TCRAP_Public/060413.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  

            Thursday, April 13, 2006, Vol. 9, No. 074  


                            Headlines



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

4STAR HOLDINGS: Receivers and Managers Conclude Liquidation
A&D KACAN: Members and Creditors Agree to Wind Up Operations
AGRICARE LIMITED: Court to Hear Liquidation Petition on April 20
AIR NEW ZEALAND: Inks Codeshare Deal with Qantas
ALIVE ELECTRICAL: Proofs of Debt or Claim Due on May 12

ASC TIMBER: Macintosh Ceases to Act as Receiver
AUSTRALIAN ROOFING: Appoints Official Liquidators
AWB LIMITED: Court Defers Decision on 'Apology' Document
AWB LIMITED: Downer Says He Has No Recollection of Cables
AWB LIMITED: Prime Minister Howard to Appear at Cole Inquiry

CRAWFORD PROPERTIES: Receiving Proofs of Claims Until April 30
DUMA PRECAST: Initiates Wind-up Process
GARY LENG TRANSPORT: Set to Distribute Dividend to Creditors
HI-FI SUPERMARKET: Creditors Opt for Voluntary Liquidation
HYMEC ENGINEERS: Liquidator to Present Wind-up Report

KINGDREAM PTY: Names Receivers and Managers
MELLORS PTY: Members Agree on Liquidation
METLCAST MANUFACTURING: Enters Voluntary Liquidation
MULTIPLEX: Obtains Bank Debt Waivers
NORTHCOTE GARAGE: Prepares to Liquidate Assets

PANAHOME NEW ZEALAND: Taps Liquidator from McGrath Nicol
P&B HOLDINGS: Faces Liquidation Proceedings
PBO LIMITED: Picks Bryan Williams as Liquidator
PERFECTION DEVELOPMENTS: Court Orders Winding Up
PIEMAN AUSTRALIA: Pays Out Final Dividend

REALIZE PTY: Liquidator to Present Wind-up Report
RIDGID FLOORS: Creditors Must Prove Debt or Claims by April 27
SAKAN PTY: NAB Appoints Receivers and Managers
TROJAN RIGGING: Enters Winding Up Proceedings
TULLAWUNG PTY: Members Meet to Discuss Winding Up

UFHUSEN PROPERTIES: Faces Liquidation Proceedings
VIZOWA PTY: Members Resolve to Have Business Liquidated
WEBB AIR AUTO: Placed in Voluntary Liquidation


C H I N A   &   H O N G   K O N G

AESTHETIC ENGINEERING: Creditors, Contributories Meet Separately
BEAR COMPANY: To Issue First and Final Preferential Dividend
CHINA EASTERN: Posts 2005 Loss on 64% Rise in Fuel Costs
CHINA EASTERN: To Sell 20% Stake
CHINESE MEDICINE: Passes Wind-up Resolution on April 7

DON FRANCO: Appoints Liquidators & Inspection Committee Members
JENXON LIMITED: Final Members and Creditors Meetings Set May 8
JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17
GAC CARGO: To Hold Final Members Meeting on May 8
KWOK YUNG INVESTMENTS: Members' Final Meeting Set on May 15

LEE FUNG SCREW: Transfers Operation to Lee Fung Metal Products
LONG PROGRESS: Appoints Official Liquidator
MIRROR IMAGE: Kwan Ceased to Act as Liquidator
NETEL TECHNOLOGY: Nine-Month Net Loss Narrows to HK$2 Mln
PMMS ASIA-PACICIC: Completes Transfer of Business on May 7

PRICE WATERHOUSE: Appoints Liquidators via Special Resolution
ROXY WORLD: Members Pass Wind-up Resolution
ROXY WORLD: Creditors to Prove Debts by May 6
REMY FINE WINES: Appoints Official Liquidators
SHANGHAI REAL ESTATE: Rating Unaffected by Bond Rise

SNP PANPAC: Transfers Business to Times Publishing on March 1
STAR PACIFIC: Shareholders Opt for Voluntary Liquidation
TAK YIP TRADING: To Pay Second Supplementary Dividend


I N D I A

BHARAT PETROLEUM: Sets up Karippur Aviation Refueling Depot
DUNLOP INDIA: Ruia Reopens Ambattur Plant
DUNLOP INDIA: Earmarks INR350 Crore for Revival


I N D O N E S I A

PERTAMINA: Forges Alliance With Saudi Aramco


J A P A N

JAPAN AIRLINES: Lack of Communication Caused Safety Blunders
MITSUBISHI MOTORS: Launches Car R&D Unit in Mainland China
PIONEER CORPORATION: Omron Agrees to Acquire Subsidiary
KAJIMA CORPORATION: To Delist Stock in London
KOBE STEEL: Forges Alliance to Build U.S. Plant


K O R E A

HYUNDAI MOTOR: Civic Group Sues Owners for Embezzlement
KOREA EXCHANGE: Prosecutors Find Lead in Lone Star Tax Evasion


M A L A Y S I A

AFFIN HOLDINGS: Lists Shares from Employees' Share Option Scheme
APEX EQUITY: Lodges 219,200 Shares with Registrar of Companies
CONSOLIDATED FARMS: Agrees to Extend Fulfillment of Deals
LANKHORST BERHAD: Annual General Meeting Fixed on April 28
MBF HOLDINGS: Receives Mandatory Offer from CIMB

METROPLEX BERHAD: Shareholders' Equity Logs MYR196.3-Mln Deficit
METROPLEX BERHAD: Defaulted Amounted Hits MYR1.7 Bln
MYCOM BERHAD: Buys More Time to Complete Restructuring
POLYMATE HOLDINGS: AmBank Slaps Over MYR343,770 Claim
SETEGAP BERHAD: Submits Regularization Plan to Authorities

TALAM CORPORATION: Invites Parties to Subscribe in Shares
TENAGA NASIONAL: Woes Mount Despite Healthy Finances


P H I L I P P I N E S

EQUITABLE PCI: S&P Affirms Counterparty Rating
LEPANTO CONSOLIDATED: Fully Repays Loan from Ivanhoe
MANILA ELECTRIC: Sister Firm Averts Termination of Operations
RB FAMY: Court to Conclude Liquidation Proceedings on May 5
TPG CORPORATION: SEC Does Not Buy Proposed Payment Suspension


S I N G A P O R E

GREATRONIC LIMITED: Amends 2005 Full Year Financial Results
LINDETEVES-JACOBERG: Unveils Mandatory Conditional Cash Offer
STARTECH ELECTRONICS: 7th AGM Slated for April 27
TRADE PLANET: Proofs of Debt or Claim Due on May 8
TRI-M TECHNOLOGIES: Fixes April 27 as AGM Date

WEST BAY: Creditors Should Prove Debt to Benefit from Dividend


T H A I L A N D

PAE (THAILAND): Wipes Out 2004 Profit; Posts THB44 Million Loss
PREMIER ENGINEERING: Turns Around with THB112-Million Net Profit
PREMIER ENTERPRISE: Net Profit Jumps to THB816 Million in 2005


     - - - - - - - -

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

4STAR HOLDINGS: Receivers and Managers Conclude Liquidation
-----------------------------------------------------------
David Murray Blanchett and Peter Ross McLean, liquidators of  
4Star Holdings Limited, have ceased to act as receivers and
managers of the property of the Company after having completed
their duties.


A&D KACAN: Members and Creditors Agree to Wind Up Operations
------------------------------------------------------------
At an extraordinary general meeting of members and creditors of
A&D Kacan Pty Ltd, it was decided that the Company be wound up
voluntarily.

Chartered Accountant and Registered Liquidator Joseph
Loebenstein was then appointed to oversee the Company's
liquidation.

Contact: Joseph Loebenstein
         Liquidator
         Loebenstein Insolvency Services Pty Ltd
         203 Balaclava Road, Caulfield North
         Victoria 3161, Australia


AGRICARE LIMITED: Court to Hear Liquidation Petition on April 20
----------------------------------------------------------------
On January 27, 2006, an application to liquidate Agricare
Limited was filed with the High Court of Auckland.

Subsequently, the Court has fixed to hear the Application on
April 20, 2006.

Any person wishing to appear at the hearing is required to file
an appearance not later than April 18, 2006.

Contact: Commissioner of Inland Revenue
         Plaintiff         
         Simon John Eisdell Moore
         Solicitor for the Plaintiff         
         Crown Solicitor
         Meredith Connell
         Level Seventeen, Forsyth Barr Tower
         55-65 Shortland Street
         P.O. Box 2213 or D.X. C.P. 24-063
         Auckland
         New Zealand
         Telephone (09) 336 7556


AIR NEW ZEALAND: Inks Codeshare Deal with Qantas
------------------------------------------------
Air New Zealand and Qantas have signed a codeshare agreement for
their Tasman routes.  The airlines will shortly file
applications seeking authorization from the New Zealand Minister
of Transport and the Australian Competition and Consumer
Commission.  

The agreement, which is subject to an independent audit review,
will be specifically limited to the Tasman only.

Benefits to the consumer would include better loyalty programme
advantages, a better spread of schedules, better connections to
onward flights and the retention of low fares.

Air New Zealand customers currently have the choice of 134
Tasman departures per week. Under the proposed codeshare with
Qantas this would increase by 63% to 218 departures.

The codeshare will also have significant benefits for the
environment. Air New Zealand currently uses 1.78 million barrels
of fuel a year on the Tasman. This will be reduced by around
100,000 barrels annually under the proposed codeshare.

"The Tasman is a fiercely contested market," said Rob Fyfe,
Chief Executive Officer of Air New Zealand.

"The number of seats on sale is greater than the number of
passengers carried; in fact the equivalent of 11 empty A320
aircraft make two return trips per day. To continue such over
capacity in the present environment of high fuel prices would
not only be uneconomic, it would be financially and
environmentally irresponsible."

A codeshare agreement will allow the airlines to reduce cost by
removing some surplus capacity and utilizing aircraft more
efficiently, while increasing the number of flights available to
each airline's customers.

Mr. Fyfe said that while the proposed codeshare arrangements
with Qantas and recent initiatives designed to remove costs from
Tasman operations would be positive for Air New Zealand, the
company would still be well short of achieving adequate returns
on its substantial fleet investment.  Air New Zealand currently
has almost a billion dollars invested in aircraft on the Tasman.

"Once the proposed codeshare arrangements with Qantas become
effective, the market will continue to be highly competitive,"
said Mr. Fyfe.

"The reality is that both Air New Zealand and Qantas continue to
compete against a significant number of other airlines on the
Tasman. Both airlines would also remain vigorous competitors in
marketing and distribution."

The proposed codeshare will be supported by revenue, pricing and
scheduling arrangements. Once it becomes effective, all revenue
earned by Air New Zealand and Qantas on Tasman routes will be
allocated on an agreed basis. Each carrier will benefit from its
own cost reduction programmes and continue to maintain
independent and competitive relationships with travel agents.

Mr. Fyfe said it was expected that the applications could take
around six months to be assessed by regulators on both sides of
the Tasman.

The parties declined to release the value of the benefit of the
codeshare for commercial reasons.

                      About Air New Zealand

Headquartered in Christchurch, New Zealand, Air New Zealand
-- http://www.airnz.co.nz/-- is an international and domestic  
airline group which provides air passenger and cargo transport
services within New Zealand, as well as to and from Australia,
the South West Pacific, Asia, North America and the United
Kingdom.  Air New Zealand also encompasses business units
providing engineering and ground handling services.  
Subsidiaries extend to booking systems, travel wholesaling and
retailing services.  In 2002, Air New Zealand restructured to a
no-frills domestic service in order to curb losses from
unprofitable routes.  It is presently working on cutting costs
on its services to and from Australia, and is upgrading its
long-haul fleet as part of a recovery program from near-collapse
in 2001.

                      About Qantas Airways

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.


ALIVE ELECTRICAL: Proofs of Debt or Claim Due on May 12
-------------------------------------------------------
On March 31, 2006, it was resolved by special resolution that
Alive Electrical Limited be liquidated and that Kim S. Thompson,
be appointed liquidator.

Subsequently, creditors are given until May 12, 2006, to prove
their debt or claims to benefit from any distribution the
Company will make.

Contact: Kim S. Thompson
         Liquidator
         P.O. Box 1027, Hamilton
         New Zealand
         Telephone: (07) 834 6027
         Facsimile: (07) 834 6064


ASC TIMBER: Macintosh Ceases to Act as Receiver
-----------------------------------------------
Alexander Robert Mackay Macintosh, the former Court Appointed
Receiver of the property of ASC Timber Pty Limited appointed
under the powers contained in a Court Order dated March 1, 1989,
has ceased to act as such on February 14, 2006.

Contact: Alexander Robert Mackay Macintosh
         Court Appointed Receiver
         McGrathNicol+Partners
         Level 9, 10 Shelley Street
         Sydney, New South Wales 2000
         Web site: http://www.mcgrathnicol.com.au/


AUSTRALIAN ROOFING: Appoints Official Liquidators
-------------------------------------------------
At Australian Roofing Solutions NSW & Qld Pty Ltd's general
meeting on March 1, 2006, members resolved to appoint Jason
Bettles and Susan Carter to oversee the company's liquidation.

Contact: Jason Bettles
         Liquidator
         Worrells Solvency & Forensic Accountants
         Level 6, 50 Cavill Avenue, Surfers Paradise
         Queensland 4217, Australia
         Web site: http://www.worrells.net.au/


AWB LIMITED: Court Defers Decision on 'Apology' Document
--------------------------------------------------------
The Federal Court has postponed until late April a decision on
whether AWB Limited's "apology" document should be made public,
ABC News reports.

The Court ruled it would allow further evidence from AWB
supporting its claim of legal professional privilege.

The Age relates that AWB's counsel is concerned that thousands
of documents provided to the Cole inquiry which they believe to
be privileged, could be made public.

Former managing director Andrew Lindberg allegedly wrote a draft
apology after a United States-based public relations specialist
advised AWB to over-apologize, to try to counter any corporate
scandal relating to the oil-for-food program.

The document was given to the inquiry by AWB and was shown on a
screen at the Cole inquiry on March 24, 2006, before lawyers for
AWB successfully sought a non-publication order, stopping the
media from reporting the contents.  The non-publication order
was subsequently revoked by Terrence Cole, who ruled the apology
was not covered by professional privilege.

It was given to the inquiry by AWB and was shown on a screen at
the Cole inquiry on March 24 before lawyers for AWB successfully
sought a non-publication order, stopping the media from
reporting the contents.

The non-publication order was subsequently revoked by Mr Cole,
who ruled the apology was not covered by professional privilege.

AWB lawyer James Judd QC on Wednesday told the Federal Court
that the letter was given to the Cole inquiry in error and
should be returned to the AWB.

The Federal Court heard AWB would provide a second witness
statement testifying the apology was prepared as part of lawyer-
client meetings and as such should remain confidential.

AWB also questioned the power of Commissioner Terence Cole to
make any rulings around lawyer-client confidentiality, an issue
disputed by lawyers acting on behalf of the commission.

A full hearing has been adjourned until April 24.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.  

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.  


AWB LIMITED: Downer Says He Has No Recollection of Cables
---------------------------------------------------------
Foreign Minister Alexander Downer has fronted the Cole inquiry
on Tuesday, telling the commission that the United Nations had
ultimate responsibility for enforcing sanctions against Iraq,
not his department, The Age reveals.

Labor has seized on Mr. Downer's evidence to the commission
investigating the monopoly wheat exporter's AU$300 million of
kickbacks to the regime of Saddam Hussein, questioning how Mr.
Downer had given one account to the inquiry and another to
parliament.

However, in his appearance before the Cole inquiry Mr. Downer
testified that he couldn't recollect details of cables warning
AWB was paying kickbacks.  But that evidence has the opposition
claiming he's been inconsistent.  

Deputy Prime Minister Marke Vaile, who appeared at the inquiry
on Monday, stressed that he had no recollection of seeing the
diplomatic cables.

Opposition foreign affairs spokesman Kevin Rudd said Mr. Downer
and Mr. Vaile were no longer fit to hold office as cabinet
ministers.

Labor's demand for the ministers' resignation has been backed by
Ken Coghill, co-director of the governance research unit at
Monash University.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.  

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.  


AWB LIMITED: Prime Minister Howard to Appear at Cole Inquiry
------------------------------------------------------------
John Howard will become the first Australian Prime Minister to
appear before an official inquiry in over 23 years today when he
fronts up to a probe into alleged kickbacks by monopoly wheat
exporter AWB Limited to former Iraqi dictator Saddam Hussein's
regime.

It is alleged the AWB paid some AU$$360 million to the former
Iraqi leader's government during the operation of the oil-for-
food scheme.

Mr. Howard had previously submitted a written statement to the
inquiry, and has now confirmed agreeing to appear before them.

The Prime Minister's appearance follows that by Australian
Foreign Minister Alexander Downer, who gave evidence to the
inquiry last Tuesday.

                           About AWB

AWB Limited -- http://www.awb.com.au/-- is Australia's leading  
agribusiness and one of the world's largest wheat marketing
companies.  It is also one of Australia's top 100 publicly
listed companies.  The Company is the exclusive manager and
marketer of all Australian bulk wheat exports through what is
known as the Single Desk.  The Company markets wheat, and a
range of other grains, into more than 50 countries, with
Australian wheat exports worth up to $5 billion per year.  AWB's
footprint includes more than 430 outlets through its subsidiary
landmark and has offices across the world.  The company employs
more than 2,700 staff reaching over 100,000 customers.  AWB is
also one of the nation's largest suppliers of rural merchandise,
distributors of fertilizer, marketers of livestock, brokers of
rural real estate and handlers of wool.  

Previously a low profile organization, AWB made headlines in
late 2005 when it was accused of knowingly paying AU$290 million
in kickbacks to the Government of Iraq, under Saddam Hussein's
administration, through the United Nation's oil-for-food
program.  A UN report then found out that AWB paid the kickbacks
to a Jordanian trucking company linked to Hussein's deposed
regime.  

The Australian Government then appointed a commission, headed by
retired judge Terence Cole, to investigate into the Company's
role in and the Government's alleged "knowledge" of the scandal.  
The "Cole Inquiry" is currently underway.  The scandal is
anticipated to create great political repercussions to the
Australian Government, given the country's contribution to
military action against President Hussein in the 2003 invasion
of Iraq.  


CRAWFORD PROPERTIES: Receiving Proofs of Claims Until April 30
--------------------------------------------------------------
Crawford Properties Limited has commenced liquidation of its
assets on December 8, 2006.

The Company's liquidator hereby requires creditors to prove
their debt or claims not later than April 30, 2006.

Contact: Robin Winston Hargrave
         Liquidator
         O'Halloran HMT Limited
         P.O. Box 6004, Wellesley Street
         Auckland
         New Zealand
         Telephone: (09) 366 5065
         Facsimile: (09) 366 5001


DUMA PRECAST: Initiates Wind-up Process
---------------------------------------
Members of Duma Precast Pty Ltd convened on March 3,
2006, to commence the wind-up of the Company's operations.

Subsequently, Robyn Erskine and Peter Goodin were tapped to
manage the Company's wind-up activities.

Contact: Robyn Erskine
         Peter Goodin
         Brooke Bird & Co., Chartered Accountants
         471 Riversdale Road, Hawthorn East, 3123,
         Australia


GARY LENG TRANSPORT: Set to Distribute Dividend to Creditors
------------------------------------------------------------
Gary Leng Transport Pty Limited will distribute its first and
final dividend today, April 13, 2006, to the exclusion of
creditors who were not able to prove their claims.

Contact: P. Newman
         Official Liquidator
         HLB Mann Judd
         Chartered Accountants
         Level 1, 160 Queen Street, Melbourne 3000
         Australia


HI-FI SUPERMARKET: Creditors Opt for Voluntary Liquidation
----------------------------------------------------------
Creditors of Hi-Fi Supermarket Pty Ltd had on March 3, 2006,
passed a resolution to voluntarily wind up the Company's
operations.

Contact: Craig Shepard
         Liquidator
         KordaMentha
         Phone: (03) 8623 3334
         e-mail: cshepard@kordamentha.com
         Web site: http://www.kordamentha.com.au/


HYMEC ENGINEERS: Liquidator to Present Wind-up Report
-----------------------------------------------------
A final meeting of the members and creditors of Hymec Engineers
Pty Limited will be held for the parties to receive Liquidator
Danny Vrkic's final account showing how the Company was wound up
and how its property was disposed of.

The meeting will be held on April 13, 2006, at 10:00 a.m.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co-Wollongong
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500.
         Telephone: 02 4225 2545
         Facsimile: 02 4225 2546


KINGDREAM PTY: Names Receivers and Managers
-------------------------------------------
On March 1, 2006, Brian McMaster and Martin Madden were
appointed as joint and several receivers and managers of
Kingdream Pty Ltd.

Contact: Brian Mcmaster
         Joint and Several Receiver & Manager
         KordaMentha
         Level 11, 37 St Georges Terrace
         Perth, West Australia 6000
         Australia


MELLORS PTY: Members Agree on Liquidation
-----------------------------------------
Members of Mellors Pty Limited held a meeting on
February 28, 2006, and agreed on the Company's need to
liquidate.

At the meeting, the members appointed Richard Herbert Judson to
manage the Company's wind-up activities.

Contact: Richard Judson
         Members Voluntarys Pty. Ltd.
         P.O. Box 819, Moorabbin
         Victoria 3189, Australia


METLCAST MANUFACTURING: Enters Voluntary Liquidation
----------------------------------------------------
After their general meeting on March 2, 2006, the members of
Metlcast Manufacturing Pty Ltd decided to voluntarily wind up
the Company's operations.

Subsequently, Peter George Biazos and Ian Alexander Currie were
appointed as the Company's Joint and Several Liquidators.

Contact: I. A. CURRIE
         P. G. BIAZOS
         Currie Biazos Insolvency Accountants
         Level 3, 320 Adelaide Street
         Brisbane, Queensland 4000
         Australia
         Telephone: 3220 0994
         Web site: http://www.cbia.com.au/


MULTIPLEX: Obtains Bank Debt Waivers
------------------------------------
Multiplex Group has obtained waivers from its lenders over the
breach of financial covenants that the losses from its Wembley
stadium redevelopment had generated, Dow Jones reports.

The Australian property and construction firm, which originally
planned to hand the stadium to the English Football Association
by the end of January, has said it won't substantially complete
the project on time and may breach the debt covenants again by
June, Bloomberg reveals.

In February, the Company reported that losses at the Wembley
project have jumped to A$250.7 million.  The Group posted a
total loss of AU$119.6 million for the first half and said
funding the Wembley losses had caused the group's available
liquidity to fall to AU$484 million from AU$745 million at June
2005.

After talks with its bankers, Multiplex expects to receive
further waivers at the time of its full year results in August.

                        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 after posting a massive AU$474 million
loss on Wembley and 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.


NORTHCOTE GARAGE: Prepares to Liquidate Assets
----------------------------------------------
Northcote Garage 1982 Limited has commenced liquidation of its
assets on April 3, 2006.

Subsequently, the liquidator requires creditors of the Company
to prove their debt or claims not later than May 3, 2006, to
benefit from any distribution the Company will make.

Contact: Russell k. D. Rodgers
         Liquidator
         Rodgers & Co. Limited
         P.O. Box 29-189, Christchurch
         New Zealand
         Telephone: (03) 343 3068
         Facsimile: (03) 343 3067


PANAHOME NEW ZEALAND: Taps Liquidator from McGrath Nicol
--------------------------------------------------------
A special resolution was passed on March 31, 2006, to appoint
joint and several liquidators for PanaHome New Zealand Limited.

Therefore, creditors are given until April 28, 2006, to prove
their debt or claims to benefit from any distribution the
Company will make.

Contact: Kerryn Downey
         Joint Liquidator
         McGrath Nicol + Partners (NZ) Limited
         Level Two, 18 Viaduct Harbour Avenue
         P.O. Box 91-644, Auckland
         New Zealand
         Telephone: (09) 367 5976
         Facsimile: (09) 366 4656


P&B HOLDINGS: Faces Liquidation Proceedings
-------------------------------------------
At a meeting of P&B Holdings Pty Ltd on March 3,
2006, members concurred that it is in the Company's best
interests to liquidate its operations.

Graeme Trevor Lean was then appointed as liquidator for the
wind-up.

Contact: PETER MILLS
         Director
         G. T. Lean & Associates
         424 Fitzgerald Street
         North Perth, West Australia 6006
         Australia


PBO LIMITED: Picks Bryan Williams as Liquidator
-----------------------------------------------
Bryan Edward Williams has been appointed liquidator for PBO
Limited assets on March 31, 2006.

Mr. Williams therefore, required creditors of the Company to
prove their debt or claims not later than April 24, 2006, to
enable them to benefit from any distribution the Company will
make.

Contact: Bryan Williams
         care of Bryan Williams & Associates
         Insolvency Practitioners
         131 Taupaki Road
         Taupaki, Auckland 1232
         New Zealand
         Telephone: (09) 412 9762
         Facsimile: (09) 412 9763


PERFECTION DEVELOPMENTS: Court Orders Winding Up
------------------------------------------------
On March 10, 2006, the Supreme Court of New South
Wales, Equity Division, made an order for the liquidation of
Perfection Developments Pty Limited and appointment of R. J.
Porter as liquidator.

Contact: R. J. Porter
         Official Liquidator
         Moore Stephens
         Chartered Accountants
         Level 6, 460 Church Street
         Parramatta, New South Wales 2150
         Australia


PIEMAN AUSTRALIA: Pays Out Final Dividend
-----------------------------------------
Pieman Australia Pty Ltd will distribute its final dividend
today, April 13, 2006.

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

Contact: C. M. Williamson
         Liquidator
         SimsPartners
         Level 12, 40 St George's Terrace
         Perth, West Australia 6000


REALIZE PTY: Liquidator to Present Wind-up Report
-------------------------------------------------
The members and creditors of Realize Pty Limited will  
hold a final meeting today, April 13, 2006, to receive an
account of Liquidator Danny Vrkic's acts and dealings and of the
conduct of the wind-up.

Contact: Danny Vrkic
         Liquidator
         Jirsch Sutherland & Co-Wollongong
         Level 3, 6-8 Regent Street
         Wollongong, New South Wales 2500
         Telephone: 02 4225 2545
         Facsimile: 02 4225 2546


RIDGID FLOORS: Creditors Must Prove Debt or Claims by April 27
--------------------------------------------------------------
Henry David Levin and David Stuart Vance have been picked to
facilitate the liquidation of Ridgid Floors Limited on March 30,
2006.

The Liquidators fixed April 27, 2006, as the last day for
creditors to make their claims and establish any priority their
claims may have.

Creditors who have not made a claim at the date a distribution
is declared will be excluded from the benefit of that
distribution and those creditors may not object to that
distribution.

Contact: Amy Sexton
         McCallum Petterson
         Level Eleven, Forsyth Barr Tower
         55-65 Shortland Street
         Auckland
         New Zealand
         P.O. Box 6916, Wellesley Street
         Auckland
         Telephone: (09) 336 0005
         Facsimile: (09) 336 0010


SAKAN PTY: NAB Appoints Receivers and Managers
----------------------------------------------
On February 15, 2006, National Australia Bank appointed Derrick
Vickers and Geoffrey Frank Totterdell as joint and several
receivers and managers of all of the property, undertaking and
interests of Sakan Pty Ltd A.C.N.

Contact: National Australia Bank Limited
         A.C.N. 004 044 937
         Level 5, 50 St George's Terrace
         Perth, West Australia 6000
         Australia


TROJAN RIGGING: Enters Winding Up Proceedings
---------------------------------------------
At Trojan Rigging And Scaffolding Pty Limited's general meeting
on March 10, 2006, members concurred that it is in the Company's
best interests to liquidate its operations.

Peter Hillig was then appointed as liquidator at a  
creditors' meeting held later that day.

Contact: P. Hillig
         Liquidator
         Smith Hancock hartered Accountants
         Level 4, 88 Phillip Street
         Parramatta, New South Wales 2150
         Australia


TULLAWUNG PTY: Members Meet to Discuss Winding Up
-------------------------------------------------
A final meeting of the members and creditors of Tullawung Pty
Ltd will be held today, April 13, 2006, at 11:00 a.m.

At the meeting, Liquidator Timothy John Ryan 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: Timothy John Ryan
         Liquidator
         Robert A. Casey & Co
         20 Denis Street
         Subiaco, West Australia 6008
         Australia


UFHUSEN PROPERTIES: Faces Liquidation Proceedings
-------------------------------------------------
The High Court of Wellington has received an application to
liquidate Ufhusen Properties Limited on February 1, 2006.

The application will be heard before the court on
April 24, 2006, at 10:00 a.m.

An appearance must be filed not later than April 20, 2006, to be
able for any person to appear at the hearing of the application.

Contact: Commissioner of Inland Revenue
         Plaintiff
         Kerryn Marie Watt
         Solicitor for the Plaintiff
         Technical and Legal Support Group
         Wellington Service Centre
         First Floor, New Zealand
         Post House, 7-27 Waterloo Quay
         P.O. Box 1462, Wellington
         Telephone: (04) 802 8091
         Facsimile: (04) 802 8187


VIZOWA PTY: Members Resolve to Have Business Liquidated
-------------------------------------------------------
On March 8, 2006, members of Vizowa Pty Ltd resolved that the
Company be wound up voluntarily.

Richard John Cauchi and Peter Gountzos were appointed as
liquidator at a creditors meeting held later that day.

Contact: Richard J. Cauchi
         Joint and Several Liquidator
         CJL Partners
         Level 3, 180 Flinders Lane
         Melbourne, Victoria 3000
         Telephone: (03) 9639 4779
         Facsimile: (03) 9639 4773


WEBB AIR AUTO: Placed in Voluntary Liquidation
----------------------------------------------
On March 6, 2006, members of Webb Air Auto Electrics Pty Ltd
resolved that the Company be wound up voluntarily.

Con Kokkinos was appointed as liquidator at a creditors meeting
held later that day.

Contact: Con Kokkinos
         O'Keeffe Walton Richwol
         Chartered Accountants
         Suite 3, 431 Burke Road
         Glen Iris 3146
         Australia


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

AESTHETIC ENGINEERING: Creditors, Contributories Meet Separately
---------------------------------------------------------------
Creditors and Contributories of Aesthetic Engineering Company
Ltd will meet separately on May 8, 2006, at 3:00 p.m. for the
contributories and 3:30 pm for the creditors.

The meeting will be held at the office of Baker Tilly Hong Kong,
Unit 1203-13, 12/F., China Merchants Tower, Shun Tak Centre,
168-200 Connaught Road Central, Hong Kong.

Proofs of debts and proxies to be used at the meeting must be
lodged at the office of the joint and Several Liquidator not
later than 5:00 p.m. on May 4, 2006.

Contact: Bruno Arboit
         Baker Tilly Hong Kong,
         Unit 1203-13 12/F.,
         China Merchants Tower
   Shun Tak Centre,
   168-200 Connaught Road
   Central, Hong Kong


BEAR COMPANY: To Issue First and Final Preferential Dividend
------------------------------------------------------------
Bear Company (H.K.) Ltd will issue its first and final
preferential dividend at 100 percent on April 7, 2006, onwards.

Issuance of dividends will take place at the Company's address,
5th floor, Allied Kajima Building, 138 Gloucester Road, Wanchai,
Hong Kong.


CHINA EASTERN: Posts 2005 Loss on 64% Rise in Fuel Costs
--------------------------------------------------------
As reported by the Troubled Company Reporter - Asia Pacific on
July 18, 2005, China Eastern Airlines Corporation Limited has
estimated that it will suffer a financial loss for the six-month
period ended June 30, 2005.

In an updated on April 11, 2006, Dow Jones relates that the
Company has incurred a net loss of CNY467.3 million for the year
ended December 31, 2005, versus a profit of CNY320.7 million a
year earlier.

The airline said a 64% increase in fuel costs offset rising
revenue and foreign exchange gains.  It added that aircraft fuel
costs increased to CNY8.89 billion in 2005 from CNY5.43 billion
a year earlier.

In 2005, average domestic fuel prices increased 24% and
international aviation prices rose 40%.  The airline said
aviation fuel accounted for 32% of the airline's total operating
costs in 2005, up from 27% last year.

Meanwhile, China Eastern benefited from an exchange gain of
CNY415 million after the July 2% revaluation of the Chinese
yuan.  The airline posted a 28% rise in revenue to CNY27.45
billion from CNY21.39 billion.  

At the end of 2005, the company's short-term loans amounted to
CNY13.71 billion, and long-term loans to CNY12.61 billion.

Dow Jones states that China Eastern plans to raise the ratio of
aviation fuel arbitrage to reduce the impact of fuel price
fluctuation.  The airline expects demand for air transport to be
sustained by the growing global economy, albeit at a slower rate
this year.

About China Eastern Airlines

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

In March 2006, Fitch Ratings assigned China Eastern Airlines
Corporation Limited a Foreign Currency Issuer Default Rating
(IDR) of 'BB-' (BB minus), and a Local Currency Issuer Default
Rating of 'BB-' (BB minus).  The Outlook on the ratings is
Negative.

The ratings reflect China Eastern's deteriorating profitability
due to declining yields driven by increasing competition and
escalating operating expenses as a result of the hike in jet
fuel prices.  Fitch also notes that the carrier's aggressive
capex plans could constrain its cash flow generation and further
worsen its leverage levels.  The restructuring risks from the
integration of Yunnan Air and China Northwest Airlines in 2005
have also been factored into the ratings.


CHINA EASTERN: To Sell 20% Stake
--------------------------------
China's largest carrier China Eastern Airlines plans to sell at
least 20% of its stake to an investor to raise funds and help
improve management expertise, The Standard relates, citing China
Eastern Chairman Li Fenghua.

The airline is currently in talks with three to four potential
investors but did not reveal their names.  Market watchers had
earlier speculated that Japan Airlines and Cathay Pacific
Airways were possible buyers.

The stake sale plan was unveiled as it announced it has placed
an order for 16 aircraft from Boeing to meet demand for domestic
short-to- middle range routes.  The aircraft have a total
catalog price of US$924 million (HK$7.2 billion) although Boeing
has granted the company "significant price concessions", China
Eastern said.

About China Eastern Airlines

Headquartered in Shanghai, China, China Eastern Airlines
Corporation Limited's -- http://www.ce-air.com-- principal  
activity is operation of domestic and international commercial
air transportation. The Group also is involved in the common
aircraft industry. Other activities include general aviation,
air catering, advertisement, import and export, equipment
manufacturing, real estate, hotel business, finance and
training. The fleet includes more than 60 large and medium size
airplanes, Airbus and Boeing mostly. Its operation centering
from Shanghai to the whole People's Republic of China and
linking to Asia, Europe, America and Australia.

In March 2006, Fitch Ratings assigned China Eastern Airlines
Corporation Limited a Foreign Currency Issuer Default Rating
(IDR) of 'BB-' (BB minus), and a Local Currency Issuer Default
Rating of 'BB-' (BB minus).  The Outlook on the ratings is
Negative.

The ratings reflect China Eastern's deteriorating profitability
due to declining yields driven by increasing competition and
escalating operating expenses as a result of the hike in jet
fuel prices.  Fitch also notes that the carrier's aggressive
capex plans could constrain its cash flow generation and further
worsen its leverage levels.  The restructuring risks from the
integration of Yunnan Air and China Northwest Airlines in 2005
have also been factored into the ratings.


CHINESE MEDICINE: Passes Wind-up Resolution on April 7
------------------------------------------------------
The members of the Hong Kong Association of Higher Education of
Chinese Medicine Ltd passed a special resolution to submit
itself to voluntary winding up.

Cheng Kai Tai of 19/F Beverly House, Nos. 93-107 Lockhart Road,
Wanchai Hong Kong was subsequently appointed as the official
liquidator of the Company.

The resolution was passed on April 7, 2006 at an Extraordinary
General Meeting of the members of the Company.


DON FRANCO: Appoints Liquidators & Inspection Committee Members
---------------------------------------------------------------
Don Franco (H.K.) Company Ltd of Unit B 2/F Dragon Industrial
Building, 93-95 King Lam Street, Cheung Sha Wan Kln., has
appointed Chiu Koon Shou and Tsang Fan Wan as Joint and Several
liquidators.

Furthermore, members of the Committee of Inspection were
appointed for the winding-up proceedings.


JENXON LIMITED: Final Members and Creditors Meetings Set May 8
--------------------------------------------------------------
The members and creditors of Jenxon Limited will hold its Final
Meeting at Room 207, Duke of Windsor Social Service Building, 15
Hennessy Road, Wanchai, Hong Kong on May 8, 2006, at 2:30 p.m.
and 3:00 p.m., respectively.

At the meeting, the members and creditors will receive
Liquidator Ruby Mun Yee Leung's accounts on how the winding up
was conducted and the property of the Company disposed of.   

Forms of proxies for the meeting must be lodged not later than
May 7, 2006, at 5th Floor, Ho Lee Commercial Building, 38-44 D'
Aguilar Street Central, Hong Kong.


JUMBO FORTUNE: Court to Hear Wind-up Petition on May 17
--------------------------------------------------------
Man Financial Ltd presented to the High Court of Hong Kong a
winding-up petition against Jumbo Fortune (H.K.) Ltd on March
17, 2006.

The petition will be heard before the Court at 9:30 a.m. of May
17, 2006.

Any creditor or contributory wishing to support or oppose the
making of a wind up order may appear at the hearing by himself
or by his counsel.

Contact: Johnson Stokes & Master
         18th Floor, Prince's Building
         10 Chater Road, Central
         Hong Kong


GAC CARGO: To Hold Final Members Meeting on May 8
-------------------------------------------------
Members of the GAC Cargo Systems (H.K) Ltd will met for a final
general meeting on May 8, 2006.   

At the meeting, Liquidator Kung Chi How will present an account
of the Company's liquidation process.   

Members are entitled to vote by person or by proxy.  


KWOK YUNG INVESTMENTS: Members' Final Meeting Set on May 15
-----------------------------------------------------------
Members of Kwok Yung Investments Ltd will convene for their
final meeting on May 15, 2006, at Room 1403, 43 Queens Road
East, Hong Kong at 10:00 a.m.

At the meeting, Liquidator Charles Fearn will present the
account showing how the winding up has been conducted and the
property of the Company been disposed of.


LEE FUNG SCREW: Transfers Operation to Lee Fung Metal Products
---------------------------------------------------------------
Lee Fung Screw Manufactory, a manufacturer, distributor and
seller of screws, washers, automatic lathes, iron, carbonated
steel, metal alloy etc. located at Unit 2101, Treasure Centre,
42 Hung To Road, Kwun tong, Kowloon, Hong Kong has agreed to
transfer its business to Lee Fung Metal Products Factory Ltd.

The transferee, with the same address as the transferor, intends
to carry on the business of the former under the names of both
Lee Fung Screw Manufactory and Lee Fung Metal Products Factory
Limited.

Liability of the transferee for all debts and obligation arising
from the business of the transferor shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.


LONG PROGRESS: Appoints Official Liquidator
-------------------------------------------
On April 7, 2006, Long Progress Timber Development Company Ltd
passed a Special Resolution to appoint Ng Kam Wan as the
Company's official liquidator.

Contact: Ng Kam Wan
         21/F Fee Tat Commercial Centre
         No. 613 Nathan Road
         Kowloon, Hong Kong


MIRROR IMAGE: Kwan Ceased to Act as Liquidator
-----------------------------------------------
Chan Sek Kwan, former liquidator of Mirror Image Internet (H.K.)
Ltd, ceased to act as the Company's Liquidator on March 29,
2006.


NETEL TECHNOLOGY: Nine-Month Net Loss Narrows to HK$2 Mln
---------------------------------------------------------
Netel Technology (Holdings) Limited posted a net loss of HK$2.36
million for the nine months ended February 28, 2006, compared
with a net loss of HK$9.14 million a year earlier, relates
Infocast News.  Loss per share was $0.55.  No dividend was
declared for the fiscal third quarter.  

The Troubled Company Reporter - Asia Pacific reported on January
16, 2006, that the Company incurred a net loss HK$2.201 million
for the six months ended November 30, 2005, versus a net loss of
HK$6.2 million in 2004.

The Group is principally engaged in the provision of long
distance call services through an integrated network
infrastructure, comprising both the packet-switched system (IP
based) and the circuit-based system (conventional phone based).


PMMS ASIA-PACICIC: Completes Transfer of Business on May 7
----------------------------------------------------------
PMMS Asia-Pacific Ltd, a business consultant firm located at
1302 Luk Hoi Tong Building, 31 Queens Road Central, Hong Kong
has agreed to transfer its business to PMMS Consulting Group
Asia Pacific Ltd.

The transferee, located at 1302 Luk Hoi Tong Building, 31 Queens
Road Central, Hong Kong intends to carry on the business of the
transferor under the name PMMS Asia Pacific and NRI Asia
Pacific.

Liability of the transferee for all debts and obligation arising
from the business of the transferor shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.


PRICE WATERHOUSE: Appoints Liquidators via Special Resolution
-------------------------------------------------------------
Ying Hing Chiu and Chung Miu Yin were appointed Liquidators to
act jointly and severally for Price Waterhouse Management
Consultants Ltd.

The special resolution was passed on March 28 2006.


ROXY WORLD: Members Pass Wind-up Resolution
-------------------------------------------
On March 28, 2006, members of Roxy World Trading Company
Ltd signed and passed a resolution to voluntarily wind up the
Company and appoint Roderick John Sutton as the Company's
official liquidator.  

The members also passed a resolution to distribute the assets of
the Company to the members.  

They also authorized the Liquidator to dispose the Company's
books, accounts and documents at time of his own discretion.  


ROXY WORLD: Creditors to Prove Debts by May 6
---------------------------------------------
Roxy World Trading Company Ltd will be receiving creditors'
proof of debts or claims on or before May 6, 2006.   

Creditors are requested to send in their particulars to the
solicitors and liquidators of the Company.   

Failure to comply with the requirements will exclude any
creditor from the benefit of any distribution the Company will
make.

Contact: Roderick John Sutton
         C/O Ferrier Hodgson Limited
         14th Floor, Hong Kong Club Bldg
         3A Chater Road
         Hong Kong


REMY FINE WINES: Appoints Official Liquidators
----------------------------------------------
By virtue of a Special Resolution passed by the Remy Fine Wines
Ltd on March 24, 2006, Natalia K M Seng and Susan Y H Lo were
appointed Liquidators to act Jointly and Severally for the
Company.


SHANGHAI REAL ESTATE: Rating Unaffected by Bond Rise
----------------------------------------------------
Standard & Poor's Ratings Services disclosed that its long-term
corporate credit rating on Shanghai Real Estate Ltd.
(BB-/Stable/--) would not be affected by a US$50 million
increase in a proposed seven-year bond to be issued by the
company.  The issue size is now US$200 million.

According to the management, the additional proceeds will be
used to refinance SRE's existing bank loans at the subsidiary
level.  While this refinancing will not affect the company's
financial parameters, it will increase its interest expenses.

The rating on Shanghai Real Estate factors in Standard & Poor's
expectation that the company will maintain a disciplined growth
strategy.  If its land acquisitions prove increasingly
aggressive, there could be downward pressure on the rating.

About Shanghai Real Estate

Shanghai Real Estate Limited (SRE), established in 1993 and
listed on the Hong Kong Stock Exchange in 1999, is a property
developer focusing on mid-to-high-end residential development in
Shanghai.  As of end-2005, it possessed a land bank of about 1.4
million square meters, sufficient for 5 years of development.  

Moody's Investors Service has affirmed Shanghai Real Estate
Limited's (P) Ba3 local currency corporate family rating and
foreign currency senior unsecured bond rating.  The ratings
outlook is stable.  The affirmation follows the Company's
decision to increase the size of its bond issuance to US$200
million from US$150 million.


SNP PANPAC: Transfers Business to Times Publishing on March 1
-------------------------------------------------------------
SNP Panpac Ltd, engaged in publication of educational books and
reference materials located at Unit B2, 6/F Eastern Sea
Industrial Building, 48-56 Tai Lin Pai Road, Kwai Chung, New
Territories, Hong Kong has transferred its business to Times
Publishing Ltd.

The transferee, located at Unit 02, 30/F, Citicorp Centre, 18
Whitfield Road, Causeway Bay Hong Kong acquired all together the
assets and the goodwill of the transferor.

Liability of the transferee for all debts and obligation arising
from the business of the transferor shall cease after one month
of the date of the last publication of this notice, unless
proceedings are instituted prior to such expiration.

The transferor shall pay all debts, liabilities and outgoings
incurred before the transfer date absolutely.


STAR PACIFIC: Shareholders Opt for Voluntary Liquidation
--------------------------------------------------------
Shareholders of Star Pacific Holdings Ltd signed a resolution to
wind-up the Company voluntarily and appoint Kong Chi How as the
Company's official liquidator.

The special resolution was passed on March 31, 2006.


TAK YIP TRADING: To Pay Second Supplementary Dividend
-----------------------------------------------------
On April 13, 2006 onwards, Tak Yip Trading Company Ltd will
start issuing second supplementary dividend at 0.299 percent at
the Company's registered office, 10th floor, Queensway
Governments Offices, 66 Queensway, Hong Kong.  


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

BHARAT PETROLEUM: Sets up Karippur Aviation Refueling Depot
-----------------------------------------------------------
State oil firm Bharat Petroleum Corporation Ltd will open its
aviation refueling station at Karippur International Airport by
September 2006, Zee News reports

Bharat Petroleum aviation business head S P Mathur on Tuesday
laid the foundation for the INR2 crore project.

Mr. Mathur said that the facility, which has a 400 kilo-liter
capacity, would provide hassle-free service to incoming and
outgoing flights.

The decision to set up such a station was taken while
considering the possible introduction of more flights from the
airport in the wake of it attaining international status, Mr.
Mathur explained.

The Karippur depot would be the third refilling station in the
state, the others being at Thiruvananthapuram and Kochi, taking
the total number to 21 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: Ruia Reopens Ambattur Plant
-----------------------------------------
Dunlop India Limited's Ambattur factory in Tamil Nadu has
finally reopened last Monday after almost five years of closure,
Business Standard reports.

Some 1000 workers are scheduled to work at the Ambattur facility
under a new management headed by Pawan Kumar Ruia.  The workers
will do maintenance work in the next four to five months in
preparation for resumption of operations in September this year.  

Kolkata-based Ruia group, the Company's new owner, said all
labor issues have been sorted out at the plant.  The agreement
between the workers and the management was for a three-year
period and of the 1,300 workers, only 1,000 would be
reintroduced.  The remaining 300 workers would be granted
retirement scheme.  
  
Mr. Ruia is confident all pending issues would be sorted out
soon to pave way for opening of Dunlop's second plant as well.  
Dunlop's unit in Sahagunj in West Bengal is also likely to
commence production in the last quarter of this year.

The Ambattur and Sahagunj plants closed down in 2001 when Dunlop
India became sick under the Manu Chhabria led management.  
Dunlop India's revival prospects brightened when Ruia bought the
entire tyre business of the Chhabria family controlled Jumbo
Group of Dubai in December last year for INR200 crores.

The Ruia group, who had earlier bought public sector engineering
giant, Jessop, had proposed to re-open both plants with 1000
workers in each and offering voluntary retirement packages to
others. The Ambattur unit had 1400 workers and Shahgunj 2600
when they closed down.

                       About Dunlop India

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.


DUNLOP INDIA: Earmarks INR350 Crore for Revival
-----------------------------------------------
Dunlop India has allocated INR350 crore in its preliminary
capital expenditure program for the revival of its facilities at
Ambattur in Tamil Nadu and Sahagunj in West Benggal, Business
Standard says.

Dunlop's new promoter Pawan Kumar Ruia said that about INR25
crore is needed for additional maintenance expenses at Sahagunj  
The Company expects to restart production at the plant by
September 2006.

The total start-up cost of both the units would be around INR225
crore. While INR125 crore would be spent on refurbishing and
adding new equipment, INR100 crore would be for working capital.

                       About Dunlop India

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.


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

PERTAMINA: Forges Alliance With Saudi Aramco
--------------------------------------------
PT Pertamina plans to team up with Saudi Aramco to build a new
refinery plant in Indonesia as the company's current seven
refineries cannot match the rise in domestic fuel demand, AFX
News relates, citing Pertamina's vice-president Iin Arifin
Takhyan.

Mr. Takhyan said the location, capacity and investment cost of
the refinery will depend on Saudi Aramco.

In 2005, Pertamina signed an agreement with China Petroleum &
Chemical Corporation (Sinopec) to build an oil refinery in
Tuban, East Java.  Sinopec however may withdraw from the deal
after the estimated investment cost has risen nearly doubled to
US$3 billion from the initially envisaged US$1.6 billion.  
Pertamina has said it is considering looking for other partners
to replace Sinopec.

About Pertamina

PT Pertamina (Persero) -- http://www.pertamina.com/-- is a  
wholly state-owned enterprise.  The enactment of Oil and Gas Law
No. 22/2001 in November 2001 and Government Regulation No.
31/2003 has changed its legal status from a special state-owned
enterprise into a Limited Liability Company.  In carrying out
its activities, PT Pertamina implements an integrated system
from upstream to downstream.  Despite reporting a net profit of
IDR3.03 trillion for the first six months of 2005, Pertamina's
failure to service its financial obligations was pegged as one
of the contributors to Indonesia's decreased income for the
year.  Indonesia's President Susilo Bambang Yudhoyono has
promised to expedite the overhaul of state oil firm PT Pertamina
in order to increase the country's fuel output.  President
Yudhoyono said the Company's restructuring program is not
proceeding effectively, as the Company is still experiencing
many difficulties.  He added that he wants to conduct a "real"
restructuring of Pertamina, with clear and measurable phases. On
March 8, 2006, the Indonesian government has appointed Pertamina
marketing director Ari Soemarno as Pertamina's new chief.
Because of Mr. Soemarno's vast experience in managing the
Company's imports and exports of crude oil and oil products, he
was considered the best candidate to replace Pertamina's
President Widya Purnama


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

JAPAN AIRLINES: Lack of Communication Caused Safety Blunders
------------------------------------------------------------
Japan Airlines Corporation has informed Japan's parliament that
insufficient communication between labor and management were the
causes of a series of safety blunders at the airline, AFX News
relates, citing incoming Japan Airlines chief executive Haruka
Nishimatsu.

The Troubled Company Reporter has reported on April 11, 2006,
that that House of Representatives Transport Committee has asked
President Toshiyuki Shinmachi to testify on recent maintenance
errors at a hearing to be held on April 11, 2006.  

AFX News relates that the mishaps had cost the airline about
JPY32 billion (US$270 million) in sales last year as passengers
defected to rival All Nippon Airways Co.

About Japan Airlines

Tokyo-based Japan Airlines International Company, Limited
-- 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.


MITSUBISHI MOTORS: Launches Car R&D Unit in Mainland China
----------------------------------------------------------
Mitsubishi Motors Corporation has commissioned a new research
and development center in Mainland China that will help the
company supply Mitsubishi brand vehicles that meet the
requirements of this diversifying and increasingly sophisticated
growth market.  

Incorporated as Lingfa Car Technical Consulting (Shanghai) Ltd.,
the new R&D center is a wholly owned Mitsubishi Motors
subsidiary and is the company's third R&D unit to be based
outside Japan.

In a press statement, the new R&D center began operating in
April and initially will concentrate on assuring quality in
locally produced parts and components, following trends in
vehicle and traffic laws and regulations, and speedily meeting
customer needs and requirements.  

Going forward, research facilities will be added as Mitsubishi
Motors builds up its R&D organization in mainland China to
support the development of Mitsubishi brand vehicles to be
introduced over the coming years and to support the management
of development operations at the four local companies in which
it holds equity stakes1.

                     New R&D Center profile

Corporate name       : Lingfa Car Technical Consulting
                       (Shanghai) Ltd.

Location             : Grand Gateway Tower 1, 4707 HongQiao Road
                       1, Shanghai, China

Capital              : JPY30 million

Shareholders         : Mitsubishi Motors Corporation, 100%

Representative       : Masazumi Koga, General Manager &
                       President

Business lines       : Motor Vehicle Development

Site area            : 304.76 sq.m. (building floor area)

Initial Investment   : JYP42 million

Date of Establishment: January 2006

Start of Operations  : April 2006

Employees            : 10 (at start of operations)

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'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.

TCR-AP reported on March 31, 2006, that Moody's Investors
Service changed the outlook of Mitsubishi's Ba3 long-term debt
rating to stable from negative, which reflects Moody's
expectation that the Company's credit profile may continue
improving profitability recovering due to improved cost
structures and an increased market position due to global
introductions of new models.


PIONEER CORPORATION: Omron Agrees to Acquire Subsidiary
-------------------------------------------------------
Omron Corporation has reached a preliminary agreement with
Pioneer Corporation to acquire 100% of Pioneer Corporation's
stock in Pioneer Precision Machinery Corporation (Pioneer PMC).  

In a press release, both parties have been independently
developing, manufacturing and marketing backlight units (BLU)
primarily for use in small size LCDs.  Forecasts suggest that
the global LCD backlight unit business is set to grow rapidly.

Aiming to be a leader in this expanding market, Omron has
decided to integrate its technical expertise, production
capacity and sales forces with Pioneer PMC's, to create a world
class manufacturer of BLUs for small to large size LCDs.

Omron also plans to continue Pioneer PMC'S rubber business and
resin molding business.

Following the basic agreement reached on April 4, 2006, terms
and schedule for the stock purchase will be discussed and
finalized in due course.

Objective of the acquisition

Omron aims to consolidate and expand its business in the market
for small size backlights by adding Pioneer PMC's multi light
source BLUs to its own proprietary point light source BLU
product lineup.

Boosting competitiveness across the board through accelerating
medium-size BLU business -- Omron is aiming to boost its
competitiveness in markets for all sizes of BLU, by expanding
Pioneer PMC's medium-size BLU business alongside its own small-
and large-size BLU business.

Boosting cost-competitiveness through economies of scale -
greater parts procurement power, optimized usage of production
capacity and technology development synergies will allow Omron
to boost its cost-competitiveness.

Increasing market share - as there is little overlap between
Omron and Pioneer PMC's product ranges, Omron will increase its
total BLU market share through this acquisition.

About Pioneer Precision Machinery

Pioneer Precision Machinery Corporation with its president,
Yoshio Nakano, is located in Saitama, Japan and was founded on
April 18, 1977.  Its main business lines are the manufacture and
marketing of high-precision parts for electronic equipment such
as light-guiding plates for small LCDs.  The company employs 270
and has annual sales of Yen 35 billion (estimated for fiscal
year 2005).

About Omron Corporation

Established in 1933 and headed by President Hisao Sakuta, Omron
has more than 25,000 employees in over 35 countries working to
provide products and services to customers in a variety of
fields including industrial automation, electronic components
industries, and healthcare.  The company is divided into five
regions and head offices are in Japan (Kyoto), Asia Pacific
(Singapore), China (Hong Kong), Europe (Amsterdam) and US
(Chicago).  The European organization has its own development
and manufacturing facilities, and provides local customer
support in all European countries.

About Pioneer Corporation

Headquartered in Tokyo, Japan, Pioneer Corporation  
-- http://www.pioneer.co.jp/-- manufactures consumer and  
commercial electronics, about 40% of its sales come from car
electronics, which are sold to retailers and automobile
manufacturers.  Pioneer also makes video equipment and audio
products.  Through Disco Vision Associations, Pioneer also
generates revenue from licensing optical disc technologies.
Pioneer has more than 30 manufacturing facilities worldwide.

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


KAJIMA CORPORATION: To Delist Stock in London
---------------------------------------------
Kajima Corporation will delist its stock from the Official List
of the Financial Services Authority.

It will also have the admission to trading of its Shares on the
EEA Regulated Market of the London Stock Exchange Plc cancelled
in light of its small transaction volume.

In a press statement, the Company stated that delisting would
have very little effect on its shareholders and investors, since
the shares will continue to be listed on the Tokyo Stock
Exchange, Inc., the Osaka Securities Exchange Co., Ltd. and the
Nagoya Stock Exchange, Inc.

About Kajima Corporation

Tokyo-based Kajima Corporation -- http://www.kajima.co.jp/--  
was founded in 1840 and quickly grew to become an industry
leader in the field of construction, where it has remained as
such ever since.  Kajima Corporation is a leading contractor in
the construction industry, providing a full range of services in
Japan and countries around the globe.  Kajima Corporation has
been experiencing losses due to poor operating performance of
its European construction subsidiary, and has disposed of its
loss-making units.  


KOBE STEEL: Forges Alliance to Build U.S. Plant
-----------------------------------------------
Kobe Steel Limited, Steel Dynamics Inc. and Cleveland-Cliffs
Incorporated  will build a steel plant in the United States
through a JPY15-billion joint venture, the Nihon Keizai business
daily said on Wednesday.

The three companies are considering building the plant in the
state of Minnesota.  

The plant, designed to produce high-end steel used in
automobiles from low-quality iron ore and low-priced coal, can
cut materials costs to about one-third those of a blast furnace.  

The plant will start operations as early as 2008 at an initial
output of around 500,000 tonnes a year.

About Kobe Steel Limited

Headquartered at Chuo-ku, Kobe, in Hyogo, Japan, Kobe Steel,
Limited -- http://www.kobelco.co.jp/english/corp/index.html--  
is one of Japan's leading steelmakers, as well as the top
supplier of aluminum and copper products.  Other businesses
include welding consumables, urban infrastructure and plant
engineering services, and industrial machinery.  The Company
also has high-tech businesses in electronics and information
systems.  Kobe Steel has numerous consolidated and equity-valued
companies in Japan, the Americas, Asia and Europe.  KOBELCO is
the corporate mark used by Kobe Steel on a variety of products
and in the names of a number of group companies.

On March 14, 2006, Fitch Ratings Agency assigned a 'B' Short-
term Foreign and Local Currency Issuer Default Rating to Kobe
Steel Limited.

Short-term IDRs, which replace traditional Short-term ratings,
reflect the ability of an issuer to meet its financial
commitments on a timely basis over the next 12 months; it is
thus a benchmark 'probability of default' rating and does not
reflect any assessment of potential loss in the event of
default. Securities in an issuer's liability structure will be
rated higher, lower, or the same as the IDR on the basis of
their relative recovery prospects.


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

HYUNDAI MOTOR: Civic Group Sues Owners for Embezzlement
-------------------------------------------------------
The People's Solidarity for Participatory Democracy, an
influential shareholder activist group in Seoul, has filed a
suit against Hyundai Motor Chairman Chung Mong-koo and his son
Eui-sun, over allegations of embezzlement related to their auto
freight company, Glovis Co., Yonhap News relates.

The Troubled Company Reporter - Asia Pacific reported on March
31, 2006, that prosecutors raided the headquarters of Hyundai
Motor Co., and three of its subsidiaries -- Glovis Co., Kia
Motors Corporation and Hyundai Autonet Co. -- on March 26, 2006,
as part of their investigation into the Hyundai Motor Group's
alleged involvement in a slush fund scandal and in illegal
political lobbying.

About Hyundai Motor

Headquartered in Seoul, South Korea, Hyundai Motor Company
-- http://www.hyundai-motor.com/-- has been selling cars in the   
United States since 1986, but it only started selling its heavy
trucks stateside in 1998.  South Korea's number 1 carmaker,
Hyundai produces 14 models of cars and minivans, as well as
trucks, buses, and other commercial vehicles.  The Company
reestablished itself as Korea's leading carmaker in 1998 by
acquiring a 51% stake in Kia Motors (since reduced to about
45%).  Hyundai's exports include the Accent and Sonata, while
its Korean models include the Atos subcompact.  The Company also
manufactures machine tools for factory automation and material-
handling equipment.

In September 2005, Standard & Poor's Rating Services maintained
its long-term BB+ ratings on Hyundai Motor Co. and Kia Motors
Corp. on CreditWatch with positive implications following recent
reports that the Hyundai Group may buy Mando Corp. a Korean auto
parts maker.  Mando has been put up for sale for KRW2 trillion
by JP Morgan Partners and Affinity Capital, which together own
over 70% of the Company.  Despite Hyundai and Kia's continued
improvement of their global market positions, the group
continues to make overly aggressive expansion and acquisition
plans.  These include a recently announced Kia factory in the
U.S. and, of more concern, the W5 trillion-W7 trillion blast
furnaces planned by group Company INI Steel Co.  The CreditWatch
listings will be reassessed within the following two months. If
purchase terms for Mando are solidified during that time, the
CreditWatch placement will be resolved.  However if the
negotiations are prolonged, Standard & Poor's will affirm the
current 'BB+' ratings until further information is available.


KOREA EXCHANGE: Prosecutors Find Lead in Lone Star Tax Evasion
--------------------------------------------------------------
Prosecutors investigating alleged tax evasion by Lone Star
Funds' 2003 acquisition of Korea Exchange Bank have secured new
evidence, Digital Chosun reports.  

Chun Yong-jun, a former Korea Exchange Bank official who had led
the bank's sales task force, testified that Lone Star changed
the buyer of the controlling stake from Lone Star Fund to LSF-
KEB Holdings in Belgium.  Mr. Chun said this was aimed at
evading taxes on profits acquired from the sale of the bank.

According to the report, Korea and Belgium have a double
taxation pact, and under the agreement Korea cannot slap taxes
on Belgian firms.  KEB's board of directors is believed to have
condoned the maneuver in the sale.

Lone Star bought a 50.5% stake in Korea Exchange Bank in 2003
for KRW1.3 trillion (US$1.3 billion).  It recently signed a
preliminary deal with Kookmin Bank to sell it for some KRW6.5
trillion.

About Korea Exchange

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

In March 2006, Standard & Poor's Ratings Services placed its  
'BBB/A-2' counterparty credit ratings on Korea Exchange Bank,
and its rating on the bank's lower tier II subordinated bonds,
on CreditWatch with positive implications.  The CreditWatch
placement is due to the increased likelihood that KEB will be
purchased by the stronger Kookmin Bank (A-/Stable/A-2).  

U.S.-based Lone Star Funds designated Kookmin as the preferable
partner for its planned sale of its 50.53% stake in KEB.
Finalizing the Transaction may take a few months and there have
been several cases where negotiations with designated partners
collapsed.  However, Standard & Poor's believes that the
likelihood that Kookmin will purchase KEB is relatively high,
given the strong intention by the bank's management and the
motivation of Lone Star Fund to complete the transaction soon.  


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

AFFIN HOLDINGS: Lists Shares from Employees' Share Option Scheme
----------------------------------------------------------------
Affin Holdings Berhad's additional 900,000 new ordinary shares
of MYR1.00 each issued pursuant to the Company's Employees'
Share Option Scheme will be granted listing and quotation on
Friday, April 14, 2006.

Headquartered in Kuala Lumpur, Malaysia, Affin Holdings Berhad
-- http://www.affin.com.my/-- is engaged in commercial banking,  
merchant banking, finance company business, stock broking and
asset management business.  The Company's other activities
include the provision of insurance services, lease and hire
purchase financing, nominee services and investment holding.  
Operations are carried out principally in Malaysia.  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.


APEX EQUITY: Lodges 219,200 Shares with Registrar of Companies
--------------------------------------------------------------
Apex Equity Holdings Berhad bought back a total of 219,200
ordinary shares from March 29, 2006, to April 5, 2006, for a
total cash consideration of MYR98,692.66.

The minimum price paid for each share purchased was MYR0.440 and
the maximum was MYR0.450.   

The number of shares purchase an retained in treasury has now
reached 219,200, while the total number of shares retained in
treasury is 3,069,200.

On April 10, 2006, the Company lodged with the Registrar of
Companies the total issued capital as diminished.

On April 5, 2006, the Company bought back 130,400 ordinary
shares for a total cash consideration of MYR59,173.24, according
to an earlier report by the Troubled Company Reporter - Asia
Pacific.     

Apex Equity Holdings Bhd -- http://www.apexequity.com.my/-- is  
principally engaged in stock and share broking, securities
dealing, property holding, provision of portfolio management,
investment advisory and nominee services, establishment and
management of unit trust and property and investment holding.  
Operations of the Group are principally carried out in Malaysia.  
The Company has suffered five consecutive years of losses
beginning 2001.  It has incurred a net loss of MYR32,932,000 in
the fourth quarter of the fiscal year ending December 31, 2005,
which is an improvement from the fourth quarter 2004 net loss of
MYR76,596,000.  


CONSOLIDATED FARMS: Agrees to Extend Fulfillment of Deals
---------------------------------------------------------
Consolidated Farms Berhad, together with Wong Kian Teck, Wong
Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong, Tang Kam
Har and Yap Sun Hiad, agreed to extend the period from April 10,
2006, to April 10, 2007, for the fulfillment of the conditions
precedent as set out in the Heads of Agreement dated March 30,
2005, the Supplemental Heads of Agreement dated March 30, 2005
and the Supplemental Letter dated October 12, 2006.

Subsequently, the cut-off date for the fulfillment of conditions
precedent as set out in the Share Sale Agreement dated December
31, 2004, made between AimReach Holdings Sdn Bhd  and Wong Kian
Teck, Wong Kin Sang, Yap Yee Huat, Wong Kian Wah, Tay Chun Yong,
Tang Kam Har and Yap Sun Hian in respect of the proposed
acquisition of Bun Seng Hardware Sdn Bhd and Wahseng Hardware
Sdn Bhd, is also extended to one year.

The Share Sale Agreement dated December 31, 2004, (as amended
and supplemented by the Re-Stated Share Sale Agreement dated 30
March 2005) made between AimReach and Wong Kian Wah for the
proposed acquisition of 70% equity interest in Riseng Hardware
Sdn Bhd may also be fulfilled until April 10, 2007.

The same applied to the Sale of Shares Agreement dated March 30,
2005, made between AimReach and Meridian Esteem Sdn Bhd in
respect of the proposed disposal of the entire issued and paid-
up share capital of ConsFarm to Meridian Esteem Sdn Bhd.

Headquartered in Kuala Lumpur, Malaysia, Consolidated Farms Bhd
-- http://www.confarm.com/-- is engaged in poultry farming  
which includes operating of breeder farm, production and
processing of organic fertilizer, feed milling and manufacturing
and sale of egg trays. Other activities include manufacturing
and processing of eggs into pasteurized eggs and de-shelled
hard-boiled eggs.  The Company is a Practice Note 4 concern
currently undergoing a restructuring exercise to address its
debt problem.  The company had appointed Deloitte KassimChan
Business Services Sdn Bhd as advisor for the restructuring
exercise.  Consolidated Farms was mired with MYR122-million debt
on account of its expansion plan, which included the purchase of
equipment and facilities.   


LANKHORST BERHAD: Annual General Meeting Fixed on April 28
----------------------------------------------------------
Lankhorst Berhad will hold its Ninth Annual General Meeting on
April 28, 2006, at 10:00 a.m.

At the meeting, the members will be asked to:

     -- receive and adopt the Company's Audited Financial
        Statements for the financial year ended December 31,
        2004, and the Reports of the Directors and Auditors
        thereon;

     -- re-elect the retiring director Mohd Hamizan Abd Hamid in
        accordance with Article 81 of the Company's Articles of
        Association;

     -- re-elect the retiring directors Rashidi Aly Abd Rais,
        Rosthman Ibrahim, and Abd Rahim Abu Bakar in accordance
        with Article 88 of the Company's Articles of
        Association;

     -- approve the payment of Directors' fees for the financial
        year ended December 31, 2004;

     -- appoint Messrs. PKF (AF 0911) as Auditors and to
        authorize the Directors to fix their remuneration;

     -- consider and if thought fit pass with or without any
        modification, the authorization of Directors to  allot
        and issue shares in the Company from time to time at
        such price, upon such terms and conditions, for such
        purposes and to such persons whomsoever as the Directors
        may deem fit provided that the aggregate number of
        shares so issued pursuant to this resolution does not
        exceed 10% of the issued capital of the Company for the
        time being and that such authority shall continue to be
        in force until the conclusion of the next Annual General
        Meeting of the Company; and

     -- transact any other business for which due notice has
        been given.

The meeting will be held at the Balai TAR, Royal Commonwealth
Society, No. 4, Jalan Birah, Damansara Heights, 50490 Kuala
Lumpur.

Headquartered in Selangor, Malaysia, Lankhorst Berhad engages in
civil and geotechnical engineering services, building
construction, trading and application of geosynthetic materials.  
Other activities include property development and investment,
water and wastewater treatment, oil and gas contracting and
supply, quarry operations, railway track construction,
mechanical and electrical construction, soil improvement
services and trading of construction supply. The Company has
been incurring a string of losses and its unit's are facing
winding up actions.


MBF HOLDINGS: Receives Mandatory Offer from CIMB
------------------------------------------------
MBf Holdings Berhad on April 10, 2006, received a Notice of
Mandatory Offer from Commerce International Merchant Bankers
Berhad, which is acting in behalf of Impact Action Sdn Bhd, to
acquire:

     -- the remaining 304,125,253 ordinary shares of MYR1.00
        each in MBf Holdings representing 53.35% of the issued
        and paid-up share capital of MBf Holdings as of April
        10, 2006;

     -- any new MBf Holdings Share that may be allotted and
        issued by MBf Holdings up to the close of the Offer
        following the exercise/conversion of any outstanding
        convertible securities in the Company;

     -- all outstanding warrants in MBf Holdings;

     -- all outstanding class A guaranteed floating rate
        redeemable convertible secured loan stocks; and

     -- all outstanding class B guaranteed floating rate RCSLS,
        not owned by Impact Action and persons acting in concert
        with Impact Action as of April 10, 2006.

In accordance with the Malaysian Code on Take-Overs and Mergers,
1998, the MBf Holdings' Board will appoint an Independent
Adviser to advise the Independent Directors and minority
shareholders of MBfH in relation to the Offer.  The appointment
of the Independent Adviser is subject to the approval of the
Securities Commission, in accordance with Part IV Section 15(8)
of the Code.

The Board does not intend to seek an alternative person to
undertake the Offer.

                       About MBf Holdings

Headquartered in Selangor Darul Ehsan, Malaysia, MBf Holdings
Berhad is involved in retailing and wholesaling of merchandise,
shipping, automotive and heavy earthmoving equipment and
printing of packaging boxes.  Its other activities include
copra, cocoa, coffee and tea production, issuing of credit
cards, acquiring merchants and other related services, provision
of financial services, provision of property management,
investment in properties, property development including dealing
in land and estate management, club management, development and
sale of membership of a recreational club, education and
investment holding.  The Group's operations are carried out in
Malaysia, other Asean countries including Singapore, Thailand
and Philippines, Hong Kong, South Pacific Islands, Australia and
United States of America.

Over the years of 1997 and 1998, the ravages of the Asian
economic crisis adversely affected the operations of the MBf
Group.  Given the substantial debt and accumulated losses
suffered, MBf Holdings sought protection under Section 176(1) of
the Companies Act 1965.  MBf Holdings obtained court orders to
propose a scheme of arrangement to restructure its borrowings
with its lenders and selected creditors and to restrain its
creditors from commencing recovery action. The Scheme was
completed on June 30, 2003.  Included in the Scheme was a debt-
restructuring scheme, which excluded the lease, hire-purchase
liabilities, general unsecured liabilities and amounts owing to
subsidiary and associated companies.  The lease, hire-purchase
and general liabilities were to be addressed in the ordinary
course of business.  However, the Scheme made no provision for
the settlement of the Inter-company Loans, which the Group is
now having problems with.


METROPLEX BERHAD: Shareholders' Equity Logs MYR196.3-Mln Deficit
----------------------------------------------------------------
Metroplex Berhad's unaudited quarterly results for the financial
year ended January 31, 2006, revealed that the Company has a
deficit in the shareholders' equity on a consolidated basis
amounting to MYR196.3 million.  The deficit in the shareholders'
equity is mainly attributable to the Metroplex Group's
accumulated losses exceeding the Group's paid-up share capital
and reserves.

As such, Metroplex is an affected listed issuer pursuant to
Paragraph 2.1(a) of Practice Note No. 17/2005 and Paragraph
8.14C of the Listing Requirements of Bursa Securities.

As an affected listed issuer, Metroplex is required to:

     -- submit a regularization plan to the relevant authorities
        for approval or, where the relevant authorities'
        approvals are not required, obtain all other approvals
        necessary for the implementation of the Plan within
        eight months from the date of this First Announcement;

     -- implement the Plan within the timeframe stipulated by
        the relevant authorities or where no timeframe has been
        stipulated or allowed by the relevant authorities,
        within the timeframe as imposed by Bursa Securities;

     -- announce the status of its Plan on a monthly basis until
        further notice from Bursa Securities; and

     -- announce its compliance or non-compliance with a
        particular obligation imposed pursuant to PN17/2005 on
        an immediate basis.

In the event Metroplex fails to comply with the obligation to
regularize its condition, all its listed securities shall be
suspended from trading on the fifth market day after expiry of
the Submission Timeframe or Implementation Timeframe, as the
case may be, and delisting procedures shall be commenced against
Metroplex.

The Company's Board of Directors is currently working on
formulating the Proposed Composite Scheme of Arrangement to
regularize its financial condition.  Upon completion, the
requisite announcement detailing the Proposed Scheme will be
announced to Bursa Securities.

As reported by the Troubled Company Reporter - Asia Pacific on
April 6, 2006, the Metroplex Group reported a revenue of MYR28.4
million for the fourth quarter of the year ended January 31,
2006, compared to MYR33.8 million in the immediate preceding
quarter.  Due to impairment in value of assets and provision for
doubtful debts, the Group reported a pre-tax loss of MYR238.3
million for the current quarter as compared to MYR16.9 million
in the immediate preceding quarter.

The Company did not issue any profit forecast and profit
guarantee for the quarter under review.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the winding-up
petition succeeds, the Company will be put into liquidation.


METROPLEX BERHAD: Defaulted Amounted Hits MYR1.7 Bln
----------------------------------------------------
Metroplex Berhad reported that its estimated amount of default
as of March 31, 2006, is MYR1,751,755,818.16.

An update on Company's default status on various loan facilities
as of March 31, 2006, is available for free at:

   http://bankrupt.com/misc/tcrap_metroplexdefault041206.xls

Presently, Metroplex is negotiating with its lenders on the
Proposed Composite Schemes of Arrangement, which will
essentially address the default in payment.  Upon the
finalization of the Proposed Scheme, an announcement will be
made to Bursa Securities.

Headquartered in Kuala Lumpur, Malaysia, Metroplex Berhad's
activities are hotel and casino operations.  Other activities
include property investment, property development, provision of
administrative services, general and building construction,
leasing and financing, trading of building materials and
operation of hotel management training school.  Operations are
carried out in Malaysia, Hong Kong and Philippines.  On April
28, 2005, Morgan Stanley Emerging Markets Inc. had filed a
winding-up petition on the Company to the Kuala Lumpur High
Court.  Morgan Stanley also filed for a summons to appoint a
provisional liquidator for the wind up.  Until and unless a
provisional liquidator is appointed pursuant to the application
to the Court by the Petitioner to appoint provisional liquidator
for Metroplex, the winding-up petition will not have significant
impact on the Group's operations as MB is currently working out
a debt-restructuring scheme.  In the event the winding-up
petition succeeds, the Company will be put into liquidation.


MYCOM BERHAD: Buys More Time to Complete Restructuring
------------------------------------------------------
Mycom Berhad, through its solicitor Alliance Merchant Bank
Berhad, submitted an application to seek the Securities
Commission's approval for:

     -- the extension of time up to August 31, 2006, for the
        Company to complete its restructuring scheme; and

     -- the extension of time of 18 months, from completion of
        the restructuring scheme, which is expected by
        August 31, 2006, for the Company to complete the
        implementation of its corporate exercises.

Headquartered in Kuala Lumpur, Malaysia, Mycom Berhad is engaged
in the provisions of granite quarry services, manufactures and
sells latex rubber thread, tape, plywood, laminated board and
sawn timber, cultivates oil palm fruits, and develops property.
The Company is also involved in hotel operation, provision of
management and financial services and investment holding.
Operations of the Group are carried out in Malaysia and South
Africa.   Mycom is in the advanced stage of negotiations to
settle its foreign debts. The proposed capital reduction and
consolidation by Mycom, as well as the proposed share premium
account reduction will reduce the Company's accumulated losses.
In its proposal to streamline its operations and focus on
property development activities after restructuring, Mycom had
proposed to undertake a series of acquisitions of property
companies and land, as well as the disposal of certain assets in
the future years.  Both the corporate and debt restructuring
would put Mycom Group on a stronger financial footing to
continue as a going concern, to return to profitability and to
enhance returns to all the stakeholders.


POLYMATE HOLDINGS: AmBank Slaps Over MYR343,770 Claim
-----------------------------------------------------
On April 10, 2006, Polymate Holdings Berhad and its wholly owned
subsidiary, Polymate Industries (M) Sdn Bhd were served with a
Writ of Summons ad Statement of Claim by AmBank (Malaysia)
Berhad.

AmBank is demanding MYR343,770.29 from the two firms as payment
for an outstanding debt as of February 17, 2006.  The sum will
also include an annual interest of 8.01% from February 18, 2006,
until full realization thereof.

The Bank is also claiming for other costs and any other relief
that the Court deems fit.

Headquartered in Selangor Malaysia, Polymate Holdings Berhad
-- http://www.polymate.com.my/Hprofile_html.htm-- is engaged in  
the manufacturing and marketing of lead acid batteries for the
automotive and related industries.  It is also engaged in the
manufacturing and dealing of plastic articles and products,
corrugated carton boxes and related products, manufacturing and
trading of door closers and trading of building materials,
investment holding and provision of corporate and financial
support services.  The Group operates in Malaysia, Australia,
New Zealand and Europe.  Polymate Holdings is in the process of
working out possible plans to regularize its condition.   
Operations in its ailing subsidiaries will be revived when a
workable restructuring scheme is formalized with its lenders and
when fresh working capital can be injected into the operations.   


SETEGAP BERHAD: Submits Regularization Plan to Authorities
----------------------------------------------------------
K&N Kenanga Berhad, as the submitting merchant bank, has on
April 10, 2006, handed over to relevant authorities Setegap
Berhad's regularization plan.

On March 4, 2005, Setegap was declared as an affected listed
issuer pursuant to Practice Note 17/2005 of Bursa Malaysia
Securities Berhad Listing Requirements and was accordingly
required to comply with the requirements of PN 17/2005.

As an affected issuer, Setegap as an affected listed issuer was
required to submit a regularization plan to the relevant
authorities for approval and to implement the regularization
plan within the timeframe stipulated by the relevant authorities
or where no timeframe has been stipulated or allowed by the
relevant authorities, within the timeframe as imposed by Bursa
Securities.

On January 9, 2006, the Company entered into a restructuring
agreement with Timeless Solutions Sdn Bhd.  

A new company was then incorporated prior to submission of the
Plan to the Securities Commission to facilitate the Proposals.

As reported by Troubled Company Reporter - Asia Pacific, Setegap
had announced its proposed restructuring and regularization plan
on January 11, 2006.

The Plan consists of:

     -- a proposed debt settlement of all outstanding debt owed
        by the Company to its secured lenders and trade
        creditors for a total of MYR87.6 million;

     -- a proposed exchange of Setegap shareholders' ordinary
        shares of MYR1.00 each with new Newco, or new company,  
        shares on the basis of one Newco share for every five
        existing Setegap shares.

     -- a proposed transfer of listing status to Newco; and

     -- a proposed disposal by the Newco of the entire issued
        and paid-up capital of Setegap for a nominal
        consideration of MYR1.00.

The Newco shall eventually take over and assume the listing
status of Setegap.

                      About Setegap Berhad

Headquartered in Petaling Jaya, Malaysia, Setegap Berhad's
principal activities are construction and maintenance of roads,
railways and building, including services rendered on quarrying.
The Company's other activities include manufacturing and selling
offroad construction equipment, asphalt plants, mixing plants,
asphalt emulsions and premix.  The Group also provides
mechanical and electrical services, leases machinery and
investment holding.

Tight policies implemented by the Government in containing the
effect of the financial crisis in 1997/98 had affected certain
sectors of the economy, inter-alia, the construction and
property sectors.  As a result, the Company's cash flow and
profitability were adversely affected.  In August 1999, Setegap
had sought the assistance of the Corporate Debt Restructuring
Committee set up by the Government with its secretariat at Bank
Negara Malaysia on the restructuring of the Company and certain
of its subsidiaries' debts amounting to MYR95.29 million. The
Company had in October 2000 entered into a debt restructuring
agreement with its creditors.

As an integral part of the Company's debt restructuring scheme
at that time, the Company proposed a rights issue of Setegap
Shares, a restricted issue of shares in Setegap and a private
placement to raise fresh equity capital to pay its financial
obligations.  However, in light of the bearish market
conditions, which had adversely affected the Company's share
price between 2000 and 2001, the fund raising proposals were
aborted as the shares were being traded below par value.

As an alternative proposal to address the share price problem,
the Company undertook a fund raising exercise was to provide the
Group with additional working capital, repayment of bank
borrowings and to provide security for the performance bond
facilities necessary for its projects.  In June 2003, the
proposals were aborted as Setegap's management's was of the
opinion that a more comprehensive proposal was required due to
the lack of contracts in the market.  In addition, the current
poor financial health of the Company has further compounded the
problem of obtaining new contracts as the lack of sufficient
working capital has limited its ability to tender for new
contracts.

Due to the unsuccessful attempts by the Company to raise funds
to regularize its debt problems, the debt restructuring
agreement in October 2000 was technically in default in 2003.
Setegap and its subsidiaries had suffered losses for the past
four consecutive financial years since the financial year ended
December 31, 2002, which had consequently led to a negative
unaudited shareholders' fund of MYR98.25 million as of December
31, 2005.

The Board had on November 11, 2005, announced that the Company
had been served with a notice to show cause by Bursa Securities
on the delisting of the securities of the Company.  Without a
scheme to regularize its financial position, Setegap will risk
being delisted.  The current proposals will therefore be a
revitalization scheme for the Setegap Group.


TALAM CORPORATION: Invites Parties to Subscribe in Shares
---------------------------------------------------------
On April 7, 2006, Talam Corporation and its subsidiaries have
entered into conditional subscription agreements with Parkfair
Development Sdn Bhd whereby Talam's subsidiaries, Envy Vista,
Untung Utama and Zhinmun wish to raise additional working
capital by proposing to enlarge their share capital.

The Subsidiary Companies have invited Parkfair and their
existing shareholder, Mutual Prosperous Sdn Bhd to subscribe new
ordinary shares in their respective shareholding in the
Subsidiary Companies.

The proposed subscription by Parkfair involves:

     -- 175,000 ordinary shares of MYR1.00 each in Envy Vista
        at par, representing 70% of the enlarged equity
        interest of 250,000 ordinary shares of MYE1.00 each in
        Envy Vista, for a ash consideration of MYR175,000;

     -- 700,000 ordinary shares of MYR1.00 each in Zhinmun at
        par, representing 70% of the enlarged equity interest of
        1,000,000 ordinary shares of MYR1.00 each in Zhinmun,
        for a cash consideration of MYR700,000; and

     -- 2,333,333 ordinary shares of MYR1.00 each in Untung
        Utama at par, representing 70% of the enlarged equity
        interest of 3,333,333 ordinary shares of MYR1.00 each in
        Untung Utama, for a cash consideration of MYR2,333,333.

On the other hand, the proposed subscription by Mutual
Prosperous involves:

     -- 74,998 ordinary shares of MYR1.00 each in Envy Vista at
        par and thus increasing its shareholding from 2 ordinary
        shares of MYR1.00 each to 75,000 ordinary shares of
        MYR1.00 each, representing 30% of the enlarged equity
        interest of 250,000 ordinary shares of MYR1.00 each in
        Envy Vista, for a cash consideration of MYR74,998;and

     -- 50,000 ordinary shares of MYR1.00 each in Zhinmun at par
        and thus increasing its shareholding from 250,000
        ordinary shares of MYR1.00 each to 300,000 ordinary
        shares of MYR1.00 each, representing 30% of the enlarged
        equity interest of 1,000,000 ordinary shares of MYR1.00
        each in Zhinmun, for a cash consideration of MYR50,000.

The proposed subscription also envisages the shareholder's
advances by Parkfair of MYR16,616,667 to Envy Vista, Zhinmun
and/or Untung Utama for working capital purposes.

                          About Parkfair

Parkfair was incorporated on March 30, 2006, in Malaysia. The
authorized share capital of Parkfair is MYR1,000,000 comprising
1,000,000 ordinary shares of MYR1,000,000 each, of which
1,000,000 shares are issued and fully paid-up.  Parkfair is an
investment holding company and has committed to advance a sum of
MYR16,616,667 and the subscription money of MYR3,208,333
pursuant to the Proposed Subscription.

                        About Envy Vista

Envy Vista was incorporated on April 28, 2004, in Malaysia.  The
authorized share capital of Envy Vista is MYR100,000 comprising
100,000 ordinary shares of MYR1.00 each, of which 2 shares are
issued and fully paid-up.  Envy Vista is an investment holding
company.

Envy Vista owns a right to develop a 104 acres land into mixed
residential development project in Selayang, north of Gombak
Land Office and the Selayang Wholesale Market via Bintang Dian
Sdn Bhd, in which Envy Vista has entered into a sale and
purchase agreement and a supplemental agreement to acquire a
100% beneficial interest. Bintang Dian in turn have a joint
venture agreement with the land owner to develop the said land
into a mixed residential development project on a joint venture
basis. The Bintang Dian SPA and Bintang Dian JVA have not been
completed.

                          About Zhinmun

Zhinmun was incorporated on July 7, 1992, in Malaysia. The
authorized share capital of Zhinmun is MYR500,000 comprising
500,000 ordinary shares of MYR1.00 each, of which 250,000 shares
are issued and fully paid-up. The principal activity of Zhinmun
is property development.

Zhinmun owns a 50 acres land approved for a mixed residential
development project in Selayang, north of Gombak Land Office and
the Selayang Wholesale Market.

                       About Untung Utama

Untung Utama was incorporated on July 27, 2000, in Malaysia.  
The authorized share capital of Untung Utama is MYR1,000,000
comprising 1,000,000 ordinary shares of MYR1.00 each, of which
1,000,000 shares are issued and fully paid-up.  The principal
activity of Untung Utama is property development.

Untung Utama owns a 50 acres land approved for a mixed
residential development project in Selayang, north of Gombak
Land Office and the Selayang Wholesale Market.

                    About Mutual Prosperous

Mutual Prosperous was incorporated on August 6, 2004, in
Malaysia.  The authorized share capital of Mutual Prosperous is
MYR500,000 comprising 425,000 ordinary shares of MYR1.00 each
and 75,000 Redeemable Convertible Preference Shares of MYR1.00
each, of which 25,000 ordinary shares and 75,000 RCPS are issued
and fully paid-up.  The principal activity of Mutual Prosperous
is investment holding.

                    About Talam Corporation

Headquartered in Kuala Lumpur, Malaysia, Talam Corporation
Berhad is principally engaged in property development.  Its
other activities include trading building materials,
manufacturing of ready mixed concrete, provision for higher
educational programs, development and management of hotel, golf
and country club horticulturists, agriculturists and landscaping
designers and contractors and investment holding.  Operations of
the Group are carried out in Malaysia and China.  The Company
has accumulated mounting losses and debt in the past few years.  
In a bid to cut back on its borrowings, the firm has agreed to
sell off some of its assets.  The sales are expected to slash
the Company's short-term debts, which amounted to MYR1.8 billion
as of January 31, 2005.   


TENAGA NASIONAL: Woes Mount Despite Healthy Finances
----------------------------------------------------
Tenaga Nasional Berhad's results, due for release this week, may
indicate good financial strength but mask the utility firm's
deep-seated problems, The Star Online reports.

The Star reveals that Tenaga's financial picture is less
encouraging with its tariff hire proposal still uncertain,
higher payments to independent power producers, negative cash
flow and huge borrowings to duns its capital expenditure.

TNB's problems are expected to mount when the two huge IPP
projects - Tanjung Bin and Jimah - come onstream.

TNB's payments to IPPs are projected to go up by about 30% by
financial year 2008 from what it anticipates to pay in year
2006, primarily due to the anticipated payments to Tanjung Bin.

Once the Jimah plant comes onstream, these payments are expected
to rise by about 50% at the end of this decade over that
incurred in 2006.

Such payments are, however, considered a credit risk by rating
agencies.  Moody's Investors Service said these payments were
"like fixed-charge obligations since they need to be made
irrespective of whether TNB requires the IPP to generate
electricity".

Furthermore, the excess reserve margin would increase Tenaga's
exposure to rising coal prices and raise costs for Tenaga as the
national utility company's most efficient power plants can
generate cheaper electricity.

Another issue facing Tenaga is the proposed aluminium smelter in
Perak, which might generate its own power for consumption
instead of tapping into the national grid and reducing the
company's huge reserve margin.

With the IPP payments taking a big chunk out of Tenaga's cash
flow and the company's request for a tariff increase deferred,
the positive cash flow that the Company could generate from its
operations is forecast to shrink over the next few years.

Analysts are also concerned that the amount of cash generated by
the Company is not enough to fund even its day-to-day
operations.

TNB's negative cash flow and continued borrowings are expected
to worsen over the next few years without the tariff increase as
it spends on transmission and distribution upgrades.

Its total capex needs up to 2008 could see Tenaga borrowing
MYR18 billion to MYR20 billion for additional funding.

With total debts and capex projected to accelerate after 2008,
the national utility company would probably be saddled with
total borrowings exceeding MYR45 billion by the end of the
decade.

                     About Tenaga Nasional

Headquartered in Kuala Lumpur, Malaysia, Tenaga Nasional Berhad
-- http://www.tnb.com.my/-- is engaged in the generation,  
transmission, distribution and sale of electricity.  The Company
also manufactures, sells and repairs transformers and
switchgears.  It is also involved in provision of project
management, consultancy, engineering works, contracting,
trading, risk management, risk surveys, insurance, research and
development, property management, energy project development and
investment holding services.  It also undertakes repairs and
maintenance of motor vehicles.  The Group operates in Malaysia
and Mauritius.  The Company is currently undertaking liability
management exercises, which are expected to extend the Company's
debt maturity profile and reduce refinancing risk.  Moody's gave
the Company a 'Ba' rating due to the Company's relatively high
financial leverage and significant PPA obligations, accounting
for approximately 42% of total operating costs in FY2004.


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

EQUITABLE PCI: S&P Affirms Counterparty Rating
----------------------------------------------
Standard & Poor's Rating Services affirmed its counterparty
credit ratings on Philippines' Equitable PCI Bank Incorporated
at B/B, and removed all ratings from CreditWatch, where they
were placed on January 9, 2006, with positive implications.  The
outlook is stable.

The B rating on Equitable's senior unsecured debt and
CCC+ rating on its subordinated debt were also removed from
CreditWatch.

The ratings on Equitable reflect its stable funding profile that
is underpinned by a strong franchise in the domestic banking
sector.

Nevertheless, this is partly offset by the bank's improving, but
still weak, asset quality, amid a difficult economic and
operating environment.
     
The ratings were removed from CreditWatch following a lack of
development on a potential merger or acquisition for Equitable.
In early January, Banco de Oro Universal Bank (BDO; B+/Stable/B)
offered to merge with Equitable.

Although Equitable's board and its shareholders did not respond
to the offer from BDO, which technically lapsed on Jan. 31,
2006, BDO has indicated that it is still willing to acquire
Equitable at mutually acceptable terms.

"We will continue to monitor further developments at Equitable
and will assess the credit impact on the ratings on Equitable
from a renewed merger offer by BDO or a new offer from another
bidder," said Standard & Poor's credit analyst Nandini
Vijayaraghavan.

The stable outlook on the long-term counterparty credit rating
is based on expectations that Equitable will continue to address
its asset quality.

Equitable's domestic franchise is expected to be further
strengthened, given management's efforts to enhance its revenue
sources.

                    About Equitable PCI Bank

Equitable PCI Bank is engaged in the provision of diversified
financial services.  Services include deposit and related
services, loans and credit facilities, trust services,
investment banking, securities, insurance, leasing and finance,
product development and management, specialized financial
services and property development services.


LEPANTO CONSOLIDATED: Fully Repays Loan from Ivanhoe
----------------------------------------------------
Lepanto Consolidated Mining Company has fully repaid the US$3
million loan from Ivanhoe Mines Limited, which the latter
extended in January 2005 in consideration of its priority
negotiation right over Lepanto's mineral properties.

                       About Lepanto

Lepanto Consolidated Mining Company
-- http://www.lepantomining.com/-- was incorporated primarily  
to be involved in the exploration and mining of gold, silver,
copper, lead, zinc and all kinds of ores, metals, minerals, oil,
gas and coal and their related by-products.  The Company was
incorporated in 1936 and until 1997 was operating an enargite
copper mine.  It shifted to gold bullion production in the same
year through its Victoria Project.  Lepanto operated a copper
flotation plant from August 2000 to December 2001, when copper
operations were suspended due to the presence of excessive
penalty elements in the mill feed and copper concentrate.
Lepanto sells its gold bullion production to London's Johnson
Matthey.  Lepanto is now one of the country's top producers of
gold and its by-products, copper and silver.  The Company also
has investments in other areas through its subsidiaries such as
hauling business, diamond drilling business, insurance business,
manufacturing of industrial diamond tools for mining
exploration, marble cutting and the construction industry.   

The Troubled Company Reporter - Asia Pacific reported on January  
27, 2006, that Lepanto Consolidated is working to recover from a  
PHP400 billion loss incurred from the past two years due to
labor disputes.  


MANILA ELECTRIC: Sister Firm Averts Termination of Operations
-------------------------------------------------------------
The Energy Regulatory Commission has approved the petition filed
by Manila Electric Company and sister company Duracom Mobile
Power Corporation for an interim extension of their power supply
deal, Manila Times reports.

Meralco and Duracom sought for an extension of their power
supply agreement to avoid disruptions in electricity supply as
well as to protect Duracom, which has been suffering from heavy
losses due to higher oil prices.

Meralco is Duracom's sole customer.  The power producer supplies
Meralco some 108 megawatts.

With the regulator's decision, Duracom has been saved from a
possible shutdown of its facility, which is considered crucial
to the delivery of electricity over the Luzon grid.

Three of Duracom's power barges ceased operations last year, due
to shortage of cash inflow, which was not sufficient to purchase
necessary fuel to run the barges, the regulator told Manila
Times.

"The amendment and interim extension is intended to provide an
interim relief to Duracom in order to maintain the availability
of its generation capacity which is crucial to the stability of
the Luzon grid," Manila Times quotes the regulator as saying.

Meralco and Duracom have introduced these important amendments
to their power supply deal:

-- peg Duracom's selling price to the hourly basis of Napocor's
   time of use scheme;

-- avail of Napocor's rate adjustment mechanism such as the
   generation rate adjustment mechanism collected on a quarterly
   basis and the incremental currency exchange rate adjustment;
   and

-- be allowed to collect an equivalent of 95 percent of the
   National Transmission Corporation's applicable charges.

These terms are an improvement to the original supply deal.  The
original deal includes a take-or-pay-provision in favor of
Duracom.  Without the take-or-pay provision, Duracom would have
to operate its facilities without guaranteed monthly payment
from Meralco.

The new interim supply deal will take effect until December 25,
2006 or until Meralco and Duracom come up with a new supply
deal.
                       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.  

The TCR-AP reported on March 31, 2006, that the Company posted a  
79.7% decrease in its 2005 net losses to PHP411 million from  
PHP2.03 billion in 2004, due to provisions for probable losses
while awaiting a Supreme Court final decision on a pending
unbundling rate case, and the adoption of new accounting
standards.  


RB FAMY: Court to Conclude Liquidation Proceedings on May 5
-----------------------------------------------------------
The Motion for approval of final project of distribution of the
assets and termination of the liquidation proceedings of Rural
Bank Famy (Laguna) will be submitted for approval to Regional
Trial Court Branch 33, Siniloan Laguna on May 5, 2006, at 8:30
a.m.

Contact: Philippine Deposit Insurance Corporation
         Liquidator
         2228 Chino Roces Avenue
         1231 Makati City


TPG CORPORATION: SEC Does Not Buy Proposed Payment Suspension
-------------------------------------------------------------
The Securities and Exchange Commission does not favor TPG
Corporation's proposal to suspend payment of its obligations to
holders of open-ended plans, INQ7.Net reveals.

The SEC said that it would be best for TPG to succumb to
liquidation should it fail to acquire a viable option to address
its financial problem.

The Commission's comment was channeled through its counsel, the
Office of the Solicitor General, to the Makati City Regional
Trial Court on April 6.

In addition, the Commission said that TPG has an obligation to
its plan holders, and it is only fit to honor this obligations.

"These plans cannot be unilaterally amended without the consent
of the plan holders," it said.  

"The proposed rehabilitation, if approved will certainly violate
the concensual nature of contracts.  As such, it cannot be
enforced on the parties who do not consent to it."

The SEC told the Inquirer, that it did not approve TPG's
proposal for a program to convert pre-need plans into company,
which is the crux of its rehabilitation scheme.  The SEC finds
the proposal disadvantageous to the plan holders.

"The latter have the right to recover their investments but are
not under any obligation to have their investments converted
into shares of stock by force and against their will," it said.
"Besides, who would want to invest in an ailing company?"

The total outstanding and lapsed open-ended plans that TPG has
at present now stands at PHP2.0 billion, out of the total issued
plans of PHP6.5 billion as of December 2004.

Open-ended education plans offered to cover tuition costs of
beneficiaries regardless of the amounts. The SEC banned their
sale in 2002 after the government deregulated tuition increases.

                   About TPG Corporation

TPG Corporation is a pension, pre-need, educational plan
provider.   In 1999, TPG has failed to comply with the
Securities and Exchange Commission's requirement of trust fund
deposit.  And in 2004, TPG availed of the SEC's leeway program
in hopes of addressing its trust fund deficiencies.  During the
first year of the program, TPG incurred deficiencies in its
monthly payments, and eventually stopped payments in 2005.  As
of the fourth quarter of 2005, the Company's liabilities have
exceeded liquid assets.  

According to the Troubled Company Reporter- Asia Pacific on
February 17, 2006, TPG has finally sought corporate
rehabilitation with the Makati Regional Trial Court to ensure
continued operations.


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

GREATRONIC LIMITED: Amends 2005 Full Year Financial Results
-----------------------------------------------------------
Greatronic Limited and its subsidiaries have issued additional
provisions to its full year 2005 financial results for the
financial period ended December 31, 2005, to reflect the
developments that occurred since the release of the results on
March 1, 2006.

The additional provisions are:

     * interest in subsidiaries of US$1.3 million;

     * foreign exchange difference and other adjustments made by
       Malaysian subsidiary (Modern Handling Engineering (M) Sdn
       Bhd) US$0.10 million; and

     * additional accrued expenses US$0.06 million.

Financial Effects:

Group  
                Audited FY2005   Unaudited FY2005     Difference
                        ($'000)           ($'000)        ($'000)

Loss before tax           4,861             3,402         1,459

Loss after tax
attributable to        
shareholders of
the Company               4,861             3,402         1,459

Minority interest             -                 -             -

As a result of the amendments, the financial effects on the
earnings per share and net asset value per share of the Company
and group are:

                   Audited FY2005     Unaudited FY2005

Group

Loss (cents)
per share
(LPS)                        3.54                  2.48
- on a fully
diluted basis                3.54                  2.48

Net asset value
(cents) per
share (NAV)                  0.20                  0.50
Company

Net asset value
(cents) per
share (NAV)                  0.29                  0.51

Note:

EPS and NAV based on 137,443,281 shares at beginning and end of
the year.

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.


LINDETEVES-JACOBERG: Unveils Mandatory Conditional Cash Offer
-------------------------------------------------------------
Lindeteves-Jacoberg Limited issued details of the Mandatory
Conditional Cash Offer by CIMB-GK Securities for and on behalf
of ATB Austria Antriebstechnik AG for all the remaining ordinary
shares in the capital of the Company in issue not already owned,
controlled or agreed to be acquired by ATB Austria and parties
acting in concert with it.

                  Level of Acceptances

As at 5:00 p.m. Singapore time on April 10, 2006, ATB Austria
has received pursuant to the Offer valid acceptances in respect
of an aggregate of 34,000 shares, representing approximately
0.01% of the issued and paid-up share capital of the Company.

Prior to the announcement date on March 15, 2006, ATB Austria
and parties acting in concert with it held 223,869,831 shares,
representing approximately 45.12% of the issued and paid-up
share capital of the Company.

Between the announcement date on March 15, 2006, save for the
3,555,000 shares, representing approximately 0.72% of the issued
and paid-up share capital of the Company, acquired by ATB
Austria in the open market and save for the Creditors Call
Options, the offeror has not acquired or agreed to acquire any
shares other than pursuant to valid acceptances of the Offer.

                    Creditors Call Options

ATB Austria intends to exercise the First Creditors Call Option
pursuant to the Creditors Call Option Agreement, details of
which are set out on page 8 of the Offer Document.  Upon the
exercise of the First Creditors Call Option, the Offer will
become unconditional in all respects.

               Closing Date and Shut-Off Notice

ATB Austria does not intend to revise the Offer Price and does
not intend to extend the Offer beyond 3:30 p.m. on May 3, 2006.  
In accordance with Rule 22.6 of the Code, notice is hereby given
that the Offer Price will not be revised and the Offer will not
be open for acceptance beyond 3:30 p.m. on May 3, 2006.  
Acceptances received after 3:30 p.m. on May 3, 2006 will be
rejected.

A full-text copy of the Mandatory Condition Cash Offer Notice is
available for free at:

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

Lindeteves-Jacoberg Limited - http://www.linjacob.com/-- was  
incorporated in Singapore on December 11, 1947 as part of a
Dutch international trading group.  Its principal activities
consist of investment holding, provision of warehousing and
rental services and acting as specialist mechanical and
electrical contractor for environmental engineering projects.
The Company is undergoing a debt restructuring exercise by way
of a Scheme of Arrangement with its creditors.


STARTECH ELECTRONICS: 7th AGM Slated for April 27
-------------------------------------------------
The Seventh Annual General Meeting of Startech Electronics
Limited will be held at the SAA City Campus, 1 Raffles Place,
27th Floor, OUB Centre, Singapore, on April 27, 2006, at 3:00
p.m.

At the meeting, members will be asked to:

   -- receive and consider the Audited Accounts for the  
      financial year ended December 31, 2005, and the reports of  
      the directors and auditors thereon.

   -- approve the directors' fees of SGD80,000.00 for the
      financial year ended December 31, 2005.

   -- re-elect the directors who are retiring in accordance with
      the Company's Articles of Association

                       Special Business    

To consider and if thought fit, pass these ordinary resolution,
with or without modifications:

   * Authority to allot and issue shares

   * Startech Share Option Scheme

   * Transact any other ordinary business which may be properly      
     transacted at an Annual General Meeting.

Startech Electronics Limited -- http://www.startechgrp.com/--  
was incorporated as a private company limited by shares on
October 12, 1999, under the name PV Startech Holdings Pte
Limited.  It changed its name to Startech Electronics Limited on
February 5, 2001, when it became a public limited company.
Startech Electronics provides electronics manufacturing
services, supplemented by the distribution business and
switchgear design and assembly business which diversifies the
Group's earnings base.

Despite posting a SGD17 million net loss in 2003, the Company
began restructuring its outstanding loans through a scheme of
arrangement with creditors, who had written off part of its
debt, as well as transforming its core business and a
restructuring of its various operations outside Singapore.


TRADE PLANET: Proofs of Debt or Claim Due on May 8
--------------------------------------------------
Trade Planet Asia Private Limited has commenced winding up its
operations.

Subsequently, creditors are given until May 8, 2006, to prove
their debt or claims to benefit from any distribution the
Company will make.

Contact: Chua Keng Khng
         Liquidator
         89 Short Street
         #08-11 Golden Wall Centre
         Singapore 188216


TRI-M TECHNOLOGIES: Fixes April 27 as AGM Date
----------------------------------------------
Tri-M Technologies (S) Limited will hold its Annual General
Meeting at at 25 Kallang Avenue #07-01, Singapore 339416 on
April 27, 2006 at 4:00 p.m.

The meeting will discuss these matters as ordinary business:

   * To receive and adopt the Directors' Report and the Audited
     Accounts of the Company for the financial period ended   
     December 31, 2005 together with the Auditors' Report     
     thereon. (Resolution 1)

   * To re-elect the following Directors retiring pursuant to
     Articles 106 and 90 of the Company's Articles of
     Association:

     -- Abbasbhoy Haider Nakhoda (Retiring under Article 106)
        (Resolution 2)

     -- Lee Hock Lye (Retiring under Article 106) (Resolution 3)

     -- Foo Sac Phoon (Retiring under Article 90) (Resolution 4)

     -- Nakhoda will, upon re-election as Director of the
        Company, remain as a Chairman of the Audit Committee
        and a member of the Remuneration and Nominating
        Committees and will be considered independent.

Mr. Lee will, upon re-election as Director of the Company,
remain as Chairman of the Nominating Committee and a member of
the Audit and Remuneration Committees and will be considered
independent.

   * To approve the payment of Directors' fees of SGD80,000 for
     the financial period ended December 31, 2005
     (2005: SGD100,000). (Resolution 5)

   * To re-appoint Messrs Ernst & Young as the Company's
     Auditors and to authorise the Directors to fix their
     remuneration. (Resolution 6)

   * To transact any other ordinary business which may properly
     be transacted at an Annual General Meeting.

                      As Special Business

   * To consider and if thought fit, to pass the following
     resolutions as Ordinary Resolutions, with or without any    
     modifications:

  * Authority to allot and issue shares up to 50 per centum
    (50%) of issued shares in the capital of the Company

Tri-M Technologies (Singapore) Limited  
-- http://www.tri-m.com.sg/-- is a diversified Electronics    
Manufacturing Services provider with facilities in Singapore,  
Malaysia, Philippines and China.  In addition, Tri-M has forged
strategic alliances in SJ, USA for prototyping and small
quantity run to support U.S.-based customers.  Tri-M provides
services in product design & development, prototyping, full
turnkey manufacturing & total supply chain management.  The
Company has been posting financial losses since 2004, when
reported a SGD931,000 net loss for the six months ended  
September 30, 2004.  


WEST BAY: Creditors Should Prove Debt to Benefit from Dividend
--------------------------------------------------------------
The last day for creditors of West Bay Beach Private Limited to
prove their debt or claims will be on May 8, 2006.

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

Contact: Chee Yoh Chuang
         Lim Lee Meng
         Liquidators
         18 Cross Street
         #08-01 Marsh & McLennan Centre
         Singapore 048423


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

PAE (THAILAND): Wipes Out 2004 Profit; Posts THB44 Million Loss
---------------------------------------------------------------
PAE (Thailand) Public Company Limited has reported a net loss of
THB43.52 million for the year ending December 31, 2005 from a
2004 profit of THB2.99 billion.

Revenue increased marginally to THB255.03 million in 2005 from
THB246.02 million the year before.  

The results is due to higher costs and expenses.  The Company
reported a 24.46 per cent higher selling and administration
expense account for the year THB48.84 million.  Cost of sales
and services was THB180.54 million, or 95.33 per cent of the
revenue from sales and services amounting to THB189.40 million.
The ratio for cost to revenue in the previous corresponding
period stood at only 88.47 per cent.

Further, the company has reserved the full amount of doubtful
debt from the overdue account receivables of  THB54.63 million
resulting in the recorded net loss.

The Company also lost the benefit of 2004's recorded gain from
debt restructuring amounting to THB2.98 billion.


              PAE (Thailand) Public Company Limited
     Financial Highlights, For the year Ending December 31
                      In Millions of THB

                              2005               2004
                           ----------         ----------
      Assets                   386.68             406.29
      Liabilities              145.35            121.83
      Equity                   241.33             284.46
      Paid-up Capital          383.00             383.00
      Revenue                  255.03             246.02
      Net Profit               -43.52           2,993.26
      EPS(Baht)                 -1.14              83.87

      Source: Stock Exchange of Thailand


                      No dividend payout

In a subsequent company release to the Stock Exchange of
Thailand dated March 29, 2006, The Company's Board of Directors,
on March 28, 2006, have proposed that the Company would not pay
any dividends for 2005 due to accumulated loss for the year.
  
                     About PAE (Thailand)

Headquartered in Bangkok, Thailand, PAE (Thailand) Public
Company Limited -- http://www.pae.co.th/-- provides  
construction services including building and drilling site
constructions; industrial services including lasting and
technical inspections, as well as communication and manpower
supply services.  The Company also distributes construction and
agricultural equipment.

The Company has been operation with a capital deficit for years,
culminating in a THB3.05 billion deficit in 2003.  That and a
series of net losses set the stage for the Company's entry into
Thailand's REHABCO, or Companies Under Rehabilitation sector.

                 Business Rehabilitation Plan

PAE (Thailand) Public Company Limited and Thai Sakura Company
Limited have petitioned for the business rehabilitation of PAE
(Thailand) Public Company Limited which was approved on
February 22, 2000, and the GTT Planners Co., Ltd. has been
appointed to handle the rehabilitation plan.

On January 9, 2004, the Company submitted the revised debt
restructuring plan to the Central Bankruptcy Court for the
approval of debt repayment in February 2004 and approval for the
Company's exit of the court's debt restructuring plan.

On March 26, 2004, the debt restructuring management requested
the court to cancel the restructuring because the Company had
successfully fulfilled the plan's conditions.

During the 1st and 2nd quarters of 2004, the Company had
completed the major steps as stipulated in the restructuring
plan with regards to the increase in share capital, repayment of
parts of its debts and also the relief of the outstanding debts.
The Company recorded gain from debt restructuring amounting to
THB2.98 billion.

On April 28, 2004, the Central Bankruptcy Court ordered the
cancellation of restructuring of PAE (Thailand) Company Limited.


PREMIER ENGINEERING: Turns Around with THB112-Million Net Profit
----------------------------------------------------------------
Premier Engineering & Technology Public Limited Company has
reported a THB111.52 million net profit for the year ended
December 31, 2005, up THB165.02 million from a THB53.50 net loss
for the previous corresponding period.

This result includes profit from transferring asset for
repayment under debt restructuring agreement and profit from
debt restructuring in total of THB145.53 million, and a
THB157.40 million profit from its software business.

Revenues has also increased 4.90 per cent from THB618.85 million
to THB649.19 million.

The Company has also corrected its capital deficit, posting a
positive equity value of THB89.98 million, from a THB10.04
million deficit in 2004.


    Premier Engineering & Technology Public Limited Company
     Financial Highlights, For the year Ending December 31
                      In Millions of THB

                              2005               2004
                           ----------         ----------
      Assets                   542.56             729.47
      Liabilities              428.29             716.19
      Equity                    89.97             -10.04
      Paid-up Capital        1,402.36           1,338.66
      Revenue                  649.19             618.85
      Net Profit               111.52             -53.50
      EPS(Baht)                  0.90              -1.46
  
Formerly known as Thai Electronic Industries Public Limited
Company and headquartered in Bangkok, Thailand, Premier
Engineering & Technology Public Company Limited manufactures car
radio cassette players for local and international markets.
Through its subsidiaries, the Company manufactures speakers,
speaker components, telephone sets, and telephone answering
machines.  In addition, the Company distributes computer
hardware and software, complete information systems, LCD
projectors and screens.

Since 2001, the Company has been operating under the business
rehabilitation plan dated November 28, 2000, which was approved
by Thailand's Central Bankruptcy Court on January 12 2001 and
ruled on favorably by the Supreme Court on December 25, 2002.  
On October 11, 2004, the Central Bankruptcy Court issued an
order approving the Company's exit from the business
rehabilitation process, since the Company had already
implemented most of the plan.

               The Company's Rehabilitation Plan

1. Debt repayment

   * A principal amount of THB164 million will be repaid in
     installments within 10 to 12 years from the date the court
     approves the plan with a grace period of 3 years. Interest
     is charged at the rate stipulated in the plan.

   * The THB6 million debt principal to leasing creditors is to
     be repaid in installments in 5 years.  Interest is charged
     at the rate stipulated in the plan.

   * A THB13 million principal to senior creditors of loans and
     financial instruments is to be repaid in installments
     within 10 years from the date the court approves the plan
     with a grace period of 3 years. Interest is charged at the
     rate stipulated in the plan.

   * Debt principal to trade creditors amounting to THB15
     million is to be repaid in installments within 3 years from
     the date the court approves the plan, with a grace period
     of 6 months. No interest is charged.

Since 2001 the Company has paid interest and principal when due
in accordance with the rehabilitation plan.

2. Reduction and increase of share capital

   * Registered capital was to be reduced from THB233.10 million
     (23,310,379 ordinary shares of THB10 each) to THB23.31
     million (2,331,038 ordinary shares of THB10).

   * Registered capital was to be increased by THB346,985,520
     through the issue of 34,698,552 ordinary shares of THB10
     each.

3. Conversion of debt to equity

The Company was to allocate 5,074,880 shares of THB10 each to
creditors.

During the year 2003, the Company reduced and increased its
share capital and converted debt to equity in accordance with
the rehabilitation plan.

4. Debt forgiveness

All debt remaining after the payment of debt and the conversion
of debt to equity will be forgiven.

5. Merger and transfer of business operations between the
   Company and a related company.

   * During the year 2003, the Company executed a share swap in
     accordance with the rehabilitation plan. Following the
     merger and transfer of business operations, 20% of shares
     were to be held by the Company's existing shareholders,
     including shareholders as a result of debt-to-equity
     conversion, while 80% of shares were to be held by existing
     shareholders of the related company.

   * The business, and all business operations of the related
     company, were to be transferred to the Company.

     If the planner believed there were grounds to object this
     merger and transfer of business operations process, the
     planner may choose not proceed and deem completion of the
     completion of the merger and transfer of business.

                     Business reorganization

In the fourth quarter of the year 2005 the Company reorganized
its business to focus on the information technology sector, in
accordance with its strategy to resolve its problem with
operating losses.

Resolutions were passed by the Board of Directors and
shareholders in accordance with which the Company proceeded as:

   * Offered an additional 15.5 million ordinary shares, of
     which 11.4 million ordinary shares were sold;

   * Sold its investments in 2 subsidiaries, Premier CE Company
     Limited and Premier Resource Recycle Company Limited, to a
     related company;

   * Transferred rights of claim amounting to THB70 million and
     THB20 million in loans and receivables of Premier CE
     Company Limited and Premier Home Appliance Company Limited,
     respectively, to a related company, and received
     remuneration amounting to THB90 million, and;

   * Sold assets of its subsidiary which were not used in the
     information technology business at prices not lower than
     their net book value.

                      Debt restructuring

During the third quarter of the year 2005, the Company defaulted
on payment of loan principal amounting to THB10.5 million. As a
result, all outstanding debt under the rehabilitation plan,
amounting to THB196 million, was reclassified as current
liabilities.  

Subsequent talks helped the Company reduce the debt to THB155.8
million, which it will pay with cash and property transfer in
partial settlement.  After this, the remaining THB55.5 million
will be forgiven.


PREMIER ENTERPRISE: Net Profit Jumps to THB816 Million in 2005
--------------------------------------------------------------
Premier Enterprise Public Company Limited has a THB816.22
million net profit in the year ended December 31, 2005, a
staggering 10205.81 per cent increase from the THB7.92 million
posted in the previous corresponding period.

This result includes recorded profit in selling property in the
amount of THB310.82 million and a THB474.09 million profit in
debt restructuring, coupled with decreased cost of sales and tax
expenses.

The Company has also corrected its THB1.92 billion capital
deficit in 2004.

Revenue for the Company has decreased 24.66 per cent to THB3.88
billion in 2005 from THB5.15 billion in 2004.


           Premier Enterprise Public Company Limited
     Financial Highlights for the year Ending December 31
                      In Millions of THB

                              2005               2004
                           ----------         ----------
      Assets                 1,565.53           3,195.68
      Liabilities            1,358.10           5,087.32
      Equity                   207.40          -1,922.52
      Paid-up Capital        8,000.00           3,878.47
      Revenue                3,880.21           5,149.94
      Net Profit               816.22               7.92
      EPS (Baht)                 2.18               0.02

Headquartered in Bangkok, Thailand, Premier Enterprise Public
Company Limited -- http://www.premier.co.th/-- markets and  
distributes durable products including automobiles, electrical
appliances, spare parts, and construction materials.  The
Company also provides hire purchase and office building rental
services, and invests in diversified businesses including foold,
finance and securities, and petroleum industries.

The Company is currently rehabilitating its business under a
business rehabilitation plan approved by the Thai Supreme Court
on August 2, 2002. In 2005 the rehabilitation planner filed
petitions with Thailand's Central Bankruptcy Court seeking to
amend the rehabilitation plan in respect of business and
financial restructuring, which was approved on October 13, 2005
and December 15, 2005.

           The Company's Amended Rehabilitation Plan

1. Business restructuring
  
   The company shall sell to a newly established company,
   Premier Fission Capital Company Limited, the entire non-core
   property of company in order to run the business and manage
   such property. The Company designated a transfer price for   
   assets of 1.1 to 1.3 equal to their net book value under the
   equity method.  The payment will be completed within 10
   years, commencing from the day on which the court issued the
   final approval on amendment plan.

2. Financial restructuring.

   2.1. Debt repayment

        After the conversion of debt to equity, the debt shall
        be THB636.21 million.  For the debt of THB486.21
        million, the company shall sell its security for
        repayment within six months or transfer such security
        for repayment instead.

        The remaining THB150 million will be repaid by year
        2015.

   2.2. Conversion of debt to equity

        The company shall increase its registered capital by an
        additional THB4.12 billion by issuing 412,752,709 shares
        of common stock to be contributed, as equity, to
        creditors in proportion for the repayment of debt of
        THB1.07 billion.  The company converted the debt by
        issuing common stock providing to such creditors on
        December 28, 2005.



                            *********

  
S U B S C R I P T I O N   I N F O R M A T I O N  
  
Troubled Company Reporter -- Asia Pacific is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland, USA.  Ma. Cristina Pernites-Lao, Faith Marie Bacatan,
Reiza Dejito, Erica Fernando, Freya Natasha Fernandez, Francis
Chicano and Peter A. Chapman, Editors.  
  
Copyright 2006.  All rights reserved.  ISSN: 1520-9482.  
  
This material is copyrighted and any commercial use, resale or  
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