TCRAP_Public/060327.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

             Monday, March 27, 2006, Vol. 9, No. 061


                            Headlines

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

AEC MANAGEMENT: Prepares to Pay Dividend to Creditors
ASPIRATIONS UNLIMITED: Liquidator to Discuss Wind-up
AUTO GROUP GOSFORD: Names Receivers and Managers
BROADREACH HOMES: Removal from NZ Register Looms
CONTRACTING CONSULTING: Court Winds Up Firm

DIMOCKS ELECTRICAL: Prepares for Dissolution
DOWNTOWN DIRECTIONS: Decides to Close Operations
DUDRA HOLDINGS: To Declare First and Final Dividend
ELLROW PTY: Inability to Pay Debts Prompts Wind-up
FIDOXO PTY: Liquidator to Distribute Assets

FORTESCUE METALS: Gears Up for Pilbara Funding Campaign
FR& LA PHILLIS: To Hold Final Meeting Today
GOODBERRY HOLDINGS: Members Agree to Wind Up Firm
HUGH FRANCIS: Wind-up Process Initiated
LEAVER INVESTMENTS: Creditors' Claims Due on April 3

MOONIE TRAVELSTOP: Members to Receive Wind-up Details
MYER LIMITED: Woolworths' B. Brookes Replaces Robertson as CEO
MULTIPLEX GROUP: Confirms Wembley Drainage Problems
NEW MAGPIE (NZ) 2000: Prepares for NZ Register Exit
OATLEY SPORTS: Placed Under Voluntary Liquidation

PARTHENON PAVERS: Liquidator Wants Firm Removed from NZ Register
PAYNE MOTORS: Poised to Exit from NZ Register
PLATINUM INVESTMENT: To Distribute Dividend Today
QANTAS AIRWAYS: Maintenance Workers Stage Snap Stop-Work Action
QANTAS AIRWAYS: Temasek Unloads 40 Million Shares in Airline

RGB PICTURES: Appoints Official Liquidators
SAFETYPLAY SURFACES: Supreme Court Issues Wind-up Order
SENATOR SECURITY: Creditors Opt for Liquidation
SOHK PTY: Members to Discuss Wind-up in Final Meeting
TELSTRA CORPORATION: Into Talks with ACCC On Network Investment

TELSTRA CORPORATION: Pays Out 20 Cents Per Share Dividend
TELSTRA CORPORATION: Slashes Local Call Charge by 32%
YAGOONA BUSINESS: Names Brent Kijurina as Liquidator


C H I N A   &   H O N G  K O N G

ASIA PROCUREMENT: Faces Wind-Up Proceedings
CITIDECO CONTRACTING: Prepares to Wind-Up Operations
CHOI'S CONSTRUCTION: Members to Meet on April 4
CONMAX ENGINEERING: Names Tsang Man Hing as Liquidator
FARGO CHEMICALS: Members Opt to Wind-Up Firm

HOPEFUL MOVE: Wind-Up Process Commenced
HUTCHISON CABLEVISION: To Convene Meeting Next Month
KINGTON INTERNATIONAL: Fixes Final Meeting on April 18
KWUN TONG: Enters Wind Up Process
NICE THEME: Creditors and Contributories to Meet Next Month

SUNSHINE BUILDING: Court Issues Wind-Up Order
TEX NET: Members' Meeting Slated for April 18
WISETON ELECTRONIC: Court Issues Wind-Up Order
XS-MEDIA: Liquidator Present Wind-Up Report
Y&K CONSTRUCTION: Faces Wind-Up Proceedings


I N D I A

BHARAT PETROLEUM: To Import Term Crude from Saudi Arabia in FY07
DUNLOP INDIA: Standoff With Union Ends; To Resume Business Soon
HINDUSTAN PETROLEUM: To Vend Airline Tickets for SpiceJet
HINDUSTAN PETROLEUM: Brit Oil Firm Withdraws Joint Venture Plans
HINDUSTAN PETROLEUM: Mulls Upgrade of 560 More Outlets


I N D O N E S I A

GARUDA INDONESIA: Plans to Spin Off Citilink
NEWMONT MINING: Police Grill Three Arson Suspects


J A P A N

JAPAN AIRLINES: Ordered to Ground Plane for Re-inspection
LIVEDOOR COMPANY: Usen CEO Mulls Possible Management Integration
MITSUBISHI MOTORS: Posts 10% Rise in Global Production for 02/06  
MITSUBISHI MOTORS: To Recall 1, 372 China Space Wagons
NEC ELECTRONICS: Looks Into Suspected Fake Purchases

NEC ELECTRONICS: To Restate 20002-2005 Financial Results
NEC ELECTRONICS: May Spin Off Internet Unit


K O R E A

CITIBANK KOREA: Union Ends Strike Today
KOREA EXCHANGE: Fitch Places KEB on Rating Watch Positive


M A L A Y S I A

AFFIN HOLDINGS: Posts Key Performance Indicators for 2006-2007
AYER HITAM: Appoints Project Manager for Property Development
DENKO INDUSTRIAL: Converts Dividend Into Fully Paid Shares
LITYAN HOLDINGS: Provides Additional Details to Land Sale
MALAYSIA AIRLINES: Targets 10% Hike in Cargo Capicity This Year

MECHMAR CORPORATION: Unit Divests Assets to Curb Group's Debt
MENTIGA CORPORATION: SC Gives Firm More Time to Submit Report
PAN MALAYSIA: Buys Back MYR52,980 Worth of Shares
PRIME UTILITIES: Books MYR3.6-million Pre-tax Loss
PROTON HOLDINGS: Unveils Headline KPIs

PROTON HOLDINGS: Says Industry Rationalization Will Cut Cost
TELEKOM MALAYSIA: Releases Headline KPIs for FY2006


P H I L I P P I N E S

MANILA ELECTRIC: Will Not Bill Consumers for Banked Gas
METROPOLITAN BANK: To Decide Leadership Change at Annual Meeting
NATIONAL POWER: Aboitiz Unit to Bid for Hydro Power Units
NEGROS NAVIGATION: To Pay PHP18 Million Debt Interest This Month


S I N G A P O R E

BONSEL DEVELOPMENT: Proofs of Debt Due Next Month
CHON HWA: To Pay Dividend Today
GREATRONIC LIMITED: Unit Placed in Voluntary Liquidation
GREATRONIC MARKETING: Creditors Decide to Liquidate Assets
JMA TECHNOLOGIES: Court Presents Wind-Up Order

LSL CONSTRUCTION: Concludes Dividend Distribution
NGEE LEONG: Creditors File Wind-Up Petition


T H A I L A N D

PICNIC CORPORATION: Unveils Board Meeting Resolutions
THAI NAM: To Omit Dividend Payment for 2005 Fiscal Year
TONGKAH HARBOUR: Sets Out Functions of Audit Committee

     - - - - - - - -

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

AEC MANAGEMENT: Prepares to Pay Dividend to Creditors
-----------------------------------------------------
AEC Management Pty Limited will declare a first and final
dividend today, March 27, 2006.

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

Contact: Neil Geoffrey Singleton
         Liquidator
         SimsPartners
         Level 24, Australia Square
         264 George Street, Sydney
         New South Wales 2000
         Australia


ASPIRATIONS UNLIMITED: Liquidator to Discuss Wind-up
----------------------------------------------------
A final meeting of the members of Aspirations Unlimited Pty
Limited will be held today, March 27, 2006.

At the meeting, Liquidator Joseph Loebenstein 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: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Limited
         203 Balaclava Road, North Caulfield
         Victoria 3161
         Australia


AUTO GROUP GOSFORD: Names Receivers and Managers
------------------------------------------------
On February 10, 2006, Andrew John Love, Mark Maxwell Taylor and
Peter Damien McCluskey were appointed as receivers and managers
of all the assets and undertakings of Auto Group Gosford Pty
Limited.

Contact: Andrew J. Love
         Mark M. Taylor
         Receivers
         Level 17, 2 Market Street
         Sydney, New South Wales 2000
         Australia


BROADREACH HOMES: Removal from NZ Register Looms
------------------------------------------------
Liquidator R. W. Langlands has filed an application to remove
Broadreach Homes Limited from the New Zealand Register after
completion of the Company's liquidation.

Any person wishing to object the move must do so not later than
April 10, 2006.

Contact: R. W. Langlands
         Liquidator
         Langlands & Co.
         Chartered Accountants
         P.O. Box 99, Hamilton
         New Zealand
         Telephone: (07) 839 3904
         Facsimile: (07) 839 4015


CONTRACTING CONSULTING: Court Winds Up Firm
-------------------------------------------
The Federal Court of Australia had on February 24, 2006,
appointed Christopher J. Palmer as Official Liquidator in the
winding up of Contracting Consulting Management Company Pty
Limited.  

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


DIMOCKS ELECTRICAL: Prepares for Dissolution
--------------------------------------------
Director Maurice Dimock of Dimocks (Electrical) Limited intends
to lodge with the Registrar of Companies an application to
dissolve the Company.

Unless there are written objections lodged, the Registrar may
remove the Company from the Register.

Contact: Maurice Dimock
         Director
         Dimocks (Electrical) Limited
         P.O. Box 7013, Maungatapu, Tauranga
         New Zealand


DOWNTOWN DIRECTIONS: Decides to Close Operations
------------------------------------------------
After a general meeting on February 15, 2006, the members of
Downtown Directions Pty Limited decided to voluntarily wind up
the Company's operations.

Samuel Richwol was named as liquidator for the wind-up.

Contact: Samuel Richwol
         Liquidator
         O'Keeffe Walton Richwol
         431 Burke Road, Glen Iris 3146
         Australia
         Telephone: (03) 9822 9823


DUDRA HOLDINGS: To Declare First and Final Dividend
---------------------------------------------------
Dudra Holdings Pty Limited will declare its first and final
dividend to creditors today, March 27, 2006.

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

Contact: Peter P. Krecji
         Liquidator
         GHK Green Krejci
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


ELLROW PTY: Inability to Pay Debts Prompts Wind-up
--------------------------------------------------
Ellrow Pty Limited has determined that, as it is unable to pay
its debts within 12 months, a voluntary wind-up of its business
operations is appropriate and necessary.

Subsequently, Stephen Jay was appointed as liquidator.

Contact: Stephen Jay
         Liquidator
         Suite 103, 1st Floor, Wollundry Chambers
         Johnston Street, Wagga Wagga
         New South Wales 2650
         Australia


FIDOXO PTY: Liquidator to Distribute Assets
-------------------------------------------
At a general meeting on February 22, 2006, the members of Fidoxo
Pty Limited resolved to wind up the Company's business
operations and distribute the proceeds of its assets.

As a result, John Kenneth Thompson was appointed as liquidator.

Contact: John K. Thompson
         Liquidator
         Hughes Pettit Chartered Accountants
         Level 13, 210 George Street
         Sydney, New South Wales 2000
         Australia


FORTESCUE METALS: Gears Up for Pilbara Funding Campaign
-------------------------------------------------------
Fortescue Metals Group Ltd. has completed its internal 40-day
review and is set to start its funding campaign for its
AU$2 billion iron ore mine project in the Pilbara region.  The
40-day plan involved completing a 60-point checklist of key
milestones to get the project ready for financing.

As reported in the Troubled Company Reporter - Asia Pacific on
March 9, 2006, Fortescue had deferred a share placement
facility, which would have allowed the metals group to issue 55
million new shares to help fund its 45 million-tonnes-a-year
Pilbara ore venture.

The West Australian notes that after letting shareholder
approvals lapse for the potential AU$400 million share issue
earlier this month, Fortescue is considering a range of funding
initiatives, understood to include a US$600 million-plus (AU$835
million) bond issue in the United States and the sale of equity
in both the mining and infrastructure operations of the project.

Fortescue has already handed over to advisers Citigroup the job
of sourcing the debt component of the capital raising.  It was
now up to Citigroup to determine the timing and method of the
fundraising initiative.

Fortescue's operations director, Graeme Rowley, told The West
Australian that the Company had presented its internal program
to Citigroup, who now has its people looking at Fortescue from a
due diligence perspective.  He anticipates the process to take
place over the next couple of weeks.

Fortescue has previously indicated that it is targeting a 70:30
debt-to-equity funding ratio for its financing plans.

To that end, West Australian says, Fortescue flagged that it
might sell shares in two key subsidiaries formed to hold the
primary mining and transport assets -- FMG Chichester and The
Pilbara Infrastructure.  The potential sale, which it said might
be undertaken without seeking shareholder approval, would enable
Fortescue to protect shareholder control of a third subsidiary,
FMG Pilbara, which holds the bulk of the Company's unexplored
31,000-square kilometer tenement holding in the region.

                         About Fortescue

Headquartered in West Perth, Western Australia, Fortescue Metals
Group Limited -- http://fmgl.com.au/-- is involved in the  
exploration of iron ore through a project to mine iron ore in
the Chichester Ranges, in the Pilbara region of Western
Australia and exporting it from Port Hedland.

Fortescue's troubles began when its Chief Executive Officer,
Andrew Forrest, admitted to a AU$500-million blowout on the cost
of port and rail infrastructure in the Pilbara Project because
of price hikes for steel, fuel, construction materials and
contract labor.  The Company also disclosed that the hampered
progress brings in the possibility that the Company may not meet
its ore delivery schedule and pushes up costs at resource
developments across Western Australia.  In May 2005, the
Australian Stock Exchange pressured Fortescue to explain matters
about the troubled project and to explain how the Company would
be able to dispose of its lower grade order for 95% of the price
obtained by rivals BHP Billiton and Rio Tinto for their top-
quality products.  The ASX referred the Fortescue matter to the
Australian Securities and Investments Commission, which recently
commenced a legal action against the Company.  ASIC alleges that
Fortescue is engaged in misleading and deceptive conduct and has
failed to comply with its continuous disclosure obligations when
it announced various contracts with Chinese entities on August
23 and November 5, 2004.  In particular, Fortescue did not
disclose that the Chinese parties had not reached a concluded
agreement on fundamental aspects of the projects and they had
merely agreed that they would in the future jointly develop and
agree on the "agreed" matters.  ASIC is seeking civil penalties
of up to AU$3 million against Fortescue.


FR& LA PHILLIS: To Hold Final Meeting Today
-------------------------------------------
The final meeting of the members of FR & LA Phillis Pty Limited
will be held today, March 27, 2006, for them to get an account
of the manner of the Company's wind-up and property disposal
from Liquidator Brian D. Wibberley.

Contact: Brian D. Wibberley
         Wibberley Pty Limited
         26 Lewis Street, Port Lincoln
         South Australia 5606
         Australia


GOODBERRY HOLDINGS: Members Agree to Wind Up Firm
-------------------------------------------------
After their extraordinary general meeting on February 22, 2006,
the members of Goodberry Holdings Pty Limited decided to
voluntarily wind up the Company's operations.

At a creditors' meeting held on the same day, Andrew McLellan
was appointed as liquidator.

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


HUGH FRANCIS: Wind-up Process Initiated
---------------------------------------
At a general meeting of Hugh Francis Catering Pty Limited held
on February 24, 2006, members decided to wind up the Company's
business operations.

Schon G. Condon and Bruce Gleeson were appointed as Joint
Liquidators for the Company's winding up.

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


LEAVER INVESTMENTS: Creditors' Claims Due on April 3
----------------------------------------------------
At a general meeting on February 14, 2006, the members of Leaver
Investments Pty Limited agreed that the Company must voluntarily
commence a wind-up of its operations.

Schon G. Condon and Bruce Gleeson were then appointed as joint
liquidators.

Creditors are required to submit their formal proofs of claim by
April 3, 2006, in order to participate in the Company's dividend
distribution.

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


MOONIE TRAVELSTOP: Members to Receive Wind-up Details
-----------------------------------------------------
A final meeting of the members of Moonie Travelstop Pty Limited
will be held, for the parties to receive the liquidator's final
account showing how the Company was wound up and how its
property was disposed of.

The meeting will be held today, March 27, 2006.

Contact: S. W. Free
         Liquidator
         Lawler Partners Chartered Accountants
         763 Hunter Street, Newcastle West
         New South Wales 2302
         Australia


MYER LIMITED: Woolworths' B. Brookes Replaces Robertson as CEO
--------------------------------------------------------------
Newbridge Capital LLC, which recently acquired the Myer stores
from Coles Myer Limited for AU$1.4 billion in aggregate,
snatched rival Woolworths' marketing director, Bernie Brookes,
and named him as the Myer store chain's new chief executive
officer.

Mr. Brookes will replace Dawn Robertson, who is planning to step
down when the transition phase of the deal is completed late in
May.  He will take charge of the 61 Myer department stores on
the day Newbridge assumes control and will report directly to
Bill Wavish, who was chief financial director and director of
supermarkets at Woolworths before resigning in April 2003.

Mr. Wavish said that he will be working on the supply chain and
logistics sides of the business while Mr. Brookes will focus on
the trading side.

                          *     *     *

Headquartered in Melbourne, Victoria, Coles Myer Ltd. --
http://www.colesmyer.com/-- operated around 2,500 stores in  
Australia and New Zealand and employs with over 165,000 staff.
The Company is listed on the stock exchanges of Australia,
London, and New Zealand.  Coles Myer has been suffering the
burden of consumer-spending downturn.  In August 2005, its
subsidiary, Myer Limited -- http://www.myer.com/-- has been  
named in an ABN Amro report as a big loser in the battle between
upmarket department stores and discount retailers, with its
market share dropping more than 7% since 1996, as discount
operators undercut department stores on price and quality.  In
the same period, Myer's market share has plummeted from 27.8% to
20.6%.  The bad news came on top of Merrill Lynch's downgrade of
its forecast of Coles Myer's net profit to AU$680 million, in
line with the company's own prediction of between AU$670 million
and AU$680 million.  Merrill Lynch blamed weakness in the retail
sector for the cut of AU$20 million, or 3%, in forecast net  
profit.  Between 2001 and 2004, Myer closed 12 of its 73
outlets.  In March 2006, after months of negotiations, Coles
Myer sold the 61-store Myer chain to Newbridge Capital and to
the former Myer store owners, the Myer family, for AU$1.4
billion.


MULTIPLEX GROUP: Confirms Wembley Drainage Problems
---------------------------------------------------
Multiplex Group Ltd. confirmed reports that its Wembley Stadium
construction project in London is experiencing drainage
problems.  However, the Company assures that the drainage
problems will not result in delays to the stadium's completion.

The Sun newspaper reported on March 23, 2006, that sewer pipes
around the Wembley site have buckled due to ground settling on
the building area.

Steve Kelly, who is a member of the union representing workers
on the project, explained that when the pipes are laid, they
have to be supported properly underneath, but it does not appear
"as if this happened and the pipes have dropped, causing them to
become buckled."

As reported in the Troubled Company Reporter - Asia Pacific in
February 2006, Multiplex's construction of the Wembley Stadium
in London is behind schedule and will no longer be able to host
the English Football Association's Cup Final on May 13, 2006.  

                         About Multiplex    

Headquartered at Miller's Point, in New South Wales, Australia,
Multiplex Group -- http://www.multiplex.biz/-- derives its  
revenue from property funds management, construction, property
development, and facilities management.  The Group employs over
2,000 people and has established operations and offices
throughout Australia, New Zealand, the United Kingdom and the
Middle East.  In December 2003, Multiplex Limited listed on the
Australian Stock Exchange as a part of the Multiplex Group,
raising a total of AU$1.2 billion.  Multiplex Group was formed
by combining the various businesses of Multiplex Limited and the
newly established portfolio of investments held by Multiplex
Property Trust.  Early in 2005, Multiplex began facing cost
pressures on its reconstruction project for the Wembley Stadium
in London, prompting it to conduct its own internal
investigation into the Wembley difficulties.  Its auditor, KPMG,
later conducted its own thorough review of the problems, leading
to an unpredicted write-down.  In February 2005, stunned
investors sold down Multiplex shares after the Company reversed
its stance on two United Kingdom projects, writing off AU$68.3
million from its profits.  This started a series of profit
downgrades throughout 2005.  The Company's troubles continue
with plunging share prices, extortion attempts and threats of
class action from disgruntled shareholders.  The Roberts family,
as founder and controlling shareholder of Multiplex, opted to
offer AU$50 million indemnity in a bid to appease dissatisfied
shareholders.  In May 2005, Multiplex admitted its troubled
Wembley Stadium construction project may end up with a
multimillion loss.  As of February 2006, the Company is faced
with liquidity crisis, which could affect its other projects,
after posting a massive AU$474 million in total losses
attributed to Wembley.  The English Football Association has
given up plans to hold the FA Cup Final at Wembley due to the
delays.  The Group is currently in talks to bring down possible
delay fees, pegged at AU$138,000 per day beyond the scheduled
March 31, 2006, completion date.


NEW MAGPIE (NZ) 2000: Prepares for NZ Register Exit
---------------------------------------------------
Liquidator Peri M. Finnigan has duly completed his duties to New
Magpie (NZ) 2000 Limited and has applied for the removel of the
Company from the New Zealand Register.

Any objection to the move must be filed with the Registrar not
later than April 6, 2006.

Contact: Peri M. Finnigan
         Liquidator
         McDonald Vague
         Chartered Accountants
         80 Greys Avenue, Auckland
         P.O. Box 6092, Wellesley Street
         Auckland
         New Zealand


OATLEY SPORTS: Placed Under Voluntary Liquidation
-------------------------------------------------
On February 27, 2006, Oatley Sports Club Limited was wound up
and placed under members' voluntary liquidation.

Jamieson Louttit was then appointed as liquidator for the
Company's wind-up.

Contact: Jamieson Louttit
         Liquidator
         Jamieson Louttit & Associates
         Level 15, 88 Pitt Street
         Sydney, New South Wales 2000
         Australia
         Telephone: (02) 9231 0505
         Fax: (02) 9231 0303


PARTHENON PAVERS: Liquidator Wants Firm Removed from NZ Register
----------------------------------------------------------------
The liquidator of Parthenon Pavers Limited has applied for the
removal of the Company from the New Zealand Register after
having completed the Company's liquidation.

Any objection to the move must be lodged with the Registrar not
later than April 6, 2006.

Contact: John t. Whittfield
         Liquidator
         McDonald Vague
         Insolvency Specialists
         80 Greys Avenue, Auckland
         P.O. Box 6092, Wellesley Street
         Auckland
         New Zealand
         Web site: http://www.mvp.co.nz/


PAYNE MOTORS: Poised to Exit from NZ Register
---------------------------------------------
Since Payne Motors Limited has ceased to carry on business,
discharged in full its liabilities to all its known creditors,
and has distributed its surplus assets, Liquidator Ronald Leslie
Bavage has filed for the Company's removal from the New Zealand
Register.

Unless a written objection to the move has been filed with the
Registrar at Auckland by April 10, 2006, the Registrar may
proceed with the removal of the company from the Register.


PLATINUM INVESTMENT: To Distribute Dividend Today
-------------------------------------------------
Platinum Investment Group will declare its first and final
dividend to creditors today, March 27, 2006, to the exclusion of
its creditors who were not able to prove their claims.

Contact: Peter P. Krecji
         Liquidator
         GHK Green Krecji
         Level 9, 179 Elizabeth Street
         Sydney, New South Wales 2000
         Australia


QANTAS AIRWAYS: Maintenance Workers Stage Snap Stop-Work Action
---------------------------------------------------------------
Hundreds of Qantas Airways maintenance workers gathered together
and staged a stop-work action yesterday to show protests against
any plan to move the airline's aircraft maintenance operations
outside Australia.

According to the Australian Associated Press, about 250 members
of the Australian Manufacturing Workers Union and the Australian
Workers' Union marched along Qantas Drive to the domestic
terminal at Sydney Airport, calling for Qantas not to send its
maintenance job to Asian countries.

Union members also held similar snap stop-work actions in
Brisbane and Melbourne.

Citing a spokesperson from the AMWU, Radio New Zealand relates
that there were more than 400 workers in the three cities
combined who joined the action.

The protest demonstrations resulted from Qantas' earlier
announcement that it had booked one of its 747 aircraft for
maintenance repair in Singapore next month, despite having
promised that it will keep its maintenance operations within
Australia.  The Unions are claiming that the airline is
threatening to send more work overseas, unless they accept its
push to take on maintenance workers through a labor-hire
company.

As reported in the Troubled Company Reporter - Asia Pacific on
March 24, 2006, Qantas had already assured workers that it is
still committed to keeping its promise.  Executive General
Manager of Qantas Engineering, David Cox, had also explained
that the arrangement for a single Boeing 747-400 aircraft to
undergo a heavy maintenance check in Singapore was not out of
the norm.  He said that the airline is in a transition period
ahead of moving its heavy maintenance operations to Avalon, as
part of its consolidation plan.

Pursuant to its consolidation plan, Qantas had disclosed the
closing of its Boeing 747 maintenance operations in Sydney and
the slashing of 480 jobs.

AMWU national secretary Doug Cameron told News.com.au that the
peaceful stop-work in Sydney had received a positive public
response from passengers at the terminal.

A Qantas spokesman, meanwhile, said that there had been no delay
to or impact on services.  A Sydney Airport Corporation
spokesman even said he was not aware of any significant
disruption, although there had been some traffic congestion as
the workers marched.

                         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: Temasek Unloads 40 Million Shares in Airline
------------------------------------------------------------
Temasek Holdings had divested its entire 3% stake in Qantas
Airways.  The Singaporean investment firm sold a total of 40
million shares, at AU$3.66 each.

The Bangkok Post relates that the move was part of Temasek's
continuing efforts to manage its multi-billion-dollar global
portfolio and maximize shareholder value.  It was the latest of
a series of deals that have raised more than SGD2 billion for
Temasek.

Dow Jones Newswires cites Temasek as saying that notwithstanding
the divestment, it remains co-investors in Qantas' low-cost
offshoot, Jetstar Asia, and is open to other opportunities to
work together.

Qantas holds 49% of Jetstar Asia, Temasek has 19% and two
Singaporean businessmen have 32%.

                         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.


RGB PICTURES: Appoints Official Liquidators
-------------------------------------------
At a general meeting of the creditors of RGB Pictures Pty
Limited on February 21, 2006, Anthony Warner and Clifford
Sanderson were appointed as liquidators for the Company's wind-
up.

Contact: Clifford Sanderson
         Anthony Warner
         Liquidators
         CRS Warner Sanderson
         Level 5, 30 Clarence Street
         Sydney, New South Wales 2000
         Australia


SAFETYPLAY SURFACES: Supreme Court Issues Wind-up Order
-------------------------------------------------------
On February 23, 2006, the Supreme Court of New South Wales
ordered the winding up of Safetyplay Surfaces Australia Pty
Limited, and appointed Brian Hugh Allen to act as liquidator.

Contact: Brian H. Allen
         Liquidator         
         c/o Burton Glenn Allen Chartered Accountants
         Level 2, 57 Grosvenor Street
         Neutral Bay, New South Wales 2089
         Australia
         Telephone: (02) 9904 4644
         Fax: (02) 9904 9644


SENATOR SECURITY: Creditors Opt for Liquidation
-----------------------------------------------
Creditors of Senator Security Services (Australasia) Pty Limited
held a meeting on February 22, 2006, and agreed to wind up the
Company's operations.

Roderick M. Sutherland was appointed as liquidator for the wind-
up.

Contact: Roderick M. Sutherland
         Jirsch Sutherland Chartered Accountants
         Level 2, 84 Pitt Street
         Sydney, New South Wales 2000
         New Zealand
         Telephone: 02 9233 2111
         Fax: 02 9233 2144


SOHK PTY: Members to Discuss Wind-up in Final Meeting
-----------------------------------------------------
The members of Sohk Pty Limited will convene on
March 8, 2006, to receive Liquidator Robert M. H. Cole'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: Robert M. H. Cole
         Liquidator
         Cole Downey & Company Chartered Accountants
         6 Moorabool Street, Geelong
         Victoria 3220
         Australia


TELSTRA CORPORATION: Into Talks with ACCC On Network Investment
---------------------------------------------------------------
Telstra Corporation has agreed to enter peace talks with the
Australian Competition and Consumer Commission in an attempt to
protect its planned AU$3 billion high-speed fibre-optic network
from rivals.

For the past two years, Telstra has been trying to obtain some
protection for the proposed investment from a regulatory regime
that allows its competitors access to its network at prices that
Telstra considers unfair.  The fiber network investment is a key
part of the telecom's AU$11 billion strategy to provide faster
broadband services to customers and to cut its swelling cost
base.

In December, Telstra had called a halt to the fiber network plan
as it asked the Government to step in after the ACCC rejected as
too high the prices that it planned to offer its rivals to rent
its raw copper wires, known as the unbundled local loop.  
However, the Government has been unwilling to make such a move,
believing Telstra should first explore whether the Trade
Practices Act can give some certainty over the proposed
investment and lock in the prices the Company would charge
rivals to access the network.

The Troubled Company Reporter - Asia Pacific had reported on
March 21, 2006, that Telstra and ACCC have been secretly holding
talks about the project and the TPA provisions, which talks had
been intended to pave the way for official discussions.

ACCC chairman Graeme Samuel told The Australian that the talks
had begun "at the highest level" on possible investment
safeguards, which could require special legislation to keep a
new network exempt from the normal regulatory process, and that
"Telstra proposals around its new investment are starting to
take shape."

The report says that the talks are the first break in a three-
way standoff on the network with the ACCC and the Federal
Government since December 2005.

                         About Telstra  

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: Pays Out 20 Cents Per Share Dividend
---------------------------------------------------------
Telstra Corporation handed out AU$2.5 billion to shareholders
across Australia on March 24, 2006.  This means that Telstra's
1.6 million shareholders across the country received their fully
franked interim dividend of 20 cents per share, made up of an
ordinary dividend of 14 cents and a special dividend of six
cents.

The Age relates that AU$1.295 billion of the total payout went
to the Federal Government, which holds a 51.8% stake in the
telecom.

The average payout to the rest of the Company's shareholders was
AU$6,531.

The Australian Associated Press reports that this will be the
last time Telstra funds its dividend payments through borrowing
after the Company's chief executive officer, Sol Trujillo, had
stated in February that the practice was bad policy and would be
stopped.

                         About Telstra  

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: Slashes Local Call Charge by 32%
-----------------------------------------------------
In a move to encourage people to use their home phones and fixed
network, Telstra Corporation has slashed its wholesale local
call charge by 32%, to just over nine cents per minute.

Telstra says that the move is part of a package of proposed
wholesale pricing changes.  The telecom lodged the new price
listing with the Australian Competition and Consumers
Commission.

Telstra's general manager for regulatory affairs, Tony Warren,
said that the proposed changes to local call charges and
originating and terminating access were necessary because of the
changing way people were now using telephone services.

He explained that although the fixed network is the backbone of
all telecommunications, and is used for home phones, most
broadband, and even as part of mobile communications, people are
using their mobile phones more, and less dial up internet, so
fewer calls are being made to cover the Company's fixed network
costs.

                         About Telstra  

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.


YAGOONA BUSINESS: Names Brent Kijurina as Liquidator
----------------------------------------------------
At an extraordinary general meeting on February 23, 2006, the
members of Yagoona Business Services Pty Limited decided to
voluntarily wind up the Company's operations.

A creditors' meeting was also held on the same day, where Brent
Kijurina was appointed as the Company's liquidator.

Contact: Brent Kijurina
         Liquidator
         Smith Hancock Chartered Accountants
         Level 4, 88 Phillip Street, Parramatta
         New South Wales 2150
         Australia


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

ASIA PROCUREMENT: Faces Wind-Up Proceedings
-------------------------------------------
The Hong Kong Special Administrative Region Court of First
Instance on March 15, 2006, issued an order to wind up Asia
Procurement Limited

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


CITIDECO CONTRACTING: Prepares to Wind-Up Operations
----------------------------------------------------
On March 15, 2006, Citideco Contracting Limited has received a
wind-up order from the Hong Kong Special Administrative Region
Court of First Instance.

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


CHOI'S CONSTRUCTION: Members to Meet on April 4
-----------------------------------------------
The Annual Members' Meeting of Choi's Construction & Decoration
Works Company Limited will be held on April 4, 2006, at:

       2nd Floor, Double Building
       22 Stanley, Street Central
       Hong Kong

At the meeting, the members will receive Joint and Severla
Liquidator Wong Ka Lam King's account on the conduct of the
Company's winding up.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  Proxy forms are available at the venue.


CONMAX ENGINEERING: Names Tsang Man Hing as Liquidator
------------------------------------------------------
Tsang Man Hing was appointed liquidator of Conmax Engineering
Limited at the Company's Extraordinary Shareholders Meeting on
March 2, 2006.

Contact:  Tsang Man Hing
          12th Floor, Grand Building
          Nos. 15-18 Connaught Road
          Central Hong Kong
      
   
FARGO CHEMICALS: Members Opt to Wind-Up Firm
--------------------------------------------
A special resolution to wind up Fargo Chemicals Marketing
Limited was passed at the members' Extraordinary General Meeting
on March 4, 2006.

As a result, Andrew David Ross and Robin Frederick Keppel
Radcliffe were appointed as the Company's liquidator.

Contact: Andrew David Ross
         Robin Frederick Keppel Radcliffe
         12th Floor, China Merchants Tower
         Shun Tak Centre, 168-200
         Connaught Road Central, Hong Kong


HOPEFUL MOVE: Wind-Up Process Commenced
---------------------------------------
The Hong Kong Special Administrative Region Court of First
Instance has ordered to wind-up Hopeful Move Investment Limited.

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


HUTCHISON CABLEVISION: To Convene Meeting Next Month
----------------------------------------------------
Hutchison Cablevision Holdings Limited will convene its Final
General Meeting on April 18, 2006, at 10:00 a.m. to receive the
liquidator'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: Ying Hing Chiu
         Chung Miu Yin, Diana
         Joint Liquidators
         Level 28, Three Pacific Place
         1 Queen's Road East, Hong Kong


KINGTON INTERNATIONAL: Fixes Final Meeting on April 18
------------------------------------------------------
A final meeting will be convened for Kington International
Limited on April 18, 2006, at 10:00 a.m. to receive the
Liquidators' account on the Company's winding up and disposal of
properties.

Contact: Bruce William Dunlop
         Wong Poh Weng
         Liquidators
         7th Floor, Allied Kajima Building
         138 Gloucester Road, Hong Kong


KWUN TONG: Enters Wind Up Process
---------------------------------
At an Extraordinary General Meeting of Kwun Tong Mansion Owners'
Committee Limited on March 5, 2006, a special resolution to wind
up the Company was passed.

Subsequently, Leung Chi Wing was appointed as liquidator.

Contact: Leung Chi Wing
         Liquidator
         Room 1101, 11/F, Siu Lam Building
         23 Luard Road, Wan Chai, Hong Kong


NICE THEME: Creditors and Contributories to Meet Next Month
-----------------------------------------------------------
Nice Theme Limited will hold a creditors and contributories
meeting on April 4, 2006, at 2:30 p.m. and 3:30 p.m.
respectively, at:

         10th Floor, Queensway Government Offices
         66 Queensway, Hong Kong,

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


SUNSHINE BUILDING: Court Issues Wind-Up Order
---------------------------------------------
The Hong Kong Special Administrative Region Court of First
Instance served Sunshine Building Management Company Limited
with a wind-up order on March 15, 2006.

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


TEX NET: Members' Meeting Slated for April 18
---------------------------------------------
The members of Tex Net (H.K.) Limited will convene a meeting on
April 18, 2006, to receive the liquidators account on the
Company's winding up and disposal of properties.

A member or creditor may appoint a proxy to attend and vote at
the meeting.  Proxy forms are available at the venue.

Contact: Lai Kar Yan (Derek)
         Darach E. Haughey
         Joint and Several Liquidators
         26th Floor, Wing on Centre
         111 Connaught Road Central, Hong Kong

   
WISETON ELECTRONIC: Court Issues Wind-Up Order
----------------------------------------------
Wiseton Electronic Limited received on March 15, 2006, a wind-up
order from the Hong Kong Special Administrative Region Court of
First Instance.

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


XS-MEDIA: Liquidator Present Wind-Up Report
-------------------------------------------
XS-Media Holdings Limited will hold a Final Members' meeting on
April 18, 2006, to receive the liquidator's account on the
Company's winding-up and disposal of property.

Contact: Wong Poh Weng
         Bruce William Dunlop
         Liquidators
         Bruce William Dunlop
         Wong Poh Weng
         Liquidators
         7th Floor, Allied Kajima Building
         138 Gloucester Road, Hong Kong


Y&K CONSTRUCTION: Faces Wind-Up Proceedings
-------------------------------------------
The Hong Kong Special Administrative Region Court of First
Instance has ordered to wind up Y&K Construction Engineering
Limited on March 8, 2006.

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


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

BHARAT PETROLEUM: To Import Term Crude from Saudi Arabia in FY07
----------------------------------------------------------------
Bharat Petroleum Corporation plans to import 3.5 million metric
tons of term crude from Saudi Arabia in the next financial year
beginning April 1, 2006, Dow Jones relates, citing the Company's
deputy general manager for finance, J. Dinaker.

Mr. Dinaker revealed that the state oil firm also plans to
purchase one million tons of term crude each from Kuwait, Abu
Dhabi National Oil Company and Libya.  He also said that the
Company will buy around one million tons of term crude from
Malaysia's Petronas.

The term crude would comprise around 70% of Bharat Petroleum's
overall oil imports in the next financial year.

Separately, Bharat Petroleum chairman Ashok Sinha said that the
Company plans a maintenance shutdown for up to 35 days at one of
its two fluidized catalytic cracker units at its 12-million-ton-
a-year Mumbai refinery in the next financial year.   The two
units each have a capacity of 900,000 tons a year.  These
secondary units process mainly diesel, gasoline and liquefied
petroleum gas.

Mr. Sinha said Bharat Petroleum's naphtha and fuel oil exports
would together total one million tons in the next financial
year, unchanged from the current financial year.  

Mr. Sinha added that the Company plans to open 300 new oil
retailing stations countrywide in the next financial year.  
Bharat currently has around 7,000 oil retail outlets in the
country.

                     About Bharat Petroleum    

Headquartered in Maharashtra, India, Bharat Petroleum
Corporation Limited -- http://www.bharatpetroleum.com/-- is  
engaged in refining and marketing petroleum, liquefied petroleum
gas and petrochemical products including middle distillates,
light distillate, lubricants, benzene and toluene.  During the
year 2002, the Group introduced Petro Card and SmartFleet Card
and had around 700,000 customers enrolled in 28 cities.  There
are 4,711 retail outlets and 1,729 LPG distributors that operate
in the country.  The plants of the Group are located in Mahul
and Mallet Road in Mumbai and in Budge.  

Bharat Petroleum is currently working to reverse its losses
resulting from the Government's mandate to sell kerosene,
liquefied petroleum gas, petrol and diesel way below market
rates.  On September 23, 2005, the Company delisted its shares
from Madras Stock Exchange Ltd, Calcutta Stock Exchange
Association Ltd and Delhi Stock Exchange Association Ltd.  In    
November 2005, Bharat Petroleum's November 2004 profits
dissipated and the Company registered a INR203-crore (US$45.7
million) net loss.  By the end of the third quarter ending
December 31, 2005, the Company posted a US$231 million net loss.  
In January 2006, Bharat Petroleum entered into a merger with
Koichi Refineries Ltd, which shareholders for both companies
accepted, after an initial merger bid was disapproved in
September 2005.  Even with its aggressive expansion moves,
Bharat Petroleum has decided to put aside a US$1.4 million
dollar expansion project due to losses brought about by oil
subsidies, as the Company -- and the entire industry -- suffered
huge losses and has difficulty implementing expansion activities
due to the Government's refusal to allow oil companies to raise
fuel prices despite global crude oil price crossing US$70 a
barrel.  On February 20, 2006, the Petroleum Ministry, however,
has proposed an increase of INR3 per liter each in petrol and
diesel prices and INR20 per cylinder increase in liquefied
petroleum gas price to save the oil companies from going
bankrupt.


DUNLOP INDIA: Standoff With Union Ends; To Resume Business Soon
---------------------------------------------------------------
Dunlop India Ltd plans to restart production by August under the
new management led by the Ruia Group, NewKerala reports.

The Ruia Group, which recently took over the ailing tire maker,
held talks with the Dunlop union last week.  Ruia said that they
have already resolved most of the controversial issues including
the production norms.  The new management has already signed an
agreement with the workers' union at Ambattur in Tamil Nadu and
is working to strike a deal with the workers of Sahaganj in West
Bengal before the week ends.

The Troubled Company Reporter - Asia Pacific reported on Mar. 3,
2006, that although the new management had earlier decided  
to lay off Dunlop's hundreds of existing work force, it has now
agreed to provide the workers with attractive retirement
benefits following intervention of the state government.

Upon the signing of an agreement between the parties, the
maintenance work of the Ambattir and Sahaganj Plants, which have
been closed for several years, would begin so that production
can start by August this year.  

The new management has already announced an early retirement
scheme for more than 1,500 employees in the two plants at
Ambattur and Shahgunj.  It plans to start work at the two plants
with 1,000 workers each and then gradually increase the number
as per requirement.

Headquartered in Kolkota, India, Dunlop India Limited is
involved principally in manufacturing and distributing
automotive tires and tubes.  The firm's other activities include
manufacturing high-pressure hoses, steelcord belting and
vibration isolators.  The company had reported profit until
March 1997.  In January 1998, the Board of Directors decided
that the Company had become sick due to the necessity of
reversing the earlier decision for sale of some real estate
property of the company through a subsidiary, Dunlop Investment
Limited.  This decision required a reversal of corresponding
entry of INR1,700 million and its reflection in the accounts of
the financial year 1997-98.  After taking this into account, the
Board of Directors decided to refer the Company to Board of
Industrial and Financial Reconstruction and abruptly announced
suspension of Dunlop's operations in both Sahaganj and Ambattur
in February 1998.  The Ministry for Law, Justice and Company
Affairs had also come to the conclusion after inspection of the
Books of Accounts of Dunlop India that there were serious
irregularities and had moved the Company Law Board for
appointment of Government Directors.  In January 2006, the Ruia
Group took over the Company and voted to re-open its plants in
within this year.  


HINDUSTAN PETROLEUM: To Vend Airline Tickets for SpiceJet
---------------------------------------------------------
Low-cost carrier SpiceJet has forged a deal to sell air tickets
through Hindustan Petroleum Corporation Limited's petrol
outlets, Sify reports.

SpiceJet said that it will soon launch the service at 25 HP
petrol stations.  The carrier believes that Hindustan
Petroleum's support infrastructure will enable it to provide
wider services and eventually boost profits.

Air ticketing is another product that Hindustan Petroleum has
introduced as a part of the basket offered from fuel retail
outlets.  

The oil firm said that the tie-up is appropriate, as a bulk of
fuel customers is also the target segment of SpiceJet.

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


HINDUSTAN PETROLEUM: Brit Oil Firm Withdraws Joint Venture Plans
----------------------------------------------------------------
British oil giant BP Plc has decided not to proceed with plans
to form a joint venture with state-run Hindustan Petroleum
Corporation Limited, The Economic Times reveals.

Forbes relates that BP abandoned efforts to partner with
Hindustan Petroleum due to unattractive commercial
opportunities.

As reported in the Troubled Company Reporter - Asia Pacific on
October 17, 2005, BP signed a letter of intent to form a 50-50
joint venture Hindustan Petroleum.  The parties had planned to
build a US$3-billion refinery in the north Indian state of
Punjab with a capacity of 180,000 barrels a day and create a
retail network of service stations.

Meanwhile, Reuters reports that French energy firm Total SA was
also in talks about joining the project, but dropped out after
BP signed the letter of intent.

Forbes says that Total SA may now be looking to proceed with its
plan to tie-up with the Indian firm.  However, Total would not
comment on any plans.

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


HINDUSTAN PETROLEUM: Mulls Upgrade of 560 More Outlets
------------------------------------------------------
Hindustan Petroleum plans to automate 560 more retail outlets by
March 2007, in addition to 425 upgraded outlets across 7,000
fuel stations, The Economic Times reports.

The state firm has decided to extend the upgrade program to make
the system more efficient.

The Times says that the Hindustan Petroleum will allocate INR10
billion for its retail operation next year.  Around INR2 billion
will be used to set up new outlets.

The Company hopes that its upgraded facilities will help it curb
losses due to the sale of fuel below market prices.  It had
suffered losses of INR16.08 billion for the first three quarters
of the current financial year.

Mumbai-based Hindustan Petroleum Corporation Ltd --
http://www.hindustanpetroleum.com/-- was formed in 1974 on  
nationalization of ESSO India operations.  The operations of
Caltex were merged in 1976.  With two refineries at Mumbai and
Vizag, Hindustan Petroleum is currently is the second largest
player in both the Indian oil sector as well as the highly
competitive lubricants market.  However, the Company has lately
been incurring losses due to a government mandate to sell fuel
at subsidized prices.  The Company is counting on a Government
bailout to save it from bankruptcy.


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

GARUDA INDONESIA: Plans to Spin Off Citilink
--------------------------------------------
PT Garuda Indonesia is preparing a final proposal to hive off
its low-cost unit, Citilink, by September 2006, The Jakarta Post
reports.

The airline has decided to let go of Citilink to allow the
budget carrier to better compete with other low-cost airlines.

If the plan would proceed as expected, Citilink would expand its
fleet to 10 aircraft from the current four.  It might even lease
Airbus planes to better serve its routes.

Citilink is also planning to adopt electronic ticketing early
next month to improve its efficiency.

Citlink currently serves 10 destinations, the busiest of which
is Jakarta-Batam, which mostly serve workers and local tourists
going to Singapore and Malaysia.

Headquartered in Jakarta, Indonesia, government-owned airline PT
Garuda Indonesia -- http://www.garuda-indonesia.com/--  
currently has a fleet of about 77 aircraft offering service to
some 27 domestic and 33 international destinations.  Under its
Citilink brand, it serves another 10 domestic routes.  Garuda
also ships about 200,000 tons of cargo a month and operates a
computerized tracking system.  The carrier has been hard-hit by
plunging arrivals on the resort island of Bali, where tourists
have been killed in bomb attacks in 2002 and 2005.  It has also
suffered from soaring global oil prices, a weakening of the   
Indonesian rupiah and rising interest rates.  At present, Garuda
is concentrating its efforts on repaying its debts with foreign
creditors under the European Credit Agency, which were due last
December 31, 2005.  Garuda management hopes to receive IDR520.4
billion in funds, promised by the Indonesian government, by
March 2006.  The carrier posted a SGD46.5 billion net loss in
January, versus a net loss of IDR56.1 billion in the same period
last year.  As of the end of 2005, Garuda's debt totaled US$795
million.


NEWMONT MINING: Police Grill Three Arson Suspects
-------------------------------------------------
The Indonesian Police last week interrogated three local people
suspected of setting fire to a camp for Newmont Mining
Corporation's workers in its Sumbawa facility, TMC Net reports.

As reported by the Troubled Company Reporter - Asia Pacific,
unknown assailants burned down the Newmont workers' camp on
Match 19, 2006, which camp is located 60 kilometers from the
Company's massive Batu Hijau gold and copper mine on Sumbawa
Island.  Newmont evacuated 130 people and has suspended gold and
copper exploration on the area after the attack.  No one was
injured.

Police told TMC that the assailants were demanding compensation
from Newmont for the miner's exploration activities in the
Sumbawa Island.  The Police decided to keep the name of the
suspects confidential.

The incident came amid rising anger at Western mining and energy
interests in Indonesia.  Foreign companies working in remote
corners of the country face frequent protests by nearby
residents demanding jobs or compensation for resources, and
spend millions of dollars on community development projects.

Headquartered in Denver, Colorado, U.S.A., Newmont Mining
Corporation -- http://www.newmont.com/-- is the leading gold  
producer with operations on five continents.  Newmont is also
engaged in the exploration for and acquisition of gold
properties in some of the world's best gold districts.  
Employing approximately 28,000 employees and contractors
worldwide, Newmont operates core assets in North America, South
America, Asia, Australia, and Indonesia, with new mine projects
currently being developed.   

Newmont spent 10 years exploring the volcanic islands of
Indonesia before opening its first mine, Minahasa, at the
northeastern tip of Sulawesi in 1996.  Batu Hijau, a large
copper-gold deposit on the island of Sumbawa, shipped its first
concentrate at the end of 1999.  The Company's problems in
Indonesia started when the Indonesian Government filed a civil
suit against the Company for allegedly polluting the area near
its operation.  Last month, Indonesia settled a civil suit for
environmental damage against the Company for US$30 million.  But
criminal charges are still pending against Newmont's top
executive in Indonesia, Richard Ness, who faces up to 10 years
in prison if convicted on the pollution charges


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

JAPAN AIRLINES: Ordered to Ground Plane for Re-inspection
---------------------------------------------------------
Japan's Ministry of Land, Infrastructure and Transport had,
after reprimanding Japan Airlines for not conducting the proper
inspection on a passenger plane, ordered the Company to ground
the aircraft, Kyodo News says.

The Troubled Company Reporter - Asia Pacific reported on
March 24, 2006, that the MLIT scolded the Company for flying an
MD-87 aircraft for 10 days without the necessary inspections.  
The airplane had already operated 41 flights before it was
finally inspected.  The inspection had been slated for Feb. 27,
2006, but JAL servicing staff was not informed of the
inspection.

In March 2004, the MLIT directed airline operators to conduct  
inspections on the main landing gear of certain MacDonnel  
Douglas MD-87 and MD-81 aircraft every 450 flights, after an  
accident that occurred on an MD-81 plane two months ago.  

According to Kyodo News, ministry officials talked to JAL
servicing staff and discovered on March 24 that the Company had
inspected the MD-87 without adhering to proper norms, such as
using a designated chemical to conduct the inspection.

Hence, the ministry ordered JAL to ground the MD-87 for further
inspection, before it could be used to service flights.

                           About JAL

Tokyo-based 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.  Due
to a series of safety-related incidents, the JAL Group was
subjected to a business improvement order and administrative
warnings relating to assurances on air transportation safety
issued by the Ministry of Land, Infrastructure and Transport in
March 2005.  In the fiscal year 2005-2007, the Company's Medium
Term Business Plan stated that in order to implement the reform
of the corporate structure and the cost structure swiftly, the
holding Company and operating companies are to be integrated.  
Specifically, in fiscal 2005, the corporate planning and
marketing functions will be integrated and further steps to
eliminate overlapping jobs and streamline the organization will
be taken with a view to achieving substantial integration to
merge the holding company and the operating company.   In
addition, the number of full-time officers was cut by 30%, and
this reform was completed on April 1, 2005.

For the JAL Group, there was a year-on-year decline in passenger
demand on international routes, primarily because of a delay in
the recovery of demand on routes to China and Southeast Asia.  
Domestic passenger demand also faltered and fell below its
year -earlier level, particularly among individual passengers,
due to factors such as the series of safety problems that
occurred.   Demand for international cargo services also
registered a year-on-year decline overall, owing to weak demand
on routes from Japan to East Asian countries and the United
States.  Rising aviation fuel prices compounded the situation
and created an exceptionally harsh environment for the Group.


LIVEDOOR COMPANY: Usen CEO Mulls Possible Management Integration
----------------------------------------------------------------
Usen Corporation President Yasuhide Uno said that he is willing
to integrate his firm with struggling Internet firm Livedoor
Company Limited, where he now owns a 12.74% stake, The Japan
Times reports.

As reported in the Troubled Company Reporter - Asia Pacific on
March 21, 2006, Livedoor has begun a tie-up of its operations
with cable broadcaster Usen Corporation since Mr. Uno was the
one who acquired a stake in Livedoor and not Usen Corporation
itself.  The Livedoor-Usen tie-up had the most support among the
Company's employees.

In an interview with Kyodo News, Mr. Uno said that Usen and
Livedoor must continue to discuss several issues, including a
possible integration.  He added that Usen's Net-based video
content distribution service and Livedoor's blog site and portal
services may benefit both firms, should they merge.

Mr. Uno said that he will monitor whether a tie-up between the
firms is possible, to determine if Usen officials should be
involved in the management of Livedoor.  He will decide whether
to sell his stake in the Company after determining if an
integration is feasible.  According to Mr. Uno, Livedoor will
continue to be tainted unless its ex-president, Takafumi Horie,
sells some of his stake in the Company.

The Japan Times reports that Mr. Uno is Livedoor's second-
largest shareholder with his 12.75% stake, while Livedoor ex-
president Takafumi Horie is the Company's single largest
shareholder.  Mr. Uno paid JPY9.5 billion for the Livedoor
stake.

                        About Livedoor

Headquartered in Tokyo, Japan, Livedoor Company, Limited --
http://corp.livedoor.com/en/-- is engaged in the 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.  
  

MITSUBISHI MOTORS: Posts 10% Rise in Global Production for 02/06  
----------------------------------------------------------------
On March 24, 2006, Mitsubishi Motors Corporation disclosed
global production, domestic sales and export results for
February 2006.

The Company reveals that its total global production increased
by 10.2% from last year at 120,252 units, while Japanese
production of 69,628 units represented a 28.6% increase from
February 2005.

The continued strength of new models Outlander and i.Outlander
sold 3,127 units in February and was the top selling SUV since
it was launched on October 17, 2005.  Outlander sales
contributed to a 26.9% increase in year-on year sales, and total
sales for February came to 27, 148 units.  The i.Outlander sold
6,025 units in February, against a monthly sales target of 5,000
units.  Total sales for passenger cars were 20,683 units, a
strong 145.6% of the volume for the same period last year, while
commercial vehicle sales decreased to 6,465 units, or 90.1% of
the February 2005 total.

Overseas production for February declined to 50,624 units, or
92.1% of the amount manufactured in the year ago period.  The
suspension of the production of Mitsubishi's Pajero Pinin     
reduced European production by 22.2% year-on-year to 5,205
units.  Asian production dropped 8.4% from the previous period
to 34,530 units, and production in North America remained stable
at 6,991 units, or 98.7% of the February 2005 production.

Total exports from Japan declined slightly by 2.8% from a year
ago to 27,968 units.  Exports to Europe increased to 10,350
units, a 20.1% gain year-on-year, whereas exports to Asia rose
to 2,889 units, or 133.4% of the export volume in the same
period last year and exports to the North American market fell
to 2,330 units, 33.8% of the volume for February 2005.

                    About Mitsubishi Motors   

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.
  
Mitsubishi Motors North America, Inc. --
http://www.mitsubishicars.com/-- oversees all North American
operations of the Mitsubishi Motors Corporation, including
sales, manufacturing, finance, and research and development
functions.  The Company manufactures and sells Mitsubishi brand
cars and sport utility vehicles through a network of almost 700
dealers in the United States, Canada, Mexico, and the Caribbean.
The Wall Street Journal reported early in 2005 that deeply
troubled Mitsubishi Motors was seeking a buyer for its North
American operations.  Mitsubishi was quick to deny the report.

Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.


MITSUBISHI MOTORS: To Recall 1, 372 China Space Wagons
------------------------------------------------------
Mitsubishi Motors Corporation plans to recall 1,372 Space Wagon
models in China due to a defect in the shape of the model's
engine compartment.

The Company released a statement saying that it had filed an
application with the General Application of Quality Supervision,
Inspection and Quarantine of China, to recall Space Wagon models
produced and exported to China between April 13, 1998, and
May 25, 2001.  The recall is slated to begin on April 18, 2006.

In the statement, Mitsubishi said it would repair the engine
free of charge, and has discontinued production of the Space
Wagon.

                    About Mitsubishi Motors   

Headquartered in Tokyo, Japan, Mitsubishi Motors Corporation --
http://www.mitsubishi-motors.co.jp/-- is one of the few  
automobile companies in the world that produces a full line of
automotive products ranging from 660-cc mini cars and passenger
cars to commercial vehicles and heavy-duty trucks and buses.
The Company also operates consumer-financing services and
provides this to its customer base.
  
Mitsubishi Motors North America, Inc. --
http://www.mitsubishicars.com/-- oversees all North American
operations of the Mitsubishi Motors Corporation, including
sales, manufacturing, finance, and research and development
functions.  The Company manufactures and sells Mitsubishi brand
cars and sport utility vehicles through a network of almost 700
dealers in the United States, Canada, Mexico, and the Caribbean.
The Wall Street Journal reported early in 2005 that deeply
troubled Mitsubishi Motors was seeking a buyer for its North
American operations.  Mitsubishi was quick to deny the report.

Mitsubishi's problems stem, in part, from the scandal
surrounding years of systematically covering up defects and ill-
advised auto lending policies in the United States.
  

NEC ELECTRONICS: Looks Into Suspected Fake Purchases
----------------------------------------------------
Electronics maker NEC Corporation conducted an internal
investigation after discovering that an employee at its
engineering unit may have faked purchases and inflated sales for
the past three years, Kyodo News relates.

In a statement released on March 22, 2006, the Company said that
sales at NEC Engineering Limited is believed to be inflated by
JPY13.3 billion, increasing operating income by JPY9.3 billion.  
The Company believes the fake sales from March 2002 to December
2005 are the work of only one employee, and it did not detect
any problem since it did not confirm all the details of such
transactions.

However, Kyodo News says, NEC has set aside funds to cover any
negative impact of the issue, and does not expect its earnings
to be heavily affected.  Rising competition in the chip and
mobile phone industry, however, have forced the Company to post
a 47% drop in its net income for the last quarter of 2005 t0
JPY20.78 billion.

                         About NEC Corp.

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
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.   

The Troubled Company Reporter - Asia Pacific reported on
October 27, 2005, that NEC president Kaoru Tosaka, decided to
resign on November 1 after reporting a net loss of JPY1.55
billion in the second quarter of 2005 and forecasting a deficit
for that fiscal year because of slumping chip sales.  Executive
Vice President Toshio Nakajima was appointed to replace Mr.
Tosaka.

NEC has been strengthening cost-cutting measures to improve its
finances.


NEC ELECTRONICS: To Restate 20002-2005 Financial Results
--------------------------------------------------------
Electronics firm NEC Corporation will restructure its business
operations and restate its financial statements from 2002 to
2005 after discovering that an employee falsified sales to
inflate income, CNET News says.

According to NEC, it will put up a carrier network business unit
to its hardware and software development, sales for
telecommunications carriers and systems integration services.  
The company also plans to create a government, community,
financial and carrier solutions business unit, as well as an
enterprise solutions unit, an IT platform business unit, and a
software business promotions unit.

In its restructuring, NEC also plans to promote NEC America
president Kunitomo Matsuoka as senior vice president of the
Company on April 1, 2006, though he will retain his current
position at NEC America, whereas former NEC senior executive
vice president Kaoru Yano will replace NEC president Akinobu
Kanasugi, who has been suffering from illness.  The Company will
also promote 12 other NEC executives.

After discovering that an employee at its engineering unit faked
sales from 2002 to 2005, leading to an inflated income by
JPY36.3 billion, the Company announced that it would restate its
financial results for that period to reflect its true income.  
To prevent a similar happening in the future, NEC enacted
policies to confirm the existence of purchased goods, and has
increased supervision at its auditing and controller
departments.

                          About NEC Corp.

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
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.

Troubled Company Reporter - Asia Pacific reported on October 27,
2005, that NEC president Kaoru Tosaka, decided to resign on
November 1 after reporting a net loss of JPY1.55 billion in the
second quarter of 2005 and forecasting a deficit for that fiscal
year because of slumping chip sales.  Executive Vice President
Toshio Nakajima was appointed to replace Mr. Tosaka.

NEC has been strengthening cost-cutting measures to improve its
finances.


NEC ELECTRONICS: May Spin Off Internet Unit
-------------------------------------------
NEC Corporation is considering selling off its Internet access
service unit so that it could develop, Reuters News relates.

NEC's Internet access service unit operates under the name
"Biglobe" and is profitable, with yearly sales at around JPY70
billion.

According to the Company, it had asked Daiwa Securities Group
Inc., Dentsu Inc., Sumitomo Corporation, and Sumitomo Mitsui
Financial Group, Inc., to invest in Biglobe after the spin-off.

                         About NEC Corp.

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
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.   

The Troubled Company Reporter - Asia Pacific reported on
October 27, 2005, that NEC president Kaoru Tosaka, decided to
resign on November 1 after reporting a net loss of JPY1.55
billion in the second quarter of 2005 and forecasting a deficit
for that fiscal year because of slumping chip sales.  Executive
Vice President Toshio Nakajima was appointed to replace Mr.
Tosaka.

After discovering that an employee at its engineering unit faked
sales from 2002 to 2005, leading to an inflated income by
JPY36.3 billion, the Company announced that it would restate its
financial results for that period to reflect its true income.


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

CITIBANK KOREA: Union Ends Strike Today
---------------------------------------
Citibank Korea's workers voted to stop their limited strike
action from Monday, which strike has prevented the bank from
offering its full range of financial services, including home
loans and insurance products, Yonhap News reports.

According to the report, 1,570 unionists voted to return to
regular operations, while 1,105 voters opposed.

As reported in the Troubled Company Reporter - Asia Pacific on
March 22, 2006, Citibank Korea's management and the workers
union have already reached a temporary agreement with regard to
salaries and other employment conditions.  The Agreement is
expected to end the parties' month-long dispute, which they
failed to settle through previous negotiations.

                      About Citibank Korea

Headquartered in Seoul, Korea, Citibank Korea --
http://citibank.co.kr/english/index.html-- was launched in  
November 2004 in a merger between the local banking unit of
United States-based financial giant Citigroup and KorAm, then
Korea's seventh-largest lender.  Citibank Korea offers
transactional banking, treasury and risk management instruments,
loans syndication, capital markets expertise, and credit cards
and wealth management.  It has 4,100 employees and 238
consumer branches.

The TCR-AP reported on July 21, 2005, that the labor union of
Citibank Korea filed with the Seoul Districts Prosecutors office
a lawsuit against the Bank for allegedly deceiving customers, as  
result of the KRW600 billion in loans offered at the end of 2002
with payments linked to floating market rates.  Despite the fall
in Korea's market rates, Citigroup's former Korean banking unit  
did not lower loan rates.

The TCR-AP then reported that the Financial Supervisory Service
launched in early December 2005 an investigation into Citibank
Korea over more than KRW10 billion in derivatives trading
losses, to find out whether the trading activities were properly
managed.

The legal actions are on top of the labor dispute between
Citibank's workers and its management, which led to series of
strikes and work slow-down.  Around 2,500 unionized workers
claim discrimination and have ignored directions from management
and launched work stoppages to pressure management, while
management has cut their salaries.

After numerous rounds of talks, the unions and the management
have finally reached a compromise.


KOREA EXCHANGE: Fitch Places KEB on Rating Watch Positive
---------------------------------------------------------
Fitch Ratings has placed on Rating Watch Positive, Korea
Exchange Bank's Long-term Issuer Default Rating of 'BBB+' as
well as its Senior, Lower Tier 2 and Upper Tier 2 issue ratings
of 'BBB+', 'BBB' and 'BBB-', respectively.

KEB's other ratings are affirmed as follows:

   * Short-term IDR 'F2',

   * Individual 'C', and

   * Support '2'.

At the same time, the agency affirmed the ratings of Kookmin
Bank as follows:

   * Long-term IDR 'A' with a Stable Outlook,

   * Individual 'B/C', and

   * Support '1'.

This follows news that KB has been named the preferred bidder to
acquire a majority stake in KEB by the seller, Lone Star.
The rating watch action recognizes that KEB's potential
acquirer, Kookmin, is a stronger entity and that it and KEB's
position in this regard will only be enhanced by the
acquisition.  Fitch notes that together, the two banks will have
total assets of KRW280 trillion and account for a dominant 23%
of Korea's financial system -- by far the largest banking group
in the country followed by Shinhan Financial Group and Woori
Bank with KRW163 trillion and KRW140 trillion in total assets,
respectively.  Cost and diversification synergies will accrue
from the acquisition, with KEB's strengths in corporate banking,
credit cards, foreign exchange services and overseas operations
complimenting KB's strong mortgage/retail focus.

The above synergies were a factor behind the affirmation of
Kookmin's ratings.  Fitch, however, notes that, depending on how
the acquisition is funded, it is likely to result in a one to
two percentage point decline in Kookmin's Tier I capital
adequacy ratio.  Nevertheless, it will remain at an adequate
circa 8% versus its 9.6% level at end-2005.

With Kookmin advising its bid price of KRW15,400 per share, it
will pay an estimated KRW6.41 trillion for the 64.6% stake in
KEB that is up for sale -- with 50.5% being sold by Lone Star
and 14.1% being sold by Commerzbank and the Export-Import Bank
of Korea.  The pricing, however, is subject to change as the
negotiations progress.  The deal is subject to the approval of
Korea's antitrust and financial regulators and is as such likely
to take two to three months to consummate.


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

AFFIN HOLDINGS: Posts Key Performance Indicators for 2006-2007
--------------------------------------------------------------
Affin Holdings Berhad unveiled its headline Key Performance
Indicators for financial years 2006 and 2007.  These headline
KPIs have been set and agreed by the Board of Directors and
management of the Company as part of the broader KPI framework
that the Company has in place.

The headline KPIs represent the main corporate targets set by
the Company for the period and should not be constituted as
being forecasts.

                Financial Year 2006 Headline KPIs

   * After Tax Return on Equity - 8.9% (as compared to ROE of
     8.0 % in FY 2005)

   * After Tax Return on Assets - 0.9% (as compared to ROA of
     0.7 % in FY 2005)

   * Net NPL Ratio - 10.6% (as compared to ratio of 14.2% in
     FY 2005)

   * Earnings Per Share - 25.0 Sen (as compared to EPS of
     20.0 Sen in FY 2005)

                Financial Year 2007 Headline KPIs

   * After Tax Return on Equity - 9.8%

   * After Tax Return on Assets - 1.0%

   * Net NPL Ratio - 8.0%

   * Earnings Per Share - 28.0 Sen

The KPIs have been developed based on the Group's strategic plan
and based on the assumption that there will be no significant
changes in the prevailing economic and political conditions,
present legislation and government regulations and on the
assumption that the business of the Group will continue to grow
as projected and the amount of non-performing loans, provision
for loan loss and financing and recoveries will not vary
significantly from the amount projected.

The Group is very active in undertaking various merger and
acquisition and rationalization exercises to strengthen the
Group to be in line with Bank Negara Malaysia's Financial Sector
Master Plan guidelines and to enhance shareholders' value.

The merger and acquisition and rationalization exercises
undertaken to date include the merger of the finance company
business of Affin-ACF Finance Berhad with the commercial banking
business of Affin Bank Berhad, the acquisition of Malaysia
International Shipping Corporation's 36.84% interest in Affin
Merchant Bank Berhad making it a wholly owned subsidiary of the
Group, the joint venture with National Mutual International Pty
Ltd, a wholly owned subsidiary of AXA Asia Pacific Limited to
acquire the life insurance business of Tahan Insurance Malaysia
Berhad and the proposed formation of a full fledged investment
bank in accordance to the guidelines on investment banks jointly
issued by BNM and the Securities Commission.

The KPIs will facilitate towards a more focused management of
business of AHB Group and paves the way towards increasing
shareholders' value.  Headline KPIs are also a powerful tool to
communicate to all levels of employees in the Group, by
providing a common reference point to chart the progress of the
Group.

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 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 result of the hard work
and professionalism displayed by management at all levels of the
organization.


AYER HITAM: Appoints Project Manager for Property Development
-------------------------------------------------------------
On March 22, 2006, Ayer Hitam Tin Dredging Malaysia Berhad
entered into a project management agreement with Sri Aman
Development Sdn Bhd.

The agreement provides for the appointment of AHT Land Sdn Bhd
as the project manager for the development of a Phase 2 sub-
divided parcel of leasehold land measuring approximately 1.94
acres together with the option to manage the development of
Phase 3 18 parcels of sub-divided leasehold land measuring
approximately 1.19 acres.

SADSB is the legal and beneficial owner of the Phase 2 and Phase
3 Lands, which are situated near the established neighborhood of
Taman Paramount, Petaling Jaya, which is approximately eight
kilometers north of Kuala Lumpur city center.  

The Property consists of 19 parcels of sub-divided leasehold
land with a leasehold tenure of 99 years expiring on Feb. 22,
2105.  The Property is presently charged to a financial
institution as security for the loan granted to SADSB and
pursuant to the terms of the Project Management Agreement, SADSB
shall fully repay the Loan with the exception of the portion of
the Loan to be utilized by the Project Manager for the
development of the Property.

The net book value of the paramount Land based on SADSB's
audited accounts for the financial year ended May 31, 2005, is
MYR5.86 million.

Pursuant to the terms of the Project Management Agreement,
AHTL's role as the Project Manager would only cover the
development of the Phase 2 Land with an option at AHTL's
discretion to manage the development of the Phase 3 Land upon
similar terms and conditions applicable for Phase 2 Land
development.

The obligations of the Project Manager under the Project
Management Agreement include:

   -- reviewing, planning, managing, merging and supervising
      the Development until its completion;

   -- paying and providing finance for all items of
      expenditure of the Development and such payment or sums
      will be paid out of the sale proceeds from the
      Development and other sources of financing to be
      provided or procured by the Project Manager; and

   -- marketing and promotions of the Development including
      the timing and conduct of any marketing campaign.

SADSB will be entitled to a sum equivalent to 20% of the gross
sales income derived from the sale of units under the
Development.

The Project Manager will be entitled to a monthly fees of
MYR100,000 per month payable out of the Sale Proceeds.

The Proposed Appointment is expected to complement the AHTIN
group of companies' effort to continue to focus and expand on
its core business activity in property development.  The
Proposed Appointment will allow the AHTIN Group to participate
in a property development project, which is expected to
contribute to the future earnings of the AHTIN Group without
having to raise funds to acquire land.

The Proposed Appointment is subject to certain risks inherent in
the property development sector.  These may include changes in
general economic conditions and political conditions, inflation,
taxation, interest rates and exchange rates of foreign
currencies and changes in business conditions such as, but not
limited to, deterioration in prevailing market conditions, labor
and material supply shortages, increase in costs of labor and
materials, non-performance or unsatisfactory performance of
contractors/sub-contractors.

Although the management seeks to limit these risks through,
inter-alia, a careful selection of contractual terms, prudent
financial policy, maintenance of a large pool of suppliers and
sub-contractors, staff training, close on-the-job supervision
and effective human resource management, no assurance can be
given that any change to these factors will not have a material
adverse effect on the Proposed Appointment.

Headquartered in Kuala Lumpur, Malaysia, Ayer Hitam Tin Dredging
Malaysia Berhad -- http://www.ahtin.com.my/-- is involved in  
property development and the trading of promotional products and
services in Malaysia.  The Company is also engaged in the
trading of uninterrupted power supply equipment and magnetic
fuel treatment systems and the provision of investment holding,
nominee services, hotel development and management and
renovation services.  The Company has been incurring huge losses
in the past years and has defaulted on several loan facilities.  
As of January 31, 2006, Ayer Hitam Tin Dredging Malaysia
Berhad's payment defaults have reached MYR39,624,453.59.  On
August 17, 2005, the Company unveiled a Proposed Restructuring
Scheme to save the business.  However, the Securities Commission
has rejected the Plan after determining that it is not a
comprehensive proposal capable of resolving all the financial
issues faced by the Company.  The Company's Board is still
deliberating on its next course of action.


DENKO INDUSTRIAL: Converts Dividend Into Fully Paid Shares
----------------------------------------------------------
Denko Industrial Corporation Berhad has completed the conversion
of two-year 5% cumulative dividend irredeemable convertible
preference shares 2004/2006 into fully paid shares through the
issuance of 18,257,888 new ordinary shares of MYR 1.00 each on
the basis of one new ordinary share for every one ICPS held.

Furthermore, the Company's additional 18,257,888 new ordinary
shares of MYR1.00 each arising from the Conversion of ICPS will
be granted listing and quotation today, March 27, 2006.

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.


LITYAN HOLDINGS: Provides Additional Details to Land Sale
---------------------------------------------------------
On March 20, 2006, Lityan Holdings Berhad's wholly owned
subsidiary, Imagebase Sdn Bhd, entered into a conditional sale
and purchase agreement with Choong Pat Sing and Choong Fook Chan
for the proposed disposal of four pieces of freehold lands all
situated in Mukim Rembia, Daerah Alor Gajah, Melaka for a total
sale consideration of MYR4,715,490.00, to be satisfied wholly in
cash.

The Lands are currently planted with oil palm trees, since they
were leased out in year 2003 for use as an oil palm plantation.

As reported by the Troubled Company Reporter - Asia Pacific on
March 22, 2003, the proposed disposal of lands is necessary to
finance the Lityan Holdings Group's working capital.  
Furthermore, the Lands are a non-core asset of the Group and do
not generate meaningful income for it subsequent to the disposal
of lands.  Hence, the Proposed Disposals would not have an
impact on the current on-going operations of the Company.

                          *     *     *

Headquartered in Selangor Darul Ehsan, Malaysia, Lityan Holdings
Berhad -- http://www.lityan.com.my/-- sells and provides  
maintenance services and rental of computer equipment,
peripherals, telecommunication equipment and related services.  
The Company's other activities include provision of building
maintenance and management services, developing and marketing of
new client-server programming tools and application software,
operation of public mobile data network, property investment and
investment holding.  The Group carries out its operations in
Malaysia and the Philippines.

The Group incurred hefty losses since the 2001, with its
liabilities exceeding its assets by MYR76 million.  It also
started defaulting on loan facilities.  In 2005, the Company
proposed a restructuring scheme.  The Company is currently
looking into other business opportunities within its core
activities and also taking steps to dispose of the Group's non-
core investments and non-operating assets to address its current
financial predicament and to generate cash flow for settlement
of defaults and redemption of loans.


MALAYSIA AIRLINES: Targets 10% Hike in Cargo Capicity This Year
---------------------------------------------------------------
Malaysia Airlines is looking to increase its cargo capacity by
10% this year from 644,000 tonnes in 2005, Bernama relates.

The move is expected to help the carrier's cargo arm, MASKargo,
boost its profit to another record growth of nearly 300% to
MYR107 million in its financial year ended December 31, 2006,
against over MYR40 million last year.

As reported by the Troubled Company Reporter - Asia Pacific on
March 23, 2006, MASKargo is Malaysia Airlines mainly banks on
MASKargo's operations since it is its only profitable division.  

MASkargo plans to replace its freighter fleet of six 747-200Fs
with the more efficient 747-400Fs within the next five years to
further improve its operations and bottom line, the report said.

Boeing has already delivered Maskargo's first B747-400 Freighter
aircraft.  MASKargo would receive its second aircraft of the
same Freighter model in May this year.  With the two new
aircraft and six 747-200s leased planes, one of which one will
be returned to its owner, Maskargo will end up with seven
aircraft in operation by the middle of this year.

Headquartered in Selangor, Malaysia, Malaysia Airlines
-- http://www.malaysiaairlines.com/-- 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 a net loss of MYR1.3 billion
for the nine month to December 31, 2005, due to high fuel and
operating costs, and unprofitable routes.  Early March 2006, it
unveiled a radical rescue plan to raise MYR4 billion in order to
stay afloat and return to profitability by next year.  Under the
restructuring plan, the airline pledged to cut its budget by 20%
across the board, terminate many unprofitable routes, freeze     
recruitment except for front-line staff, crack down on
corruption by encouraging whistle-blowing and stop corporate
sponsorship.  


MECHMAR CORPORATION: Unit Divests Assets to Curb Group's Debt
-------------------------------------------------------------
In a bid to reduce its bank borrowings and interest charges,
Mechmar Corporation has allowed its subsidiary, Tujuan Adil Sdn
Bhd, to enter into a sale an purchase agreement with Smart Darma
Adn Bhd to dispose of its entire freehold industrial land and a
warehouse in Selangor Darul Ehsan for MYR7,800,000 in aggregate.

Smart Dama has already made a 10% deposit upon execution of the
deal on January 26, 2006.  The balance purchase price of
MYR7,020,000 will be paid to the Solicitors of Mechmar as
stakeholder within a date to be mutually agreed upon.

The net proceeds of MYR7,020,000 less tax and expenses arising
from the Proposed Disposal will be utilized to repay bank
borrowings and interests.

The Proposed Disposal is expected to reduce the Company's net
assets by MYR278,054 and give rise to a loss of MYR278, 054.

Headquartered in Shah Alam Selangor, Malaysia, Mechmar
Corporation (Malaysia) Berhad is involved in power distribution
via the operations of an independent power plant and the
manufacture, installation and services of industrial boilers and
related products.  Its other activities include retail of
insulation materials, valves, solar heaters and ice machines;
property development; investment holding and leasing and hire-
purchase and share financing activities.  The Group operates in
Malaysia, Tanzania, Great Britain and other Asian countries.  
MechMar had encountered problems in its major investment of a
power plant in Tanzania for many years, but that plant is
playing an even more vital role in that country now.  MechMar
had to restructure its banks debts in earlier years but it
managed to reduce some of the debts, and reported a net profit
of MYR11 million or earnings per share of 7 sen last year.  
MechMar's financial position is expected to improve this year.


MENTIGA CORPORATION: SC Gives Firm More Time to Submit Report
-------------------------------------------------------------
On August 30, 2005, the Securities Commission has approved a
group of proposals drafted by Mentiga Corporation Berhad to help
regularize its financial condition.

The Proposals include:

   * revaluation of the property assets of Mentiga and its
     subsidiaries;

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

   * restricted issue of 20,000,000 redeemable convertible
     preference shares of MYR1.00 each in Mentiga to Amanah
     Saham; and

   * 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.

The Proposed Disposal will enable the Company to realize its
investment in Rebinmas Jaya and raise proceeds to partially
settle Mentiga's borrowings and for the working capital
requirements of the Mentiga Group.  It will also enable Mentiga
to strengthen its financial position in its quest to avoid a
potential de-listing from Bursa Securities.

The proceeds from the Proposed Disposal will be utilized for the
repayment of borrowings of Mentiga, as well as for working
capital requirements of the Mentiga Group.  It is expected to be
utilized within six months from the Completion Date.

The Proposed Debt Settlement and Proposed Restricted Issue have
also been approved under the Guideline on Acquisition of
Interests, Mergers and Take-overs by Local and Foreign Interests
issued by the Foreign Investment Committee.

However, the Securities Commission approval includes a condition
which requires Mentiga to provide the SC with a detailed report
together with the relevant information on the events and the
transactions that led to the deficit in the shareholders' funds
of Mentiga and its subsidiaries within six months from the date
of the SC's approval for the Proposals.

Mentiga applied for an extension of time to submit the report
until March 31, 2006.  The application was approved on March 21,
2006.

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.


PAN MALAYSIA: Buys Back MYR52,980 Worth of Shares
-------------------------------------------------
Pan Malaysia Corporation Berhad bought back 130,000 ordinary
shares of MYR0.50 each for a total cash consideration of
MYR52,980.78 on March 22, 2006.   
   
The minimum price paid for each share purchased was MYR0.400 and
the maximum was MYR0.410.   
After the purchase, the cumulative outstanding treasury shares
have reached 56,983,800.   
   
As reported by the Troubled Company Reporter - Asia Pacific Pan
Malayasi Corp. purchased 50,000 shares on MYR0.50 each on
March 21, 2006, and 80,000 ordinary shares of MYR0.50 each on
March 22.

Headquartered in Kuala Lumpur, Malaysia, Pan Malaysia
Corporation Berhad provides management services and the
manufacturing, marketing and distribution of confectionery and
cocoa-based and other food products.  The Company also operates
departmental and specialty stores, construction and property
investment and investment holding.  The Group operates in
Malaysia, Australia and the rest of Asia-Pacific.  Pan Malaysia
has suffered consecutive losses in the past.  In the fourth
quarter of the fiscal year ending December 31, 2005, the Company
booked a net loss of MYR6.8 million.


PRIME UTILITIES: Books MYR3.6-million Pre-tax Loss
--------------------------------------------------
Prime Utilities Berhad recorded a pretax loss of MYR3.6 million
on revenue of MYR1.9 million during the third quarter of the
fiscal year ending April 30, 2006.  The Group's result was
derived from interest income and property development.

The Company books a revenue of MYR1.9 million and loss before
tax of MYR3.6 million as compared to a revenue of MYR21.3
million and profit before tax of MYR14.1 million achieved in the
preceding quarter.

The loss before tax of MYR3.6 million is basically due to
interest provision for borrowings and other long-term
liabilities.

The Group's result in next financial quarter is not expected to
be materially different from the current quarter.  

               Summary of Key Financial Information

        Individual Period              Cumulative Period
    Current Year  Preceding Year  Current Year   Preceding Year
    Quarter       Corresponding   to Date        Corresponding
                  Quarter                        Period
    31-01-2006    31-01-2005      31-01-2006     31-01-2005
    MYR'000       MYR'000         MYR'000        MYR'000

* Revenue  

      1,899         8,475          32,572         27,666

* Profit/(loss) before tax

     -3,592        -1,034          12,661         -1,661

* Profit/(loss) after tax and minority interest  

     -2,101          -253           3,916             -4

* Net profit/(loss) for the period

     -3,991        -1,528           5,945         -3,054

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

      -3.50         -0.42            6.53           0.00

* Dividend per share (sen)

       0.00          0.00            0.00           0.00

* Net assets per share (MYR)

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

        5.0900                      5.0000

Prime Utilities' Third Quarter Report is available for free at:

   http://bankrupt.com/misc/tcrap_primeutilities032406.doc


Headquartered in Selangor, Malaysia, Prime Utilities Berhad
-- http://www.prime.com.my/-- is a property development company  
listed on the Main Board of Bursa Malaysia Securities Berhad.  
The principal activities of the Prime Group of companies is the
development of a 1,373 acres township known as Alam Perdana in
the Mukim of Ijok, District of Kuala Selangor.  The township of
Alam Perdana will comprise of 15,630 units of bungalows, semi-
detached, single and double-storey linked houses, low-cost
flats, medium-cost apartments, condominiums, shop offices and
retail complexes, when fully developed.  After booking losses
since 1999, the Company has continuously taken necessary steps
to improve its financial position.  In 2005, Bursa Malaysia
Securities Berhad has publicly reprimanded and imposed fines
twice on the Company for failing to submit its financial reports
on time.


PROTON HOLDINGS: Unveils Headline KPIs
--------------------------------------
Proton Holdings Berhad reports its Headline Key Performance
Indicators for FY2007, which have been set and agreed by the
Board and management of PROTON as part of the broader KPI
framework that PROTON has in place, as prescribed under the GLC
Transformation program, and is disclosed on a voluntary basis.

                      FY2007 Headline KPIs

   * Domestic Market Sales - To consolidate sales and
     distribution network to improve market share from 41.4%
     in FY2006 to 45.8% in FY2007.

   * Export Sales - To increase contribution of export sales
     to revenue from 5.2% in FY2006 to 8.6% in FY2007.

   * Revenue and Earnings (EBIT) - To generate revenue growth
     of 12.4% in financial year 2007 through higher domestic
     and export sales and increase EBIT from 0.5% in FY2006 to
     2.5% in FY2007.

   * Customer Satisfaction - To overhaul after sales service
     operations to improve Customer Satisfaction Index from
     690 points in FY2006 to 720 points in FY2007.

Through consolidation of Proton's sales operations,
distributions network and better emphasis on quality
improvement, Proton is targeting to capture the domestic market
share from 41.4% in FY2006 to 45.8% in FY2007.  At the same
time, Proton is also targeting to increase its exports sales
contribution to revenue from 5.2% in FY2006 to 8.6% in FY2007.
This will be done through amongst others, the introduction of
new models into several key export markets.

The establishment of various committees such as Costs Reduction
Committee, Product Development Committee and Quality Improvement
Committee in parallel with the introduction of key initiatives
on improvement of manufacturing operations, production systems,
purchasing processes and consolidation of vendors program,
PROTON targets its revenue growth of 12.4% for FY2007 estimated
at MYR8.96 billion, with an EBIT margin target of 2.5%, up from
0.6% in FY2006.

Proton has also identified that Customer Satisfaction is
imperative and crucial for the Company to move forward in
ensuring its success locally and abroad.  Proton is placing
greater emphasis on sales and after-sales services in addition
to addressing issues relating to product quality and sales
deliverables to achieve higher Customer Satisfaction Index from
the current 690 points in FY2006 to 720 points in FY2007, based
on an independent customer satisfaction survey conducted on the
automotive industry in Malaysia.

Strategic alliances and collaborations with current and
potential partners which form the base for Proton's future
products, quality improvement and operational efficiency are
part of Proton's overall strategy in achieving the above KPIs.  
At the same time, Proton is increasing the emphasis on technical
training and exposure to the world's best practices as part of
its human capital development program to strengthen its
competitive edge in the automotive industry.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.


PROTON HOLDINGS: Says Industry Rationalization Will Cut Cost
------------------------------------------------------------
Proton Holdings Berhad is optimistic that the rationalization of
the country's auto industry following the implementation of the
National Automotive Policy would help slash per unit cost,
Bernama reports.

With the NAP in place, Proton said it would be able to continue
to invest and contribute significant value-added initiatives,
programs and activities to benefit the automotive industry.  In
addition, the new policy will pave the way for Proton to hasten
development, expedite current programs and continue investing
for growth.

The automaker aims to reap significant benefits from its
investment in due course as it had laid a strong foundation to
compete.

Meanwhile, the Troubled Company Reporter - Asia Pacific reported
don March 24, 2006, that prices of cars made by Proton Holdings
are expected to fall following cuts in import duty from 5% to
15% for cars manufactured in the region.

According to TCR-AP, Proton has indicated its willingness to
comply with national auto policy to compete with its rivals in
the auto industry.

Headquartered in Selangor Darul Ehsan, Malaysia, Perusahaan
Otomobil Nasional Berhad or Proton Holdings Berhad
-- http://www.proton-edar.com.my/-- is engaged in  
manufacturing, assembling, trading and provision of engineering
and other services in respect of motor vehicles and related
products.  Its other activities include property development,
trading of steel and related products, engine and technologies
research, development of automotive related technologies,
investment holding, importation and distribution of motor
vehicles, related spare parts and accessories, holds
intellectual property, provides engineering consultancy,
operates single make race series and carries out specific
engineering contracts.  The Group's operations are carried out
in Malaysia, England, Australia, Socialist Republic of Vietnam
and the United States of America.  Proton has recently suffered
plunging profits due to dwindling car sales and cutthroat
competition.  


TELEKOM MALAYSIA: Releases Headline KPIs for FY2006
---------------------------------------------------
In an effort to enhance greater transparency to the public,
Telekom Malaysia Berhad released its headline Key Performance
Indicators for fiscal 006.  These headline KPIs have been set
and agreed by the Company's Board of Directors and management as
part of the broader KPI framework that TM has in place, as
prescribed under the Government Linked Company transformation
program, and is disclosed on a voluntary basis.

The headline KPIs represent the main corporate targets set by
Telekom Malaysia for the year and should not be construed as
being forecasts.

                      FY2006 Headline KPIs

                  FY2005
                  Actual        FY2006 Targets   %Change
Revenue           MYR13.9 bln   MYR 17.0 bln     22.3%

Earnings before
Interest, Tax,
Depreciation and
Amortisation
(EBITDA) Margin      44.2%*          45.9%       1.7%

Return on Capital
Employed (ROCE)**     9.5%           10.6%       1.1%

* Excludes non-operational item
** ROCE defined as EBIT/Average capital employed

Though these targets have taken into account the changing
dynamics of both local and overseas business environment in the
telecommunication industry, they are nevertheless stretched when
benchmarked against other multi-services peers of the industry
as the Board of Directors and management are committed to
improve the performance of the Group further.  Commitment to
these short-term targets is crucial in achieving the Group's
overall strategic growth path to be a Communications Company of
Choice.

                       Medium-term Plans

International:

   * Complete its presence, subject to acceptable investment
     opportunities, in other parts of South and South East
     Asia in the next three years.  Telekom Malaysia aims to
     take the Company to the next level and transform it into
     a true regional mobile operator.

   * Earnings growth may be limited in the initial years as
     the newly acquired entities are expected to be earnings
     dilutive in the first year of acquisition.

   * Execution of strategies and initiatives in its countries
     of presence to ensure positive returns on investments and
     improved contribution from overseas operations.  
     Capitalize on the Company's strategic partnerships and
     alliances.

Domestic:

   * Innovative products and packages to improve utilization
     of fixed line services.

   * Strengthen revenue and market share in the mobile segment
     with mobility solutions and 3G.

   * Grow data, broadband and its related services.

Cost management throughout the Group will be a main priority to
improve margins moving forward.  Group synergies will be
leveraged upon to unlock better value not only for the customers
but also for the Group.

This medium term strategy will be translated into targets and
shared with the market from time to time.

The Company reiterates its commitment to shareholders as
reflected in its higher dividend payout policy of 40% to 60% of
Profit After Tax and Minority Interest.  This is to ensure
positive returns on investment to investors without sacrificing
the Company's execution of expansion plans.

Headquartered in Kuala Lumpur, Malaysia, Telekom Malaysia
-- http://www.telekom.com.my/-- which once owned Malaysia's  
telecommunications landscape, now faces growing competition.    
Telekom Malaysia provides voice and data services through three
primary operating units: TelCo, its core telecom business;
Telekom Multimedia, which develops new media businesses; and
ServiceCo, which oversees operational activities such as fleet
and property management.  The company is also a leading Internet
Service Provider.  Among Telekom Malaysia's subsidiaries are
units that publish phone directories and operate fiber optic
networks.  It sold its cellular unit in 2002 but gained control
of Celcom (Malaysia) in 2003.  The company also owns stakes in
businesses in nine countries in Asia and Africa.  The Company
had been locked up in disputes with different companies in the
past, which brought heavy losses to the firm.  Some of its units
are also facing the possibility of being wound up by creditors.  


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

MANILA ELECTRIC: Will Not Bill Consumers for Banked Gas
-------------------------------------------------------
Manila Electric Company wants to clarify a March 23, 2006, news
article in the Daily Tribune entitled "Affiliates ask Meralco to
charge consumers PHP7 billion," which stated that "Meralco may
have to charge up to PHP7 billion to its customers on behalf of
its affiliate plant operators First Gas Power Corporation and
First Gen. Power Corporation in order to settle a dispute with a
Malampaya natural gas consortium, where First Gas and First Gen
buy their fuel."

The Company contends that the article is inaccurate and
misleading, and that the settlement between First Gas and First
Gen refers to gas contracted but not "banked gas" -- the value
of inventory held due to 'take or pay' contractual arrangements,
wherein the purchaser pays for gas at an agreed minimum quantity
each year -- for 2002-2005, due to the non-minimum energy
quantity dispatched by both operators in those years.  Under the
settlement terms, the banked gas liability was reduced to
PHP6.89 billion, which would be paid on a quarterly basis until
December 26, 2009, and that Meralco would shoulder the payments
on a back-to-back arrangement with First Gas and First Gen.

Meralco further clarifies that only actual gas consumed to
generate power that First Gas and First Gen would supply to
Meralco are reflected in the invoices that are the basis for the
montlhy power bills to consumers, and that the cost of banked
gas and the quarterly payments would not be passed on to them.

                      About Manila Electric

Headquartered in Ortigas, Pasig City, the Manila Electric
Company -- http://www.meralco.com.ph/-- is the largest utility  
in the Philippines, providing power to 4.1 million customers in
metropolitan Manila and more than 100 surrounding communities.  
As deregulation takes effect, Meralco is reducing its dependence
on state-owned National Power Corp. by increasing the amount of
power it purchases from independent power producers.  Meralco is
also preparing for competition by moving into non-regulated
activities, including energy consulting, independent power
production, engineering, fiber optics, e-commerce, and real
estate.

Meralco started to incur huge losses in 2003 on reduced power
sales and a decline in residential power consumption due to
rising power costs.  In 2004, the Energy Regulatory Commission
ordered the power utility firm to refund some PHP90 million to
its customers for overbilling.  On June 2, 2004, Meralco adopted
a 13.27-centavo power rate hike, which was approved by the
Energy Regulatory Commission, to offset its losses.  However,
the Supreme Court nullified the rate hike in February 2006.  
Troubled Company Reporter - Asia Pacific reported on March 14,
2006, that the Company had planned to reduce its rates by 82
centavos per kilowatt-hour this month, due to higher dispatch
levels from its independent power producers.


METROPOLITAN BANK: To Decide Leadership Change at Annual Meeting
----------------------------------------------------------------
Metropolitan Bank and Trust Company refers to a news article
published in BusinessWorld on March 23, 2006, entitled "Ty's son
to head Metrobank after annual meeting in April," which states
that:

   "There will be a change in the leadership in the country's
    largest lender as Arthur V. Ty is set to replace Antonio S.
    Abacan, Jr. as president of Metropolitan Bank and Trust
    Company.  A ranking Metrobank official said that Mr. Ty, son
    of owner George S. K. Ty, will lead the bank by April 27,
    2006, after its annual stockholders' meeting."

Metrobank clarifies that it does not know the information source
of the news article, and says that the reported change in its
leadership would still be taken up at its Annual Stockholders
meeting on April 26, 2006, after which an organizational meeting
of the Board of Directors would be held.

Metropolitan Bank and Trust Company (Metrobank) --
http://www.metrobank.com.ph/-- is the flagship company of the  
Metrobank Group.  Metrobank provides a host of deposit, savings,
and loan products as well as electronic banking services like
internet banking, mobile banking, and phone banking, as well as
its huge ATM network.  Metrobank is also the leading provider of
trade finance in the country, and its overseas branch network
has enabled it to service the fund remittances of Filipino
overseas contract workers.

On March 3, 2006, Troubled Company Reporter - Asia Pacific
reported that Standard and Poor's Rating Service assigned a CCC+
rating on its US$125-million non-cumulative capital securities,
whereas Moody's Rating Agency issued a B- rating on the same
capital instruments.


NATIONAL POWER: Aboitiz Unit to Bid for Hydro Power Units
---------------------------------------------------------
Aboitiz Equity Ventures unit Aboitiz Power Corporation formed a
consortium with Singaporean firm SN Power Holding Singapore to
bid for hydropower plants to be auctioned off by state-owned
National Power Corporation, The Manila Times reports.

The consortium, to be named SN Aboitiz Power, has met the
initial requirements to bid for the Magat, Masiway and
Pantabangan hydropower plants, and has submitted a declaration
to the Power Sector Assets and Liabilities Management
Corporation, which is handling the sale of Napocor's assets.

Senior SN Aboitiz Power executive Miguel Aboitiz said they hope
that the Company's privatization process will move forward
quickly and that the sale of the plants would not be delayed.  
The consortium aims to contribute to the sustainable development
of the country's energy industry by combining local and
international investment and hydropower.

                       About Napocor

Headquartered in Quezon City, Philippines, National Power
Corporation -- http://www.napocor.gov.ph/-- is a state-owned  
utility that builds and operates nuclear, hydroelectric,
thermal, and alternative power-generating facilities.  It works
with independent producers under a build-operate-transfer
program.  With a generating capacity of more than 11,500
megawatts, Napocor sells electricity to distributors and
industrial companies.  To comply with the privatization bill
approved by the Philippine Congress, the Company has begun
selling off its generation assets to help pay for the utility's
estimated debt of PHP600 billion.  It also separated its
transmission operations into a new subsidiary, the National
Transmission Corporation.

The state-owned firm, which is considered a major draining
factor of the Government's finances, is projected to post a
higher deficit of PHP18.41 billion this year from PHP5.95
billion deficit in 2005.  Napocor incurred its huge losses to
fund the operations of its power facilities.  The Government is
selling National Power's assets to help pay for the utility's
estimated PHP600 billion debt.  The annual loss at the utility,
which generates about 40% of the country's electricity narrowed
to PHP29.9 billion pesos in 2004 from PHP117 billion in 2003
after it was allowed to increase tariffs.

Troubled Company Reporter reported on March 15, 2006 that a
Napocor barge spilled 200,000 liters of bunker fuel in the
Semirara Island due to bad weather conditions on December 17,
2005, affecting 236 hectares of mangrove forests and 40 square
kilometers of marine life.  The Philippine Coast Guard estimated
that the actual economic value of damages caused by the oil
spill in Semirara Island could reach Php90 million.  The Company
has assumed full responsibility for the incident, and promised
to promised to compensate the villagers of Semirara Island for
any damages caused by the oil spill; as yet, 36% of the island's
mangrove swamp has been cleaned up, and Napocor has spent PHP12
million for the project.


NEGROS NAVIGATION: To Pay PHP18 Million Debt Interest This Month
----------------------------------------------------------------
Negros Navigation Company Inc. plans to pay a quarterly interest
worth PHP18 million on its debts beginning end-March, The Manila
Times relates, citing Negros Navigation chairman, Sulpicio
Tagud.

Negros Navigation's total debt is projected at PHP2.4 billion,
including PHP1 billion in bank loans to creditors Bank of
Commerce, Equitable-PCI Bank, Export-Import Bank, Metropolitan
Bank and Trust Company, and Prudential Bank and Trust Company.
Negros Navigation' total outstanding obligations are estimated
at PHP2.4 billion including PHP1 billion in bank loans.  It also
owes PHP1 billion to its equipment and property lessors and
trade suppliers, and needs to settle PHP400 million in unpaid
taxes to the Bureau of Internal Revenue.

The Times states that due to its financial condition, Negros
Navigation could not pay its debts as they matured, hence they
filed for rehabilitation before a local court, which, on Oct. 6,
2005, approved the Company's 10-year restructuring plan
recommended by its receiver, lawyer Monico Jacob.

According to Mr. Tagud, the Company plans to start paying the
principal on its debts by 2009.

Negros Navigation plans to sell these vessels:

   -- the Mary Queen of Peace for PHP224 million;
   -- the Princess of Negros for PHP112 million;
   -- the San Lorenzo Ruiz at PHP112 million; and
   -- the San Sebastian for PP44.8 million.

The sale of the vessels, totaling PHP492.8 million, will take
place over a three-year period in order to help Negros
Navigation buy cargo ship M/V Nossa Senora de Fatima, to provide
better service to passengers.

The Company plans to allot PHP120 million from internal finances
to dry-dock the vessel.

                     About Negros Navigation

Negros Navigation Company, Incorporated --
http://www.negrosnavigation.ph/-- is the shipping unit of Metro  
Pacific Incorporated.  It owns, maintains, services and operates
vessels and engages in domestic shipping operations.  Presently,
the Company operates seven passenger and cargo shipping vessels
and two cargo container shipping vessels which service 14 ports.
Nenaco also provides trucking and forwarding services, and
operates shuttle buses and besta vans within Negros Island and
offers domestic tour and other land transport services, as well
as ticketing services.

In December 2003, the Philippine Securities and Exchange
Commission ordered Negros Navigation to explain five accounting
discrepancies in its 2002 audited financial statement, which may
have bloated its earnings.  Moreover, in March 2004, Negros
Navigation entered talks with Tsuneishi Heavy Industries to
settle the Company's PHP100 million debt.

As reported in the TCR-AP on Mar 31, 2004, Negros Navigation
filed a petition with the Manila Regional Trial Court to enter
into a corporate rehabilitation program with a prayer for an
immediate suspension of debt payments.

Under the court-approved rehabilitation plan, Negros Navigation
proposed to settle its financial obligations through cash
settlement, dacion en pago of passage tickets and cargo space,
debt conversion into convertible shares at par value, and the
restructuring of balance into long-term notes or preferred
shares.  The Court has allowed the Company to restructure its
total secured debt for 10 years, with a one-year grace period on
interest payments and a three-year grace period on the
principal.  The Company has outstanding debts of Php1.7 billion.

The TCR-AP reported on February 23, 2006, that Negros Navigation
posted a PHP17 million net profit for 2005 compared to a PHP480
million loss in 2004, due to an 18% rise in passenger volume and
a 12% increase in cargo volume.  The Company plans to increase
its trips to strategic ports in Mindanao in order to increase
its 6% share of the 1.2 million passenger market to 30%.


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

BONSEL DEVELOPMENT: Proofs of Debt Due Next Month
-------------------------------------------------
Creditors of Bonsel Development Private Limited are given until
April 24, 2006, to send in their proofs of debt or claims to the
Company's liquidator.

Failure to comply with the requirement will bar creditors from
claiming any benefit the Company may distribute.

Contact: Lai Seng Kwoon
         Liquidator
         c/o 16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


CHON HWA: To Pay Dividend Today
-------------------------------
Chon Hwa Construction Private Limited will distribute a second
and final dividend on today, March 27, 2006.

Contact: Don M. Ho, FCPA
         Liquidator
         c/o Don Ho & Associates
         Certified Public Accountants
         Corporate Advisory & Recoveries
         Equity Plaza
         20 Cecil Street #12-02 & 03
         Singapore 049705
         Telephone: 6532 0320 (8 lines)
         Fax: 6532 0331


GREATRONIC LIMITED: Unit Placed in Voluntary Liquidation
--------------------------------------------------------
MHE Technologies Private Limited, a wholly owned subsidiary of
Greatronic Limited has been placed under creditors' voluntary
liquidation.

Gui Kim Young and Lim Siong Sheng of Gui Kim Young & Co. have
been appointed as liquidators of the Company for the purpose of
the Creditor's Voluntary Liquidation.


GREATRONIC MARKETING: Creditors Decide to Liquidate Assets
----------------------------------------------------------
Greatronic Marketing (S) Pte Ltd has been placed under under
creditors' voluntary liquidation.

Gui Kim Young and Lim Siong Sheng of Gui Kim Young & Co. have
been appointed as liquidators of the Company for the purpose of
the Creditor's Voluntary Liquidation.

Headquartered in Singapore, Greatronic Limited   
-- http://www.greatronic.com/--is engaged in the manufacturing    
of material handling equipment as well as the design,
fabrication and installation of conveyor-based integrated
automation system.  The Company is embroiled in a controversy
after its unit, Greatronic Technology (Malaysia) Berhad, was
accused of making fraudulent transactions with its associates
based in the United States and Germany.  The scandal further
contributed to the firm's losses.


JMA TECHNOLOGIES: Court Presents Wind-Up Order
----------------------------------------------
The Singapore High Court has issued a wind-up order pertaining
to JMA Technologies Private Limited on February 17, 2006.

Contact: Wu Chiaw Ching
         Wu Chiaw Ching & Company
         37 Lorong 23 Geylang #06-04
         Yu Li Industrial Building
         Singapore 388371


LSL CONSTRUCTION: Concludes Dividend Distribution
-------------------------------------------------
A first and final dividend has been distributed on March 8,
2006, by LSL Construction Private Limited at the Official
Receiver's office.

Contact: Sunari Bin Kateni
         Assistant Official Receiver
         The Official Receiver
         The URA Centre (East Wing)
         45 Maxwell Road #06-11
         Singapore 069118


NGEE LEONG: Creditors File Wind-Up Petition
-------------------------------------------
On March 8, 2006, Perusahaan Cemerlang Raya Sdn. Bhd., a
creditor of Ngee Leong Corporation Private Limited, filed a
wind-up petition against the Company with the Singapore High
Court.

The petition will be heard before the High Court on March 31,
2006, at 10:00 a.m.

Any other creditor or contributory of Ngee Leong who wishes to
support or oppose the Petition may appear at the Hearing.

Contact: Dominion Llc
         Solicitors for the Petitioner
         200 Cantonment Road #14-03
         Southpoint, Singapore 089763


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

PICNIC CORPORATION: Unveils Board Meeting Resolutions
-----------------------------------------------------
At a meeting on March 23, 2005, the board of directors of Picnic
Corporation Public Company Limited has:

   * approved to convene the 2006 ordinary shareholders meeting
     on April 28, 2006, at 9:00 a.m., at the Ground Floor, Royal
     Princess Srinakharin, 905 Moo 6 Srinakharin Road, in
     Nongbon Pravet, Bangkok 10250.

   * approved to close the Company's registration book on
     April 7, 2006, from 12:00 a.m. until the meeting is
     adjourned to determine the eligible shareholders to attend
     the meeting.

   * approved to suspend the payment of dividend to shareholders
     as the Company had a net loss from operations in year 2005.
  
   * approved these matters to be taken up during the
     shareholders' meeting:

     -- To approve the minutes of the Extraordinary
        Shareholders' Meeting on March 21, 2006;

     -- To acknowledge the Company's 2005 operating performance;

     -- To approve the Company's 2005 financial statements and
        the auditor's report;

     -- To approve the suspension of payment of dividend to
         shareholders;

     -- To approve the appointment of the Company's 2006 auditor
        and auditor's fee; and

     -- To approve the reappointment of the retired board
        members and set director's remuneration.

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.
The Company became listed when it took over B Grimm Engineering
Plc, a company that had languished in the Stock Exchange of
Thailand's rehabilitation sector since the financial crisis.
At present, Picnic is undergoing business rehabilitation.  Its
securities are placed under the Rehabco Sector of the Stock
Exchange of Thailand.


THAI NAM: To Omit Dividend Payment for 2005 Fiscal Year
-------------------------------------------------------
On March 23, 2006, the board of directors of Thai Nam Plastic
Public Company Limited resolved to re-appoint the members of
Audit Committee whose terms were completed by rotation:

   * Natee Sangudomlerd, chairman of the Audit Committee
   * Padoong Techasarintr, member of the Audit Committee
   * Mana Sethaputra, member of the Audit Committee
   * Chairoj Kongsiripanich, secretary to the Audit Committee

The terms and the scope of duties and responsibilities of the
Company remain unchanged.

The Board also agreed to:

   -- omit the dividend payment for the fiscal year 2005;

   -- fix the Ordinary General Shareholders' Meeting on
      April 27, 2006, at 2:00 p.m. at Amarin Room 1-2, Grand
      Hyatt Arawan Hotel, located at 494 Rajdamri Road, Lumpini,
      in Patumwan, Bangkok 10330, to consider these matters,
      among others:

      (1) certification of the company's annual report and the
          Board of Directors' Report relating to the performance
          in 2005;

      (2) approval of the company's audited balance sheets,
          profit and loss statements for the year ended on
          December 31, 2005;

      (3) consideration of the dividend omission for the fiscal
          year 2005;

      (4) appointment of new directors to succeed the completing
          there terms by rotation;

      (5) appointment of auditors and fix the auditing fee for
          the fiscal year 2006; and

      (6) other issues;

   -- To fix date for subscribing the increased ordinary shares
      on May 8-12, 2006, beginning from 8:30 a.m. 4:30 p.m. at
      the Company's office located at 40 Mu 7 Petchkasem Road,
      Km. 23, Omnoi, in Kratumban, Samutsakorn 74130.  Existing
      shareholders who would like to subscribe over their rights
      could specify the numbers of shares to be desired.

      The allotment of the over-right shares would be relied on
      the adjustment of the Board or the persons appointed by
      the Board on a pro-rata basis.

   -- To fix date for closing the company's share register book
      for the right to attend the Ordinary General Shareholders'
      Meeting and to subscribe the increased ordinary shares on
      April 10, 2006, at 12:00 p.m. until the completion of the
      procedures.

Headquartered in Samutsakorn Province, Thailand, Thai Nam
Plastics Public Company Limited -- http://www.thainam.com/--  
manufactures and distributes plastic coated products in
Thailand.  Products include PVC flexible film/sheet with
printing and embossing, PVC flexible film/sheet for pool lining,
artificial and sponge leather, floor covering mats and car mats.  
The Company is currently rehabilitating it s business and is
listed under the Rehabco Sector of the Stock Exchange of
Thailand.


TONGKAH HARBOUR: Sets Out Functions of Audit Committee
------------------------------------------------------
The board of directors of Tongkah Harbour Public Company Limited
met on March 22, 2006, and resolved to appoint Somsak Potisat as
Independent Director and member of the Audit Committee in place
of Tiwa Sukumoljuntrat.

The Company's audit committee now consists of:

   Names of members                   Remaining terms
   of the Audit Committee             of holding office
                             
   Kriang Kietfuengfoo, chairman       1 year(s) 2006

   Arida Vidhyananda, member           1 year(s) 2007

   Somsak Potisat, member              1 year(s) 2007

   Chalermchai Martmuang, secretary

The audit committee has the responsibility and duty of:

   * Ensuring that all financial reporting is in accordance with
     generally accepted accounting procedures.

   * Ensuring timely and transparent regulatory compliance.

   * Making informed recommendations regarding the Company's
     accounting policies practice.

   * Reviewing the scope, cost and results of internal and
     external audits.

   * Maintaining communication between the Board of Directors
     and the Company's internal finance department and
     external auditors.

   * Assessing the adequacy of the Company's administrative,
     operating and accounting controls and working suggestions
     for possible improvement.

   * Reviewing any matter that may potentially affect the
     financial welfare of the company and connected
     transactions involved with related companies.

   * Reviewing and making recommendations in the Company's
     internal control.

The Company certifies that the members meet all the
qualifications prescribed by the Stock Exchange of Thailand.

Headquartered in Bangkok, Thailand, Tongkah Harbour Public
Company Limited -- http://www.tongkahharbour.co/-- is primarily   
engaged in mining operations.  The Company is engaged in
offshore tin mining, gold exploration and mining, igneous rock
quarrying, as well as property development and management.  The
Company is placed under the Rehabco Sector of the Stock Exchange
of Thailand and is currently rehabilitating its business.





                            *********


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.  Ma.
Cristina Pernites-Lao, Faith Marie Bacatan, Reiza Dejito, Erica
Fernando, Freya Natasha Fernandez, and Peter A. Chapman,
Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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                 *** End of Transmission ***