PAL is now urging the Government to assist the airline in asking Saudi Arabian officials to grant the PAL Dubai rights to save the carrier's direct air links to the overseas Filipino workers in the Middle East. Philippine Airlines -- http://www.philippineairlines.com/-- is the Philippines' national airline. It was the first airline in Asia and the oldest of those currently in operation. With its corporate headquarters in Makati City, Philippine Airlines flies both domestic and international flights. As of 2005, it claims to serve twenty-one domestic airports and thirty-one foreign cities. Its main hub is Ninoy Aquino International Airport in the capital city of Manila. RB TALAVERA: Posts Closure Notice --------------------------------- The Merchants Rural Bank of Talavera (Nueva Ecija) Incorporated has closed on January 26, 2006, pursuant to Monetary Board Resolution No. 98. As a result, the Philippine Deposit Insurance Corporation has started servicing claims for insured deposits in the closed bank on February 3, 2006. Depositors are requested to file their claims with the PDIC representatives during office hours from Monday to Friday, except holidays, to: Duration of RBTI Office/Branch Payout Site/Address Initial Operations Head Office Cojuangco Feb. 3-Mar. 1, 2006 Maharlika Highway Sta. Rosa, Nueva Ecija Cabanatuan Branch Cabanatuan City Feb. 3 - 21, 2006 Nueva Ecija Cabiao Branch San Juan North Feb. 3 - 17, 2006 Nueva Ecija Gapan Branch City of Gapan Feb. 3 - 14, 2006 Nueva Ecija Munoz Branch T. Delos Santos St. Feb. 3 - 17, 2006 Science City of Munoz Nueva Ecija San Jose Branch San Jose City Feb. 3 - 14, 2006 Nueva Ecija Talavera Branch Maharlika Highway, Feb. 3 - 17, 2006 Poblacion, Talavera, Nueva Ecija Zaragoza Branch Zaragoza, Nueva Ecija Feb. 3 - 21, 2006 After the specified dates, all depositors can file their claims personally at: The PDIC Claims Counter, 6th Floor, SSS BLDG, Ayala Avenue corner V.A. Rufino St., Makati City Or mail to: The Manager Claims Processing Department Philippine Deposit Insurance Corporation 2228 Chino Roces Avenue 1231 Makati City Depositors are advised to present to PDIC representatives: * the original evidence of deposit such as Savings Passbook, Certificate of Time Deposit, or Bank Statement including Unused Checks; and * two latest valid identification cards/documents with depositor's signature. Other documents may be required by the PDIC representatives in the course of their processing of claims filed. Pursuant to the provision of R.A. 3591, as amended by R.A. 9302, the last day for filing claims for insured deposits in the closed Merchants Rural Bank of Talavera Incorporated is on January 28, 2008. After the deadline, PDIC will no longer accept any claim for insured deposits maintained with the said closed bank. RB TANGALAN: PDIC Receiving Claims Until January 2008 ----------------------------------------------------- The Philippine Deposit Insurance Corporation has started servicing claims for insured deposits in the closed Rural Bank of Tangalan (Aklan) Incorporated on February 3, 2006. The shutdown is pursuant to Monetary Board Resolution No. 97. Depositors are requested to file their claims with the PDIC representatives during office hours from Monday to Friday, except holidays, to: Duration of RBTI Office/Branch Payout Site/Address Initial Operations Head Office Tangalan, Aklan Feb. 3-17, 2006 West. Visayas Sigma Branch Sigma, Capiz, Feb. 3-24, 2006 West. Visayas After the specified dates, all depositors can file their claims personally at: The PDIC Claims Counter, 6th Floor, SSS BLDG, Ayala Avenue corner V.A. Rufino St., Makati City Or mail to: The Manager Claims Processing Department Philippine Deposit Insurance Corporation 2228 Chino Roces Avenue 1231 Makati City Depositors are advised to present to PDIC representatives: * an original evidence of deposit such as Savings Passbook, Certificate of Time Deposit, or Bank Statement including Unused Checks; and * two latest valid identification cards/documents with depositor's signature. Other documents may be required by the PDIC representatives in the course of their processing of claims filed. Pursuant to Republic Act 3591, as amended by R.A. 9302, the last day for filing claims for insured deposits in the closed Rural Bank of Tangalan (Aklan) Inc., is on January 28, 2008. After the deadline, PDIC shall no longer accept any claim for insured deposits maintained with the said closed bank. * Napocor & NFA Push Up Public Debt ----------------------------------- The country's outstanding public sector debt has ballooned to Php5.5 trillion as of September 2005 due to rising debts of National Power Corporation and National Food Authority, The Manila Standard reveals. The increase was blamed on the Php9.7-billion increase in Napocor's outstanding loans and a Php6-billion additional debt incurred by NFA, The Standard says. According to the report, the outstanding liabilities of 14 government-owned and -controlled corporations inched up close to 1% to Php1.5 trillion in the third quarter of last year. Documents released by the Department of Finance show Napocor's domestic debt declined Php19.3 billion due to the decrease in accounts payable but the gains were wiped off by the Php25.2- billion rise in foreign loans to finance long-term debt. On the other hand, NFA availed of more additional loans to bankroll cost of rice and corn importation, as well as payment of import duties. The 12 other GOCCs monitored by the DoF are Light Rail Transit Authority, Philippine National Oil Co., Metropolitan Waterworks and Sewerage System, National Housing Authority, Home Guaranty Corp., National Irrigation Administration, National Development Co., National Electrification Administration, Philippine National Railways, Philippine Economic Zone Authority, Philippine Ports Authority, and the Local Water Utilities Administration. * Fitch Revises RP Outlook to Stable and Affirms 'BB' Rating ------------------------------------------------------------ Fitch Ratings has revised the outlook on the Foreign Currency and Local Currency Issuer Default Ratings of the Republic of the Philippines to Stable from Negative, while affirming the ratings at 'BB' and 'BB+', respectively. At the same time, the agency has also affirmed the Philippines' Short-term Issuer Default Rating at 'B' and the Country Ceiling at 'BB'. "The good 2005 fiscal performance and 2006 fiscal outlook, together with a more settled political environment, warrant the change in Outlook," said James McCormack, Head of Asia Sovereigns at Fitch. With changes to the VAT now fully implemented, the agency expects the national government deficit to fall to 2.1% of GDP this year and the primary surplus to reach 3.4% of GDP. This will allow the government debt/GDP ratio to continue its downward trajectory, alleviating pressure on sovereign creditworthiness as debt ratios gradually compare more favorably with rating peer group medians. Fitch noted, however, that while short-term fiscal prospects have improved, medium-term challenges remain and public finances are still a rating weakness. "Even with the VAT in place, government revenue relative to GDP is the second-lowest of all rated sovereigns, and it is as yet unclear how or whether it will increase to meet mounting spending pressures, which we believe to be forthcoming. A more significant fiscal adjustment than that undertaken to date will be required to avoid a recurrence of downward pressure on the sovereign ratings," said Mr. McCormack. The agency also pointed out that the government debt/revenue ratio is exceptionally high, as is the fiscal burden of debt service, with interest payments - the largest expenditure item - forecast to account for 36% of revenue this year. Political developments could still affect creditworthiness, as furtive negotiations on constitutional reform displace other legislative initiatives, and political maneuvering continues in a struggle for power. Fitch believes renewed impeachment proceedings are probable, again casting doubt on the plausible tenure of President Arroyo. Destabilizing events could reduce tax collection, as has happened in the past, or disrupt financial markets, with possible implications for public debt service. The external sector is a fundamental rating strength for the Philippines. Current account surpluses based on large remittance inflows are forecast to remain in place, and the country's gross external financing requirement (the current account balance plus debt amortization) is very low relative to foreign exchange reserves. "Given the Philippines' steady foreign exchange inflows and a manageable external debt service burden, the possibility of pressure on the external financial position leading to diminished repayment capacity appears comfortably remote," stated Mr. McCormack. Rising real interest rates and tight fiscal policy will not contribute to economic growth in the short term, and Fitch forecasts real GDP will expand by only 4.5% in 2006. Medium- term growth depends, in part, on improvements in labor productivity, which, in turn, are partially contingent upon increased investment to expand the capital stock. Investment in the Philippines continues to be the lowest in Asia, at 15% to 16% of GDP. In Fitch's view, such low investment will not lift medium-term growth enough to reverse the decline in real per capita income relative to the rest of Asia. The planned increase in this year's public infrastructure spending will help, especially if it improves private investor sentiment and boosts confidence in the country's economic opportunities. With ever-greater numbers of overseas Filipino workers and a lack of investment, neither labor nor capital is being fully deployed domestically, possibly relegating the Philippines to a low- growth cycle through the medium term. ================= S I N G A P O R E ================= ACCORD CUSTOMER: Ex-Finance Head Pleads Guilty to Fraud ------------------------------------------------------- The former chief financial officer of Accord Customer Care Solutions, Yip Hwai Chong, pled guilty to 88 counts of cheating and fraud against Finnish mobile phone giant Nokia, Channel NewsAsia reports. Mr. Chong was initially charged with 98 counts of aggravated cheating, but the charges were dropped to 88 after he entered into a plea bargain with the prosecution, the report says. Mr. Chong and other ACCS executives, including ex-Chief Executive Officer and founder Victor Tan, were arrested after being accused of falsifying phone repair claims to cheat Nokia out of SGD4.3 million. Mr. Chong was also charged with tampering with financial documents and overstating profits. The Singapore Court will issue its verdict on February 21, 2006. Meanwhile, Mr. Chong is in jail after failing to post SGD1.4 million bail, according to Channel NewsAsia. Accord Customer Care Solutions - http://www.accordccs.com/-- is the leading provider of after market services for consumer mobile communication and digital electronic devices in Asia Pacific. ACCS is a spin-off from supply network solutions provider Accord Express Holdings Pte Limited. ACCS provides a wide spectrum of after market services to both our trade partners and end consumers, such as customer information assistance, repair services, retail services, upgrade services, warrantu services, logistics services, and the like. ACCS provides professional, efficient and convenient services to its end consumers by establishing one-stop single brand or multi-brand proximity centres that are conveniently and strategically located. ACCREDIT BAY: Decides to Wind Up Operations ------------------------------------------- On February 13, 2006, members of Accredit Bay Pte Limited on February 13, 2006, agreed that the Company wind up its operations voluntarily. Further, Chia Lay Beng was appointed as liquidator. CHINA AVIATION(S): Appeals Ruling to Give Audit Report to J Aron ------------------------------------------------------------- China Aviation Oil (Singapore) Corporation Limited has appealed a High Court ruling that favors commodities trader J Aron & Company, Straits Times reports. CAO is appealing against a December 2005 ruling that ordered the Company to hand over documents, including a report by Pricewaterhousecoopers on how it incurred SGD895.3-million oil derivatives trading losses, to J Aron, the Times says. CAO had sued J Aron earlier for giving bad advice on the Company's restructuring options. After three failed restructuring plans in 2004, the Company sought court protection to avoid bankruptcy. CAO eventually settled matters with its creditors, but the issue with J Aron on the documents has dragged on for several months. J Aron had argued that CAO did not have the proper internal mechanisms to oversee the derivatives trading, and is therefore guilty of contributory negligence. Furthermore, the audit report conducted by Pricewaterhousecoopers contained evidence to prove this claim. CAO countered that giving the audit report to J Aron would give it an unfair advantage, since other Company creditors were not given the full report. The High Court of Singapore has scheduled to hear CAO's appeal early this week. Incorporated in 1983, China Aviation Oil (Singapore) Corp. Limited -- http://www.caosco.com/-- deals primarily in jet fuel procurement, although it is also active in international oil trading and oil-related investment. The firm commands a near- 100% market share of the procurement of imported jet fuel for China's civil aviation industry, and has expanded its market to include ASEAN countries, the Far East and the United States. CAO's oil-trading business has expanded beyond jet fuel to include fuel oil, gasoline, naphtha, crude oil, and petrochemical products. HESHE HOLDINGS: CEO Subscribes for New Shares --------------------------------------------- On February 13, 2006, Heshe Holdings Limited Chief Executive Officer Chng Weng Wah has decided to exercise an option to subscribe for 78,000,000 ordinary shares in HHL's share capital, as set out in an investment agreement dated December 29, 2003. The Company received SGD1.155 million as payment for the shares, which will go to its general working capital, including reduction of its debts and its investmet in CH E-Recycling Pte Limited. Heshe Holdings Limited started out in 1971 as a retail partnership selling ready-to-wear shirts. Its name was changed to Heshe Holdings Limited in 1975, when it took on the role of an investment holding company. Subsequently, the Group expanded its business to include manufacturing and a distribution network of retail shops selling its own in-house brands, primarily the Lea brandname as well as those of local designers and labels. INDOGRAIN PTE: Creditors' Proofs of Claim Due Feb. 24 ----------------------------------------------------- Indograin Pte Limited, which is preparing to declare a dividend, has trequired its creditors to submit their formal proofs of claim by February 24, 2006, to: The Official Receiver The URA Centre (East Wing) 45 Maxwell Road #06-11 Singapore 069118 Failure to comply with this requirement will exclude creditors from the benefit of the dividend distribution. STAMFORD OVERSEAS: TCSL Files Wind-up Petition ---------------------------------------------- On December 29, 2005, Traders Consulting Services Pte Limited filed a winding up petition against Stamford Overseas Student Residence Pte Limited. The Singapore High Court is scheduled to hear the Petition on March 3, 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, Messrs CE Lee, 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 CE Lee a written notice of his intention. 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 March 2, 2006. =============== T H A I L A N D =============== PHUKET AIRLINES: To Revive Business by Expanding Services --------------------------------------------------------- Phuket Airlines hopes to recover from a year-long slump by expanding its domestic and international coverage, Agence France Presse reports. The carrier is planning to service neighboring countries and launch new routes connecting regional locations in Thailand in order to boost passenger volume, AFP relates. The dwindling foreign arrivals was blamed on the December 2004 tsunami, high fuel costs, as well as France's banning of the carrier over safety concerns. AFP says the airline will focus on less-competitive routes for expansion since it is does not have the capacity to compete with the low prices offered by budget airlines. At present, the airline only services one domestic and one international destination -- Myanmar -- down from the 10 domestic and six international flights it offered during its peak. According to AFP, Phuket Air is considering routes linking regions in Thailand, such as the north-eastern region with northern provinces, since no airline is serving the route. In order to reap stable returns, Phuket Air will focus on charter flights rather than scheduled services. Charter flights contribute 70% of the carrier's total revenue. Headquartered in Bangkok, Thailand, Phuket Airlines's -- http://www.phuketairlines.com/-- main concern is to transport all passengers to their destinations safely and on time. The cabin crews and members of Phuket realize the importance of providing a best quality service to their passengers Phuket Air plans to extend its routes and to acquire a larger fleet in the future. Its gradual growth will only reconfirm our commitment to provide safety, convenience and quality service to all our passengers. ********* 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 ***