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


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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
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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 ***