TCRAP_Public/060308.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, March 8, 2006, Vol. 9, No. 048


                            Headlines

A U S T R A L I A   &   N E W  Z E A L A N D

A.C.N. 008 034 320 PTY: Members Agree to Wind Up Firm
A.C.N. 050 035 777 PTY: Liquidator to Explain Wind-up Report
BEAUDESAIR PTY: Members Opt to Wind Up
BLUE POINT: Appoints Official Liquidators
DEMAND ESPRESSO: To Hold Final Meeting Today

DIAL-A-CAB AUCK: Liquidation Hearing Slated for March 16
EASTELECTRIC PTY: To Distribute Dividend Tomorrow
FD WHITNEY: Enters Voluntary Liquidation
GOLDEN H&K: Court Orders Wind-up
GRANDACE NOMINEES: Creditors' Claims Due on March 14

HAMILL REFRIGERATION: High Court to Hear Petition Next Week
HTW HARRIS: Inability to Pay Debts Prompts Wind-up
JUTON CONSTRUCTION: Steven Coffey Appointed to Wind Up Firm
KA & S PERRY: Members to Receive Wind-up Details
LIBERTY TRIGG: Winds Up Operations

MARU ASSOCIATES: Liquidation Petition Set for Hearing Next Month
MEDIA DEVELOPMENTS: CIR Wants Company Liquidated
METRO ELITE: Gerald Collins Named as Receiver
NORTHLAND CONCRETE: Court Sets March 13 to Hear Petition
NORTH SYDNEY FINANCE: Decides to Close Business

PAIPAKA FISHERIES: Enters Liquidation Proceedings
PRIVATE MEDIA: Faces Liquidation of Assets
QANTAS AIRWAYS: Joint Venture Plan Set Aside Due to Fuel Price
QANTAS AIRWAYS: Unions Launch Industrial Action
RNP INTERNATIONAL: To Declare Dividend on March 9

SANVISTA INVESTMENTS: Creditors OK Liquidator's Appointment
T.W. TYRES: Tyres4U Wants Company Liquidated
TELSTA CORPORATION: Senator Coonan Rejects Local Presence Plan
TELSTRA CORPORATION: Updates Job Slash Plan to 8,000
VALUE LASER: Creditors Commence Liquidation Process

V.I.P CABS: Liquidation Proceedings Slated for March 16
V.S. INTERNATIONAL: Schedules Final Meeting Today
VILLAGE ROADSHOW: Buys 15% of Sydney Attractions Group
VILLAGE ROADSHOW: No Truth to Reduction of Austereo Stake
VILLAGE ROADSHOW: Pulls the Plug on Some Intencity Units

VOLANTE GROUP: Board OKs Commander's Increased Takeover Offer
WHANGAREI LOGGING: Liquidation Hearing Slated for March 13
ZANYIMAGE PTY: Begins Wind-up Operations


C H I N A   &   H O N G  K O N G

BANK OF CHINA: Discovers Fraud at Local Branch; Loses CNY432 Mln
BOVILLE INDUSTRIAL: Court to Hear Wind-up Petition on March 22
CHINA MOTION: Appoints New Committee Members
DICKEN PROPERTIES: High Court Orders Company Wind-up
FLX LIMITED: Wind-up Hearing Slated for March 29

JOY LINE: To Hold Creditors' Meeting on March 16
KAI TUO: Court Enters Wind-Up Order
MASTER KINGDOM: Members to Receive Wind-up Details
SHEUNG WAN: Begins Winding Up Process
SMART GENIUS: Petroleum Firm Wants Company Wound Up

TRUMP CAPITAL: Begins Wind-up Process
VASTHEME INTERNATIONAL: Creditors' Claims Due on March 21
WAYGAIN LIMITED: Court Enters Wind-Up Order
WING SHAN: Creditors Should Prove Claims by March 20


I N D I A

INCAB INDUSTRIES: Tata Steel Vows to Revive Ailing Unit
INDIA CEMENTS: Trims Workforce as Restructuring Continues
JIK INDUSTRIES: Restructuring Kicks Off After Court OK
LML LIMITED: Illegal Strike Prompts Lockout
SHIVA CEMENT: Beefs Up Selling Price


I N D O N E S I A

PERTAMINA: Misses 2005 Crude Output Target


J A P A N

DAIEI INCORPORATED: To Revise Year-end Earnings Forecast
JAPAN AIRLINES: Labor Union May Agree to 10% Pay Cut
JAPAN AIRLINES: Expects to Post Higher Net Loss for FY06
LIVEDOOR CO.: Unit Expects Higher Net Loss on Financial Scandal
NEC ELECTRONICS: To Build Software Development Center in April

PIONEER CORPORATION: Growing Sales to Increase Profit by 29%


K O R E A

DAEWOO ENGINEERING: Takeover Hopefuls Resume Audit
DAEWOO ENGINEERING: Sale Price Shoots Up
DONG-AH CONSTRUCTION: Creditors to Pick New Buyer
KOREA EXCHANGE: Assembly Panel Demands Probe into 2003 Sale


M A L A Y S I A

AFFIN HOLDINGS: Cancels Unutilized Portion of Debt Facility
ANTAH HOLDINGS: Disposes of Dormant Subsidiary
ANTAH HOLDINGS: Fined for Breach of Listing Requirements
APEX EQUITY: Suffers MYR32,932,000 Net Loss in Q4/FY05
DENKO INDUSTRIAL: Says EMC Investment Good for Business

DENKO INDUSTRIAL: Completes Assets Disposal Negotiations
ECOSEM SDN: Faces Wind-Up Action by Industrial Waters
FURQAN BUSINESS: Inks MYR7.5-Mln Share Sale Deal
MALAYSIA AIRLINES: Unveils Restructuring Plan
MEGASTEEL SDN: S&P Lowers Corporate Credit Rating

MENTIGA CORPORATION: To Convene EGM on March 28
SATERAS RESOURCES:  Net Loss Widens in Q3/FY05
SOUTHERN BANK: To Review Killinghall Request
P H I L I P P I N E S
LIGHT RAIL: Expands Line-1 with Purchase of 12 Train Cars

LIGHT RAIL: Needs Other Income Sources to Turn Around
PHILNICO INDUSTRIAL: Out-of-court Settlement Nears


S I N G A P O R E

ASSETS VICTORY: Winds Up Operations
CAPITALAND LIMITED: Unit Liquidates Assets
CHINA AVIATION: Disgraced CEO Quits Post
CITIRAYA INDUSTRIES: Receiving Proofs of Debt Until March 21
GLENEAGLES INTERNATIONAL: Winds Up Operations

GLENEAGLES INVESTMENT: Picks Liquidators to Wind Up Business
TOYOCOM ASIA: Creditors Should Prove Claims by April 3
VIBRANT INTERNATIONAL: Accepting Proofs of Claim Until March 30


T H A I L A N D

PICNIC CORPORATION: Asked to Clarify Overdue Bills of Exchange
PICNIC CORPORATION: Lays Out Agenda for Shareholders Meeting
THAI DURABLE: Works to Eliminate Causes of Delisting

     - - - - - - - -

============================================
A U S T R A L I A   &   N E W  Z E A L A N D
============================================

A.C.N. 008 034 320 PTY: Members Agree to Wind Up Firm
-----------------------------------------------------
On February 6, 2006, the members of A.C.N. 008 034 320 Pty
Limited agreed to wind up the Company's operations voluntarily.
They appointed David Grantley Murdock as liquidator.

Creditors of the Company are required to submit their formal
proofs of claim to the liquidator by March 28, 2006.

Contact: David G. Murdock
         Liquidator
         117 Greenhills Road
         Unley, South Australia 5061
         Telephone: 08 8272 2500
         Fax: 08 8271 1853
         e-mail: rjcevans@rjcevans.com.au


A.C.N. 050 035 777 PTY: Liquidator to Explain Wind-up Report
------------------------------------------------------------
A final meeting of the members and creditors of A.C.N. 050 035
777 Pty Limited will be held today, March 8, 2006.

At the meeting, liquidator Schon G. Condon will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

Contact: Schon G. Condon RFD
         Liquidator
         c/o Jones Condon Chartered Accountants
         Level 1, 34 Charles Street
         Parramatta, New South Wales
         Australia
         Telephone: (02) 9893 9499


BEAUDESAIR PTY: Members Opt to Wind Up
--------------------------------------
After a general meeting on February 1, 2006, the members of
Beaudesair Pty Limited resolved to close the Company's business
operations and distribute the proceeds of its assets.

Peter Debus was then appointed as liquidator.

Contact: Peter Debus
         Liquidator
         Bridgeway Acconutants and Advisers
         Level 1, Suite 3, 64 Talbragar Street
         Dubbo, New South Wales 2830
         Australia


BLUE POINT: Appoints Official Liquidators
-----------------------------------------
The members of Blue Point Products Pty Limited held a meeting on
February 6, 2006, and agreed to close the Company's business.
They appointed S. C. Davies and Robyn Beverley McKern to
facilitate the wind-up operations.

Contact: S. C. Davies
         Robyn B. McKern
         Joint and Several Liquidators
         c/o McGrathNicol+Partners
         115 Grenfell Street, Adelaide
         South Australia 5000
         Telephone: 08 8468 3700
         Web site: http://www.mcgrathnicol.com.au/


DEMAND ESPRESSO: To Hold Final Meeting Today
--------------------------------------------
A final meeting of the members and creditors of Demand Espresso
Pty Limited will be held for them to receive the liquidator's
final account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, March 8, 2006.

Contact: Warren White
         Liquidator
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


DIAL-A-CAB AUCK: Liquidation Hearing Slated for March 16
--------------------------------------------------------
On December 12, 2005, the Commissioner of Inland Revenue filed
an application with the High Court of Auckland to have Dial-A-
Cab Auck NZ Limited liquidated.

The Application will be heard on March 16, 2006.

Contact: S. J. Eisdell Moore
         Solicitor for the Plaintiff
         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, New Zealand


EASTELECTRIC PTY: To Distribute Dividend Tomorrow
-------------------------------------------------
Eastelectric Pty Limited will declare its first dividend on
March 9, 2006.

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

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland Chartered Accountants
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Australia
         Telephone: 4225 2545
         Fax: 4225 2546


FD WHITNEY: Enters Voluntary Liquidation
----------------------------------------
At an extraordinary general meting of FD Whitney & Sons Pty
Limited on February 7, 2006, members concurred that it is in the
Company's best interests to wind up its operations.

F. D. F. Whitney was appointed to oversee the wind-up.

Contact: F. D. F. Whitney
         Liquidator
         c/o PO Box R1376
         Royal Exchange 1225


GOLDEN H&K: Court Orders Wind-up
--------------------------------
On February 10, 2006, the Federal Court of Australia ordered the
wind-up of Golden H&K Pty Limited, and appointed Christopher J.
Palmer to act as liquidator.

Contact: Christopher J. Palmer
         Liquidator
         O'Brien Palmer
         Level 4, 23-25 Hunter Street
         Sydney, New South Wales 2000
         Australia


GRANDACE NOMINEES: Creditors' Claims Due on March 14
----------------------------------------------------
Priority creditors of Grandace Nominees Pty Limited, whose
claims have not already been admitted, are required to submit
their formal proofs of claim to liquidator Garry Trevor by
March 14, 2006.

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

Contact: Garry Trevor
         Liquidator
         Ferrier Hodgson Chartered Accountants
         Level 28, 108 St. George's Terrace
         Perth, Western Australia 6000


HAMILL REFRIGERATION: High Court to Hear Petition Next Week
-----------------------------------------------------------
On March 16, 2006, the High Court of Auckland will hear the
Commissioner of Inland Revenue's application to put Hamill
Refrigeration Limited into liquidation.

Contact: Commissioner of Inland Revenue
         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, New Zealand


HTW HARRIS: Inability to Pay Debts Prompts Wind-up
--------------------------------------------------
After a meeting of the creditors of HTW Harris Investments Pty
Limited on February 9, 2006, it was agreed that the Company wind
up its business voluntarily due to its inability to pay its
debts.

Helene Harris was then appointed as the Company's liquidator.

Contact: Helene Harris
         Liquidator
         c/o Bentley, Shrapnel & Stephens
         7 Arundell Avenue
         Nambour, Queensland 4560
         Australia


JUTON CONSTRUCTION: Steven Coffey Appointed to Wind Up Firm
-----------------------------------------------------------
The members of Juton Construction Pty Limited held a meeting on
February 9, 2006, and agreed on the Company's need to liquidate.
They then named Steven Roy Coffey to oversee the Company's wind-
up activities.

Contact: Steven R. Coffey
         Liquidator
         Watkins Coffey Martin
         65 Hill Street, Roseville
         New South Wales 2069, Australia


KA & S PERRY: Members to Receive Wind-up Details
------------------------------------------------
The members of KA & S Perry Pty Limited will convene today,
March 8, 2006, to receive liquidator J. A. Shaw's account
regarding the Company's completed wind-up and disposal of
property, and to consider any other matters that may be brought
before the meeting.

Contact: J. A. Shaw
         Liquidator
         Ferrier Hodgson Chartered Accountants
         PO Box 840, Newcastle
         New South Wales 2300, Australia
         Telephone: (02) 4908 4444
         Fax: (02) 4908 4499


LIBERTY TRIGG: Winds Up Operations
----------------------------------
After their extraordinary general meeting on February 6, 2006,
the members of Liberty Trigg Pty Limited decided to voluntarily
wind up the Company's operations.

A creditors' meeting was also held on the same day.
Subsequently, Mervyn Jonathan Kitay was appointed as liquidator.

Contact: Mervyn J. Kitay
         Liquidator
         Grant Thornton Western Australia Partnership
         Level 6, 256 St. George's Terrace
         Perth, Western Australia 6000


MARU ASSOCIATES: Liquidation Petition Set for Hearing Next Month
----------------------------------------------------------------
Kevin and Margaret O'Meara filed a petition with the High Court
of Auckland to put Maru Associates Limited into liquidation.

The Petition will be heard on April 13, 2006.

Contact: A. G. Maclean
         Solicitor for the Plaintiffs
         Kidd Tattersfield Maclean
         416 Glenfield Road
         Glenfield, Auckland,
         New Zealand


MEDIA DEVELOPMENTS: CIR Wants Company Liquidated
------------------------------------------------
The application to have Media Developments Limited liquidated
will be heard by the High Court of Auckland on March 16, 2006.

The Application was filed by the Commissioner of Inland Revenue
on December 13, 2005.

Contact: Commissioner of Inland Revenue
         Plaintiff

         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, New Zealand


METRO ELITE: Gerald Collins Named as Receiver
---------------------------------------------
On February 1, 2006, Gerald T. Collins was appointed as the
receiver and manager of the property of Metro Elite Pty Limited.

Contact: Gerald T. Collins
         Liquidator
         c/o Horwath BRI Brisbane Chartered Accountants
         Level 4, 370 Queen Street
         Brisbane, Queensland 4000
         Australia
    

NORTHLAND CONCRETE: Court Sets March 13 to Hear Petition
--------------------------------------------------------
A hearing on the application to place Northland Concrete Cutting
(2004) Limited under liquidation is set on March 13, 2006.

Percy Clive Foster, trading as Foster Contractors, filed the
Application on January 16, 2006, with the High Court of
Whangarei.

Contact: Malcolm David Whitlock
         Solicitor for the Plaintiff
         Whitlock & Co.
         c/o Two Baycorp Advantage House
         15 Hopetoun Street, Auckland,
         New Zealand


NORTH SYDNEY FINANCE: Decides to Close Business
-----------------------------------------------
At a meeting of the creditors of North Sydney Finance Limited on
February 8, 2006, it was agreed that the Company needs to
voluntarily wind up its operations.

Martin Jones and Darren Weaver were nominated to act as
liquidators.

Contact: Martin Jones
         Darren Weaver
         Joint and Several Liquidators
         Ferrier Hodgson Chartered Accountants
         Level 26, 108 St. George's Terrace
         Perth, Western Australia


PAIPAKA FISHERIES: Enters Liquidation Proceedings
-------------------------------------------------
On February 1, 2006, the Chief Executive of the Ministry of
Fisheries filed an application with the High Court of Whangarei
to place Paipaka Fisheries Limited under liquidation.

The High Court will hear the Liquidation Application on
March 13, 2006.

Contact: Dianne S. Lester
         Solicitor for the Plaintiff
         Credit Consultants Debt Services NZ Limited
         Level Three, 3-9 Church Street
         P.O. Box 213 or D.X. S.X. 10 069
         Wellington, New Zealand
         Telephone: (04) 470 5972


PRIVATE MEDIA: Faces Liquidation of Assets
------------------------------------------
On December 14, 2005, the Commissioner of Inland Revenue filed a
petition to have Private Media Limited liquidated.  

The High Court of Auckland will hear the Application on
March 16, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff

         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, New Zealand


QANTAS AIRWAYS: Joint Venture Plan Set Aside Due to Fuel Price
--------------------------------------------------------------
Qantas Airways has set aside plans to start a joint-venture
Asian freight operation because of the current high fuel prices
and the unavailability of suitable and fuel-efficient aircraft
for lease, The Australian reports.

The report recounts that Qantas took a 49% stake in Thai Air
Cargo in 2004 with local company CTI Holding.  The joint venture
was intended to provide intra-Asia freight services to
complement an Asia-United States freighter operation, and for
Qantas to have access to intra-Asia traffic rights.

Qantas said that plans for Thai Air Cargo to commence flying --
specifically to India, Singapore, Shanghai and Hong Kong -- have
been shelved indefinitely.  The airline said that it will decide
on any future freight operation "when the economic environment
has improved."

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.  Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well.  The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the Airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.


QANTAS AIRWAYS: Unions Launch Industrial Action
-----------------------------------------------
Unions representing over 2,000 of Qantas Airways Ltd.'s
maintenance workers had notified authorities of their intention
to take a protected action against the airline.

The Australian Manufacturing Workers Union and the Australian
Workers Union have lodged an application with the Industrial
Relations Commission last Friday and have been granted
permission to allow maintenance members to "work to rule" for
three months, starting March 9.

The Unions have earlier stated that they plan to file an
application for protected industrial action if they fail to get
a guarantee of job security in return for concessions during
long-running enterprise bargaining talks with Qantas.

As reported by the Troubled Company Reporter - Asia Pacific on  
February 27, 2006, Qantas had unexpectedly called off the
scheduled enterprise bargaining talks with the Unions, causing
heavy maintenance workers to mobilize for a strike action.  
Qantas also delayed a scheduled briefing where it was expected
to announce its decision on the relocation of long-haul
maintenance work to China, Indonesia, or New Zealand, in an
effort to cut maintenance costs by at least 20%.

Aside from the outsourcing plan, the dispute between the Unions
and the airline also stems from Qantas' demand to cut overtime
and shift penalties, which unions claim will result in a 30% pay
cut.

                   Action Would Cause Delays

The Union's move is anticipated to bring in delays to passengers
when planes are in need of urgent repairs.

As the dispute continues, Qantas is expected to ground planes
scheduled for heavy maintenance checks.  The result could be an
impact on the scheduling of the international fleet.

Moreover, the action could delay international traffic during
the Melbourne Commonwealth Games and over Easter.

           Qantas Plays Down Impact of Unions' Action

Qantas, however, said that its dispute with the Unions has no
immediate impact on operations.

The airline, according to Bloomberg News, refuses to make a
rushed decision on the fate of its maintenance operations.  It
says it needs to take time to evaluate the matter properly and
that employee protests would have no effect on the timing of any
decision.

                          About Qantas

Headquartered in Sydney, Australia, Qantas Airways --
http://www.qantas.com.au/-- is the world's second oldest  
airline and is also recognized as one of the leading long-
distance airlines, having pioneered services from Australia to
North America and Europe.  The Qantas Group employs
approximately 38,000 staff across a network that spans 145
destinations in Australia, Asia-Pacific, Americas, Europe and
Africa.  The Qantas Group also operates a diverse portfolio of
airline-related businesses, including Engineering Technical
Operations and Maintenance Services, Airports and Catering,
Qantas Freight, Qantas Holidays, Qantas Defence Services and
Qantas Consulting.  Qantas started having problems in 2003 with
the ill effects of the Iraq War and the SARS outbreak, on top of
the already difficult period following the events of the 9/11
terrorist attacks, the Afghanistan war and the terror threats,
which lead to a downturn in bookings to other Asian countries,
and affecting most of European routes as well.  The adverse
effects also affected other areas of the business including
Qantas Flight Catering, Qantas Holidays and Australian Airlines.  
Qantas started reviewing, and widened, the range of initiatives
it had put in place following the triggering events.  These
initiatives included the reduction of staffing numbers through
the use of accumulated leave to the equivalent of 2,500 full-
time employees by June 2003 and by the equivalent of 1,000
employees between July and September 2003; a restructuring
program involving 1,000 redundancies, 400 permanent positions
eliminated through attrition and 300 permanent positions
converted from full time to part time; a freeze on capital and
discretionary expenditure; expansion of the leave without pay
program; increased use of part time workers; significant
restructuring of work practices and activities; and reduction of
capital expenditure, including retirement of some aircraft and
deferral of delivery of new aircraft.  In December 2003, Qantas
unveiled its new low cost-carrier airline, Jetstar Asia, which
later proved to be a headache after failing to gain access to
crucial markets such as Indonesia and China. In June 2005,
Qantas admitted it is still struggling to recover its investment
in Jetstar, despite having managed to lease out four of its
unused Airbus 320s.

By early 2004, Qantas posted a AU$357.8 million net profit for
the period ended December 31, 2003, owing to a strong domestic
performance, effective cost-cutting measures, improvement in the
international segment of the business and other subsidiaries.  
However, the Airline also posted a lower revenue figure.  The
road to recovery proved rocky as Qantas had to deal with
escalating fuel prices, increased competition and skirmishes
with its labor unions.  Qantas has also seen a lot of fruitless
merger talks.  Qantas went into another round of job cuts in
late June 2005, a move that was punctuated with more than 600
jobs slashed in the first half of its financial year.  The
latest round of job cuts announced in February 2006 came amidst
uncertainty of outsourcing the Airline's heavy maintenance works
overseas.


RNP INTERNATIONAL: To Declare Dividend on March 9
-------------------------------------------------
RNP International Pty Limited will declare its first and final
dividend on March 9, 2006, to the exclusion of its creditors who
were not able to prove their claims.

Contact: William B. Abeyratne
         Liquidator
         Harrisons Insolvency
         Level 5, 150 Albert Road
         South Melbourne, Victoria 3205
         Australia
         Telephone: (03) 9696 2885


SANVISTA INVESTMENTS: Creditors OK Liquidator's Appointment
-----------------------------------------------------------
Members of Sanvista Investments Pty Limited convened on Feb. 8,
2006, to wind up the Company's operations.

Christopher Michael Williamson and Kimberley Andrew Strickland
were appointed as liquidators to supervise Sanvista's wind-up
activities.  The Company's creditors confirmed the liquidator's
appointment at a creditors' meeting held later that day.

Contact: Kimberley A. Strickland
         Christopher M. Williamson
         Joint and Several Liquidators
         SimsPartners
         Level 12, 40 St. George's Terrace
         Perth, Western Australia 6000


T.W. TYRES: Tyres4U Wants Company Liquidated
--------------------------------------------
On January 17, 2006, Tyres4U (NZ) Limited has filed with the
High Court of Nelson an application to put T.W. Tyres Limited
into liquidation.

The Application will be heard on March 9, 2006.

Contact: V. T. M. Bruton
         Solicitor for the Plaintiff
         Brookfields, Lawyers,
         Eleventh Floor, 19 Victoria Street
         Auckland, New Zealand


TELSTA CORPORATION: Senator Coonan Rejects Local Presence Plan
--------------------------------------------------------------
Communications Minister Helen Coonan rejected Telstra
Corporation's Local Presence Plan for being insufficient, The
Courier-Mail reports.

Telstra's Plan is part of the new laws introduced into the
Parliament in 2005.  These laws require Telstra to regularly
draw up local presence plans to ensure that it does not desert
rural and regional areas after it is privatized.  The new
requirements were key recommendations that listed a range of
problems Telstra and the Government needed to address before the
telco gets sold off.

According to Courier-Mail, Senator Coonan said that Telstra's
Local Presence Plan did not contain enough information about the
Company's strategy for rural and regional Australia.  She also
found the Plan as failing to detail Telstra's commitment to the
people living in the areas of concern in the future.

Senator Coonan said that the Company had submitted its initial
draft plan in December, but after her review, she returned it
for improvement.  She explained that although the latest Plan
was better than the first, it "still falls short."

Along with her decision, Senator Coonan asks Telstra to provide
general details on its current regional capabilities and plans
for regional activities and projects over the next 12 months.  
She said she expects the plan to be broadly compatible with
Telstra's commercial interests, and not to be unduly
prescriptive or burdensome.

Telstra, in its defense, argued that the Plan merely focuses on
outputs rather than inputs, and was just being flexible so as to
be able to respond to market changes and serve the interests of
both customers and shareholders.

Headquartered at Melbourne, in 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.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


TELSTRA CORPORATION: Updates Job Slash Plan to 8,000
----------------------------------------------------
Telstra Corporation Chief Financial Officer John Stanhope
disclosed the Company is planning to cut more jobs within three
years.

Mr. Stanhope, speaking at the Goldman Sachs JB Were conference,
said that Telstra "will have 6,000 to 8,000 fewer employees and
contractors on [its] payroll in three years time."

Telstra, according to Mr. Stanhope, is earmarking between AU$300
million to AU$350 million to complete its redundancy program.
Mr. Stanhope further disclosed that the Company might make
further restructuring provisions, additional to the redundancy
provision.

"There will be some restructuring provision as well.  So in
other words, the cost of taking out air-conditioning and
removing, writing off some projects that won't be finished,
etc., that we'll also include in our restructuring costs," Mr.
Stanhope added.

The Troubled Company Reporter -- Asia Pacific had earlier
reported that Telstra plans to cut 23% of its 12,000-member
workforce.  The Company has already shed 1,060 jobs.  However,
after Telstra recently posted a 10.3% drop in net profit for the
half year to December 31, 2005, the Company's chief executive
officer, Sol Trujillo, announced that job cuts were set to
become more aggressive.  More than 1,000 Telstra workers are
facing the possibility of being displaced by June 30, 2006.

Headquartered at Melbourne, in 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.  In September 2005, Telstra suffered an
earnings downgrade and share price fall.  The Company announced
that its earnings before interest and tax in 2005/06 are
expected to decline by 7-10% compared to that of 2004/05 as a
result of accelerating declines in public switched telephone
network revenues and softening growth in the mobiles market due
to aggressive pricing.  Also, the political furor surrounding
Telstra has strengthened the Government's resolve to dispose of
its remaining 51% majority interest in the Company.  The
Australian Securities and Investment Commission then commenced
an investigation into Telstra in connection with the Company's
compliance with its disclosure obligations following the
earnings downgrade.  This led to a number of Telstra
shareholders and class action claimants showing anger and dismay
over the telco's behavior.  In November 2005, after a four-month
review, Telstra Chief Executive Officer Sol Trujillo announced a
major restructure of the Company, one which involves the loss of
thousands of jobs over the next five years and a massive
investment in new networks which will help deliver bigger profit
margins.


VALUE LASER: Creditors Commence Liquidation Process
---------------------------------------------------
The creditors of Value Laser Cutting Technology Pty Limited
convened on February 13, 2006, to agree on the voluntary wind-up
the Company's operations.

Subsequently, Stan Traianedes was appointed as liquidator to
supervise the wind-up activities.

Contact: Stan Traianedes
         Liquidator
         Hall Chadwick Chartered Accountants & Business Advisers
         Level 12, 459 Collins Street
         Melbourne, Victoria 3000
         Australia


V.I.P CABS: Liquidation Proceedings Slated for March 16
-------------------------------------------------------
On December 12, 2005, the Commissioner of Inland Revenue filed
with the High Court of Auckland an application to put V.I.P.
Cabs Limited into liquidation.

The hearing on the Application will be held on March 16, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff

         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, New Zealand


V.S. INTERNATIONAL: Schedules Final Meeting Today
-------------------------------------------------
A final meeting of the members and creditors of V.S.
International (Queensland) Pty Limited will be held today,
March 8, 2006.

At the meeting, liquidator Geoffrey Reidy will report the
activities that took place during the wind-up period as well as
the manner by which the Company's property was disposed of.

Contact: Geoffrey Reidy
         Liquidator
         Rodgers Reidy
         Level 8, 333 George Street
         Sydney, New South Wales 2000
         Australia


VILLAGE ROADSHOW: Buys 15% of Sydney Attractions Group
------------------------------------------------------
Village Roadshow Ltd. has invested AU$24.4 million for a 15%
stake in Australian-listed Sydney Attractions Group, the
Australian Financial Review reports.

Village chairman Robert Kirby clarifies that the Company is not
out for a full takeover, but is only interested in co-marketing
opportunities with Sydney Attractions.  Sydney Attractions is
the company behind operations such as the Sydney Skywalk and
Sydney Aquarium.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme  
parks.  In Film, Village Roadshow is a major movie producer and
distributor, as well as operates one of the world's leading
cinema exhibition circuits.  In cinema exhibition, Village has  
exported its expertise to the world, developing cinema circuits
in countries like Singapore, Greece and Italy.  In movie
production, the company is a successful independent producer in  
Hollywood.  The Company's troubles began in 2003 when it offered
to buy back its preference shares to head off a litigation
threat by some preference shareholders who were angered at the  
company's suspension of dividend payments.  Village Roadshow's
reported and budgeted profitability would not allow it to
comfortably fund about AU$42 million worth of ordinary and  
preference share dividends out of annual earnings.  For the past
years, the Company has been facing major litigation brought by
former business partners, who had invested in its film  
investment scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and  
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its  
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By  
January 2006, Village Roadshow Limited had advised that VRPG had
reached agreement with its financiers to increase its film
production facility from US$900 million to US$1.4 billion.  VRPG
will continue to co-produce and co-finance films with its
principal production partner, Warner Bros.  The revolving period
of the facility has also been extended for a further three  
years.  As a result, drawdowns will now be available under the
facility until January 2011 (previously February 2008) with the
debt now scheduled to be fully repaid by January 2015  
(previously January 2012).


VILLAGE ROADSHOW: No Truth to Reduction of Austereo Stake
---------------------------------------------------------
Contrary to rumors, Village Roadshow Ltd. did not move to reduce
its 63% stake in Australian radio network, Austereo Group, the
Australian Financial Review reports.

Austereo Group's chairman Peter Harvie clarified that the rumors
are not true, and that Village Roadshow does not have plans to
reduce its interest in Austereo, nor had there been takeover
offers from other firms like Macquarie Media Group or John
Fairfax Holdings.

                     About Village Roadshow

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme  
parks.  In Film, Village Roadshow is a major movie producer and
distributor, as well as operates one of the world's leading
cinema exhibition circuits.  In cinema exhibition, Village has  
exported its expertise to the world, developing cinema circuits
in countries like Singapore, Greece and Italy.  In movie
production, the company is a successful independent producer in  
Hollywood.  The Company's troubles began in 2003 when it offered
to buy back its preference shares to head off a litigation
threat by some preference shareholders who were angered at the  
company's suspension of dividend payments.  Village Roadshow's
reported and budgeted profitability would not allow it to
comfortably fund about AU$42 million worth of ordinary and  
preference share dividends out of annual earnings.  For the past
years, the Company has been facing major litigation brought by
former business partners, who had invested in its film  
investment scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and  
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its  
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By  
January 2006, Village Roadshow Limited had advised that VRPG had
reached agreement with its financiers to increase its film
production facility from US$900 million to US$1.4 billion.  VRPG
will continue to co-produce and co-finance films with its
principal production partner, Warner Bros.  The revolving period
of the facility has also been extended for a further three  
years.  As a result, drawdowns will now be available under the
facility until January 2011 (previously February 2008) with the
debt now scheduled to be fully repaid by January 2015  
(previously January 2012).


VILLAGE ROADSHOW: Pulls the Plug on Some Intencity Units
--------------------------------------------------------
Village Roadshow Ltd. has scaled back its Intencity business to
six Melbourne outlets following an arcade game parlour industry-
wide slump in sales and popularity, the Sydney Morning Herald
says.

The Sydney Herald relates that Arcade game parlours have been
destroyed by the increasing power and popularity of cheap video
game consoles for the home.

As the Troubled Company Reporter - Asia Pacific reported on
March 1, 2005, Village Roadshow posted a AU$2.21 million loss
for the half-year ended December 31, 2005, compared to a net
profit of AU$29.99 million in the previous corresponding half.  
The report also indicated Village Roadshow's plan to look at
further investments after acquiring a 14.9% stake in Sydney
Aquarium-owner, Sydney Attractions Group Ltd., in January.  
Analysts, however, believe that the acquisition will result in a
AU$5 million write-down for the current half due to new
accounting regulations.

Headquartered in Melbourne, Australia, Village Roadshow Limited
-- http://www.villageroadshow.com.au/-- is an international  
media and entertainment company that operates core businesses in
cinema, movie production, film distribution, radio, and theme  
parks.  In Film, Village Roadshow is a major movie producer and
distributor, as well as operates one of the world's leading
cinema exhibition circuits.  In cinema exhibition, Village has  
exported its expertise to the world, developing cinema circuits
in countries like Singapore, Greece and Italy.  In movie
production, the company is a successful independent producer in  
Hollywood.  The Company's troubles began in 2003 when it offered
to buy back its preference shares to head off a litigation
threat by some preference shareholders who were angered at the  
company's suspension of dividend payments.  Village Roadshow's
reported and budgeted profitability would not allow it to
comfortably fund about AU$42 million worth of ordinary and  
preference share dividends out of annual earnings.  For the past
years, the Company has been facing major litigation brought by
former business partners, who had invested in its film  
investment scheme.

In December 2005, the Film Production division undertook a
substantial restructure.  As part of this restructure, a US$115
million Promissory Note was issued to Crescent Film Holdings and  
options to acquire a 50% shareholding in the Hollywood film
production and related film exploitation business, Village
Roadshow Pictures Group, were granted to Crescent and its  
affiliates.  This initiative, together with the release of a
US$70 million security deposit (replaced by a Letter of Credit),
returned significant cash reserves to Village Roadshow.  By  
January 2006, Village Roadshow Limited had advised that VRPG had
reached agreement with its financiers to increase its film
production facility from US$900 million to US$1.4 billion.  VRPG
will continue to co-produce and co-finance films with its
principal production partner, Warner Bros.  The revolving period
of the facility has also been extended for a further three  
years.  As a result, drawdowns will now be available under the
facility until January 2011 (previously February 2008) with the
debt now scheduled to be fully repaid by January 2015  
(previously January 2012).


VOLANTE GROUP: Board OKs Commander's Increased Takeover Offer
-------------------------------------------------------------
After more than two months of dispute regarding Commander's
"absurdly low" bid price for Volante Group, Ltd., Commander
agreed to raise its takeover offer from the original AU$1.01 per
share to AU$1.05.  

Subsequently, Volante's Board of Directors had a change of heart
and urged the Company's shareholders to accept Commander's
revised takeover bid, which it deems to be the "best result" for
them.

Aside from paying Volante shareholders an extra 14 cents per
stock, Commander agreed to fund Volante's fully franked dividend
of 10 cents per share.

Eventhough Volante's independent valuation range was pegged at
AU$1.27 to AU$1.45 per share, uncertainty in its share prices
prompted the Volante Board to urge shareholders to sell.  
Volante Chairman Robin Crawford said that there is a chance that
sans Commander's offer, share prices could fall below the new
offer price.

The offer values Volante at approximately AU$147 million.

Post-takeover, Commander will become Australia's fourth-biggest
fixed-line telco, with annual revenues of about AU$1 billion and
a market value of AU$607 million.

Headquartered in New South Wales, Australia, Volante Group
Limited -- http://www.volante.com.au/-- is today one of the  
largest ICT infrastructure services companies in Australia.  Its
businesses offer a range of services such as hardware
procurement and software asset management, infrastructure
solutions, software solutions, strategic consulting and managed
services.  Volante employs over 900 staff.  The Company, before
the Commander takeover bid, was restructuring its operations.  
Volante issued an earnings downgrade in November 2005 when it
said first-half net profit was expected to drop by as much as
39% between AU$2 million and AU$2.5 million.  Commander had
pounced on Volante at a difficult time for the Company as it
underwent a transition from selling hardware towards a focus on
IT services.


WHANGAREI LOGGING: Liquidation Hearing Slated for March 13
----------------------------------------------------------
On February 8, 2006, the Commissioner of Inland Revenue filed an
application for the liquidation of Whangarei Logging Limited.

The High Court of Whangarei will hear the CIR Petition on
March 13, 2006.

Contact: M. B. Smith
         Solicitor for the Plaintiff

         Commissioner of Inland Revenue
         Plaintiff

         P. J. Smith
         Crown Solicitor
         Marsden Woods
         Inskip & Smith, Solicitors 122 Bank Street
         P.O. Box 146, Whangarei,
         New Zealand


ZANYIMAGE PTY: Begins Wind-up Operations
-------------------------- -------------
At an extraordinary general meeting of the members of Zanyimage
Pty Limited on February 8, 2006, it was decided that the Company
close its business operations.  Creditors appointed Warren White
and Ian Carson as liquidators at a creditors' meeting held that
same day.

Contact: Ian Carson
         Warren White
         Joint and Several Liquidators
         PPB Chartered Accountants
         Level 10, 90 Collins Street
         Melbourne, Victoria 3000
         Australia


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

BANK OF CHINA: Discovers Fraud at Local Branch; Loses CNY432 Mln
----------------------------------------------------------------
Bank of China found out that several managers of one local
branch had been in cahoots with a local businessman in an
embezzlement of 96 acceptance bills that brought in CNY432.5
million of losses for the bank, Caijing Magazine reports.

Investigators found that the head of a BOC sub-branch in
Shuangyashan, Heilongjiang -- Hu Weidong -- together with other
BOC staff, had helped Zhu Dequan obtain the 96 bankers'
acceptance bills since March 2003.  The bills hold a total value
of CNY914.6 million (US$113.8 million).  Fifty-six of those
bills were repaid within the required six-month period, while
the rest were cashed and incurred a CNY432.5 million (US$53.8
million) loss for the bank.  The bills are genuine and bear the
official BOC seal.

BOC canceled 34 of these acceptance bills after they were
determined to be fraudulent when Mr. Zhu tried to cash them at
other banks.

Mr. Zhu, who was chairman of the Fuqiang Cereals and Oils in
Shuangyashan City, Heilongjiang, and controlled another small
flour mill in Shandong, allegedly bribed the BOC staff to steal
the acceptance bills.  He earmarked the money he obtained from
the bank for futures trading.

A futures manager who cooperated with Mr. Zhu for several months
in 2005 told Caijing that Mr. Zhu was initially cautious in the
market, but later on became reckless and incurred lots of
losses.  The source, however, did not disclose how much Mr. Zhu
had lost in the futures trading, but said the amount was
"surprisingly large."

Mr. Hu Weidong, Shuangyashan BOC's local deputy head Wang Lin,
and three other clerks involved in the fraudulent act were
arrested.  Mr. Zhu fled but was arrested in Changchun, Jilin
Province on February 25, 2006.

The fraud scandal is the latest in a series of stumbles for BOC
as it prepares for its multi-billion dollar initial public
offering in Hong Kong.  The Troubled Company Reporter - Asia
Pacific has previously reported that BOC has already filed an
application with the Hong Kong Stock Exchange for the IPO, which
is set to be China's second biggest offering.  The state-owned
bank has also opted for a single listing to expedite the
overseas IPO.

BOC hopes that selling shares overseas would help it raise more
funds from global investors in the future.  BOC has been
offloading bad loans and increasing capital since 2003 in
preparation for an overseas share sale, part of government plans
to prepare the industry for increased foreign competition,
starting at the end of this year.

Headquartered in Beijing, China, the Bank of China --
http://www.bank-of-china.com/-- provides corporate banking,  
retail banking and investment banking.  Other activities include
provision of corporate deposits, corporate loans, foreign
exchange business, savings deposits, consumer credit and
bankcards.  It has 12,967 domestic branches and 559 overseas
branches.  The bank received a US$22.5 billion capital injection
from the Government in 2003 to restructure state-owned banks.


BOVILLE INDUSTRIAL: Court to Hear Wind-up Petition on March 22
--------------------------------------------------------------
On February 1, 2006, Beatrice Tsang Sau Hing filed an
application to wind up Boville Industrial Company Limited with
the High Court of Special Administrative Region.

The Application will be heard on March 22, 2006, at 9:30 a.m.

Contact: Or, Ng & Chan
         Solicitors for the Petitioner
         15th Floor, The Bank of East Asia Building
         No. 10 Des Voeux Road Central
         Central, Hong Kong
         Telephone: (852) 2541 9398    
         Fax: (852) 2851 6878
         e-mail: admin@nllc.com.hk


CHINA MOTION: Appoints New Committee Members
--------------------------------------------
Lo Chi Ho, William and Huang An Guo have been appointed as
members of the audit committee, remuneration committee and
nomination committee of China Motion Telecom International
Limited, effective March 6, 2006.

Wu Chi Chiu will also serve as the Company's deputy chairman,
chief executive officer and member of the nomination committee.  
Wong Fei Tat and Fan Wei were also appointed as members of the
remuneration committee.

The Company further disclosed the resignation of:

   -- Shui Ming Hua as executive director;

   -- Li Yi Sheng as non-executive director;

   -- Dr. Ho Chung Tai, Raymond as independent non-executive
      director and nomination committee member; and

   -- Yip Sam Lo and Mr. Pang Tsun Loy, Michael as independent
      non-executive directors, and members of the audit
      committee, remuneration committee and nomination
      committee.

Headquartered in Kowloon Bay, Hong Kong, China Motion Telecom
International Limited -- http://www.chinamotion.com/-- is  
engaged in the provision of a wide range of telecommunications-
related services specializing in cross-border telecom services.  
According to Chong Hing Securities, China Motion has current
assets of HK$428.57 million in the year ending March 31, 2005,
while its current liabilities stood at HK$528.81 million in the
same period in 2004.


DICKEN PROPERTIES: High Court Orders Company Wind-up
----------------------------------------------------
On February 22, 2006, the High Court of the Hong Kong Special  
Administrative Region Court of First Instance entered a wind-up  
order pertaining to Dicken Properties Limited.

The Troubled Company Reporter - Asia Pacific reported on
January 30, 2006, that the Commission of Inland Revenue had
filed a petition to wind up Dicken Propertie.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


FLX LIMITED: Wind-up Hearing Slated for March 29
------------------------------------------------
On January 7, 2006, Tse Wing Kwai presented a petition to wind
up FLX (HK) Limited before the High Court of Hong Kong Special
Administrative Region.
  
The Petition will be heard on March 29, 2006, at 9:30 a.m.  
  
Creditors or contributories of the Company who wish to support
or oppose the Petition may appear in Court at the time of the
hearing.   
  
Contact: Sit Fung Kwong & Shum
         Solicitors for the Petitioner
         18th Floor, Gloucester Tower
         The Landmark
         11 Pedder Street
         Central, Hong Kong


JOY LINE: To Hold Creditors' Meeting on March 16
------------------------------------------------
A meeting of the creditors of Joy Line Limited will be held on
March 16, 2006, at Rooms 501-3, 5/F, Hang Seng Building, 77 Des
Voeux Road in Central, Hong Kong.

Any proxy may represent a contributory or creditor entitled to
attend at the meeting.  Forms of proxies for the meeting must be
lodged not later than March 15, 2006, at the meeting location.


KAI TUO: Court Enters Wind-Up Order
-----------------------------------
Kai Tuo (H.K.) Technology Co. Limited presented a petition to
wind up its operations.

On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


MASTER KINGDOM: Members to Receive Wind-up Details
--------------------------------------------------
A final meeting of the members of Master Kingdom Company Limited
will be held on April 19, 2006, at Shop 13, G/F., 98A-D Argyle
Street, in Kowloon, Hong Kong.

At the meeting, the members will receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed.  They will also discuss on whether the
books, accounts and documents of the Company will be retained by
the liquidator, Ng Kowk Hing, and be destroyed three months
after the Company is dissolved.


SHEUNG WAN: Begins Winding Up Process
-------------------------------------
Sheung Wan Gala Point Investments Limited has received a wind-up
order from the High Court of the Hong Kong Special
Administrative Region Court of First Instance on February 22,
2006.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Phone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


SMART GENIUS: Petroleum Firm Wants Company Wound Up
---------------------------------------------------
On February 22, 2006, Sun Kong Petroleum Company Limited
presented a petition to wind up Smart Genius Development
Limited.

The Petition will be heard before the High Court of Hong Kong
Special Administrative Region on April 19, 2006, at 9:30 a.m.  

Contact: Messrs. Liu, Chan & Lam
         Solicitors for the Petitioner
         Rooms 1710-18, 17th Floor
         Hutchison House
         No. 10 Harcourt Road
         Central, Hong Kong


TRUMP CAPITAL: Begins Wind-up Process
-------------------------------------  
A winding up petition was served on Trump Capital Investment
Limited on December 19, 2005.
  
On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance released a wind-up
order pertaining to the Company.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


VASTHEME INTERNATIONAL: Creditors' Claims Due on March 21
---------------------------------------------------------
All persons who have claims against Vastheme International
Company Limited are required to submit their proofs of claim to
joint liquidators Gabriel CK Tam and Jacky CW Muk, by March 21,
2006.

Creditors who fail to comply with this requirement will be
excluded from the benefit of the dividend distribution.

Contact: Gabriel C. K. Tam
         Jacky CW Muk
         Joint and Several Liquidators
         Bank of America Tower
         12 Harcourt Road
         Hong Kong
         Telephone: 852 2584 6222
         Fax: 852 2530 0484


WAYGAIN LIMITED: Court Enters Wind-Up Order
-------------------------------------------
On February 15, 2006, the High Court of the Hong Kong Special
Administrative Region Court of First Instance entered a wind-up
order pertaining to Waygain Limited.

As reported by the Troubled Company Reporter - Asia Pacific on
December 12, 2005, The Commissioner of Inland Revenue presented
a petition to have Waygain Limited wound up.

Contact: Edward Thomas O'Connell
         Official Receiver
         HKSAR-Official Receiver's Office
         10th Floor, Queensway Government Offices,  
         66 Queensway, Hong Kong
         Telephone: 2867 2426
         Fax: 3105 1814
         e-mail: eamonn@oro.gov.hk


WING SHAN: Creditors Should Prove Claims by March 20
----------------------------------------------------
Creditors of Wing Shan Finance Limited are given until March 20,
2006, to make their claims and establish any priority their
claims may have.  Creditors who do not comply with the claims
bar date will be excluded from the benefit of any distribution.

Contact: Gabriel C. K. Tam
         Jacky CW Muk
         Joint and Several Liquidators
         Bank of America Tower
         12 Harcourt Road
         Hong Kong
         Telephone: 852 2584 6222
         Fax: 852 2530 0484


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

INCAB INDUSTRIES: Tata Steel Vows to Revive Ailing Unit
-------------------------------------------------------
Tata Steel has formally signified its interest to revive Incab
Industries' ailing Jamshedpur unit during a meeting with the
Government, The Telegraph relates.

Tata Steel, represented by its deputy managing director A.N.
Singh, submitted its written commitment to the Arjun Munda
government on March 2, 2006, the report says.

Mahesh Joshi of Silver Jubilee was also present during the
meeting.  The Company has already presented a revival proposal
for Incab's Pune facility with a security deposit of INR5-crore
interest to the State Bank of India.

The State Bank of India, the operating agency of Incab, will
convene a meeting of the company's creditors and stakeholders at
Calcutta in the third week of March.  The final rehabilitation
package for Incab will be worked out after the meeting with
creditors in Calcutta and will be submitted to the Board for
Industrial and Financial Reconstruction.

The Troubled Company Reporter - Asia Pacific reported on
February 27, 2006, that the BIFR has given Incab until April 12,
2006, to recover or risk being wound up.

But the Arjun Munda government assured the representatives of
Tata Steel and Silver Jubilee that they would appeal to the BIFR
to extend the deadline of its hearing if required, The Telegraph
adds.

Headquartered in Chennai, India, Incab Industries Limited was
involved in the manufacture and export of electrical wires and
cables.  Incab Industries was declared sick in April 2000.  The
State Bank of India was appointed as the operating agency to
examine the viability of the company and formulate a
rehabilitation scheme based on the company's proposal for its
revival, if found viable.  In April 2004, the Board for
Industrial and Financial Reconstruction considered winding up
the Company since there was no concrete rehabilitation proposal
for consideration.


INDIA CEMENTS: Trims Workforce as Restructuring Continues
---------------------------------------------------------
India Cements has offered voluntary retirement packages to
another 400 employees, as part of the Company's corporate debt
restructuring, The Financial Express reports.  

The Company has successfully reduced its workforce by 1,400 --
bringing in a current total of around 3,000 workers -- since
2003 when it started its revival program.

According to Financial Express, the retrenchments in the last
three years have allowed the Company to reap annual savings,
which in turn helped the bottom line to grow.

India Cements is still planning to further slash its manpower in
order to save an average of INR6 crore to INR7 crore per year.

The Company is confident the restructuring exercise will help it
overcome its financial crisis, with the infusion of fresh funds,
increase capacity utilization, improved prices and retirement of
high cost debts.

N. Srinivasan, vice-chairman and managing director of India
Cements, said the Company's Earnings Before Interest, Taxes,
Depreciation, and Amortization margins improved substantially
over the last three years.  The EBITDA has gone up to INR190
crore, in the first nine months of the current fiscal compared
to INR30 crore for a full-year three years back, he said.

Headquartered in Chennai, India, India Cements Limited
-- http://www.indiacements.co.in/-- manufactures and markets  
cement under the brand name Coromandel cement.  The Company was
established in 1946 and the first plant was setup at Sankarnagar
in Tamilnadu in 1949.  Since then it has grown in stature to
seven plants spread over Tamilnadu and Andhra Pradesh.  In 2002,
the Company fell into a deep financial crisis, which prompted it
to undertake debt restructuring plans in 2003.  Faced with the
huge challenges, the company addressed its problems proactively.  
It reduced interest costs, improved the capacity utilization,
implemented voluntary retirement schemes and raised equity.  All
these initiatives helped the firm to bring down the debt under
corporate debt restructuring program from a hefty INR1,700 crore
to INR400 crore.


JIK INDUSTRIES: Restructuring Kicks Off After Court OK
------------------------------------------------------
JIK Industries has begun implementing its financial shake-up
exercise after its restructuring plan obtained approval from the
Mumbai High Court, of Money Control relates.

Under the restructuring program, the Company proposed a scheme
of arrangement with Fixed Deposit Holders, Non-Convertible
Debenture Holders and other unsecured Creditors, pursuant to
Section 391 of the Companies Act, 1956

The High Court decision came after the Company reported a profit
of INR8.28 crore for the quarter ended December 2005 as against
a net loss of INR2.56 crore in the corresponding previous
quarter ended December 2004.

Money Control says the latest financial result shows that the
Company has benefited from the Corporate Debt Restructuring
program with its lenders.  

Under the corporate debt-restructuring package, JIK Industries
is expected to pay the outstanding debt of INR57-58 crore over a
10-year period starting from 2008.  The interest cost has been
lowered to 9% from its earlier average 16%.  At the pre-debt
restructuring stage, the company had a total debt of INR110
crore.

Headquartered in Mumbai, India, JIK Industries Limited
-- http://www.jikindustriesltd.com/--  manufactures handmade  
non-lead crystalware segment and is the only organized player in
the country.  JIK has had over seven years of experience in
manufacturing and marketing crystal.  Its products include
crystal glassware such as, glass tumblers, bowls, stemware,
showpieces, vases, etc, manufactured at Balkum, Thane,
Maharashtra.  The company had collapsed following accidents at
its chemical waste recycling plant and at its crystal-making
unit.  The company, which had diversified interests - crystal
making, money changing and chemical waste recycling - was forced
to exit the money changing business after its net worth was
eroded.  Under the Reserve Bank of India stipulations companies
whose net worth was eroded were not allowed to continue in the
money changing business.


LML LIMITED: Illegal Strike Prompts Lockout
-------------------------------------------
LML Limited was forced to declare a lockout effective March 7,
2006, as a result of an illegal strike by its workers.

LML expects the industrial action to negatively affect its
financial results this year.

Headquartered in Uttar Pradesh, India, LML Limited manufactures
two wheeler vehicles particularly scooters and spares and
accessories.  The Group's products include geared scooters,
gearless scooters, motorcycles and mopeds.  The Company has been
incurring consecutive losses since 2004.  In the April-June 2005
period, the Company booked a net loss of INR158 million, as
against a net loss of INR214.8 million for the corresponding
period in 2004.


SHIVA CEMENT: Beefs Up Selling Price
------------------------------------
Shiva Cement Limited reported an increase in selling price by
INR20/22 per bag effective from March 2006 in view of increase
in input cost and transportation/distribution cost.

Headquartered in Orisa, India, Shiva Cement Limited manufactures
cement for domestic and local supply.  In September 2005, the
Company secured in-principle approval for its debt-restructuring
proposal after its consortium leader IFCI Limited as well its
lenders, including ICICI Bank, Bank of India, Bank of Baroda,
Allahabad Bank have all endorsed the restructuring plan.


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

PERTAMINA: Misses 2005 Crude Output Target
------------------------------------------
PT Pertamina produced a daily average of 136,000 barrels of
crude oil last year, slightly undershooting the state-owned oil
and gas company's target, Dow Jones Newswire reports.

Harri Kustoro, Pertamina's upstream director, said that the
crude production in 2005 was 96% of the Company's target.  He
did not say why the Company missed the target.

Pertamina produced 67,000 barrels/day entirely on its own in
2005, or almost half of its total output.

In 2006, Pertamina expects overall crude output to rise almost
10% to 149,000 barrels per day, with production from its own
operations increasing at around the same pace to 74,000 barrels
per day, Kustoro said, without elaborating.

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a    
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.  
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina (Persero) implements an integrated
system from upstream to downstream.  Despite reporting a net
profit of IDR3.03 trillion for the first six months of 2005,
Pertamina's failure to service its financial obligations was
pegged as one of the contributors to Indonesia's decreased
income for the year.


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

DAIEI INCORPORATED: To Revise Year-end Earnings Forecast
--------------------------------------------------------
Retail chain operator Daiei Incorporated plans to post a revised
earnings forecast for the financial year ended February 28,
2006, Reuters News relates.

According to the Nihon Keizai business daily, Daiei may have a
perent-only net loss of JPY3 billion due to slow-moving food
sales.  The Company had initially forecast a JPY2-billion
recurring profit.

Same store sales improved with the Company's close-out sales,
but promotion costs pulled down earnings, Nihon Keizai reports.

Daiei is expecting same-store sales to drop by 4% this year.  
Online newspaper Nikkei says that the Company is likely to reach
its target recurring profit of JPY23 billion, due to strong
operations of financial unit OMC Card Incorporated.

Headquartered in Hyogo, Tokyo, Daiei Incorporated    
-- http://www.daiei.co.jp/-- operates about 3,000 stores      
through its subsidiaries and franchisees.  Its retail businesses   
include supermarkets, discount stores, department stores, and   
specialty shops.  Other businesses include restaurants, hotels,   
and real estate services.  Domestic sales make up more than 90%   
of its revenues.  Daiei diversified haphazardly during the 1980s   
loading up on debt and failing to keep up with new, more   
efficient competitors.  Daiei, with support from Industrial   
Rehabilitation Corporation of Japan, has decided to close 54   
stores nationwide, including subsidiaries, as part of its new   
business reconstruction plan.  Of the 54 Daiei stores that have   
been closed, only six were to be reopened by other tenants at   
the end of January.


JAPAN AIRLINES: Labor Union May Agree to 10% Pay Cut
----------------------------------------------------
Japan Airlines Corporation's largest labor union may agree with
management on a 10% wage cut for all employees to be implemented
in April, TMC News reports, citing unnamed sources.

Company management informed the Japan Airlines Workers' Union of
its five-year business plan to win back public trust, which has
waned due to financial and safety problems plaguing the airline.  
The union comprises around 10,000 employees.

JAL had wanted to implement the wage reduction last January,
which was rejected by the union.  The workers demaned that the  
management should clarify its responsibility for the airline's
situation.  The union also wanted JAL to indicate how it would
resolve safety problems and go about the restructuring of
international flights before it would agree to talks.  

If the JAL Workers' Union were to accept the proposed wage cut,
it would influence the decision of eight other labor unions of
the Company, TMC News says.

Headquartered in Tokyo, Japan, Japan Airlines Corporation --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Increasing fuel prices and safety incidents
forced JAL to post over JPY23 billion in losses for the last
quarter of 2005.  It estimates to report a JPY47-billion net
loss for the financial year ending March 31, 2006.  JAL
President Shinmachi has announced that he will resign from his
position in June to accept responsibility for the Company's
downward operations.


JAPAN AIRLINES: Expects to Post Higher Net Loss for FY06
--------------------------------------------------------
On March 2, 2006, Japan Airlines unveiled its 2006-2010 medium-
term business plan, aiming to recover from the consolidated
losses posted in recent periods and to achieve profitability and
growth in the coming fiscal years.  

JAL aims to kick-off the revival of the JAL Group in FY06
(ending in March 2007) through, among other measures, the merger
in October of subsidiaries JAL-Internationl and JAL-Domestic.

As part of its efforts to make a fresh start, the Company will
record a valuation loss of JPY139 billion, with respect to the
equity securities of JALI and JALD.  

JALI and JALD posted net losses in recent periods due to
external factors, such as terrorism, the war in Iraq, SARS,
anti-Japan demonstrations and rising fuel prices, and safety
issues.  As a result of the revaluation, JAL expects to post
increased net losses for the year ending March 31, 2006.

JAL plans to seek shareholders approval at the next ordinary
general shareholders' meeting in June to reduce a portion of the
capital surplus and apply such amounts to eliminate the
accumulated deficit.  JAL hopes to eliminate the accumulated
deficit, open the path for revival and establish a setting that
would increase the possibility of dividend payments in the
future.

The consolidated financial statements of JAL already reflects
the financial results of the two operating subsidiaries owned by
JAL, and changes in the value of equity securities of Japan
Airlines International and Japan Airlines Domestic do not affect
the consolidated financial results.  Therefore, the forecast of
consolidated financial results for the fiscal year ending March
31, 2006 previously announced on November 7, 2005 in connection
with JALS' semi-annual financial results will not be affected by
the revaluation losses.

Revised forecast of non-consolidated financial results:

                    Revenues  Ordinary Income    Net Profit/
                                                 Loss

Previously
announced forecast    24,400            8,400         8,200

Revised forecast      24,400            8,400      -131,000

Difference                 0                0      -139,200

Ratio                    100              100             -

Last FY results       16,197              489           270

After recording estimated valuation losses with respect to the
subsidiary shares of JPY139,500 million, the Company forecasts a
net loss instead of the previously forecasted net profit.  The
Company, however, notes that this is only a forecast and the
actual valuation loss amounts will be reported as part of the
financial statement for the fiscal year ending March 31, 2006.

JAL' consolidated financial statements already reflect the
financial results of its two operating subsidiaries, and changes
in the value of equity securities of JALI and JALD do not affect
the consolidated financial results.  Therefore, the forecast of
consolidated financial results for the fiscal year ending
March 31, 2006, previously announced on November 7, 2005, will
not be affected by the revaluation losses.

Headquartered in Tokyo, Japan, Japan Airlines Corporation --
http://www.jal.com/en/-- was created as a result of the merger  
of Japan Airlines and Japan Air Systems to boost domestic
coverage.  JAL's international passenger operations incurred
losses in recent years due to negative factors such as the
severe acute respiratory distress syndrome epidemic and
terrorism fears.  Increasing fuel prices and safety incidents
forced JAL to post over JPY23 billion in losses for the last
quarter of 2005.  It estimates to report a JPY47-billion net
loss for the financial year ending March 31, 2006.  JAL
President Shinmachi has announced that he will resign from his
position in June to accept responsibility for the Company's
downward operations.


LIVEDOOR CO.: Unit Expects Higher Net Loss on Financial Scandal
---------------------------------------------------------------
Livedoor Company Limited's car sales unit is expecting a higher
net loss for 2006 due to the arrest of former Company executives
for alleged securities law violations, TMC News says.

Livedoor Auto Co. forecasts a JPY3.2 billion net loss for
current financial year ending March 31, 2007, instead of a
previously forecasted JPY2.1 billion net loss, since the
Livedoor brand was hurt by the financial scandal involving its
parent firm.  

TMC News reports that Livedoor Auto also revised its pre-tax
losses, now expecting to incur a pre-tax loss of JPY1.4 billion
on sales of JPY39.3 billion.

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 solutions,   
data center and IP telephony business.  Last year, Livedoor's  
office was raided by prosecutors on suspicions of accounting  
fraud.  Company executives were alleged to have relayed false  
information on a merger, with the intent to boost the stock  
price of a Company subsidiary.  Livedoor's stock price plunged  
on allegations that the Company concealed a huge JPY1 billion  
loss for the financial year ended September 2004.


NEC ELECTRONICS: To Build Software Development Center in April
--------------------------------------------------------------
NEC Electronics Corporation will set up a new business center in
Beijing, China, next month, which will be used to develop
software for semiconductors used in digital video apparatus.

With 30 technicians at the initial period, the development
center plans to expand its workforce to 80 people by 2008, and
it aims to achieve annual sales revenue of JPY10 billion from
digital video apparatus businesses, amid the increasing demand
for semiconductors used in flat TVs and set-atop boxes led by
China's digital TV promotion.

NEC Electronics Corporation is strengthening its research and
development system in China, and had finalized a deal on the
joint development of a car-borne electronic system together with
renowned Shanghai Jiaotong University in China.

Headquartered in Kanagawa, Japan, NEC Electronics Corporation  
-- http://www.necel.com/-- specializes in semiconductor    
products encompassing advanced technology solutions for the  
high-end computing and broadband networking markets, system  
solutions for the mobile handsets, PC peripherals, automotive  
and digital consumer markets, and multi-market solutions for a  
wide range of customer applications.  NEC Electronics  
Corporation has 26 subsidiaries worldwide including NEC  
Electronics America, Inc. and NEC Electronics (Europe) GmbH.  


PIONEER CORPORATION: Growing Sales to Increase Profit by 29%
------------------------------------------------------------
Pioneer Corporation is expecting a 29% increase in its car
electronics unit's operating profit for 2009, due to rising
sales to Ford Motor Company, Reuters News says.

Company president Tamihiko Sudo told Reuters in an interview
that he hopes Pioneer's car electronics unit would garner a
profit above JPY20 billion for FY07, instead of an earlier
forecast of JPY15 billion.

Fierce price competition and rising development costs have cut
profits in the division, but with increased sales, Pioneer hopes
to return to operating profit next year, whereas its plasma
display and DVD recorder units are expected to continue posting
losses.

According to Reuters, Mr. Sudo is targeting to increase
Pioneer's sales to above JPY800 billion, higher than an expected
JPY700 billion projection.  Recent restructuring moves, such as
the shutdown of its car stereo factory in Mexico, are seen to
contribute to the Company's return to profitability.

Headquartered in Tokyo, Japan, Pioneer Corporation  
-- http://www.pioneer.co.jp/-- manufactures consumer and    
commercial electronics, about 40% of its sales come from car  
electronics (stereos, speakers, navigation systems), which are  
sold to retailers and automobile manufacturers.  Pioneer also  
makes video equipment (projection TVs, DVD players and DVD  
recorders, plasma displays) and audio products (stereo  
components, stereo systems).  It also sells products to business  
customers (plasma displays, AV systems, factory automation  
systems) and, through Disco vision Associations (United States-
based subsidiary), it generates revenue from licensing optical  
disc technologies.  Pioneer has more than 30 manufacturing  
facilities worldwide.

In February 2005, Standard & Poor's Ratings Services lowered its  
long-term issuer credit and senior unsecured debt ratings on  
Pioneer Corp. to 'BBB' from 'BBB+' reflecting substantial  
deterioration in earnings in the Company's home electronics  
business and weak prospects for early recovery in performance.   
The rating action also reflects the subsequent deterioration in  
cash flow protection.  By November 2005 S&P placed its 'BBB'  
ratings on Pioneer on CreditWatch with negative implications,  
following the Company's yet weaker profit forecast for fiscal  
2005 (ending March 31, 2006).  In December 2005, Pioneer  
announced business restructuring plans that involve improving  
management efficiency through organizational restructuring.  The  
Company dismantled its current "internal company" system as of  
January 1, 2006, and reorganized into a two-department set-up  
featuring the Home Entertainment Business Group and the Mobile  
Entertainment Business Group.  All operations related to plasma  
displays, DVD products and home audio products will be  
integrated into the Home Entertainment Business Group.  The Home  
Entertainment Business Group staff, currently working at three  
locations, will be consolidated at one location in Japan by  
2007.  Furthermore, the Company's entire head office  
organization, particularly administrative and back office  
operations, will be reorganized by around April 2006.  As part  
of Pionner's efforts to reduce fixed costs for the entire group,  
it is also consolidating its worldwide production sites from 40  
to about 30, and in this regard, cutting about 2,000 employees,  
mostly at overseas production sites.


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

DAEWOO ENGINEERING: Takeover Hopefuls Resume Audit
--------------------------------------------------
Potential bidders for Daewoo Engineering & Construction Co. have
conducted a field audit on the Company on March 6, 2006, The
Korea Herald reports.

The on-the-spot inspections are scheduled to be completed by
end-March before the final tender in April this year.

The creditors, including Korea Asset Management Corporation,
Woori Bank and some local financiers, currently hold 72.1% of
Daewoo Engineering, of which at least 50% plus one share is set
to be sold.  As the creditors are focused on collecting their
money quickly, they said they might allow the bidders to take
the entire 72.1% stake.

As reported by the Troubled Company Reporter - Asia Pacific on  
February 15, 2006, the shortlisted 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.  

TCR-AP also reported on March 7, 2006, that the six qualified
bidders for Daewoo Engineering are scurrying to pair up with
banks and other financial institutions to secure funds for their
planned acquisition.

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.  Daewoo Engineering is
one of several Daewoo units that initially survived the 1999
collapse of the conglomerate Daewoo Group under US$80 billion of
debts in South Korea's largest corporate bankruptcy.  In early
2004, the Korea Asset Management Company announced a proposed
auction of Daewoo Engineering.  Daewoo Engineering is the latest
part of the bankrupt Daewoo business empire to be sold.  KAMCO's
46% stake in the Company had been estimated to fetch about
KRW800 billion (US$677 million).  The Company has since become
a potential acquisition target in 2006.  


DAEWOO ENGINEERING: Sale Price Shoots Up
----------------------------------------
The sale price of Daewoo Engineering & Construction may exceed
KRW3.5 trillion (US$3.5 billion), with the main round of auction
expected in April, reports the Korea Times.

The potential bidders are each making a strong push to win the
auction, as the acquisition of the global builder will possibly
add to their overall value.

As reported by the Troubled Company Reporter - Asia Pacific on  
February 15, 2006, the shortlisted 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.  

TCR-AP also reported on March 7, 2006, that the six qualified
bidders for Daewoo Engineering are scurrying to pair up with
banks and other financial institutions to secure funds for their
planned acquisition.

The bidding competition has resumed as the labor union of the
builder decided to end its 15-day protest, in which it had
blocked the potential bidders from conducting due diligence.

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.  Daewoo Engineering is
one of several Daewoo units that initially survived the 1999
collapse of the conglomerate Daewoo Group under US$80 billion of
debts in South Korea's largest corporate bankruptcy.  In early
2004, the Korea Asset Management Company announced a proposed
auction of Daewoo Engineering.  Daewoo Engineering is the latest
part of the bankrupt Daewoo business empire to be sold.  KAMCO's
46% stake in the Company had been estimated to fetch about
KRW800 billion (US$677 million).  The Company has since become
a potential acquisition target in 2006.  


DONG-AH CONSTRUCTION: Creditors to Pick New Buyer
-------------------------------------------------
The creditors of bankrupt Dong-Ah Construction & Industrial Co.
will select a new buyer for the Company in the first half of
2006, Yonhap News relates.

The Korea Asset Management Corporation, the Company's second
largest creditor, plans to hold a formal tender in May and
select a preferred bidder by June.

The Troubled Company Reporter - Asia Pacific reported on Jan. 3,
2006, that the Company's creditors wanted to place Dong-Ah under
court receivership in order to get it back on track.  Korea
Asset Management has signed a memorandum of understanding on the
plan with leading creditor Goldman Sachs on December 20.  The
MOU enabled creditors to put off the sale of Dong Ah in February
or March.  

Headquartered in Seoul, Korea - Dong Ah Construction Industrial
Co. Ltd. -- http://www.dongah.co.kr/-- manufactures domestic  
and overseas construction materials and building leasing
businesses, tourist hotel, energy resources development and real
estate, life insurance business, golf course business,
manufacture and sale of concrete pipes.  The Company was
officially declared bankrupt in March 2001.


KOREA EXCHANGE: Assembly Panel Demands Probe into 2003 Sale
-----------------------------------------------------------
A South Korean parliamentary standing committee filed a
complaint with prosecutors on March 7, 2006, due to suspicions
in connection with the sale of Korea Exchange Bank, according to
Yonhap News.

United States private investment fund Lone Star bought a 51%
stake in Korea Exchange for KRW1.38 trillion (US$1.41 billion)
in October 2003.  The fund is pushing to unload the stake after
a two-year lockup period ended late last year.

The Troubled Company Reporter - Asia Pacific reported on
March 7, 2006, that the Korean Board of Audit and Inspection
Committee will investigate whether Lone Star Funds' US$1.2
billion purchase of a stake in the Korea Exchange Bank in 2003
was appropriate.  

According to the report, South Korean politicians -- led by the
main opposition Grand National Party -- have alleged that the
Korea Exchange shares were sold cheap to Lone Star after the
Bank's financial status was incorrectly reported.  Korea
Exchange denied the allegations early this month. The results of
the BAI probe are expected to come out in June 2006.

Korea Exchange Bank -- http://www.keb.co.kr/english/index.htm--  
was established in January 1967 by the Government originally as
a specialist foreign exchange bank.  It retains its strength in
trade finance and foreign exchange.  In terms of assets, it
ranks sixth among Korea's nationwide commercial banks with 7% of
system assets.  It operates a branch network of 317 domestic and
28 overseas offices.  During the economic crisis, significant
exposures to troubled corporate borrowers led to a deterioration
in the bank's financial health.  However, since then, its
operating performance stabilized, and the bank has reported
eight consecutive quarterly profits since the end of 2003.  
Moody's Investors Service has placed Korea Exchange Bank's D-
bank financial strength rating on review for possible upgrade.   


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

AFFIN HOLDINGS: Cancels Unutilized Portion of Debt Facility
-----------------------------------------------------------
Affin Holdings Berhad cancelled the unutilized MYR240 million
portion of its MYR525-million Bank-Guaranteed Medium-Term Notes
Programme (2005/2010) on February 10, 2006, Rating Agency
Malaysia Berhad reveals.

In light of this, the outstanding amount of the Bank-Guaranteed
Medium-Term Notes has been reduced to MYR285 million.

As such, Rating Agency Malaysia no longer has any rating
obligation on the cancelled MYR240-million portion of the Notes.

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.  Affin
Holdings Bhd had experienced hefty losses in the past because of
huge loan provisions and impairment of assets.  However, the
Affin Group is starting to recover as a consequence of the hard
work and professionalism displayed by management at all levels
of the organization.


ANTAH HOLDINGS: Disposes of Dormant Subsidiary
---------------------------------------------
Antah Holdings Berhad has on March 2, 2006, disposed of its
equity interest in subsidiary Antah Healthcare Group Berhad for
MYR2.00.  The entire equity interest is represented by two
ordinary shares in Antah Healthcare of MYR1.00 each.

Accordingly, Antah Healthcare ceased to be a subsidiary of the
Company.

The Disposal will not have any material effect on the earnings
and net assets of Antah for the financial year ending June 30,
2006, as Antah Healthcare is a dormant company.

None of the other Directors and major shareholders of Antah and
persons connected with them have any interest direct or indirect
in the Disposal.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of housewares and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.  Aside from reporting
huge losses, Antah is also unable to meet its debt obligations
and is currently in the process of undergoing restructuring
pursuant to a scheme of arrangement under Section 176 of the
Companies Act, 1965.


ANTAH HOLDINGS: Fined for Breach of Listing Requirements
--------------------------------------------------------
On March 3, 2006, Bursa Malaysia Securities Berhad publicly
reprimanded and imposed on Antah Holdings Berhad for breach of
Paragraph 9.23(a) of the Listing Requirements of Bursa
Securities.

The fine of MYR2,000 per market day is calculated from Jan. 1,
2006, to the earlier of the date of submission of the annual
report for the financial year ended June 30, 2005, or three
months after the due date to submit the Annual Report 2005.

Antah has breached paragraph 9.23(a) of the Bursa Securities
Listing Requirements for failure to submit its Annual Report
2005 on or before December 31, 2005.  To date, Antah has yet to
furnish the Annual Report 2005 to Bursa Securities.

The public reprimand and fine were imposed after having
considered all relevant factors including the fact that Antah
had previously breached the Bursa Securities Listing
Requirements.

Bursa Securities also directed Antah to furnish the Annual
Report 2005 to Bursa Securities for public release within one
month from the date of order.

Bursa Securities views the contravention seriously and has
cautioned the Company on its responsibility to maintain
appropriate standards of corporate responsibility and
accountability in order to achieve greater disclosure and
transparency to its shareholders and the investing public.

Whilst Bursa Securities has not made a finding that any of the
directors of Antah caused or permitted the violation, Bursa
Securities nevertheless wishes to highlight that it is the
responsibility of directors of listed companies to maintain
appropriate standards of responsibility and accountability
within the company and amongst its officers and employees
including, amongst others, an awareness of the importance of
compliance with the Bursa Securities Listing Requirements.  

                  Previous Public Reprimands

On 27 July 2002, Bursa Securities had publicly reprimanded Antah
for breach of Section 114 of the Main Board Listing Requirements
for failing to make an immediate announcement to Bursa
Securities for public release in relation to:

   -- the Option & Investment Deed Agreement signed on
      August 14, 1997, between Antah European Holdings Sdn
      Bhd, a wholly owned subsidiary of Antah, JW Carpenter
      Limited and five other parties.  The Deed was only
      announced by Antah on March 9, 2001, after a delay of
      approximately three years and seven months; an

   -- the agreement entered on December 15, 2000, between
      Antah and Global Empire Sdn Bhd for Antah to buy back
      the entire shares of Convenience Shopping Sdn Bhd.  The
      Agreement was only announced by the Company on March 7,
      2002, after a delay of approximately 15 months.

Antah was also publicly reprimanded for breach of Section 335 of
the MBLR for failing to make an immediate announcement to Bursa
Securities for public release of the lapse of the Agreement on
December 15, 2001, which was only announced by Antah on March 7,
2002, after a delay of 50 market days.

On March 2, 2004, Bursa Securities had publicly reprimanded and
imposed a fine of MYR14,000 on the Company for breach of
Paragraph 9.23(b) of the Bursa Securities Listing Requirements
for failing to furnish its annual audited accounts for the
financial year ended June 30, 2003, to Bursa Securities on or
before October 31, 2003.  The Annual Audited Account 2003 was
only furnished by Antah to Bursa Securities on November 11,
2003.

On April 23, 2004, Bursa Securities had publicly reprimanded and
imposed a fine of MYR25,000 on Antah for breaching:

   -- Paragraph 9.04(l) of the Bursa Securities Listing
      Requirements and Paragraphs 2.1(d) and 2.1(e) of
      PN1/2001 for failing to make immediate announcements in
      respect of the default in payment of the banking
      facilities by the Company as announced by the Company on
      October 6, 2003.  The delay in making the relevant
      announcements ranges from approximately three to 19.5
      months;

   -- Paragraphs 9.03(1) and 9.04(f) of the Bursa Securities
      Listing Requirements for failing to make immediate
      announcements in respect of the legal suits instituted
      against the Company in relation to the Default in
      Payment as announced by the Company on October 6, 2003.
      The delay in making the relevant announcements ranges
      from approximately one to 14 months; and

   -- Paragraphs 9.03(1) and 9.04(f) of the Bursa Securities
      Listing Requirements for failing to make immediate
      announcements in respect of the Order 14 Judgments or
      Judgments in Default obtained against the Company in
      relation to the legal suits commenced by the financial
      institutions as announced by the Company on October 6,
      2003.  The delay in making the relevant announcements
      ranges from approximately 2.5 to 11 months.

On April 23, 2004, Bursa Securities had publicly reprimanded
Antah for breaching:

   -- Paragraph 9.27 of the Bursa Securities Listing
      Requirements for failing to ensure that the person who
      signed the statutory declaration in the Company's
      audited financial statements for the financial year
      ended June 30, 2003, fulfilled the requirements of
      Paragraph 9.27 of the Bursa Securities Listing
      Requirements or Paragraph 7.1 of Practice Note 13/2002;
      and

   -- Paragraph 2.17 of the Bursa Securities Listing
      Requirements for confirming in the checklist for the
      annual report for the financial year ended June 30,
      2003, which was submitted to Bursa Securities on
      December 8, 2003, that the requirements under Paragraph
      9.27 of the Bursa Securities Listing Requirements had
      been complied with.

On August 20, 2004, Bursa Securities had publicly reprimanded
and imposed a fine of MYR25,000 on Antah for breach of
Paragraphs 9.03(1) and 9.04(l) of Bursa Securities Listing
Requirements and Paragraphs 2.1(d) and 2.1(e) of Practice Note
1/2001 for failing to make immediate announcements in respect of
the default in payment of the credit facilities by the Company
and its subsidiary as announced by the Company on March 25,
2004.  The delay in making the relevant announcements ranges
from approximately nine to 19 months.

On March 11, 2005, Bursa Securities had publicly reprimanded and
imposed a total fine of MYR138,000 on Antah for breach of
Paragraphs 9.22(1) and 9.23(b) of the Bursa Securities Listing
Requirements.  The total fine of MYR138,000 for the breaches
were:

   -- MYR16,000 for breach of Paragraph 9.22(1) of the Bursa
      Securities Listing Requirements for failure to submit
      its quarterly report for the financial period ended
      September 30, 2004, on or before November 30, 2004.  The
      quarterly report was only furnished to Bursa Securities on
      December 10, 2004, after a delay of Eight market days; and

     -- MYR122,000 for breach of Paragraph 9.23(b) of the Bursa
        Securities Listing Requirement for failure to submit its
        annual audited accounts for the financial year ended
        June 30, 2004, on or before October 31, 2004.  The
        Annual Audited Account 2004 was only furnished by Antah
        to Bursa Securities on December 30, 2005.

On April 4, 2005, Bursa Securities had publicly reprimanded and
imposed a fine of MYR118,000 on Antah for breach of Paragraph
9.23(a) of the Bursa Securities Listing Requirements for failure
to submit its annual report for the financial year ended June
30, 2004, on or before December 31, 2004.  The Annual Report
2004 was only furnished by Antah to Bursa Securities on Jan. 12,
2006.

On January 13, 2006, Bursa Securities had publicly reprimanded
and imposed a fine of MYR2,000 per market day calculated from
November 1, 2005, to the date of submission of the annual
audited accounts for the financial year ended June 30, 2005, or
up to January 31, 2006, (whichever is earlier) for breach of
Paragraph 9.23(b) of the Bursa Securities Listing Requirements
for failure to submit its Annual Audited Account 2005 on or
before October 31, 2005.  As of the date of sanction, Antah has
yet to furnish the Annual Audited Account 2005 to Bursa
Securities.

Headquartered in Petaling Jaya, Selangor Darul Ehsan, Malaysia,
Antah Holdings Berhad -- http://www.antah.com.my/--  
manufactures and trades pharmaceutical products and fluid
engineering and manufacturing.  The Company's other activities
include retailing of housewares and kitchenware, property
development, insurance broking, provision of management services
and investment holding.  The Group discontinued its beverage and
security services operations.  The Group operates in Malaysia,
Australia, United Kingdom and Singapore.  Aside from reporting
huge losses, Antah is also unable to meet its debt obligations
and is currently in the process of undergoing restructuring
pursuant to a scheme of arrangement under Section 176 of the
Companies Act, 1965.


APEX EQUITY: Suffers MYR32,932,000 Net Loss in Q4/FY05
------------------------------------------------------
Apex Equity Holdings Berhad has incurred a net loss of
MYR32,932,000 in the fourth quarter of the fiscal year ending
December 31, 2005.  The result is an improvement from last
year's fourth quarter net loss of MYR76,596,000.

              Summary of Key Financial Information

        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   

     14,319        20,353          86,210        119,331

* Profit/(loss) before tax  

    -34,467       -95,842         -36,712        -86,818

* Profit/(loss) after tax and minority interest  

    -32,932       -76,596         -35,935        -73,004

* Net profit/(loss) for the period

    -32,932       -76,596         -35,935        -73,004

* Basic earnings/(loss) per shares (sen)

     -15.51        -35.87          -16.92         -34.18

* Dividend per share (sen)

       1.00          1.00            1.00           1.00

* Net assets per share (MYR)

      As at end of               As at Preceding
    Current Quarter            Financial Year End

       1.0800                       1.2500

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.


DENKO INDUSTRIAL: Says EMC Investment Good for Business
-------------------------------------------------------
Denko Industrial Corporation Berhad advised that its subsidiary,
Winsheng Plastic Industry Sdn Bhd, has expressed its interest to
subscribe for a 30% equity interest in dormant company EMC
Dinamik Sdn Bhd.

EMC has an authorized share capital of MYR1,000,000 divided into
1,000,000 ordinary shares of MYR1.00 each of which two ordinary
shares MYR1.00 each, have been issued and fully paid up.  EMC
has proposed to increase its paid-up capital to MYR100,000.  
Thereafter Winsheng intends to subscribe for 30,000 shares of
MYR1.00 each in the issued paid up capital of EMC.

Denko believes that the investment is in the best interest of
the Company and that that it will marginally enhance the
earnings of the Denko Group if in the near future the expected
contracts are successfully negotiated.  

Denko plans to use EMC as a vehicle to market automotive plastic
parts and complete assembly products.

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.


DENKO INDUSTRIAL: Completes Assets Disposal Negotiations
--------------------------------------------------------
Denko Industrial Corporation Berhad has successfully ended
negotiations with Seruntung Premier Sdn Bhd for the sale of the
Denko's 11 dormant units.

Seruntung will pay MYR1.00 each or a total of MYR12.00 only for
the 11 inactive subsidiaries, following the signing of the
Shares Sales Agreement on February 28, 2006.

The 11 Denko subsidiaries with negative net assets are:

    1. Denko Marketing Sdn Bhd;

    2. Denko Packaging Sdn Bhd;

    3. Denko Capital Sdn Bhd;

    4. Denko Digital Sdn Bhd;

    5. Denko-ABF Sdn Bhd;

    6. New Limit Marketing Sdn Bhd (formerly known as Skiva
       Kulim Sdn Bhd);

    7. Denko-APS Sdn Bhd;

    8. Newsky Inner Ware Sdn Bhd (formerkly known as Skiva Inner
       Ware Sdn Bhd);

    9. Newsky Manufacturing Sdn Bhd (formerly known as Skiva
       Manufacturing Sdn Bhd);

   10. Glorysky Trading Sdn Bhd (formerly known as Skiva Sdn
       Bhd); and

   11. Superstudiodesign Sdn Bhd.

Denko decided to dispose of the units in order to save the
statutory cost of having and holding such dormant and inactive
companies.

Headquartered in Kuala Lumpur, Malaysia, Denko Industrial
Corporation Berhad is involved in the manufacture and sale of
plastic raw materials, semi-finished products and chemicals,
plastic pipes and plastic injection molding products, foundation
garments made of cotton, polyester and other types of fabrics,
consumer and industrial products.  Its other activities include
the provision of maintenance services for sewerage systems and
waste water treatment plants, production of packing material and
vacuum foams, property rental, wholesaling and retailing of
foodstuff and investment holding.  The Company was released from
its Practice Note 4 status in March 2004 following the
implementation of the Company's debt-restructuring scheme.  The
Bursa Malaysia, however, still monitors the Company's
operations, as it continues to book losses even after its
financial condition was regularized.


ECOSEM SDN: Faces Wind-Up Action by Industrial Waters
-----------------------------------------------------
Industrial Water Engineers filed a petition before the High
Court of Malaya to wind up the operations of Ecosem Sdn Bhd, a
wholly owned subsidiary of Goldis Berhad.

Industrial Waters lodged the Petition on February 15, 2006,
after Ecosem defaulted on its MYR125,935.12 debt to the
Petitioner.

Ecosem is currently seeking legal advice to oppose the wind-up
action, which will be heard before the High Court on April 26,
2006.  

In its Petition, Industrial Water Engineers claimed for the sum
of MYR125,935,.12 with an interest rate of 1%, which is above
the bank's annual Base Lending Rate on outstanding invoices.

Headquartered in Seremban, Malaysia, Ecosem Sdn Bhd
-- http://www.ecosem.com/-- was founded in January 2003 as a  
semiconductor IC assembly, test and NPI subcontract
manufacturing organization.  Ecosem is still under receivership
filed by Southern Bank Berhad and is thus, unable to settle its
outstanding bills.  This had led to petitioners taking legal
actions against Ecosem for the recovery of their debts due.    


FURQAN BUSINESS: Inks MYR7.5-Mln Share Sale Deal
------------------------------------------------
Furqan Business Organization Berhad has on March 3, 2006,
entered into a Share Sale Agreement with directors Wong Ah Choy
and Chin Kim Lan to acquire 200,000 ordinary shares of MYR1.00
each in Discover Orient Holidays Sdn Bhd for a total cash
consideration of MYR7,500,000.00.

The sale shares represent 100% of the total issued and paid up
capital of the Directors in Discover Orient.

Discover Orient is a tour operator and travel agent, which was
incorporated in Malaysia under the Companies Act, 1965, on
February 3, 1992.  The authorized capital of Discover Orient is
MYR500,000.00 divided into 500,000 ordinary shares of MYR1.00
each,  of which 200,000 ordinary shares of MYR1.00 each have
been issued and fully paid-up.

Furqan Business will use internal funds to finance the
acquisition, which is expected to enhance the hospitality,
travel and leisure business of the Group.

Under the Share Sale Agreement, Mr. Wong will sign a three-year
employment contract with Discover Orient as the Managing
Director with an option to renew for a period of a further three
years at the absolute discretion of Furqan Business.

The parties also agreed that if conditions under the deal are
not fulfilled within three months from the signing of the
agreement, the parties will terminate all obligations and will
not have any claims against the other.

Headquartered in Kuala Lumpur, Malaysia, Furqan Business
Organization Berhad formerly known as Austral Amalgamated Berhad
is engaged in property development and investment, tour and
travel services, and financial services.  Other activities
include contractor, leasing and hire purchase financing
facilities.  The Group's operations are substantially carried
out in Malaysia.   The Company's lackluster business prospects
have taken their toll on Furqan Business' financial position as
its operating cash flow has persistently remained in negative
territory since 31 December 2002.  Rating Agency Malaysia has
downgraded the rating of the Company's MYR37.66 million
Redeemable Convertible Loan Stocks, from BB3 to B1, with a
negative outlook.  At the same time, the rating agency is
maintaining the Rating Watch (with a negative outlook) on the
Company, pending further clarification on its recent corporate
exercise to acquire a 7%-stake in the Cepatwawasan Group.  The
downgrade is premised on the deterioration in Furqan's business
profile, especially in its leasing business, which is currently
the main revenue contributor to the Group.  


MALAYSIA AIRLINES: Unveils Restructuring Plan
---------------------------------------------
Loss-making national flag carrier Malaysia Airlines has finally
unveiled its much-awaited rescue plan, eTN News reports.

The airline has presented a radical revival plan after reporting
a third quarterly loss of more than US$160 million for the three
months ending December 2005.

Newly appointed managing director, Idris Jala, blames higher
fuel and staff costs and falling passenger numbers for the
crisis, the report says.  

The airline's turnaround plan includes an increase in fares, the
closing of unprofitable routes, a 20% budget cut, and a freeze
on recruitment.  Malaysia Airlines said it needed to raise MYR4
billion to stay afloat.

The state-run airline hopes these measures will help it become
profitable again by next year.

Mr. Jala said the airline will focus on improving efficiency and
capabilities by next year and is expecting new growth
opportunities by 2008.  He added that the airline expects to
book a net profit of MYR50 million next year and MYR500 million
in 2008.

The airline is confident it can revive its ailing operations and
boost its cash flow if given a "freehand" to implement its
restructuring proposals and avoid complete grounding.

Headquartered in Selangor, Malaysia, Malaysia Airline services
domestic and international flights.  Its global network
comprised 32 domestic and 86 international destinations. Of the
86 international destinations, 17 were operated in collaboration
with our airline partners.  The carrier is currently facing
financial difficulties, and is set to report net loss of MYR1.3
billion for the nine month to December 31, 2005.  The airline
attributed the losses to high fuel and operating costs, and
unprofitable routes.


MEGASTEEL SDN: S&P Lowers Corporate Credit Rating
-------------------------------------------------
Standard & Poor's Ratings Services has lowered its corporate
credit rating on Malaysia's Megasteel Sdn Bhd to 'SD' (selective
default) from 'B+/Stable/--', The Edge Daily says.

The corporate credit rating on Megasteel is subsequently
withdrawn at the request of the Company.

At the same time, the preliminary rating on the proposed US$600
million (MYR2.23 billion) senior secured notes to be issued by
Megasteel Harta (Labuan) Ltd is also withdrawn as the bond did
not materialise.  Megasteel Harta is a special purpose financing
vehicle that is wholly owned by Megasteel.

S&P's action follows Megasteel's failure to make principal
repayment of MYR296 million when it fell due on December 31,
2005, as part of its US$400 million equivalent syndicated
facility.

The payment default was not cured after the specified remedial
period and remains outstanding.

The Company said it failed to meet its obligation because of the
deferment of the proposed US$600 million senior secured notes
and the weaker performance resulting from a softer steel market
and product prices.

The company has stated that it is current in interest payments
of the syndicated facility and in all scheduled payments of
other debt obligations.  It is negotiating with lenders of the
syndicated facility to reschedule payment terms.

Megasteel Sdn Bhd is the flat steel production arm of the Lion
Group. The Company is based in Selangor, Malaysia.  The Company
is having difficulties attracting investors due to the weak
economy.  In October and Novermber last year, the Company
canceled more than US$1 billion of junk bond sales after failing
to attract enough demand.


MENTIGA CORPORATION: To Convene EGM on March 28
-----------------------------------------------
An Extraordinary General Meeting of Mentiga Corporation Berhad
will be held at Ballroom A, Level 2, Pan Pacific Hotel Kuala
Lumpur, Jalan Putra, 50746 Kuala Lumpur, Malaysia on March 28,
2006, at 2.30 p.m. to consider:

   -- the proposed amendment to the Company's Articles of
      Incorporation;

   -- the proposed amendments to the Company's Memorandum of
      Association;

   -- the proposed debt settlement via the issue of new
      ordinary shares of MYR1.00 each in Mentiga as settlement
      of an amount the Company owed to its shareholder, Amanah
      Saham Pahang Berhad;

   -- proposed restricted issue of redeemable convertible
      preference shares of MYR1.00 each in Mentiga to
      Aspa;

   -- proposed disposal by Selat Bersatu Sdn Bhd, a 56%-owned
      subsidiary of Mentiga, of 18,900 ordinary shares of
      IDR1,000,000 each in PT Rebinmas Jaya representing its
      entire 90% equity interest in Rebinmas to Delloyd
      Plantation Sdn Bhd and Taipan Hectares Sdn Bhd, for a
      cash consideration of MYR61,200,000;

   -- proposed increase in the Mentiga's authorized share
      capital;

   -- proposed employee share option scheme for eligible
      employees and directors of Mentiga and its subsidiaries;
      and

   -- proposed issue of options to:

      * Yab Dato' Sri Haji Adnan Bin Haji Yaakob;

      * Muhammad Nasir Bin Puteh;

      * Dato' Mohd Ghazali Bin Mohd Khalid;

      * Yusof Ali Bin Haji M. Zain; and

      * Hazli Bin Ibrahim.

A full-text copy of the Extraordinary General Meeting Notice is
available for free at:

   http://bankrupt.com/misc/tcrap_mentigacorp030706.pdf

Headquartered in Pahang Darul Makmur, Malaysia, Mentiga
Corporation Berhad is engaged in the trading of timber products,
construction and property development and management and
advisory services to oil palm plantations.  In 2003, the Company
proposed to undertake a debt-restructuring program to settle its
debt with creditors.  The Company has been suffering losses in
the past years and is currently working to avert a possible
delisting from the Official List of Bursa Malaysia Securities.


SATERAS RESOURCES:  Net Loss Widens in Q3/FY05
----------------------------------------------
Sateras Resources Berhad's Unaudited Third Quarter Report for
the year ending December 31, 2005, revealed a net loss of
MYR2,941,000 and a loss per share of MYR1.46.

              Summary of Key Financial Information

        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

        648           577           2,368          2,155

* Profit/(loss) before tax  
     
     -2,941        -2,579          -8,167         -7,549

* Profit/(loss) after tax and minority interest

     -2,941        -2,579          -8,167         -7,549

* Net profit/(loss) for the period

     -2,941        -2,579          -8,167         -7,549

* Basic earnings/(loss) per shares (sen)  

      -1.46         -1.28           -4.07          -3.76

* Dividend per share (sen)  

       0.00          0.00            0.00           0.00

      As at end of               As at Preceding
    Current Quarter            Financial Year End

       -0.4856                       -0.4449

Headquartered in Kuala Lumpur, Malaysia, Sateras Resources
(Malaysia) Berhad engages in property development and golf club
management and development.   Its other activities include
provision of educational services, investment holding, general
trading, and provision of electronic commerce, software
development and Internet services.  In 2002, the firm was served
a wind-up petition by AmBank Berhad.  In 2003, the Company
proposed a Restructuring Scheme to clean up its balance sheet.  
In 2004, lodged an application before the Bursa Malaysia to
regularize its financial condition. The Company is still in the
process of regularizing its finances at present.


SOUTHERN BANK: To Review Killinghall Request
--------------------------------------------
The Board of Southern Bank Bhd has commented on a request by the
Board of Killinghall (Malaysia) Bhd to call an Extraordinary
General Meeting of Southern Bank to change the Bank's Board and
thereafter, to call another EGM of Southern Bank to approve the
sale of the Bank's entire business and undertaking  to
Bumiputra-Commerce Holdings Berhad.

The Southern Bank Board told Reuters it will respond to the
direct communication it has received from Killinghal after
proper review.  The Board added it will take appropriate actions
after understanding the rationale and objectives behind
Killingahl's stated intentions to fundamentally alter the
composition of the Southern Bank's Board by replacing four out
of seven directors at such a critical juncture in the Bank's
journey.

Reuters reports that Southern Bank Board has unanimously
rejected the unsolicited Asset Sale Proposal from Bumiputra-
Commerce, saying the bid fundamentally undervalues Southern Bank
and is materially inadequate from a financial and business point
of view.  

Under Southern Bank's Articles of Association, the Asset Sale
Proposal can only be tabled at an EGM for shareholders to vote
upon recommendation of the Board.  The Article further states
that decision rights for the disposal of the assets of the Bank
rest with the Board.

The Board believes that it would not be in the interest of all
shareholders if actions are taken that would preclude the entry
of an alternative bidder, as provided for in the Code on
Takeovers and Mergers, which is designed to protect the
interests of shareholders, Reuters says.

The Board stressed that it carries out its fiduciary duties to
maximize value for all shareholders and to protect the interests
of all stakeholders, including customers and employees.  The
Board has presided over a period in which Southern Bank has
delivered exceptional returns to shareholders, and has full
confidence that the direction and strategy of the Bank will
continue to maximize value for all stakeholders, including
minority shareholders.

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
=====================

LIGHT RAIL: Expands Line-1 with Purchase of 12 Train Cars
---------------------------------------------------------
The Light Rail Transit Authority is slated to expand its
passenger capacity for its Line-1 by purchasing 12 new air-
conditioned trains, The Manila Standard reports.

According to Japan International Cooperation Agency expert
Takeshi Kikukawa, the extension of LRT Line-1 would meet local
demand and improve passenger traffic.  The Japan Bank for
International Cooperation is funding the expansion project, and
the trains will be delivered in groups beginning July.

Aside from the purchase, the LRT Dorotea Jose and Edsa stations
will also be renovated, and an operations control center would
be built under the expansion project.

The long-awaited PHP8.5-billion expansion is necessary for the
construction of LRT Line-1 South Line extension from Baclaran
station to Bacoor, Cavite.  The Japanese government, through
JBIC, will provide more than Php7 billion of the total amount.

JBIC has also granted a 40-year soft loan to the Philippine
government, with a 1% per annum interest.  President Gloria
Macapagal Arroyo supports the expansion project, which she
recognizes will improve the country's economy, said LRTA
administrator Mel Robles.

The Light Rail Transit Authority -- http://www.lrta.gov.ph/--  
is a wholly owned government corporation created on July 12,
1980, under  Executive Order (EO) No. 603, as amended by  EO No.
830 dated September 1982, and  EO No. 210 dated July 7, 1987.  
The LRTA is primarily responsible for the construction,
operation, maintenance and/or lease of light rail transit
systems in the Philippines.  The LRTA is recognized as the
premiere rail transit in the country providing reliable,
efficient, dependable, and environment-friendly mass rail
services to all residents of Metro Manila.  However, the Company
has had difficulty in repaying its debts, which amounted to over
PHP1 billion as of 2004.


LIGHT RAIL: Needs Other Income Sources to Turn Around
-----------------------------------------------------
Fare hikes will not be enough to generate profit for the Light
Rail Transit Authority, The Manila Bulletin relates, citing an
expecrt from the Japan International Cooperation Agency.

JICA expert Takeshi Kikukawa, advisor to the LRTA Administrator,
said that a fare hike would only be enough to sustain the LRTA's
operations, and not turn it around.  The LRTA needs to look for
other income sources, such as real estate development, shopping
malls and business offices.

The LRTA charges the lowest fares in the Asia-Pacific region, at
a minimum of Php12, and an average of Php15 per person for its
Line 1 from end to end, The Bulletin says.

LRTA is embarking on a modernization to bring its facilities up
to date, which includes the purchase of 75 new coaches to meet
increasing customer demand and eliminate bottlenecks.  With the
help of soft loans from the Japanese Bank for International
Cooperation and the Belgian government, the LRTA also plans to
upgrade its operations system and improve existing stations.  
The addition of new trains could attract more people to take the
LRT in order to reduce travel time, and would also eliminate the
current overcrowding problem at its Line 1.

Last year, the LRTA reported a 24% increase in revenues to
Php2.06 billion, from Php1.7 billion in 2004.  Hence, the
Philippine government reduced its subsidy to Php16 million, from
Php34 million.  The revenues increase, however, is not enought
to enable the Company to repay its debts and interest payments.

The government is in talks with advisers, the International
Finance Corporation and others to conduct a tender for the
extension and concession to operate its extended LRT-1 line.

The Light Rail Transit Authority -- http://www.lrta.gov.ph/--  
is a wholly owned government corporation created on July 12,
1980, under  Executive Order (EO) No. 603, as amended by  EO No.
830 dated September 1982, and  EO No. 210 dated July 7, 1987.  
The LRTA is primarily responsible for the construction,
operation, maintenance and/or lease of light rail transit
systems in the Philippines.  The LRTA is recognized as the
premiere rail transit in the country providing reliable,
efficient, dependable, and environment-friendly mass rail
services to all residents of Metro Manila.  However, the Company
has had difficulty in repaying its debts, which amounted to over
PHP1 billion as of 2004.


PHILNICO INDUSTRIAL: Out-of-court Settlement Nears
--------------------------------------------------
Philnico Industrial Corporation hopes to finalize a Php15.6
billion debt settlement deal with the Philippine government out
of court, Reuters News reports.

Philnico's debt comes from its purchase of Nonoc Mining plant
for PHP15.56 billion from the Government in the 1990's.  The
Company was unable to finish paying for the purchase after the
1997-1998 Asian financial crisis.

According to Company chairman Evaristo Narvaex, Philnico "had
agreed in principle" to the debt settlement with the Government.  
Chinese firms Baosteel and Jinchuan Nonferrous Metals
Corporation are planning to invest US$1 billion, or Php51.88
billion into the Company's refinery complex pending the debt
settlement, and are slated to complete due diligence next month,
he added.

Mr. Naravez confirmed a Philippine Daily Inquirer report that
the Government's Privatization Management Office is conducting a
valuation of Philnico to determine how its debts could be
restructured.  The study is scheduled to be completed next
month, Reuters News relates.

With the investment from Baosteel and Jinchuan Corporation,
Philnico has scheduled to rehabilitate the Nonoc mining plant so
that it can start production by 2008.

Since the shutdown of the Nonoc plant in 1986, the Philippine  
Government has progressively taken steps via the Assets  
Privatization Trust to attract foreign investment into the  
rehabilitation of the Project.  In September 1989, Philnico  
Mining and Industrial Corporation (now known as Philnico   
Industrial Corporation), controlled by the Cabarrus Group
which owned the property before the 1984 government
foreclosure, purchased the refinery from the APT.  
Rehabilitation of the plant was initiated but was not
completed.  In May 1995, Pacific Nickel Holding Ltd (now known
as Philnico Holding Ltd.) acquired 90% of the shares in PIC and
the rights and interests of PIC in the Project.


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

ASSETS VICTORY: Winds Up Operations
-----------------------------------
The Singapore High Court has ordered for the winding up of
Assets Victory Pte Limited on February 17, 2006.

Tan Tuck Soo filed the wind-up petition on January 18, 2006.

Contact: Kung Seah Lim
         Liquidator   
         Kung Seah Lim Consultancy Pte Ltd
         336 Smith Street #05-309
         New Bridge Centre
         Singapore 050336

         M/S Tanlim Partnership
         Solicitors for the Petitioner


CAPITALAND LIMITED: Unit Liquidates Assets
------------------------------------------
CapitaLand Limited's 85%-owned subsidiary, Xin Qing Property
Development Co. Limited, was wound up on Feb. 22, 2006.

The liquidation of Shanghai Xin Qing is not expected to have any
material impact on the net tangible assets or earnings per share
of the CapitaLand Group for the financial year ending
December 31, 2006.


CHINA AVIATION: Disgraced CEO Quits Post
----------------------------------------
Suspended Chief Executive Officer Chen Jiulin of China Aviation
Oil (Singapore) Limited has finally resigned to answer to fraud
allegations, Dow Jones reports.  Mr. Jiulin is also a director
and managing director of the Company.

The ex-chief has been suspended since November 2004, and will go
on trial in a Singapore Court on Wednesday.  

Mr. Chen was charged with:

   * making false financial statements;

   * failing to notify the Singapore stock market of China
     Aviation's losses; and

   * conspiring to deceive Deutsche Bank into handling the sale
     of a stake in the Company in October 2004.

Mr. Jiulin's resignation followed right after the approval of
the Company's recapitalization plan at the shareholders' meeting
on Friday.

Last month, chief financial officer Peter Lim was sentenced to
two years in jail for conspiring to cheat and fined SGD150,000
for releasing false financial statements.  

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.  

Singapore's Commercial Affairs Department investigated China   
Aviation in December 2004 after it was discovered that the   
Company had lost up to SGD896.07 million in fuel derivatives
trading, which was not immediately reported to the Singapore   
Exchange.  China Aviation avoided bankruptcy when creditors
agreed to write down some of its debt in June 2005, and BP Plc,   
Europe's biggest oil company, agreed to take a stake in the
company.   


CITIRAYA INDUSTRIES: Receiving Proofs of Debt Until March 21
------------------------------------------------------------
Creditors of Citiraya Industries Limited are given until March
21, 2006, to send in their proofs of debt or claim at 65 Tech
Park Crescent, Singapore 637787.

Contact: Seshadri Rajagopalan
         Judicial Manager        
         c/o Ernst & Young
         10 Collyer Quay
         #21-01 Ocean Building
         Singapore 049315

Headquartered in Tech Park Crescent, Singapore, Citiraya  
Industries -- http://www.citiraya.com/-- is in the business of   
providing a one-stop recycling and processing service for the  
electronics industry.  It has also commenced the provision of  
treatment processing services for toxic chemical waste which  
contain precious metals.  Citiraya has been placed in judicial  
management on November 25, 2005.


GLENEAGLES INTERNATIONAL: Winds Up Operations
---------------------------------------------
Gleneagles International Laboratory Services Pte Limited, which
is incorporated in Singapore, has ceased to carry on business.

Low Sok Lee Mona and Teo Chai Choo have been appointed
Liquidators for the Company's voluntary winding-up.

Contact: Low Sok Lee Mona
         Liquidator
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


GLENEAGLES INVESTMENT: Picks Liquidators to Wind Up Business
------------------------------------------------------------
Gleneagles Investment Fujian Pte Limited incorporated in
Singapore, has commenced Member's Voluntary winding-up.

Low Sok Lee Mona and Teo Chai Choo have been appointed
Liquidators for the company's cessation of business.

Contact: Low Sok Lee Mona
         Liquidator
         c/o Low, Yap & Associates
         4 Shenton Way
         #04-01 SGX Centre 2
         Singapore 068807


TOYOCOM ASIA: Creditors Should Prove Claims by April 3
------------------------------------------------------
Creditors of Toyocom Asia Pte Limited are required on or before
April 3, 2006, to send in their names and addresses and
particulars of their debts and claims to:

         Kenichi Ninomiya,
         Liquidator
         c/o 1 HarbourFront Place #03-02
         HarbourFront Tower One
         Singapore 098633

Failure to comply with the requirement will exclude creditors
from the benefit of the any distribution the Company will make.


VIBRANT INTERNATIONAL: Accepting Proofs of Claim Until March 30
---------------------------------------------------------------
Chia Lay Beng, the liquidator of Vibrant International Pte Ltd,
is preparing to liquidate the Company's assets.

Creditors are required to send in their names and addresses with
particulars of their debts or claims on or before March 30,
2006, at:

        Chia Lay Beng
        Liquidator
        1 Scotts Road #21-07/08/09,
        Shaw Centre,
        Singapore 228208

Creditors' failure to comply with the requirements will exclude
them from the benefit of any distribution the Company will make.


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

PICNIC CORPORATION: Asked to Clarify Overdue Bills of Exchange
--------------------------------------------------------------
The Stock Exchange of Thailand requested Picnic Corporation
Public Company Limited to clarify:

   * the outstanding overdue bills of exchange with three asset
     management companies amounting to approximately THB510
     million that matured on October 28, 2005, to Nov. 30, 2005.
     The companies were seeking for a repayment of THB156.6
     million through a legal process; and

   * the overdue amount of THB63.28 and THB6.33 with another
     asset management company which is also seeking for
     repayment through legal process.

The Stock Exchange of Thailand required Picnic to provide:

   -- the details of the transaction;

   -- the effect of the claims to the Company's financial
      position and interest payment; and

   -- the method of repayment of the overdue bills of exchange
      that was engaged in legal dispute including the remaining
      overdue of bills of exchange amounting to THB 283.80
      million.

Picnic was given until today, March 8, 2006, to issue a
clarification to these matters, which will be disseminated via
the Exchange's disclosure system.  The Exchange also ordered
shareholders and general investors to do a follow up on the
additional information it requested from the Company.

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.  
Other activity includes the operation of engineering related
activities formerly engaged in the installation of air
conditioning system, electricity system, sanitary system, fire
prevention system, electrical power substation and
telecommunication system.  Picnic Corporation Public Company
Limited is currently undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


PICNIC CORPORATION: Lays Out Agenda for Shareholders Meeting
------------------------------------------------------------
An Extraordinary Shareholders Meeting of Picnic Corporation
Public Company Limited's equity holders will be held on
March 21, 2006 at:

          Ground Floor  
          Srinakharin 1 Room
          Royal Princess Srinakharin,   
          905 Moo 6 Srinakharin Road,
          Nongbon Pravet, Bangkok 10250
          Thailand

At the meeting, the shareholders will discuss the proposal to
change the utilization of capital increase proceeds for the:

   -- expansion of the business and engineering business of
      approximately 20%;

   -- repayment of debts to the creditors of approximately 65%;

   -- utilization of approximately 15% the Company's working
      capital for the

      * expansion of the business and engineering business

      * investment in the Stock Exchange of Thailand
   
      * investment in a Public Company Limited which is not
        registered in the Stock Exchange of Thailand

   -- investment in a company of about THB500 million;

   -- repayment of debts to creditors of about THB500 million;
      and

   -- utilization for the Company's working capital of about
      THB477 million.

The shareholders will also:

   -- consider the increase of the registered capital of the
      Company by THB2,975,676,673 -- from the current
      THB1,477,673,297 to THB4,453,349,970;

   -- consider approving the amendment of Article 4 of the
      Memorandum of Association of the Company to be in line
      with the increase of the registered capital of the
      Company;

   -- consider approving the allotment of new shares; and

   -- consider other businesses (if any).

Headquartered in Bangkok, Thailand, Picnic Corporation Public
Company Limited -- http://www.picniccorp.com/-- is engaged in  
liquefied petroleum gas trading business under "Picnic Gas"
trademark transferred from Union Gas and Chemicals Company Ltd.  
Other activity includes the operation of engineering related
activities formerly engaged in the installation of air
conditioning system, electricity system, sanitary system, fire
prevention system, electrical power substation and
telecommunication system.  Picnic Corporation Public Company
Limited is currently undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


THAI DURABLE: Works to Eliminate Causes of Delisting
----------------------------------------------------
The auditor of Thai Durable Group Public Company Limited has
been issuing a disclaimer to the Company's audited financial
statement for three consecutive years already.

As a result, the securities of Thai Durable face delisting from
the Stock Exchange of Thailand.  The delisting is in accordance
with the regulations of securities delisting clause 9 (6) which
states that:

   "The auditor issues a disclaimer or an adverse opinion of the
    financial statements of the listed company for three
    consecutive years"

To avoid these circumstances, the Company is in the process of
eliminating the cause of delisting by revising its financial
statement to ensure a reliable report that will satisfy the
auditor.

Headquartered in Samut Prakarn, Thailand, Thai Durable Group  
Public Co. Limited -- http://www.tdt.co.th-- is a well-
established textile manufacturer in Thailand.  It offers a range
of products like yarns and fabrics made from cotton, polyester,
and rayon, and Garment including BedSheet,Table Cloth and
Uniforms.   Thai Durable is currently in rehabilitation.  Its
Securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.



                            *********


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.  Alvin Dy,
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.

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